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AMERICAS
Banc of California and PacWest Bancorp announced that the Board of Governors of the Federal Reserve System granted its approval of the combination of the two.
"We are very pleased to have received regulatory approval at this time. We appreciate the active engagement and focused efforts of the Federal Reserve and the California DFPI to review and approve this merger which will be beneficial not only for our clients, communities and shareholders, but also for the broader regional banking industry. We are excited to be bringing Banc of California and Pacific Western Bank together and unlock the strength of our combined platform to create a robust, well-capitalized and highly liquid institution. As a leading relationship-focused business bank, we will continue to serve a wide range of clients and deliver exceptional service, increased scale, and expanded product offerings," Jared Wolff, Banc of California Chairman, President and CEO.
Onex, an investment manager, agreed to acquire Accredited, an insurance services provider, from R&Q Insurance, a non-life specialty insurance company, for $465m.
"We are pleased to have the opportunity to establish Accredited as an independent, market-leading program management platform. Accredited has all the ingredients for success as a hybrid carrier, including a talented management team, a well-diversified and high-quality book of business, strong reinsurer relationships and robust underwriting and risk management protocols. It will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners. Investing in the insurance industry has been a core strength for Onex for many years. We look forward to supporting Accredited's management team in this next phase of growth," Adam Cobourn, Onex Managing Director.
Shenandoah Telecommunications, a broadband services provider, agreed to acquire 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 is advised by Bank Street Group and Baker Botts. Shentel is advised by Rothschild & Co and Hunton Andrews Kurth (led by Steven Haas and J. A. Glaccum). Debt financing is provided by Bank of America, Citizens M&A, CoBank ACB and Fifth Third Bancorp. GCM Grosvenor is advised by Houlihan Lokey and Greenberg Traurig.
Campbell Soup said on October 24 that its $2.3bn acquisition of Rao's owner, Sovos Brands was delayed until next year after the US Federal Trade Commission asked for more details on the deal, Reuters reported.
Campbell said the request for additional information by the FTC was part of the agency's review of the transaction and was a common feature of a regulatory review.
US pharmaceutical company Pfizer gained unconditional EU antitrust approval on Thursday for its proposed $43bn acquisition of cancer drug maker Seagen.
The European Commission said the deal would not significantly reduce competition in the 27-country European Union nor would it have a negative impact on prices.
Seagen is advised by Centerview Partners (led by Eric Tokat and Alan Hartman), MTS Health Partners and Sullivan & Cromwell (led by Matthew Hurd and Melissa Sawyer). Financial advisors are advised by Skadden Arps Slate Meagher & Flom. Pfizer is advised by Guggenheim Partners, Wachtell Lipton Rosen & Katz and FGS Global (led by Andrew Cole). Baker Bros is advised by Akin Gump Strauss Hauer & Feld (led by Zachary Wittenberg).
Stonepeak, an alternative investment firm, agreed to acquire Akumin, an outpatient diagnostic imaging services provider, for $600m.
"Stonepeak is committed to working closely with Akumin as it moves through this process. The critical nature of the services Akumin provides to health systems, hospitals, physician groups, and patients all across the country gives us confidence in the inherent value of the business, and we believe that this path forward will fortify the company's balance sheet as it looks towards its next phase of growth," James Wyper, Stonepeak Senior Managing Director.
Akumin is advised by AlixPartners, Leerink Partners, Dorsey & Whitney, Jackson Walker and Stikeman Elliott. Stonepeak is advised by Moelis & Co and Sidley Austin.
Vista Equity Partners, a global investment firm, agreed to acquire EngageSmart, a provider of vertically tailored customer engagement software and integrated payments solutions, for $4bn.
"We have built an amazing business by putting our customers at the center of everything we do. We continue to see attractive growth and customer retention in our vertically tailored SaaS solutions—a testament to the strength of our business model and our leading products. We believe the partnership with Vista and General Atlantic will enable us to continue investing in innovation and people to drive growth. We look forward to continuing to serve our customers and support our employees who are relentless in their pursuit of customer satisfaction," Bob Bennett, EngageSmart CEO.
Hildred Capital, a healthcare focused growth equity firm, agreed to acquire Hello Bello, an online store that offers goods for children. Financial terms were not disclosed.
"Given macroeconomic trends, including inflation and increased shipping costs, we believe that this course of action is the best path forward to ensure that Hello Bello continues to bring families the highest quality and most environmentally friendly products at affordable prices," Erica Buxton, Hello Bello CEO.
Hello Bello is advised by Emerald Capital Advisors, Jefferies & Company, Willkie Farr & Gallagher, and Young Conaway Stargatt & Taylor. Hildred Capital is advised by Alvarez & Marsal and Lowenstein Sandler.
Ares Management, a global alternative investment manager, agreed to acquire a minority stake in Interstate Waste Services, a provider of solid waste collection, transfer, recycling and disposal services, from Littlejohn, a private investment firm. Financial terms were not disclosed.
"We are thrilled to work with Littlejohn and to join the Interstate family. Mike, Brian and the rest of the team have built an incredible solid waste platform, that we believe is well-positioned to leverage its great culture and service-focus to take advantage of the exciting growth opportunities ahead. Together, we believe the combination of Ares, Littlejohn and IWS will be great not only for the company, but importantly for all its stakeholders, including customers, employees, and the communities that IWS serves," Natasha Li, Ares Partner.
IWS is advised by Brown Gibbons Lang & Company, Houlihan Lokey and Sheppard Mullin Richter & Hampton. Ares is advised by Robert W Baird and Kirkland & Ellis. Littlejohn is advised by Gasthalter & Co (led by Nathaniel Garnick).
Charlesbank Capital Partners, a private equity firm, agreed to acquire a majority stake in Petra Funds Group, a fund administrator. Financial terms were not disclosed.
"We founded Petra to address a gap in the fund administration market for a high-touch, high-quality and deeply experienced provider of middle and back-office solutions to private investment managers. As the demands on asset managers continue to grow, along with our business, we are continuously expanding Petra's platform and the white-glove services we offer current and prospective clients. We saw Charlesbank as a perfect partner, bringing extensive resources, connectivity, and experience scaling similar businesses," Stephen Coats, Petra Funds Founder and Managing Partner.
Petra Funds Group is advised by PL Advisors, Latham & Watkins and Kekst CNC (led by Daniel Yunger). Charlesbank Capital is advised by Simpson Thacher & Bartlett (led by Marni Lerner and Ben Schaye) and Prosek Partners.
Stonepeak, an investment firm, agreed to acquire Textainer, a company that focuses on purchasing, leasing, and resale of marine cargo containers, for $7.4bn.
“This transaction has been made possible by our strong company foundation reaffirmed over the last several years, which allowed for both substantial capex growth and the strengthening of our business, further driven by our deep customer relationships,” Olivier Ghesquiere, Textainer President and Chief Executive Officer.
Textainer is advised by Bank of America and O'Melveny & Myers. Stonepeak is advised by Deutsche Bank and Simpson Thacher & Bartlett.
Brookfield Renewable, one of the world's largest owners and operators of renewable power and climate transition assets, completed the acquisition of the utility-scale commercial renewables business of Duke Energy, an American electric power and natural gas holding company, for $2.8bn.
"The completion of this sale marks the final step in our transition to a fully regulated utility. As we work to address the growing needs of our customers in our regulated jurisdictions, we will continue investing in cleaner energy resources and significant grid enhancements that will deliver value and energy resiliency to our customers and stakeholders," Lynn Good, Duke Energy Chair, President, and CEO.
Innventure, a venture capital firm, agreed to go public via a SPAC merger with Learn CW Investment, a publicly traded special purpose acquisition company, in a $385m deal.
"Since our 2015 launch, our journey validates our unique value creation model. We expect this transaction to catalyze Innventure's ability by providing a strong balance sheet to navigate market fluctuations while aggressively building new companies," Bill Haskell, Innventure CEO.
Innventure is advised by Jones Day (led by Joel May) and Vedder Price. Learn CW Investment is advised by Sidley Austin.
Sixth Street, an investment firm, led the investment in Keyfactor, a security solution for modern enterprises. Financial terms were not disclosed.
“This investment marks a significant milestone in our company’s history. The newly acquired capital from Sixth Street will fuel our business as we continue this trajectory of hypergrowth. Our market leadership is a testament to the innovation backing our technology and our team’s commitment to customer satisfaction. We are also excited to welcome Sixth Street to our board. They bring the right experience, financial prowess, and strategic network we need to empower Keyfactor in this next chapter," Jordan Rackie, Keyfactor CEO.
Insight Partners was advised by Evercore and JP Morgan. Keyfactor was advised by fama PR (led by Nina Korfias).
Pritzker Private Capital, a private equity firm, completed the investment in Lawley, an independent insurance broker and employee benefits firm. Financial terms were not disclosed.
“For more than 75 years, Lawley has thrived and grown as a family-owned independent built on a foundation of deeply-rooted values and strong business ethics,” Bill Lawley, Jr., Lawley Principal.
Lawley was advised by Reagan Consulting. Pritzker Private Capital was advised by Waller Helms Advisors and H/Advisors Abernathy ( Blair Hennessy).
Kingswood Capital, a private investment firm, completed the acquisition of Covenant Testing Technologies, a construction company that provides services such as flowback and well testing. Financial terms were not disclosed.
"We are thrilled to partner with James Stewart again on this exciting opportunity. We have a longstanding relationship with James and believe his extensive relationships and deep industry experience, including his leadership at large service companies, such as Nextier, will drive significant profitable growth at Covenant. Doug Scott's operational expertise will optimize efficiencies and quality across Covenant's operations," Alex Wolf, Kingswood Managing Partner.
Kingswood Capital was advised by Grant Thornton and Goodwin Procter.
Procaccianti Companies-backed Smith Hill and Bain Capita, two private equity firms, agreed to form a joint venture in a $1bn deal. Financial terms were not disclosed.
“Rising interest rates coupled with lender pullback in the real estate debt capital markets has created a significant opportunity to deliver flexible financing solutions to high-performing, growth-oriented hospitality borrowers. We believe our joint venture with Smith Hill Capital is tailor-made for this moment in hospitality because it combines decades of industry and capital markets experience with a highly attractive market opportunity,” David DesPrez, Bain Capital Managing Director.
Bain Capital is advised by Stanton PRM (led by Charlyn Lusk).
Atlas Venture, a venture capital firm, Bain Capital Life Sciences, a private investment firm, Forbion, a venture capital firm, and Sofinnova Investments, a venture capital firm in life sciences, led a $245m Series A round in Aiolos Bio, a clinical-stage biopharmaceutical company, with participation from RA Capital Management.
"Aiolos has a unique opportunity to positively impact patients’ asthma outcomes. I’m excited for the opportunity to lead this innovative Company and the wealth of experience our talented team brings to bear, from operating large-scale clinical trials in asthma, to overseeing more than 30 FDA approvals, to leading successful product launches in immune conditions like asthma, rheumatoid arthritis, and IPF,” Khurem Farooq, Aiolos Bio Co-Founder and CEO.
Aiolos Bio was advised by Stanton PRM (led by Scott Lessne).
Prysm Capital, a growth equity firm, and Canapi Ventures, a venture capital firm, led a $100m Series C round in Island, a cyber startup that provides a secure web browser for the enterprise, with participation from Insight Partners, Stripes Group, Sequoia Capital, Cyberstarts and Georgian.
“We are honored that these amazing new investors, as well as our current investors, have the confidence to join and support us on the next phase of our company journey. This capital infusion will accelerate our ability to scale globally and continue to aggressively invest in R&D, customer success and geographic expansion to cover the major global buying centers. We are incredibly proud and humbled by our success to date, and look forward to driving growth together with our new partners,” Mike Fey, Island CEO and Co-founder.
Island is advised by Big Valley (led by Andy Shane).
Roark Capital-backed Youth Enrichment Brands, a youth enrichment franchise platform, completed the acquisition of School of Rock, a performance-based music education provider, from Sterling Partners, a private equity firm. Financial terms were not disclosed.
“We’re thrilled to add School of Rock to our Youth Enrichment Brands platform and help support its next chapter of growth. As the leader in the music education space, School of Rock fits seamlessly with our other category-defining brands. Rob Price, the leadership team, and the company’s dedicated franchisees have built a differentiated and thriving business that will greatly contribute to our mission of helping every kid discover and develop lifelong passions," Justin Hoeveler, Youth Enrichment Brands CEO.
PSG, a growth equity firm, led the investment in AirWorks, an AI-powered mapping solution providing geospatial data processing and analytics. Financial terms were not disclosed.
“Our momentum reflects what we believe is a strong market opportunity for AirWorks and our mission to provide AI-driven data intelligence that helps to power the built world. By partnering with PSG, I have no doubt that we will continue building a company with a product that helps to fundamentally change how customers analyze geospatial data and leverage AI to drive critical workstreams to completion. We’re excited to have PSG’s support as we continue to execute on our strategic growth plans," David Morczinek, AirWorks CEO and Co-Founder.
Pearl Street Equity, a private equity firm, completed the acquisition of a franchising business from Famous Brands International, a company that markets and distributes its products such as cookies, frozen yogurt, brownies, chocolates, nuts. Financial terms were not disclosed.
“We are thrilled about this new chapter for Famous Brands Franchising as a stand-alone company and are confident Pearl Street is the ideal strategic partner for the future. This transaction will take our franchisee support to the next level while enabling investment to grow both brands globally and bring our delicious products to more customers and families,” Joe Lewis, Famous Brands Franchising President and COO.
Pearl Street Equity was advised by Joele Frank (led by Tim Ragones).
BDI Partners, a lower-middle market private investment firm, completed the acquisition of FMI Investment Partners, a private equity firm based in Raleigh, North Carolina. Financial terms were not disclosed.
"The strategy of partnering with high-quality, lower-middle market entrepreneur and family-owned private companies at FMI Investment Partners remains the core strategy of BDI Partners," Chris Burnham, FMI Investment Partners Co-Founder.
Bain Capital explores options for $5bn Rocket Software.
Bain Capital is exploring options including a sale of Rocket Software, which could be valued at more than $5bn, including debt, in a transaction, Bloomberg reported.
The private equity firm is planning to solicit interest in the Waltham, Massachusetts-based company in 2024. Bain hasn’t made a final decision to pursue a sale and its plans could still change. Rocket is also continuing to pursue growth, including via acquisitions of its own.
KKR nears $2.3bn private loan for PetVet recapitalization.
KKR is nearing a deal with a group of private credit lenders to refinance the entire debt load of its portfolio company PetVet Care Centers, Bloomberg reported.
The private equity firm is close to receiving a new $2.3bn unitranche loan from a group led by Blue Owl Capital. The loan pays an interest margin of 6% points over the Secured Overnight Financing Rate.
abrdn's plans £600m acquisition in First Trust.
abrdn's US arm is set to acquire £600m ($728m) closed-end fund assets from First Trust Advisors. Under the deal, the four closed-end funds will be merged into existing abrdn funds.
The move will boost abrdn's already considerable closed-end business, which, according to the company, currently manages £23.8bn ($28.9bn) in assets in US and UK listed closed-end funds.
Macquarie to invest $275m in SwyftFiber.
Macquarie Asset Management, an Australian global financial services group, agreed to invest in fiber internet business SwyftFiber, a high-speed internet and television streaming services provider, Bloomberg reported.
Macquarie is acquiring a majority stake in the company through a roughly $275m structured equity investment. The transaction remains subject to regulatory approvals.
Waud Capital forms new healthcare partnership with Brad Staley.
Waud Capital Partners, a growth-oriented middle-market private equity firm, announced it has formalized an executive partnership with Brad Staley to pursue a platform investment in the medical supply and device services market. Waud Capital anticipates investing over $100m of equity capital to support the initiative.
"I'm thrilled to partner with Waud Capital to identify and build an industry-leading business in the medical supply and device services market. Waud Capital's executive partnership approach, dedicated ecosystem resources, and differentiated insights across the healthcare market make the firm a highly attractive partner. I look forward to evaluating opportunities and leveraging my past experiences to create value for medical professionals and their patients," Brad Staley,
Thoma Bravo's Seth Boro quietly bought stake in Ottawa Senators.
Thoma Bravo managing partner Seth Boro is among a group of investors who last month acquired the Ottawa Senators, a National Hockey League team.
An entity controlled by Canadian entrepreneur Michael Andlauer in June agreed to buy a majority stake in the team, ending a monthslong auction process that drew interest from actor Ryan Reynolds and rapper Snoop Dogg, among others. The NHL's board of governors approved the Andlauer group's transaction in September, enabling transfer of control. At the time, Andlauer thanked his equity partners, without naming them, Bloomberg reported.
Silver Lake working on offer to buy Endeavor Group.
Silver Lake Management, the private equity group, is considering making a takeover bid for Endeavor, the talent agency and entertainment company behind World Wrestling Entertainment and Ultimate Fighting Championship, Bloomberg reported.
The statement followed Endeavor’s announcement that it’s weighing strategic options for its businesses, which includes its original talent-management business, combat sports like WWE and a variety of other assets including Professional Bull Riders. Silver Lake’s Co-CEO, Egon Durban, is Chairman of Endeavor, which is led by Hollywood superagent Ari Emanuel.
OrbiMed raises $4.3bn across private investment funds.
OrbiMed, a global healthcare investment firm, is pleased to announce it has raised more than $4.3bn in commitments for its latest private investment funds, including OrbiMed Private Investments IX, OrbiMed Asia Partners V and OrbiMed Royalty & Credit Opportunities IV.
Consistent with their predecessors, these new funds enable OrbiMed to invest globally, from seed stage for start-ups incubated by OrbiMed through growth capital opportunities. OrbiMed works closely with its portfolio companies to provide tailored financing solutions, which can include equity, credit and royalty-based financing. OrbiMed focuses on innovative and growth-oriented opportunities across healthcare sub-sectors, including biopharmaceuticals, medical devices, diagnostics and technology-enabled healthcare services.
Goldman Sachs AM closes fourth infrastructure fund at $4bn.
Goldman Sachs Asset Management announced the final close of West Street Infrastructure Partners IV and related vehicles at $4bn, consistent with its target, and is the latest in a series of flagship funds dedicated to investing in value-add, mid-market focused infrastructure.
"The WSIP IV fundraise reflects the strength, track record and breadth of our global infrastructure platform. We are grateful of the partnership from both our existing and new investors, and look forward to what is ahead for our franchise. We are excited about the performance of our portfolio to date, and remain committed to delivering consistent returns for our investors," Philippe Camu, Goldman Sachs AM Chairman of Infrastructure.
TA Realty closes oversubscribed $1.8bn Value-Add fund.
TA Realty, a provider of real estate investment management services, announced the final close of TA Realty Value-Add Fund XII, which was oversubscribed with total equity commitments of approximately $1.8bn.
"We believe the success of this fundraise is a direct reflection of the trust and confidence our existing and new investment partners have in us to execute our investment strategy. Over time, we have demonstrated that our experience, patience and discipline make us capable of effectively navigating varying market environments with precision. We look forward to prudently deploying this capital into value-add investments that have the potential to deliver attractive risk-adjusted returns," Jim Raisides, TA Realty Managing Partner.
Flourish Ventures raises $350m more for fintech-focused global venture fund.
US-based investor Flourish Ventures has announced raising another $350m for its early-stage, open-ended venture fund that invests globally, including in Southeast Asia, DealStreetAsia reported.
The fresh commitment brings the firm’s total assets under management to $850m, which includes an initial investment of $200m and the additional $300m obtained during its spinoff from Omidyar Network in 2019.
Brookfield AM explores raising funds for Middle East deals.
Brookfield Asset Management is exploring raising separate pools of capital to invest in the Middle East, as one of this year's most active dealmakers seeks to bolster its presence in the region, Bloomberg reported.
The Canadian firm, which currently invests in the region through its global funds, is studying options to raise dedicated money for Gulf deals. It's seeking capital for both private equity buyouts as well as real estate transactions.
Centerview hires Citigroup telecoms banker Gordon Kroft. (People)
Centerview Partners has hired Citigroup investment banker Gordon Kroft to cover telecommunications and digital infrastructure, Bloomberg reported.
Kroft will join the firm led by Blair Effron and Robert Pruzan as a partner in the coming months. He will be based in New York. Kroft was most recently co-head of media and communications at Citigroup, having joined the bank in 2013 from Barclays.
EMEA
Bain Capital, an American private investment firm, Corbis, a company operating mainly in the infrastructure, mining & metals and electric power sector, Security Trading, an investment company, and Fennogens Investments, an investment management firm, completed the acquisition of Caverion, an industrial services provider, for $1.3bn.
“The offer made by the consortium provides clear evidence that Caverion’s goal to achieve “Sustainable Growth” by delivering to our customers along the building’s lifecycle and assisting in their Smart Building and green transitions is an attractive strategy for the future. I believe that with the support and resources from Bain Capital and the Consortium we will be able to further accelerate our business and deliver value to all stakeholders. We at Caverion continue our daily work as usual, focusing on serving our customers and working together across the company,” Jacob Götzsche, Caverion President and CEO.
Caverion was advised by Bank of America and Castren & Snellman (led by Janne Lauha). Bain Capital was advised by Advium Corporate Finance, BNP Paribas, Goldman Sachs, Nordea Bank (led by Alexandra Therman-Londen), UBS, Hannes Snellman, Kirkland & Ellis, and Roschier Attorneys (led by Petri Avikainen). Debt financing was provided by Goldman Sachs. Goldman Sachs was advised by Sullivan & Cromwell (led by Juan A. Rodriguez) and White & Case (led by Ken Barry). Triton was advised by Danske Bank, Deutsche Bank, JP Morgan, Avance (led by Ulf-Henrik Kull) and Tekir. Debt financing was provided by DNB Bank, Danske Bank, Deutsche Bank, JP Morgan, OP Corporate Bank and Swedbank.
TowerBrook Capital, an investment management company, completed the acquisition of a majority stake in Team EIFFEL, a specialist professional services provider. Financial terms were not disclosed.
“With Gilde as a strong and committed shareholder, a dedicated, talented management team, a group of highly skilled expert consultants and sound strategic choices in brand, culture, and service, we have managed to grow to where we stand today. We aim to enhance our impact by not only continuing to grow in our home market but also by developing our service offering across Europe. We are pleased to welcome TowerBrook as a new shareholder and we are looking forward to delivering these ambitious plans together," Gert-Jan Meppelink, Team EIFFEL CEO.
Team EIFFEL was advised by Boston Consulting Group, Citigroup, Ernst & Young and Simmons & Simmons. TowerBrook Capital was advised by Roland Berger, 1602 Capital Partners, Alvarez & Marsal, RBC Capital Markets, Goodwin Procter (led by Christian Iwasko) and Loyens & Loeff (led by Roel Fluit).
Epiris, a private equity manager, completed the acquisition of GSF Car Parts, a supplier of aftermarket automotive parts, from LKQ, a provider of alternative aftermarket, specialty salvage and recycled auto parts. Financial terms were not disclosed.
“GSF serves a large and resilient market: in the UK there are more than 25m cars that are over three years old, and all need to be maintained to the standards set by the MOT test. GSF has an established position supplying the myriad products required to maintain these vehicles, with an offering built on customer service, product range and availability. We look forward to building on the strong platform that the GSF team have created," Chris Hanna, Epiris Partner.
Epiris was advised by AJ Gallagher, DC Advisory (led by Michael Mariaz), JLL Corporate Finance, Macfarlanes, PricewaterhouseCoopers, Endava and Greenbrook (led by Peter Hewer). Debt financing was provided by Atlantic Park. GSF Car Parts was advised by Robert W Baird (led by Adam Czaia).
Strategic Value Partners, a global alternative investment firm, agreed to acquire APCOA Parking, a parking infrastructure operator. Financial terms were not disclosed.
"We are excited to partner with the team at APCOA to unlock significant value, particularly around increasing automation, capitalizing on underutilized space and monetizing EV charging. Through organic growth, operational improvements and investing heavily in innovative technologies, we look forward to helping the APCOA team take the business to the next level," John Brantl, SVP Co-Head of European Investment.
Public Investment Fund, a private equity firm, and Pirelli, a tire manufacturer, agreed to form a joint venture in a $550m deal.
“Through this Joint Venture with Pirelli, PIF is building production capabilities in the automotive and mobility value chain and enhance opportunities for private sector contribution. This collaboration marks another pivotal milestone in our journey to diversify the economy, enhance sustainability and localize manufacturing capabilities in Saudi Arabia,” Yazeed A. Al-Humied, PIF Deputy Governor and Head of MENA Investments.
Pirelli is advised by JP Morgan.
UniCredit, an international banking group, agreed to acquire a 9% stake in Alpha Bank, the second largest Greek bank by total assets, from Hellenic Financial Stability Fund, a legal entity that monitors, evaluates, manages and provides capital support to credit institutions, for €269m ($284m).
If the process with the HFSF is not completed, UniCredit has committed to purchase on market an equity stake equal to the lower of 5% or a different percentage of shares which results from UniCredit investing an aggregate pre-agreed amount over a period of 24 months.
Alpha Bank is advised by JP Morgan.
Apax, a private equity firm, completed the investment in GAN Integrity, a provider of technology that enables proactive, integrated, real-time management and monitoring of third-party and employee risk, ethics and compliance programs. Financial terms were not disclosed.
"We’re incredibly excited to partner with Apax in this next stage of our journey. This investment provides us with the resources and flexibility to execute on our ambitious customer product road map and growth plans, providing even more organisations around the world with a platform that makes good governance effortless. With our talented team, and Apax’s unique insights and operational expertise, we have an exciting future ahead," Nicholas Manolis, GAN Integrity CEO.
Apax was advised by Kekst CNC.
Graphite Capital, a priavte equity firm, completed an investment in Storal Learning, a children's nursery group. Financial terms were not disclosed.
"The importance of early-years education – both in positively impacting children's development and in increasing parental participation in the workforce – is hard to overstate. We are delighted to be able to play a role in this area and back Sarah, Varun, Ashwin and the Storal team in realising their ambitious plans. As part of our support, we are committing capital to enhance Storal's education provision further and expand its footprint across the UK regions," Tony Saade, Graphite Partner.
Graphite Capital was advised by DC Advisory.
Partners Group-backed Emeria, a provider of real estate services and technologies company, completed the acquisition of Chestertons, a British estate agency chain, from Mercantile Group, a UK-based, privately funded investment company, for £100m ($121m).
While Emeria is acquiring Chestertons’ UK operations, Mercantile will remain the owner of the company’s other international operations.
CapitalSG, a Singapore-based investment and advisory firm, completed the acquisition of a majority stake in LeapFrog Investments-backed BIMA MILVIK, a global digital health and insurance company. Financial terms were not disclosed.
"BIMA MILVIK has entered a new phase of its life after a previous phase of rapid growth," Gustaf Agartson, BIMA CEO and Co-Founder.
Norway wealth fund posts $34bn loss in Q3 2023.
Norway's $1.4tn sovereign wealth fund, the world's largest, posted a loss of $33.8bn in the third quarter of 2023 as all asset classes fell in value, DealStreetAsia reported.
"The stock market saw a weaker quarter compared to the two previous quarters. It was particularly the tech, industrials and consumer discretionary sectors which contributed negatively to the return," Trond Grande, Deputy CEO.
RRJ-led group mulls a €5bn bid for Vodafone’s Spain unit.
A consortium led by RRJ Capital, the private equity firm run by former Goldman Sachs banker Richard Ong, is considering an offer for Vodafone's Spanish business.
A potential bid by the RRJ group could value the Vodafone unit at about €5bn ($5.3bn). The consortium has lined up financing for a potential deal. A bid for Vodafone's Spain business could pitch RRJ into competition with Zegona Communications, an acquisition vehicle, which last month said it was in talks about a deal to acquire the assets from the UK carrier, Bloomberg reported.
Blue Owl weighs acquisition of Hayfin Capital Management.
Blue Owl Capital, a private equity firm, is weighing an expansion into Europe through a potential acquisition of rival lender Hayfin Capital Management.
A deal would add €30bn ($32bn)in assets under management to Blue Owl, which oversees $150bn across multiple strategies and is already one of the largest private lending firms in the world. Antares Capital is separately weighing purchasing Hayfin.
Hayfin, owned by British Columbia Investment Management as well as management and employees, has been exploring options including a potential sale.
Blackstone and Permira reconsider their potential acquisition of Adevinta.
Private equity firms Blackstone and Permira are reconsidering their potential acquisition of Adevinta, an Oslo-based online classifieds company. The deal is being taken back to the investment committees of the firms for further discussion.
One of the main challenges faced by the firms is bridging the gap on price expectations with the special board committee of Adevinta independent directors that is reviewing the offer. The company's stock has surged since the private equity interest, with gains of 58% this year, giving the company a market value of $11.5bn. The investor group has not yet decided on its next steps and could still proceed with its bid.
PE-backed Power Capital Renewable Energy put up for sale.
Power Capital Renewable Energy, one of the UK’s biggest developers of solar energy and battery storage, has been put up for sale by its private equity backers with an expected post-money valuation of €400m ($424m), Bloomberg reported.
PCRE, which is backed by Omnes Capital, has retained Akereos Capital to find a buyer. The sale may involve either a majority stake or 100% of the solar energy firm.
The company has a 3.5 gigawatt portfolio of solar and battery storage assets based in Ireland and the US.
British chip champion Pragmatic lines up £200m funding injection.
A fast-growing British semiconductor manufacturer is lining up a £200m ($243m) funding injection from blue-chip backers including the asset management giant M&G, Sky News reported.
Sky News has learnt that Pragmatic Semiconductor, which produces low-cost microchips for use in products such as packaging and clothing, is close to finalising a substantial fundraising backed by Saudi Arabian money.
HIG Capital weighs sale of Sportfive.
Buyout fund HIG Capital is preparing to put its sports management agency Sportfive up for sale, Reuters reported.
The Miami-based firm has hired Citi to explore a sale of the former Lagardere sports business, which manages media rights for events such as the World Aquatics and World Weightlifting Championships.
Wagamama parent gets offer feelers from PizzaExpress owner.
The Wagamama owner, which has been struggling with falling margins amid soaring costs and sluggish recovery post-pandemic, will consider Wheel's proposal.
Saudi wealth fund, Hyundai Motor agree to build auto plant.
Hyundai Motor has agreed to a deal with Saudi Arabia’s sovereign wealth fund to develop a more than $500m car assembly plant, joining electric vehicle maker Lucid Motors in producing cars in the oil-rich kingdom, Bloomberg reported.
The Korean car company will likely develop the facility at King Abdullah Economic City near Jeddah with an aim to produce 50k vehicles a year, according to Park Jiwoo, a senior manager at Hyundai’s external affairs team. The plant will be a joint venture between the Public Investment Fund, which will hold a 70% stake in the Saudi venture, and Hyundai, which will own the rest, she said.
Permira shifting Evelyn, Teraco stakes into continuation fund.
Buyout group Permira is planning to move stakes in British wealth manager Evelyn Partners and South African data centre group Teraco Data Environments into a new fund, giving investors a chance to cash out, Reuters reported.
The move to place the holdings into a so-called continuation fund is an example of how private equity firms are working to return capital to their investors, with IPO markets roiled and M&A deal flow depressed due to tough market conditions.
PIF-backed medical procurement firm Nupco plans Saudi IPO.
Saudi Arabia’s sovereign wealth fund is exploring an initial public offering of the kingdom’s largest medical procurement firm, Nupco, as early as next year, Bloomberg reported.
The firm has held initial discussions with advisers about the potential share sale. Details of the IPO such as size and timing are still being considered.
Goldman, Citigroup drop off Investcorp Capital's Abu Dhabi IPO.
Goldman Sachs and Citigroup have dropped off the planned Abu Dhabi initial public offering of an investment vehicle backed by Investcorp, the Middle East's biggest alternative asset manager, Bloomberg reported.
The two US banks couldn't get internal approval for the IPO's price stabilization mechanism, which has never been attempted before in a United Arab Emirates listing.
AllianzGI raises €1bn for second infrastructure equity fund.
Allianz Global Investors has raised €1bn ($1.05bn) at the final close of its infrastructure private equity fund's second vintage. The Allianz Global Diversified Infrastructure Equity Fund II raised €550m ($581m) after its first close in May. It has now final-closed after receiving €1bn of capital commitments.
The fund is managed by the private equity subsidiary Allianz Capital Partners and focuses on themes such as the energy transition, digital transformation, sustainable mobility and the circular economy. Around 60% of its funds have already been committed to investments.
Pfingsten Partners closes oversubscribed fund at $435m.
Pfingsten Partners, a private equity firm, announced the closing of its sixth investment fund, Pfingsten Fund VI, with total capital commitments of $435m.
"The successful fundraise reflects our consistent, disciplined, operationally focused approach to building value in lower middle market companies. For nearly 35 years Pfingsten has been laser focused on our goal of delivering exceptional results for our investment partners and other stakeholders," Scott Finegan, Pfingsten Senior Managing Director.
Pfingsten was advised by Kirkland & Ellis and Shannon Advisors.
BaltCap first closes second infrastructure fund at €200m.
BaltCap, the largest private equity fund manager in the Baltics, held the first closing of its €200m ($212m) target BaltCap Infrastructure Fund II.
"The Baltic countries and Poland are facing an infrastructure funding gap of ca €250bn ($265bn) over the next 7 years. With the backing of international institutional investors, BInF II will seek to address this gap and finance infrastructure projects that increase energy security and contribute to climate change mitigation," Simonas Gustainis, BaltCap Managing Partner.
Sofinnova Partners raises $200m digital medicine fund.
Sofinnova Partners, a leading European life sciences venture capital firm, announced the successful close of Sofinnova Digital Medicine I at €190m ($200m), significantly exceeding its target.
“The successful closing of Sofinnova Digital Medicine I above its target size marks yet another milestone in our growth as a global firm fostering disruptive innovations in life sciences. This newest fund in our platform of investment strategies is a testament to the trust our limited partners place in our vision and to Sofinnova’s longstanding commitment to shaping the future of healthcare,” Antoine Papiernik, Sofinnova Chairman and Managing Partner.
AXA IM Private Capital unit to launch NAV financing fund.
A unit of AXA Investment Managers is raising a new fund to provide so-called net-asset-value loans, an increasingly popular financing option for private equity firms in difficult markets, Bloomberg reported.
The fund manager’s AXA IM Prime business has already raised about $400m from institutional investors for the vehicle. AXA is an anchor investor in the fund.
BluePeak Private Capital announces final closing of its flagship fund at $156m.
BluePeak Private Capital, an alternative asset manager firm supporting the growth of scalable businesses in Africa through privately negotiated and structured debt like instruments, has reached final closing at $156m for its inaugural private capital fund, BluePeak Private Capital Fund SCSp.
The African Development Bank and South Africa-based private investor Sango Capital are the most recent investors to back the Fund, marking their first ever commitments to a private debt fund. They join development finance institutions, BII, EIB, US DFC, FMO, SwedFund and CDC Tunisia, who backed the Fund at initial closing.
APAC
ARN Media, a media company, and Anchorage Capital Partners, a private equity firm, agreed to acquire Southern Cross Media, a media and entertainment company, for $330m.
"The Board has carefully considered numerous strategic options to continue the company's growth and believe this transaction would be transformative for both sets of shareholders. ARN's regional radio footprint would be almost doubled while we would maintain a focused metro radio network, underpinned by the recognised KIIS and Triple M brands in metro areas. The increased scale supports the potential for future index inclusion and liquidity once the transaction is complete," Hamish McLennan, ARN Media Chairman.
ARN Media is advised by Jefferies & Company, Gilbert + Tobin and Citadel Magnus.
Templewater, a venture capital and private equity firm, agreed to acquire OncoCare Medical, a private oncology practice in Singapore, and Novena Heart Centre, a multi-disciplinary cardiology group practices, from Luye Medical Group, a global healthcare conglomerate. Financial terms were not disclosed.
"After an extensive eighteen-month search and evaluation process within the healthcare services space, we are fortunate to have reached agreements with these market-leading providers. We extend our gratitude to Luye Medical Group and the dedicated doctors for their tremendous efforts throughout the negotiation. As an active shareholder, Templewater is committed to supporting the doctors with our Capital and resources to facilitate the continued expansion of their practices in the region," Simon Chuk, Templewater Partner.
Luye Medical Group is advised by UBS.
Mubadala, Inpex among suitors for SapuraOMV.
Abu Dhabi state fund Mubadala Investment and Japanese oil and gas explorer Inpex are among firms competing to acquire SapuraOMV in a deal expected to be worth about $1.2bn.
The sale of the Malaysian-headquartered oil and gas upstream company could help boost weak global merger and acquisition activity buffeted by headwinds from a slowing world economy, higher interest rates and geopolitical tension.
Indonesian energy company Medco Energi is also vying for SapuraOMV, an equal joint venture of Sapura Energy and Austria's OMV, with bids due this week, DealStreetAsia reported.
AirAsia parent plans to raise more than $1bn in debt and equity.
Capital A, the parent of AirAsia, is planning to raise more than $1bn in debt and equity, and will list some of its businesses through a blank-cheque company, Reuters reported.
Capital A CEO Tony Fernandes has agreed to a deal with Aetherium Acquisition, a special purpose acquisition company, and plans to list several businesses through it next year. This includes a new business extending the AirAsia brand to companies hoping to start airline franchises in developing countries.
KKR is close to invest $400m in OMS.
KKR is nearing a deal to invest about $400m in Malaysian sub-sea cable company OMS Group, in what could be the latest transaction in the digital infrastructure industry in Asia, Bloomberg reported.
The US-based private equity giant is in advanced talks to buy a stake in OMS, which could be valued at about $1bn in the deal. The fresh capital can help accelerate the sub-sea cable firm’s expansion plans and an agreement could be reached soon.
SoftBank fund to sell $123m stake in India's Zomato.
SoftBank's venture capital fund SVF Growth, Singapore, will sell a 1.1% stake in Indian food delivery firm Zomato for $123m, through an open market transaction.
Bandhan Mutual Fund, Motilal Oswal MF, Axis MF, Max Life Insurance Company, Abu Dhabi Investment Authority, Fidelity Investments, Goldman Sachs, Societe Generale, and Morgan Stanley Asia Singapore, among others were the buyers of shares of Zomato.
Tycoon Quek’s Hong Leong considers sale of Southern Steel.
Southern Steel surged by a record after rumour said Hong Leong Group, a conglomerate controlled by billionaire Quek Leng Chan, is considering selling its majority stake in the unit and seeking a valuation of as much as $200m, Bloomberg reported.
The Malaysian company is working with advisers on the planned divestment of its 70% stake in the Kuala Lumpur-listed arm. A deal could value Southern Steel between $100m to $200m. At the top of the range, it would be more than double the firm’s current market capitalization of about $89m.
Kioxia has approached JIC to back Western Digital deal.
Kioxia has approached Japan Investment about making a capital infusion to support its merger with Western Digital and strengthen the combined company's financial base.
Kioxia's lenders are working toward submitting a commitment letter as soon as possible to help facilitate the agreement. The banks have signaled the new company's capital is inadequate and called for additional investment to bolster its balance sheet. JIC, a state-backed investment fund established to boost Japan's competitiveness in next-generation industries, is considering the request.
The two companies are seeking to wrap up negotiations this month and want to announce a deal no later than when California-based Western Digital reports earnings on October 30. They are facing opposition however from South Korea's SK Hynix, a competitor in the memory chip business that became an indirect shareholder in Kioxia when a Bain Capital-led consortium bought a controlling stake from Toshiba, Bloomberg reported.
Byju Raveendran in talks with private equity firms for Aakash stake sale.
Byju Raveendran, the founder and CEO of Byju's, is reportedly in initial discussions with private equity firms, including Bain Capital and KKR, to explore the possibility of selling a controlling stake in Aakash Educational Services, a significant asset in Byju's edtech portfolio. Several PEs, such as Carlyle, are also open to supporting Aakash Chaudhry, the former CEO and a member of the family that established AESL, in repurchasing the company.
Most of the funds approached are interested in transactions involving a change in management control, requiring at least 51% of the stake to be sold to them. Byju's spokesperson stated that Think and Learn is not considering any sale of Aakash Educational Services, emphasizing its importance to their growth strategy.
The ongoing discussions are at an early stage and contingent on factors such as valuations, due diligence, shareholder approval, and the consent of hedge fund Davidson Kempner. These talks coincide with reports that Byju's has approached Chaudhry for his potential return to the company in his former role, possibly replacing Abhishek Maheshwari, who left AESL last month. This potential arrangement is linked to finalizing the long-pending stock-swap agreement with Byju's that was initially announced as part of the 2021 acquisition deal.
China sovereign wealth fund buys up ETF shares in market boost.
China’s sovereign wealth fund Central Huijin Investment said it bought exchange-traded funds on Monday, as the state-run fund continues to snap up shares in the market in moves apparently aimed at boosting stocks, Bloomberg reported.
Central Huijin has bought an undisclosed amount of ETFs and vowed to keep increasing ETF holdings in future, according to a company statement, which did not give any value.
Partners Group shows initial interest in Australian resort island.
Private equity firm Partners Group has shown initial interest in Hamilton Island as the family owners of the holiday destination in Australia conduct a strategic review for the asset, Bloomberg reported.
The buyout firm is studying the resort island for a potential bid. Partners Group and the Oatley family, who own Hamilton Island, have held preliminary discussions.
KKR poised for Kokusai payoff with biggest Japan IPO since 2018.
Kokusai Electric is set to go public on the Tokyo Stock Exchange on October 25, 2023, in Japan's biggest initial public offering since 2018, marking a success for KKR's buyout of the semiconductor-equipment company, Blomberg reported.
The American private equity firm acquired the business from Hitachi Kokusai Electric through a tender offer in 2018, an early experiment in whether foreign buyout shops could successfully acquire pieces of unwieldy Japanese conglomerates and improve their performance.
Edelweiss Alternatives raises $1bn for third special situations fund.
Edelweiss Alternatives, a unit of India’s Edelweiss Group, said it has raised $1bn for the third generation of its special situations strategy, DealStreetAsia reported.
Over the past 12 months, Edelweiss Alternatives has invested in deals worth over $400m from its third-generation fund, representing over 40% of the total amount raised to date. The investments from the fund spread across various sectors, including roads, steel, paper, hotel, leased offices, and real estate.
Japanese mid-market PE firm NSSK raises $665m for third fund.
Japanese buyout firm Nippon Sangyo Suishin Kiko announced that it secured JPY100bn ($665m) in total commitments for its third investment vehicle NSSK III, DealStreetAsia reported.
The fund, which was launched in May 2021, managed to close above its target despite global uncertainties, NSSK said. It secured commitments from existing and new investors.
Zhipu secures $342m in funding from Alibaba, Tencent.
Alibaba Group and Tencent are among the influential Chinese investors that invested $342m in AI startup Zhipu this year, part of a wave of capital flowing into a red-hot arena.
The country's two largest tech firms joined rivals and peers from Ant Group to Xiaomi in backing Beijing Zhipu Huazhang Technology, one of several private firms trying to build domestic rivals to OpenAI's ChatGPT, Bloomberg reported.
China's Detong Capital raises just over $200m for new RMB fund, eyes $274m final close.
Shanghai-based private equity firm Detong Capital announced that it has raised over CNY1.5bn ($205.2m) for its latest RMB-denominated fund, as the firm targets a final close of up to CNY2bn ($273.6m), DealStreetAsia reported.
"The new RMB fund, named “Changzhou Detong Hexin II Venture Capital Partnership,” will continue to focus on emerging industries that are deemed strategically important to China’s national development," Detong Capital.
Bain hires ex-Goldman manager for Asia property investing. (People)
Bain Capital hired a former Goldman Sachs Group real estate executive in Japan as the US buyout fund accelerates investments in property assets across Asia, Bloomberg reported.
Man Kinoshita, a former managing director at Goldman Sachs's Japan office, has joined Bain as a Tokyo-based partner. Kinoshita had previously been involved in asset management at Goldman.
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