EMEA
RLAM and Aviva Investors criticize board’s recommendation of £4.7bn bid for RPC.
Cerberus and Centerbridge joined forces to bid for NordLB.
Bitstone Capital and High-Tech Gruenderfonds Management invested in dotscene.
Waterland Private Equity acquired a majority stake in Rehacon.
Prestige Funds' Nucleus Commercial Finance lends over £1bn to UK SME sector.
AMERICAS
Rodeo Dental, a pediatric dental group, seeks growth capital.
APAC
Hong Kong jewellery tycoon looks to buy Varo Energy.
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EMEA
RLAM and Aviva Investors criticize board’s recommendation of £4.7bn bid for RPC.
The proposed £4.7bn ($6.1bn) takeover of RPC, Europe’s biggest plastic packaging company, has come under attack from two shareholders who say the bid from US private equity firm Apollo Global Management is too low.
“We are very surprised and somewhat disappointed that the board have recommended the offer at this price, as we believe this materially underestimates the future prospects of the group,” Craig Yeaman, RLAM senior fund manager.
RPC was advised by Deutsche Bank, Jefferies & Company, Credit Suisse, Evercore, Rothschild & Co, Slaughter & May and FTI Consulting. Apollo was advised by BNP Paribas, Barclays, Citigroup, HSBC, Davis Polk & Wardwell, Paul Weiss Rifkind Wharton & Garrison and Maitland.
Cerberus and Centerbridge joined forces to jointly bid for NordLB.
U.S. buyout groups Cerberus and Centerbridge made a joint bid for a minority stake in German public sector lender NordLB on Saturday.
NordLB, which is 65% state-owned with regional savings banks holding the remainder, needs to shore up its balance sheet by €3.5bn ($4bn) to cover write-downs on sour ship loans and has been aiming for a solution by early February.
Each private equity firm would contribute a quarter of the needed cash, with the state of Lower Saxony making up the shortfall. In a statement, the bank only said it had received a joint offer from two unnamed financial investors, adding that it would review the bid and discuss any further steps with its owners.
Bitstone Capital and High-Tech Gruenderfonds Management invested in dotscene.
High-Tech Gruenderfonds and Bitstone Capital have joined up to invest an undisclosed sum in 3D modelling hardware and software developer Dotscene.
The fresh capital will be used to accelerate development, expand infrastructure and increase the company's presence in the market. HTGF's investment came from High-Tech Gruenderfonds III.
Waterland Private Equity acquired a majority stake in Rehacon.
Waterland Private Equity is acquiring a majority holding in Rehacon, one of the leading enterprises in the field of physiotherapy services in Germany. Financial terms were not disclosed.
Rehacon runs more than 100 therapy centers, making it one of the largest providers on the market in continental Europe. The vast majority of Rehacon’s over 600 employees work directly with patients in the local therapy centers, helping the group to generate an annual turnover of around €36m ($41m). Mr. Reeder, the company’s founder, will also continue to head it.
“In Waterland, we have found the best partner to accelerate our growth. Their team has far-reaching experience in our market, an extremely strong network and shares our values. The next steps will be decisive: we will take them quickly, and do so together,” Michael Reeder.
Prestige Funds' Nucleus Commercial Finance lends over £1bn to UK SME sector.
Loans provided by UK-based direct lending specialist Prestige Funds’ Nucleus Commercial Finance, have now exceeded £1bn ($1.3bn). Nucleus is an important partner for Prestige, managing several dedicated loan portfolios to UK SMEs.
In 2018 Nucleus provided £282m ($366m) to SME enterprises, representing a record-breaking year for the firm, including a £15m ($19m) Asset Based Lending facility which helped to secure over 800 jobs in the logistics sector.
AMERICAS
EQT Infrastructure has bought Osmose Utilities Services, a provider of inspection, maintenance and restoration services for U.S. utility and telecommunications infrastructure, from Kohlberg.
Osmose Utilities offers inspection, maintenance and restoration services for wood and steel infrastructure in the U.S., including wood pole inspection, treatment and restoration, steel structure inspection and rehabilitation, and structural engineering services.
EQT’s infrastructure team typically targets investments of €100M ($113m) to €600m ($681M) at a time in infrastructure assets across Continental Europe, the Nordic region and North America. It closed its third fund with €4bn ($4.5bn) in 2017.
Osmose was advised by Goldman Sachs, Harris Williams & Co, and Ropes & Gray. EQT was advised by Kirkland & Ellis.
Pritzker Private Capital has acquired KabaFusion, a provider of acute and specialty home infusion services. Financial terms were not disclosed.
KabaFusion operates seven fully accredited specialty pharmacies located in more than 40 states, specializing in intravenous immunoglobulin (IVIG) and other infusion therapies.
“We are committed to providing our patients with the highest quality of specialty home infusion treatments and are thrilled to partner with Pritzker Private Capital. We selected Pritzker Private Capital because of their deep experience in healthcare services and differentiated long-term approach to building world-class businesses.” Dr. Masood, KabaFusion’s CEO.
Investment funds managed by Morgan Stanley Capital Partners, the Private Equity team within Morgan Stanley Investment Management, announced that they have completed an investment in Clarity Software Solutions. Financial terms were not disclosed.
MSCP is partnering with the current management team led by founder Sean Rotermund, who will remain CEO and continue to drive organic growth and product development during the investment. Clarity marks the ninth platform investment in MSCP’s North Haven Capital Partners Fund VI and the first healthcare investment.
“We are excited to partner with Clarity and its talented management team. The company has developed an innovative product that addresses the complex process of member communications for today’s healthcare organizations and we look forward to working together to build on this growth.” Steve Rodgers, Morgan Stanley Capital Partners Managing Director.
Clarity was advised by TripleTree.
Rodeo Dental, a pediatric dental group, seeks growth capital.
Rodeo Dental & Orthodontics, a largely pediatric-focused dental service organization, is seeking growth capital.
Houlihan Lokey is providing financial advice to the Rodeo Dental.
APAC
Hong Kong jewellery tycoon looks for buying Varo Energy.
A Hong Kong jewellery tycoon could swoop for Varo Energy, as the owners of the European refiner and fuel supplier look to cash out.
Varo Energy, whose main backers include Vitol, the world’s biggest independent oil trader and leading private equity group Carlyle, has held discussions with Henry Cheng,
However, the talks are at an early stage and there is no certainty they will lead to a deal.
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