Blue Skies Investment-backed BGF invests in BioCity.
BGF invested in providing Nottingham-based business incubator BioCity with development capital, alongside Blue Skies Investments.
BioCity is the UK’s largest life science incubation business, providing specialist workspace for life science companies.
“This deal allows us not only to invest in the growth and development of BioCity, but it also extends our reach into younger, earlier stage companies in the life science industry. We are backing a team with a deep understanding of the market and a strong industry network – we’re looking forward to working with them to further support the life sciences industry in the UK.” Jonathan Earl, BGF investor.
BGF was advised by Browne Jacobson, Claritas, and James Davies. Blue Skies Investments was advised by Howes Percival. BioCity was advised by Geldars.
Charterhouse's Siaci Saint Honore acquires Driesassur.
Charterhouse-backed Siaci Saint Honore, a France-based insurance brokerage and consulting firm, has acquired Driesassur, a Belgium-based diamonds, and jewelry insurance specialist.
Driesassur CEO Alain Spruyt has joined the shareholding of SSH with the role of assisting the executive committee in the company's international development. The acquisition will allow SSH to accelerate their sales.
Casino sells stores to Fortress for $567m.
Casino has agreed to sell 26 stores worth €501m ($567m) to Fortress Investment Group, fulfilling an assets sale target set out last year as part of plans to reduce its debt.
Casino said it would sell a portfolio comprising hypermarkets and traditional supermarkets to Fortress which will set up a vehicle to acquire and manage the assets.
The company will receive an initial €392m ($446m) from the sale in the first half of 2019 and could get a further €150m ($171m) in the next few years.
Elliott insists on Telecom Italia to a spin-off its fixed-line network.
Elliott urged Telecom Italia’s board to spin-off its fixed-line network after Italy’s telecoms regulator gave an initial thumbs-down to a Vivendi plan to create a wholly-owned subsidiary instead.
Elliott and Vivendi are locked in a battle over how to relaunch the debt-laden former Italian telecoms monopoly after the US fund last year managed to wrestle control of TIM’s board away from top shareholder Vivendi.
The watchdog’s decision confirmed the Vivendi’s plan, in allowing TIM to retain full control of the network, did not materially change the market situation, Elliott said in a statement. Elliott aims to separate the network into a newly created company and then sell part of it.
Sports Direct founder, Mike Ashley in talks to acquire music retailer HMV.
Mike Ashley is in talks to rescue music retailer HMV from the administration.
HMV last month said it was calling in administrators, blaming a worsening market for entertainment CDs and DVDs, to become the latest victim of brutal trading conditions in Britain’s retail sector.
If Ashley’s bid is accepted, he will be expanding his grip on U.K. shopping even more, after rescuing department-store chain House of Fraser last year. He also owns significant stakes in Debenhams, Game Digital and French Connection Group.
Patek Phillippe's owners ponder possible sale.
Patek Philippe, the iconic Swiss watchmaker, may be coming up for sale.
The 180-year-old company could fetch €7bn to €9bn ($8bn to $10bn). Patek Philippe has been owned by the Stern family for almost a century, and Thierry Stern became the company’s chairman in 2009.
Possible bidders for Patek Phillippe are Swatch Group, Richemond as well as Private Equity Funds, not least CVC (owner of Breitling).
Bridgestone, Iris Capital joined forces for new CVC vehicle.
Iris Capital and the European arm of rubber and tire giant Bridgestone have announced plans to launch a corporate venture partnership.
The two companies are joining forces in a bid to invest in startups that focus on digital transformation technologies and mobility services across EMEA. Iris' portfolio includes Dubai-based ride-hailing app Careem and Unu Motors, an online marketplace for electric scooters.
Succession Capital Partners has sold PetroChem Recovery Services to Hepaco, which is backed by Gryphon Investors. Financial terms were not disclosed.
PetroChem is a leading environmental services provider for transportation, industrial, and government clients.
“We look forward to working with the PetroChem team to enhance our emergency response and environmental service offerings and better serve our customers.” Ken Smith, HEPACO Chief Executive Officer.
Hepaco was advised by Katten Muchin Rosenman. PetroChem was advised by Queen Saenz + Schutz.
APAC
Bain Capital acquired Kosaido for $139m.
Bain Capital has made an offer to fully acquire Japan’s Kosaido, a publicly-traded printing company, for JPY15.2bn ($139m).
The filing further said if the takeover bid is completed with the bidder acquiring 90% or above of the total voting rights of the company, the bidder will demand the sale of all remaining shares. However, if the bidder fails to acquire 90%, it will demand the company to put forth, at a general shareholders meeting after the completion of the takeover bid, an agenda item regarding a reverse stock split with the ratio at which the number of shares held by the shareholders (excluding the bidder) of the company will be less than one share.
China’s HighLight Capital completes first close of third Chinese Fund.
Chinese healthcare-focused investment firm HighLight Capital has reached the first close of its third RMB-dominated fund at about 70% of the hard cap, AVCJ reported. Financial details of the fund were not disclosed.
SoftBank’s $100bn Vision fund shares profits and losses with partners.
SoftBank has set up an unusual compensation structure for the fund that includes a $5bn loan to employees. The debt is swapped for equity in the fund and will generate profit when deals make money - and losses when they don’t, scaled by seniority.
The compensation scheme is more extreme than the typical venture capital or private equity fund because of the downside risk, as well as the record size of the investment pool.
