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AMERICAS
Warburg Pincus, a private equity firm, agreed to acquire K2 Insurance Services, an independent specialty insurance program manager, from Lee Equity Partners, a private equity firm. Financial terms were not disclosed.
"I am incredibly proud of our achievements and growth since K2 was founded over ten years ago. Partnering with Warburg Pincus, who has a long-standing track record of cultivating world-class businesses, reflects the hard work and strong culture of our team loyalty of our customers, and cements our position as a leading underwriting and distribution franchise in the program insurance market," Bob Kimmel, K2 CEO and Co-Founder.
Warburg Pincus is advised by Ernst & Young, JP Morgan, Marsh Berry & Co, TigerRisk Capital Markets, Locke Lord and Wachtell Lipton Rosen & Katz (led by Mark F. Veblen). Financial advisors are advised by Kirkland & Ellis. K2 is advised by KPMG, Morgan Stanley and Ropes & Gray.
MML Capital, an international mid-market private equity firm, agreed to acquire OnPoint Industrial Services, a specialized provider of safety, logistics and planning services designed to support complex maintenance projects in the refining and petrochemical industries, from Capstreet, a Houston-based lower middle market private equity firm. Financial terms were not disclosed.
"OnPoint has established itself as a leader in this large and growing market, with a highly impressive management team and strong reputation amongst its blue-chip customer base. OnPoint delivers cost savings to plants by reducing the time and man hours required to complete projects. We are excited to continue investing in technology and expanding OnPoint's capabilities to ensure OnPoint becomes an even more critical relationship for its customers to fully leverage going forward," Sean Quinn, MML Managing Director.
Audax Private Equity, an alternative investment manager with offices in Boston, New York, San Francisco and London, completed the investment in Salon Lofts, one of the largest developers and operators of company-owned salon suites. Financial terms were not disclosed.
"We are thrilled to partner with Audax and look forward to benefitting from their deep expertise with both consumer and multi-site business models. This partnership will allow us to meet the growing demand from BCPs to become their own business owners. With the support of Audax, we will continue to expand our salon footprint through acquisition, new unit openings and service offerings. Moreover, we will maintain our focus on the highest possible quality experience for our Loft Owners and their clients," Steve Schillinger, Salon Lofts CEO.
Salon Lofts was advised by Raymond James and Ledbetter Wanamaker Glass. Audax was advised by Fifth Third Bancorp, North Point Advisors, Ropes & Gray and FGS Global (led by Julie Rudnick).
VICI Properties, a real estate investment trust, agreed to acquire a 49.9% stake in MGM Grand Las Vegas and Mandalay from Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $2.75bn.
“VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone," Jon Gray, Blackstone President and COO.
VICI Properties is advised by Morgan Stanley and Hogan Lovells. BREIT is advised by Barclays, PJT Partners and Simpson Thacher & Bartlett.
Estancia Capital Partners, a private equity firm in Scottsdale, Arizona, completed the investment in InvestorCOM, a provider of software and tech-enabled compliance solutions to the asset and wealth management industry. Financial terms were not disclosed.
"We are excited to partner with Estancia on this next stage of our journey. As we continue to grow our platform and expand our distribution. I am confident that our combined knowledge and resources will yield greater capabilities for our clients. InvestorCOM's experienced management team will remain in place and continue to support InvestorCOM's strong client service model," David Reeve, InvestorCOM Founder and CEO.
InvestorCOM was advised by DC Advisory (led by Eric Wagner) and Gowling WLG. Estancia Capital was advised by Kirkland & Ellis and Stikeman Elliott.
Novacap, a North American private equity firm, agreed to acquire All West Communications, a fiber-based provider of data, video, and voice services to residential, commercial and carrier customers. Financial terms were not disclosed.
"The continued transformation of All West into a leading broadband provider will benefit from the Novacap digital infrastructure playbook, and the prior successes of Fibrenoire, Oxford, FirstLight, Horizon and Stratus Networks. This partnership will enable All West to continue its mission of providing fast, reliable, fiber-based local Internet services to its customers, including those located in underserved communities. We look forward to accelerating the momentum of All West by expanding its footprint, enhancing its capabilities, and ensuring rapid network deployment," Ted Mocarski, Novacap Senior Partner.
All West Communications is advised by Stifel and Blackburn & Stoll. Novacap is advised by Bank Street Group and Paul Hastings.
Centerbridge Partners, a multi-strategy private investment firm, and GIC Real Estate, a real-estate arm of Singapore's sovereign wealth fund, offered to acquire the remaining 85.2% stake in INDUS Realty Trust, a US-based industrial and logistics REIT, for $562m.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the company's Board of Directors will carefully review the proposal to determine the best path forward for the company that maximizes value for all shareholders. The Board of Directors remains confident in the company's performance, strategy, and growth prospects.
INDUS Realty Trust is advised by Morgan Stanley, Latham & Watkins and Abernathy MacGregor Group (led by Tom Johnson and Jeremy Jacobs).
Highlander Partners, a Dallas-based private investment firm, agreed to acquire Liteye Systems, a technology manufacturer and integrator of multi-domain and multi-mission defense systems. Financial terms were not disclosed.
"Despite meaningful private and public investment, many of today's C-UAS solutions lag advancements in offensive drone technology. However, Liteye's system of systems approach and technology provide a leading solution to the market compared to many other C-UAS platforms. Needless to say, we are impressed with what Kenneth, Tom, and the rest of the Liteye team have built and we look forward to working together with them to take the Company to new heights," Jeff L. Hull, Highlander President and CEO.
Liteye Systems is advised by Forbes M&A and Holland & Knight. Highlander is advised by Baker McKenzie.
Audax Private Equity, an alternative investment manager, completed the acquisition of Medi-Weightloss, an operator of science-based, physician-supervised weight-loss and wellness clinics. Financial terms were not disclosed.
“The obesity epidemic is only getting worse. Our customized programs, tailored to the specific conditions of each individual, are developed by physicians board-certified to treat obesity. We’re thrilled to partner with Audax Private Equity to accelerate our growth and address this challenge through personalized programs that catalyze the lifestyle and behavioral changes necessary to deliver improved health outcomes to our patients," Ken Hall, Medi-Weightloss CEO.
Medi-Weightloss was advised by Kroll and Quarles & Brady. Audax Private Equity was advised by Ropes & Gray and FGS Global (led by Julie Rudnick).
TPG Capital, a global alternative asset management firm, completed a $300m investment in Rubicon Carbon, a new VER market platform.
"The growing carbon market will need new tools and financing solutions in order to reduce friction, democratize access, and improve quality. Rubicon Carbon was not designed as a replacement for aggressive carbon emissions reduction but rather as an end-to-end solution for corporations that have chosen to include high-quality carbon credits as part of their overall decarbonization strategy. Enterprises in sectors where there are technological limitations to immediate emissions reduction are looking for solutions like Rubicon to close their emissions reductions gap with authenticity and ease," Jim Coulter, TPG Founding Partner.
Canada Pension Plan Investment Board, a global investment management organization, agreed to invest C$625m ($468m) in V.Tal, a neutral fiber-to-the-home network provider in Brazil.
V.Tal currently accounts for about 14% of Brazil's fiber network and reaches nearly 20m households across the country. The company intends to expand its footprint in Brazil, a market with substantial unmet demand for high-speed connectivity.
V.Tal is advised by BTG Pactual.
Liminatus Pharma, a clinical-stage biopharmaceutical company, agreed to go public via a SPAC merger with Arrow Capital-backed Iris Acquisition, a publicly traded special purpose acquisition company, in a $334m deal.
“The agreement with Iris and the treatments we are now set to develop which have originated from leading global cancer scientists at the Thomas Jefferson University in the US and from Innobation in South Korea, will be a game changer for this area of the healthcare market. There is a significant unmet need for improved treatment for the cancer indications we are targeting, and with the increased capital, we are hopeful that the timelines for getting these potentially life-saving medicines to market have been accelerated,” Chris Kim, Liminatus CEO.
Liminatus Pharma is advised by Triquartista Consulting (led by Chris Wilson).
Amulet Capital Partners, a middle-market private equity investment firm focused exclusively on the healthcare sector, completed the acquisition of United Vein & Vascular Centers, a provider of high-quality vascular care treatment services. Financial terms were not disclosed.
"This investment represents a unique opportunity to partner with the leading management team in the vein and vascular space and deploy our extensive experience partnering with physician practice management companies to support UVVC's next phase of growth in a dynamic, fragmented market," Carl Zimmerman, Amulet Principal.
NOVA Infrastructure, a private equity firm, completed the acquisition of Xchange Telecom, a company that delivers high-speed internet, voice, and unified communication services. Financial terms were not disclosed.
“We see tremendous potential in the high-speed broadband Xchange provides New Yorkers, especially those underserved businesses and residents in older buildings and harder to access areas. The communications sector is one of NOVA’s investment targets and Xchange is a strong addition to our portfolio in this area. We look forward to working with the Xchange team to help the company grow and achieve new levels of success,” Chris Beall, NOVA Infrastructure Founder and Managing Partner.
NOVA was advised by Sloane & Company.
Palladium Equity Partners, a private equity firm, agreed to invest in Southwest Strategies, a public relations firm. Financial terms were not disclosed.
"Partnering with Palladium Heritage provides an outstanding opportunity for Southwest Strategies to broaden its offerings to existing clients, while expanding into new markets. Palladium's standing as a Certified B Corporation is also attractive to our team as it aligns with our core values of hard work, diversity and being socially responsible," Chris Wahl, Southwest Strategies CEO.
Palladium Equity Partners is advised by Kekst CNC (led by Todd Fogarty).
Interfor, a firm that produces and sells lumber, timber, and other wood products, completed the acquisition of Chaleur Forest Products, an operator of sawmill company, from Kilmer Group, a private equity firm, for C$325m ($240m).
“This acquisition is consistent with Interfor’s growth-focused strategy as a pure-play lumber producer and builds upon our recent expansion into Eastern Canada with further geographic diversity. New Brunswick has a secure, high-quality, and competitive log supply, a supportive investment environment, and proximity to key eastern markets. These are well-managed and efficient mills with a desirable SPF product mix, which fit extraordinarily well within our existing portfolio. Chaleur’s strong management team further bolsters our core lumber strength, and we look forward to welcoming the team into our company," Ian Fillinger, Interfor President & CEO.
NEA, Abingworth and Forge Life, three venture capital firms, led a $120m Series C round in Escient Pharmaceuticals, a biotechnology company, with participation from Avego, PFM Health Sciences, The Eleven Fund, The Column Group, 5AM Ventures, Redmile Group, Cowen Healthcare Investments, Sanofi Ventures, Osage University Partners, and Altitude Life Science Ventures.
“By specifically blocking the activation of MRGPRX2 and MRGPRX4 with small molecule antagonists, we aim to develop effective oral medications with novel mechanisms of action for serious neurosensory-inflammatory diseases without the serious side effects observed with other approaches. We are thrilled with the support from both existing and new investors, and this significant financing puts us in a great position to advance our pipeline to clinical proof-of-concept in multiple indications," Joshua Grass, Escient Pharmaceuticals CEO.
Investment companies Goldman Sachs Asset Management and G2 Venture Partners led a $117m Series F round in Locus Robotics, a developer of autonomous mobile robots for fulfillment and distribution warehouses, with participation from Stack Capital Group, Next47, Stafford Capital Partners, HESTA, Newton Investment Management North America, Gray's Creek Capital, Silicon Valley Bank, Hercules Capital, BOND and Scale Venture Partners.
"Locus has established itself as an innovative, high-quality market leader for flexible automation in the massive warehouse fulfillment and distribution market," Mark Midle, Goldman Sachs Managing Director.
General Atlantic, a global growth equity firm, and Dragoneer Investment, a public and private investor, offered to acquire Arco Platform, an educational software developer. General Atlantic and Dragoneer offer $11 in cash per share, representing an approximately 22% premium.
The company cautions its shareholders and others considering trading in its securities that no decisions have been made with respect to the company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that this or any other transaction will be approved or consummated.
Mereo Capital and Hyperion Capital, two private equity firms, completed the acquisition of Algus Packaging, a provider of thermoformed blister and clamshell packaging. Financial terms were not disclosed.
“We are excited to partner with the management team of Algus to build on its history of success and invest in its future growth. We are attracted to Algus’ superior packaging solutions, reputation for exceptional quality and strong growth prospects," Leo Helmers, Mereo Co-Founder.
Bravo Infrastructure, an investment vehicle, completed the acquisition of Radiance Solar, a solar engineering, procurement and construction contractor, from Orion Infrastructure Capital, an investor. Financial terms were not disclosed.
“We are very excited to announce the acquisition of Radiance and our capital partnership with OIC. Radiance is a leader in the commercial and industrial EPC market and the O&M market in the southeast. We look forward to working with their outstanding team on meeting the needs of the high growth C&I solar market. Radiance will be the perfect complement to BIG’s other solar platform, Sunshine Solar the second largest C&I mechanical installation firm in the US. With OIC as a partner, both companies are strongly capitalized, and we expect both to benefit from the significant growth and tailwinds in solar deployment," Steve Newby, BIG Owner.
Mainsail Partners, a growth equity firm, completed the acquisition of a minority stake in Instinct Science, a veterinary practice management software. Financial terms were not disclosed.
“The veterinary industry that we care deeply about faces some unique challenges. Instinct’s mission is to be part of the solution by building software that is actually loved by veterinary teams and those that operate veterinary centers. As we reflect on this exciting milestone, we’re constantly reminded of how impactful Instinct has become to our hospitals and we take this awesome responsibility seriously. We believe that we are just getting started and with this investment and the experience Mainsail brings as a partner, we’re looking forward to expanding our products and services for the long term. We see this as not just an investment in Instinct but also a vote of confidence in the broader veterinary world, animal care, and future veterinary teams," Caleb Frankel, Instinct Founder and CEO.
T. Rowe Price raises concerns about News' merger with Fox.
T. Rowe Price, a major shareholder of News, said that it has strong reservations about the plans of its chairman, Rupert Murdoch, to combine the two parts of his media business, News and Fox - the biggest indicator yet that Mr. Murdoch could face significant opposition, New York Times reported.
T. Rowe Price, which owns about 12% of News making it the company’s largest shareholder after the Murdoch family - said that a merger of the two companies would probably undervalue News, which it believes is trading for less than the company is worth. It also said that because the Murdoch family owns a bigger share of Fox than News, the family’s interests may lie more with Fox.
The deal, which could put Fox News under the same corporate umbrella as The Wall Street Journal, would reverse a decision made nearly a decade ago to divide the company’s film and TV holdings from its sprawling global portfolio of newspapers.
Bridgepoint weighs $1bn ECP acquisition.
PE firm Bridgepoint Group is in talks to acquire energy infrastructure investor Energy Capital Partners, Bloomberg reported.
Bridgepoint is discussing buying ECP for about $1bn in cash and stock. While negotiations are advanced, a transaction hasn't been finalized so terms may change and talks could still fall apart.
EQT in talks to acquire Radius Global Infrastructure.
EQT is in talks to acquire Radius Global Infrastructure, which leases cell sites to wireless-tower companies and mobile-network operators, Bloomberg reported.
The Stockholm-based investment firm is speaking to banks about financing. No deal has been reached and talks could still collapse. The company, led by CEO Bill Berkman, has been exploring strategic options including a sale since at least May.
General Electric, L3Harris among suitors vying for Aerojet.
Industrial conglomerate General Electric and defense contractor L3Harris Technologies are among those competing to acquire rocket maker Aerojet Rocketdyne.
Aircraft producer Textron and private equity firm Veritas Capital are also vying to acquire El Segundo, California-based Aerojet, which has a market value of about $4bn, Reuters reported.
Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid.
Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority to fund a bid for Citigroup’s Mexican retail bank, Reuters reported.
The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal.
Suncor decides to retain the Petro-Canada gas station retail arm.
Canada's Suncor Energy will retain its Petro-Canada gas station retail business following a review the company initiated earlier this year under pressure from activist investor Elliott Investment Management, Reuters reported.
Suncor replaced its chief executive in July and agreed to review its retail fuel unit by the end of this year after Elliott Investment, which owns 3% of the company, pushed for changes, flagging a poor safety record and lackluster stock performance.
Univar investor Engine Capital calls for a full sales process.
An investor in Univar Solutions is calling for the chemical company to run a full sales process to maximize shareholder value after it confirmed preliminary takeover talks last week with German rival Brenntag, Bloomberg reported.
Engine Capital, which owns roughly a 1% stake in Univar, sent a letter to the company’s board arguing the approach confirms its view that the stock is undervalued. While it commended Univar for its recently expanded share buyback program, it called for a full sales process now that the company is effectively in play.
Stonepeak Partners eyes as much as $20bn for North America infrastructure fund.
Private equity firm Stonepeak Partners is aiming to raise between $15bn and $20bn for its next flagship North American infrastructure fund to invest in assets such as utilities, data centers, ports and railways.
The fundraising plans underscore strong demand from investors for infrastructure assets, whose inflation-linked cash flows provide a shield from soaring prices. Stonepeak completed raising $14bn for such a fund only nine months ago. Private equity funds of this size are typically spaced out by at least a couple of years to have enough time to deploy their capital.
Stonepeak has begun contacting investors to gauge their interest in the fund launch, which is expected next year. Stonepeak has also began raising its first global "core" infrastructure fund, with an initial target of $5bn, and the firm is aiming to reach its first fundraising close by the end of this year, Reuters reported.
Carlyle plans to raise $8.5bn for a new private credit fund.
Carlyle Group plans to raise at least $8.5bn for a new private credit fund, as it competes with rivals to snap up lending businesses abandoned by banks, Bloomberg reported.
The Washington D.C.-based firm has held early discussions with investors about the new vehicle, dubbed Carlyle Credit Opportunities Fund III, ahead of its formal fundraising launch in 2023.
Adams Street closes Global Fund Program at $1.1bn.
Adams Street Partners, a private markets investment firm with more than $52bn in assets under management, held the final closing of the Adams Street 2022 Global Fund Program with approximately $1.1bn in committed capital.
The Global Fund Program is a private markets portfolio spanning all of its investment strategies, including primaries, secondaries, co-investments, growth equity, and private credit, across North America, Europe, and Asia.
Binance mulls $1bn recovery fund for distressed assets.
Cryptocurrency exchange Binance is aiming for a roughly $1bn fund for the potential purchase of distressed assets in the digital sector, citing an interview with Chief Executive Officer Changpeng Zhao.
Zhao hinted at the possibility of allocating more funds in the interview. Zhao said while speaking at a conference in Abu Dhabi that there was significant interest from industry players in a recovery fund his company plans to launch to help cryptocurrency projects facing a liquidity squeeze, following the collapse of rival FTX.
Apollo appoints Connecticut state treasurer as chief pensions strategist. (People)
Apollo Global Management has appointed Connecticut state treasurer Shawn Wooden as a partner and its new chief public pension strategist to help expand the private equity firm's business with retirement systems.
Wooden will assume his new role in late January to comply with all relevant restrictions. Wooden, who practiced as a lawyer focused on public pension plan investments before winning election to state office as a Democrat in 2018, announced back in April that he wouldn't be seeking re-election as state treasurer when his term ends in early January.
EMEA
Societe Generale's car leasing unit ALD wins EU nod for LeasePlan buy.
EU antitrust regulators cleared with conditions French car leasing company ALD's bid for Dutch rival LeasePlan after the Societe Generale unit agreed to divest some businesses across Europe to address competition concerns.
ALD announced the $5.5bn deal in January, which would give it ownership of the biggest electric vehicle fleet in Europe. The European Commission said ALD agreed to sell its operational leasing businesses in Ireland, Norway, Portugal and LeasePlan's businesses in the Czech Republic, Finland and Luxembourg to address competition worries, Reuters reported.
LeasePlan is advised by PricewaterhouseCoopers, AXECO Corporate Finance, Goldman Sachs, UBS, De Brauw Blackstone Westbroek (led by Pete Lawley and Mariken van Loopik), Freshfields Bruckhaus Deringer (led by Hervé Pisani, Rafique Gabriel Bachour and James Scott) and Sullivan & Cromwell (led by Ben Perry, Eric M. Diamond and Olivier De Vilmorin). Societe Generale is advised by Citigroup, Rothschild & Co (led by Eric Lacroix de Vaubois, Georges Amatoury and Cyril de Mont-Marin) and Societe Generale. ALD is advised by JP Morgan, Bredin Prat (led by Matthieu Pouchepadass) Darrois Villey Maillot Brochier (led by Bertrand Cardi and Christophe Vinsonneau), Linklaters (led by Mariken van Esch, Cyril Boussion, Bruno Derieux, Will Aitken-Davies, Christian Ahlborn and Dan Schuster-Woldan), NautaDutilh (led by Stefan Wissing) and Plesner (led by Emil Deleuran and Simon Lindvig Rasmussen). Financial advisors are advised by White & Case (led by Marc Petitier).
Blackstone completed the acquisition of a minority stake in Esdec, a rooftop solar mounting systems provider, from Rivean, a private equity firm. Financial terms were not disclosed.
"On behalf of the management board, I am very happy to announce this important step in the Company’s growth strategy. For Esdec, this is the best of both worlds. We can continue our successful partnership with Rivean, that has provided indispensable support during the expansion of our business in the past few years. Additionally, we can now work with Blackstone and make good use of their great knowledge of the renewable space and strong footing in the United States, one of our most important markets. I am looking forward to further growing our business and benefiting from Blackstone’s widespread, relevant network," Stijn Vos, Esdec CEO.
Shell, an oil and chemical group, agreed to acquire Nature Energy, an operator of biogas plants, from Davidson Kempner, an investment firm, Pioneer Point, a private equity firm, and Sampension, an insurance company, for $2bn.
"Shell's competitiveness in low carbon fuels derives from capabilities across the value chain, combining a world-class Trading and Supply organization with access to differentiated technology and production assets. Acquiring Nature Energy will add a European production platform and growth pipeline to Shell's existing RNG projects in the United States. We will use this acquisition to build an integrated RNG value chain at global scale, at a time when energy transition policies and customer preferences are signaling strong growth in demand in the years ahead," Huibert Vigeveno, Shell Downstream Director.
Ontario Teachers' Pension Plan Board, an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian province of Ontario, completed the acquisition of a 25% stake in SSEN Transmission, an energy transmission company, from SSE, an energy company, for £1.46bn ($1.76bn).
"SSEN Transmission is one of Europe's fastest growing transmission networks. Its network stretches across some of the most challenging terrain in Scotland – from the North Sea and across the Highlands – to deliver safe, reliable, renewable energy to demand centres across the UK. We're delighted to partner again with SSE and are committed to supporting the growth of its network and the vital role it plays in the UK's green energy revolution," Charles Thomazi, OTPP Senior Managing Director.
OTPP was advised by Evercore, Linklaters and Kekst CNC (led by Oliver Mann). SSE was advised by Morgan Stanley, Rothschild & Co and Freshfields Bruckhaus Deringer (led by Julian Pritchard and Nicholas Jones).
Brookfield Infrastructure Partners, an investment company, agreed to acquire a 49% stake in EduCo, an education infrastructure portfolio, from SBB, a Sweden-based company, which owns community properties in the Nordic region, for $986m.
“We are delighted to join forces with Brookfield, a world-class, highly reputable infrastructure asset investor. Establishing EduCo will make us even better placed to continue delivering important infrastructure to the Nordic welfare states. There will be an increasing need for schools, preschools and university buildings in the Nordics, a market in which we already have a strong foothold. With Brookfield as our long-term partner we will also benefit from diversifying SBB Group’s funding sources, whilst we accelerate deleveraging of our Group balance sheet in line with our strategy,” Ilija Batljan, SBB CEO and Founder.
Brookfield is advised by Linklaters. SBB is advised by JP Morgan and Vinge.
AstraZeneca, a biopharmaceutical company, agreed to acquire Neogene Therapeutics, an operator of a preclinical stage biotechnology company, from Syncona, a healthcare company focused on investing in and building global firms in life science, for $320m.
"This acquisition represents a unique opportunity to bring innovative science and leading experts in T-cell receptor biology and cell therapy manufacturing together with our internal oncology cell therapy team, unlocking new ways to target cancer. Neogene's leading TCR discovery capabilities and extensive manufacturing experience complement the cell therapy capability we have built over the last three years and allow us to accelerate the development of potentially curative cell therapies for the benefit of patients," Susan Galbraith, AstraZeneca Executive Vice President of Oncology R&D.
Syncona is advised by FTI Consulting (led by Ben Atwell). Neogene Therapeutics is advised by Real Chemistry (led by Sheryl Seapy).
EQT Infrastructure, an infrastructure fund, agreed to acquire a majority stake in Trescal, a provider of essential and regulated calibration services, from OMERS, a Canadian public pension fund. Financial terms are not disclosed.
"EQT Infrastructure has followed Trescal for a long time. We are deeply impressed by the management team's achievements in creating a global leader in calibration laboratories with a differentiated one-stop-shop offering to serve its customer's requirements. We believe EQT's track record of building global companies, industrial DNA, and value-add approach strongly positions us to support the Company in its next phase of growth," Christoph Balzer, EQT Infrastructure Partner.
CS Capital, a private equity fund, agreed to acquire a 33% stake in Kirk Kapital-backed Scanmetals, an operator of a specialist metals recycling company. Financial terms were not disclosed.
"In the spring, Velliv entered an agreement to invest DKK 5bn in the green transition through CS Capital. Scanmetals is our first investment in a future portfolio of sustainable investments, and the company is a prime example of the type of companies we want to invest in within resource optimization, which is one of our major focus areas. Scanmetals is a contributor to the circular economy through their unique technology within metal recovery from waste. We are looking forward to supporting this development," Carsten Gröhn, CS Capital Managing Partner.
CS Capital is advised by Carnegie Investment Bank.
KKR completed the acquisition of a majority stake in April Group, an insurance brokerage firm, from CVC Capital Partners, a private equity firm. Financial terms were not disclosed.
“The APRIL Group was created 35 years ago by a visionary entrepreneur. After a great collaboration with CVC Capital Partners, April recovered its original strength. Our aim is to continue the history of this great company and to make it a French champion on a global scale. This next chapter will be enabled by the management team, our 2.3k employees, and KKR, for the benefit of our partners and policyholders,” Eric Maumy, April President & CEO.
April Group was advised by Monet + Associés.
Eni hopes to acquire Neptune Energy for $5-6bn.
Petroleum refineries Eni is in preliminary talks to buy private equity-backed gas and oil producer Neptune Energy for around $5bn -$6bn, Reuters reported.
Neptune is owned by China Investment, Carlyle Group and CVC Capital Partners.
BC Partners prepares £3bn sale of UK’s VetPartners.
BC Partners is considering a sale of UK-based veterinary services firm VetPartners amid interest from potential buyers.
The London-based buyout firm is working with advisers as it weighs a sale of VetPartners next year. A transaction could value the business at £3bn ($3.59bn). Strategic buyers and private equity firms have shown preliminary interest in acquiring the company. Deliberations are in the early stages and BC Partners could still decide against a sale.
BMS owners weighs £600m sale of insurance broker.
British Columbia Investment Management and Preservation Capital Partners are considering a sale of BMS Group that could value the insurance broker at more than $720m.
The investment firms are working with Evercore to evaluate strategic options for the business. BMS generates about $119m in annual earnings. Financing for a deal is attracting the interest of both banks and private debt providers, Bloomberg reported.
Bridgepoint makes a £400m offer for The Hundred.
The England and Wales Cricket Board received a £400m ($484m) private equity approach that would see it relinquish majority ownership of The Hundred while raising funds to inject into the sport's cash-strapped counties, Sky News reported.
Bridgepoint had proposed buying a 75% stake in The Hundred, potentially injecting £300m ($363m) of new money into English cricket. Allan Leighton, the serial company chairman who has worked with Bridgepoint on a number of its investments, is said to have been working with the firm on developing its proposed offer.
Carlyle explores bid for OMV's oil and gas assets.
Carlyle Group is exploring a multibillion-dollar bid for a large part of Austrian energy company OMV's oil and gas portfolio, in what would be a bold move by a buyout firm to further expand into fossil fuels, Bloomberg reported.
The private equity firm is eyeing OMV's upstream operations in most of the markets where it operates.
Mediterrania Capital Partners exits six portfolio companies in the last 12 months.
Mediterrania Capital Partners, a private equity firm focused on growth investments for SMEs and mid-cap companies in North Africa and Sub-Saharan countries, is set to make its sixth portfolio company exit in 12 months with the approval from AMMC, the Moroccan Capital Market Authority, for an IPO of Akdital Group in December 2022.
Akdital Group, one the largest private clinics group in Morocco, is launching an IPO at the Casablanca Stock Exchange in mid-December enabling Mediterrania’s partial exit. The capital increase will support Akdital’s geographical and medical services expansion maintaining the fast pace set during Mediterrania’s 3-year tenure.
Ex-Greene King CEO talks with lenders.
Rooney Anand, the ex-CEO of Greene King, had its biggest shareholder injected new funding into his business amid talks with lenders, SkyNews reported.
Oaktree Capital has committed millions of pounds to RedCat Pub Company, set up by Rooney Anand, which trades from roughly 120 venues.
Direct lender Pemberton eyes $50bn to plug Europe lending hole.
Pemberton Asset Management is fast-tracking plans to triple the size of its private debt funds and plug a European lending gap being created by increasingly skittish banks, Bloomberg reported.
"The $17bn investment firm is in the process of raising capital for five credit strategies, which include lending on mid-market buyouts," Symon Drake-Brockman, Pemberton Founder and Managing Partner.
TDR raises €4.2bn for new buyout fund.
TDR Capital has raised €4.2bn($4.3bn) for a new buyout fund that will focus on both new deals and bolt-on acquisitions for its existing portfolio of consumer-related companies.
TDR already has significant exposure to the retail and consumer sectors, having been behind some of the UK's highest profile buyouts. Its list of past debt-financed investments include gym owner David Lloyd Leisure, supermarket Asda Group, and Norwegian cruise line Hurtigruten Group. The report says a significant proportion of those bonds are now trading near or in distressed territory because of the global sell off prompted by soaring inflation and rising interest rates.
Carlyle raises more than $3bn to invest in European tech.
US buyout firm Carlyle Group has raised more than $3.12bn for a pan-European technology fund that is taking advantage of “pockets of life” in the economy.
Focused on lower mid-market and growth technology companies across Europe, the fund, called CETP V, has exceeded its $2.5bn target in less than a year of fundraising, more than doubling the size of the previous fund CETP IV.
Pictet Asset Management adds private debt team. (People)
Pictet Asset Management continues to strengthen its Fixed Income offering with the recruitment of four private debt specialists. The new Private Debt team is headed by Andreas Klein in London, who joined Pictet AM in early 2022.
Klein was previously a Managing Director at ICG where he spent eight years helping to set up and build out the direct lending strategy.
APAC
India's RBI gives conditional nod to Carlyle and Advent for $1.1bn stake in Yes Bank.
India's central bank has given conditional approval to US private equity firms Carlyle Group and Advent International for their purchase of a combined 20% stake in Yes Bank, the private-sector lender, for $1.1bn.
"The investors are evaluating the conditions," Yes Bank, adding that the bank and the investors will engage with the Reserve Bank of India to seek an early resolution of the conditions and get final approval, Reuters reported.
Yes Bank is advised by Bank of America, Ernst & Young and AZB & Partners. Carlyle is advised by McKinsey & Company, PricewaterhouseCoopers, AZB & Partners (led by Zia Mody, Vaidhyanadhan Iyer and Gautam Ganjawala), Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co and Adfactors PR. Advent is advised by Ketchum Sampark (led by Khushal Devera).
Bain Capital, a private equity firm, completed the acquisition of a 9.8% stake in IIFL Wealth Management, a non-bank wealth manager, from Fairfax, a financial holding company, for $172m.
Brookfield, an investment company, completed the acquisition of Trimco, a global supplier of identity branding items such as labels, hangtags, badges, care & content labels, from Affinity, a private equity firm, for $900m.
The Toronto-based alternative asset manager may seek to expand Trimco globally over the long term, both organically and via acquisitions.
Gree, an appliance manufacturer, and Xicheng Jinrui, an investment firm, led a $104m round in Trinomab, a biotechnology firm, with participation from Yifeng Capital, Shenyin Wanguo, China Medical System, Guolian, and Jinhang Group.
"Since its establishment at the end of 2015, the company has always been oriented towards creating clinical value and making highly differentiated source innovative drugs. We firmly believe that with the support of many partners, Technomicrobio will surely grow faster and more stably, and provide safe-efficient-accessible antibody drugs to patients around the world," Zheng Weihong, Tynomib Co-Founder, CEO and President.
Gaw Capital Partners, a Real Estate investment firm, completed the acquisition of logistics portfolio in Tokyo. Financial terms were not disclosed.
“We are delighted to have completed our first logistics portfolio in Japan. With rising demand driven by continued urbanization and e-commerce, logistics assets in Japan continue to mature as an institutional asset class, increasingly attracting capital from both domestic and international investors. With the support from our experienced in-house team and local logistics partners, I believe we would fully unlock the returns,” Isabella Lo, Gaw Capital Managing Director.
CVC Capital Partners among potential bidders for Aesop deal.
Private equity firm CVC Capital Partners is reportedly among a host of potential investors currently considering a move to acquire skin care brand Aesop in a takeover deal expected to be worth in excess of $1.2bn.
The private equity firm faces competition from luxury cosmetics giants, such as Japan's Shiseido and Luxembourg-based sustainable beauty retailer L'Occitane.
Fullerton Health weighs stake sale at $1.1bn valuation.
Fullerton Health is considering selling a minority stake to raise funds to expand its medical services operations, Bloomberg reported.
The Singapore-based company, which counts private equity firm RRJ Capital and Ping An Capital as its major shareholders, is in discussions with potential investors for a stake of as much as 20%. A deal could value Fullerton Health at more than $1.1bn.
Everstone weighs sale of $1bn medical device firm Everlife.
Everstone Capital, the private equity arm of Mumbai-based Everstone Group, is considering selling its health-care platform in Asia that could be valued at as much as $1bn in a deal, Bloomberg reported.
The buyout firm has asked investment banks to submit proposals for Singapore-headquartered Everlife Holdings. Everstone Capital is seeking a valuation of $500m to $1bn for Everlife.
GIP said to mull deal for Tower Vision India.
Global Infrastructure Partners, an infrastructure investment fund, is exploring a potential acquisition of Tower Vision India, an independent telecommunications infrastructure provider in India, Bloomberg reported.
The private equity firm has been sounding out financing for a potential deal that could value Tower Vision India at about $300m to $400m.
Temasek unit picks up stake in Zomato after Alibaba pares holding.
Temasek Holdings has bought a 1.14% stake in India’s Zomato, a day after Alipay Singapore Holding offloaded 3.07% of its shares in the food delivery startup, DealStreetAsia reported.
Camas Investments, an arm of Singapore’s state-owned fund Temasek Holdings, bought 98m shares of Zomato on Wednesday for over $74m. Following the deal, Temasek’s stake in the company will increase to 4%.
PAG, Platinum among bidders for Advent's stake in Singapore tuition chain.
Private equity firms PAG and Platinum Equity are among bidders vying for Advent International’s stake in Singaporean tuition chain The Learning Lab that could fetch up to $500m, DealStreetAsia reported.
The sale process, which is being run by Rothschild & Co, has entered a second round of bids.
Temasek to open Paris office in 2023.
Singaporean state investor Temasek will open an office in Paris next year as it seeks to focus on investments in the Europe, Middle East and Africa region.
"Our decision to open a new European office reflects the continuing importance of EMEA as an investment destination," Uwe Krueger, Temasek EMEA Head. Ranked among the top 10 state investors in the world, Temasek's portfolio value rose to a record $293bn in the year to March 2022.
India's Table Space said to have raised $300m from global PE firm Hill House.
Table Space, a flexible office operator in India, has raised around $300m in fresh funding as it looks to expand its operations across the country, DealStreetAsia reported.
The corpus will be pumped in by global private equity firm Hillhouse Capital in two tranches.
Macquarie bets on network infrastructure with $13bn raise.
Macquarie Group, one of the world’s largest infrastructure investors, raised $13.1bn to bet on everything from gas networks to water treatment facilities.
The Australian firm’s asset management arm hit the final close on a series 2 fundraising for its Super Core Infrastructure Fund. The fund drew commitments from investors including insurers, sovereign wealth funds and family offices from 22 countries.
The Philippines proposes to set up $4.9bn sovereign wealth fund.
Philippine House Speaker Martin Romualdez, the cousin of President Ferdinand Marcos Jr., filed a bill seeking to establish a $4.9bn sovereign wealth fund to support the administration's economic agenda, DealStreetAsia reported.
House Bill No. 6398, filed on Monday and co-authored by the president's son Ferdinand Alexander, is aimed at setting up what would be known as the Maharlika Investments Fund.
Animoca plans to set up $2bn metaverse firms funding.
Hong Kong's Animoca Brands, a gaming software firm and Web 3.0 investment powerhouse, plans to set up a fund of up to $2bn to invest in mid- to late-stage metaverse firms, DealStreetAsia reported.
The fund, named Animoca Capital, will make its first investment next year, although it is yet to raise capital. The fund would enable some of Animoca's investors to tap into the Web3 industry directly. The fund targets businesses and projects covering "NFT metaverse" and "open metaverse".
Asia Partners targets $600m for second fund.
Southeast Asia's technology-focused private equity firm Asia Partners is said to be seeking $600m for its second fund, DealStreetAsia reported. The firm hit the first close of the vehicle at around $350m.
The firm is focused on the intersection of three key themes – the long-term growth potential of Southeast Asia, the rapid growth of innovative technology and technology-enabled businesses, and the scarcity of growth capital for these companies.
Primavera is said to be targeting $300m for a private credit fund.
Chinese investment firm Primavera Capital Group, an early investor in billionaire Jack Ma's Alibaba Group, is reportecy seeking to raise $300m for a private credit fund, DealStreetAsia reported.
Primavera, which invests in the global market with a focus on China, is said to have built out the credit strategy earlier this year with the recruitment of Jeffrey Lau as a partner as well as CEO and CIO of its credit investments team. Lau's appointment led to the launch of the dedicated private credit fund.
Cargill-backed Proterra Asia closes Food Fund 3 at over $200m.
Proterra Investment Partners’s Asian subsidiary, Proterra Asia, has closed its third food fund at over $200m, DealStreetAsia reported.
The food and agribusiness-focused private equity firm drew in limited partners from institutional investors, international and regional foundations, and family offices from Europe and Asia. The Development Bank of Japan also joined as an LP. Cargill also remains one of Proterra’s longtime LPs.
VinaCapital defers $160m worth PE deals due to market uncertainty.
Vietnam-based asset management firm VinaCapital has postponed investments worth about $160m in two private equity projects due to unfavourable market conditions.
The firm had signed legal documents to invest about $100m and $60m in each project since the start of July but has now decided to postpone the deals with a hope to resume next year, DealStreetAsia reported.
Qatar Wealth Fund hires former JP Morgan executive as CFO. (People)
The Qatar Investment Authority, the Gulf emirate’s $450bn sovereign wealth fund, has hired former JP Morgan executive Niall Byrne as its chief financial officer.
Byrne, who has nearly 30 years’ experience in the finance industry, joined QIA this month. He previously held positions at JP Morgan including chief operating officer and chief financial officer of global fixed income, currency and commodities at its asset management arm.
JP Morgan Chase banker Young-ki Kim to join Naver. (People)
JP Morgan Chase's head of investment banking in South Korea Young-ki Kim is leaving the US bank to join internet giant Naver, Bloomberg reported.
Kim, a managing director based in Seoul who was named to his current role in April, is set to become chief financial officer for two of Naver's units. The businesses include Naver Z, which houses metaverse platform Zepeto, and resale and trading platform KREAM.
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