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AMERICAS
Aurora Capital, a private equity firm, completed the acquisition of Anova, a technology company specializing in software and technology solutions, according to press releases. Financial terms are not disclosed.
Anova was advised by Robert W Baird and Willkie Farr & Gallagher. Aurora Capital was advised by Houlihan Lokey, Gibson Dunn & Crutcher and Prosek Partners (led by Devin Shorey). Debt Financing was provided by Golub Capital, according to press releases.
Highlander Partners, a Dallas-based private investment firm, completed the acquisition of a majority stake in Tapatio, an American hot sauce brand. The Arnold Companies also invested a significant minority stake alongside Highlander Partners, and the Saavedra family will retain a minority stake in Tapatio, according to press releases. Financial terms were not disclosed.
Tapatio was advised by Stout Capital. Highlander Partners was advised by Katten Muchin Rosenman. Debt financing was provided by JP Morgan and NMP Capital, according to press releases.
Trinity Hunt Partners-backed Argano, a global digital services consultancy firm, completed the acquisition of Advantco International, a technology company that provides software integration products and consulting services, from Montage Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Advantco International was advised by Envoy Capital Advisors and Holland & Knight. Argano was advised by Kirkland & Ellis, according to press releases.
Main Post Partners, a private equity firm, completed the acquisition of HomeWell Care Services, a national franchise provider of in-home care for seniors and homebound individuals, according to press releases. Financial terms were not disclosed.
HomeWell Care was advised by Boxwood Partners. Main Post Partners was advised by Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases.
Kohlberg-backed Worldwide Clinical Trials, a mid-sized, global contract research organization providing full-service drug development solutions, agreed to acquire Catalyst Clinical Research, a global contract research organization providing specialized clinical trial solutions, from QHP Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Catalyst Clinical Research is advised by Bank of America and Smith Anderson. Worldwide Clinical Trials is advised by Greenberg Traurig, according to press releases
Renovus Capital Partners-backed BlueRidge Life Sciences, a specialized consulting and services platform, completed the acquisition of Design Science, a human factors engineering and user-interface design consultancy, according to press releases. Financial terms were not disclosed.
Renovus Capital Partners was advised by Gasthalter & Co (led by Mark Semer and Alex Jeffrey), according to press releases.
Gauge Capital, a private equity firm, completed the investment in Ecosystems, a SaaS platform, according to press releases. Financial terms were not disclosed.
Gauge Capital was advised by Ropes & Gray (led by Matthew Richards), according to press releases and MergerLinks data.
One Investment Management, a global alternative investment manager, led a $215m Series C round in Noveon Magnetics, a manufacturer of sintered rare earth permanent magnets, according to press releases.
Noveon Magnetics is advised by Goldman Sachs, according to press releases.
Accel-KKR, a global software and technology-focused investment firm, completed the majority investment in Nutrislice, a digital dining solutions provider serving non-commercial foodservice, according to press releases. Financial terms were not disclosed.
Nutrislice was advised by Horizon Partners, according to press releases and MergerLinks data.
Mitsubishi Corp, a Japanese trading and investment company, agreed to acquire US shale production and infrastructure assets from Aethon Energy Management, a private equity firm, for $7.53bn, according to press releases.
TransDigm, a manufacturer of aircraft components, agreed to acquire Jet Parts Engineering, an independent designer and manufacturer of aerospace aftermarket solutions, and Victor Sierra Aviation, designer, manufacturer, and distributor of proprietary PMA and other aftermarket parts, from Vance Street Capital, a private equity firm, for $2.2bn, according to press releases.
Dragoneer Investment Group, an American investment firm, led a $400m Series D round in ClickHouse, an open-source column-oriented database management system, with participation from Bessemer Venture Partners, GIC, Index Ventures, Khosla Ventures, Lightspeed Venture Partners, T. Rowe Price Associates and WCM Investment Management, according to press releases.
Spirit Airlines in talks with Castlelake for a potential takeover. ( Reuters)
Spirit Airlines is in talks with investment firm Castlelake over a potential takeover as the carrier undergoes its second Chapter 11 process in under a year.
The structure of any deal remains unclear, with Spirit having secured an additional $100m in financing last month.
Elliott invests in hypersonic-flight firm Stratolaunch. ( WSJ)
Elliott Investment Management has taken a stake in Stratolaunch, a hypersonic-flight company that has tested a reusable hypersonic vehicle for the US military.
The investment is valued at several hundred million dollars and includes board representation at the privately held company.
Blackstone, an American multinational private equity firm, led a $100m funding round in Applecart, a marketing technology company.
Quantinuum works with Morgan Stanley and JPMorgan on IPO. ( Bloomberg)
Quantinuum is working with Morgan Stanley and JPMorgan on an initial public offering, as the Honeywell-backed quantum computing company prepares for a stock market debut in the first half of the year.
The listing is expected to raise more than $1.5bn and value the company at between $15bn and $20bn, with the banking lineup potentially expanding.
Defense firm York Space Systems seeks $544m in US IPO. ( Bloomberg)
York Space Systems is seeking to raise up to $544m in an initial public offering, as the space and defense company backed by AE Industrial Partners moves toward a US listing.
The company is offering 16m shares priced at $30-$34 each, implying a market value of about $4.25bn at the top of the range.
KKR-backed Cengage weighs $500m IPO this year. ( Bloomberg)
Cengage Group is considering an initial public offering that could raise about $500m, as the education technology company backed by Apax Partners and KKR explores a public listing.
The Boston-based group has selected Citigroup and Morgan Stanley to work on the IPO, which could take place as early as the first half of the year.
Clear Street closes pre-IPO round at $12bn valuation. ( Bloomberg)
Clear Street has closed a pre-IPO funding round valuing the securities and derivatives broker at $12bn, moving it closer to a potential public listing.
The equity raise was led by Baillie Gifford and SBI Holdings, while BlackRock participated on the debt side through senior notes.
EMEA
Battery Ventures-backed VertiGIS, a provider of enterprise spatial asset management solutions, agreed to acquire 1Spatial, a software and solutions provider that focuses on managing, improving, and integrating spatial data, for £87.1m ($117m), according to press releases.
1Spatial is advised by Cavendish Corporate Finance (led by Jonny Franklin-Adams), Panmure Liberum (led by Bidhi Bhoma), Travers Smith and Alma Strategic Communications (led by Caroline Forde). Battery Ventures and VertiGIS are advised by Raymond James (led by Junya Iwamoto) and Latham & Watkins, according to press releases.
Yellow Wood Partners-backed Suave Brands, a company that provides personal care products, completed the merger with Elida Beauty, a beauty brand company, according to press releases. Financial terms were not disclosed.
Beauty was advised by Latham & Watkins. Yellow Wood was advised by Houlihan Lokey and ASC Advisors (led by Steve Bruce). Suave Brands was advised by Morgan Stanley and Fried Frank Harris Shriver & Jacobson, according to press releases.
Elliott Investment Management, a private equity firm, completed the investment in Stratolaunch, a hypersonics technology accelerator with comprehensive testing capabilities, according to press releases. Financial terms were not disclosed.
Cerberus Capital was advised by Davis Polk & Wardwell. Elliott Investment Management was advised by Bank of America and Debevoise & Plimpton (led by Benjamin Collins-Wood and Kevin M. Schmidt). Stratolaunch was advised by Citigroup, according to press releases and MergerLinks data.
TDR Capital, a British private equity firm, agreed to acquire Escode, a software escrow service provider, from NCC Group, a global cyber and software resilience business, for £275m ($370m), according to press releases.
Banca March, a Spanish investment bank and financial services company, and Stoneshield Capital, an investment group, completed the acquisition of a 10% stake in Exolum, a company specializing in transportation, management and storage of energy products, with a strong international expansion strategy, from APG, a pension investor, according to press releases. Financial terms were not disclosed.
APG was advised by Jefferies & Company (led by Cesar Rodriguez Figuera), Macquarie Group and Clifford Chance, according to press releases and MergerLinks data.
Auction Technology has rejected a sweetened buyout proposal from its largest shareholder, FitzWalter Capital, saying the $658m offer undervalues the company and its future prospects.
Platinum Equity, an investment firm, completed the acquisition of Czarnowski Collective, an experiential marketing services firm, from Nagle family, an organization that provides financial aid for projects which are beneficial to the public, according to press releases. Financial terms were not disclosed.
Czarnowski Collective was advised by Robert W Baird and Perkins Coie. Platinum Equity was advised by Fifth Third Bancorp and Willkie Farr & Gallagher, according to press releases.
Kite UK, a company owned by funds managed by OEP Capital Advisers, agreed to acquire Kitwave Group, an independent wholesale business with depots and delivery throughout the UK, for £251m ($337m), according to press releases.
Kitwave is advised by Canaccord Genuity (led by Bobbie Hilliam) and Yellow Jersey. OEP is advised by Moelis & Co (led by Andrew Welby), according to press releases and MergerLinks data.
Hera Group, a multiutility company, agree to acquire Sostelia, a private group in industrial and civil water treatment, from Xenon, a private equity firm, for €138m ($161m), according to press releases.
Hera Group is advised by PricewaterhouseCoopers and GA-Alliance. Xenon is advised by Rothschild & Co, according to press releases and MergerLinks data.
Citira, a circular tire management group, completed the acquisition of Tyrefix, a provider of plant tyre repair and replacement services in the UK, from Literacy Capital, a closed-end investment company, for £14.7m ($19.7m), according to press releases.
Literacy Capital was advised by Deutsche Numis (led by Hugh Jonathan) and MHP Group (led by Reg Hoare), according to press releases.
VR Equitypartner and INDUC-baked GBS Electronic Solutions, a medium-sized technology company, completed the acquisition of Productware, a shop for electronic manufacturing services, according to press releases. Financial terms were not disclosed.
Avista Capital Partners-backed Taconic Biosciences, a biotechnology company specializing in genetically engineered mouse and rat models, completed the acquisition of TransCure bioServices, a provider of preclinical research services using humanized mouse models, according to press releases. Financial terms were not disclosed.
Taconic Biosciences was advised by ENTENTE Network of Companies (led by Katie Morris), according to press releases.
AE Industrial Partners-backed United Building Solutions, a provider of heating, ventilation, and air conditioning services across the US, completed the acquisition of DFW Mechanical Group, a full-service commercial and industrial mechanical contractor, according to press releases. Financial terms were not disclosed.
United Building Solutions was advised by Stanton PRM (led by Matthew Conroy), according to press releases.
BV Investment Partners, a private equity firm, completed the acquistion of the managed repair division of Alacrity Solutions, a North American provider of outsourced insurance services, according to press releases. Financial terms were not disclosed.
Alacrity Solutions was advised by Dentons and Evercore, according to press releases.
IK Partners, a private equity firm, completed the investment in Trustmoore, a global corporate services company providing legal and financial administration, according to press releases. Financial terms were not disclosed.
IK Partners was advised by Nomura, according to MergerLinks data.
BU Bregal Unternehmerkapital, an investment firm, agreed to acquire a majority stake in SwipBox, a logistics partner for e-commerce platforms across multiple markets, according to press releases. Financial terms were not disclosed.
BU Bregal is advised by ATRIUM Partners, according to press releases and MergerLinks data.
Henkel in talks with Wendel to acquire chemical maker Stahl. ( Bloomberg)
Henkel is in discussions with Wendel about a potential acquisition of Dutch chemical company Stahl, with both sides confirming non-exclusive talks.
Stahl could be valued at up to €2bn ($2.3bn), with Wendel working with JPMorgan and Morgan Stanley on a possible sale.
Ferretti's Czech investor KKCG seeks to up stake, overhaul board. ( Reuters)
Czech investment group KKCG has launched a voluntary offer of up to €182m ($212m) to double its stake in Italian yacht maker Ferretti and push for boardroom changes.
The offer values Ferretti at about €1.2bn ($1.39bn) and follows a series of share purchases by the company’s main shareholder, China’s Weichai, which lifted the stock price.
Carlyle nears sale of luxury Sintra resort to L Catterton. ( Bloomberg)
Carlyle is close to selling Portugal’s Penha Longa Resort & Hotel in Sintra, with talks underway with L Catterton, the LVMH‑backed investment firm, alongside Cedar Capital Partners.
The estate is expected to be valued at around €140m ($164m), reflecting the need for further development and upgrades, including work on the golf course.
Toscafund is exploring the sale of Portuguese insurer Caravela. ( Bloomberg)
Toscafund Asset Management and other minority shareholders are exploring a sale of Portuguese insurer Caravela Seguros.
London-based Toscafund, which holds a 48% stake, has hired Mediobanca to advise on a potential sale, while the company’s remaining shareholders are also considering selling their stakes.
Alantra weighs stake sale in Spain’s Salto Systems. ( Bloomberg)
A group of shareholders in Salto Systems are weighing the sale of minority stakes in the Spanish electronic locks manufacturer, with investors looking to divest between 10% and 30% of the company.
Alantra Partners is among the shareholders considering a sale, with Salto valued at more than €1bn ($1.2bn).
McLaren stake hints at broad remit for Abu Dhabi’s newest fund L’imad. ( Bloomberg)
Abu Dhabi has transferred ownership of McLaren Automotive and its stake in Chinese EV maker Nio to state-owned L’imad Holding, expanding the remit of the emirate’s newest investment vehicle.
The move brings government-owned mobility investor CYVN Holdings under L’imad to consolidate selected Abu Dhabi investments under a single structure.
APAC
Noritsu Koki, a Japanese holding company, agreed to acquire SENQCIA, a provider of building material equipment, manufacturing, and sales, from Lone Star Funds, an investment firm, for $519m, according to press releases.
Lone Star is advised by Joele Frank (led by Jed Repko), according to press releases and MergerLinks data.
Gaw Capital Partners, a multi-asset investment management firm, completed the acquisition of Koentec, an integrated waste management company in South Korea, according to press releases. Financial terms were not disclosed.
E&F Private Equity was advised by UBS, according to press releases and MergerLinks data.
Elliott opposes the Toyota Group bid, proposing a standalone plan. ( Bloomberg)
Elliott Investment Management has opposed the proposed privatization of Toyota Industries, urging other minority shareholders to reject the offer.
The activist investor said the company’s intrinsic net asset value is about JPY26k ($0.16) per share, well above Toyota Group’s sweetened bid of JPY18.8k ($0.11) per share, which values the business at roughly JPY6.1tn ($39bn).
Platinum is said to mull sale of Hong Kong lingerie, swimwear firm Hop Lun. ( Bloomberg)
Platinum Equity is considering strategic options for lingerie and swimwear maker Hop Lun, including a potential sale.
The firm has held early discussions with prospective advisers to prepare for a possible transaction. Hong Kong‑based Hop Lun could be valued at up to $1bn.
PhilTower's $1bn sale plan is reported to stall on valuation. ( Bloomberg)
A sale of PhilTower has stalled amid disagreements between shareholders and potential buyers over the company’s valuation.
Macquarie Capital, Manila Electric and Stonepeak Partners have approached funds and telecom firms about a sale targeting at least $1bn, but investor interest has been limited.
Bain makes binding bid for Japan’s FineToday. ( Bloomberg)
Bain Capital has submitted a binding offer for Japanese personal-care group FineToday, as the buyout firm looks to expand its exposure to Asia’s beauty and personal-care market.
Rival bidders KKR and Blackstone have exited the process, leaving Bain as the sole remaining contender.
Inspira Global to buy controlling stake in Burger King India operator RBA as Everstone exits. ( Reuters)
Restaurant Brands Asia said on Tuesday that Inspira Global will invest up to INR34.2bn ($375.1m) for a controlling stake in the operator of Burger King India, as private equity firm Everstone exits its position.
The announcement comes as fast‑food chains face challenges in boosting sales in India, where they compete with price‑sensitive consumers and lower‑cost local rivals.
Blackstone said to plan $500m India IPO for PGP Glass. ( Bloomberg)
Blackstone is considering an initial public offering of Indian glass packaging maker PGP Glass in Mumbai that could raise up to $500m.
The firm is in discussions with banks regarding the proposed share sale and is seeking a valuation of up to $4bn.
GA-backed ASG Hospital taps banks for $500m India IPO. ( Bloomberg)
ASG Hospital has hired five banks to advise on an initial public offering in India that could raise up to $500m in the second half of the year.
The eye-care chain has appointed Axis Bank, Motilal Oswal Investment Advisors and local units of HSBC, Morgan Stanley and Nomura for the planned listing.
Walmart-backed PhonePe gets regulatory approval for Indian IPO. ( Reuters)
PhonePe has received regulatory approval for its stock market listing in India after confidentially filing for an initial public offering in September.
Shareholders including Walmart, Microsoft and Tiger Global are expected to sell part of their stakes in the offering.
Brookfield-backed Indian energy firm Clean Max plans a reduced IPO. ( Bloomberg)
Clean Max Enviro Energy Solutions, a renewable energy company backed by Brookfield, is preparing to launch its initial public offering with reduced deal sizes.
Brookfield to move to Roppongi Hills in Japan office expansion. ( Bloomberg)
Brookfield Asset Management plans to double its Tokyo office space by relocating to Roppongi Hills, as the investment firm expands its presence in Japan.
The move from Kasumigaseki is expected in April and will accommodate a local team that has doubled in size in recent years.
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