Vista Equity Partners and Evergreen Coast Capital, two investment firms, completed the acquisition of Citrix Systems, a cloud computing company, for $16.5bn.
"The combined company is well positioned for long-term success, leveraging the individual strengths of both Citrix and TIBCO, each established industry leader. We are pleased to partner with all our valued employees and partners to realize the immense potential of the combined company going forward," David Kerko, Elliott Head of North American Private Equity and Isaac Kim, Evergreen Senior Managing Director.
Apollo Global Management, a global alternative investment manager firm, completed the acquisition of the incumbent local exchange carrier assets of Lumen Technologies, an American telecommunications company headquartered in Monroe, Louisiana, for $7.5bn.
"The team at Lumen has built a great business and we see an incredible opportunity to provide leading edge, fiber-to-the-home broadband technology to millions of its business and residential customers. Our investment will help accelerate the upgrade to fiber optic technologies, and we are excited to have such a high-caliber management team ready to bring faster and more reliable internet service to many rural markets traditionally underserved by broadband providers," Aaron Sobel, Apollo Private Equity Partner.
Blackstone completed the acquisition of Bluerock Residential Growth REIT, a residential REIT, for $3.6bn.
“We are very proud to enter into a transaction that delivers tremendous value to our shareholders. We believe the substantial premium to our historic trading price is a testament to our success in building a best-in-class institutional-quality multifamily apartment portfolio in our attractive knowledge-economy target markets, along with the robust process run by the board of directors and management to secure maximum value for our shareholders,” Ramin Kamfar, Bluerock Chairman and CEO.
UnitedHealth-backed Optum, a diversified health services company, completed the merger with Change Healthcare, a health care technology company, in a $12.8bn deal.
"Together we will help streamline and inform the vital clinical, administrative and payment processes on which healthcare providers and payers depend to serve patients. We're thrilled to welcome Change Healthcare's highly skilled team to create a better future for health care," Andrew Witty, UnitedHealth Group President.
Change Healthcare was advised by Morrow Sodali Global, Barclays, Goldman Sachs, Simpson Thacher & Bartlett (led by Eric Swedenburg) and Brunswick Group (led by Jonathan Doorley). UnitedHealth and Optum were advised by Bank of America (led by Ivan Farman), Cleary Gottlieb Steen & Hamilton, Hogan Lovells (led by Leigh Oliver), Sullivan & Cromwell (led by Keith A. Pagnani and Melissa Sawyer). Blackstone was advised by Ropes & Gray.
Patient Square Capital, a private equity firm, completed the acquisition of Hanger, a provider of orthotic and prosthetic patient care services and solutions, for $1.25bn.
“I’m very pleased to be announcing this agreement today as the transaction will result in immediate and substantial value creation for our stockholders. This transaction represents a culmination of an extensive review by our Board of Directors of strategic alternatives to provide value to our stockholders and to offer financial flexibility for our company to pursue future growth initiatives. Patient Square Capital recognizes the value of our brand and the quality of our world-class team, and is grounded in similar values that guide our actions. They share the same long-term vision for our company, which makes them an excellent partner for the next phase of our journey,” Vinit Asar, Hanger President and Chief Executive Officer.
Roper Technologies, a diversified technology company, completed the acquisition of Frontline Education, a developer of cloud-based educational software, from Thoma Bravo and Insight Partners, two private equity firms, for $3.7bn.
"We are deeply appreciative of Thoma Bravo's partnership over the last five years and the countless contributions from our dedicated team members, which have allowed us to deliver an expanded portfolio of mission-critical solutions for our clients. Roper's acquisition of Frontline Education represents the next phase of our journey, as we stay true to our culture and mission of partnering with K-12 schools in their pursuit of excellence," Mark Gruzin, Frontline Education CEO.
Yukon-backed Wind Point Partners, a private equity firm, agreed to acquire D&H United, an oil & energy company, from KLH Capital, a private equity firm. Financial terms were not disclosed.
“Bo and the D&H team have built a tremendous franchise that is known for its service-first orientation among the industry’s leading fueling and EV station operators. D&H and Wind Point have developed a robust growth plan focused on rapidly expanding the Company’s team of technicians and pursuing strategic M&A in a highly fragmented market. We believe this joint vision will further solidify D&H as the industry’s service partner of choice with the nation’s leading fueling and EV station operators,” Konrad Salaber, Wind Point Managing Director.
Yukon is advised by Dorsey & Whitney. D&H United is advised by Harris Williams (led by Luke Semple). Wind Point Partners is advised by KPMG, Kirkland & Ellis and Reed Smith. Debt financing is provided by Churchill Asset Management and BMO.
KKR & Co, a private equity firm, agreed to acquire a majority stake in Boasso Global, a provider of the depot, maintenance, cleaning, and transportation services, from Apax Partners, an independent global partnership focused solely on long-term investment. Financial terms were not disclosed.
"It has been a privilege to work with Apax, whose guidance and support have helped Boasso achieve significant growth. As we look ahead, we are excited about the new opportunities before us as we continue to expand our global footprint and provide our customers with the outstanding service offerings they have come to expect. We also look forward to beginning our new strategic partnership with KKR," Joe Troy, Boasso Chairman & CEO.
KKR & Co is advised by Jefferies & Company and Simpson Thacher & Bartlett. Apax is advised by Harris Williams & Co, JP Morgan and Kirkland & Ellis. Boasso Global is advised by B2 Communications (led by Kyle Parks).
Goldman Sachs Asset Management's Petershill Program and Hunter Point Capital, an independent investment firm, completed the investment in SLR Capital Partners, a boutique asset manager. Financial terms were not disclosed.
"We believe Petershill and HPC will help to accelerate the execution of our business plan. We are grateful for the partnership with these leading firms as we seek to continue to deliver high-quality returns to our investors," Michael Gross, SLR Co-Founder.
SLR Capital Partners was advised by JP Morgan, Kirkland & Ellis and Prosek Partners (led by Andy Merrill). Petershill and Hunter Point Capital were advised by Mizuho Securities, Fried Frank Harris Shriver & Jacobson and Prosek Partners (led by David Wells).
Francisco Partners, a global investment firm, agreed to acquire bswift, a provider of benefits technology and services, from CVS Health, a healthcare company. Financial terms were not disclosed.
"We appreciate CVS Health's work in growing this business and are confident that our partnership will help bswift drive crucial focus in executing on organic and inorganic growth strategies. We look forward to supporting the talented employees and management team," Anders Mikkelsen, Francisco Partners Vice President.
Francisco is advised by Wells Fargo Securities, Kirkland & Ellis and Sloane & Company (led by Whit Clay). CVS is advised by Goldman Sachs, Dechert and Fried Frank Harris Shriver & Jacobson.
carsales.com, the largest online marketplace in Australia focusing on the automotive, motorcycle, and marine realms, completed the acquisition of the remaining 51% stake in Trader Interactive, a provider of online market places and digital marketing products, from investment firms Eurazeo and Goldman Sachs Asset Management for $809m.
"The first year of ownership has been very successful and we have strong conviction in the quality of the Trader Interactive business, the management team and its growth opportunities. Culturally, there is strong alignment between the carsales and Trader Interactive teams and we are excited to be working more closely together to execute on our strategic objectives," Cameron McIntyre, carsales Managing Director and CEO.
carsales.com was advised by Morgan Stanley, Arnold Bloch Leibler (led by Jonathan Wenig and Jeremy Lanzer) and Skadden Arps Slate Meagher & Flom (led by Amr Razzak). Trader Interactive was advised by Jefferies & Company. Eurazeo was advised by Maitland (led by David Sturken).
AE Industrial, a middle market private equity firm, agreed to acquire a majority stake in York Space Systems, a firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. BlackRock to invest alongside AE Industrial. Financial terms were not disclosed.
"With its innovative spacecraft designs and manufacturing processes, York has revolutionized the small satellite market, which is poised for significant growth in both the government and commercial markets over the next 20 years. Backing the largest independent small satellite manufacturer represents a unique opportunity to serve the fast-growing LEO commercialization and national security markets, and we look forward to partnering with Dirk, Chuck and the entire York team during this exciting time in the space industry and at the Company," Kirk Konert, AEI Partner.
AE Industrial is advised by Ernst & Young, Kirkland & Ellis and Lambert & Co (led by Jennifer Hurson). York Space Systems is advised by Jefferies & Company and Gibson Dunn & Crutcher.
Olympus Partners, a private equity firm, agreed to acquire EyeSouth Partners, an eye care management services organization, from Shore Capital, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with Rex, the rest of the management team, and the exceptional doctors and clinicians at EyeSouth. They have built the leading medically focused national platform in ophthalmology. We look forward to supporting the organization's further expansion as they continue their mission of providing the highest quality eyecare to patients across the US," Griffin Barstis, Olympus Principal.
Wafra, a global alternative investment manager, completed the acquisition of a minority stake in Oak Hill Capital Partners, a private equity firm, from Jefferies Financial, an American multinational independent investment bank. Financial terms were not disclosed.
“We are pleased to partner with Oak Hill, a distinguished group of investors whose current management team has accelerated the evolution of OHCP to a world class private equity firm. We look forward to embarking on this new chapter with them, working together to execute strategic initiatives and positioning the firm for continued growth. Their thematic approach is differentiated in the market and this thoughtful approach is reflected in all aspects of their business.” Gustavo Cardenas, Wafra Managing Director.
Oak Hill is advised by Evercore and Paul Weiss Rifkind Wharton & Garrison. Wafra is advised by Fried Frank Harris Shriver & Jacobson and Edelman.
Flacks Group, a global investment firm, completed the acquisition of Kelly-Moore Paint, a manufacturer and retailer of premium paints and coatings. Financial terms were not disclosed.
"Kelly-Moore Paints is a true legacy brand that resonates across multiple generations. Since 1946, the company's high-quality products have exemplified American manufacturing and its exceptional service has earned the company a loyal customer base. We see this transaction as a platform with the potential for bolt-on acquisitions in the small and mid-size paint spaces," Charles Gassenheimer, Flacks Group Managing Director.
Kelly-Moore was advised by Deutsche Bank, Houlihan Lokey and Shartsis Friese. Flacks was advised by Nomura and Berger Singerman.
SK Capital backed-Deltech Holdings, a producer of specialty aromatic monomers, polystyrene and resins for use in coatings, composites, construction materials and other applications, completed the acquisition of StanChem, a specialty chemicals manufacturer, from Artemis Capital Partners, a specialized private equity firm. Financial terms were not disclosed.
“StanChem has always been a premier provider of emulsion polymers and Albi has been an innovator in the protective coatings market. Over the last 5 years, we have worked to transform the business into a specialty polymer provider by focusing on proprietary product development and expansion of manufacturing capabilities. We look forward to the next chapter of our growth as a part of the Deltech team,” Paul Stenson, StanChem President and CEO.
Artemis and StanChem is advised by Evercore and Morgan Lewis & Bockius. SK Capital Partners and Deltech is advised by Kirkland & Ellis and BackBay Communications (led by Jeremy Milner).
Levine Leichtman Capital Partners, a private equity firm, completed the acquisition of AGDATA, a provider of mission-critical workflow and data solutions within the agribusiness and animal health sectors, from Vista Equity Partners, an American investment firm. Financial terms were not disclosed.
“We are pleased to partner with Heffy and the AGDATA team to provide the highest-quality data and analytics to the agriculture and animal health sectors. AGDATA serves attractive end markets that benefit from macro tailwinds including population growth, a growing need for crop efficiency, and increased spending on food and pets. We are excited to capitalize on these favorable tailwinds to build on AGDATA’s market leadership position,” Josh Kaufman, LLCP Senior Managing Director.
AGDATA is advised by Raymond James and Kirkland & Ellis. Levine Leichtman Capital Partners is advised by Honigman Miller Schwartz & Cohn and Gasthalter & Co (led by Mark Semer).
Halma, the global group of life-saving technology companies, completed the acquisition of IZI Medical Products, a designer, manufacturer and distributor of medical consumable devices, from Shore Capital, a private equity firm, for $168m.
"Our purpose is to improve patients' lives with physician-led innovation. This vision aligns to Halma's when it comes to improving quality of care delivered by healthcare providers. Many physicians started using our technologies in medical school and have continued to do so throughout their careers. Joining the Halma group will take IZI Medical Products to the next level, adding R&D, commercial and international growth opportunities that will help us in our journey to advance healthcare for patients worldwide," Greg Groenke, IZI Medical Products CEO.
IZI Medical Products was advised by Winston & Strawn. Halma was advised by MHP Communications (led by Andrew Jaques). Shore Capital was advised by Edelman.
Blue Sea Capital, a private equity firm, completed the acquisition of ProSource Supply, a plumbing supplies provider, from CID Capital, a private equity firm. Financial terms were not disclosed.
"We are incredibly proud of our customer-focused culture at ProSource and are excited to partner with Blue Sea for our next phase of growth. Blue Sea will help us accelerate our growth, both organically and through acquisitions, to further expand our presence throughout the Southeast while providing our customers with the same exceptional product availability and customer service to which they are accustomed. We would like to thank CID Capital for their unwavering commitment to our business and partnership orientation. It has been a pleasure to work with CID," Drew Roberts, ProSource CEO.
KKR & Co, a private equity firm, agreed to invest $410m in NetSPI, a provider of enterprise penetration testing and attack surface management services, with participation from Sunstone Partners.
"We are excited to double down on our investment in NetSPI to help build a differentiated leader in offensive cyber security. We have been very impressed by the performance of the company and the exceptional execution by Aaron and his team over the past 18 months. We believe this is just the beginning of what we can accomplish together," Jake Heller, KKR Partner and Head of Technology Growth Team in the Americas.
Wind Point Partners, an investment company, completed the acquisition of FreshEdge, a fresh foods distributor, from Rotunda Capital Partners, a private equity firm. Financial terms were not disclosed.
"The FreshEdge story is a great example of Rotunda partnering with a first-class management team to transform a family-owned company into a data-driven acquisition platform,” Corey Whisner, Rotunda Partner.
Freshedge was advised by Harris Williams & Co and Greenberg Traurig.
Fernweh Group, a principal investment firm, completed the acquisition of a 60% stake in AIS Investment Holdings, a provider of specialized products and solutions designed to support industrial and electrical applications, from AZZ, an electrical equipment manufacturing company, for $300m.
"We are excited by the opportunity to acquire a majority stake in AIS and look forward to working with management to continue to strengthen and grow the business. The company has a range of strategic growth opportunities in energy, infrastructure, data center, and other sectors, as well as unique capabilities to support marquee customers in these end markets. The acquisition is aligned with Fernweh's investment thesis in the industrials sector and will be a strategic platform on which to build a major electrical and industrial business. We look forward to welcoming the AIS colleagues to the Fernweh family and establishing a long and fruitful partnership with Tom, and the AZZ team," Nick Santhanam, Fernweh Group CEO.
A consirtsium of investor led a $121m Series C funding round in Cellarity, a pharmaceutical company, with participation from Flagship Pioneering, Kyowa Kirin and Hanwha Impact Partners.
“Cellarity is truly rewriting the rules of drug creation. Disease isn’t driven by one mechanism or protein, so Cellarity has developed the ability to solve disease through the lens of the entire cell. Since the cell is a fuller representation of disease, the platform is uniquely designed to drive higher translatability and clinical success, creating important new medicines for internal pipeline development as well as with partners," Stephen Berenson, Cellarity Board of Directors Chairperson and Flagship Pioneering Managing Partner.
Activate Capital, a growth equity partner, led a $100m series B funding round in Altana Technologies, a software company, with participation from OMERS Ventures, Prologis Ventures, Reefknot Investments, Four More Capital, GV, Amadeus Capital Partners, Floating Point, and Ridgeline Partners.
“Some of the most important companies are forged during economic adversity. Altana has a singular mix of ingredients: unique technology, network effects, and an all-star team pursuing a world-changing vision. Altana has the potential to provide the infrastructure of a better globalization. We are thrilled to partner with the company in the journey ahead,” Raj Atluru, Activate Capital Managing Partner.
Altana Technologies was advised by The Outcast Agency.
CenterOak Partners, a private equity firm, completed the acquisition of a majority stake in Palmetto Exterminators, an independent pest control company providing general pest, recurring termite, and mosquito control services. Financial terms were not disclosed.
"Palmetto is a great fit with CenterOak's focus on investing in family-owned businesses in growing, non-discretionary end markets. As the first institutional investor of a second-generation family-owned and operated business, we were attracted by the opportunity to leverage CenterOak's recent relevant investment experience in the residential services sector. Palmetto has a long track record of growth, and we look forward to supporting the Company's next stage of expansion, both organically and through acquisitions," Jason Sutherland, CenterOak Co-Managing Partner.
Goldman Sachs, a global investment banking, securities and investment management firm, led a $146m Series F-2 funding round in SingleStore, a cloud-native database built for speed and scale to power data-intensive applications, with participation from Prosperity7.
"Business happens in real time. Today's organizations demand real-time data and immediate insights that empower them to make fast, informed decisions. That requires a modern data infrastructure that only SingleStore's cloud-native database can deliver. I am excited to announce this funding, and I'd like to thank all of our investors. I look forward to applying these funds to fuel SingleStore's continued growth and strategic initiatives," Raj Verma, SingleStore CEO.
Rosewood Private Investments, a private equity firm, agreed to acquire The Southern Co, a petroleum equipment distributor. Financial terms were not disclosed.
"The Southern Co. nicely complements AMPET and PECO, and the Scott family should be very proud of the company they've built. We look forward to partnering with Eric, Jason, and their entire team for the next stage of the company's journey. This addition to the StationServ family of companies allows us to extend our reach and broaden our service offerings for both existing and new customers," G.T. Barden, RPI Managing Director.
Investcorp, a global investment manager, agreed to acquire a majority stake in Sunrise Produce, a wholesale produce distribution company. Financial terms were not disclosed.
"Fresh produce distribution is a highly fragmented, $70bn national market that has consistently shown resiliency through economic cycles. David and the Sunrise team have built a special, passionate culture that consistently thrills its customers with outstanding service. Their model and disciplined approach has propelled them to exceptional, industry-leading growth. We look forward to our partnership and to helping the Company accelerate its growth through geographic expansion and acquisitions," Amit Gaind, Investcorp Managing Director.
Blackstone hopes to acquire up to $10bn Emerson's assets.
Multinational manufacturer Emerson Electric is in talks with US buyout firm Blackstone to sell a part of its commercial and residential solution business assets, Reuters reported.
The deal, which could be valued between $5bn and $10bn, would depend on how much the portfolio changes hands. Final decisions have yet to be made and the discussions could fall through.
Veritas Capital considers selling or taking public $7bn Guidehouse.
Veritas Capital, a private equity firm, is considering selling or taking public Guidehouse early next year in a deal that could value the consulting firm at about $7bn.
A sale of Guidehouse would likely draw interest from other private equity firms and consultants. Veritas is working with advisers to consider options, Bloomberg reported.
EnCap Investments is considering an asset sale worth $6bn.
Private equity firm EnCap Investments is planning a sale of two bundles of oil and gas assets in Texas that could fetch more than $6bn.
The company is looking to sell positions in the Delaware Basin, which are made of up of Advance Energy Partners and Ameredev II, and the Midland Basin, which includes assets from Black Swan Oil & Gas, Piedra Resources and Petrolegacy Energy.
The assets, which are being sold by different advisers, are expected to attract large corporate buyers, Bloomberg reported.
Warburg Pincus is exploring a $1.5bn sale of Wencor.
Warburg Pincus, a private equity firm, is exploring a sale of Wencor Group, which designs, repairs and distributes after-market replacement components for airlines.
The private equity firm is working with an adviser to solicit interest in the Peachtree City, Georgia-based company. Any transaction could value Wencor at about $1.5bn, Bloomberg reported.
Icahn bought a $500m worth of Twitter stake before Musk's announcement.
Activist investor Carl Icahn amassed a Twitter stake worth more than $500m in the past few months and made a sizable profit after Elon Musk proposed to go ahead with his takeover of the social media platform, Reutersreported.
Apollo had been in talks to provide preferred equity financing for the deal, alongside Sixth Street. Apollo, Sixth Street and other investors were looking to commit more than $1bn in financing for the deal at the time.
David Rubenstein-backed firm taps world’s rich for US bets.
An investment firm backed by Carlyle Group co-founder David Rubenstein has raised money from some of the world’s super-rich, creating its first fund employing outside cash.
Declaration Partners collected $240m from wealthy individuals and family offices to target multifamily housing and industrial properties across the US, the New York-based company said in a statement. Rubenstein is also an investor in the vehicle, Bloombergreported.
Centerbridge-backed Kik Consumer said to explore sale.
Kik Consumer Products, the maker of household and pool-cleaning products, is exploring a sale that could value it at as much as $4bn, Bloombergreported.
The company is working with an adviser on the potential sale. Kik is owned by private equity firm Centerbridge Partners, which acquired it in 2015 for an undisclosed price.
Two SPACs backed by Bill Foley seek shareholder nod to liquidate.
Two blank-check companies backed by veteran investor Bill Foley, which together raised over $2bn in their share sales, plan to shutter by the end of the year, the firm's sponsors said, as market turmoil curbs appetite for deals.
Austerlitz Acquisition I and Austerlitz Acquisition II, named after the Battle of Austerlitz – regarded as one of Napoleon's greatest military triumphs – have failed in finding merger partners despite dozens of negotiations, Reuters reported.
Light & Wonder merger with Sciplay Sought by Engine Capital.
An investor in Light & Wonder and its subsidiary Sciplay is urging the gaming companies to merge in an effort to improve value for their shareholders.
Engine Capital owns a stake of more than a 5% in Sciplay and a smaller stake in Light & Wonder, formerly known as Scientific Games. The New York-based investment firm said in a letter to the boards of both companies that it believes Light & Wonder purchasing the 19% of Sciplay that it doesn’t already own would simplify the company’s structure, reduce the overhang on its shares, and provide immediate value to Sciplay’s shareholders, Bloomberg reported.
Irenic Capital pushes Barnes Group to explore strategic options.
Irenic Capital Management, a private equity firm, is pushing aerospace manufacturer Barnes Group, to make board changes and explore a strategic review, including a sale of all or part of the company.
Irenic, taking its first position since it was founded by alums of larger activist funds, has told management it believes the company could fetch as much as $60 per share in a sale.
Irenic believes that Barnes' aerospace unit alone is worth more than its current market value. It has raised concerns about the company's capital allocation, operating performance, executive compensation and failure to hit financial targets, Bloomberg reported.
Goldman's Petershill, Hunter Point nears SLR Capital stake deal.
Goldman Sachs's Petershill unit and Hunter Point Capital near a deal to acquire a minority stake in credit-focused asset manager SLR Capital Partners.
The transaction involving Petershill and Bennett Goodman's Hunter Point, which each specialize in the business of buying general partner stakes, Bloomberg reported.
Automation Anywhere raises $200m in venture debt.
Late-stage companies have been turning to venture debt and other nontraditional forms of financing as an alternative to raising a down round amid this year's stock market slump.
One of the latest to fund operations with debt rather than equity is robotic process automation provider Automation Anywhere. The San Jose-based company that it raised $200m in debt financing from SVB Capital and Hercules Capital.
Hamilton Lane and Securitize to tokenise private markets funds.
Securitize, a digital asset securities firm, and Hamilton Lane, a global private markets investment firm, are partnering to expand investor access to Hamilton Lane's funds through tokenisation.
Through this partnership, qualified US-based investors will be able to more easily access three distinct Hamilton Lane funds, which will be available through new tokenised feeder funds.
AE Industrial Partners appoints MD and head of capital formation. (People)
AE Industrial Partners, a private equity firm specialising in aerospace, defence & government services, space, power & utility services, and specialty industrial markets, has appointed Charles Shor as Managing Director and Head of Capital Formation, effective immediately.
Short brings over 25 years of experience in capital markets and investments, most recently as Managing Director for Business Development and Investor Relations for Marathon Asset Management, focusing on the firm’s fundraising and investor relations efforts in North America.
Equistone Partners, a private equity firm, completed the acquisition of a majority stake in SF Filter, a distributor of mobile and industrial filters. Financial terms were not disclosed.
"We felt it was vital to find a reliable partner who not only offers the necessary financial capacity but can support us in our future growth by bringing years of experience in helping scale companies. We have found just such a partner in Equistone," Daniel Infanger, SF Filter CEO.
Equistone Partners is advised by Boston Consulting Group, Howden, Alvarez & Marsal, Enqcor, Houlihan Lokey, Aigner Buzanich, Bar & Karrer (led by Christoph Neeracher and Philippe Seiler), E+H Rechtsanwälte, Latham & Watkins, Schindler, Wardynski & Partners, Flick Gocke Schaumburg, IWK Communication Partner. SF Filter is avised by Robert W Baird (led by Thomas Fetzer).
Cinven, a private equity firm, completed the acquisition of the pest control unit of Bayer, a German multinational pharmaceutical and life sciences company, for $2.6bn.
"Following Cinven's recent acquisitions of TK Elevator and Arxada, Cinven is confirmed as a preferred partner for large European corporates on significant disposals, especially within the Industrials sector. Bayer has been an exemplary custodian of the business, and we look forward to continued close collaboration between BESP and Bayer," Pontus Pettersson, Cinven Partner.
Azenta, a provider of automation, vacuum and instrumentation equipment for multiple markets, completed the acquisition of B Medical Systems, a provider of temperature-controlled storage and transportation solutions that enables the delivery of life-saving treatments across the globe, from Navis Capital Partners, a private equity firm, for €460m.
"We are excited to add B Medical into our growing portfolio of offerings. B Medical has done an outstanding job carving out a strong market position in the vaccine cold chain, and we see a breadth of opportunities to drive even further value from the portfolio by leveraging the Azenta platform," Steve Schwartz, Azenta President and CEO.
Hg, a private equity firm, completed an investment in TrustQuay, a technology provider to the global trust, corporate and fund services industry. Financial terms were not disclosed.
“At Hg we focus on SaaS and technology businesses that are leading their sector towards change and a better way of working. TrustQuay is an exciting business which is applying this vision to the trust, corporate services and fund industry, having developed a quality, modern product and with ambitious future plans. We’re excited to apply this experience as we partner with Keith and a great entrepreneurial team,” Richard Earnshaw, Hg Director.
TrustQuay was advised by Jamieson, K&L Gates, Narrative Strategies (led by Simon Anderson) and BDO. Hg Capital was advised by Skadden Arps Slate Meagher & Flom (led by Richard Youleand Katja Butler) and Brunswick Group (led by Azadeh Varzi). SilverFleet Capital was advised by Eversheds Sutherland, Robert W Baird and Citigate Dewe Rogerson (led by Patrick Evans).
Investment firms Energy Infrastructure Partners and Crédit Agricole Assurances, completed the acquisition of a 25% stake in Repsol Renovables, the renewable energy investment division of Repsol, an energy firm, for $1.15bn.
"Fully in line with Crédit Agricole Group's commitments in favor of the climate, Crédit Agricole Assurances is actively contributing to a low-carbon economy through its investments in the energy transition. This investment alongside Repsol and EIP is a new step, contributing to reach our objective of 14 GW of installed capacity by 2025," Philippe Dumont, Crédit Agricole CEO.
Lloyds Development Capital, a private equity firm, completed the acquisition of a minority stake in Acora, an IT services provider. Financial terms were not disclosed.
"I have been talking to LDC for more than a decade and believe they’re the partner we need for the next stage in our journey. This new investment from LDC gives us significant firepower to help accelerate our ambitious growth plans. This investment is all about continuing our existing trajectory over the longer term," David Rabson, Acora CEO.
Acora was advised by RSM International, DC Advisory (led by Alexander Luycx) and Eversheds Sutherland. LDC was advised by BDO. Debt financing was provised by Ares Capital and HSBC.
Orangewood Partners, a long-term focused private investment firm, agreed to invest in Barrington James, a global recruitment firm. Financial terms were not disclosed.
"Barrington James deep focus on life sciences uniquely positions it to provide outstanding and highly bespoke service to its clients and capitalize further on this attractive opportunity. To that end, we are thrilled to bring Orangewood's deep expertise in partnering with founders and track record of building healthcare-focused businesses to support Dan and his talented team. We look forward to working together as Barrington James continues to innovate and deepen its role as one of the premier life sciences-focused recruiting firms," Neil Goldfarb, Orangewood Managing Partner.
Barrington James is advised by Brightwood Capital, Fairmount Partners, and Keystone Law. Orangewood is advised by K&L Gates and Gasthalter & Co (led by Nathaniel Garnick).
FnB Private Equity, a French investment fund, SWEN Capital, an investment management firm, and Turenne Groupe, an independant private equity management company, completed the acquisition of Mousline, a France-based mashed potato business, from Nestle, a Swiss multinational food and drink processing conglomerate. Financial terms were not disclosed.
“We are giving new strategic impetus to the Mousline brand. Our ambition is to pursue growth by accelerating Mousline’s capacity for innovation and strengthening our links in Picardy with our farmers and local players,” Philippe Fardel, Mousline President.
FnB Private Equity was advised by Rothschild & Co, Accuracy, Area Avocats, Karman Associes and Shearman & Sterling (led by Xavier Norlain). Nestle was advised by Reed Smith.
Centaury Management, the investment office of the Markus family, agreed to acquire the filters business of Essentra, a global provider of essential components and solutions, for £262m ($292m).
"The strategic review of Filters was launched in October 2021 and has built on the significant progress the division has made since 2017 when announcing its strategy for future growth. The business is delivering on all of the strategic "game changers" and has attractive long-term growth prospects. I am confident that Filters will continue to make excellent progress under its new ownership," Paul Forman, Essentra CEO.
Essentra is advised by Goldman Sachs, Lazard, Peel Hunt and Tulchan Communications (led by Olivia Peters).
Spirax-Sarco Engineering, the thermal energy management and niche pumping specialist, completed the acquisition of Vulcanic, a European industrial electric heating group, from Qualium, a French private equity company, for €262m ($230m).
"We are looking forward to welcoming colleagues from Vulcanic into our Group. We have been following Vulcanic for some time and believe the acquisition represents an excellent opportunity to broaden our addressable market and further deploy our industry leading technologies in Europe. Vulcanic's existing strength and scale in Europe - with further investment by our Group - will provide a fantastic platform for growth, especially for our recently launched portfolio of TargetZero solutions, which electrify heat generation for industrial processes to support our customers' decarbonisation objectives," Nicholas Anderson, Spirax-Sarco Engineering CEO.
ArchiMed, a private equity firm, completed an investment in PlasmidFactory, a gene and cell therapy specialist. Financial terms were not disclosed.
"ArchiMed will act as our key catalyst for rapid and efficient expansion in a highly complex domain that few generalist investors, or a few healthcare investors, understand." Schleef and his management team will remain in place, with the former rolling over a substantial portion of his proceeds in the group," Martin Schleef, PlasmidFactory Founder and CEO.
Allianz X, the digital investment unit of Allianz, agreed to acquire simplesurance, a platform for simple access to insurance. Financial terms were not disclosed.
"Embedded insurance is a core element when it comes to offering customers not just policies, but comfort and convenience too. With simplesurance, we bet on one of the pioneers of this market at an early stage and, together with its strong management team, built a technology leader in this segment," Carsten Middendorf, Allianz X CIO.
simplesurance is advised by Sullivan & Cromwell (led by Carsten Berrar).
Halma, a British global group of safety equipment companies, completed the acquisition of WEETECH, a designer, manufacturer, and distributor of test systems, from PINOVA Capital, an independent private equity firm, for £50m.
"We are delighted to welcome WEETECH to Halma and look forward to supporting their future development through our Growth Enablers. WEETECH brings new opportunities for growth in electrical safety, driven by increasing safety needs and greater regulation. Their technology will play an important supporting role in addressing key issues such as growing urbanization, the challenge of the energy transition, and the adoption of more efficient modes of transport, such as mass transit systems and electric vehicles," Andrew Williams, Halma CEO.
Bregal Investments, a global private equity firm, agreed to invest in PUR Projet, a social business that assists companies in the integration of social and environmental innovations. Financial terms were not disclosed.
“Humanity is facing an unprecedented climate crisis and investing in nature is an essential part of the solution. This crisis is bigger than us. Bregal’s investment in PUR will help us scale nature-based solutions projects worldwide and further strengthen the impact that we have on the communities we partner with across the globe,” Tristan Lecomte, PUR Projet Founder.
Russian President Vladimir Putin issued a decree authorizing Italian utility Enel to sell a 56.43% stake in its Russian entity to oil company Lukoil and the Gazprombank-Frezia investment fund for $144m, Reuters reported.
"Enel learned about the approval of the sale of its stake in Enel Russia to PJSC Lukoil and Gazprom-Frezia fund and informs that it will proceed with the transaction in the coming days," Enel.
Africa records one of its strongest-ever halves for private capital investments with $4.7bn of new capital flowing into companies.
Africa has scored one of its strongest six months of private equity and venture capital investment ever, with $4.7bn of new capital flowing into companies in the continent.
More than 330 PE and VC deals were done in the first half of 2022, research from industry body AVCA shows. Big drivers of the investment wave were the substantial amount of fresh capital raised by fund managers in 2021, an increasing interest in Africa’s venture ecosystem and overall larger ticket sizes.
“Unsurprisingly, given its enormous potential, the continent’s financial services industry has continued to attract investors from all over the world, with fintech companies, in particular, comprising 89% of the total number of deals within financials," AVCA.
Atos rejects bid interest valued at $4.1bn for Evidian arm.
French technology consultancy company Atos, said it had rejected expressions of interest in its Evidian unit from rival onepoint and UK private equity fund ICG.
Atos said onepoint and ICG had sent an unsolicited letter of intent related to the potential acquisition of the Evidian business for an indicative enterprise value of $4.1bn, Reuters reported.
"Following the thorough examination of this preliminary and non-binding mark of interest, and upon the recommendation of its ad hoc committee, the board of directors has convened and unanimously concluded that it is not in the interest of the company and its stakeholders. The board of directors has therefore decided not to proceed," Atos.
PAI weighs sale of $2bn UK infrastructure services firm M group.
PAI Partners is exploring a potential sale of M Group Services, a UK-based infrastructure services firm that could be valued at about $2bn.
The private equity group is working with Citigroup to evaluate options including an exit of M Group. Investors continue to pour money into infrastructure, drawn by the stable, recurring returns these assets can generate. A sale of M Group could attract both financial and strategic suitors. Deliberations are in the early stages and PAI could still decide to keep the business.
West End theater giant seeks £1.2bn from private lenders.
Ambassador Theatre Group, which owns venues in the West End and Broadway, is looking to refinance its debt with a direct lending deal worth as much as £1.2bn.
The entertainment business, backed by Providence Equity Partners, is speaking to direct lending firms about the potential refinancing. Private lenders have won some large deals this year, while a rout in the high-yield and leveraged-loan markets has made investment banks more cautious about underwriting buyouts.
GTCR will not make offer for GB Group.
Further to the announcement made on 6 September 2022 in relation to a possible offer for GB Group by GTCR, GTCR, on behalf of certain of its affiliated funds, confirms that it does not intend to make an offer for GBG.
GTCR, on behalf of certain of its affiliated funds, and any person(s) acting in concert with it, reserves the right to make or participate in an offer or possible offer for GBG.
Generali explores deal with Guggenheim.
Assicurazioni Generali, a financial services firm, is exploring a deal with US investment firm Guggenheim Partners to bolster its asset management business.
Italy's biggest insurer has held informal talks on options ranging from a full acquisition of Guggenheim's asset management business to a partnership or strategic investment. Generali has considered selling its Banca Generali unit to Mediobanca among options to help finance a potential deal.
The considerations are at an early stage, talks have been on-and-off again and may not lead to a transaction. Generali could also end up pursuing another asset management target in the US, Bloomberg reported.
Spain's largest gas firm gets key backing as CVC says it's not selling stake.
CVC Capital Partners is committed to being a long-term investor in Naturgy Energy Group and has no plans to sell its 20% stake in the utility, Bloombergreported.
“We aren’t looking to sell and we aren’t speaking to anybody. There is no time-line for the fund to sell its stake so it’s under no pressure to divest,” Javier de Jaime, CVC managing partner for the country.
Elliott increases stake in Swedish Match.
Hedge fund Elliott Investment Management continued to increase its stake in Swedish Match and has emerged as the biggest single shareholder in the Swedish smokeless tobacco company, further threatening the takeover bid from Philip Morris International.
Regulatory filings showed for the second day in a row on Friday that Elliott had upped its stake in Swedish Match and now holds 7.25% of the votes. Earlier this month, Bloomberg reported that some of the world's largest hedge funds had built holdings in Swedish Match with the aim of forcing PMI to sweeten its offer, Bloomberg reported.
Private equity-backed Breitling CEO eyes deals after turnaround.
In the five years since CVC Capital Partners bought control of Breitling, the company has more than quadrupled its equity value and is on the cusp of re-joining the top 10 Swiss brands of luxury watches, Bloomberg reported.
Now Georges Kern, who gave up a top job at luxury emporium Richemont to lead the revival, is open to acquisitions to help other watch brands follow Breitling’s path of rejuvenation.
Antin holds first close of Flagship Fund V with more than €5bn in commitments.
Antin Infrastructure Partners has held a first close for its fifth flagship fund, its largest to date, raising more than €5bn ($4.95bn) to invest in infrastructure opportunities. Antin expects to hold a second closing before year-end.
With a target of €10bn ($9.91bn) and hard cap set at €12bn ($11.9bn), Flagship Fund V will continue to seek controlling equity investments in the energy and environment, telecom, transport and social infrastructure sectors in Europe and North America. Strong demand resulted in a swift first close, demonstrating strong support from both existing and new investors for Antin’s approach to infrastructure investing and recognition of the firm’s successful 15-year track record of value creation.
Crossbay hopes to raise €2bn in the second logistics fund.
Crossbay, the pan-European urban logistics platform of private equity real estate manager MARK, launched a second investment fund which seeks to hold over €2bn($1.98bn) worth of assets.
"The second Crossbay vehicle will build on the success of the first by leveraging our teams on the ground to execute more value-add and leasing initiatives to drive value and capture rental growth, and increasing development activity where appropriate, with all new developments built to meet our strict ESG requirements," Marco Riva, Crossbay CEO.
Venture capital firm 83North raises $400m for latest fund.
Venture capital firm 83North has raised its latest fund of $400m, giving the investor additional capital to back startups at a time when the broader market is in a slowdown, Bloomberg reported.
The VC's investing team is led by four partners, Laurel Bowden, Gil Goren, Arnon Dinur, and Yoram Snir. The partners operate out of offices in London and Tel Aviv and invest in companies across the world.
Algebra Ventures holds first close of fund II at $100m.
Algebra Ventures has finally held the first close of its second fund with $100m in capital commitments a year later than predicted.
The Egyptian and MENA-focused venture capital firm announced the launch of the $90m fund in April 2021 with the first closing expected in Q3 of last year. The firm now expects the funds which will look to invest between $500k and $2m in tech-driven start-ups, to reach its final close by the end of Q1 2023.
Stafford Capital Partners launches new seeded open-ended direct lending and speciality finance fund.
Stafford Capital Partners, an international private markets investment and advisory group, has launched Stafford Private Credit Income Opportunities Fund, a new open-ended direct lending and speciality finance fund.
CIO will invest in both lower middle market senior secured direct lending and speciality finance opportunities primarily in Europe and North America.
Japan's Hitachi Transport System had been informed by KKR & Co that the private equity firm's $6bn tender offer for it would be delayed from the initially planned end-September start, Reuters reported.
KKR would now aim for a mid-November start pending regulatory approval and other processes.
India's competition regulator has approved a merger between the Indian unit of Sony, an Indian indirect wholly owned subsidiary of Sony Pictures, and Zee Entertainment, an Indian media conglomerate, if certain conditions are met, Reuters reported.
On December 22, 2021, Sony Pictures Networks India agreed to merge with Invesco-backed Zee Entertainment in a $1.5bn deal.
Sony is advised by KPMG, Morgan Stanley and Shardul Amarchand Mangaldas & Co. Zee Entertainment is advised by Boston Consulting Group, JP Morgan, KPMG (led by Srinivas Balasubramaniam), Trilegal and Brunswick Group. Invesco is advised by Jefferies & Company.
New World Development, a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores, and Ares SSG, one of the largest alternative asset managers in Asia-Pacific, agreed to form a $392m joint venture.
"The Group is pleased to welcome Ares SSG as a strategic investor in the Wing Hong Street project. NWD is confident in the development prospects of West Kowloon, and has been proactive in forward planning. In the next few years, various top-tier commercial projects under the Group will come to life in phases across the strategic business location of Cheung Sha Wan. Our close collaboration with Ares SSG and other business partners will forge the first grade-A commercial complex in the core business district of West Kowloon. Not only will this meet the burgeoning demand for grade-A office buildings in the district, but it will also breathe a new dynamic into the development of West Kowloon," Edward Lau, New World Development CFO.
SE Asia leads private capital exits in Asia in H1, surpassing China for the first time.
In the first half of 2022, Southeast Asia overtook China for the first time in the value of private capital exits, DealStreetAsia reported.
Exits from Southeast Asia in January-June 2022 surged 736% YoY to $13.7bn, while it fell 70% YoY to $10.5bn, while it fell 70% YoY to $10.5bn in China, the data showed.
Brookfield said to be in advanced talks to buy Hong Kong-based Trimco.
Brookfield Asset Management is in talks to acquire Hong Kong clothing label maker Trimco from private equity firm Affinity Equity Partners, DealStreetAsiareported.
The firms are working up the details of a transaction that could value Trimco at as much as $1bn, with Brookfield weighing potential financing banks for the deal that could lead to an agreement being reached in a few weeks. Talks are ongoing and could still face delays or fall apart.
TPG, Johor talks to take KPJ private have stalled.
TPG Capital and Malaysia’s Johor have halted talks about taking Kuala Lumpur-listed KPJ Healthcare private, Bloombergreported.
The private equity firm and the investment arm of the Johor state government have been unable to agree on the terms of the potential purchase of Malaysia’s largest private-hospital operator including its valuation. Market volatility also weighed on the potential buyout.
Tencent to step up focus on majority deals, overseas gaming assets.
Tencent is resetting its M&A strategy to put more focus on buying majority stakes mainly in overseas gaming companies, as the tech giant eyes global expansion to offset slowing growth at home in China, DealStreetAsia reported.
Tencent Holding has for years invested in hundreds of up-and-coming businesses, mainly in the onshore market. It has typically acquired minority stakes and stayed invested as a passive financial investor.
Malaysia's Permodalan to add infrastructure assets next year in diversification drive.
Malaysia’s largest asset manager, Permodalan Nasional, plans to add infrastructure assets into its portfolio from next year to diversify its exposure and navigate the current high inflationary environment, DealStreetAsia reported.
PNB, which managed $72.5bn of assets in 2021, has the majority of its portfolio invested in public equities, both local and international, besides private investments and real estate, among others.
GPIF hires LaSalle for the core global real estate fund-of-fund strategy.
Japan's €1.35tn($1.34tn) Government Pension Investment Fund has hired LaSalle Investment Management to run a core global real estate fund-of-fund strategy.
"It is an honor to be selected by GPIF for this investment mandate. Our global scale, wide-ranging real estate investment capabilities and long track record will help shape our strategy and we look forward to delivering strong performance on behalf of GPIF for years to come," Mark Gabbay, LaSalle CEO.
Indian startups revive IPO plans.
A wave of Indian startups are reviving plans to go public as the nation's stock markets outperform many of their overseas peers. But analysts warn that the kind of euphoria that greeted some listings last year is likely to make way for a more sober reception this time around.
SoftBank-backed hotel startup Oyo and travel firm Ixigo, supported by Singapore's GIC, are among the companies expected to head back to the market. Both revised offer documents with Indian regulators earlier this month, resuscitating plans for initial public offerings that had been put on hold after Russia's invasion of Ukraine sent shock waves through the global economy, DealStreetAsia reported.
INA draws $20bn in co-investments.
Indonesia Investment Authority, Indonesia's sovereign wealth fund has garnered more than $20bn of co-investments from funds including Singapore's GIC and Abu Dhabi Investment Authority, and is actively looking at infrastructure assets, Reuters reported.
Indonesia's youthful population, abundant natural resources and its position as the region's largest economy is attractive to investors but poor infrastructure, red tape and corruption have hindered investments.
Tata Group's Air India weighs raising $1bn for expansion.
Air India, the flag carrier airline of India, is considering raising at least $1bn in a funding round that could value the carrier at around $5bn.
The carrier, controlled by India's oldest conglomerate Tata Group, is in discussions with potential investors including private equity funds and sovereign wealth funds. Air India is working with financial advisers on the fundraising, which could be completed in the next few months.
Deliberations are ongoing and details of the funding round including size and timeline could still change, Bloomberg reported.
Dymon Asia closes fund III at $650m.
Southeast Asia-focused Dymon Asia Private Equity closed its third fund, Dymon Asia Private Equity Fund III, at a hard cap of $650m, exceeding an original target of $550m, DealStreetAsiareported.
"The fund aims to partner with and invest in leading companies across Southeast Asia in sectors that are freely competitive, growing and strategically important," Dymon Asia Private Equity, adding that the new investment vehicle will focus on privatizations, management-led buyouts and growth capital investments across the region.
Edelweiss Alternatives raises $425m for third special situations fund.
Edelweiss Alternative Asset Advisors, an alternative asset management platform, said it has raised $425m for its third Special Situations Fund.
The fund got commitments from leading global institutional investors, including large insurance companies and pension funds as well as HNIs and family offices from India, the fund manager said in a statement, DealStreetAsia reported.
Alwin Capital closes new dual-currency fund at $281m to invest in life sciences.
China’s Alwin Capital has closed an oversubscribed dual-currency fund at over $281m to raise its stakes in the life sciences industry, DealStreetAsia reported.
The new fund secured capital commitments from a wide range of limited partners including large-scale funds of funds, government-guided funds, healthcare corporates, insurers, commercial banks, and other financial institutions, Alwin Capital announced in a statement.
Elev8 to launch $200m India-focused growth-stage fund.
Elev8 Venture Partners, a venture capital firm backed by Venture Catalysts, has announced the launch of its $200m India-focused fund to invest in growth-stage, technology-driven companies.
Elev8 said the sector-agnostic fund will invest in Series B and C rounds in startups based out of India with a ticket size of $5-15m. It has received an alternative investment fund category II license from the Securities and Exchange Board of India.
The fund will be led by Navin Honagudi and continue to be backed by Venture Catalysts, one of India's top early-stage platforms. This will be the fourth fund backed by Venture Catalysts, DealStreetAsia reported.
D Capital hits third close on debut fund.
Japanese middle-market private equity firm D Capital has hit the third close of its debut fund at $186m, DealStreetAsia reported.
D Capital was spun out from Unison Capital in March last year and formally launched its fund last October.
MLC introduces first retail private equity fund.
Australian investment manager MLC Asset Management launches its first retail private equity fund, the MLC Global Private Equity Fund.
"Our new Global Private Equity Fund aims to provide long-term capital growth, by investing in a diverse range of global equity assets, for retail investors. Through close relationships developed with specialist private equity managers, we aim to secure access to global and diversified private equity investment opportunities. The fund is designed for investors with a higher risk-return appetite who want to diversify their portfolio by investing in private equity and are comfortable with limited liquidity," Kristian Zimmermann, MLC Asset Management Co-Head of Australia Private Equity.
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