AMERICAS
Institutional Shareholder Services is urging investors of Turquoise Hill to reject Rio Tinto’s proposed takeover - siding with criticisms from top shareholders that the deal undervalues the company behind one of the world’s biggest copper mines.
ISS recommended Turquoise Hill shareholders vote against Rio’s cash offer to acquire 49% of the stock it doesn’t own for $32 a share. The deal values the stake in the Montreal-based miner at about $3.1bn, Bloomberg reported.
“While the offer provides an escape from the immediate downside, certainty of value today comes at a cost that is too high to be tolerated. As such, support for this offer is not warranted," ISS.
Turquoise Hill is advised by BMO Capital Markets, Morgan Stanley, TD Securities, Blake Cassels & Graydon, Norton Rose Fulbright and Paul Weiss Rifkind Wharton & Garrison (led by Adam Givertz and Ian Hazlett). Rio Tinto is advised by Credit Suisse, RBC Capital Markets, Rothschild & Co (led by Roger Ewart), McCarthy Tetrault (led by Shea T. Small) and Sullivan & Cromwell (led by Scott Miller).
Audax-backed Aspen Surgical, a surgical products provider, completed the acquisition of Symmetry Surgical, a provider of high-quality surgical and specialty instrumentation, from RoundTable Healthcare Partners, a private equity firm. Financial terms were not disclosed.
“Symmetry has a longstanding history of providing high-quality surgical devices and value-added services to the health care community, including iconic brands such as Bovie, Bookwalter, and Greenberg. The portfolio is synergistic with Aspen and supports our mission to deliver essential products that improve safety and efficiency in the surgical environment," Jason Krieser, Aspen CEO.
Aspen and Audax were advised by Piper Sandler and Kirkland & Ellis. Debt financing was provided by Antares Capital, Golub Capital, BMO, Apogem Capital, Churchill Asset Management, MetLife Investment Management, Northwestern Mutual Capital and Linden Structured Capital.
Aristotle, an investment management organization, agreed to acquire Pacific Asset Management, an asset manager, from Pacific Life, an insurance company. Financial terms are not disclosed.
“We are pleased to welcome the PAM team to the Aristotle family. We have a proven history of identifying the right partners, who share our client-focused investment approach. In all our discussions with the PAM team, we have found their culture and principles to be complementary to ours. We look forward to joining forces to continue to meet our clients’ needs," Richard S. Hollander, Aristotle Chairman.
Aristotle is advised by Ballard Spahr, Ropes & Gray, TJC Law Group and Financial Profiles (led by Tricia Ross). Pacific Life is advised by RBC Capital Markets and Stradley Ronon Stevens & Young.
Thoma Bravo, a software investment firm, and Sunstone Partners, a private equity firm, agreed to acquire UserTesting, a video-based human insight company, for $1.3bn.
“We believe the combination of UserTesting and UserZoom will unlock tremendous value for our customers by further integrating and expanding the suite of research methods, testing types, and measurement options available—all while making the voice of the customer and human insight more accessible across an organization and easily integrated into their processes and workflows,” Andy MacMillan, UserTesting CEO.
UserTesting is advised by Morgan Stanley, Fenwick & West, FGS Global and Sapphire Investor Relations. Thoma Bravo is advised by Kirkland & Ellis and Goodwin Procter.
RidgeLake Partners, a strategic partnership between PA Capital and Ottawa Avenue Private Capital, and Bonaccord Capital, a private equity firm, completed the acquisition of a minority stake in Shamrock Capital, an investor in media, entertainment, communications and related sectors. Financial terms were not disclosed.
“RidgeLake and Bonaccord’s strategic investment in Shamrock is an important milestone in the continued development of our business. RidgeLake and its affiliates have been investing with Shamrock since 2005 and have been trusted partners for us through the course of our firm’s growth. We are excited about the opportunity to expand our relationship with RidgeLake, and look forward to a fruitful partnership with Bonaccord, as we believe that these firms are well-aligned with our long-term vision
Shamrock was advised by Evercore, Kirkland & Ellis and Prosek Partners. Bonaccord was advised by Fried Frank Harris Shriver & Jacobson. RidgeLake Partners was advised by Gibson Dunn & Crutcher.
General Atlantic, a global growth equity firm, agreed to acquire Iron Park Capital, an investment manager. Financial terms were not disclosed.
"We believe that Iron Park's experience in public and private credit strategies, combined with General Atlantic's global platform and sector expertise, creates a distinct advantage. Over the course of our partnership with Tripp and Iron Park, we have developed a deep mutual respect, and our global teams together have originated many exciting opportunities to provide strategic capital solutions to a broad set of companies. We are confident that GA Credit will stand out as an attractive product to businesses looking for active support, while also creating new offerings for investors looking to optimize their portfolios," Bill Ford, General Atlantic Chairman and CEO.
Iron Park is advised by Houlihan Lokey and Kirkland & Ellis. General Atlantic is advised by JP Morgan, Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison.
iCON Infrastructure, an investment group, completed the acquisition of a majority stake in Dobson Fiber, a telecommunications services provider, for $700m.
“The ability to reach underserved communities with the latest technology is a belief the Dobson management team and employees have valued for over 85 years. The investment allows us to continue this mission to even more areas across the region. We look forward to this partnership with iCON Infrastructure for many years to come," Everett Dobson, Dobson Fiber Executive Chairman.
BDT Capital Partners, a private equity firm, offered to acquire the remaining 11.1% stake in Weber, a provider of outdoor cooking products, for $172m.
There can be no assurance that any definitive agreement will result from the proposal submitted by BDT or that any transaction will be consummated. The company and the Special Committee do not intend to comment further about this proposal unless and until they deem further disclosure is appropriate.
Sony Pictures Entertainment, a media company, agreed to acquire Pixomondo, a visual effects company, from Mayfair Equity Partners, a private equity firm. Financial terms were not disclosed.
“Sony’s legacy, and creativity-driven technology strategy, mean that our company has found a home where it can truly thrive. We look forward to continuing to innovate in the virtual production and VFX space with our clients over many years to come," Jonny Slow, Pixomondo CEO.
Pixomondo is advised by The Raine Group and Goodwin Procter. Sony Pictures is advised by Hogan Lovells.
New Mountain Capital, an alternative investment manager, completed the investment in Eir Partners-backed ClaimLogiq, a healthcare technology platform. Financial terms were not disclosed.
“This is an exciting time for ClaimLogiq. We have built a differentiated platform that streamlines the payment integrity process for claim reviews and drives tremendous value for our payer customers. We have significant runway ahead of us, and New Mountain Capital is the ideal partner to support our technology and product roadmap, given their deep sector expertise and successful track record in the space. Their support will further enable our clients to make more informed decisions with accurate, real-time claim reviews, regardless of complexity," Tom Magnotta, ClaimLogiq CEO.
ClaimLogiq is advised by Ice Miller. New Mountain Capital is advised by Ropes & Gray and Abernathy MacGregor Group (led by Dana Gorman).
Francisco Partners, a private equity firm, completed an investment in Acoustic, a marketing and customer experience provider. Financial terms were not disclosed.
"We are thrilled to announce this new investment from Francisco Partners. As more consumer interactions take place digitally, customer experience becomes the deciding factor for whether consumers engage with your brand," Dennis Self, Acoustic CEO.
Acoustic was advised by SVB Securities and Simpson Thacher & Bartlett (led by Atif Azher and Naveed Anwar). Francisco Partners was advised by Kramer Levin Naftalis & Frankel.
Transdev North America, a provider of public transportation and mobility services, agreed to acquire First Transit, a provider of passenger transportation and vehicle maintenance services, from EQT, a global investment organization. Financial terms were not disclosed.
"Over the last few years, First Transit has continued its track record of growth, creating value for our investors, passengers, partners, and employees. As we embark on this new chapter with Transdev North America, we thank our partners at EQT for investing in us and our mission. We are excited about the future and look forward to what is ahead," Brad Thoma, First Transit CEO.
EQT is advised by BMO Capital Markets, Barclays and Simpson Thacher & Bartlett.
Long Ridge Equity Partners, a private equity firm, completed the acquisition of a majority stake in Acqueon Technologies, a customer engagement software developer, from Everstone Capital, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with Long Ridge as we enter our next phase of growth. We are incredibly proud of the world-class business Acqueon has become over the past several years and see tremendous opportunity ahead. With a focus on innovation, customer service, and partnership, we have been able to respond to evolving consumer demands and rapidly scale our client base. We look forward to working with Long Ridge and continuing to be the leader in proactive, trusted, and intelligent customer engagement technology," Ashish Koul, Acqueon CEO.
Acqueon was advised by DC Advisory (led by Christopher Hieb and Klaas Oskam) and Lazare Potter & Giacovas. Long Ridge Equity was advised by Choate Hall & Stewart.
BlackRock, an investment company, led a $120m round in Versa Networks, a networking platform, with participation from Silicon Valley Bank, a commercial bank.
“As the leader in SASE, the fastest growing security and networking category, and executing on SASE services for years, Versa is the only solution proven to deliver the industry’s leading and differentiated architecture for high performance and security. This funding will allow us to expand our go-to-market and accelerate new innovations that will further expand the market opportunity for us as a company," Kelly Ahuja, Versa Networks CEO.
Versa Networks was advised by Citigroup and Code Red.
Energy Impact Partners, a collaborative strategic investment firm, agreed to invest $110m in RS Technologies, a composite utility poles and related products manufacturer.
“We are experiencing enormous demand from electric utilities working to update their systems to withstand more severe weather events such as those recently impacting the southeast US and the Canadian Maritimes. This investment from Energy Impact Partners ensures that we can address today’s grid modernization needs and build capacity to be ready for future events,” George Kirby, RS Technologies CEO.
RS Technologies is advised by JP Morgan and Edelman.
FTV Capital, a sector-focused growth equity investment firm, led a $110m investment in ConnexPay, a payments technology company that integrates payments acceptance and issuance inside a single platform.
“The value of the connected ecosystem – which provides reduced risk, improved cash flow, lower costs of accepting payments and easier reconciliation – truly transforms companies across many verticals. With FTV’s proven track record in payments and its extensive Global Partner Network, we are confident this partnership positions ConnexPay to accelerate global commercial success,” Robert Kaufman, ConnexPay Founder and CEO.
ConnexPay was advised by D.A. Davidson & Co and Prosek Partners (led by Alexa Ottenstein).
KKR to acquire Ness Digital Engineering, a full-lifecycle digital services transformation company, from The Rohatyn Group, a private equity firm. Financial terms are not disclosed.
“Digital transformation and adoption is a critical strategy for businesses of all sizes worldwide. Against this backdrop, KKR believes that Ness is well-positioned for growth, supported by its exceptional, experience-led product engineering heritage. KKR is pleased to invest in Ness’ capabilities and looks forward to working alongside its talented team to further scale Ness’ digital-first platform, achieve its global ambitions, and better enable its customers to compete in the digital economy," Gaurav Trehan, KKR Partner and CEO.
KKR is advised by Simpson Thacher & Bartlett (led by Ian Ho) and Adfactors PR.
Morgan Stanley Capital Partners, a private equity firm, completed an investment in Emler Swim School, a sports company specializing in swimming instruction and services. Financial terms were not disclosed.
“We are thrilled to partner with Greg, Jim and the entire Emler team during an exciting period of growth. Emler has an exceptional culture and steadfast dedication to its mission. We’re honored to support the Company’s ambitious efforts to eradicate child drownings by providing access to high quality swim instruction across the United States,” David Thompson, MSCP Managing Director.
Emler was advised by Foley & Lardner. Morgan Stanley Capital Partners was advised by Debevoise & Plimpton (led by Uri Herzberg).
Sky Peak Capital, a New England-based private equity firm, completed the acquisition of Hicks Machine, an ISO 9001 certified, second generation, precision machine shop. Financial terms were not disclosed.
“We’re excited to partner with Sky Peak and launch the new Excelus platform. We look forward to building a one-stop, turn-key solutions provider focused on cutting edge technologies in engineering, machining, fabrication and beyond at a critical time in the lifecycle of US manufacturing,” Chuck Lipps, Hicks General Manager.
Sky Peak was advised by BakerHostetler and GFC.
Energy Capital Partners, a private equity firm, agreed to acquire a 50% stake in the US portfolio of Ørsted, an energy company, for $410m.
“We are pleased to invest in this diverse portfolio of operating wind and solar assets, underpinned by long term investment grade cash flows in attractive markets. Ørsted has a first class reputation for owning and operating renewable projects around the world, and we are delighted to partner with them as they continue to grow and diversify their Onshore business," Schuyler Coppedge, ECP Partner.
Ørsted is advised by Jefferies & Company.
MSP Sports Capital, a global private equity firm, completed the acquisition of a majority stake in X Games, an iconic sports and entertainment property, from ESPN, a multinational, multimedia sports entertainment brand. Financial terms were not disclosed.
"We are bringing our deep-rooted sports expertise to continue the progression and excitement around athletes, competition, fans, and X Games partners," Jahm Najafi, MSP Sports Capital Founder and Chairman.
MSP Sports Capital was advised by Heather Krug PR & Marketing (led by Heather Krug).
Bison Capital, a private equity firm, Angeles Equity Partners, an investment company, and Brian Nelson, an individual investor, completed the acquisition of Lapmaster Parent, a producer of high precision equipment and accessories. Financial terms were not disclosed.
Bison Capital and Angeles will partner with Brian Nelson, who founded PSS and will resume his role as group CEO, to drive the next stage of the company’s global growth.
Angeles Equity Partners was advised by Chameleon Collective.
Ara Partners, a private equity firm, completed a $65m investment in BioVeritas, a bio-based ingredients company.
"Petrochemicals are part of nearly every aspect of our lives, including our global food supply. Our mission at BioVeritas is to decarbonize the global human & animal food, feed, and gut health industries by replacing petrochemical ingredients with highly efficacious plant-based natural equivalents, thereby contributing to a healthier population and a more sustainable planet," David Austgen, BioVeritas CEO.
Pulp maker Paper Excellence has obtained a court decision allowing completion of its deal to acquire Brazilian company Eldorado Brasil Celulose from J&F Investimentos, Reuters reported.
Paper Excellence won an arbitration against Eldorado's current controlling shareholder, J&F Investimentos, which also controls meatpacker JBS SA. But J&F went to the courts and obtained an injunction preventing the transfer of 100% of Eldorado shares to Paper Excellence. Now the judge in the appeal has voided the injunction.
Coltala Holdings, a diversified holding company, completed the investment in Pond Robinson & Associates, a nationwide commercial equity-level due diligence firm. Financial terms were not disclosed.
"So proud of what Michael Raybon and Mark Petersen have accomplished together over the last 20+ years. After building this business over many years, it was very important to find the right partner. Ralph, Edward and the Coltala team are high integrity and are a great fit for our culture and mission at Pond Robinson," Alan Pond, PR&A Founding Member.
Credit Suisse US asset manager draws interest from Janus, Blue Owl and others.
Money managers such as Janus Henderson Group and investment firms including Blue Owl Capital are weighing potential offers for Credit Suisse Group's US asset management unit. The unit may fetch around $2bn in a sale.
The Swiss bank is seeking buyers for the business as part of a multi-pronged effort to revise its strategy and raise capital following a string of scandals and financial setbacks.
Janus and rival asset manager AllianceBernstein Holding and Blue Owl as well as private equity firms Centerbridge Partners and Clearlake Capital are considering bids. Other asset managers considering participating in Credit Suisse's auction process include Ameriprise Financial and Invesco, Reuters reported.
American Securities explores a $2.5bn exit of CPM Holdings.
Private equity firm American Securities is considering a sale of food equipment maker CPM Holdings, a machinery industrial company.
American Securities is working with an adviser to explore strategic options, including a sale in early 2023, that could value Waterloo, Iowa-based CPM at more than $2.5bn. The company is expected to attract interest from peers, Bloomberg reported.
VMG is selling minority stake to Bonaccord.
Private equity firm VMG Partners sold a minority stake to Bonaccord Capital Partners. The deal represents a stake of less than than 15% of San Francisco-based VMG, Bloomberg reported.
VMG, led by co-founder Mike Mauze as well as general partners Wayne Wu, Robin Tsai and Carle Stenmark, has begun notifying its limited partners, also known as fund investors, about the transaction, which has closed. A portion of the proceeds will be used by partners to invest in the firm’s future funds.
Mobileye Global prices IPO above range to raise $861m.
Mobileye Global, the self-driving technology company owned by Intel, priced one of the biggest US initial public offerings of the year above its marketed range to raise $861m.
The company sold 41m shares for $21 each. Mobileye had marketed the shares for $18 to $20 apiece. Private equity firm General Atlantic agreed to buy $100m worth of shares in a private placement in conjunction with the IPO, according to Mobileye’s filings with the US Securities and Exchange Commiss, Bloomberg reported.
Ares Management closes oversubscribed $7.1bn second special opportunities fund.
Ares Management, a global alternative investment manager, has held the final closing of its Ares Special Opportunities Fund II at its hard cap of $7.1bn of commitments, including General Partner commitments, way in excess of its $4bn target.
The Special Opportunities strategy seeks to invest in a range of private, special-situation opportunities and flexes into stressed/distressed public market debt when deemed attractive. Further, the team aims to partner with companies to enhance enterprise values and fill the void between for-control private equity and private debt. To date, the Special Opportunities strategy has deployed nearly $12bn across a diverse portfolio, of which ASOF II has invested or committed approximately $3bn, or roughly 45% of its investable capital base.
TPG real estate arm closes $6.8bn opportunity fund.
TPG Real Estate, the dedicated real estate platform of global alternative asset firm TPG, announced it has closed its latest opportunistic real estate equity fund, TPG Real Estate Partners IV. The fund was oversubscribed, hitting its hard cap and securing more than $6.8bn of total commitments.
“We are focused on investing behind themes backed by either long term secular trends or dislocations caused by capital market volatility. With the close of this fund, we have more dry powder than at any other time in TPGRE’s history,” Avi Banyasz, TPG Real Estate Partner and Co-Head.
BlackRock Global Infrastructure Fund IV raises $4.5bn at first close.
BlackRock Alternatives, through its Infrastructure business, has raised $4.5bn in initial investor commitments for Infra IV, achieving over half of its targeted size at first closing.
The fund, which is targeting $7.5bn, secured initial commitments from a diverse group of institutional investors, including public and private pension funds, sovereign wealth funds, insurance companies and family offices. These clients are based around the world, including from the United States, Asia, Europe and the Middle East. Over 75% of the commitments in the Fund are from investors who have invested in prior vintages of the strategy.
Bregal Sagemount holds final close of Fund IV at $2.5bn hard cap.
Bregal Sagemount, a growth-focused private equity firm, has held the final closing of the Bregal Sagemount Fund IV at its hard cap of $2.5bn.
Fund IV investor base is comprised of institutional investors with long-term commitments to private equity, including leading endowments, pension funds, large family office investors, and key consultant relationships.
Bregal Sagemount is advised by Goodwin Proctor.
Ridgemont Equity Partners closes fourth fund at hard cap with $2.35bn in commitments.
Ridgemont Equity Partners, a private investment firm specializing in buyout and growth investments in industry-leading middle market companies, today announced the close of Ridgemont Equity Partners IV, at its hard cap with $2.35bn in commitments.
The fund significantly exceeded its initial target of $2bn and brings the Firm’s total assets under management to over $8.5bn.
Bain Capital raises $2bn for latest tech fund with eyes on Europe.
Bain Capital has raised more than $2bn for its latest Tech Opportunities Fund and plans to use part of the investment to expand its dealmaking in Europe, Bloomberg reported.
The private equity firm has surpassed its $1.5bn target for the fund and expects to close in the near future. That’s up from the $1.3bn Bain raised for the first, US-focused fund, which launched in 2019.
Trinity Hunt announces closing of its $618m continuation fund.
Trinity Hunt Partners, a growth-oriented private equity firm, announced the closing of its first Continuation Fund, raising capital to support the acquisitions of Argano and Improving, two premier technology services companies, from Trinity Hunt Partners V. The Continuation Fund closed on $618m in commitments, which includes a substantial pool of capital for follow-on investments to support the continued growth of the companies.
"We seek to partner with best-in-class sponsors to create solutions for their highest quality assets, and this transaction is a great example of both. We're excited to build on our partnership with Trinity Hunt in a transaction that will support these two companies in their continued value creation," Adam Johnston, StepStone Partner.
EMEA
Capricorn investor Palliser Capital said it opposed Capricorn's planned merger with Israel's NewMed Energy, echoing its criticism of a previous failed merger plan with Tullow, as undervaluing the company, Reuters reported.
“The board has engaged in a robust and dynamic process to evaluate options for Capricorn and considered a broad range of external factors and market conditions. The combination with NewMed and a cash special dividend represent the delivery of significant value for Capricorn shareholders. We believe this is a compelling transaction which combines near term value realisation with ongoing participation and value creation in a world class gas company," Nicoletta Giadrossi, Capricorn Chairman.
NewMed Energy is advised by JP Morgan, Agmon & Co. Rosenberg Hacohen & Co, Davis Polk & Wardwell and Celicourt. Capricorn Energy is advised by Goldman Sachs (led by Bertie Whitehead), Morgan Stanley (led by Matthew Ball), Rothschild & Co (led by Alice Squires), Gornitzky & Co, Shepherd & Wedderburn, Slaughter & May (led by Paul Dickson) and Brunswick Group (led by Patrick Handley).
easyHotel, budget hotel chain, completed the acquisition of eight Benelux hotels from Crossroads Real Estate, a real estate private equity, for €145m ($143m).
“This strategic acquisition is an important milestone in our plan to increase our presence in continental Europe from a strong UK base. Consumers place increasing importance on value, hence increasing demand for affordable hotels across Europe and the UK, a trend which we expect to continue given current inflation," Karim Malak, easyHotel CEO.
easyHotel was advised by Allen & Overy, CMS and Loyens & Loeff. Crossroads Real Estate was advised by Jones Lang LaSalle, DLA Piper and Goodwin Procter.
European Union antitrust regulators will decide by November 30 whether to clear French media company Vivendi’s proposed acquisition of French peer Lagardere, Reuters reported.
Vivendi put in a request for EU approval on October 24. The deal, which would combine France’s two biggest publishing groups, Lagardere’s Hachette and Vivendi’s Editis, has already drawn criticism from French independent publishers, including its most famous one, Gallimard.
Vivendi is advised by BNP Paribas, Societe Generale (led by Stephane Krief) and Cleary Gottlieb Steen & Hamilton. Amber Capital is advised by White & Case (led by Saam Golshani). Lagardere is advised by Image Sept (led by Anne Meaux).
Atlantic Park, a private equity fund, and GIC, a sovereign wealth fund, agreed to invest €550m in CHEPLAPHARM, an international platform for well-established branded medicines.
“Atlantic Park is delighted to support CHEPLAPHARM’s management team as they pursue their growth ambitions. Empowering and further strengthening market leaders like CHEPLAPHARM is a core pillar of Atlantic Park's investment philosophy, and we are excited to bring the relationships and expertise of our partners on General Atlantic's Life Sciences team to bear for the company," Tripp Smith, Atlantic Park Founder and Managing Director.
CHEPLAPHARM is advised by Credit Suisse, Deutsche Bank, JP Morgan and Latham & Watkins (led by Oliver Seiler and David Rath).
Carlyle Group, a private equity firm, agreed to acquire a majority stake in Garnica Plywood, a manufacturer of premium plywood solutions, from Intermediate Capital Group, a private equity firm, for $500m.
"I would like to thank ICG for their support over the past six years during a period of significant change for our business. Moving forward, we are delighted to announce this partnership with Carlyle, with its outstanding track record of working with and growing leading Spanish businesses, as we look to the next chapter of Garnica’s growth by further internationalizing the business and looking to unlock more growth through strategic investments," Pedro Garnica, Garnica Founder and President.
Garnica Plywood is advised by William Blair & Co and Allen & Overy. Carlyle is advised by Perez Llorca. ICG is advised by Cuatrecasas Goncalves Pereira (led by Francisco Jose Martinez Maroto).
Eurowag, a provider of payment services, agreed to acquire Inelo, a provider of work time management systems, from Innova Capital, a private equity time, for €306m.
"This strategically important transaction not only brings additional scale to Eurowag, it also takes us significantly closer to achieving our ambition of delivering a fully integrated, end-to-end digital platform for customers in the commercial road transport sector. Inelo adds approximately 87k connected trucks to our network and solidifies our position as a leading provider of fleet management solutions to the CRT industry in the CEE region. Importantly, it also adds exciting new products to our platform in working time management solutions, which provide mission-critical services to customers and drive excellent customer retention," Martin Vohánka, Eurowag Founder and CEO.
Britain's competition watchdog cleared London Stock Exchange Group's £274m ($314m) takeover of Quantile Group after an in-depth investigation, Reuters reported. The Competition and Markets Authority concluded that the deal did not raise substantial competition concerns in Britain.
"On the basis of that engagement and other evidence we have gathered, we are satisfied that this deal will not worsen the options available to businesses and consumers," Martin Coleman, CMA Independent Inquiry Group Chairperson.
LSEG is advised by Evercore. Spectrum Equity Investors is advised by
Latham & Watkins (led by Farah O'Brien).
A consortium of investors comprised of GIC, IK Partners, Keensight and Parquest and led by Eric Goupil, CEO of Unither, agreed to acquire a majority stake in Unither Pharmaceuticals, a contract development and manufacturing organization of pharmaceutical products, from Ardian, a private investment house. Financial terms were not disclosed.
"With Ardian's support, we have been able to strengthen our business in the US, expand into China and continue investing significantly to cope with our customers' strong demand and fuel our future organic growth. In collaboration with our new partners, GIC and IK and with the support of our historic partners Keensight and Parquest, we are seeking to build on this strong foundation, to continue satisfying our customers and leverage our global footprint," Eric Goupil, Unither CEO.
CVC Capital Partners, a private equity firm, agreed to acquire a 50% stake in Gridspertise, a smart grid operator, from Enel Group, an energy company. Financial terms were not disclosed.
"We are excited about this investment and look forward to working closely with Enel and the management team led by Robert Denda to further improve Gridspertise’s go-to-market capabilities, diversify the current geographical footprint and optimise operational performance," Andrea Ferrante, CVC Senior Managing Director.
CVC is advised by Rothschild & Co.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, offered to acquire a 51% stake in Telecommunications Towers Company, a provider of ICT infrastructure in KSA, from Saudi Telecom Company, the Saudi digital enabler of telecommunications services in the Kingdom of Saudi Arabia, for $3bn.
If completed, the financial impact of the potential acquisition is forecast to be positive and material, stc said, adding that it will announce any material developments in due course.
Eiffage, a construction engineering company, agreed to acquire a 13.71% stake in Getlink, a railway equipment company, from TCI Fund Management, a private equity firm, for $1.19bn.
“This strengthening of the Eiffage position is the logical continuation of the interest they have shown in the very high quality Getlink asset since 2018. I am delighted to welcome Eiffage as a major shareholder and would like to thank TCI for having supported our strategic objectives and, in particular, for having provided such significant support for our positioning as an environmental investment,” Jacques Gounon, Getlink Chairman.
EIP Management completed the acquisition of a 30% stake in Energy Infrastructure Partners, a private equity firm from Credit Suisse, an investment banking company. Financial terms were not disclosed.
“This strategic step enables EIP to pursue our ambitious growth plans in times of strong demand for energy infrastructure, which has become more important than ever in today’s world,” Roland Dörig, EIP Co-Founder and Managing Partner.
Modus, a venture capital company, agreed to acquire Agile Ventures, a venture capital firm. Financial terms were not disclosed.
"Successful Venture Building is about an empowering culture and proper processes; that's what we love about Modus. We share similar values, cultural beliefs, and each have robust Venture Building frameworks. Modus believes in Vision 2030 and together, we are building a solid team to develop innovative startups that can add value to the economy and equip Saudi talent with the skills required in the 21st century. We believe together, we will do extraordinary work," Ahmad Abutaleb, Agile Ventures Co-Founder and CEO.
Bitcoin Group weighs a $20m bid for Bankhaus von der Heydt.
Bitcoin Group, a venture capital firm, is considering a bid for Bankhaus von der Heydt, the 268-year-old German bank that’s stumbled with its own moves into cryptocurrencies and digital assets.
The crypto and blockchain investor is in negotiations with several potential targets, including Bankhaus von der Heydt. Bankhaus von der Heydt has been talking to potential buyers after a deal to sell itself to crypto-derivatives exchange BitMEX fell through. A sale may value the bank at around $20m, Bloomberg reported.
Everwood in talks to sell 6.1GW solar assets portfolio.
Spain-based renewable energy investor Everwood Capital has hired Bank of America to sell a portfolio of 6.1GW of solar power plants in Europe and Latin America.
Everwood expects to start receiving early offers for the projects, located in Spain, France, Italy, Germany, Colombia, Greece, Peru and Argentina, in two weeks. The portfolio consists of 1.3GW of solar photovoltaic projects in Spain and Italy and a development platform with 4.8GW of solar pipeline and local teams in Spain, Italy, France, Germany and Latin America.
Appetite for low-carbon energy sources has taken on fresh urgency this year after Russia's invasion of Ukraine, with oil and gas companies setting ambitious green targets and jostling with utilities and existing renewables investors to lead the energy transition, Reuters reported.
Abu Dhabi consortium weighs bid for GEMS Education stake.
A consortium of Abu Dhabi state-backed entities is weighing an offer for a stake in Dubai-based GEMS Education, one of the world’s largest private school operators, Bloomberg reported.
Wealth fund ADQ and real estate developer Aldar Properties are among those exploring a joint bid for part of private equity-backed GEMS. Aldar, which is backed by the Abu Dhabi wealth fund Mubadala Investment, already manages a schools business called Aldar Education.
Apollo, Pimco in talks to buy Credit Suisse SPG assets.
Credit Suisse Group, lining up the pieces of a sweeping overhaul, is in advanced talks with a group of investing giants including Apollo Global Management to sell at least part of its securitized products business, Bloomberg reported.
The coalition of potential buyers also includes fund manager Pacific Investment Management. Selling the profitable though capital-intensive business would be a key step for the Swiss lender looking to downsize its investment bank and help pay for other restructuring moves being unveiled on Thursday.
Neptune Energy in talks to sell German oil and gas assets.
British oil company Neptune Energy is in advanced talks to sell its oil and gas assets in Germany to private equity firm Shorelight, Reuters reported.
The deal is valued at "several hundreds of millions" of dollars. Neptune produced around 18k barrels of oil equivalent per day in Germany in the first half of 2021, according to its financial results.
Abu Dhabi fund ADQ invests $125m in Aliph Capital.
Abu Dhabi sovereign wealth fund ADQ has invested $125m in the debut fund launched by Aliph Capital, the Middle East’s first female-led private equity firm.
The investment announced by ADQ and Aliph’s founder accounts for half of the $250m Aliph Fund I, which will focus on medium-sized companies in the region.
Nordic Capital Fund XI closed at €9bn hard cap.
Nordic Capital has completed its largest ever fund raise, and one of the largest in Europe so far this year, with the closing of Nordic Capital Fund XI at its hard cap of €9bn ($8.9bn), exceeding its €8bn ($7.9bn) target.
Nordic Capital Fund XI saw strong demand from a diversified global base of new and returning blue-chip investors. Nordic Capital's current portfolio companies have on average achieved 11% organic employment growth in 2021, an average 12% increase in annual sales, and a 15% increase in EBITDA per year since Nordic Capital's inception.
Three Hills Capital closes fourth fund at hard cap of €1bn.
Three Hills Capital Partners announced that it has held the final close of Three Hills Capital Solutions IV at its hard cap of just over €1bn ($985m). This represents a significant uplift on its predecessor fund, which closed on €540m ($600m) in 2019.
“This latest fund is an important milestone for THCP and will allow us to support many more entrepreneurs and management teams with our flexible financing solutions and operational expertise. I want to thank our investors for their continued trust and support, as well as the partners within our portfolio and the whole THCP team for the part they have played in our growth. Our expanding investor base is testament to the strength of our unique strategy and further cements THCP’s position in the private market space," Mauro Moretti, Three Hills Founder and Chairman.
Waterland targets almost $500m for fund to retain top assets.
Waterland Private Equity is targeting roughly $500m for its first vehicle dedicated to reinvesting in assets sold by its own funds, according to documents prepared for a New Mexico State Investment Council investment committee meeting.
The Netherlands-based private-equity firm, which invests in smaller and midsize businesses across Europe, is raising its first Partnership fund to take follow-on stakes in its “best performing investments,” which are likely to continue expanding after Waterland’s older funds exit their.
Unigestion reaches first close on €200m for third direct private equity fund.
Unigestion, an independent, specialist asset manager, has held the first close of its third direct private equity fund on €200m ($200m). This vehicle comes just one year after its predecessor, which closed in 2021 on €600m ($600m).
The fund, Unigestion Direct III, targets global mid-market companies. It claims to give investors exposure to hard-to-access companies in areas uncorrelated to GDP. These include healthcare, service efficiency, future of work and sustainable cities.
APAC
K1 Investment Management, a private equity firm, agreed to acquire ELMO Software, a software developer, for $319m.
“The ELMO Independent Board Committee has carefully considered the proposal and believes the offer price of $4.85 cash per share represents compelling value for ELMO shareholders. Whilst ELMO has achieved considerable success to date in Australia/New Zealand and the United Kingdom, the IBC has balanced this against the macroeconomic and execution risks in achieving future plans and has unanimously concluded that the Scheme is a compelling option which relates attractive value for our shareholders," Barry Lewin, ELMO Chairman.
ELMO Software is advised by UBS, Arnold Bloch Leibler and Citadel Magnus (led by Peter Brookes). K1 Investment Management is advised by Morgan Stanley and Gilbert + Tobin.
SIGNET Healthcare Partners, a New York-based healthcare private equity firm, completed the investment in LAXAI, a provider of contract research, development, and manufacturing solutions to pharmaceutical and specialty chemical companies. Financial terms were not disclosed.
"LAXAI has been a trusted partner in the pharmaceutical and specialty chemical space providing client-focused contract research and development services." SIGNET's investment will enhance LAXAI's infrastructure and further augment operations to help our customers and partners maximize innovation and productivity. "We are very pleased to welcome SIGNET as a partner to help accelerate growth and achieve our ambitious long-term objectives. We look forward to leveraging SIGNET's knowledge and network as we continue to expand and enhance operations," Vamsi Maddipatla, LAXAI Chairman and Managing Director.
LAXAI was advised by Richards Layton and Finger and Tempus Law Associates. SIGNET Healthcare Partners was advised by J. Sagar Associates and Sheppard Mullin Richter & Hampton.
A consortium of investors, including KKR, Abu Dhabi Investment Authority, Brookfield and TPG, led a $500m funding round in UPL, an Indian chemicals company.
“Our commitment to transform the global food value chain will now receive even more impetus with the creation of these distinct pure-play platforms. This shall enable to bring in enhanced focus, ensure better allocation and utilisation of resources and outcome-oriented solutions to farmers," Jai Shroff, UPL Global CEO.
UPL was advised by Adfactors PR.
KKR, an American global investment company, agreed to acquire a 13.33% stake in Advanta, a global seed business, for $300m.
“Since the acquisition of Advanta in 2006, UPL has built Advanta into a leading global seed company with presence in more than 80 countries. Today, Advanta is a leading player in sustainable agriculture solutions, benefitting the livelihoods of farmers globally. As sustainable farming practices increases in priority around the world, Advanta is well poised for its next leg of robust growth. We are working closely with KKR to build on Advanta’s strong platform to deliver continued success in this next phase of evolution,” Jai Shroff, UPL CEO.
UPL is advised by Adfactors PR.
65 Equity Partners, an independently managed investment firm wholly-owned by Temasek Holdings, completed a $106m investment in Cityneon, a Singapore-based immersive entertainment firm.
"We are excited to partner Cityneon's management team in its next phase of growth. Cityneon has a unique franchise, which provides IP-based immersive entertainment where it has built a leading position globally supported by a portfolio of high quality IPs. This investment aligns strategically with our mandate of supporting high growth, leading businesses led by founders and entrepreneurs, to help them scale and fulfil their growth aspirations, as well as facilitating their eventual public listing," Tan Chong Lee, 65 Equity Partners CEO.
Cityneon was advised by Credit Suisse.
CDPQ, an institutional investor, agreed to invest $474m in Shizen Energy, a renewable energy company.
"We are very honoured to form this partnership with CDPQ, which has been moving toward sustainable management for decades and is currently investing in the realization of a decarbonized society from a long-term perspective. Shizen Energy has been striving to achieve its purpose of 'We take action for the blue planet', and we feel that even greater speed is required to resolve global warming and energy challenges. Through our collaboration with CDPQ, we will accelerate our global actions for the future of this Earth," Ken Isono, Shizen Energy CEO.
Asset management firms APG Asset Management and CapitaLand Investment, agreed to acquire Extra Space Asia, a self-storage operator, for $404m.
“Self-storage is one of the alternative asset classes that has remained impressively resilient during the pandemic and looks set to continue benefitting from strong growth tailwinds supported by favourable demographics and lifestyle trends in Asia. This is an opportune time to enter the emerging sector with a new platform that will augment CLI’s funds under management and fee-related earnings. We view the self-storage platform as an extension of CLI’s logistics platform, well-positioned to capture the increasing demand for flexible storage and last-mile delivery requirements in tandem with the growth of e-commerce," Patrick Boocock, CLI CEO.
Hidden Hill Capital, a private equity investment platform of GLP, led a $300m pre-Series A round in Farizon Auto, Geely's new energy vehicle subsidiary.
Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement.
UBS Asset Management, a large scale investment manager, completed the acquisition of 73 Miller Street, North Sydney office tower from ESR, APAC's largest real asset manager, for $253m.
The building's tenants include electronics giant Sony, trading platform Axi, billboard provider OOH Media and engineering firms Aurecon and Taylor Thomson Whitting.
JIP-led group might be late for the $17.6bn Toshiba buyout's lending deadline.
The preferred bidder to buy out Toshiba, a group led by private equity firm Japan Industrial Partners, is likely to miss the deadline to secure bank loans for the deal, Reuters reported.
The JIP-led group was granted preferred bidder status by Toshiba in a second round of bidding on October 7, though the conglomerate is still open to proposals from others.
Orix can invest about $2bn in Toshiba buyout.
Orix has decided it could invest about $2bn in a consortium to buy out Japanese industrial conglomerate Toshiba.
A consortium led by private equity firm Japan Industrial Partners has been granted preferred bidder status by Toshiba in a second round of bidding, though the conglomerate is still open to proposals from others. JIP has asked multiple companies to join the consortium, including Orix and Chubu Electric Power, Reuters reported.
Mubadala, KKR to invest about $1bn in Asia.
KKR & Co and Abu Dhabi state fund Mubadala Investment said they had entered into an agreement to invest about $1bn in Asia. The agreement, announced on Sunday, will see the two firms investing across performing private credit opportunities in the Asia Pacific region.
Mubadala, which manages $243bn in assets, said in a joint statement it would deploy its capital alongside KKR’s existing pools of capital, including capital from the KKR Asia Credit Opportunities Fund, a $1.1bn credit investment vehicle KKR closed in May.
Warburg Pincus to invest $350m in establishing Southeast Asia digital insurance firm.
Warburg Pincus is making its largest investment to date in the Asian insurance sector with the commitment of $350m to set up Oona Insurance, a Southeast Asian digital general insurance platform.
“With consistently rising incomes and accelerating digital adoption, we believe Oona is well positioned to capture the tremendous growth opportunity for digital insurance across South-east Asia,” Saurabh Agarwal, Warburg Pincus Managing Director.
Hormel is in talks to acquire CVC's take in GarudaFood.
Hormel Foods, an American food processing company, is in talks to acquire private equity firm CVC's stake in GarudaFood Putra Putri Jaya, a snacks maker.
Hormel Foods has emerged as the likeliest buyer of the GarudaFood stake after outbidding rivals. Hormel and CVC are hammering out the details of a transaction that could be worth a few hundred million dollars, Bloomberg reported.
Saudi wealth fund head says ‘stay tuned’ on Aramco stake sale.
The governor of Saudi Arabia’s sovereign wealth fund says people should “stay tuned” for news on it selling down an $85bn stake in Aramco.
The $620bn Public Investment Fund owns 4% of Aramco, which the government transferred to it in February. PIF had started discussions about how to monetize the holding and raise funds for its ambitious investment goals, Bloomberg reported.
Welkin China Private Equity pauses $300m London IPO.
China-focused investment firm Welkin China Private Equity said it will pause its $300m London initial public offering due to heightened market volatility amid rising recessionary fears.
The firm said its board will reassess the IPO at a later date when macroeconomic conditions have improved.
Walmart-backed PhonePe in talks to raise funds at $12bn valuation.
Payments and financial services unicorn PhonePe is in talks to raise a new round of funding led by General Atlantic at a valuation of over $12bn, in what would make the Walmart-backed startup the most-valued fintech in India.
PhonePe will use the funds raised to double down on its ambitions to become a financial services super app - offering everything from payments to insurance to investments to commerce.
It will be a rare instance of a late-stage round amid a startup funding winter where investors are signing smaller cheques as they turn cautious in a deteriorating macro environment, Money Control reported.
Square Peg raises $550m for SE Asia, Australia, and Israel fund.
Square Peg, Australia’s largest pensions-backed venture capital firm, announced that it has raised $550m for its fifth fund, which will focus on tech founders in Australia, Southeast Asia, and Israel.
The fund, which secured commitments from new and returning investors, brings Square Peg’s total funds raised to date to over $1.6bn since its inception 10 years ago. The latest fundraising was backed by AustralianSuper, and fund-of-funds manager Roc Partners, DealStreetAsia reported.
Investcorp, Fung Capital set up $500m fund targeting China’s Greater Bay Area.
Global alternative investment manager Investcorp and the private equity arm of Hong Kong’s Fung Investments Fung Capital have launched a $500m fund to invest in companies in the Greater Bay Area, DealStreetAsia reported.
The sector-agnostic fund will focus on investing in mid-cap companies and privately-negotiated equity or equity-linked investments across GBA.
Indian PE firm Gaja Capital set to close fourth fund at $400m soon.
India-focused mid-market private equity firm Gaja Capital has raised as much as $202m as it gears up to make the final closing of its fourth fund, per a new filing with the US Securities and Exchange Commission.
While the total amount sold to US investors is $7m, the amount sold to non-US investors is $195m, DealStreetAsia reported.
China's Alwin Capital closes second dual-currency fund this month at over $300m.
Chinese venture capital firm Alwin Capital has secured the final close of a dual-currency fund at $300m to invest in life and interdisciplinary sciences, DealStreetAsia reported.
The RMB investors of the dual-currency fund include large fund of funds, Chinese government guidance funds, medical industry and insurance companies, banks, and other financial institutions in China, the company said without divulging names.
Altair Capital looks to raise $160m-$200m second fund next year.
Altair Capital, the Southeast Asia investment affiliate of Japanese buyout firm Polaris Capital Group, plans to hit the road next year to raise its second fund.
The firm might look at raising $160m-$200m for the second vehicle, DealStreetAsia reported.
SALT Ventures to launch $150m third fund, reinvents itself as venture equity.
Indonesia’s early-stage investor SALT Ventures is set to kickstart fundraising for its third fund with a target size of $150m.
The vehicle, which will launch next month, is seeking to raise a significantly higher sum compared to its predecessor funds, DealStreetAsia reported.
Bright Capital raises almost $140m for dual-currency fund series.
Chinese venture capital firm Bright Capital has held the final closing of a new US dollar fund, bringing the total capital commitments for its its third dual-currency fund series to $139m, DealStreetAsia reported.
With the dry powder, Shenzhen-headquartered Bright Capital plans to double down on early-stage investments in the consumption and technology sectors where it has built a portfolio of over 50 companies.
Shift4Good raises $98m in first close of latest impact VC fund.
Shift4Good, a Singapore and Paris-based sustainable mobility venture capital firm, has attracted €100m (about $98m) in the first close of its latest impact VC fund.
Fund I has a target of €300m ($293m) and will invest in startups that are decarbonising the transportation industry, with a focus on European and Southeast Asian opportunities.
Shift4Good was advised by Chammas & Marcheteau.
Sidra Capital holds first close of Asia-Pacific PE co-investment strategy with BlackRock Alternatives.
Sidra Capital, a Saudi based alternative asset manager, in partnership with BlackRock Alternatives, has held the first close of the Sidra-BlackRock Asia-Pacific Private Equity Strategy. The bespoke strategy looks to provide investors with unique Shari’ah compliant private equity opportunities in the Asia-Pacific region.
The strategy leverages BlackRock’s established GP network and strong deal flow to access leading managers with compelling transactions. The strategy is structured to provide investors with a diversified exposure to the APAC region. APAC comprises of countries located in the East, South, and Southeast Asia as well as Australia and Oceania.
Asante Capital Group strengthens strategic focus in Asia.
Asante Capital Group, an independent private equity placement and advisory group, has launched a series of strategic growth initiatives designed to enhance the firm’s ability to connect Asia-based GPs with allocators across the globe and strengthen their ability to penetrate Asian pools of capital.
Asante has GP clients throughout the region, including in China, India, Southeast Asia, Japan, and Australia. The firm has a demonstrated track record of harnessing their understanding of the market and investor demands to raise established funds across the region.
Carlyle appoints new PE head for Australia and NZ. (People)
Geoff Hutchinson has been appointed as head of private equity for Australia and New Zealand at Carlyle Group. Hutchinson joins the firm as a managing director from New Zealand-based infrastructure investor Morrison, where he was co-head for Australia and New Zealand.
Prior to Morrison, Hutchinson, who will be based in Sydney where he will oversee investments across the firm’s “priority sectors” of consumer, healthcare, technology and financial services, was a director at Pacific Equity Partners between 2008 and 2021.
Temasek’s president, CFO step down in management reshuffle. (People)
Singapore state investor Temasek Holdings’ chief financial officer Leong Wai Leng and president Tan Chong Lee are stepping down from their respective roles. General counsel Pek Siok Lan will also be leaving the firm, DealStreetAsia reported.
CFO Leong, who is departing after a 16-year stint at the company, will be replaced by deputy CFO Png Chin Yee effective from January 1, next year.
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