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AMERICAS
Silver Lake, a private equity firm, and Canada Pension Plan Investment Board, an investment management company, completed the acquisition of Qualtrics, an experience management company, from SAP, a software company, for $12.5bn.
“Qualtrics has cemented its position as the leader in experience management, and our AI-powered platform is helping more than 19,000 organizations deliver exceptional experiences and build deep relationships with their customers and employees at scale. Silver Lake’s deep understanding of our business and vision for Experience Management, combined with their strategic and operational expertise and the support of our other investors, creates an incredible opportunity for Qualtrics to accelerate our innovation and category leadership,” Zig Serafin, Qualtrics CEO.
Qualtrics was advised by Goldman Sachs, Morgan Stanley, Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg and Sebastian L. Fain), Goodwin Procter (led by Anthony McCusker, Joshua Zachariah and James Ding) and Joele Frank (led by Scott Bisang). Legal advisors were advised by Sullivan & Cromwell (led by John L. Savva). Silver Lake was advised by Credit Suisse, JP Morgan, UBS, Simpson Thacher & Bartlett, Edelman (led by Jennifer Stroud) and Latham & Watkins (led by Max Schleusener, Justin Hamill, Michael V Anastasio and Andrew Clark). CPPIB was advised by Weil Gotshal and Manges (led by Timothy Burns and Douglas P. Warner). SAP was advised by Barclays and Shearman & Sterling (led by Daniel
Mitz).
Centerbridge Partners, a multi-strategy private investment firm, and GIC Real Estate, a real-estate arm of Singapore's sovereign wealth fund, completed the acquisition of the remaining 85.2% stake in INDUS Realty Trust, a US-based industrial and logistics REIT, for $868m.
“After conducting an extensive process to explore the Company’s strategic alternatives, we are pleased to have reached an agreement with Centerbridge and GIC. The transaction delivers immediate and significant value to our stockholders, and we believe it validates the quality of the platform and portfolio we have built over INDUS’ long history. I would like to extend my thanks to the entire Board and management team for their hard work during this process, and for their unwavering commitment to act in the best interests of our stockholders,” Michael Gamzon, INDUS President and CEO.
INDUS Realty Trust was advised by Morgan Stanley, Latham & Watkins (led by Julian Kleindorfer and Charles Ruck) and H/Advisors Abernathy (led by Tom Johnson and Jeremy Jacobs). Centerbridge was advised by Bank of America, JP Morgan, Simpson Thacher & Bartlett (led by Atif Azher and Fred de Albuquerque). GIC Real Estate was advised by Bank of America, JP Morgan, Skadden Arps Slate Meagher & Flom (led by Blair Thetford) and Joele Frank. Debt financing was provided by Standard Chartered Bank.
KKR agreed to buy Circor International for $1.7bn including debt after boosting its offer for the maker of industrial valves and pumps. KKR increased the all-cash price of its previously announced merger agreement to $51 a share from $49. KKR also has agreed to provide a full equity backstop for the completion of the merger.
Private-equity firm Arcline Investment Management also proposed to buy Circor International for $57 per share in cash, topping a rival bid from KKR for the industrial machinery maker.
Prologis, an owner, operator, and developer of industrial real estate, focused on global and regional markets across the Americas, Europe, and Asia, agreed to acquire industrial properties from Blackstone, an American multinational private equity, alternative asset management, and financial services firm that specializes in credit and hedge fund investment strategies, for $3.1bn.
"We're pleased to be working with Blackstone on this deal. These high-quality properties are complementary to our portfolio and fit perfectly into our long-term strategic plan for growth. The acquisition demonstrates our unique ability to add significant scale to our portfolio - expanding customer relationships and increasing opportunities for our growing Essentials platform," Dan Letter, Prologis President.
Blackstone is advised by Eastdil Secured, Barclays, Bank of America, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, PJT Partners, Wells Fargo, and Simpson Thacher & Bartlett.
Online publisher Vice Media will be sold to a consortium led by Fortress Investment Group after the bankruptcy court approved its $350m bid, Reuters reported.
The investor group, which includes Soros Fund Management and Monroe Capital, bumped up its offer to $350m for all of Vice's assets and some liabilities, from its initial bid of $225m. The offer is in the form of a credit bid.
VICE Media is advised by AlixPartners, LionTree Advisors, PJT Partners, Shearman & Sterling, Togut Segal & Segal and Joele Frank (led by Scott Bisang and Dan Moore). The consortium is advised by Houlihan Lokey and Gibson Dunn & Crutcher.
Broadtree Partners, a middle-market private equity firm, completed the acquisition of Joint Research and Development, a provider of test and evaluation services, total life-cycle acquisition support, medical and public health preparedness, and science and technology research and development. Financial terms were not disclosed.
"We're extremely excited to add JRAD to our GovCon platform – JRAD has a unique culture of customer and mission-focused performance and remarkably talented people supporting critical national security programs across the Federal Government. JRAD is a great step forward towards achieving our goal of building the next great middle-market support contractor," Tim Reardon, Broadtree Partners Operating Executive.
JRAD was advised by Evergreen Advisors and Pillsbury Winthrop Shaw Pittman. Broadtree was advised by NextFed, Holland & Knight and Aprio.
Brookfield, a global alternative asset manager, offered to acquire the remaining stake in American Equity Investment Life, an issuer of fixed index annuities, for $4.3bn.
"The Board will carefully review Brookfield Reinsurance's proposal in accordance with its fiduciary duties and in consultation with its independent financial and legal advisors. American Equity will have no further comment on the proposal until the Board has completed its review. It is important to note that there is no guarantee that an agreement will be reached or on what terms," American Equity.
American Equity is advised by Ardea Partners, JP Morgan, Sullivan & Cromwell and FGS Global (led by Robin Weinberg and Jared Levy).
Kelso & Company, a private equity firm, completed the acquisition of a minority stake in Valenz Health, an insurance brokerage firm, from Great Point Partners, a private equity firm. Financial terms were not disclosed.
“We selected Great Point Partners as our partner because of the firm’s expertise in the payment integrity field, track record of investment success with founder owned businesses and deep commitment to both advancing and improving the health care industry,” Josh Carder, Valenz Health Founder and Chairman.
Valenz Health was advised by Harris Williams & Co and Debevoise & Plimpton (led by Michael Diz and Spencer Gilbert). Great Point Partners was advised by TripleTree and Prosek Partners.
Rosemont, a private investor in employee-owned asset and wealth management firms, agreed to invest in Landmark Management, a multi-family office with more than $4bn in assets under management. Financial terms were not disclosed.
"We are thrilled to form this partnership with Landmark—which in many respects represents the ideal Rosemont investment—after several years of discussions. Landmark has provided distinctive investment advice and valuable services to a limited number of enduring client families over a long period of time. With Rosemont's support, it will continue serving these families as well or better for many years to come," Brad Mook, Rosemont Managing Director.
Landmark Management is advised by Berkshire Global Advisors and DLA Piper. Rosemont is advised by Cozen O'Connor and Wealth Matters Consulting.
Bernhard Capital, an infrastructure and services-focused private equity management firm, agreed to acquire Optimum Energy, a HVAC optimization software solutions provider. Financial terms were not disclosed.
"Optimum's innovative optimization software, powerful cloud-based analytics, and expert engineering services creates an unparalleled offering in today's market that provides customers with powerful and effective solutions to save money and improve sustainability. Leveraging our experience and extensive track record, we aim to expand upon Optimum's current capabilities and solidify them as the global leader in the industry. We look forward to working closely with Optimum's talented team to support new and existing customers around the world and position the Company for long term success," Jonathan deLaureal, Bernhard Capital Managing Director.
Optimum Energy is advised by Cascadia Capital. Bernhard Capital is advised by Joele Frank (led by Ed Trissel).
Carrix, a marine terminal operator, agreed to acquire Ceres Terminals, a stevedore and port terminal operator, from Macquarie Infrastructure, an infrastructure asset manager. Financial terms were not disclosed.
"We are excited to expand SSA Marine's footprint further into the rapidly growing Atlantic and Gulf Coast regions of the United States. Ceres has built an attractive portfolio of container, cruise, and general cargo operations and customer relationships which will enable us to serve our combined customers in more locations with more services," Uffe Ostergaard, Carrix President and CEO.
SV Health Investors, a specialist healthcare fund manager, completed the investment in Packaging Compliance Labs, a provider of healthcare packaging engineering. Financial terms were not disclosed.
"PCL has developed an industry-leading reputation for white-glove technical testing services, while serving as a thought leader within the healthcare packaging industry. We look forward to partnering with PCL to support their continued growth through investment in rapidly expanding operations and strategic add-on acquisitions," A.J. Rossi, SV Health Investors Principal.
SV Health Investors was advised by Morgan Lewis & Bockius (led by Mark Opitz). Packaging Compliance was advised by Honigman Miller Schwartz & Cohn.
IBM, an American multinational technology corporation, agreed to acquire Apptio, a provider of financial and operational IT management and optimization software, from Vista Equity Partners, a private equity firm, for $4.6bn.
"Technology is changing business at a rate and pace we've never seen before. To capitalize on these changes, it is essential to optimize investments that drive better business value, and Apptio does just that. Apptio's offerings combined with IBM's IT automation software and watsonx AI platform, gives clients the most comprehensive approach to optimize and manage all of their technology investments," Arvind Krishna, IBM CEO and Chairman.
Google, NVIDIA and Salesforce Ventures led a $141m Series C round extension in Runway, an applied AI research company.
“We’re rebuilding the creative stack from the ground up and developing impactful research that will be a major force of change across industries. The next phase of storytelling will be highly democratized, and our ultimate goal is to create a more equitable, diverse and creative world through our products and research outputs. We are thrilled to have continued support from investors, partners, and customers who believe in this vision,” Cristóbal Valenzuela, Runway CEO and Co-Founder.
Runway was advised by SBS Comms.
General Atlantic, a global growth equity firm, led a $115m round in Author Health, a comprehensive care and treatment company, with participation from Flare Capital Partners, a venture capital firm.
“Our nation is clearly struggling to meet the health and social needs of people with behavioral health conditions, and those needs are only increasing within our aging population. Author Health was born out of the necessity to fundamentally shift how our health system prioritizes behavioral health and preventive services. By aligning Medicare Advantage health plans and clinicians to improve health, and using a combination of technology and community relationship-building to open access for hard-to-reach populations, Author Health is primed to meet the growing demand for psychiatric care on a national scale,” Katherine Hobbs, Author Health CEO.
Author Health was advised by Quarter Horse PR (led by Cathy Corwin).
IAG Capital, a venture capital company, Koch Disruptive Technologies, an investment firm, and Xora Innovation, an investment company, led the $100m Series B funding round in Celestial AI, a company that created Photonic Fabric™ technology platform, with participation from Samsung Catalyst, Smart Global, Porsche Automobil, The Engine, imec.xpand, M Ventures and Tyche Partners.
“Celestial AI has developed a transformational optical connectivity capability that will deliver step-change advancements in both performance and energy efficiency of high-performance computing, unlocking the potential of Generative AI and other complex workloads. We believe this could be a truly disruptive moment for advanced computing and we are excited to be a part of it,” Chase Koch, Koch Disruptive Technologies Founder and CEO.
Celestial AI was advised by Shelton Group (led by Tyler Weiland).
Lightspeed Venture Partners, an American venture capital firm, led a $100m Series C round in Redpanda Data, a Kafka-API-compatible streaming platform, with participation from GV and Haystack VC.
"The hero of the Redpanda story has always been the engineer, hands on keyboard, behind a terminal, materializing her ideas into a working system. That's who we built Redpanda for, and why we made it easy to use, scalable to double-digit gigabytes per second, and compatible with all the existing applications. Last year we grew to thousands of production installations. The funds will help us accelerate this growth while building a future where all data is instantly available, with embedded processing in a multi-tenant platform that truly scales to zero, finally making streaming accessible to the 44m developers in the world," Alex Gallego, Redpanda Founder and CEO.
Redpanda Data was advised by Bulleit Group.
The Vistria Group, a private equity firm, agreed to acquire US Retirement & Benefits Partners, a financial services and retirement services provider, from Kohlberg & Company, a private equity firm. Financial terms were not disclosed.
"Combining the knowledge and track record of Kohlberg with The Vistria Group's strong relationships in the K-12 segment, we can leverage these connections to maximize impact in better-serving school districts and government entities. Our partnership with The Vistria Group brings substantial value to USRBP's growth strategy across the public, non-profit and private sectors," Megan Schneider, USRBP CEO.
USRBP is advised by Raymond James.
Tikehau Capital-backed Egis, a consulting, construction engineering and mobility services company, agreed to acquire McIntosh Perry Consulting Engineers, a consulting engineering company, from Signal Hill Equity Partners, a private equity firm. Financial terms were not disclosed.
"We look forward to welcoming McIntosh Perry and Beam, Longest & Neff to Egis. This acquisition contributes to our strategic vision of expanding into a key region, North America. McIntosh Perry's talented workforce and excellent client relationships will create a strong and stable base to build upon in North America and will place us among the top North American Engineering firms. Together, we will be able to offer a wider scope of services to our clients and contribute to the most important green infrastructure and climate resilience projects on the continent," Laurent Germain, Egis CEO.
Signal Hill is advised by AEC Advisors.
Pan Management, an energy investment firm, agreed to acquire Northwoods Management, a firm that owns highly productive assets located in the Powder River Basin. Financial terms were not disclosed.
“We consider this acquisition to be a pivotal move for OneRock, solidifying our position with a robust presence in resource-rich unconventional plays. It represents a crucial component of our growth strategy into the E&P business, while concurrently expanding our commodity optionality and seamlessly aligning with Pan Management’s overarching investment strategy. We anticipate leveraging the OneRock platform to acquire further assets and strategically expand our footprint," Daniel Fan, Pan Management Partner and Head of North American E&P Investments.
General Atlantic, a global growth equity firm, led a $500m investment in Authentic Brands, a brand owner, marketing and entertainment platform.
“General Atlantic’s increased investment in Authentic is a testament to the strength of our proprietary brand platform, business model and team. General Atlantic takes an innovative investment approach and shares our vision for building brand value for the long term. We are proud to be part of General Atlantic’s selective portfolio of first-movers and established companies and look forward to continuing to partner with them to evolve and scale our model worldwide," Jamie Salter, Authentic Founder, Chairman and CEO.
GEM Global Yield, the Luxembourg-based private alternative investment group, agreed to invest $110m in Aquaback Technologies, a private company having reliably safe and highly effective patented wastewater treatment capabilities.
"We believe that this agreement with GEM provides an attractive alternative to secure growth funding that will be needed to rapidly deploy integrated wastewater, stormwater and potable water solutions to a broad range of industrial, commercial and residential customers," Scott C. Newquist, Aquaback President.
Gemspring Capital-backed Zavation, an industrial equipment supplier in Jackson, Mississippi, agreed to acquire CoreLink, a provider of spinal implant and instrumentation systems, from The Stephens Group, a private equity firm. Financial terms were not disclosed.
"Through this transformative combination, Zavation and CoreLink will be able to provide an expanded product suite and enhanced capabilities to remain hyper-responsive to the needs of customers and partners across the country. We share a vision with Jeffrey, Jay and the entire management team to be the partner of choice for best-in-class spinal surgical solutions, and we are confident this step will position the business for long-term growth and continued success," Don Gerne, Gemspring Managing Director.
Sandton, a private equity investment manager, completed the acquisition of Vindara, a company that develops seeds specifically designed for use in vertical indoor farm environments. Financial terms were not disclosed.
"Vindara was founded on a vision to build a company that could change the vertical farming sector. Our seed development process is unprecedented because we can develop customized seeds for indoor growers faster than any other seed provider. Innovation is at the heart of our strategy to deliver tailor-made alternatives designed specifically for indoor use, without sacrificing quality, taste and nutrients. The business is well capitalized which supports our strategy to become a leader in the vertical farming space. This is an exciting period for Vindara and its future growth as we look to leverage on our unique offering and expand our position in the vertical farming sector," Jade Stinson, Vindara Co-Founder and CEO.
Nasdaq to sell debt worth $5bn to fund Adenza deal.
Nasdaq said it aims to sell debt worth $5bn to fund its purchase of Thoma Bravo-owned software company Adenza. Nasdaq is looking to sell senior notes worth $4.25bn and $821m.
The New York-based company said it has received fully committed bridge financing for the cash part of the transaction, and plans to issue about $5.9bn of debt between the signing and the closing of the deal, Reuters reported.
QIA is in advanced talks to acquire Washington’s NBA, NHL and WNBA teams.
Qatar’s sovereign wealth fund QIA, is buying a roughly 5% stake in the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA’s Washington Mystics as part of a $4.05bn deal.
“The NBA Board is currently reviewing a potential investment by QIA in Monumental Sports & Entertainment, the parent company of the Washington Wizards, among other sports properties. In accordance with the policy, if approved, QIA would have a passive, minority investment in the team, with no involvement in its operations or decision-making," Mike Bass, NBA spokesperson.
Ontario Fund nears deal to invest in Toronto's NBA, NHL deal.
Ontario Municipal Employees Retirement System is nearing a deal to buy 20% of a holding company that owns a stake in Toronto’s professional hockey and basketball teams.
The Ontario pension fund plans to acquire a minority interest in a private holding company of Canadian businessman Larry Tanenbaum. That firm owns 25% of Maple Leaf Sports & Entertainment, which holds the Toronto Maple Leafs, Toronto Raptors and other assets.
The deal implies a value of about $8bn for Maple Leaf Sports. The Raptors, which won the National Basketball Association championship in 2019, are worth about $3.1bn. The investment from Omers isn’t a direct investment in MLSE, which has the potential to trigger issues with the sports firm’s other shareholders, Rogers Communications and BCE. Those two companies each own 37.5% and have a right of first refusal on any equity sale, Bloomberg reported.
Ares Management acquires a $3.5bn lender finance portfolio from Pacific Western Bank.
Ares Management, a global alternative investment manager, completed the acquisition of a $3.5bn specialty finance loan portfolio from PacWest Bancorp, a bank holding company headquartered in Los Angeles.
"We are excited to broaden and enhance our existing Alternative Credit portfolio through this strategic acquisition of a high-quality portfolio of asset-backed loans. Our longstanding relationship with PacWest and our team's ability to underwrite across numerous asset classes and efficiently complete the transaction positioned Ares to be the partner of choice," Jeffrey Kramer, Ares Partner and Portfolio Manager.
Goldman Sachs faces big writedown on GreenSky deal.
Goldman Sachs is likely to take a large writedown for its 2021 acquisition of fintech lender GreenSky after seeking to unload the business.
Under CEO David Solomon, Goldman bought Atlanta-based GreenSky for $2.24bn to help accelerate its push into consumer finance. But just 18 months after the bank’s September 2021 release announcing the deal, Solomon said he was selling the business after mounting losses and dysfunction in Goldman’s consumer division forced a strategic shift.
KKR, Apollo Global Management, Sixth Street Partners, Warburg Pincus and Synchrony Bank were among the asset managers and lenders involved in the first round of bids, which began in early June.
Bids for the installment loan business are coming in well below what Goldman had hoped for. The bank is continuing negotiations with a smaller group of bidders this week with the hope of ratcheting up the ultimate price, CNBC reported.
British Columbia mulls $2bn PE asset sale.
British Columbia Investment Management is mulling the sale of $2bn in private equity assets in the secondary market to raise capital for other investments, Bloomberg reported.
The pension fund is close to finalizing the sale of some of its Europe-focused investments and is in the middle of negotiations to reduce some of its US positions.
THL explores the sale of Nextech.
Private equity firm THL Partners is exploring a sale of Nextech Systems that could value the provider of healthcare software at around $1.5bn, Reuters reported.
THL is working with investment bank William Blair on a sale process for Nextech that has attracted other private equity firms and is at an advanced stage. THL may choose to retain a minority stake in any deal.
TRP explores $1.5bn Permian asset sale.
TRP Energy is exploring a possible sale of its oil and gas operations in the Permian basin that could fetch more than $1.5bn, the latest company to do so at a time of high demand for acreage in the heart of US shale country, Reuters reported.
TRP, in which Greenbelt Capital Partners owns a controlling stake, holds around 15k net acres in the Midland portion of the Permian and produces about 25k barrels of oil equivalent per day.
Wolfspeed announces $1.25bn funded secured notes led by Apollo.
Wolfspeed, a silicon carbide technology company, announced a $1.25bn secured note financing from an investment group led by Apollo, with an accordion feature for up to an additional $750m.
The financing supports the company's previously announced US expansion efforts and is a significant step toward achieving the company's $6.5bn global capacity expansion plan. Execution of Wolfspeed's US growth plan will accelerate adoption of silicon carbide across a wide array of end markets and support meaningful job creation in US semiconductor manufacturing.
Morgan Stanley-backed Durango to explore $1bn sale.
Durango Midstream, an energy pipeline operator backed by Morgan Stanley Energy Partners, is preparing to launch a sale process in the coming months. The midstream company is working with Greenhill & Co to help market its assets, which could fetch about $1bn, Bloomberg reported.
Small to mid-size pipeline operators are ripe for a wave of consolidation in the coming year as the sector moves toward bigger and more diversified companies. Houston-based Durango operates gas-gathering pipelines and processing plants in Kansas and New Mexico. In 2017, the company received backing from Morgan Stanley Energy Partners, the energy private equity arm of Morgan Stanley Investment Management, to support its growth.
Brookfield increased loan to Compass ahead of $5.5bn buyout.
A unit of Brookfield Asset Management raised the size of a credit facility to Compass Datacenters shortly before Brookfield and other investors struck a deal to buy control of the Dallas-based company, Bloomberg reported.
Software company Enfusion draws takeover interest from private equity, Irenic Capital.
Software company Enfusion is attracting takeover interest from private equity firms and strategic buyers, Reuters reported.
Enfusion's management has been approached in recent months by Francisco Partners, Vista Equity Partners and investment firm Irenic Capital Management.
Blackstone is said to weigh offers for a stake in Bellagio casino in Las Vegas.
Blackstone is fielding offers for half of its interest in the real estate of the Bellagio hotel in Las Vegas, a property purchased almost four years ago for $4.2bn.
The New York-based investment firm is considering its options and hasn’t committed to a sale, Bloomberg reported.
Matrix Renewables announces acquisition of Stillhouse Solar project from OCI Solar Power.
Matrix Renewables, the TPG Rise-backed global renewable energy platform, announced that it has acquired the Stillhouse Solar project, a late-stage development 284 MWdc solar project in Bell County, Texas, from OCI Solar Power, a developer of utility-scale solar projects.
The transaction follows up on Matrix's Gaskell West rroject, achieving Commercial Operation Date earlier this month and shows strong continuity in Matrix's plan to become a leading clean energy platform in the US.
Tiger Global rejects hundreds of offers for its Stakes in private companies.
Tiger Global Management turned down hundreds of bids for its private assets in recent months because it felt the offers were too low, Bloomberg reported.
The firm had explored selling hundreds of millions of dollars in stakes in mid- and late-stage startups to provide cash distributions to investors in some of its older funds — at a time when other exit opportunities such as initial public offerings are scarce. Some assets it looked to unload were bought in recent years at significantly higher valuations.
RTP Global launches $1b fund.
RTP Global, a global venture capital firm, has launched a new fund with a corpus of $1bn to invest in startups across North America, Europe, India, and Southeast Asia, DealStreetAsia reported.
The firm said it will deploy funds across sectors including AI/ML, enterprise software, fintech, e-commerce, and edtech. Out of the $1bn, $660m will be used to fund RTP Global's early-stage investment strategy and $340m to provide follow-up capital to its existing portfolio companies. The $1bn fund represents an increase of more than 50% over RTP Global's previous fund – RTP III – which closed in 2020 at $650m.
New Mountain Capital reaches $825m summit.
Alternative investment firm New Mountain Capital closed its second net lease real estate fund, New Mountain Net Lease Partners II. The investment vehicle raised $825m in equity capital commitments.
The total amount raised exceeded New Mountain's initial fundraising goal of $750m. Investors in the fund included several new participants, as well as veterans of past New Mountain fundraises.
Postmates-backer Uncork Capital raises $400m in new funds.
Early Postmates-backer Uncork Capital has raised two new funds totaling $400m, doubling the size of its last funds.
One of the $200m funds will be for seed-stage investing and the other will be for making follow-on investments in those companies as they grow.
EMEA
General Atlantic, a growth equity firm, completed a €150m ($163m) investment in Odoo, a provider of open-source integrated business software applications.
“We are proud of what Odoo has accomplished. We already offer a full spectrum of software applications to meet the unique needs of small and mid-sized businesses, and are constantly innovating beyond this. General Atlantic’s partnership, including the firm’s global platform and software experience, will be impactful as we focus on sustained, strategic growth worldwide," Fabien Pinckaers, Odoo Founder and CEO.
General Atlantic was advised by BNP Paribas, Morgan Stanley, Edelman (led by Jess Gill) and Wallonie Entreprendre.
Accel-KKR, a technology-focused investment firm, agreed to acquire a majority stake in MidEuropa-backed Symfonia, an accounting, payroll and ERP software solutions provider. Financial terms were not disclosed.
"I am incredibly proud of what our Symfonia team has accomplished with the support of MidEuropa in establishing our independence and cementing our market leadership. I believe the success that we achieved in just two years is a phenomenon in the Polish technology market. We're just getting started: we have ambitious plans, and with the global experience, software domain expertise and M&A depth that Accel-KKR brings to the table, we believe we can expand our leadership in and beyond Poland even more quickly and effectively," Piotr Ciski, Symfonia CEO.
Affiliated Managers, a partner to independent investment management firms globally, agreed to acquire a minority stake in Forbion, a venture capital and growth equity firm. Financial terms were not disclosed.
“We are very pleased to partner with Forbion, a leader in life sciences investing – a sector with robust client demand trends and meaningful societal impact. AMG’s partnership approach continues to attract outstanding firms seeking to preserve their independence and entrepreneurial cultures, and to benefit from collaboration with a strategic partner that can magnify their success. Our partnership with Forbion broadens our participation in both private markets and the life sciences sector, further diversifying our business and enhancing our long-term growth prospects," Jay C. Horgen, AMG President and CEO.
Bonaccord Capital Partners, a private equity firm, completed an investment in Synova, a private equity firm. Financial terms were not disclosed.
"We are delighted to welcome Bonaccord as a long-term strategic investment partner. Bonaccord’s experience and track record of supporting leading private equity firms will be invaluable as we look to grow our business over the coming years," David Menton, Synova Managing Partner.
Synova was advised by Houlihan Lokey and Kirkland & Ellis. Bonaccord Capital was advised by Fried Frank Harris Shriver & Jacobson.
Nordson, an innovative precision technology company, agreed to acquire ARAG Group, a provider of precision control systems and smart fluid components for agricultural spraying, for €960m ($1.05bn).
"Precision dispensing is a core capability of Nordson. Over nearly 70 years, we've expanded that expertise beyond our beginnings in industrial applications into packaging, product assembly, nonwovens, electronics, medical and more. Through the acquisition of ARAG, a market and technology leader, we have entered the high-growth end market of precision agriculture. Strategically, Nordson is attracted to companies with differentiated technologies and a customer-centric model. ARAG's innovative precision spraying, dispense and software solutions help customers boost crop yields while sustainably reducing the usage of fertilizers and chemicals. We are looking forward to welcoming ARAG's nearly 700 global employees to Nordson upon the close of this deal," Sundaram Nagarajan, Nordson President and CEO.
A group of investors, including Otro Capital, RedBird Capital Partners, and Maximum Effort Investments, agreed to acquire a 24% stake in Alpine Racing, a Formula One constructor, from Renault Group for €200m ($218m).
"This association is an important step to enhance our performance at all levels. First, Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term. Second, the incremental revenue generated will in turn be reinvested in the team, in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art facilities and equipment," Laurent Rossi, Alpine CEO.
RedBird Capital Partners is advised by Gagnier Communications (led by Dan Gagnier) .
Kering, a global luxury group, agreed to acquire Creed, a multi-national niche perfume house, from BlackRock, an asset management firm. Financial terms were not disclosed.
"The acquisition of Creed represents Kering Beauté's first strategic initiative, and demonstrates our commitment to developing a strong position in the luxury beauty segment. I am thrilled that today our stories and values come together around this spirit of family entrepreneurship and excellence to accelerate our journey in beauty, and I am delighted that the brand is joining Kering's collection of luxury Houses," François-Henri Pinault, Kering Chairman and CEO.
BlackRock is advised by JP Morgan.
Keensight Capital, a European growth buyout investor, is set to acquire Nomios, a European expert in cybersecurity and secure network services, from IK Partners, a private equity firm. Financial terms were not disclosed.
"We are grateful for the support that IK has offered the business since 2019. With its help, we have significantly grown Nomios through new services and a broader geographic footprint. We are excited by the opportunity to enter into a new partnership with Keensight and to benefit from their significant experience in — and expertise on — the markets in which Nomios is active, in order to continue our strong organic growth, combined with further acquisitions in Europe to grow our footprint," Sébastien Kher, Nomios CEO.
Accel, an American venture capital firm, led a $100m Series B round in Cyera, a data security company, with participation from Sequoia, Cyberstarts and Redpoint Ventures.
"Cyera's vision is to enable every business to realize the full potential of their data using AI — collaboration, connection with customers, insights that fuel innovation — to power a new era of development, growth, and productivity. This investment confirms that Cyera is on the right path to help CISOs meet their most pressing challenge — securing their data in the cloud era," Yotam Segev, Cyera CEO.
H.I.G. Capital, a global alternative investment firm, completed the acquisition of CLC Group, a property and asset refurbishment company, from Armitage Family Trust, an investment company. Financial terms were not disclosed.
“The property refurbishment market is set for significant investment in the coming decade. We are excited to partner with CLC’s highly experienced management team to build on their success to date through further service and geographic expansion, as well as add-on acquisitions,” John Harper, H.I.G. Capital Managing Director.
Generali $22bn portfolio sale to private equity complicated by rate surge.
Assicurazioni Generali's plans to shed up to $22bn of insurance liabilities are being hampered as a surge in interest rates has complicated talks with buyers, Reuters reported.
The Italian insurer embarked on a process late last year to sell a large batch of domestic life insurance contracts to free up capital. It has been working with Goldman Sachs to sound out buyers for the portfolio, including Portugal-based GamaLife, backed by Apax Partners, and Bermuda-based Athora, backed by Apollo Global Management.
David Lloyd could be put up for sale as owners eye £2bn price tag.
A sale will only be considered by if it draws a “sufficiently attractive valuation” for TDR, which is aiming for a £2bn ($2.5bn) price tag. TDR Capital is reportedly mulling a sale of its health and fitness business David Lloyd Leisure.
The private equity firm is understood to have drafted in Morgan Stanley to advise on potential suitors for the business. David Lloyd Leisure has over 130 clubs across the country and is trading well despite people cutting back on gym membership during the cost of living crisis. TDR Capital bought the leisure firm back in 2013 for £750m ($955m). TDR Capital has fingers in many popular UK businesses, including Pizza Express and Stonegate pub company, and owns Asda as part of a joint venture with the billionaire Issa Brothers.
GIP in talks to sell Italo to MSC.
Global Infrastructure Partner, a private equity firm, has entered into exclusive discussions with MSC Mediterranean Shipping over the sale of Italian high-speed train operator Italo.
Discussions over the deal ongoing and there is no certainty that the sale will proceed, Bloomberg reported.
Buyout Firms abandoned Siemens Energy stake talks before plunge.
Several private equity firms dropped talks to buy a Siemens Energy stake in recent months over concerns about its unpredictable business nature.
Blackstone, KKR and Clayton Dubilier & Rice each held discussions to acquire a major chunk of Siemens’s 32% stake in its listed energy arm.
After conducting due diligence, the potential investors decided to end the negotiations due to worries about business risks around Siemens Energy projects. They’re unlikely to revive their interest in the near term, Bloomberg reported.
UK regulator quizzes platforms on offering Odey funds to retail investors.
UK's Financial Conduct Authority is pressing investment platforms including AJ Bell, Hargreaves Lansdown and Halifax for continuing to offer funds from Odey Asset Management to investors, Reuters reported.
The FCA contacted investment platforms about their continued offering of funds branded under Odey's name, or under Brook, the name given to funds managed by other partners of Odey Asset Management.
Romanian financial regulator approves power producer Hidroelectrica's $2.4bn IPO.
Romania's financial regulator ASF said it has approved the prospectus for the share sale of up to 17.34% of state-owned hydro power producer Hidroelectrica, which will run from June 23 until July 4 on the Bucharest Stock Exchange. Hidroelectrica’s IPO will target institutional and individual investors in Romania as well as foreign institutional investors.
The initial public offering, which is likely to be one of Europe's largest so far this year, consists of existing shares held by Fondul Proprietatea, a fund managed by US asset manager Franklin Templeton. Fondul is the sole minority shareholder in the state company, with a 20% stake it values at $2.4bn. The initial public offering will carry a price range of $20.77 to $24.74 per share, which would give the company a valuation of $$9.34bn to $11.13bn.
Citigroup, Erste Group, Jefferies, Morgan Stanley, BCR, Barclays, Bank of America, UBS, UniCredit, Wood & Company, Auerbach Grayson, Societe Generale, BT Capital Partners and Swiss Capital are advising the IPO.
CVC secures €25bn for industry’s biggest-ever buyout fund.
CVC Capital Partners, the third-biggest Europe-based private equity firm according to the PEI 300, is on track to raise what would be the largest-ever private equity fund, defying the market’s choppy waters. The Luxembourg-headquartered firm has secured at least €25bn ($27bn) in commitments for CVC Capital Partners IX.
Allowing for currency conversions, the vehicle edges ahead of Blackstone Capital Partners VIII, the largest private equity fund raised so far, which closed in 2019 on €24bn ($26.2bn). CVC’s ability to accumulate commitments for Fund IX that total its target is an impressive feat in today’s market. The development comes as CVC plots to go public, with reports that either Amsterdam or London could play host to the firm’s initial public offering as early as this year.
EQT seeks more time to close €20bn flagship fund.
EQT is seeking more time to close its next flagship buyout fund, amid a difficult fundraising environment for private equity firms, Bloomberg reported.
The Swedish investment firm is planning to extend the deadline for closing the fund from August to February 2024. It has so far raised about €18bn ($19.6bn) for the vehicle, which has a target of €20bn ($21.8bn) and a hard cap of €21.5bn ($23.4bn).
Ardian raises $20bn for secondary fund targeting stakes in buyout funds.
Ardian, a France-based, independent private equity investment company, has raised more than $20bn, including $6bn from the Abu Dhabi Investment Authority, for a new secondary fund that will target the acquisition of stakes in private equity funds from investors.
Secondary funds offer pension funds and other investors the chance to secure an early exit from private equity buyout investments, which typically lock up investor cash for more than a decade, and have become increasingly common as institutional investors have upped their PE allocations in recent years.
Odey Asset Management in talks to move four funds to SW Mitchell Capital.
Odey Asset Management said it had entered "advanced talks" to move Oliver Kelton and the funds he previously managed at OAM to the equities investment firm, SW Mitchell Capital. The funds will move subject to due diligence as well as board management and regulatory approval, Reuters reported.
The funds moving include the Brook Continental European Fund, Brook European Focus Fund, Odey Pan European Fund and the Brook European Focus Absolute Return Fund. The British hedge fund has grappled with redemptions since the Financial Times and Tortoise Media on June 8 jointly reported allegations by 13 women that Crispin Odey had sexually assaulted or harassed them over a 25-year period. Odey has denied the allegations.
APAC
Apollo, an alternative asset manager, completed the investment in Health Management International, a healthcare provider. Financial terms were not disclosed.
“We are truly appreciative of Apollo Hybrid Value team’s support and commitment as our capital partner as we look to drive significant and sustained growth in the healthcare industry. At HMI, we strive to make a difference by realising the growth opportunities through the development of a scalable integrated healthcare platform. With our collective resources, expertise and shared vision, we are well-positioned to meet the evolving needs of patients and communities we serve. We look forward to driving innovation, improving patient outcomes, and delivering better value healthcare,” Chin Wei Jia, HMI Chief Executive Officer.
HMI was advised by Credit Suisse and White & Case. Apollo was advised by Maybank and King & Spalding.
Japan Investment Corp, a sovereign wealth fund located in Tokyo, agreed to acquire JSR, a semiconductor materials maker, for $6.35bn.
The move by JIC, overseen by the powerful trade ministry, is the latest in a series of increasingly muscular government steps to regain Japan's lead in advanced chip production and maintain its edge as a maker of materials and tools used in their manufacture.
JIC is advised by JP Morgan.
Arkema, a manufacturer of specialty materials, agreed to acquire a 54% stake in PI Advanced Materials, a business of producing plastic films, from Glenwood Private Equity, an alternative investment firm, for €728m ($796m).
“PIAM is an outstanding company with a unique technological positioning, state of the art manufacturing facilities and invaluable customer relationships. This acquisition is fully aligned with our strategy to be at the forefront of high performance materials for high growth end markets supported by megatrends such as electric vehicles and advanced electronics,” Thierry Le Hénaff, Arkem Chairman and CEO.
Arkema is advised by Morgan Stanley.
Warburg Pincus, a private equity firm, agreed to acquire a 67% stake in Watertec India, a bathroom accessories and fittings maker, for $228m.
"This investment will enable us to fortify our leadership position in the polymer-bath fittings market, enhance our brand equity, expand our product portfolio and extend our geographic presence to newer regions allowing us to serve customers and channel partners better," Ramesh Baliga, Watertec India Executive Director and CEO.
Creador, a private equity firm, completed the acquisition of a 40% stake in Pet World International, a pet food manufacturer. Financial terms were not disclosed.
"Creador is well-positioned to leverage on its regional expertise and M&A capabilities to help accelerate Pet World's international expansion," Brahmal Vasudevan, Creador Founder and CEO.
GQG said to invest $1bn in Adani flagship.
The US-based investment firm GQG Partners and others investors bought around $1bn worth of Adani Group's stocks. This is the third round of investment in the company's stocks in the last four months, Bloomberg reported.
The group's flagship Adani saw 18m shares, or 1.6%, trade in a single block while the renewable energy firm Adani Green Energy saw a total 35m shares, or 2.2%.
Meanwhile, the Adan Group's flagship Adani was the top gainer on the Nifty, rising as much as 4.6% on several block deals. GQG, which had in March bought shares in four Adani group companies worth $1.87bn and in May increased the stake by $400-500m.
Hedge fund Davidson Kempner reviews $250m Byju’s loan as crisis grows.
Davidson Kempner Capital Management isn’t fully disbursing a $250m loan it had extended to the Indian ed-tech firm Byju’s as the US hedge fund reviews the lending decision in light of an escalating crisis at the company, Bloomberg reported.
The fund, which manages more than $38bn, has given out less than half of the $250m of convertible debt it had offered the Indian startup as some loan agreement covenants weren’t met. The firm is reviewing its lending decision after the company lost its auditor and three board members in the same week, raising questions about its accounting practices.
Berkshire Hathaway sells $86.3m worth of shares in China's BYD.
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 2.53m Hong Kong-listed shares of electric vehicle maker BYD for $86.3m, a stock exchange filing showed.
The sale on June 19 lowered Berkshire's holdings in BYD's issued H-shares to 8.98% from 9.21%, Reuters reported.
Temasek sells 1.85% stake in Singapore Airlines.
Singapore's state investor Temasek is selling around SGD400m ($296m) worth of shares, or a 1.85% stake, in the country's national carrier Singapore Airlines, Reuters reported.
The shares are priced between SGD7.202 ($5.32) and SGD7.283 ($5.38) per share, representing a 2.89% and 3.97% discount to the last close of SGD$7.5 ($5.54).
"As an active investor, we regularly reshape and rebalance our portfolio to deliver sustainable returns over the long term. We are committed to the long-term success of SIA and continue to maintain a majority stake in it," Juliet Teo, Temasek Head of Transportation & Logistics.
PwC Australia exploring sale of govt consulting business.
PricewaterhouseCoopers Australia is in talks to sell its government, education and healthcare business, as the firm battles a scandal over its misuse of confidential government tax plans.
A term sheet for a potential deal with private equity firm Allegro Funds has been prepared. The deal could include roughly 100 partners and 1k staff, or 10% of the "big four" professional services firm, Reuters reported.
China's state-backed cultural industry fund to invest $1.4bn in Greater Bay Area.
Guangzhou City Construction Investment, a Chinese state-owned company with about CNY370bn ($51.1bn) in total assets under management, has officially set up a CNY10bn ($1.4bn) fund to invest in the cultural industry in southern China, DSA reported.
The equity investment fund plans to source deals across core cultural segments, including technology-enabled cultural innovation, consumption, tourism, education, and sports. The fund will primarily back local cultural brands and companies in Guangzhou City as well as the overall Greater Bay Area — a megalopolis consisting of nine cities and the special administrative regions of Hong Kong and Macau in southern China.
India's Arkam Ventures launches the second fund at $180m.
Homegrown venture fund Arkam Ventures said it has launched its second fund with a target of $180m to invest in 20 startups in Series A to B stages, DealStreetAsia reported.
While Arkam will continue to invest in financial services, skilling, food, agriculture, healthcare, mobility, and SaaS, it will also focus on manufacturing tech and EVs.
Indian agritech VC Omnivore hits first close of third fund at $150m.
Omnivore expects to make 25-30 new investments in Seed and Series A rounds of agritech startups, with initial cheque sizes ranging between $1m and $5m, DSA reported.
Impact venture capital firm Omnivore announced the first close of its third fund at $150m. The Omnivore Agritech & Climate Sustainability Fund, which was launched in April 2022, will continue focusing on startups developing breakthrough technologies for agriculture, food, climate, and the rural economy. First close investors include KfW, Self Reliant India Fund, FMO, SIFEM, International Finance with support from the Bill & Melinda Gates Foundation Inclusive Agritech Facility, Louis Dreyfus Company Ventures, the Dutch Good Growth Fund, the Belgian Investment Company for Developing Countries, and Yara Growth Ventures.
“The greatest risk and opportunity for Indian agriculture are the adverse effects of climate change. Our new fund will have a sharper focus on catalysing climate action in agriculture by funding startups addressing climate mitigation and climate adaptation,” Mark Kahn, Omnivore Managing Partner.
India’s ASK plans to raise up to $122m for private credit.
ASK Group plans to raise as much as $122m for its debut private credit fund, Bloomberg reported.
The firm, which offers wealth and investment management services in India, has also hired Nomura’s former head of debt Shantanu Sahai as senior managing partner to spearhead the expansion of its business in the segment.
GLP Capital Partners raises $106m for logistics real estate-focused Japan Income Fund.
GLP Capital Partners, an asset management arm of the eponymous logistics real estate giant, has raised $106m for its private open-ended logistics real estate core fund, the Japan Income Fund.
The fund claims to be the largest of its kind in Japan with over 60 domestic and international investors, including pension funds, sovereign wealth funds, insurance companies, and other institutional asset managers, DealStreetAsia reported.
Warburg Pincus bullish on early-stage investments in China's real estate.
US private equity titan Warburg Pincus continues to be bullish on early-stage investments in China's property sector as it targets new economy assets or "tech-enabled businesses" in the country, DealStreetAsia reported.
"Our approach is to start earlier in the game so that we have more time to navigate the landscape and spend more time with potential partners or pick the best entrepreneurs before the space becomes more competitive," Ellen Ng, Warburg Pincus Head of China Real Estate.
Carlyle Asia Partner Siewert to step down after 16-year stint. (People)
Carlyle Patrick Siewert, one of the most senior executives of the buyout firm in Asia-Pacific, is stepping down after 16 years in Hong Kong to become a senior adviser, Bloomberg reported.
Siewert will retire as partner and head of consumer, media and retail next month. The moves comes as the firm is raising its biggest ever buyout fund in the region while wrestling with a global slump in dealmaking.
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