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AMERICAS
Silver Lake, a technology investment firm, agreed to acquire Endeavor, a sports and entertainment company, for $13bn.
"Since 2012, Endeavor’s strategic partnership with Silver Lake and Egon Durban have been central to our evolution into the global sports and entertainment leader we are today. We believe this transaction will maximize value for all of Endeavor’s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company," Ariel Emanuel, Endeavor CEO.
Endeavor is advised by Centerview Partners, Akin Gump Strauss Hauer & Feld, Cravath Swaine & Moore, Debevoise & Plimpton, Freshfields Bruckhaus Deringer, Latham & Watkins (led by Justin Hamill, Michael V Anastasio and Ian A. Nussbaum) and Brunswick Group. Centerview Partners is advised by Sullivan & Cromwell (led by Frank Aquila). Silver Lake is advised by BDT & MSD Partners, Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, KKR Capital Markets, Morgan Stanley, RBC Capital Markets, The Raine Group, Kirkland & Ellis, Simpson Thacher & Bartlett and Edelman (led by Jennifer Stroud). Debt financing is provided by Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and RBC Capital Markets. Mubadala Investment is advised by Skadden Arps Slate Meagher & Flom (led by Michael Leiter).
Advent International, one of the largest and most experienced global private equity investors, agreed to acquire Nuvei, a payment processor headquartered in Montreal, Canada, for $6.3bn.
Canadian shareholders Philip Fayer, Novacap and CDPQ will indirectly own or control approximately 24%, 18% and 12%, respectively, of the equity in the resulting private company as part of the agreement.
"Nuvei has created a differentiated global payments platform with an innovative product offering that serves attractive payments end markets like global eCommerce, B2B and embedded payments. Our deep expertise and experience in payments give us conviction in the opportunity to support Nuvei as it continues to scale from its base in Canada as a global player in the space. We look forward to collaborating closely with Nuvei to capitalize on emerging opportunities to help shape the future of the payments industry," Bo Huang, Advent Managing Director.
Nuvei is advised by Barclays, TD Securities, Davis Polk & Wardwell (led by Evan Rosen), Norton Rose Fulbright, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz and Ian Hazlett) and Stikeman Elliott. Barclays is advised by Shearman & Sterling (led by Sean Skiffington). Advent is advised by RBC Capital Markets, Blake Cassels & Graydon and Kirkland & Ellis (led by Will Boothby and Frances Dales). Debt financing is provided by BMO Capital Markets. CDPQ is advised by CIBC World Markets, Mayer Brown and McCarthy Tetrault. Novacap is advised by Fasken and Willkie Farr & Gallagher (led by Russell Leaf, Jared Fertman and Sean Ewen). Philip Fayer is advised by Osler Hoskin & Harcourt.
Rental homes developer Tricon Residential announces that shareholders voted to approve the statutory plan of arrangement which alternative asset manager Blackstone will acquire all of the outstanding common shares of Tricon for $11.25 per common share in cash.
Tricon intends to seek a final order from the Ontario Superior Court of Justice (Commercial list) to approve the Arrangement on April 5, 2024. Completion of the Transaction remains subject to the satisfaction or waiver of certain customary closing conditions, including the receipt of the Final Order and regulatory approval under the Investment Canada Act.
Blue Owl Capital, an alternative asset management firm, agreed to acquire Kuvare, a boutique investment management firm, for $1bn.
"The creation of Blue Owl Insurance Solutions represents a significant moment in Blue Owl's journey. Our acquisition of KAM allows us to provide broader solutions to the multi-trillion-dollar insurance market at scale. KAM's capabilities in investment grade credit and real estate strategies supplement Blue Owl's existing strength in these asset classes and further accelerate our ability to bring differentiated products and strategies to the market for Kuvare and third-party insurance clients," Doug Ostrover, Blue Owl Co-CEO.
Blue Owl is advised by Ardea Partners, BMO Capital Markets, Bank of America, Deutsche Bank, Goldman Sachs, Greenhill & Co, Mizuho Securities, Morgan Stanley, PJT Partners, Truist Securities and Kirkland & Ellis. Kuvare is advised by JP Morgan, RBC Capital Markets and Sidley Austin.
CD&R, a private equity firm, agreed to acquire a majority stake in Presidio, a technology services and solutions provider, from BC Partners, a private equity investment firm. Financial terms were not disclosed.
“I would like to thank BC Partners for their true partnership, as we expanded our offerings as a leading technology services and solutions provider. We are well positioned for the future and look forward to working closely with our investors as we advance our business strategy,” Bob Cagnazzi, Presidio CEO.
Shenandoah Telecommunications, a broadband services provider, completed the acquisition of Horizon Telcom, a commercial fiber provider, from GCM Grosvenor, a global alternative asset management solutions provider, and Energy Capital Partners, an equity and credit investor, for $385m.
“The acquisition of Horizon is a transformative transaction that we believe will allow us to accelerate our Fiber First strategy by doubling the size of our commercial fiber business and creating a new beachhead for our Glo Fiber business. We now expect to pass 150k additional homes with fiber in greenfield markets, targeting 600k total passings by the end of 2026. We are excited to combine Horizon’s robust fiber network and commercial fiber business with our 9k route-mile, multi-state fiber network and accelerate our Glo Fiber expansion. Horizon and Shentel share a similar history and a passion for outstanding local customer service while providing state-of-the-art technologies. We believe our teams’ core competencies will complement one another, translating to a stronger combined business,” Christopher E. French, Shentel President and CEO.
Horizon Telcom was advised by Bank Street Group, Baker Botts (led by Neil Torpey). Shenandoah Telecommunications is advised by Bank of America, Citizens M&A, CoBank ACB, Fifth Third Bancorp, Rothschild & Co (led by Jonathan Herbst) and Hunton Andrews Kurth (led by Steven Haas and J. A. Glaccum). GCM Grosvenor was advised by Houlihan Lokey and Greenberg Traurig. Energy Capital Partners was advised by Latham & Watkins (led by David Kurzweil).
TPG, a global alternative asset management firm, agreed to acquire Classic Collision, a national collision repair multi-site operator, from New Mountain Capital, an investment firm. Financial terms were not disclosed.
“Today’s announcement is an exciting milestone for Classic Collision and a great testament to the strength of our team and our collective commitment to providing the highest quality service with integrity. TPG shares our vision, and I believe they are the right partner to help us take Classic to its next level. I also want to thank the New Mountain team for their tremendous support as we’ve grown our platform,” Toan Nguyen, Classic Collision CEO.
Classic Collision is advised by Goldman Sachs and Kirkland & Ellis. TPG is advised by Bank of America and Debevoise & Plimpton (led by Michael Diz and Spencer Gilbert). New Mountain Capital is advised by Goldman Sachs, Kirkland & Ellis and H/Advisors Abernathy (led by Dana Gorman).
Flexpoint Ford, a private equity firm specializing in investments in the financial services and healthcare industries, agreed to invest in Aquiline Capital Partners-backed Accuserve Solutions, an independent managed repair services platform. Financial terms were not disclosed.
"This investment in Accuserve marks a significant milestone for our Company. Flexpoint's support will provide the capital and strategic insight needed to continue innovating and developing industry-enhancing solutions for our clients and enable Accuserve to execute on its long-term growth plan. We are grateful for Aquiline's partnership and look forward to this next chapter," Hunter Powell, Accuserve Solutions CEO.
Accuserve Solutions is advised by Jefferies & Company, Waller Helms Advisors and Willkie Farr & Gallagher. Aquiline Capital Partners is advised by Apella Advisors. Flexpoint Ford is advised by Piper Sandler, Kirkland & Ellis and Prosek Partners.
Goldman Sachs Petershill, a firm that specializes in value-added, long-term, minority investments, completed the investment in Kennedy Lewis Investment Management, an alternative credit manager. Financial terms were not disclosed.
“We are honored to welcome Petershill as a passive investment partner. Their experience and track record of supporting marquee alternative asset managers will be helpful to us as we continue to grow. We would also like to thank the team at AACP for their contributions and the role they played as we built Kennedy Lewis into the firm it is today and also our valued clients for their long-standing trust and support. We see a large and expanding pool of opportunities that are well-suited to our opportunistic, industry-focused approach and will now be even better positioned to seize these opportunities on behalf of our global investor base,” David K. Chene and Darren L. Richman, Kennedy Lewis Co-Founders and Co-Managing Partners.
Kennedy Lewis Investment Management was advised by Bank of America, Seward & Kissel and Prosek Partners (led by Mike Geller). Goldman Sachs Petershill was advised by Kirkland & Ellis and Brunswick Group (led by Sofie Brewis and Simone Selzer). Azimut Alternative Capital Partners was advised by Sidley Austin and Esclapon (led by Maria Laura Sisti).
BC Partners, a private equity investment firm specializing in buyout investments, agreed to acquire a minority stake in Riddell, a designer and developer of protective sports equipment, from Fenway Partners, a direct US-based investor in mid-market businesses, for $400m.
"Riddell proudly welcomes BC Partners as advisors and investors in our business. We clearly maintain a shared vision for maximizing Riddell's role in the rapidly evolving products and services landscape within football and sports. This alignment will ultimately strengthen Riddell's service to our customers, drive increased financial performance, and deliver value for our investors, including BC Partners and Fenway Partners," Dan Arment, Riddell President and CEO.
Riddell is advised by Robert W Baird, UBS, and Lowenstein Sandler. BC Partners is advised by Three Ocean Partners, King & Spalding, and Kekst CNC (led by Daniel Yunger).
Private equity firms Arsenal Capital Partners and BayPine completed the acquisition of POLYWOOD, a vertically integrated manufacturer of outdoor living products, from Mayfair Capital Partners, a private equity firm. Financial terms were not disclosed.
"POLYWOOD's longstanding track record of growth and industry-leading position are a testament to the differentiated business model and brand the team has built over the past three decades. Given its vertical integration and eye toward innovation, the company's ability to serve its retail partners and consumers is unmatched in the market. We are excited to work with Doug and his leadership team to continue building on the business' momentum," George Abd, Arsenal Operating Partner.
POLYWOOD was advised by Moelis & Co, Piper Sandler and Nelson Mullins Riley & Scarborough. Arsenal Capital was advised by Robert W Baird, Kirkland & Ellis and Prosek Partners.
Kodiak Gas, a contract compression company, completed the acquisition of CSI Compressco, a provider of compression services and equipment for natural gas and oil production, from Spartan Energy, a commercial electricity firm, and Merced Capital, an investment firm, for $854m.
"We are excited to complete this transaction and welcome the talented CSI Compressco team to Kodiak. This transaction allows us to increase the scale and scope of our service offerings to our customers, further expanding our industry-leading footprint in key operating areas such as the Permian Basin and Eagle Ford Shale," Mickey McKee, Kodiak Founder and CEO.
Title Resources Group, an insurance underwriter, agreed to acquire Doma, a real estate technology company, from Hudson Structured Capital, an asset manager, for $85m.
"Today’s announcement is a win for Doma’s stockholders and for both companies’ employees and customers. This transaction is an important step in the growth and evolution of Doma, further strengthening us as we deploy our market-tested technology for large mortgage market participants," Max Simkoff, Doma CEO.
Doma is advised by Houlihan Lokey, Davis Polk & Wardwell (led by Alan F. Denenberg), Latham & Watkins and Mayer Brown. Title Resources Group is advised by Willkie Farr & Gallagher.
EQT, a private equity firm, agreed to acquire Avetta, a provider of supply chain risk management software, from WCAS, a private equity firm. Financial terms were not disclosed.
“Our partnership with EQT propels Avetta into a new era of innovation and growth, reinforcing our dedication to fostering safer, more sustainable workplaces across our global clients and suppliers. This transition is not just a significant milestone for Avetta but for the supply chain risk management (SCRM) industry at large. With the support of EQT, we are poised to enhance our product suite and operational reach further, as demonstrated by ‘Ask Ava,’ our pioneering generative AI risk assistant. As we embrace this exciting phase of expansion, we extend our deepest gratitude to WCAS for their unwavering support and partnership over the past six years,” Arshad Matin, Avetta CEO.
H.I.G. Capital, a global alternative investment firm, completed the acquisition of the spine business of ZimVie, a global life sciences firm, for $375m.
"The ZimVie spine business has a solid foundation with a market-leading product portfolio, strong surgeon satisfaction and exceptional patient outcomes. We see a tremendous opportunity to partner with the spine leadership team to support best-in-class innovation and robust commercial execution. The combination of H.I.G.'s expertise in the medical device space and the capabilities of ZimVie spine management will create an innovation engine for distributors, surgeons and patients," Mike Gallagher, H.I.G. Capital Managing Director.
ZimVie was advised by Centerview Partners, Cravath Swaine & Moore (led Robert I. Townsend) and Gilmartin Group. H.I.G. Capital was advised by McDermott Will & Emery.
Vance Street Capital, a Los Angeles-based private equity firm, completed the acquisition of a stake in Keltec Technolab, a company that specializes in designing, developing, and manufacturing of an extensive array of filtration solutions for compressed air solutions across various industries. Financial terms were not disclosed.
"I'm thrilled about this partnership as it empowers us to invest in growth, both organically and through M&A, thereby strengthening our market position as an aftermarket filtration parts provider. This opportunity also allows us to maintain a culture dedicated to surpassing the needs and expectations of our customers. Vance Street's track record of focusing on how to grow an organization, investing in the right people, process and product innovation, is a great fit for our organization," Ed Kaiser, Keltec Technolab CEO.
Keltec Technolab was advised by Signet Capital Advisors and Brennan Manna Diamond. Vance Street Capital was advised by Goodwin Procter. Debt was provided by Apogem Capital.
RHI Magnesita, a supplier of high-grade refractory products, systems and solutions, agreed to acquire Resco Products, a refractory manufacturer, from Balmoral Funds, a private equity firm, for $430m.
"This transaction is a testament to our successful transformation over the past two years, all underpinned by a safety-first culture. Our focus and disciplined execution – coupled with operational improvements to increase manufacturing reliability, uptime and output – have driven significant tangible benefits, including all-time low incident rates, profitability improvement and customer growth. We are confident that RHIM shares our core values, including a deep-rooted commitment to safety, quality and innovation. As we enter this next chapter, joining forces with RHIM will enable us to accelerate this progress and drive our next phase of growth," Mark G. Essig, Resco CEO.
Resco Products is advised by Jefferies & Company, Vedder Price and FGS Global (led by Jenny Gore).
Monogram Capital, a private equity firm that invests in consumer brands and services companies, completed the acquisition of Tru Fragrance & Beauty, a beauty brand builder. Financial terms were not disclosed.
"We're incredibly excited to partner with Monte, Eric, and the rest of the Tru team to build on their impressive momentum. We believe Tru is differentiated not only in its ability to identify and build brands around whitespace opportunities but also in its nimble and sophisticated global supply chain and exceptional company culture. Whether it's by expanding distribution of existing brands, launching new owned or licensed brands or making strategic brand acquisitions, we expect Tru's growth to only accelerate from here," Oliver Nordlinger, Monogram Co-Founder & Partner.
Tru Fragrance was advised by Kilpatrick Townsend. Monogram Capital was advised by Willkie Farr & Gallagher (led by Ramon LaSoya). Debt financing was provided by Capital Southwest Corporation.
Henkel, a multinational chemical and consumer goods company, completed the acquisition of Seal For Life Industries, a provider of waterproofing, corrosion prevention, fire and heat protection, and insulation products, from Arsenal Capital, a private equity firm. Financial terms were not disclosed.
"Arsenal has enabled the transformation of Seal For Life into a unique platform of coatings solutions. The firm brought significant expertise in technologies and applications that drove a focus on where the markets are going and how we can address the long-term trends. We are grateful to the Arsenal team for their partnership and support over the last five years and are excited for the growth opportunities as we join the Henkel organization," Jeff Oravitz, Seal For Life CEO.
Seal for Life Industries was advised by JP Morgan and Kirkland & Ellis.
KKR, a global investment firm, completed the acquisition of a stake in SunFireMatrix, a software and tech-enabled services platform serving the insurance distribution and health plan markets, from Stone Point Capital, a private equity company. Financial terms were not disclosed.
“We are excited to strategically partner with KKR, given our shared commitment to transforming the healthcare landscape. KKR and Stone Point’s support provides us with unique access and guidance, helping us to continue to grow and serve our customers and beneficiaries,” David Graf, SunFireMatrix CEO.
KKR & Co was advised by Evercore. SunFireMatrix was advised by William Blair & Co.
Integrum, an investment firm focused on partnering with technology-enabled services, completed an investment in Program Productions, a provider of live sports production crewing and workforce management. Financial terms were not disclosed.
“We have served as a trusted partner to the live sports production industry for more than three decades. Through the advent of ProCrewz, we have elevated our offering to be the de facto solution for our customers and the preferred platform for industry technicians. Integrum’s long track record of partnering with industry-leading tech-enabled services companies and investing for growth makes them our ideal partner as we look to bring our proven platform and solution to similar markets," Bob Carzoli, Program Productions Chairman.
Integrum Holdings was advised by Simpson Thacher & Bartlett and Prosek Partners.
Goldman Sachs Alternatives, a private equity firm, led a $132m Series B round in Alterome Therapeutics, a biopharmaceutical company pioneering the development of next generation, small molecule targeted therapies for the treatment of cancer, with participation from Canaan Partners, Invus, Driehaus Capital Management, Digitalis Ventures, Blue Owl Capital, and existing investors Orbimed, Nextech Invest, Vida Ventures, Boxer Capital, and Colt Ventures.
“We are pleased with a financing of this magnitude that enables Alterome to advance multiple programs into the clinic within the next 12 months. The precision oncology field has arrived at a special moment with the exciting evolution of both drug discovery and precision medicine. A unique integration of structure-guided drug discovery with deep translational biology is facilitating the development of novel therapies that address previously inaccessible proteins. We are thrilled to have the support of this visionary group of new and existing investors, who share our enthusiasm to face the challenge of targeting well-known cancer-causing mutations deemed undruggable for the previous 20 years,” Eric Murphy, Alterome Therapeutics co-founder and CEO.
Alterome was advised by Argot Partners (led by Sarah Sutton).
KCC, a South Korean chemical and auto parts manufacturer, agreed to acquire Momentive Performance Materials, a global high-performance silicones and specialty solutions company, from SJL Partners, a private equity firm based in Seoul. Financial terms were not disclosed.
"We're excited by the opportunities KCC's 100% ownership position will bring to Momentive and the broader KCC Corporation. We look forward to continuing and expanding our partnership with the exceptional teams at KCC to continue providing specialized products to enable Solutions for a Sustainable World," Sam Conzone, Momentive Performance Materials President and CEO.
Momentive Performance Materials is advised by Pierce Communications (led by Jonathan Pierce).
Private equity firms, Grain Management and BlackRock completed an investment in Phoenix Tower International, a wireless communications infrastructure provider. Financial terms were not disclosed.
"We welcome Grain Management and BlackRock as investors in Phoenix Tower International and look forward to leveraging their strong track records in digital infrastructure investing to support our continued expansion. Over the last decade, we've grown exponentially to provide wireless tower infrastructure to communities and countries in need of greater connectivity and we look forward to growing our impact with the support of our new and existing partners," Dagan Kasavana, Phoenix Tower Founder and CEO.
BlackRock was advised by Morgan Stanley.
Kimmeridge Energy Management said on April 1 it remained ready to engage with SilverBow Resources over its takeover bid, days after the US oil and gas producer rejected the latest offer that valued it at $2.1bn including debt, Reuters reported.
The activist investor, the top shareholder in SilverBow, in an open letter said the company did not contact it before rejecting the March 13 proposal that aimed at combining SilverBow with Kimmeridge's gas-producing assets in South Texas.
Rexford Industrial Realty, industrial real estate firm in Southern California, completed the acquisition of 48 warehouses in Southern California from Blackstone Property Partners, a real estate core plus fund, Blackstone Real Estate Partners, an investment management and advisory services company, and Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $1bn.
“These strategic investments in exceptionally well-located, high-quality assets within infill Southern California, the nation’s highest-barrier and lowest supply industrial market, represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation. With these transactions, we are pleased to further our Blackstone relationship, and look forward to identifying opportunities for future collaboration. Looking forward, our total pipeline comprises approximately $300m of investments under contract or accepted offer, bringing the aggregate year-to-date $1.4bn of investments completed or in the pipeline, to a weighted average 5.0% anticipated initial unlevered cash yield and anticipated 5.7% stabilized unlevered cash yield," Howard Schwimmer and Michael Frankel, Rexford Industrial Realty Co-Chief Executive Officers.
Paramount to enter into exclusive merger talks with Skydance.
Members of Paramount Global's board agreed to enter into exclusive merger talks with Skydance Media, favoring the independent studio over a $26bn offer from private equity firm Apollo Global Management, Reuters reported.
The deal talks are more advanced than the offer from Apollo and if successful, would end Shari Redstone's control of the media empire built by her father, the late Sumner Redstone. The agreement grants Skydance 30 days of exclusive talks with Paramount.
EQT nears $3bn deal for compliance risk firm Avetta.
EQT is nearing a deal to acquire Avetta in a transaction that would value the compliance software provider at about $3bn, including debt, Bloomberg reported.
The Stockholm-headquartered investment firm is buying Avetta through its EQT X fund from Welsh Carson Anderson & Stowe.
Flacks Group is in talks to acquire the paper business of Imerys.
Flacks Group, a Miami-based American investment company, is in advanced talks to acquire the paper business of Imerys, a mineral specialties group.
These activities employ approximately 900 people in 24 plants in America and Asia, as well as in certain sites in Europe. They generated sales of around $400m in 2023. The completion of the contemplated transaction is subject to the fulfillment of customary conditions for this type of transactions, including regulatory approvals and relevant work council consultations.
Imerys is advised by Morgan Stanley.
Regulator probes BlackRock and Vanguard over huge stakes in US banks.
Banking regulators are scrutinising whether index fund giants BlackRock, Vanguard and State Street are sticking to passive roles when it comes to their investments in US banks.
The three firms manage more than $23tn in total, with much of it in funds that passively mimic indexes such as the S&P 500.
T. Rowe Price supports Disney slate in proxy battle.
Walt Disney has won the support of asset manager T. Rowe Price as its heated proxy battle approaches the finale, Bloomberg reported.
The shareholder voted for the Disney slate including incumbent directors Maria Elena Lagomasino and Michael Froman with over 99% of the shares it owns.
OpenAI removes Sam Altman's ownership of its startup fund.
OpenAI has changed the governance structure of its venture capital fund that backs AI startups, so its high profile chief executive Sam Altman no longer owns or controls the fund, Reuters reported.
The change, documented in the March 29 filing, came after Altman's ownership of the OpenAI Startup Fund raised eyebrows for its unusual structure--while being marketed similar to a corporate venture arm, the fund was raised by Altman from outside limited partners and he made investment decisions. OpenAI has said Altman does not have financial interest in the fund despite the ownership.
Activist investor Ancora wins two board seats at Elanco.
Elanco Animal Health has reached a settlement with Ancora Holdings Group, allowing it to avoid a proxy fight with the activist investor, Bloomberg reported.
Greenfield, Indiana-based Elanco has appointed Ancora nominees Craig Wallace and Kathy Turner as independent directors on its board, it said in a statement on April 1. Wallace and Turner will also join the Elanco board’s finance, strategy and oversight committee.
Arctos holds final close of Arctos Sports Partners Fund II at over $4.1bn.
Arctos, a private investment firm that provides bespoke growth and liquidity solutions, to sports franchises, has held the final close of Arctos Sports Partners Fund II, with over $4.1bn in commitments including co-investment and affiliated vehicles.
The fund attracted support from a diverse group of global investors, including some of the world's leading pension funds, retirement systems, endowments, insurance companies, family offices and global wealth platforms, bringing Arctos' aggregate sports-related Assets Under Management to approximately $7bn.
Arctos was advised by Evercore and Kirkland & Ellis.
SK Capital closes fund VI at $2.95bn.
SK Capital Partners announced the final closing of SK Capital Partners VI at $2.95bn. The fund is the latest vintage of the firm's Flagship private investment strategy.
"We are grateful for the support of our investors as the firm continues its longstanding mission of building exceptional companies and delivering attractive results. SK Capital has one of the largest and longest-standing teams dedicated to the sectors in which we invest. Together with SKCP Catalyst Fund II, which raised $800m of total commitments in 2023, the firm is well-capitalized and well-positioned to continue providing capital solutions to entrepreneurs, families and corporates across all transaction sizes through our unique style of transformative control investing," Barry Siadat, SK Capital Co-Founder and Managing Director.
SK Capital was advised by UBS and Kirkland & Ellis.
Barclays, AGL launch private credit partnership backed by ADIA.
Barclays and AGL Credit Management have teamed up to make a push into the burgeoning $1.7tn private credit market with backing from the Abu Dhabi Investment Authority. ADIA committed $1bn to the first private credit fund, Bloomberg reported.
The two firms have entered into a cooperation agreement to originate private credit loans that will give AGL exclusive access to Barclays' deal flow. AGL will have a first look on every deal Barclays originates that includes a private credit option but no obligation to participate.
Wellspring closes $975m continuation fund.
Wellspring Capital Management announced the close of a $975m multi-asset continuation vehicle that has acquired interests in three assets – Supply One, Cadence, and Pentec Health – from Wellspring Capital Partners VI, which closed on $1.45bn in 2018.
The new vehicle will provide more time and additional capital to assist each portfolio company in achieving its growth potential. The $975m continuation fund includes $125m of unfunded capital to drive organic growth initiatives and strategic acquisitions at these companies.
Wellspring Capital was advised by Houlihan Lokey.
Morgan Stanley raises fund to hold World 50 for longer.
The continuation fund is led by investments from Pantheon with co-lead participation from Blue Owl Strategic Equity and Lexington, with Norwest, Ares Management Funds, AltamarCAM and Churchill also committing to the vehicle.
Morgan Stanley is advised by Robert W Baird and Houlihan Lokey.
Quinbrook closes $600m solar+storage' continuation fund'.
Quinbrook Infrastructure Partners, a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition, announced the successful closing of Quinbrook Valley of Fire Fund with $600m in capital commitments.
"This successful closing underscores Quinbrook's commitment to impactful renewable energy project development and new asset creation and its track record of pursuing strategies that seek to optimize returns for investors wanting differentiated exposure to the energy transition. The decision to pursue a GP-led secondary transaction reflects our commitment to enhancing value for our LPs, while continuing to support the development of a distinct portfolio of landmark renewables assets. We are excited to welcome such well known and respected investors to Quinbrook, including lead investor Blackstone Strategic Partners and cornerstone investor Ares Management Infrastructure Secondaries funds," Rory Quinlan, Quinbrook Co-founder and Managing Partner.
Quinbrook was advised by PJT Partners, Kirkland & Ellis and Sloane & Company.
EMEA
Kingswood Capital Management completed the acquisition of the emulsifier business of Corbion for $362m.
Kingswood Capital Management, a private equity firm, completed the acquisition of the emulsifier business of Corbion, a global ingredient solutions provider, for $362m.
“Corbion takes immense pride in its heritage as a pioneer and leader in the emulsifier industry, and we appreciate the dedicated employees and loyal customers who contributed to this successful chapter in our history," Andy Muller, Corbion President of Sustainable Food Solutions.
Kingswood Capital Management is advised by Configure Partners and Kirkland & Ellis. Corbion is advised by Lazard and Stinson.
Cerberus Capital Management, an American global alternative investment firm, agreed to acquire VeloBank, a universal bank, from Bankowy Fundusz Gwarancyjny, the Polish bank guarantee fund, for PLN1.1bn ($270m).
"The end crowns the work. The sale of VeloBank will complete the resolution of Getin Noble Bank – one of the most complex processes of this type in the European Union. Two years ago, we had a major problem in the Polish banking sector as a bank from the top ten largest entities in the country was at risk of a bankruptcy. Now we have a healthy, modern VeloBank, which gains dynamic owners," Piotr Tomaszewski, Bankowy Fundusz Gwarancyjny President of the Management Board.
Cerberus Capital Management is advised by Linklaters. BFG is advised by JP Morgan and Rymarz Zdort Maruta.
Mattioli Woods-backed Maven Capital Partners, a private equity firm, completed the acquisition of Newable Ventures, a venture capital company, from Newable Capital. Financial terms were not disclosed.
"As part of the continuing evolution and growth of the Maven business we have been keen for some time to add an EIS capability to our client offering. The acquisition of Newable Ventures Limited is an important step forward in completing our objective of providing a full suite of best-in-class client products, which offer access to fast growing private company investments, often on a tax assisted basis. The recent announcement in the Government's Autumn budget statement that the EIS and Venture Capital Trust schemes will be extended through till at least 2035 ensures that these products will remain at the forefront of financial planning and portfolio diversification for investors. We look forward to welcoming the Newable team to Maven," Bill Nixon, Maven Managing Partner.
Mattioli Woods was advised by Camarco. Maven Capital Partners was advised by Singer Capital Markets (led by Tom Salvesen) and Canaccord Genuity.
Manulife Investment Management, an investment services provider, completed the acquisition of CQS, a multi-sector alternative credit manager. Financial terms were not disclosed.
"Today sees the joining together of our two businesses as Manulife | CQS Investment Management. Manulife IM is the ideal home for CQS, and this step marks the start of an exciting new chapter for our clients, our colleagues, and our alternative credit platform. Together we will open significant new opportunities for our clients who will benefit from the scale and capital strength of our new parent," Soraya Chabarek, CQS CEO.
CQS was advised by Piper Sandler and Simmons & Simmons (led by Ania Rontaler).
Kering, a French multinational holding company which develops a worldwide brand portfolio of luxury, sport and lifestyle brands, agrred to acquire Milanese building on Via Monte Napoleone 8 from Blackstone Property Partners, a real estate investment fund, for €1.3bn ($1.4bn).
This investment is part of Kering's selective real estate strategy, aimed at securing key highly desirable locations for its Houses. Kering remains focused on proactively managing its real estate portfolio with the short- to medium-term objective of retaining a stake in its prime assets alongside co-investors in dedicated vehicles.
Blackstone Property Partners is advised by JP Morgan.
Turkish Billionaire, QIA net $500m in Istanbul mall deal.
Qatar Investment Authority and Turkish billionaire Ferit Sahenk's Dogus sold their minority stake in a high-end Istanbul shopping mall to a local property developer for about $500m. Bloomberg reported.
The joint venture — Dogus Turizm Saglik Yatirimlari — sold its entire 42% stake in the shopping center to Istanbul's Orjin Group.
BlackRock, KKR sell Adnoc oil pipeline stake back to Abu Dhabi.
BlackRock and KKR sold their 40% stake in Adnoc's oil pipeline network to an Abu Dhabi-based firm five years after acquiring the asset in a deal that marked the first investment by foreign asset managers in the infrastructure of a Gulf state-owned energy company, Bloomberg reported.
The firms sold their holdings to an entity called Lunate, which has $105bn of assets under management.
RedBird IMI lines up advisers to decide fate of Daily Telegraph.
The Abu Dhabi-backed vehicle RedBird IMI which faces being thwarted in its bid to buy The Daily Telegraph is lining up advisers to determine the fate of the right-leaning British newspaper, SkyNews reported.
Raine Group, which is best known in Britain for its roles in recent deals involving Manchester United and Chelsea football clubs, is to be appointed alongside Robey Warshaw to advise on the next phases of the Telegraph's ownership.
Adenia closes oversubscribed fifth flagship fund at $470m.
Adenia Partners, a private equity firm focused on growth opportunities in Africa, has successfully closed its fifth fund, Adenia Capital V at its $470m hard cap. The significantly oversubscribed fund attracted commitments from new and existing investors globally.
Fund V continues Adenia's long-term investment strategy of making control investments in medium-sized companies across Africa with proven business models that demonstrate ample room for operational and ESG improvements.
APAC
General Atlantic, a private equity firm, completed the acquisition of a majority stake in Ujala Cygnus, a healthcare provider in Northern India with a network of 21 hospitals. Financial terms were not disclosed.
“We’ve witnessed numerous doctors relocating from metropolitan areas to places like Agra, Varanasi, and Jammu, drawn by the prospect of delivering quality care and achieving positive outcomes in communities close to their roots. With General Atlantic’s support, we look forward to the expansion of our platform and welcome more healthcare practitioners to join this transformative movement and the Ujala Cygnus mission,” Dr. Shuchin Bajaj, Ujala Cygnus Founder Director.
Ujala Cygnus was advised by Ernst & Young. General Atlantic was advised by Adfactors PR (led by Arwa Husain).
Apollo Global Management, a private equity firm, agreed to acquire a majority stake in Panasonic Automotive Systems, an automobile equipment manufacturer, from Panasonic, a business conglomerate, at a $2bn valuation.
"We are excited to partner with Panasonic Automotive to position the business for accelerated growth. This transaction builds on our proven track record of being a strategic partner to Japan’s leading conglomerates and leverages our strong sector and operational expertise. We have enormous respect for Panasonic Automotive’s reputation for quality and innovation and look forward to working with the Company’s talented team to unlock its full potential," Tetsuji Okamoto, Apollo Global Lead Partner.
Apollo is advised by Paul Weiss Rifkind Wharton & Garrison (led by Tong Yu).
PAG Asia Capital, an Asia-focused Alternative Investment firm, and Dalian Wanda Commercial Management, a hotel management brand, agreed to acquire tNewland Commercial Management, a newly formed holding company of Zhuhai Wanda Commercial Management Group, from Dalian Wanda Group, a private property developer, for $8.3bn.
The investment will facilitate corporate governance independent from Newland’s former parent, provide better incentives for its management and support continued operational improvement.
Mitsui, one of the largest general trading companies in Japan, and ROHTO Pharmaceutical, a multinational fast-moving consumer goods and OTC pharmaceutical corporation, agreed to acquire Eu Yan Sang International, an online store that specializes in traditional Chinese medicine products, from Righteous Crane, an investment company, for $594m.
Mitsui has identified "Wellness Ecosystem Creation" as one of its key strategic initiatives in the Medium-term Management Plan 2026. Through the provision of healthcare, preventive care, and solutions for pre-symptomatic conditions, as well as the supply of foods that offer health benefits, Mitsui will contribute to the qualitative enhancement of today's increasingly diverse consumer lifestyles. Mitsui will continue to support the realization of richer and brighter lives by enhancing health and well-being through its contributions in the area of preventive care and solutions for pre-symptomatic conditions.
Trustar Capital, a private equity affiliate of CITIC, completed the acquisition of Guilong Pharmaceutical, a company that manufactures and distributes pharmaceutical products. Financial terms were not disclosed.
Founded in 1989, Guilong Pharmaceutical offers OTC medicines for sore throat and other throat-related ailments.
Blackstone to add private equity assets worth $25bn in India.
Global private equity major Blackstone plans to add $25bn of Indian private equity assets over the next five years as the country continues to attract global investors, DealStreetAsia reported.
The New York-based firm also intends to add 20 more investment professionals to its asset management business in India and double its office space in Mumbai, the report added.
Itochu plans record $6.6bn investment to drive growth.
Japanese trading house Itochu said it will step up investment in growth segments, aiming for record spending of $6.6bn in the current financial year and a 10% rise in net profit, Reuters reported.
Unveiling its management plan for the 2024/25 year - in which Warren Buffett's Berkshire Hathaway holds a minority stake - said it aims to boost profit to a record 5.8bn from an estimated $5.3bn in the year just ended.
Blackstone plans to invest $2bn a year in India.
Blackstone will invest at least $2bn a year in India for the next five years, due to the country's fast-growing economy and booming capital markets, Reuters reported.
The US investment firm counts India among its top markets, and its third biggest by equity investments with a current holding of $30bn. It plans to target companies in areas such as healthcare, financial services and energy transition.
PAG buys Japan warehouses from Hines for more than $400m.
PAG, the Hong Kong-based alternative asset manager, has purchased a logistics center in central Japan from real estate developer Hines, Bloomberg reported.
The transaction covers two warehouses near the Port of Nagoya, the busiest port in Japan, and is valued at around $429m to $435m.
CVC-linked investment unit sells 5% stake in Asia Commercial Bank for $220m.
An investment vehicle linked to CVC Capital Partners has disposed of its entire 5% stake in Vietnam's fourth biggest non-state owned commercial lender, Asia Commercial Bank, for $220m, DealStreetAsia reported.
The sale confirmed an early January report that the Europe-based alternative investment firm was in talks with an adviser to explore the sale of its stake in the Ho Chi Minh-listed bank following approaches from potential buyers.
Capsquare Asia said to be eyeing full exit from Champ Group.
Indonesia-focused private equity firm Capsquare Asia Partners is eyeing a full exit from Champ Group, an IDX-listed restaurant chain operator it acquired from the now-defunct Abraaj Group in 2014, DealStreetAsia reported.
Capsquare Asia, which has been weighing an exit from the F&B firm since 2019, had reduced its stake from 55.3% to 38.7% in 2022 during the Champ Group’s $25m IPO.
PAG-backed Nuvama eyes Mideast for $400m.
The asset management unit at PAG-backed Nuvama Group of India plans to tap the wealthy in the Middle East for the first time, Bloomberg reported.
The Mumbai-based firm is targeting $479m for its latest Nuvama Crossover IV fund and expects to raise at least $300m from family offices and rich individuals in the Middle Easts. The funds have a term of six years and invest in companies preparing to go public on Indian stock exchanges.
Zepto-backer Alteria Capital closes venture debt fund at $195m.
Indian venture debt provider Alteria Capital Advisors, which has backed the likes of Indian startups BharatPe and Dunzo said it has closed the venture debt part of its third fund at an oversubscribed $195m, DealStreetAsia reported.
Fund III adopts a twin-scheme strategy, comprising a venture debt scheme and a shorter duration scheme, aimed at meeting the diverse capital needs of Indian founders. It aims to raise $250-300m in total, with the shorter duration scheme still open for subscription and expected to close by the end of 2024.
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