Private equity firms Andera Partners and Omnes Capital acquired SPHEREA Group, the leading company in Europe for the development of customer-specific electronic test systems. Financial terms were not disclosed.
Antoine Le Bourgeois and Pierre-Yves Poirier, Partners at Andera Partners: "Management convinced us of the solidity of the Group's historic businesses and the potential for new technological developments in the years to come. In addition, SPHEREA Group is fully committed to the investment strategy of our WINCH Capital 4 fund, which aims to support the change in scale of leading players in
their market."
Deloitte, Vulcain and Opleo advised SHPEREA. Indefi, Alix Partners, Grant Thornton, KERIUS Finance and DLA Piper advised the buyers.
Investment companies Aberdeen Standard Investments and DIF closed their acquisition of Unitank, a market leading independent and neutral infrastructure and services provider storing liquid oil products. The deal was first announced in February. Financial terms were not disclosed.
Willem Jansonius, Partner and Head of Core Infrastructure at DIF, said:
“We firmly believe in the strategy as set by the current shareholder and management team. We are impressed with the commercial re-positioning of the business and its importance in providing essential services in its clients’ supply chains. We appreciate the well-invested asset base and the resulting high standards of operational excellence, which are essential to UNITANK’s current and future positioning.”
EY, Rothschild & Co and Ashurst advised DIF. KPMG, ABN AMRO, CASE Corporate Finance and Watson Farley & Williams advised Unitank.
Apposite Capital, private equity firm, acquired Values in Care and GRS Care, supported living provider. Financial terms were not disclosed.
“These two new acquisitions are great additions to Swanton Group as it continues to expand geographically and further into supported living. It underpins our ambition to build a leading care group in the UK with linked care pathways to better serve the needs of the people we support and commissioners. Swanton is now supporting circa 430 people across the UK.” Anne-Laure Meynier Apposite Capital Investment Director.
Saint-Gobain, a French multinational manufacturing corporation, completed the sale of its silicon carbide division to OpenGate Capital, a global private equity firm. Financial terms were not disclosed.
Partner at OpenGate Capital Sebastien Kiekert Le Moult, who led the transaction commented: “OpenGate’s investment in Fiven marks an exciting opportunity at a time that the business continues to benefit from its position in a fragmented market and power-related product applications which are experiencing robust growth.”
TRIGO Group, a global leader of quality solutions for the transportation industry agreed to acquire EMC Consulting, a top Romanian quality training company. By combining expertise, the companies aim to spear-head quality improvements for customers’ production processes. Financial terms were not disclosed.
“EMC Consulting fits perfectly with our service portfolio. Our customer collaborations will be further strengthened.” Ovidiu Veghes, TRIGO Country Manager.
Capvis, private equity company, acquired a majority stake in Xovis, a software company. Financial terms were not disclosed.
"As a high-tech company from Switzerland and with such an impressive development, Xovis has been inspiring us for some time. The outstanding technology paired with intelligent applications and a strong management team offer growth potential in a market that is still in its early stages. We are pleased to support the management of Xovis in the future development of the company and to jointly advance the company’s success." Simon Lussi Capvis Investment Director.
Walmart concerns a stock market listing for Asda.
Walmart, the world’s biggest retailer, is considering a stock market listing, for its British supermarket arm Asda.
“While we are not rushing into anything, I want you to know that we are seriously considering a path to an IPO to strengthen your long-term success.” Judith McKenna the Walmart International CEO
MTN to list in Nigeria on Thursday at £3.9bn valuation.
MTN will list its Nigeria unit in Lagos on Thursday in a move that will value the business at £3.9bn ($5bn). The move is a step toward a partial sell-down of the carrier’s majority 79% stake and was agreed to as part of the settlement of a $1bn regulatory three years ago.
Telecom Italia CEO voiced support for Open Fiber merger.
Telecom Italia CEO said that merging the company with broadband infrastructure group Open Fiber would bring positive results. Telecom Italia and Open Fiber have been discussing possible network cooperation, including a possible merger, for several months. The merger has been heavily pushed by the Italian government, which is looking to create a single ultrafast broadband operator to avoid duplicating investments.
“In coming months we will discuss things with our board and with our shareholders to see what the next steps will be,” TIM CEO Luigi Gubitosi said.
Kone considers a bid for Thyssenkrupp's elevator division.
Kone is considering the viability of a bid for Thyssenkrupp’s €14bn ($16bn) elevators division. Thyssenkrupp has not given a timeframe for the listing, only saying it wants to be market-ready in the next financial year which starts in October.
Four private equity firms are interested in Industria Chimica Emiliana. (FS)
Four private equity firms are looking to submit final bids for Industria Chimica Emiliana in a deal valued €600m ($673m). Binding bids are due in the coming weeks and could value 10 times its core earnings of €60m ($67m).
EQT Partners emerges as a front runner for $10bn Nestle’s skin health unit. (FS)
Nestle is in exclusive talks with a consortium led by private equity firm EQT Partners for a sale of its skin health unit. EQT is reportedly teaming up with Abu Dhabi Investment Authority to buy the business. The consortium faced competition from buyout groups such as KKR, Cinven, Ardian and PAI Partners. The deal would value the unit at up to $10bn.
Credit Suisse and Evercore are advising Nestle.
Searchlight Capital Partners close to take control of Bezeq Israel Telecom. (FS)
Searchlight Capital Partners, a private equity company, moved a step closer to taking control of Bezeq Israel Telecom, Israel’s largest telecoms group. After its parent B Communications said on Wednesday it was satisfied with Searchlight’s latest offer.
Fresenius talking to potential suitors about sale of blood transfusion business.
Fresenius has approached potential suitors about the sale of its blood transfusion business. Fresenius Chief Executive Officer Stephan Sturm said in February the company was evaluating all options for its transfusion and cell therapy unit, and that it would be a better fit for a company more focused on the business.
Thoma Bravo-backed PEC Safety, an industry-leading, risk-management company, agreed to merge with Veriforce, which develops workforce and community safety solutions for businesses. Greenridge Investment Partners, an Austin-based private equity firm, originally invested in Veriforce in 2014 and will remain a shareholder in the combined company. Financial terms were not disclosed.
“What makes this merger uniquely impactful is that we’re bringing together two industry powerhouses that address risk at both the company and individual levels,” said Colby Lane, CEO of PEC. “Combined, we will be better able to execute on our mission to bring home workers safe, and together we will have a stronger offering to solve safety and compliance challenges for our customers.”
AHEAD, a leading provider of enterprise cloud solutions, agreed to acquire Link Solutions Group, which provides storage, compute and networking solutions to enterprise customers throughout the Midwest. Financial terms were not disclosed.
“The acquisition of Link represents a major milestone for AHEAD and the next phase of our growth strategy. Up to this point, we’ve steadily grown our business organically, but now have a strong operational and strategic foundation on which to add acquisitions” said Daniel Adamany, founder and CEO of AHEAD. “Link’s track record of growth and commitment to customer success align perfectly with our own culture. Together we’ll deepen client relationships as well as extend our reach into tech hubs like Indianapolis, Cleveland and Columbus.”
Sisense, business intelligence software, acquired Periscope Data, provider of analytics for cloud data professionals. Financial terms were not disclosed.
By combining forces, the companies are creating a comprehensive business analytics platform that can serve every data user and team at a company, from a data scientist to a sales manager.
KKR, an investment company, to acquire Corel, software provider, from Vector Capital, a private equity company. Financial terms were not disclosed, however the deal is rumored to be valued at approximately $1bn.
UBS is advising Vector Capital.
WeWork to set up a $2.9bn real estate investment platform. (FS)
Reuters reported that the WeWork, an American company that provides shared workspaces for technology startup subculture communities, set up a new real-estate investment platform, Ark, to buy and develop commercial properties around the world. Ark will have an initial investment of about $2.9bn, with $1bn from Ivanhoé Cambridge, a unit of Canada-based investor, Caisse de dépôt et placement du Québec.
The move to acquire and manage properties is a departure for New York-based WeWork, which has largely focused on renting office spaces, rather than owning them.
L Catterton prepares to sell RM Williams. (FS)
Private equity investment firm L Catterton is preparing to sell its portfolio company RM Williams, an Australian riding boots and clothing manufacturer and retailer. The sale could fetch as much as $500m. RM Williams is expected to be pitched to global apparel and fashion houses, as well as large domestic and offshore private equity firms. L Catterton bought the business in 2014 for $110m.
Goldman Sachs is advising L Catterton.
Tealium raised $55m in Series F funding. (FS)
Tealium, the leader in real-time customer data orchestration, closed its $55m Series F funding round led by Silver Lake Waterman, Silver Lake's late-stage growth capital fund, with participation from ABN AMRO Digital Impact Fund, Declaration Partners, Parkwood and existing investors. The funding will be used to expand the company's data integration ecosystem, accelerate new product development and further scale global go-to-market activities while continuing its mission to expand data freedom across the enterprise while safeguarding privacy.
"As a long-time Tealium customer, we've seen the benefit of the technology first hand," said Frank Verkerk, Chief Digital Officer of ABN AMRO. "Tealium has helped us streamline and standardize our data flows, and has given us the tools we need to make better marketing and business decisions."
Away hits $1.4bn valuation after $100m Series D financing round. (FS)
Away, the direct-to-consumer travel brand, announced the close of a $100m Series D investment round, bringing its valuation to $1.4bn. The new investment was led by Wellington Management Company and included Baillie Gifford, Lone Pine Capital, and one of the brand's earliest investors Global Founders Capital, and brings its total equity funding to $156m.
"We've been focused on building not just a beloved and quickly-growing brand, but also on building a strong financial foundation. With highly profitable unit economics in place both online and offline, the business is primed for strategic expansion across new products, stores, and geographies," said Steph Korey, co-founder and CEO.
APAC
City Developments, real estate firm, agreed to invest in Sincere, an established real estate developer in China. The investment consideration, comprising share subscription and a four-year interest-bearing loan, the allocation of which is subject to adjustments and will be finalized upon completion, amounts to a total of CNY5.5b ($800m).
“Since our founding in 1999, Sincere has built a strong presence and reputation in China. CDL’s investment and support will be instrumental in accelerating Sincere’s growth as we continue to increase our land bank and pipeline of properties with the aim of achieving even stronger sales growth.” Wu Xu, Sincere Founder, and Chairman
Softbank, Tiger Global, KTB and Sequoia, investment companies, to invest $200m in Grofers, online grocery delivery service company “Grofers had a top line of $400m and grew 8X in the last two years.” Albinder Dhindsa Grofers co-founder and chief executive officer.
Taiyo, a hedge fund sponsor, to acquire 5% of KH Neochem, a chemical company. Financial terms were not disclosed.
“We like the niche positioning of KH Neochem. Their focus on chemical production and their use of the difficult-to-imitate OXO technology creates high barriers to entry. President Takahashi has positioned the company to execute the long term growth plan and provide excellent shareholder returns. We believe further market recognition of KH Neochem will complement his efforts.” said Brian K. Heywood Taiyo Chief Executive Officer and Managing Partner.
Tata Group to merge its consumer businesses.
Tata Group, an Indian multinational conglomerate holding company, decided to demerge consumer business of Tata Chemicals and merge it with Tata Global Beverages. TGBL will be renamed as Tata Consumer Products, the group announced. Under the scheme, every shareholder of TCL will get 1.14 new equity shares of TGBL for every one equity share held in TCL.
“The combination of the two consumer-food businesses will benefit both sets of shareholders who will be able to participate in a larger business poised to grow their share of the food & beverages market with a broader exposure to the attractive and fast-growing FMCG sector,” the company said in a release.
Tata Steel expects a tie-up with a non-European partner.
Tata Steel which has lost more than $700m in market value after shelving merger plans with Thyssenkrupp AG, expects a tie-up with a non-European partner to more easily fit to the region.
“It is obvious that in Europe we will have limited options because Thyssenkrupp was the best option in many ways. So when you look at the possibilities, obviously somebody from outside Europe who is interested in Europe will make it easier for us from the competition commission point of view.” T.V. Narendran Chief Executive Officer.
CK Asset considers sale of $3b landmark Shanghai project.
CK Asset, property developer, explores sale in a large project in Shanghai. A sale could value the entire project at about CNY20bn ($2.9bn). CK Asset currently holds a 60% interest in the project.
“Company frequently receives offer proposals but these don’t necessarily mean the company will accept and sell the projects.” Wendy Tong Barnes CK Asset chief corporate affairs officer.
Private equity firms investing in Japan’s traditional hot springs. (FS)
Private equity funds like SoftBank-owned Fortress Investment Group and Hong Kong-based Odyssey Capital Group are investing in the appeal of traditional inns amid a tourism boom that’s ramping up ahead of next year’s Tokyo Olympics.
“The Japanese hospitality sector has tremendous opportunities for investment. Many of these ryokans are very undervalued after experiencing so much recession and mismanagement, but a lot of them are located in beautiful natural settings.” Christopher Aiello Odysey’s Japan Managing Director.
Sky9 Capital to launch a new fund. (FS)
Sky9 Capital is launching a new fund following last year’s close of its third fund – Sky9 Capital Fund III. The last fund generated total capital commitments of $200m, according to its US Securities and Exchange Commission filing.
ADV Partners closed its second pan-Asia fund. (FS)
ADV Partners, an asian private equity firm, has closed its second pan-Asia fund, ADV Opportunities Fund II, at $750m. ADV Partners Limited is a private equity firm specializing in mid-market, special situations, and restructuring investments. It primarily invests in India, Southeast Asia, and China. The firm seeks to make deals between $30m and $60m as well as potentially larger transactions as co-investments.
