Bespoke Capital Acquisition, a special purpose acquisition company, agreed to merge with Vintage Wine Estates, a wine producer, in a $690m deal, with an additional $50m of potential deferred consideration. The combined company will be named Vintage Wine Estates.
"After evaluating over 100 companies, we are delighted to have identified VWE as the ideal merger partner. The company represents a unique and compelling investment opportunity in the consumer staples space. VWE's well-diversified portfolio of high-quality brands spanning all price points and differentiated omni-channel marketing approach bring great balance. In addition, the company has a deeply experienced management team with a strong track record of synergistic deal-making, which, on top of impressive organic growth, should continue and will help drive profitable growth as well as enhance shareholder value over the long term," Paul Walsh, BCAC Executive Chairman.
Vintage Wine Estates is advised by Cowen & Company, Foley & Lardner and Stikeman Elliott. Bespoke Capital Acquisition is advised by Canaccord Genuity, Citigroup, XMS Capital Partners, Blake Cassels & Graydon, Jones Day and ICR.
Private equity firms Stone Point Capital and Insight Partners agreed to acquire CoreLogic, a global property information, analytics and data-enabled solutions provider, for $6bn.
"This is a significant milestone for CoreLogic and a very positive outcome for our shareholders who will receive exceptional value for their shares in cash with a high degree of regulatory certainty and a closing expected in the near term. The transaction is the culmination of our Board’s extensive review of strategic alternatives, which included engaging with numerous potential buyers," Paul Folino, CoreLogic Chairman.
CoreLogic is advised by Evercore, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Insight Partners is advised by Willkie Farr & Gallagher. Stone Point Capital is advised by JP Morgan, Wells Fargo Securities and Kirkland & Ellis.
VG Acquisition, a special purpose acquisition company sponsored by Virgin Group, agreed to merge with 23andMe, a consumer genetics and research company, in a $3.5bn deal. Upon completion of the transaction, estimated in the second calendar quarter of 2021, VGAC will change its New York Stock Exchange ticker symbol, and the combined company's securities will trade under the ticker symbol "ME".
"As a fellow industry disruptor as well as early investor in 23andMe, we are thrilled to partner with Sir Richard Branson and VG Acquisition. As we approach the next phase of our business, which will create new opportunities to revolutionize personalized healthcare and medicine. We have always believed that healthcare needs to be driven by the consumer, and we have a huge opportunity to help personalize the entire experience at scale, allowing individuals to be more proactive about their health and wellness. Through a genetics-based approach, we fundamentally believe we can transform the continuum of healthcare," Anne Wojcicki, 23andMe CEO and Co-Founder.
23andMe is advised by Citigroup and Morgan Lewis & Bockius. VG Acquisition is advised by Credit Suisse, LionTree Advisors and Davis Polk & Wardwell.
AMCI Acquisition, a special purpose acquisition company, completed the merger with Advent Technologies, an innovation-driven company in the fuel cell and hydrogen technology space, in a $358m deal.
"Today is an important milestone for the entire Advent team as we continue on our mission to advance the development and manufacturing of our platform technology and unlock the hydrogen economy. Going forward, our new capital resources will enable us to accelerate product developments and our manufacturing of critical components for a diversified range of high-growth new energy markets. We have a proven business model and a technology that we believe represents the missing piece in fuel cells and advanced materials. I look forward to continuing our work to address the biggest challenges facing the hydrogen economy and am deeply proud of our team's work in getting us to this point," Vasilis Gregoriou, Advent CEO.
Advent was advised by Cantor Fitzgerald and Ropes & Gray. AMCI Acquisition was advised by Jefferies & Company, Ellenoff Grossman & Schole and Sloane & Company.
Veracyte, a global genomic diagnostics company, agreed to acquire Decipher Biosciences, a commercial-stage precision oncology company, for $600m.
"By combining Decipher Biosciences’ leadership in urologic cancers with our comprehensive genomic testing menu, Veracyte will be able to serve patients across the clinical care continuum in 7 of the 10 most prevalent cancers in the United States with highly differentiated and clinically impactful tests, significantly accelerating revenue growth and driving shareholder value. Further, with our best-in-class nCounter diagnostics platform, we are well-positioned to deliver comprehensive genomic cancer testing to physicians and their patients worldwide," Bonnie Anderson, Veracyte Chairman and CEO.
Decipher Biosciences is advised by Evercore and Cooley. Veracyte is advised by Goldman Sachs and Fenwick & West.
Surge Energy US Holdings, an oil and gas company, agreed to acquire a majority stake in midland basin assets of Grenadier Energy Partners, a private equity firm, for $420m.
"This acquisition is consistent with our strategy of building a long-term, sustainable oil and gas company. The combination of both production and high-quality inventory support both near-term cash flow and strong economic returns for years to come," Linhua Guan, Surge Energy CEO.
Surge Energy is advised by Citigroup and Thompson & Knight. Grenadier Energy is advised by Jefferies & Company and Vinson & Elkins.
Aquiline Capital Partners, a private investment firm based in New York and London, agreed to invest in National Medical Billing Services, a healthcare revenue cycle management company. Financial terms were not disclosed.
"The team at National Medical has built an impressive business that serves as a trusted advisor helping their clients navigate the increasing complexity of the healthcare system. We are excited to partner with National Medical, where we can employ our experience at the intersection of healthcare and insurance to help the company continue innovating to further enhance and expand its business and operations," Jeff Greenberg, Aquiline Capital Partners Chairman and CEO.
National Medical Billing Services is advised by Cain Brothers, Neal Gerber & Eisenberg and Prosek Partners. Aquiline Capital Partners is advised by Ropes & Gray.
Northern Oil and Gas, an independent energy company, agreed to acquire Marcellus shale from Reliance Industries, an Indian multinational conglomerate company, for $250m.
The assets, currently operated by affiliates of EQT, will be sold for the cash consideration and warrants, that will allow for the purchase of 3.25m common shares of NOG at an exercise price of $14 per common share over the next seven years.
Reliance is advised by Citigroup and Gibson Dunn & Crutcher.
T-Mobile, an American wireless network operator, agreed to acquire the wireless assets of Shenandoah Telecommunications Company, a publicly traded telecommunications company headquartered in Edinburg, Virginia, for $1.95bn.
This acquisition will include around 1.1m mobile customers from the areas of Virginia, West Virginia, Ohio, Kentucky, Maryland, and Pennsylvania.
Shenandoah Telecommunications Company is advised by Citigroup.
Zyter, a digital health product company, agreed to acquire Casenet, a provider of population health products, from Centene, a health care company. Financial terms were not disclosed.
"Casenet is a care management market and technology leader. This strategic acquisition adds capabilities that complement our expanding portfolio of digital health products for providers, patients and especially payers," Sanjay Govil, Zyter Founder and CEO.
Centene is advised by Skadden Arps Slate Meagher & Flom.
Kinnevik led a $155m Series D round in Vivino, the world's most downloaded mobile wine app and largest online wine marketplace, with participation from Sprints Capital, GP Bullhound and Creandum.
"This is a testament to the remarkable work that our teams around the globe have done to build an extraordinary business. This round has raised important capital for our rapidly growing company and drawn some exceptional new leaders to our board. The funding will enable us to continue to build on our core strengths, expand industry partnerships drawing more merchants and wineries to our marketplace, and support our continued global growth," Heini Zachariassen, Vivino Founder and CEO.
Investment firm Eldridge led a $125m Series G round in Stash, a personal finance app, with participation from Owl Ventures, T. Rowe Price Associates, Goodwater Capital and Entree Capital.
"Stash's simple, affordable, and transparent product offers people a better solution to build wealth for the long term. The Stash team has achieved remarkable growth and scale. We are excited to support them as they continue to grow and build more tools to help Americans build diversified investment portfolios," Todd Boehly, Eldridge Chairman and CEO.
Welsh, Carson, Anderson & Stowe, a private equity firm focused exclusively on the healthcare and technology industries, agreed to invest $250m in Kiniciti, which will invest in non-therapeutic companies supporting cell and gene therapy innovation.
"Partnering with Kiniciti to help realize the promise of cell and gene therapy represents a natural extension for WCAS's Healthcare franchise. We will pursue opportunities where operational improvements, organic growth initiatives and strategic acquisitions can unlock full potential, for both our investments and the patients these companies serve. In today's cell and gene therapy landscape, we believe that there are many exciting therapy innovators that possess the right science but need the supporting ecosystem essential to advancing their therapeutics at the pace they require and deserve. We look forward to working with the Kiniciti team to help address these critical pain points to help deliver CGT at scale and lower cost," Nick O'Leary, WCAS General Partner.
emids, a digital engineering and transformation solutions provider, completed the acquisition of Macadamian, a Canadian software development company. Financial terms were not disclosed.
"Our merger with emids is a superior match of entrepreneurial mindset, complementary skill sets and healthcare specialization, and we're excited about what we'll be able to achieve together for our customers and for healthcare at large," Frederic Boulanger, Macadamian CEO.
Blackstone weighs options for TaskUs. (FS)
Blackstone Group, a private equity firm, explores options for outsourcing firm TaskUS, including a partial stake sale or listing. The private equity firm is working with advisers to study strategic alternatives. It is considering selling as much as a 25% to 30% stake in TaskUs at a valuation of as much as $3.5bn.
Blackstone has also been weighing a potential US initial public offering of the business services firm and has already filed confidential registration documents with the Securities and Exchange Commission. The private equity firm could raise about $1bn from the share sale if it moves ahead.
Thoma Bravo gears for MeridianLink IPO. (FS)
Private equity firm Thoma Bravo is gearing up for an initial public offering of MeridianLink, which could value the US financial software provider at more than $3bn, including debt, Reuters reported.
The preparations come as MeridianLink, whose software is used by banks and credit unions to set up loans and deposit accounts, has benefited from the popularity of online banking and digital payments during the Covid-19 pandemic.
Thoma Bravo plans to take MeridianLink public later this year and has hired investment banks to handle the listing. It is possible that MeridianLink would go public by merging with a special purpose acquisition vehicle, rather than a traditional IPO.
Charlesbank Capital Partners closed Fund X at $3.75bn hard cap. (FS)
Charlesbank Capital Partners completed the fundraising for its latest flagship private equity fund, Charlesbank Equity Fund X, reaching the hard cap of $3.75bn less than six months after launch.
“While the market landscape is dynamic and ever-changing, we believe the ingredients for generating strong returns remain largely the same: rigorous discipline rooted in fundamentals, a consistent team united by a deeply ingrained culture of collaboration, and an agile and forward-thinking model driven by deep pattern recognition in our target sectors. We believe our investment approach is ideally suited to respond to the wide range of market conditions that we are likely to see over the next several years, and we are deeply grateful for the confidence our investors have placed in us to do so," Michael Choe, Charlesbank CEO and Managing Director.
Arcline Investment Management raises $2.75bn for its secoud fund. (FS)
Arcline Investment Management, a growth-oriented private equity firm, closed its second fund, Arcline Capital Partners II, with aggregate capital commitments of $2.75bn. Fund II comes approximately two years after Arcline closed on capital commitments of $1.5bn for its inaugural fund.
"We would like to thank our new and returning investors for their enthusiasm in backing the Arcline team. Fund II will continue to focus on opportunities where Arcline can create value by accelerating the growth of high-quality companies in partnership with talented business owners, industry executives and management teams," Rajeev Amara, Arcline CEO.
Blue Sea Capital closes $430m Fund II, exceeding the $350m target. (FS)
Blue Sea Capital, a private equity firm, successfully closed Blue Sea Capital Fund II and Blue Sea Capital Executive Fund II, a $430m private equity fund. Fund II included a $30m investment by the General Partner and was significantly oversubscribed, surpassing its target of $350m and exceeding its predecessor, Blue Sea Capital Fund I, by over 30%.
“We are thankful for the strong support of our existing limited partners, particularly given the challenging external environment, and are excited to add a select group of new investors. We are proud of the firm we are building, with a foundation of success in supporting a selective set of entrepreneurs and special, market-leading companies to accelerate growth," J.R. Davis, Blue Sea Capital Managing Partner.
Blue Sea Capital was advised by Lazard and Kirkland & Ellis.
Endicott Group announced the closing of Endicott Growth Equity Partners at $142m of capital. (FS)
Endicott Group, a New York-based investment firm, closed Endicott Growth Equity Partner, its debut private equity fund focused on the Information Services sector, with total committed capital of $142m.
"With the completion of the capital raise and the build-out of our team, EGEP is well positioned to execute our investment strategy, partnering with management looking to scale their already profitable businesses," Wayne K. Goldstein, Endicott Group Co-Founder.
The EU and the UK are set to open in-depth competition investigations into Nvidia's $40bn acquisition of the UK chip designer Arm, after rivals called for the deal to be blocked, FT reported.
Officials and advisers in both Brussels and the UK said that serious scrutiny of the deal was warranted, given the growing importance of Arm's designs, which are used in almost all smartphone processors and many other devices that require low-power chips.
Arm is advised by Hogan Lovells. NVIDIA is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. SoftBank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
Nova, which is led by Kaz chairman Oleg Novachuk, increased its offer for Kaz Minerals, a British copper company focused on large scale, low-cost open-pit mining in Kazakhstan, to $5.1bn from $3.9bn. The offer has been unanimously approved by Kaz's independent committee.
"We are pleased to have reached agreement with KAZ Minerals' Independent Committee as to the terms of a recommended transaction recognizing the changing risk profile of the business. This increased offer represents a highly attractive return for KAZ Minerals Shareholders ensuring they have the opportunity to realize in cash the value of their investment at a compelling valuation," Oleg Novachuk, Kaz Chairman.
Kaz Minerals is advised by Citigroup, UBS, Linklaters and Brunswick Group. Nova Resources is advised by VTB Capital and Clifford Chance. Financial advisors are advised by Latham & Watkins, Macfarlanes and Walkers. Debt financing is provided by VTB Capital.
Cellnex, a Spanish wireless telecommunications infrastructure and services company, agreed to acquire Hivory, a telecommunications tower operator, from Altice, a French multinational telecommunications corporation, and KKR & Co for $6.3bn with an additional investment of c.$1bn over the next 8 years aimed to deploy, among other projects, up to 2k new sites.
"With the acquisition of Hivory –which will have to receive the green light from the competition authority–, we will now be working in France with three of the big mobile operators in this market as anchor tenants, fostering infrastructure sharing; freeing up financial resources for those MNOs; enhancing rationalization processes of existing sites; and accelerating the deployment of new sites that ensure both an efficient and seamless extension of 5G coverage in the country and the effective fulfillment of an objective that is also shared by the players in the sector: eliminating "non spot areas" or zones without proper coverage in the country," Tobías Martínez, Cellnex CEO.
Cellnex is advised by PMP Conseil, AZ Capital, BNP Paribas, JP Morgan, PricewaterhouseCoopers and Herbert Smith Freehills.
PayPoint, a British business offering a system for paying bills in United Kingdom, Ireland and Romania, completed the acquisition of Handepay and Merchant Rentals, two card payments and card terminal leasing businesses, for £70m ($91m).
"Our acquisition of Handepay and Merchant Rentals will significantly increase our card payments capability and broaden our SME customer base. This important step refocuses PayPoint towards a core growth area and creates synergies through cross-selling of other PayPoint services and leveraging the scale of the combined business. Handepay has delivered a resilient performance through Covid-19, through the breadth of its customer base and strong recovery of active merchants after the first lockdown, and has a proactive plan in response to the most recent national restrictions. I am equally pleased to welcome the Handepay management team into the PayPoint Group and look forward to working with them as we deliver on the exciting potential of the combined card business," Nick Wiles, PayPoint CEO.
Handepay and Merchant Rentals were advised by PricewaterhouseCoopers and JMW Solicitors. PayPoint was advised by PricewaterhouseCoopers, Freshfields Bruckhaus Deringer and Finsbury Glover Hering.
AppLovin, a global technology platform, agreed to acquire Adjust, a global mobile app measurement and marketing company, for $1bn.
"We have worked closely with the Adjust team for years and we're thrilled to have the opportunity to team up with them. Adjust's product-first approach to the attribution and analytics space is comparable to how we built AppLovin, and exceptional combinations are born from similar objectives and culture. Together, we believe we will propel marketing tools innovation forward for mobile app developers globally," Adam Foroughi, AppLovin Co-Founder and CEO.
Adjust is advised by Noerr and Paul Weiss Rifkind Wharton & Garrison. AppLovin is advised by Citigroup and Fenwick & West.
EnQuest, a petroleum exploration and production company, agreed to acquire a 27% stake in Golden Eagle fields from Suncor, a Canadian integrated energy company, for $375m.
"We are delighted we have agreed the acquisition of a material interest in Golden Eagle, a high-quality, low-cost UK North Sea development. Upon completion, this acquisition will add immediate material production and cash flow to EnQuest and will allow us to accelerate use of our substantial tax losses. It also demonstrates our continued commitment to the UK North Sea and diversifies our existing production base," Amjad Bseisu, EnQuest CEO.
EnQuest is advised by JP Morgan and Tulchan Communications.
Private equity firm IK Investment Partners agreed to acquire Skill & You, a vocational e-learning provider, from Andera Partners, an asset management firm. Financial terms were not disclosed.
"Skill & You has experienced impressive growth over the recent years due to the quality and the breadth of its offering and has built a clear leadership position in France and Spain. We are delighted to have the opportunity to support Skill & You and its management team in their ambitious growth strategy," Rémi Buttiaux, IK Managing Partner.
IK is advised by Maitland. Andera Partners is advised by Bien Commun.
Box, an American internet company based in Redwood City, agreed to acquire SignRequest, a cloud-based electronic signature company, for $55m.
"E-signature is a large, high-growth market. With less than one-third of organizations deploying digital authorization because of cost barriers and legacy solutions, work is slowed down by paper-based signatures. Over 100k customers already use our platform to power the way they work, and we believe that by making electronic signature capabilities native to our core offering with Box Sign we will drive incredible value for our customers -- speeding up and simplifying workflows, lowering security and compliance risk – while cutting costs," Varun Parmar, Box Chief Product Officer.
Nordic Capital-backed Sambla, a credit and loan intermediary, agreed to merge with Advisa, a loan agency in Stockholm. Financial terms were not disclosed.
"We are deeply impressed by what these two companies have achieved separately and believe that the combined company will increase competition in the sector and be a strong force when it comes to improving consumers' finances in the future. In addition to creating a strong platform for growth, the combined company will also drive positive development throughout the industry. Nordic Capital looks forward to supporting the business in its next phase," Christopher Ekdahl, Nordic Capital Principal.
Bourns, a manufacturer and supplier of electronic components, completed the acquisition of Kaschke Group, a provider of customized magnetic components and ferrite cores. Financial terms were not disclosed.
"As one of the few companies that has the capability to design and build ferrite core materials as well as manufacture complex inductive components, Kaschke will bring to Bourns the experience and creativity needed to solve customers' complex application challenges. We are excited to welcome Kaschke to the Bourns organization to combine our capabilities and build stronger customer relationships," Gordon Bourns, Bourns Chairman and CEO.
TMH Group, a rolling stock manufacturer and rail service company, agreed to acquire Bergen Engines, a diesel engine manufacturer, from Rolls-Royce, a British luxury automobile maker, for $180m. The transaction has been approved by the boards of both Rolls-Royce and TMH and is expected to close in the second half of 2021.
"TMH is developing a business, which includes the production of electrical engines, diesel engines or batteries, in order to propose new energy solutions for global customers in different industrial segments: transportation, energy generation, marine and earth moving machines. We see great potential in the low emission developments of Bergen Engines as part of the global TMH Group," Kirill Lipa, TMH CEO.
Daimler, an automobile manufacturer, is set to spin-off its trucks and bus business into a separate publicly-traded company. A significant majority stake in Daimler Truck will be distributed to Daimler shareholders. The Daimler Truck business will have fully independent management, stand-alone corporate governance including an independent Chairman of the Supervisory Board, and is targeted to qualify as a DAX company. The transaction and the listing of Daimler Truck on the Frankfurt stock exchange is expected to be completed before year-end 2021.
"This is a historic moment for Daimler. It represents the start of a profound reshaping of the company. Mercedes-Benz Cars & Vans and Daimler Trucks & Buses are different businesses with specific customer groups, technology paths and capital needs. Both companies operate in industries that are facing major technological and structural changes. Given this context, we believe they will be able to operate most effectively as independent entities, equipped with strong net liquidity and free from the constraints of a conglomerate structure," Ola Kallenius, Daimler and Mercedes-Benz Chairman of the Board of Management.
Trafigura and Mubadala weigh sale of Minas de Aguas Tenidas. (FS)
Commodities trader Trafigura Group and Abu Dhabi wealth fund Mubadala are considering the sale of Minas de Aguas Tenidas, a Spanish copper miner, amid rising demand for the base metal. The operations could be valued at about $2bn or more.
Matsa could be one of the largest copper assets to come to the market in Europe this year. The company owns the Agua Tenidas, Sotiel and Magdalena mines in southern Spain, which produce copper, zinc and lead concentrates.
Hungary government eyes stakes in domestically-owned companies.
Hungary’s government is setting its eyes on new industries as it tries to boost domestic ownership in the economy. Hungary will seek to raise the share of domestically-owned companies above 50% in the information and telecommunication, construction materials and rail carriage sectors this decade, Bloomberg reported.
The new targets extend a drive under Prime Minister Viktor Orban’s nationalist ruling party to put more of the energy and banking and media industries to Hungarian owners. The push has contributed to a rise of a new entrepreneurial elite loyal to Orban, who has expanded his influence to all corners of the society and economy.
Orban is looking to further cut Hungary’s reliance on foreign investors, even as it continues to lure companies from abroad to maintain its role as a manufacturing hub. The government has also reduced the share of debt it owes in foreign currencies.
SoftBank-backed AUTO1 Group raised $2.2bn in a Frankfurt IPO.
SoftBank-backed AUTO1 Group, an online car dealer, raised $2.2bn in a Frankfurt IPO. Auto1 Group is traded at Frankfurt Stock Exchange under the ticker "AG1".
A total of 26.3m newly issued bearer shares with no par value were placed as part of the offering to reach the gross target proceeds of approximately $2.2bn. In addition, 15.6m existing bearer shares from pre-IPO shareholders and 6.2m over-allotment shares were allocated.
"The IPO is an important milestone for AUTO1 Group, and at the same time the starting signal for the next phase in our growth story. With our unique business model, we are well-positioned to continue to offer our customers the best experience for buying and selling used cars online. The high level of investor interest in this offering has been overwhelming and we are excited to continue our growth story as a listed company," Christian Bertermann, AUTO1 Group CEO and Co-Founder.
AUTO1 Group was advised by BNP Paribas, Citigroup, Goldman Sachs, Deutsche Bank, Barclays, HSBC, Numis Securities, RBC Capital, Credit Agricole, Mizuho Securities, Commerzbank, and Wells Fargo.
Phatisa Food Fund 2 reaches $143m final close. (FS)
Phatisa, an African private equity fund manager, closed its second food fund at $143m. Phatisa Food Fund 2 will invest across the African food value chain, considering investments in mechanization, inputs, poultry and meat production, food processing and manufacturing, logistics, aggregation and distribution across Sub-Saharan Africa. The investment will strengthen and increase food supply, local production and distribution across the region.
“We are pleased to welcome this multinational group of investors to Phatisa Food Fund 2, a fund focused on increasing investment in the undercapitalised African agribusiness and food value chain. Development impact, without deviating from sound commercial principles, is at the heart of Phatisa’s investment approach. Over the Fund’s investment cycle and through its investments in talented and driven management teams, we aim to create shared value; inclusive and sustainable growth; and address social and environmental challenges impacting some of the most marginalised people in Africa," Stuart Bradley, Phatisa Managing Partner.
City Index Eleventh, a Japanese fund backed by veteran investor Yoshiaki Murakami, raised its offer for energy and environment firm Japan Asia Group, competing against a management buyout bid backed by The Carlyle Group.
City Index Eleventh raised its offer for JAG to $11.5 per share. The fund previously offered $7.9 per share.
JSW Energy, an energy company, terminated the $137m acquisition of Ind-Barath Energy, an electricity generation company.
“In the intervening period of more than 15 months since the submission of the resolution plan, a material adverse change event, as defined under the resolution plan has occurred. A MAC event entitles the company to terminate the resolution plan. The company has accordingly served a notice of MAC to the RP and the CoC today and terminated the resolution plan with immediate effect,” JSW Energy.
US-based investment firms Greenoaks Capital and Lightspeed Venture Partners led a $120m Series D round in Zetwerk, a global manufacturing platform, with participation from Accel, Sequoia Capital India and Kae Capital.
"We are excited to partner with Zetwerk on the next leg of their journey, as they expand their value proposition globally. Zetwerk's operating system for manufacturing has digitized multiple supply chains end-to-end, ensuring on-time delivery and high quality standards. This has led to rapid growth in India and internationally, with the potential to quickly become one of the most important manufacturing platforms globally," Neil Shah, Greenoaks Capital Partner.
CDH Investments led a $108m Series B round in Babycare, a Chinese baby brand, with participation from Huaxing Growth Capital and Sequoia Capital.
With the fresh funds, the company plans to develop its products, set up its lab, hire talent, and build its intelligent warehouse and automated logistics system.
Advent weighs options for King Koil China. (FS)
Advent International, a private equity firm, is exploring options for its mattress business King Koil China including a potential sale that could value the unit at about $1bn.
The buyout firm is talking to advisers about a prospective deal that could also include an initial public offering. Another option under consideration is to consolidate King Koil China with the Chinese unit of Serta Simmons Bedding, the largest distributor and manufacturer of mattresses in the US, before proceeding with a sale or IPO, Bloomberg reported.
Bain Capital in talks to acquire Parksons Packaging for $411m. (FS)
Bain Capital is in talks to buy Daman-based Parksons Packaging, a packaging solutions provider, for more than $441m, as the US private equity firm plots to bolster its portfolio of packaging businesses.
Parksons has appointed Credit Suisse as its investment banker for the transaction, which is likely to be concluded in the next three months.
Ant Group to spin off its consumer-credit data operations, aims an IPO in 2 years.
Ant Group plans to spin off its consumer-credit data operations, a concession to aggressive regulators that should help the Chinese fintech giant get its massive public share sale back on track.
Hiving off the treasure trove of data on more than 1bn people is a key part of Ant’s business overhaul in response to a regulatory crackdown that resulted in the abrupt suspension of its $37bn initial public offering, which would have been the world’s biggest.
The data spinoff, along with Ant’s conversion to a more strictly regulated financial holding company, will mean the affiliate of e-commerce behemoth Alibaba Group Holding could proceed with the IPO within two years.
TR Capital raises $350m for its fourth fund. (FS)
Asian secondary private equity firm TR Capital raised $350m for its fourth fund amid increasing investment opportunities in the region, particularly in China.
The TR Capital Fund IV was significantly oversubscribed and has attracted sovereign and pension funds as well as family offices and other asset managers across Asia, Europe and North America. The fund’s size was increased from the originally planned $300m.
The buyout firm plans to invest $600m over the next few years through the new fund as well as its co-investment program.
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.