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AMERICAS
Mach Natural Resources, a drilling oil and gas wells company, agreed to acquire Oklahoma oil and gas assets from EnCap Investments, a provider of growth capital to independent energy companies, for $815m.
The acquisition is expected to close December 29, 2023, with an effective date of September 1, 2023.
EnCap Investments is advised by RBC Capital Markets and Vinson & Elkins. Mach is advised by Kirkland & Ellis and Latham & Watkins. Debt financing is provided by Chambers Energy Capital, EOC Partners, Farallon Capital, Macquarie Group and Mercuria Investments.
Sumeru Equity Partners, a technology-focused private equity firm, agreed to acquire Q4, a capital markets access platform, for $257m.
"I am very pleased about this significant milestone in our journey. Sumeru’s belief in our vision and their exceptional track record in supporting founders and management teams speaks volumes. I am excited to collaborate with them and drive category-defining growth, building the next great capital markets platform company. Q4 has become a central force in how thousands of public companies communicate and engage with the market," Darrell Heaps, Q4 Founder and CEO.
Q4 is advised by Raymond James, Stifel, Blake Cassels & Graydon, Dorsey & Whitney, McCarthy Tetrault and Osler Hoskin & Harcourt. Sumeru Equity Partners is advised by National Bank Financial and Gibson Dunn & Crutcher.
Thoma Bravo, a software investment firm,completed the acquisition of NextGen Healthcare, a provider of innovative, cloud-based healthcare technology solutions, for $1.8bn.
“Under the terms of the agreement, NextGen Healthcare shareholders will receive significant immediate cash value for their shares. In addition, with Thoma Bravo as a partner, the Company will benefit from increased capital, expertise and strategic flexibility to accelerate the Company’s leadership in providing healthcare technology solutions. Thoma Bravo has a 20+ year record of investing in premier companies in the software and technology sectors. We look forward to joining forces to deliver on our mission of Better Healthcare Outcomes for All," David Sides, NextGen Healthcare President and CEO.
Goldman Sachs Asset Management, an investment management firm, agreed to acquire DOXA Insurance, an insurance underwriting and distribution company. Financial terms were not disclosed.
"The investment from Goldman Sachs is a testament to the strong business and brand DOXA has created since inception. We are excited to work with Anthony and his team to accelerate DOXA's strategic expansion and drive DOXA in its next chapter of evolution," Matt Sackett, DOXA Insurance Holdings CEO and Founder.
KKR, a global investment firm, completed the acquisition of Chase, a global manufacturer of protective materials for high-reliability applications across diverse market sectors, for $1.3bn.
“Today represents an important milestone for Chase in our journey to better serve our customers through strategic growth and innovation,” Adam Chase, Chase President and Chief Executive Officer.
Fox Factory, a company that designs and manufactures performance-defining products primarily for bicycles, on-road and off-road vehicles and trucks, completed the acquisition of Marucci Sports, a baseball and softball brand, from Compass Diversified, an investment holding company, for $572m.
“We are pleased to complete our sale of Marucci Sports and believe the Marucci team is well-positioned for future success under FOX ownership. Our partnership with Marucci, which began in early 2020, proved highly successful, and we are grateful for Kurt and the Marucci team’s contributions over the years and look forward to their continued success," Elias Sabo, Compass Diversified CEO.
F9 Investments, a private equity firm, offered to acquire the remaining 91.2% stake in LL Flooring, an offeror of products including hardwood flooring, laminate, bamboo, vinyl plank, installation products, porcelain tile, cork and hardwood flooring enhancements and accessories, for $84m.
"We believe our offer represents a compelling, immediate, and certain cash value for LL's shareholders, in light of the Company's deteriorating financial condition and declining stock price, which in our view reflects the market's lack of confidence in the current Board's strategy. LL Flooring's most recent, dismal third-quarter earnings performance further reflects the Board and management's lack of urgency, credible plan, execution ability, or capacity to control costs despite numerous pledges to do so," Thomas Sullivan, F9 Owner.
Macquarie Group, a financial services company, agreed to acquire Camin Cargo, a global provider of independent testing, inspection and certification services to the energy industry, from Metalmark Capital Partners, a middle-market private equity firm. Financial terms were not disclosed.
"Camin Cargo plays a critical role in the downstream energy value chain, providing independent testing and inspection services that allow market participants to trade energy products with confidence and certainty. Camin Cargo has been steadily growing market share in the Americas and Europe due to its outstanding reputation for accuracy, consistency and customer service," James Fincher, Macquarie Capital Principal Finance Managing Director.
Macquarie Capital is advised by Kirkland & Ellis and Strata Partners. Camin Cargo is advised by Jefferies.
Apollo, a provider of alternative asset management, and Composite Advanced Technologies, a provider of compressed natural gas, completed the acquisition of Kelley Leasing Partners, a compressed gas and cryogenic liquid transportation equipment leasing company. Financial terms were not disclosed.
“The launch of Hydria marks an exciting milestone as the CATEC, Kelley and Apollo teams join forces to spearhead a new platform with significant growth potential in the gaseous logistics industry. Leveraging our collective expertise, we believe Hydria can become a differentiated service provider supporting the end-to-end equipment needs of the compressed gas value chain. We look forward to pursuing various expansion initiatives in support of the energy transition and believe Hydria has a bright future ahead," Scott Prince, Hydria CEO.
P10-backed Bonaccord Capital Partners, a private equity firm, completed the acquisition of a minority stake in Kayne Anderson, an alternative investment firm. Financial terms were not disclosed.
"Kayne Anderson Private Credit has built a first-class private credit platform led by an exceptional management and investment team that has consistently generated stable, strong returns on behalf of its investors. We are excited to be Kayne Anderson Private Credit's partner of choice and look forward to supporting the Firm's ongoing success," Ajay Chitkara, Bonaccord Capital Partners Managing Partner.
Bonaccord Capital Partners was advised by Fried Frank Harris Shriver & Jacobson. Kayne Anderson was advised by Moelis & Co and Kirkland & Ellis.
Gemspring Capital, a middle-market private equity firm, completed the acquisition of Fenceworks, a fencing installer and distributor. Financial terms were not disclosed.
"We are excited to partner with Gemspring during this next phase of growth for Fenceworks. Gemspring's understanding of construction services and experience partnering with founder-owned businesses will be invaluable in helping us achieve our long-term goals as we expand our geographic footprint, further invest in our team, and continue to serve our customers with the highest commitment to quality and service," Jason Ostrander, Fenceworks CEO.
Gemspring Capital was advised by Lincoln International and Kirkland & Ellis.
Norges Bank Investment Management, the asset management unit of the Norwegian central bank, agreed to acquire a 45% stake in Kendall Square life sciences properties from Boston Properties, an integrated, self-administered and self-managed real estate investment trust, for $746m.
"We are delighted to deepen our longstanding partnership with Norges Bank Investment Management. Their meaningful investment in BXP's newest life sciences development in the heart of Kendall Square demonstrates the value placed by investors on well located, well leased premier workplaces with strong stewardship," Owen Thomas, Boston Properties Chairman & CEO.
DHS Ventures & Holdings, a private equity firm, agreed to acquire Carolco Enterprises, an American independent film studio, from AXIS Capital, an investment company. Financial terms were not disclosed.
“We are thrilled to have acquired Carolco Enterprises which is such a part of Americana and a legacy aspects of motion pictures in the U.S., such a standard in quality of film and movies,” Fernando Aguirre, DHS Ventures & Holdings Vice Chairman.
O2 Investment Partners, a Midwestern-based private equity firm, completed the investment in LCS Facility Group, a provider of janitorial and facility maintenance services. Financial terms were not disclosed.
"LCS shares a similar philosophy to 4M in our business strategy, focus on high quality service, and prioritization of values, culture, and the treatment of our team members. Partnering with 4M allows us to amplify our growth trajectory through leveraging additional infrastructure and resources to better support our valued team members, customers and partners," Daniel Lepore, LCS Facility Group President.
Bain Capital is exploring a sale or initial public offering of Varsity Brands.
Bain Capital is exploring a sale or initial public offering of Varsity Brands that could value the US maker of sports uniforms and school yearbooks at more than $6bn, including debt.
Bain has been interviewing investment banks to hire financial advisers that will help the private equity firm come up with a plan to cash out on its majority stake in Varsity Brands.
Lina Khan has a warning for the world of private equity.
Less than two months after filing a monopolization claim against a private equity-backed healthcare business that sent shockwaves through Wall Street, Lina Khan has a warning for the PE industry: there may be more coming, Bloomberg reported.
The Federal Trade Commission suit filed in September alleges that US Anesthesia Partners, backed by private equity firm Welsh Carson Anderson & Stowe, snapped up a series of anesthesiology businesses across Texas and then raised prices for their services.
Millennium and Schonfeld call off partnership talks.
Millennium Management, the $60bn hedge fund led by Izzy Englander, and Schonfeld Strategic Advisors have terminated talks to form a partnership, FT reported.
The two multi-strategy fund managers had been in serious talks for several months over a deal for Schonfeld to manage money for Millennium, giving Englander's fund access to its more than 100 investment teams.
Schonfeld has walked away from the deal after its investors said they would give it about $3bn more to manage, ending what would have been a landmark transaction in one of the hottest areas of the hedge fund industry.
Buffett's Berkshire trims HP stake, exits bet on General Motors.
Warren Buffett's Berkshire Hathaway reduced the number of stocks in its portfolio in the third quarter, exiting stakes in General Motors and Activision Blizzard while trimming bets on companies including HP, Bloomberg reported.
The conglomerate's retreat from Activision completes Buffett's arbitrage play amid the video-game maker's prolonged effort to merge with Microsoft, which ran into antitrust scrutiny before the deal was completed in October.
US Federal Pension Fund to exclude Hong Kong investments.
The main US federal government pension will exclude investments in Hong Kong, in addition to mainland China, from its $68bn international fund, amid rising tensions between the world's two largest economies, Bloomberg reported.
The $771bn Federal Retirement Thrift Investment Board said it will switch the benchmark index for its international fund, effectively ridding exposure to Hong Kong. It already avoids investments on the mainland.
Scaramucci says SkyBridge is exploring an acquisition.
Anthony Scaramucci is on the hunt for a purchase at his alternative asset manager SkyBridge Capital, Bloomberg reported.
SkyBridge is considering targets such as a fund-of-funds similar to his own, or potentially a multistrategy firm, for a possible tie-up. He's also considering alliances with younger people who might have good investment ideas but lack resources to execute them.
Collective Global-VC firm co-owned by California Pensions debuts with $1bn.
Collective Global, an investment firm co-owned by California pensions, is launching with more than $1bn of committed assets under management and a goal of broadening the plans’ exposure to venture capital.
The firm, led by Co-Chief Executive Officers Daniel Adamson and Sheel Tyle, will take stakes in VC firms and early-stage startups. It will also make opportunistic wagers that could include secondaries and co-investments, Bloomberg reported.
L Squared Capital Partners closes fourth fund at $840m.
L Squared Capital Partners announced that it recently held the final closing for its fourth private equity fund, at $840m. L Squared fully committed its $505m third fund earlier this year with the investment in ERA Industries.
Since its founding in July of 2014, L Squared has now raised four funds and accepted commitments of over $2bn from its investors. This fundraise received strong support from existing investors and was supplemented by several new high-quality limited partners that included both institutions and additional large family offices, both domestically and internationally.
Blackstone gets $8bn in first close of direct lending fund.
Blackstone has raised $8bn from institutional investors in the first close of a fresh direct lending fundraise, Bloomberg reported.
The private capital giant is looking to raise about $10bn across Europe and the US in its latest push. Blackstone and other major private lenders such as Ares Management and HPS Investment Partners are increasingly able to write larger checks for borrowers as more investors pile into the $1.6tn asset class.
Carlyle's AlpInvest secures $1.3bn continuation fund for Kinderhook.
Kinderhook Industries, a middle market private equity firm, announced the closing of a continuation fund capitalized by AlpInvest Partners, a subsidiary of global investment firm Carlyle and a group of limited partners.
The fund was established to acquire the nine portfolio companies in Kinderhook's fourth and fifth funds. The $1.3bn continuation fund includes $300m of unfunded capital to drive
Hamilton Lane extends the close of the flagship secondary fund to Q1 2024.
American alternative investment management firm Hamilton Lane has extended the deadline to complete fundraising for its latest flagship secondary vehicle to the first quarter of 2024, a top executive said during the FY2024 second-quarter earnings call on November 8.
Hamilton Lane Secondary Fund VI, which is reportedly targeting a corpus of $5bn, was initially targeting to close the fund by the end of the year. The fund has already gathered almost $2.5bn in capital, according to a quarterly report that ended September 30, 2023. It has also invested around $527m from the fund, DealStreetAsia reported.
CoVenture appoints MD in hybrid capital team. (People)
CoVenture, an alternative asset management firm focused on direct credit opportunities and credit-oriented investments in early and late-stage companies, has appointed Graham Kohan as a Managing Director in the firm’ hybrid capital team.
Kohan joins CoVenture from Golub Capital, where he served as a Principal in the firm’s Credit Opportunities Group.
ArcLight appoints Senior Advisor. (People)
ArcLight Capital Partners, has appointed Andrew L Ott, former President and CEO of PJM Interconnection, as a Senior Advisor to focus on new investment opportunities in the power, infrastructure, and energy transition sectors.
Ott is Head of Technical and Partner Operations at X, The Moonshot Factory’s Tapestry project, which is focused on speeding the transition to a carbon-free electricity system.
EMEA
Permira, a British global investment firm specialized in buyout, growth equity and credit funds, completed the acquisition of Ergomed, a pharmaceutical services company that provides a wide range of services to the biotechnology, pharmaceutical, and medical device industries, for £703m ($859m).
"We are delighted to be announcing this recommended cash acquisition of Ergomed, a high quality, medic-led and fast growing pharma services platform. We look forward to partnering with the Ergomed management team in accelerating Ergomed's growth and fulfilling its vision of becoming the leading pharmacovigilance and rare disease clinical development partner to pharma and biotech clients to safely commercialize complex and often life-saving therapies for patients. Miro and his team have built a very strong foundation and as we look to the next phase of Ergomed's growth, we will continue to support commercial expansion, new capabilities and technological innovation, via investments into the business as well as transformational M&A," Silvia Oteri, Permira Partner and Head of Healthcare.
Messer, a supplier of industrial gases, completed the acquisition of the remaining stake in Messer Industries, a company that supplies industrial, medical, and specialty products, from CVC Capital, a private equity firm. Financial terms were not disclosed.
"With the now approved partnership with GIC and the full acquisition of Messer Industries, Messer is opening a new chapter in its 125-year corporate history. As a gases group successful in Asia, Europe and the Americas, we will be even stronger and drive forward our ambitious plans with GIC as our new partner. Messer has enormous potential with its 11k employees worldwide. We want to move closer to the big players in the industry as the number one challenger," Bernd Eulitz, Messer CEO.
Messer was advised by Hengeler Mueller (led by Lucina Berger) and Wachtell Lipton Rosen & Katz (led by Adam Emmerich). Debt financing was provided by BNP Paribas, Deutsche Bank, JP Morgan and UniCredit. Debt providers were advised by Freshfields Bruckhaus Deringer (led by Mario Huether). CVC was advised by Jefferies & Company and Latham & Watkins (led by Leif U. Schrader and Oliver Felsenstein).
HIG Capital, a private equity and alternative assets investment firm, offered to acquire DX Group, a British mail, courier and logistics company, for £315m ($392m).
"We are delighted to be announcing this recommended cash acquisition of DX. DX has long established itself as a leading provider of specialist delivery services in the UK, supported by a strong management team, diligent workforce and well-invested infrastructure. We look forward to partnering with the DX management team in accelerating DX's next phase of growth," Tobias Borkowski, HIG Managing Director.
DX is advised by Liberum Capital (led by Nicholas How), Moelis & Co (led by Mark Aedy), Addleshaw Goddard and KTZ Communications (led by Katie Tzouliadis). HIG Capital is advised by Numis Securities (led by Stuart Skinner), Skadden Arps Slate Meagher & Flom and Upland Workshop.
Thoma Bravo, a private equity firm, agreed to acquire EQS, an international cloud software provider, for €400m ($349m).
“EQS is a unique German software enterprise at the forefront of three megatrends: digitization, regulation and ESG, which have been driving its profitable growth. Together with Achim Weick and the experienced team at EQS, we will build and expand the platform into a pan-European Compliance and ESG champion for the benefit of customers’ evolving needs in this very dynamic market. Thoma Bravo is excited to join forces with EQS’ management team to enhance its development of state-of-the art software solutions,” Irina Hemmers, Thoma Bravo Partner.
Thoma Bravo is advised by ParkView Partners, Kirkland & Ellis and FGS Global (led by Anna Sperber and Liz Micci). EQS is advised by Goldman Sachs and GLNS Rechtsanwalte Steuerberater.
Aurelius, an active alternative investment group, agreed to acquire The Body Shop, a British cosmetics, skin care and perfume company, from Natura &Co, a Brazilian global personal care cosmetics group, for £207m ($255m).
“We are delighted to be undertaking this acquisition of an iconic British brand, which pioneered the cruelty-free and natural ingredient movement in the health and beauty market. We look forward to working with CEO Ian Bickley and his team to drive operational improvements and re-energise the business, and help to deliver the next chapter of success,” Tristan Nagler, AURELIUS Partner.
Natura &Co is advised by Morgan Stanley, Cleary Gottlieb Steen & Hamilton and Brunswick Group. Aurelius is advised by Dentons Global Advisors.
Macquarie Asset Management, an investment bank, agreed to invest €175m ($190m) in SkyNRG, a developer of sustainable aviation fuels.
“It is critical that SAF production capacity is developed now to enable the aviation industry to meet its net-zero goals. We are very proud that Macquarie has made this strategic investment in our business and are confident that they, with the ongoing support of our existing shareholders, will provide us with the resources and expertise we need to accelerate our growth journey towards becoming a major player in the SAF industry,” Philippe Lacamp, SkyNRG CEO.
Macquarie Asset Management is advised by RBC Capital Markets and Freshfields Bruckhaus Deringer. SkyNRG is advised by Bank of America and Clifford Chance.
General Atlantic, a global investor, agreed to acquire a majority stake in Joe & the Juice, a Danish chain of juice bars and coffee shops around the world, from Valedo Partners, a growth-oriented active owner investing in small and mid-size companies. Financial terms were not disclosed.
"As a long-term partner to Joe & the Juice, General Atlantic is proud to become a majority investor in the brand and continue our collaboration with the management team. Joe & the Juice's business momentum is inflecting, and we are excited to build on the Company's digital traction and accelerate company-owned and franchised unit growth," Andrew Crawford, General Atlantic Managing Director and Global Head of Consumer.
General Atlantic is advised by Edelman (led by Alex Simmons). Valedo Partners is advised by Citigroup, Moalem Weitemeyer Bendtsen and White & Case.
Manulife Investment Management, an investment services provider, agreed to acquire CQS, a multi-sector alternative credit manager. Financial terms were not disclosed.
"We are pleased to enter into this agreement which we see as mutually beneficial to both firms as well for those who have been investing with CQS for decades. CQS brings to our portfolio a proven investment process, robust performance, and expertise across market cycles, and a culture that has attracted both talent and flows into the firm. We are very excited for the opportunity as CQS's capabilities are a complement to our existing fixed income and multi-asset solutions business and a powerful addition to our global credit offering," Paul Lorentz, Manulife President and CEO.
CQS is advised by Piper Sandler and Simmons & Simmons.
Advent International, a private equity firm, agreed to acquire myPOS, a payments solutions company, for €500m ($543m).
"With 500 employees across Europe, it is one of a small group of fast-growing companies, including PayPal Zettle and SumUp, which focus on customers that traditional banks have missed out on. The experience is also better with companies such as myPOS, who offer faster onboarding, better technology and at a lower cost," Fabio Cali, Advent International Director.
Spectrum Equity, a private equity firm, completed the acquisition of a 20% stake in Benchmark Mineral Intelligence, a specialist information provider for the lithium ion battery to electric vehicle supply chain, for $100m.
Benchmark has grown to be a top source of information for miners, battery makers, politicians and others keeping an eye on the fast-growing electrification space. Subscription-based Benchmark plans to use the funds to expand globally outside its London hub.
Permira and Blackstone in advanced talks for eBay-backed Adevinta.
Adevinta's private equity suitors are progressing in negotiations on a takeover of the European online classifieds company, which is set to be one of the year's biggest buyouts.
The consortium led by Permira and Blackstone is in advanced talks on terms of a potential deal and hopes to reach an agreement as soon as next week. A deal could give Adevinta an equity value of more than $12bn.
Adevinta's biggest shareholders, eBay and Norwegian media group Schibsted, have expressed support for a transaction. The buyout consortium also includes the Abu Dhabi Investment Authority. The investor group is set to finance the takeover with private credit due to the weak state of the region's leveraged loan market, setting up Europe's largest-ever direct-lending deal, Bloomberg reported.
Banks, private credit start on €3bn funding for Techem LBO.
Investment banks and private lending firms are working on plans to provide as much as €3bn ($3.3bn) of debt to back a potential buyout of German metering company Techem, Bloomberg reported.
A consortium led by Partners Group is exploring a sale of Techem, in a deal that could value the business at as much as €8bn ($8.7bn) including debt. Both banks and private credit firms have started working on separate potential financing plans for Techem.
Antin Considers sale of €3bn district heating firm Idex.
Antin Infrastructure Partners is considering selling French district heating operator Idex, which could be worth more than €3bn ($3.2bn), Bloomberg reported.
The French private equity firm has been speaking to potential advisers as it considers holding a sale process next year. Antin bought Idex, which operates energy-production plants and district heating networks mostly in France, in 2018 for an undisclosed amount.
Wendel seeks further private equity deals after IK Partners investment.
TIM grid sale paves way for state-controlled network operator.
"Prospectively, I think this deal will enhance the creation of a national grid operator under public control, in full respect of the EU competition law," Adolfo Urso, Minister of Economic Development of Italy.
Elliott-backed venture leads bid for London Langham property. (RE)
Elliott Management and Oval Real Estate have been selected as the preferred bidders to buy a portfolio of properties from the Langham Estate, a sprawling collection of offices and stores in London’s West End, Bloomberg reported.
The Elliott-backed venture has offered about £360m ($446m) to buy real estate including restaurants, bars and apartments from an entity owned by Samuel Tak Lee.
Partners Group favors banks over private credit on Rosen Buyout.
Partners Group, a global buyout firm, is set to finance the potential purchase of Rosen Group with bank funding, dealing a blow to private credit funds keen to back the deal, Bloomberg reported.
The financing is set to be as big as $1.2bn and will likely be structured as a term loan B, a relatively high-yielding form of debt typically sold to institutional investors.
Funds giant Schroders takes a shine to collapsed solar group Toucan.
An infrastructure investor owned by Schroders, the fund management behemoth, is in pole position to buy a solar farms operator that received hundreds of millions of pounds from a scandal-hit local authority, SkyNews reported.
Schroders Greencoat has become the leading contender to acquire Toucan Energy, which collapsed into administration exactly a year ago. It was unclear this weekend whether Schroders Greencoat was in formal exclusivity to buy the portfolio of more than 50 solar parks. Interpath Advisory, which is overseeing the administration process, appointed KPMG - the accountancy firm from which it was spun out - to handle the auction.
Rothermere's DMGT ends talks with Qatar over funding Telegraph bid.
Lord Rothermere has dropped plans to use Qatari cash to help fund his bid for the Telegraph Media Group amid fears the UK government would oppose investors from the region, FT reported.
Daily Mail and General Trust had been in talks with a Qatari investment group over it taking a minority stake in the owner of The Daily Telegraph as part of the bid.
Lord Rothermere's DMGT is now drawing up a strategy to fund a bid for the UK newspaper group on its own, rather than using other investors to help boost its war chest.
Abu Dhabi's ADQ, Chimera set to commit billions more to new fund.
Backers of a new $50bn Abu Dhabi fund, part of Sheikh Tahnoon bin Zayed Al Nahyan's empire, are considering committing additional capital to the entity to double its portfolio over time, Bloomberg reported.
Chimera Investment and Abu Dhabi wealth fund ADQ are in talks to commit more capital to Lunate and boost its assets under management to $100bn over time. Lunate will also look to raise new funds from outside investors.
PAI Partners closes new $7.6bn fund, surpassing the target.
French buyout group PAI Partners said it had raised $7.6bn for its latest fund, surpassing its target despite difficulties in drawing new money by private equity groups. The fund will be invested in companies in Europe and North America and is about 40% larger than the predecessor fund, which closed at $5.45 in 2018, Reuters reported.
"This successful final close for PAI Partners VIII, at a size 40% larger than its predecessor in a challenging environment, reaffirms the confidence investors have in PAI's Real Economy strategy and our ability to perform consistently through the cycle," Richard Howell, PAI Managing Partner.
APAC
Pension fund AustralianSuper has increased its stake in Origin Energy to 16.50%, the Australian power producer said in an exchange filing on November 14. The stake increase by AustralianSuper, Origin Energy's top shareholder, threatens to scupper a $10.5bn buyout of Australia's largest energy retailer, Reuters reported.
AustralianSuper is opposed to the takeover offer by the Brookfield-led consortium and its partner EIG, saying the offer is substantially below its estimate of Origin's long-term value. On November 13, the pension fund rejected an "eleventh-hour" offer from the consortium to drop its opposition to their bid and join the takeover.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden, and Herbert Smith Freehills (led by Rebecca Maslen-Stannage). EIG is advised by JP Morgan and FGS Global (led by Kelly Kimberly). Brookfield Renewable is advised by Citigroup, Allens, and White & Case (led by Christopher Flynn). GIC is advised by SEC Newgate.
Talks of a merger between India's Zee Entertainment Enterprises and Japan's Sony's Indian arm have stalled after a clash on which company's top executive will run the merged entity, Reuters reported.
Sony is pushing for its Indian operations managing director N.P. Singh to head the merged company, as Zee's candidate, managing director Punit Goenka faces an on-going investigation.
Insight Partners, a global software investor, led a $50m investment in ROLLER, an all-in-one, cloud-based venue management software solution.
"ROLLER has built an impressive business that is positioned to become a global category leader. The company's genuine obsession and dedication with delivering real value to its customers is a hallmark of all truly great businesses. We are excited to be partnering with Luke, Mark and the ROLLER team as they grow and scale up," Rachel Geller, Insight Partners Managing Director.
ROLLER is advised by RBC Capital Markets and SBA Law.
BPEA EQT, an Asian investment firm headquartered in Hong Kong, offered to acquire Benesse, an education and nursing care provider, for JPY267bn ($1.76bn).
"Japan's education sector is growing, driven by an increasing demand for adult training and reskilling of its labor force, as well as increased demand for eLearning modalities in the K-12 segment. The nursing care sector is also growing, driven by demographic tailwinds of Japan's aging population. Together with the founding family, EQT aims to further accelerate Benesse's growth, leveraging its vast experience from developing education and elderly care platforms worldwide," BPEA EQT.
GQG Partners, an investment boutique that manages global and emerging market equities, and Regal Partners, an ASX-listed alternatives investment manager, are bidding to acquire Pacific Current Group, a multi-boutique asset management firm, for up to AUD567m ($360m).
Pacific, which serially invests in growing asset managers locally, has been the target of a bidding war between Regal Partners and GQG, with shareholder River Capital lobbying for Regal.
CGDG, a state-owned enterprise that makes strategic investments to accelerate the green energy transition, led a $276m Series C round in Huasun Energy, a provider of N-type silicon HJT solar cell and module technology, with participation from Bank of China Asset Management, China Post Insurance, Originvest, China Xinxing Asset Management, and Guolian Jintou Zhiyuan.
“Huasun has now entered the fourth year of rapid growth, and the trust from our shareholders fills us with confidence. This confidence strengthens us to face future challenges and accelerate the industrialization of N-type HJT technology. Collaborating with China Green Development will provide robust support for Huasun's sustainable development. We believe that HJT will achieve further breakthroughs by deep collaboration, leading photovoltaic power generation to become the most cost-effective energy supply model. This will open more possibilities for the whole solar industry!” Jimmy Xu, Huasun Energy Chairman.
Tsuruha weighs sale after proxy battle with Oasis.
Japan's Tsuruha is considering selling the entire company for abou t $4bn or even more, after a proxy battle with activist investor Oasis Management, Reuters reported.
The drug store chain operator is working with an adviser on the potential transaction and has contacted some private equity firms to gauge their interest, adding that it was looking to receive non-binding bids from potential investors as soon as next week.
PE giant Carlyle slashes Asia fundraising target to $6bn amid difficult times.
US investment giant Carlyle Group has lowered the target for its latest pan-Asia private equity fund by at least 30% from its original $8.5bn, as a slowing global economy and geopolitical tensions dull investors’ appetite, DealStreetAsia reported.
Carlyle, which started raising its sixth Asia-focused fund in mid-2022, has bagged less than $3bn so far. Carlyle is now targeting up to $6bn in total. The company is aiming for a final close of the fundraising in the third quarter next year.
Everstone plans to raise $1bn for its largest Asia PE fund.
Everstone Capital Asia is seeking $1bn for its latest private equity fund for India and Southeast Asia. The new fund would be more than three times bigger than its predecessor fund, Everstone Capital Partners IV, which collected about $300m last year.
The Singapore-based firm that invests largely in India, has begun sounding out investors about the potential fundraise. The company plans to start a formal pitch early next year.
The new fund would be the largest ever for Everstone if it meets the target, even as private equity groups globally struggle to raise fresh funds amid soaring interest rates and slowing economic growth, Bloomberg reported.
Barings to launch AUD1.4bn Australia private debt fund.
Barings is targeting an AUD1.4bn ($893m) fundraise for a planned Australian private credit fund, which is aiming to provide borrowers with an alternative source of funding to banks and the bond market.
Barings Australia is set to target both institutional and high net worth investors for cash over the coming 12 to 18 months. The money will be lent to Australian corporate borrowers.
Investcorp eyes up to $550m in first China yuan fund.
Bahrain-based alternative asset manager Investcorp is aiming to raise CNY2bn to CNY4bn ($274m-$548m) for its first private equity fund in the Chinese currency, to explore buyout opportunities in the country, Reuters reported.
Investcorp plans to apply in the next few months for a license with Chinese regulatory bodies that will allow it to start raising funds from domestic institutions next year.
Pantheon rolls out PE fund for global private investors.
Global private markets investor Pantheon is rolling out the Pantheon Global Private Equity Fund to private and institutional investors in more than 20 countries outside of the US, DealStreetAsia reported.
The fund will provide secondary and co-investment opportunities with a focus on the mid-market, offering monthly subscriptions starting from $25k and quarterly liquidity.
Actis's Aggarwal said to be frontrunner for India NIIF CEO job. (People)
Sanjiv Aggarwal, who leads energy investments for Actis in Asia, is emerging as the frontrunner to head India's $4.9bn quasi sovereign fund, Bloomberg reported.
The board of the National Investment & Infrastructure Fund has recommended Aggarwal for the role of CEO. The final list of approved candidates submitted to India's government about three weeks ago may have included another executive.
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