The US FTC has sought more information on Novo Nordisk parent's $16.5bn bid for contract drug manufacturer Catalent, weeks after an application to the regulator was refiled for approval of the deal, Reuters reported.
Catalent said the companies were in the process of gathering information to respond to the US Federal Trade Commission's request received on May 2.
Private equity firms Clearlake Capital and Francisco Partners agreed to acquire Software Integrity Group, an application security testing software provider, from Synopsys, an American electronic design automation company, for $2.1bn.
"As security becomes more embedded in DevOps workflows, we believe the demand and importance of application security testing providers will continue to rise. We are ready to leverage Clearlake's O.P.S.® framework to foster operational enhancements, build upon the Software Integrity Group's robust product offering, and fuel new growth as a standalone enterprise," Behdad Eghbali, Clearlake Co-Founder and Managing Partner.
Clearlake Capital is advised by Barclays, Deutsche Bank, Evercore, Sidley Austin and Lambert & Co (led by Jennifer Hurson). Francisco Partners is advised by Barclays, Deutsche Bank, Evercore, Sidley Austin, Simpson Thacher & Bartlett and Sloane & Company (led by Whit Clay). Synopsys is advised by JP Morgan and Cleary Gottlieb Steen & Hamilton.
Uniti Group to merge with Windstream Holdings II in a $13.4bn deal.
Uniti Group, a digital infrastructure and solution provider, agreed to merge with Windstream Holdings II, a telecom services provider, in a $13.4bn deal.
“As a combined company, we will continue our disciplined growth trajectory while expanding FTTH buildouts and significantly improving our overall financial profile. The demand for fiber broadband has never been greater, and Uniti is now expanding its reach into FTTH with an attractive scaled platform. The combination of Uniti and Windstream also removes several dis-synergies that exist in the current landlord/tenant relationship and greatly enhances Uniti’s optionality for strategic initiatives. We look forward to working with Windstream to create a national fiber powerhouse that will continue to bridge the digital divide for our customers,” Kenny Gunderman, Uniti President and CEO.
Windstream Holdings II is advised by Goldman Sachs, Morgan Stanley and Debevoise & Plimpton (led by Kevin M. Schmidt and Jennifer L. Chu). Uniti is advised by Bank Street Group, Barclays, Centerview Partners, Citigroup, JP Morgan, Stephens, Davis Polk & Wardwell (led by Oliver H. Smith and Evan Rosen) and FGS Global (led by Jim Barron). Oaktree is advised by Paul Weiss Rifkind Wharton & Garrison.
KKR completed the acquisition of a 50% stake in Cotiviti from Veritas Capital for $10.5bn.
KKR completed the acquisition of a 50% stake in Cotiviti, a healthcare data and technology business, from Veritas Capital, an investor at the intersection of technology and government, for $10.5bn.
"This is a significant milestone for Cotiviti and one that positions us for continued growth across the healthcare ecosystem as we leverage our deep expertise and infrastructure. In Veritas and KKR, we have two world-class investment firms joining forces because of their belief in our mission. With their support, we have additional capital to accelerate innovation and fund growth investments in commercial expansion, new product development, and technology-related opportunities. As we enter this next chapter, we remain committed to providing greater value through our differentiated scalable service model, accelerating meaningful innovation across our platform, and delivering deep expertise as a trusted partner to our customers," Emad Rizk, Cotiviti Chairman, President, and CEO.
Cotiviti was advised by UBS, Skadden Arps Slate Meagher & Flom (led by June Dipchand) and Aria Marketing. KKR was advised by Barclays, Evercore, Morgan Stanley and Latham & Watkins (led by Betty Pang, Jason Caron and Joseph C. Hudzik). Veritas is advised by Goldman Sachs, JP Morgan (led by Nick Richitt), Gibson Dunn & Crutcher (led by John Pollack) and Prosek Partners.
Brookfield completed the acquisition of American Equity Investment Life for $4.3bn.
Brookfield, a global alternative asset manager, completed the acquisition of American Equity Investment Life, an issuer of fixed index annuities, for $4.3bn.
“We are excited to welcome AEL to our organization as we continue to grow, diversify and scale our retirement services capabilities. AEL’s strong franchise and track record of serving policyholders and distribution partners, coupled with the scale of our existing platform and offerings, will position us well for the next phase of growth," Jon Bayer, Brookfield Reinsurance Managing Partner.
AEL was advised by Ardea Partners, JP Morgan (led by Xavier Loriferne), Sullivan & Cromwell (led by Stephen M. Kotran) and FGS Global (led by George Sard). Financial advisors to AEL was advised by Freshfields Bruckhaus Deringer. Brookfield Reinsurance was advised by BMO Capital Markets and Cravath Swaine & Moore (led by Richard Hall and David Perkins). Brookfield was advised by Barclays, Debevoise & Plimpton (led by Drew Dutton, Andrew Jamieson and Nicholas Potter), Torys and Brunswick Group.
EQT to acquire Perficient for $3bn.
EQT, a private equity firm, agreed to acquire Perficient, a digital consultancy, for $3bn.
“Today marks a momentous next step for our company. This is an exciting new chapter that would not have been possible without our employees’ hard work and dedication to our clients, partners, and other stakeholders. EQT’s vision for Perficient aligns directly with ours, and I look forward to partnering with them as we continue on our global growth journey," Tom Hogan, Perficient President and CEO.
Perficient is advised by Bank of America, Wells Fargo Securities and Kirkland & Ellis. EQT is advised by JP Morgan, TD Securities and Simpson Thacher & Bartlett.
Brookfield Asset Management to acquire a 51% stake in Castlelake’s fee-related earnings, in a $1.5bn deal.
Brookfield Asset Management, a private equity firm, agreed to acquire a 51% stake in alternatives asset manager Castlelake's fee-related earnings, in a $1.5bn deal.
“In Brookfield, we believe we have found a like-minded partner that values experience and specialized expertise, and takes a disciplined, yet creative approach to delivering value for investors. We are excited about this partnership’s ability to enhance Castlelake’s value proposition, help accelerate its innovation, and scale its platform for the benefit of investors, business partners, and employees. Alongside the existing Executive Committee and senior leadership of Castlelake, and with the support of Brookfield’s significant credit franchise, we look forward to continuing to grow and evolve Castlelake into one of the foremost asset-based investment firms in the market," Rory O’Neill and Evan Carruthers, Castlelake Founders.
Brookfield is advised by Evercore and Paul Weiss Rifkind Wharton & Garrison (led by Edward T. Ackerman and Cullen L. Sinclair). Castlelake is advised by Colchester Partners, Goldman Sachs, Kirkland & Ellis and Prosek Partners.
Brightstar Capital Partners to acquire PlayAGS for $1.1bn.
Brightstar Capital Partners, a middle market private equity firm, agreed to acquire PlayAGS, a gaming products manufacturer, for $1.1bn.
“We look forward to working with David and the AGS team to capitalize on opportunities by taking a long-term approach to creating value. AGS has a strong pipeline of new products, and we believe the Company’s innovative approach to game development provides significant potential for continued growth,” Andrew Weinberg, Brightstar Founder & CEO.
PlayAGS is advised by Macquarie Group and Cooley. Brightstar is advised by Barclays, Citizens M&A, Jefferies & Company and Kirkland & Ellis (led by Matthew Arenson, Michael Weisser, Lee Blum and Omar Raddawi).
Bain Capital completed the acquisition of a minority stake in Sikich for $250m.
Bain Capital, a private investment firm, completed the acquisition of a minority stake in Sikich, a Chicago-based investment banking firm offering expert M&A and capital markets advisory services tailored to the middle market, for $250m.
"This is an incredibly exciting time for our organization. We've been executing an ambitious growth and diversification strategy to capitalize on unique and favorable market conditions within an evolving professional services landscape, more than doubling in size over the last five years alone. Partnering with a leading global investor like Bain Capital is a testament to our strategy and provides us with additional meaningful resources and extensive knowledge to advance our mission and deliver on our value proposition to employees and clients," Christopher Geier, Sikich CEO.
Sikich was advised by PJT Partners, Holland & Knight, and Vedder Price. Bain Capital was advised by Hunton Andrews Kurth, Kirkland & Ellis, and Stanton PRM (led by Scott Lessne).
Brookfield and Sequoia Heritage-backed Pinegrove Capital Partners to acquire SVB Capital from SVB Financial Group.
Private equity firms Brookfield and Sequoia Heritage-backed Pinegrove Capital Partners, agreed to acquire SVB Capital, a venture capital firm, from SVB Financial Group, a financial services group. Financial terms were not disclosed.
"Over the last quarter-century, our firm has thrived on the deep trust we've cultivated with the most sought-after general partnerships in venture capital. In addition, we have consistently aligned our interests with those of our limited partners. Those foundational principles will guide us into the future. Leveraging SVB Capital's extensive history and track record, our partnership with Pinegrove will expand our multi-strategy platform to directly meet the unique needs of the venture capital and limited partner communities," Aaron Gershenberg, SVB Capital Founding Partner.
Pinegrove Capital is advised by Paul Weiss Rifkind Wharton & Garrison (led by Neil Goldman, Kenneth Schneider and Andrew Parlen) and FGS Global. SVB Financial is advised by Alvarez & Marsal, Centerview Partners, Sullivan & Cromwell (led by Jared Fishman) and Joele Frank (led by Michael Freitag).
EQT to acquire WSO2.
EQT, a private equity firm, agreed to acquire WSO2, a provider of application development and identity and access management software to enterprises. Financial terms were not disclosed.
"We are thrilled to partner with EQT as we embark on the next phase of WSO2's journey. With EQT's support and expertise, we are well-positioned to accelerate our innovation agenda, expand our global footprint, and continue empowering enterprises to thrive in the digital economy," Sanjiva Weerawarana, WSO2 Founder and CEO.
WSO2 is advised by JP Morgan and Cooley. EQT is advised by Ropes & Gray and Simpson Thacher & Bartlett.
Monomoy, a private equity firm, completed the acquisition of Southern Exteriors, a full-service installer of exterior building solutions tailored primarily for single-family homebuilders, from Halifax, a private equity firm. Financial terms were not disclosed.
"We enjoyed working with Aaron and the Southern Exteriors team to support the Company in its evolution into a leading, scaled platform serving key markets in the Southeast. Over our partnership, we developed a strategic plan to grow the business from its already outstanding foundation. We executed on this strategy by expanding into new markets, developing tech-enabled solutions to better serve our existing customer base and bolstering the management team," Doug Hill, Halifax Senior Partner.
Halifax was advised by Croft & Bender, Lincoln International, Locke Lord, and Lambert & Co (led by Caroline Luz).
Canada Pension Plan Investment Board and Global Infrastructure Partners, private equity firms, agreed to acquire ALLETE, an energy company, for $6.2bn.
“Our ‘Sustainability-in-Action' strategy has secured ALLETE’s place as a clean-energy leader. Through this transaction with CPP Investments and GIP, we will have access to the capital we need while keeping our customers, communities and co-workers at the forefront of all that we do, with continuity of our day-to-day operations, strategy and shared purpose and values. CPP Investments and GIP have a successful track record of long-term partnerships with infrastructure businesses, and they recognize the important role our ALLETE companies serve in our communities as well as our nation’s energy future. Together, we will continue to invest in the clean-energy transition and build on our 100 plus-year history of providing safe, reliable, affordable energy to our customers," Bethany Owen, ALLETE Chair, President, and CEO.
ALLETE is advised by Houlihan Lokey, JP Morgan and Skadden Arps Slate Meagher & Flom.
Accel-KKR completed the acquisition of Accertify from American Express.
Accel-KKR, a technology-focused private equity firm, completed the acquisition of Accertify, a provider of fraud prevention, chargeback management, account protection, and payment gateway solutions, from American Express, an American bank holding company. Financial terms were not disclosed.
"As Accertify's partner, Accel-KKR is committed to bringing our firm's full resources, insights and capital to support Accertify's investment strategy and mission to help enterprise customers prevent fraud, reduce costs and ultimately increase revenue. Accertify has built an enviable market position thanks to its robust technology, deep client relationships, and talented team. We are eager to build upon this strong foundation and support Accertify in its next phase of growth and expansion," Park Durrett, Accel-KKR Managing Director.
Accel-KKR was advised by Kirkland & Ellis (led by Shelly Hirschtritt and John Wilkes) and Kekst CNC (led by Todd Fogarty). American Express was advised by Barclays and Cleary Gottlieb Steen & Hamilton (led by Kimberly Spoerri and Paul Shim).
Wynnchurch Capital completed the acquisition of Reagent Chemical & Research.
Wynnchurch Capital, a private equity investment firm, completed the acquisition of Reagent Chemical & Research, a specialty distributor of hydrochloric acid. Financial terms were not disclosed.
"We have been highly impressed with Reagent's unique value proposition, long-standing relationships, vast distribution infrastructure, and market leadership position. We are excited to partner with Rob and the Reagent team to continue their long track record of success," Brian Crumbaugh, Wynnchurch Partner.
Reagent was advised by Deloitte and McElroy Deutsch Mulvaney & Carpenter. Wynnchurch was advised by Paul Hastings.
Rodina Capital completed the acquisition of the fleet technology business of Rubicon Technologies for $94m.
Rodina Capital, a private investment firm, completed the acquisition of the fleet technology business of Rubicon Technologies, a software company, for $94m.
“Through these transactions, Rubicon has significantly strengthened its balance sheet, providing a substantial cash infusion into the business to allow us to achieve our ambitious goals. This marks a transformative moment for Rubicon, aligning with our strategic vision to lead our industry by innovating and investing in sustainable practices that meet the evolving needs of both our hauler network and customer base. We are excited to leverage this newfound financial agility to drive growth, enhance our competitive edge, and deliver exceptional value to our shareholders and customers alike,” Phil Rodoni, Rubicon Technologies CEO.
Rubicon Technologies was advised by Cantor Fitzgerald and Winston & Strawn (led by Michael J. Blankenship).
Canada Pension Plan Investment to invest $450m in CVC Capital-backed Ontic.
Canada Pension Plan Investment, a private equity firm, agreed to invest $450m in CVC Capital-backed Ontic, a provider of OEM licenced parts and repair services for established aerospace technologies.
"Ontic is a globally trusted aerospace partner, supporting and supplying established aircraft parts to the world's aerospace leaders. It is uniquely positioned to address the strong need for products and services necessary to extend longevity of existing aircraft fleets. We look forward to working alongside CVC, a long-standing partner to CPP Investments, and the Ontic leadership team, to support the business as it aims to continue its current growth trajectory, while delivering attractive risk-adjusted returns for CPP contributors and beneficiaries," Hafiz Lalani, CPP Investment Managing Director.
CPP Investments is advised by Citigroup.
SR One led a $200m Series C round in Zenas BioPharma.
SR One, a biotechnology venture capital firm, led a $200m Series C round in Zenas BioPharma, a global biopharmaceutical company, with participation from NEA, Norwest Venture Partners, Delos Capital, Enavate Sciences, Longitude Capital, Federated Hermes Kaufmann Funds, Arrowmark Partners, Fairmount, Wellington Management, Rock Springs Capital, Pivotal bioVenture Partners, Vivo Capital, Quan Venture Fund, and Superstring Capital.
“We are pleased and appreciative of the support we have received from this group of tremendous life sciences investors as we advance the ongoing obexelimab development program across multiple auto-immune diseases. Their commitment to Zenas is a testament to our vision to be a global leader in bringing innovative immunology-based therapies to patients around the world. This financing enables us to complete multiple potentially value driving clinical programs,” Lonnie Moulder, Zenas BioPharma Founder and CEO.
Zenas BioPharma was advised by Argot Partners.
Turnspire Capital, a private equity firm, agreed to acquire the nutraceuticals business unit of Ashland, a global speciality materials company serving customers in a wide range of consumer and industrial markets. Financial terms were not disclosed.
“We are thrilled to acquire this great platform with strong formulation and manufacturing capabilities, underpinned by its portfolio of proprietary ingredients, that position it as a supplier of choice to global multinationals and emerging brands alike. As an independent company benefiting from Turnspire’s extensive experience transforming corporate carve-outs into thriving standalone companies, the Business can build upon its capabilities to achieve sustainable, profitable growth,” Ilya Koffman, Turnspire Managing Partner.
Turnspire is advised by Gasthalter & Co (led by Mark Semer).
GIC led a $105m Series C round in Atlan.
GIC, a sovereign wealth fund, led a $105m Series C round in Atlan, a San Francisco-based data and AI governance company, with participation from Meritech Capital, Salesforce Ventures and PeakXV Partners.
"Over the past year, boards have consistently asked their CIOs and CDOs about their AI roadmaps, who have realized that the main hurdle isn't AI models but the lack of AI-ready data—data enriched with business context, trust, and security," Prukalpa Sankar, Atlan Co-Founder.
Corpay to acquire Paymerang from Aldrich Capital Partners.
Corpay, a fintech company that offers payment solutions and tools for payment automation, agreed to acquire Paymerang, a provider of a streamlined invoice and payment automation platform, from Aldrich Capital Partners, a middle-market growth equity firm. Financial terms were not disclosed.
"This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive. It's a business growing over 20%, within Corporate Payments, where we can accelerate growth and profitability. It will help us sell more in several large verticals where Paymerang has a strong position with satisfied customers, ERPs and partners," Ron Clarke, Corpay Chairman and CEO.
Sony and Apollo plan to acquire Paramount.
Sony Pictures Entertainment and private equity firm Apollo Global Management plan to acquire Paramount Global for $26bn and break up the company, Reuters reported.
Though it's still early, the two bidders have already begun to envision how a deal for Paramount could unfold. The two would likely operate the company as a joint venture controlled by Sony, with a minority stake owned by Apollo.
Sony Group and others eyeing buyout of Infocom.
Sony Group and other parties are considering buying online comic store operator Infocom in a deal worth up to JPY200bn ($1.28bn), Reuters reported.
Infocom parent Teijin is aiming to sell its entire stake of around 55% and scheduled a second round of bidding for mid-May. Other likely bidders include the US investment funds Blackstone and KKR.
Apollo lines up $1.1bn of financing for US Silica buyout. (FS)
Apollo Global Management has lined up $1.1bn of debt financing for its purchase of US Silica, Bloomberg reported.
Barclays and BNP Paribas are the leading banks on the deal, marking a significant move in a year where the leverage loan market has seen few M&A deals. The buyout, valued at $1.21bn, was announced on April 26 and is anticipated to be finalized in the third quarter of this year.
PE firms weigh potential buyout of NY-based fitness company Peloton.
A number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and return to growth after 13 straight quarters of losses, DealStreetAsia reported.
Shares of the fitness equipment maker rose 20.6% in premarket trading. The New York-based company has had talks with at least one firm in recent months as it considers going private.
Kimmeridge plans to invest more in US LNG despite Biden’s pause.
Kimmeridge plans to continue to invest in the US LNG export industry, even though new permitting is on hold while the Biden administration scrutinizes the sector, Bloomberg reported.
The company expects to make additional investments in the proposed Commonwealth LNG project in Louisiana. Kimmeridge is also open to deals with other US LNG export projects.
Churchill Capital IX prices $250m IPO.
Churchill Capital IX, a blank check company founded by dealmaker and former Citi executive Michael Klein, raised $250m by offering 25m units at $10. Each unit consists of one share of common stock and and one-quarter of a warrant, exercisable at $11.50.
Churchill Capital IX was founded by Michael Klein, who is also the founder and managing partner of M. Klein and Company. The Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.
Churchill Capital IX is advised by Citigroup.
Silver Lake lands $20.5bn for the 7th fund.
Technology-focused private equity shop Silver Lake announced on May 8 the closing of its seventh flagship fund after securing $20.5bn from investors, beating out the amount raised in its predecessor fund by about $500m.
In aggregate over the past five years, Silver Lake has raised $47bn behind the firm’s singular mission of creating value by partnering with exceptional founders and management teams to build and grow great companies driven by technology at scale.
Silver Lake was advised by Simpson Thacher & Barlett.
Musk's xAI nears funding at $18bn value as soon as this week.
Elon Musk's artificial intelligence startup xAI is set to close its funding round at a valuation of about $18bn as soon as this week, Bloomberg reported.
The size of the round has yet to be finalized. The maker of AI chatbot assistant Grok was set to raise $6bn in the round, whose participants include Sequoia Capital.
KKR investment vehice for mass affluent raises $1.8bn.
KKR's effort to reach the so-called mass affluent raised $1.78bn from more than 12k investors in a single vehicle.
KKR Infrastructure Conglomerate, which began raising money in June, is one of two companies KKR formed to attract capital from wealthy individuals who don’t necessarily meet the minimum investment threshold to invest in a traditional private fund. The other is KKR Private Equity Conglomerate. The infrastructure vehicle received backing from 12.632k investors, which amounts to roughly $141k per investor, Bloomberg reported.
EnCap Energy Transition closes $1.5bn Energy Transition Fund II.
EnCap Energy Transition announced it has successfully closed EnCap Energy Transition Fund II with commitments of approximately $1.5bn. EnCap’s second energy transition fund was created to invest in solutions to decarbonize the power industry, while also opportunistically investing in low carbon fuels and carbon management.
“The EnCap Energy Transition team is proud to have raised a sizeable pool of capital to continue to invest in the opportunity created by the shift to a lower-carbon energy system. We greatly appreciate the strong support from our existing investor base and are pleased to have added a number of new, high-quality investors, both domestically and internationally,” Jim Hughes, EnCap Energy Transition Managing Partner.
Palm Beach Capital closes its sixth fund at $350m.
Palm Beach Capital, a middle market private equity firm, announced that it has closed Palm Beach Capital Fund VI, its sixth private equity fund dedicated to partnering with founders, business owners, and management teams in key sector focus areas. Fund VI exceeded $350m, significantly surpassing its target of $275m.
“We are excited and humbled by the overwhelming support of our existing long-time investors, and we are also thrilled to welcome several new institutional investors. We’ve always viewed our deep relationships with our investors as true partnerships and a competitive advantage in the lower middle market. This was demonstrated by our ability to raise our largest fund since inception despite a very challenging broader fundraising market," Shaun McGruder, PBC Co-Founder and Managing Partner.
Palm Beach Capital was advised by Snowbridge Securities and Greenberg Traurig.
River SaaS Capital announces its newly launched equity fund.
River SaaS Capital provides alternative venture financing to growing software-as-a-service businesses. The company announced today its newly launched equity fund, TruWest Fund I. This new $50m fund will invest in US-based B2B software-as-a-service businesses and act as a continuum of capital for high potential companies in River SaaS Capital's venture debt portfolio.
This equity fund is the next step in River SaaS Capital's investing strategy. In 2015, they launched as a provider of alternative venture financing to early-stage SaaS companies throughout the US. With the success of the venture debt fund, the team then started making direct equity investments in select portfolio companies in 2019. Now, with both River SaaS Capital's venture debt offerings and equity capabilities, they'll be able to offer multiple capital options to their portfolio at scale.
EMEA
Hipgnosis set for sale to Blackstone as Concord won't raise bid.
Concord said its latest offer for Hipgnosis Songs Fund is final, ending a bidding war and setting up the song catalog company to be sold to Blackstone, Bloomberg reported.
Concord, which is backed by Apollo Global Management, had offered $1.25 per share, and said on May 9 that the price will not be increased. That was topped last week by a $1.30 per share bid from Blackstone, valuing the business at about $1.57bn. After that offer, Hipgnosis's board unanimously recommended Blackstone's offer and withdrew its support of the Concord bid.
Hipgnosis Songs Fund is advised by Shot Tower Capital (led by David Dunn and Robert Law), Singer Capital Markets (led by James Moat), Carey Olsen, Shoosmiths and Headland Consultancy (led by Susanna Voyle). Concord is advised by JP Morgan (led by Rupert Budge and Jonty Edwards), DLA Piper, Mourant Ozannes, Reed Smith and H/Advisors Maitland (led by Neil Bennett). Debt financing is provided by Apollo Global Management. Apollo Global Management is advised by Latham & Watkins. Blackstone is advised by Jefferies & Company (led by Philip Noblet), Kirkland & Ellis, Ogier, Shoosmiths, and Teneo (led by James Macey White).
Greenoaks and Long Path to acquire Karnov for $833m.
Private equity firms Greenoaks Capital Partners and Long Path Partners, agreed to acquire Karnov, a supplier of information solutions, for $833m.
Completion of the offer is conditional upon, among other things, the offer being accepted to such extent that BidCo becomes the owner of more than 90% of the total number of outstanding shares in the company (on a fully diluted basis). BidCo has reserved the right to waive one or several of the conditions for completion of the offer.
Karnov is advised by Carnegie Investment Bank and Gernandt & Danielsson.
Lone Star to acquire ERIKS from SHV.
Lone Star, a private equity firm, agreed to acquire ERIKS, a specialized industrial service provider that offers a wide range of technical products, co-engineering, and customization solutions, from SHV, a coal trading company. Financial terms were not disclosed.
"ERIKS represents an exciting investment opportunity and a valuable addition to our European investment portfolio. This acquisition aligns with our strategy of investing in market leading businesses that exhibit both growth and operating improvement potential. We are excited to work alongside the ERIKS team to further scale the business and accelerate the delivery of innovative solutions to their customers," Donald Quintin, Lone Star CEO and Global President.
Lone Star is advised by Barclays and Simpson Thacher & Bartlett.
Goldman Sachs Alternatives, the alternative investments platform is part of Goldman Sachs, agreed to acquire a 75% stake in Crystal, an independent wealth management services and product provider, from Seven2, a private equity firm in Paris, France. Financial terms were not disclosed.
"Crystal is an exceptional company within the attractive wealth management advice and distribution sector. We are confident GS Alternatives as a partner and investor can help further accelerate Crystal’s growth trajectory," Michele Titi-Cappelli, Goldman Sachs Alternatives Partner.
PAI Partners to acquire a 67% stake in Vamed's rehabilitation business from Fresenius.
PAI Partners, a private equity firm, agreed to acquire a 67% stake in Vamed's rehabilitation business from Fresenius, a European multinational health care company. Financial terms were not disclosed.
"Vamed’s rehabilitation business is a European leader, providing essential rehabilitation services with a strong reputation for delivering quality care. Working closely with our partner Fresenius, we will draw on our mutual industry expertise to strengthen our new healthcare business, placing service, patient experience and medical outcomes at the forefront," Stefano Drago, PAI Partners Founding Partner.
Fresenius is advised by UBS and Latham & Watkins.
Summa Equity completed the acquisition of a majority stake in FAST LTA from Afinum Management.
Summa Equity, a thematic investment firm, completed the acquisition of a majority stake in FAST LTA, a long-term data storage solutions provider, from Afinum Management, a private equity firm. Financial terms were not disclosed.
"Critical industries like healthcare and the public sector are confronted with an escalating challenge in an age of growing data quantity and complexity as well as an increasing number of cyber-attacks, and FAST LTA offers a compelling technology solution to solve these challenges. By investing in FAST LTA, we further increase our efforts to partner with companies that help address crucial (cyber)security challenges, a core thematic focus within our tech investment strategy,” Matthias Fink, Summa Equity Partner.
Summa Equity was advised by Willkie Farr & Gallagher (led by Axel Wahl). Afinum Management was advised by Lincoln International.
Gruppo San Donato and GKSD-backed American Heart of Poland, the largest network of private hospitals in Europe regarding treatment of cardiovascular diseases, agreed to acquire Scanmed, a private healthcare provider in Poland, from Abris Capital, the ESG transformation specialist private equity investor group. Financial terms were not disclosed.
"This has been an exceptional value creation story over the past three years, as we have worked hard to transform Scanmed into the highest quality, fully diversified in-patient healthcare services provider in Poland. Through a combination of operational improvement, organic growth and the consolidation of several add-on acquisitions, the company has significantly exceeded the original investment case," Wojciech Lukawski, Abris Partner.
SoftBank, a Japanese multinational investment holding company, led a $1.05bn Series C round in Wayve, a developer of embodied intelligence for autonomous vehicles, with participation from NVIDIA and Microsoft.
"At Wayve, our vision is to develop autonomous technology that not only becomes a reality in millions of vehicles but also earns people's trust by seamlessly integrating into their everyday lives to unlock extraordinary value. This significant funding milestone highlights our team's unwavering conviction that Embodied AI will address the long-standing challenges the industry has faced in scaling this technology to everyone, everywhere," Alex Kendall, Wayve Co-Founder and CEO.
Ares Management and EQ Group completed the acquisition of the hotel portfolio of Landsec for £400m. (RE)
Ares Management, a global alternative investment manager, and EQ Group, a hospitality investment and management platform, completed the acquisition of the hotel portfolio of Landsec, a real estate investment trust company, for £400m ($501m).
"We said in late 2020 that our focus would be on areas where we have a genuine competitive advantage. In line with that strategy, we have continued to recycle capital out of assets where our ability to add further value is limited. The sale of our hotel portfolio and other non-core assets will further strengthen our balance sheet and leave us well placed to take advantage of opportunities in the market as they arise," Mark Allan, Landsec CEO.
CVC Capital Partners to invest in Hempel.
CVC Capital Partners, a private equity firm, agreed to invest in Hempel, a developer and manufacturer of coating solutions for the protective, decorative, marine, container, industrial and yacht segment. Financial terms were not disclosed.
“The competitive landscape is moving at an increasingly faster rate in the paint and coatings industry and we need to continue to grow to remain at the forefront. We have already made solid progress on our strategy of driving profitable growth, both organically and inorganically through M&A activity, delivering record-breaking results in 2023. This new partnership will considerably strengthen our industry position, will ignite further growth in our winning brands and means we are well-placed to seek out transformative acquisition opportunities,” Michael Hansen, Hempel Group President and CEO.
Al Gore fund boosts Octopus Energy stake as valuation soars to £7.2bn.
Generation Investment Management, which is chaired by the former US vice-president, has increased its stake in Britain's second-largest retail energy supplier, Sky News reported.
Britain's second-largest domestic energy supplier is now close to attaining a rare 'decacorn' valuation - referring to companies worth at least $10bn - after two shareholders increased their stakes in the company.
Cinven seeks refinancing for JLA after shelving £1bn sale.
Buyout firm Cinven is looking to refinance business services firm JLA after pulling a planned sale of the UK company.
The private equity firm decided to hold onto the business for longer as it felt the offers it received didn’t properly reflect JLA’s growth prospects. Cinven had been discussing a potential valuation of more than £1bn ($1.25bn) with bidders, Bloomberg reported.
Bain Capital to hand precast concrete firm Consolis to creditors.
Creditors are set to take over Consolis, owned by Bain Capital, as part of an effort to slash €300m ($323m) in the building materials company's net debt, Bloomberg reported.
Consolis agreed to a deal under which it will receive €115m in additional liquidity from creditors via various facilities. At the same time, bondholders will see their holdings swapped for equity, and Bain's stake in the business will shrink by 4% after the transaction closes.
Billionaire Kretinsky, OnePoint pitch competing offers for Atos.
Czech billionaire Daniel Kretinsky is facing off against David Layani's OnePoint in his latest attempt to rescue embattled French tech company Atos, Bloomberg reported.
Atos said on May 6 that it has received four proposals, including one it already rejected from private equity firm Bain Capital, to restore the group to financial health. The firm is seeking to reach a deal by the end of the month that would inject fresh funds and bring stability after clients began to hold off business. The third rescue offer is from a creditor group.
Everton FC pursued by another US investor as 777 takeover falters.
US investment firm MSP Sports Capital is exploring a takeover of Everton FC as the current bid for the Premier League football club falters, Bloomberg reported.
MSP, which has lent money to fund the Liverpool-based club's new stadium, is looking at its options, given the existing offer by rival firm 777 Partners is now under threat.
Innova Capital closes the latest fund at €407m.
European private equity firm Innova Capital has closed its latest fund, Innova/7, raising €407m ($437m), surpassing its €350m ($376m) target and $400m hard cap.
Innova/7 focuses on business and financial services, industrials and consumer & lifestyle, attracting institutional and commercial support from Polish investors, whose total share is now over 25%.
