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AMERICAS
Nordic Capital, a private equity company, agreed to invest in Great Hill Partners-backed One, a digital payments platform specializing in modernizing the insurance industry in North America. Financial terms were not disclosed.
"One Inc has been at the forefront of helping to shape the future of the insurance industry through digitalization and transformative products that seek to make the payment process as seamless as possible. Led by a seasoned and talented management team, the Company has consistently demonstrated its ability to innovate for customers. Since our initial investment in One, the business has rapidly grown volume processed by 13x and is still early in market adoption, so we continue to have strong conviction in its potential to further scale. We welcome Nordic Capital to the investor group and look forward to combining our expertise with their deep industry experience to support the Company's continued growth," Matt Vettel and Nick Cayer, Great Hill Partners Managing Directors.
One is advised by JP Morgan, Raymond James, TD Cowen, Goodwin Procter and Stanton PRM. Nordic Capital is advised by William Blair & Co, Kirkland & Ellis and Brunswick Group. Great Hill is advised by FGS Global.
New Mountain Capital, an investment firm, completed the investment in Grant Thornton, a provider of audit and assurance, tax, and advisory services. Financial terms were not disclosed.
"Our partnership with New Mountain Capital empowers Grant Thornton to deliver transformational, high-quality outcomes for our clients, our talented team members and the industry as a whole. The investment immediately enhances our value in the marketplace and enables us to accelerate our current strategy. We'll enjoy greater scale, resources and agility, while better positioning the firm to make targeted investments in talent, technology, infrastructure and enhanced capabilities. Grant Thornton will further solidify our position as the industry's platform of choice," Seth Siegel, Grant Thornton CEO.
Grant Thornton was advised by Deutsche Bank, Dechert, Mayer Brown, Vedder Price and Kekst CNC (led by Daniel Yunger and Nathan Riggs). New Mountain Capital was advised by Hunton Andrews Kurth, Simpson Thacher & Bartlett and Goldin Solutions (led by John Eddy).
KKR to acquire a majority stake in Avantus, a developer of large utility-scale solar and solar-plus-storage projects. Financial terms were not disclosed.
“To support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus. The company’s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers,” Charlie Gailliot, KKR Partner and Co-Head of Global Climate Strategy.
Avantus is advised by Scotiabank. KKR is advised by Jefferies & Company, KKR Capital Markets and Sumitomo Mitsui Banking Corp. Debt financing is provided by KKR Capital Markets and Sumitomo Mitsui Banking Corp. EIG is advised by FGS Global.
Sixth Street, a global investment firm, completed the acquisition of GreenSky, a financial technology company, from Goldman Sachs, a global investment banking, securities, and investment management firm, with participation from KKR, Bayview Asset Management, CardWorks, PIMCO and CPP Investments. Financial terms were not disclosed.
"Our investor consortium looks forward to providing the GreenSky team with the resources it needs to continue innovating and delivering industry leading and easy-to-use solutions for its merchant network and their customers. We plan to put GreenSky and its experienced leadership team in the best position to succeed as the platform deepens its focus on helping grow the businesses it serves," Michael Muscolino, Sixth Street Co-Founder and Partner.
Chatham Asset Management-backed RR Donnelley & Sons Company, a global provider of marketing, packaging, print and supply chain solutions, agreed to acquire digital and print marketing businesses from Vericast, a marketing technology company. Financial terms were not disclosed.
“The acquisition of these businesses strengthens RRD’s existing marketing creative execution with digital marketing capabilities and will move us closer to our client promise to enhance quality and elevate engagement across the full customer journey. The shared mail business will complement our targeted mail platform to create one of the largest and one of the most sophisticated mail platforms in the US," Tom Quinlan, RR Donnelley & Sons Company President and CEO.
Chatham Asset Management is advised by Lowenstein Sandler. RR Donnelley & Sons Company is advised by Bank of America and Latham & Watkins (led by Michael Saliba, Ryan Maierson and Kevin Richardson). Vericast is advised by Kirkland & Ellis. Debt financing was provided by Apollo Global Management and JP Morgan.
Montana Technologies, a renewable energy and cooling technology, went public via a SPAC merger with Power & Digital Infrastructure Acquisition II, a special purpose acquisition company, in a $500m deal.
"We are in the process of scaling and deploying pre-production AirJoule units with our world-class partners to the largest, highest probability end customers around the world, which we are confident will generate highly lucrative contracts for the Company in the near-term," Matt Jore, Montana Technologies CEO.
Montana Technologies was advised by Latham & Watkins (led by Ryan Maierson and John Greer) and Kekst CNC (led by Andy Maas and Daniel Yunger). Power & Digital Infrastructure Acquisition II was advised by Barclays and Kirkland & Ellis. Barclays was advised by Vinson & Elkins.
BharCap Partners, a private investment firm, completed the acquisition of Insurvia, an insurance services holding company, from Gemspring Capital, a private equity firm. Financial terms were not disclosed.
"Danish Charanya and his team have built a leading insurance distribution platform focused on a vast and underserved auto insurance market with multiple proven levers for future growth. This transaction fits one of BharCap's key themes of investing in insurance distribution businesses given its recurring, fee-based business model driven by state-mandated insurance laws," Ethan Wang, BharCap Co-Founding Partner.
Insurvia was advised by Robert W Baird, William Blair & Co and McDermott Will & Emery. BharCap Partners was advised by Kirkland & Ellis and Skadden Arps Slate Meagher & Flom (led by Todd Freed).
HIG Capital, a private equity firm, agreed to acquire the Payroll & Professional Services business of Alight, a cloud-based human capital technology and services provider, for $1.2bn.
“We are thrilled to partner with Luca and the entire Payroll & Professional Services team. As businesses grow increasingly global and face complex technology and compliance requirements, we believe that the Company is uniquely positioned to help clients address the many challenges which this creates. We see a tremendous opportunity for continued growth and look forward to working with the team to build upon their success and leadership position in the market," Matt Lozow, HIG Managing Director.
HIG Capital is advised by Guggenheim Partners and Kirkland & Ellis. Alight is advised by JP Morgan and Simpson Thacher & Bartlett (led by Elizabeth Cooper and Michael Chao).
United Rentals, an equipment rental company, completed the acquisition of Yak, a matting provider of ground protection and temporary roadway solutions in the United States, from Platinum Equity, a private equity firm, for $1.1bn.
"Today we are very excited to welcome Yak to the United Rentals family. This is an acquisition with both strong strategic and financial merits. Not only does it augment our growth capacity with the addition of a leading North American matting solutions provider but it also further differentiates our one-stop-shop value proposition to customers. Combined, this has proven to be a winning strategy for building long-term value for our investors," Matthew Flannery, United Rentals CEO.
MGM Resorts International, a hospitality and entertainment company, agreed to acquire The Cosmopolitan of Las Vegas, a resort and casino, from Blackstone, an alternative investment management company, for $1.63bn.
"We are proud to add The Cosmopolitan, a luxury resort and casino on the Las Vegas Strip, to our portfolio. The Cosmopolitan brand is recognized around the world for its unique customer base and high-quality product and experiences, making it an ideal fit with our portfolio and furthering our vision to be the world's premier gaming entertainment company. We look forward to welcoming The Cosmopolitan's guests and employees to the MGM Resorts family," Bill Hornbuckle, MGM Resorts CEO & President.
MGM Resorts is advised by Weil Gotshal and Manges. Blackstone is advised by Deutsche Bank, PJT Partners and Simpson Thacher & Bartlett.
GTCR, a private equity firm, completed the acquisition of Cloudbreak Health, a provider of tech-enabled, healthcare-focused language interpretation services, from UpHealth, a multi-condition direct-to-patient healthcare platform, for $180m.
"We are excited to partner with Cloudbreak and its talented team to drive this market leading business forward. Cloudbreak delivers a strong value proposition to its healthcare clients, improving quality of care and patient satisfaction," Geoffrey Tresley, GTCR Principal.
GTCR was advised by Moelis & Co and Kirkland & Ellis (led by Daniel A. Guerin and Neil K. Vohra). Debt financing was provided by Barings and Monroe Capital.
American Securities, a private equity firm, agreed to acquire Trace3, a provider of information technology and consulting services, from H.I.G. Capital. Financial terms were not disclosed.
"Trace3's deep engineering expertise, extensive suite of capabilities, and differentiated focus on emerging technology uniquely positions the Company to address evolving technology challenges for its clients. We are excited to partner with Rich and team to further fuel Trace3's industry leading platform. We believe that our experience in the industry allows us to deliver value that will enhance the Company's great growth trajectory," Kevin Penn, American Securities Managing Director.
American Securities is advised by Kirkland & Ellis. Trace3 is advised by Guggenheim Partners, Akerman and Latham & Watkins.
I Squared Capital, a global infrastructure investment manager, completed the acquisition of WOW Logistics, an integrated supply chain solutions provider. Financial terms were not disclosed.
"WOW Logistics is a great example of a family-owned business that has served its customers with excellence for decades. The company is a valued local employer and an active member of the communities where it operates. We are proud to partner with WOW to execute on our shared vision for growth while maintaining the company's legacy as a dedicated partner to its customers," Gautam Bhandari, I Squared Capital Chief Investment Officer and Managing Partner.
WOW Logistics was advised by RJM & Company and Michael Best & Friedrich. I Squared Capital was advised by Kirkland & Ellis (led by John D. Pitts).
Amulet Capital, a middle-market private equity investment firm, completed the acquisition of Remedy Health, an operator of a digital health platform intended to provide health-related information, from Topspin Consumer, a private equity firm. Financial terms were not disclosed.
"As we reflect on our success and growth over the last four years, we are grateful to have had the Topspin team as our partners. From the very beginning, they shared our view for the potential of our business and provided invaluable support and guidance as we executed on both our organic and acquisition-driven growth strategies," Michael Cunnion, Remedy CEO.
Amulet Capital was advised by Houlihan Lokey and Lowenstein Sandler. Remedy was advised by Latham & Watkins and Kent Place Communications.
Oaktree Capital Management, an American global asset management firm specializing in alternative investment strategies, agreed to acquire LPW Group, a designer and manufacturer of critical-use valves, actuators, fittings, and flanges. Financial terms were not disclosed.
“We are excited to begin our partnership with Oaktree, which has extensive experience in our markets and shares our commitment to delivering high-quality products and exceptional customer service. This investment will help LPW Group build on its reputation as the supplier of choice for critical-use flow control products,” Mark Bowie, LPW Group CEO.
Oaktree Capital Management is advised by Latham & Watkins and FGS Global (led by Suzanne Byowitz).
First National Realty Partners, a private equity firm, completed the acquisition of Elements Horsham, a 50k sq.ft. shopping center in Horsham, Pennsylvania. Financial terms were not disclosed.
"We're excited to welcome Elements Horsham to our growing portfolio. This high-performing center aligns perfectly with our strategy, offering a diverse, upscale tenant mix in a prime location within a thriving submarket of Philadelphia," Matt Annibale, First National Realty Partners Senior Director of Acquisitions.
Elements Horsham was advised by CBRE Group and JLL Corporate Finance.
Hikma, a pharmaceutical company, agreed to acquire Custopharm, a developer of complex sterile injectable generic products, from Water Street Healthcare Partners, a strategic partner and investor, for $425m.
"This acquisition provides Hikma with an attractive opportunity to further strengthen our US injectables business, by adding an attractive and profitable portfolio of marketed products and an exciting pipeline of future opportunities. Custopharm is an accomplished operator in the US injectables market with a first-class scientific team and a strong regulatory track record. This acquisition is highly complementary to our existing business and adds high-quality and differentiated growth potential," Siggi Olafsson, Hikma CEO.
Hikma is advised by Teneo.
RA Capital Management, a private equity firm, led a $175m Series B round in Capstan Therapeutics, a biotechnology company, with participation from Forbion, Johnson & Johnson Innovation - JJDC, Mubadala Capital, Perceptive Advisors, Sofinnova Investments, Alexandria Venture Investments, Bristol Myers Squibb, Eli Lilly and Company, Leaps by Bayer, Novartis Venture Fund, OrbiMed, Pfizer Ventures, Polaris Partners, and Vida Ventures.
“We are proud to support Capstan and their mission to lead in vivo CAR-T. Our conviction in Capstan is a result of the confluence of a differentiated platform technology that enables efficient T cell engineering, the platform’s ideal application in a large autoimmune market being disrupted by ex vivo CAR-T therapy, and a seasoned management team that is working tirelessly to advance this technology into patients," Nandita Shangari, RA Capital Management Managing Director.
Capstan Therapeutics was advised by Ten Bridge Communications.
Catalio Capital Management, a venture capital firm that invests in breakthrough biomedical technology companies, Third Rock Ventures, a healthcare venture firm, and Novo, a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation, led a $150m Series A funding round in Clasp Therapeutics, a biotechnology company, with participation from Vivo, Cure Ventures, Blackbird BioVentures, Pictet Alternative Advisors, American Cancer Society’s Bright Edge and Alexandria Venture Investments.
“At Clasp we strive to help people with cancer lead longer and healthier lives by engaging each patient’s own immune cells to eradicate their cancer with absolute specificity. Clasp brings together leading researchers, clinicians and drug developers to develop groundbreaking cancer immunotherapies that are precise and potent, but without the toxicities commonly associated with on-target, off-tumor binding,” Robert Ross, Clasp Therapeutics CEO.
Clasp Therapeutics was advised by Ten Bridge Communications (led by Kit Rodophele).
ProAmpac, a flexible packaging company with a comprehensive product offering, agreed to acquire UP Paper, a producer of recycled kraft paper, Pritzker Private Capital, a private equity firm. Financial terms were not disclosed.
"ProAmpac has built an exceptional platform from which we can continue to grow our business. Together, we will have a strong portfolio of paper products and a shared commitment to excellence in customer service. I am confident our current and future customers will benefit from this partnership," Lars Dannberg, UP Paper President and CEO.
ProAmpac is advised by H/Advisors Abernathy (led by Dan Scorpio).
The Riverside Company, a private equity firm, completed the acquisition of The Lash Lounge, an eyelash salon franchise. Financial terms were not disclosed.
“We are thrilled to partner with Riverside and believe this partnership will elevate the Lash Lounge franchise to new heights. This partnership is the start of ‘business as better’ for our network – fueling the organization for growth and driving a path to success across the franchised beauty industry," Meg Roberts, Lash Lounge CEO.
The Riverside Company was advised by Jones Day (led by Cameron Reese).
DST, an Internet investment firm, CE Innovation, a venture fund, and B Capital, an investment firm, led a $158m Series B funding round in Aspire, a neobank. Other investors include MassMutual Ventures, Picus Capital, AFG, Hummingbird Ventures and Fasanara Capital.
The company plans to build an end-to-end ecosystem. Aspire is currently working on building out its payroll system, because many of its clients have employees in different countries. It is also adding more features to its invoice management tool to make reconciling payments with account balances easier.
MFG Partners, a private equity firm, and PNC Mezzanine, a private equity firm, completed the acquisition of Mellott Company, a provider of a full spectrum of integrated aggregates processing services and equipment. Financial terms were not disclosed.
“MFG’s investment in Mellott reflects our philosophy of acquiring founder and family-owned businesses to support their growth over the long-term. The former owners of Mellott and its senior leadership team have built an incredibly strong foundation and we look forward to supporting the Company’s continued expansion," Jonathan Schilowitz, MFG Partner.
Apex Capital, a private equity firm, agreed to acquire Clorox operations in Argentina, Uruguay and Paraguay from Clorox, a chemical manufacturer. Financial terms were not disclosed.
"This transaction supports our IGNITE strategy and our commitment to evolve our portfolio to increase our focus on our core business to drive more consistent, profitable growth. I would like to thank our teammates in Argentina for effectively managing the business in this dynamic operating environment. The new owners share our values and bring proven local operating experience and we believe their focus on maximizing the potential of the business will position it to deliver continued growth that benefits consumers and employees," Linda Rendle, Clorox Chair and CEO.
Apollo offers $11bn for Paramount's Hollywood studio.
Private equity firm Apollo Global Management has offered $11bn for Paramount Global's Paramount Pictures film studio, adding to takeover interest in the media conglomerate, Reuters reported.
The film studio is considered the jewel of the Paramount media conglomerate, with an expansive movie library that includes classics such as "The Godfather" and "Breakfast at Tiffany's," as well as blockbuster franchises like "Mission: Impossible," "Star Trek" and "Transformers." It has attracted interest from many suitors over the years, including recently.
Genstar to weigh options for software firm Prometheus.
Genstar Capital is considering strategic options for Prometheus Group, including a stake sale that could value the industrial software company at about $6bn, Bloomberg reported.
The private equity firm is working with advisers as it weighs offloading either a minority or controlling interest in Raleigh, North Carolina-based Prometheus. Prometheus is likely to attract interest from other buyout firms.
Advent and H&F are among firms eyeing $3bn Synopsys unit.
Advent International and Hellman & Friedman are among the private equity firms weighing bids for Synopsys $3bn software integrity business, Bloomberg reported.
Thoma Bravo is also in the early stages of considering an offer for the unit, known as SIG.
Platinum Equity explores $2bn-plus Club Car sale.
Private equity firm Platinum Equity has hired advisers to explore a sale of Club Car that could value the golf cart maker at more than $2bn, including debt, Reuters reported.
Platinum Equity is in the early stages of working with investment bank Goldman Sachs on the sale, which is expected to attract interest from buyout firms.
TPG is in talks to buy Canadian Apartment Properties REIT in a $519m deal.
Alternative asset manager TPG is in talks to buy the manufactured housing business of Canadian Apartment Properties REIT, a move by a major US investor to gain exposure to the historically tight real estate market of its northern neighbor, Bloomberg reported.
TPG is in exclusive discussions to acquire the business for more than $519m. A transaction is not imminent and if a deal is reached, it may not be announced for several weeks.
Match Group attracts second activist, Anson Funds. (FS)
Match Group, the owner of dating apps Tinder and Hinge, has attracted a second activist investor after Elliott Investment Management built a position in the company, Bloomberg reported.
Anson Funds Management has amassed a stake in Match and is pushing the company to refresh its board.
Abu Dhabi-backed MGX in talks to invest in OpenAI chip venture.
Abu Dhabi‘s state-backed investment firm MGX is in early stage discussions to invest in ChatGPT-maker OpenAI‘s chip venture, FT reported.
MGX, a technology investment company with Abu Dhabi‘s Mubadala and artificial intelligence firm G42 as founding partners, was only launched earlier this week.
Linden Capital Partners weighs sale of a minority stake.
Linden Capital Partners is exploring strategic options including the sale of a minority stake, Bloomberg reported.
The firm is working with an adviser to solicit interest from potential suitors. A representative for Chicago-based Linden, which has raised more than $7bn since its 2004 inception.
TIM investor Merlyn wants sale of Brazilian unit, retail.
Telecom Italia shareholder Merlyn Partners said on March 20 the debt-laden company should sell its Brazilian unit this year as part of a radical restructuring, Reuters reported.
The Luxembourg-based alternative investment fund, which held 0.53% of Telecom Italia as of March 19, also suggested in a statement that Italy's former phone monopoly should sell off its consumer business with a target to close that deal in 2025.
Sycamore Partners explores bid for Apparel maker Gildan activewear.
Private equity firm Sycamore Partners is exploring an offer for Gildan Activewear, the Canadian clothing manufacturer that owns the American Apparel brand, Bloomberg reported.
The New York-based buyout firm has discussed financing options with potential lenders.
Nordstrom, Macy's deals could put private ownership back in vogue for US retailers.
America's biggest publicly traded department store chains could be set for private-equity or hedge-funds ownership, dramatically changing the retail landscape in the United States.
Investments in retail and consumer companies accounted for just 7% of the total US private equity deal volume of $2.6tn in the last decade compared to nearly 15% of the total volume of $1.7tn in the prior decade, Reuters reported.
Platinum Equity’s Ingram Micro to seek $8bn valuation in IPO.
Platinum Equity-backed technology company Ingram Micro is considering seeking a valuation of about $8bn in its upcoming US initial public offering, Bloomberg reported.
The Irvine, California-based company is working with Goldman Sachs and Morgan Stanley on an IPO that could launch as soon as April. Ingram Micro filed for a listing confidentially with the US Securities and Exchange Commission in 2022.
Astera boosts IPO size, price range as AI stock rally churns on.
Astera Labs, an Intel-backed semiconductor connectivity company, raised the size of its planned initial public offering by 26% as the investor frenzy around artificial intelligence plays picks up steam, Bloomberg reported.
Astera and its investors plan to sell 19.8m shares at $32 to $34 each, according to an updated registration statement filed March 18 with the Securities and Exchange Commission. The offering would raise $673m if priced at the top end of that range.
Goodwater Capital raises $1bn to invest in tech startups.
Goodwater Capital, a US-based venture capital firm, raised $1bn in new funds to invest in early and growth-stage consumer tech startups.
Eric Kim, Goodwater Co-Founder and Managing Partner, said the firm also gets access to an additional $500m to support late-stage hypergrowth businesses.
While based in the US, the venture capital firm has also been looking at investment potentials in Southeast Asia. The firm has also backed many of the world's tech giants, including Facebook, Coupang and Kakao.
Goldman Sachs raises $700m to co-invest with hedge funds.
The asset management arm of Goldman Sachs has raised about $700m for a new fund that invests side by side with hedge funds and private credit firms, Bloomberg reported.
Union Bridge Partners I, as the fund is known, will work with an external network of managers to allocate the money into their high-conviction ideas.
EMEA
PAI Partners, a private equity firm, agreed to acquire a majority stake in Beautynova, a global professional haircare platform, from Bluegem Capital Partners, a private equity firm. Financial terms were not disclosed.
“Emilio and Bluegem have been a true partner, bringing unwavering support for our innovative vision and enabling meaningful growth. Over the last four years, the company has strengthened the senior management team and invested in state-of-the-art production facilities, world-class ERP systems and innovative product development, ensuring we have the resources and expertise to push boundaries and set new industry standards. We look forward to working with PAI and Bluegem as we continue on this exciting journey of innovation and growth,” Stefano Banfo, Beautynova CEO.
Beautynova is advised by Alvarez & Marsal and Boston Consulting Group. PAI Partners is advised by Raymond James, Banca Akros, Banco BPM, UniCredit, White & Case, New Deal Advisors, OC&C Strategy Consultants, PricewaterhouseCoopers, Latham & Watkins, Willkie Farr & Gallagher, Ramboll, Greenbrook (led by Peter Hewer), Havas Paris (led by Thomas Hartog and Sarah Duparc) and ICR (led by Brian Ruby). Bluegem is advised by Houlihan Lokey, BPER Banca, Latham & Watkins, PricewaterhouseCoopers, PedersoliGattai, ERM Group and Tancredi (led by Leonardo Maisano).
Wm Morrison Supermarkets set an October 19 deadline for shareholders to vote on the £7bn ($9.6bn) takeover proposal by US private equity firm Clayton Dubilier & Rice.
Britain’s fourth-largest grocer published documents saying when shareholders will decide the outcome of what could be the country’s largest take-private deal in a decade. A vote of 75% or more is required for CD&R’s deal to go through.
Morrisons is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. CD&R is advised by BNP Paribas, Goldman Sachs, JP Morgan, Clifford Chance and Teneo. Debt providers are advised by Debevoise & Plimpton. Fortress Investment is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew. Financial advisors are advised by Herbert Smith Freehills. Debt financing is provided by HSBC and RBC Capital Markets.
Volvo-backed Polestar, a global electric performance car company, agreed to go public via a SPAC merger with Gores Guggenheim in a $20bn deal.
"In Alec and the Gores Guggenheim team, we have found a partner with an impressive track record of bringing leading companies to the public markets. The proposed business combination and listing position Polestar as a financially strong, future proof, global electric car company. It will enable us to accelerate our growth, strategy and most importantly, our mission towards sustainable mobility," Thomas Ingenlath, Polestar CEO.
Polestar is advised by Citigroup, Kirkland & Ellis and Tulchan Communications. The Gores Group is advised by Sard Verbinnen & Co. Gores Guggenheim is advised by Barclays, Citigroup, Deutsche Bank, Guggenheim Partners, Morgan Stanley, Hannes Snellman and Weil Gotshal and Manges. Guggenheim Partners is advised by Davis Polk & Wardwell. Financial advisors are advised by Latham & Watkins.
EQT offered to acquire zooplus, a European online pet platform, for $3.94bn.
“EQT has monitored zooplus’ development for a long time, and we are impressed by its stellar customer base and the market leading positions in many markets, complemented by a strong offering. We have a long history in the pet care sector and can also offer zooplus unique experience and know-how of technology and platform development, both from within the EQT platform – which includes our inhouse digitalization and sustainability specialist teams – and via EQT’s global network of industry experts,” Johannes Reichel, EQT Partner and Head of Private Equity’s Advisory Team in Germany.
EQT is advised by Deutsche Bank, Milbank and Kekst CNC. zooplus is advised by Goldman Sachs, GLNS Rechtsanwalte Steuerberater and Finsbury Glover Hering. Goldman Sachs is advised by Sullivan & Cromwell.
Ardian, a private investment house, completed the acquisition of Verne Global, a company that provides data center solutions for enterprise and hyperscalers, from Triple Point-backed Digital 9 Infrastructure, an investment trust, for $575m.
"The Verne transaction is the result of a competitive process which sought to maximize shareholder value from the sale of Verne Global," Digital 9 Infrastructure.
CBRE, a commercial real estate service and investment firm, agreed to acquire Torghatten Land, a bus division of Torghatten, a provider of shipping and transportation services. The acquisition of Torghatten Land is subject to customary closing conditions and regulatory approvals and is expected to close in Q4. Financial terms were not disclosed.
"We are acquiring a leading bus operator with a strong performance track record in a market that demonstrates non-cyclical characteristics due to the critical need for public transport. Our continued investment into sustainable transport is also of significant importance to us as a business. With the fleet continuing to transition to electric within the next few years, we expect that we will be operating a transport business with a significantly reduced carbon footprint, which aligns with our ambitions to achieve carbon net zero performance by 2040," Andreas Köttering, CBRE Head of Europe Private Infrastructure.
CBRE is advised by PricewaterhouseCoopers and Thommessen. Torghatten is advised by Nordea Bank and Advokatfirmaet Selmer.
Montagu Private Equity, a European private equity firm with headquarters in London, agreed to acquire the medical device components business of Johnson Matthey, an international speciality chemicals company, for £550m ($700m).
"Today's announcement represents a significant milestone in our disposals programme announced in May 2022. As a JM business, MDC has delivered technological differentiation and good growth to the critical health sector. We welcome Montagu's plans to continue the investment and growth plans at MDC. We are pleased that this concludes our Value Businesses disposal programme which will deliver benefits to JM shareholders in terms of value realisation, simplification and increased focus on our growth businesses, where JM has a proven ability to win," Liam Condon, Johnson Matthey Chief Executive.
Johnson Matthey is advised by Goldman Sachs.
Bourn Rock Investments, a corporate Investment company, agreed to acquire a 60% stake in Castelbel, a luxury fragrances company, from Vallis Capital Partners, a private equity firm. Financial terms were not disclosed.
“We are pleased to have concluded this sale, which is the fifth Exit of the Fund Vallis Sustainable Investments I. This transaction is the culmination of the dedicated work of the entire Castelbel team, which has successfully executed an ambitious business plan over the years. I would like to thank everyone involved in the transaction and wish the Bourn Rock Group every success in its investment in Castelbel," Eduardo Rocha, Vallis Capital Partners CEO.
Bourn Rock Investments is advised by Santander.
Bain Capital, a private equity firm, agreed to acquire ITP Aero, a Spanish aero engine and gas turbine manufacturer, from Rolls-Royce, a luxury automobile maker, for $2.3bn. SAPA, a provider of aluminium solutions, and JB Capital, a retirement planning firm, also participated in the acqusition.
“ITP Aero has a great track record in an industry which is vital to the global economy, with attractive long-term growth potential. We see significant potential in further accelerating ITP Aero’s growth trajectory and investments in new technologies. Together with our partners SAPA and JB Capital we think we bring a unique understanding and ability to support ITP Aero. We look forward to working with ITP Aero’s management, employees and other stakeholders including the Spanish and Basque governments to realise the significant growth potential that ITP Aero has as an independent company,” Ivano Sessa, Bain Capital Managing Director.
Eagle Creek Renewable Energy, a renewable power projects company, completed the acquisition of Lightstar Renewables, a developer of solar farms, from private equity firms Elda River Capital and Magnetar. Financial terms were not disclosed.
“We are pleased to add Lightstar’s clean energy assets and development capabilities to the Eagle Creek portfolio. Through our ongoing operations and acquisitions, Eagle Creek is playing a key role in driving the transition to a clean energy economy," Neal Simmons, Eagle Creek President and CEO.
Commerzbank, a banking services provider, completed the acquisition of an 18% stake in NIXDORF Kapital, an investment firm. Financial terms were not disclosed.
“NIXDORF Kapital sees itself as a trailblazer for transformation processes that benefit the greater good – based on real value creation and SME business ethics. Commerzbank, with its focus on SMEs and values, is a strong partner that expands our customer network and enables further growth. This enables us to drive forward projects together in an even more targeted manner that not only have a financial, but also a social and ecological impact,” Andreas Rickert, NIXDORF Kapital Deputy CEO.
PE firms eye $8bn buyout financing for Sanofi Unit.
Potential bidders for Sanofi’s consumer health division are mulling debt packages of about $8.16bn which would make it one of the biggest leveraged buyout financings in recent years, Bloomberg reported.
Private equity firms Advent International, Blackstone, Bain Capital, CVC Capital Partners, EQT and KKR were among those to have shown interest in the unit, which could be valued at about $20bn in a deal. Clayton Dubilier & Rice also is considering making a potential bid.
Partners Group eyes $5bn of infrastructure asset sales.
Swiss buyout firm Partners Group is considering the sale of some of its infrastructure assets with a combined value of more than $5bn as the Swiss buyout firm seeks to take advantage of investor appetite in the sector, Bloomberg reported.
The firm is speaking with advisers as it looks at potential options including a sale of Gren, a Northern European energy company providing services such as district heating, industrial energy and energy-to-waste. Gren could be valued at about $1.6bn in a sale though no formal process has kicked off yet.
Penta weighs a $2.17bn sale of Fortuna Entertainment Group.
Penta Investments is weighing a possible sale of its betting and gaming operator, Fortuna Entertainment Group. The investment group is working with JP Morgan to explore options for the business, which is Central and Eastern Europe's biggest betting firm, Reuters reported.
A sale could value Fortuna, which has operations across the Czech Republic, Slovakia, Poland, Croatia and Romania, at up to €2bn ($2.17bn).
Permira weighs taking private IT group Exclusive Networks.
Permira, the largest shareholder in Exclusive Networks has been weighing taking private the French cyber security specialist, less than three years after its stock market debut, Reuters reported.
Buyout group Permira has been considering teaming up with investors, such as private equity funds, following expressions of interest in jointly bidding for the outstanding shares of the Paris-listed company, which has a market value of €1.65bn ($1.8bn).
Carlyle nears advanced talks on €1.5bn Thyssen unit.
Private equity firm Carlyle Group is preparing to enter advanced negotiations to acquire a majority stake in Thyssenkrupp’s naval shipbuilding unit in a deal that could value the business at about €1.5bn ($1.6bn) including debt, Bloomberg reported.
Talks are progressing and the beleaguered German conglomerate could announce as soon as this week that it’s entering advanced discussions with Carlyle on terms of a deal.
Jared Kushner’s firm eyes billion-dollar property deals in the Balkans.
Jared Kushner’s Affinity Partners is in advanced discussions on three property development investments in the Balkans that could surpass $1bn, Bloomberg reported.
The Miami-based private equity firm plans to transform Albania’s Sazan Island in the Mediterranean that was previously home to a military base, into a luxury Aman branded eco-resort community.
Actis in talks to buy Africa tower firm Swiftnet from Telkom.
Private equity firm Actis is in talks to buy Swiftnet, the mast and tower business owned by South Africa’s Telkom.
The deal would also include a smaller, local partner. Swiftnet is valued at as much as ZAR6.3bn ($332m), Bloomberg reported.
Singapore's GIC sells 2.5% stake in Italy's Nexi.
Singapore's sovereign fund GIC has sold a 2.5% stake in Italian payments company Nexi at €5.83 ($6.34) each, Reuters reported.
The sale of €28.8m ($31.3m) shares worth just under €168m ($183m) was carried out through Morgan Stanley. The books for the deal were opened and closed on Wednesday evening.
RedBird considers Telegraph sale as UK targets foreign state ownership.
Four months after investment vehicle RedBird IMI emerged as the frontrunner for the Telegraph newspaper and Spectator magazine, its hopes of owning the titles outright are looking remote, Bloomberg reported.
RedBird IMI is considering a sale of the Telegraph after Rishi Sunak’s government said it is working to ban foreign state ownership of UK media titles, effectively blocking its UAE-backed offer.
Digital bank Monzo in talks to sell stake to Singaporean state fund GIC.
Monzo, the digital bank which last month secured a valuation in excess of $5bn, is in talks to sell an additional stake to one of Singapore's sovereign wealth funds, Sky News reported.
Monzo is in advanced negotiations to raise in the region of $50m by issuing new shares to the Asian city-state's GIC.
Saudi wealth fund is in talks to acquire national airline.
Saudi Arabia’s sovereign wealth fund is in early talks to acquire the kingdom’s flagship carrier as it looks to pour billions of dollars into turning the country into a tourism hotspot, Bloomberg reported.
The Public Investment Fund is considering a deal that would see it add the 80-year old Saudiato its growing portfolio of aviation assets as soon as next year.
Abu Dhabi wealth fund offers to buy PAG fund stakes at discount.
The Abu Dhabi Investment Authority has offered to buy stakes in funds managed by Hong Kong-based PAG from investors at a discount.
The offer from ADIA is a sign of how some Gulf investors are looking to seize such deals at a lower price as US-based investors cut back on their China exposure, DealStreetAsia reported.
National World eyes Telegraph as UAE-backed deal falters.
National World, the publisher behind the Yorkshire Post and other British local newspapers, has repeated its interest in buying the Telegraph after a UAE-backed bid was effectively blocked by the UK government, Bloomberg reported.
Foreign states are to be banned from controlling or influencing UK newspapers and news magazines in a move that casts serious doubt over a proposed takeover of the Telegraph by US private equity firm RedBird Capital Partners and Abu Dhabi-based International Media Investments.
JD.com abandons plan to bid for Currys.
Shares in Currys fell 4.8% to $0.72 after the Chinese e-commerce giant backed away without giving a reason. The stock was trading at about 47 pence before news of the first offer broke.
Telecom Italia plan for revamped business is sustainable.
Telecom Italia's business plan for the new company emerging from the sale of the former phone monopoly's fixed line network is sustainable, Italy's Industry Minister Adolfo Urso said.
Shares in the former phone monopoly plunged after TIM unveiled its three-year strategy and outlook for the business emerging after the network sale to US fund KKR, piling pressure on TIM Chief Executive Pietro Labriola, Reuters reported.
French Family offices drawn to private equity over private debt.
France’s wealthiest citizens are increasingly directing their family offices to invest in private equity, while their appetite for private debt is waning and crypto remains marginal, Bloomberg reported.
“There is a lot of convergence between family offices and private equity because performance is generally good and there is less volatility,” Frederick Crot, Association Francaise du Family Office President.
Oman wealth fund seeks pitches for logistics firm IPO.
The Oman Investment Authority is planning an IPO of Asyad Group, the sultanate’s logistics company, as the Gulf nation ramps up its divestment program, Bloomberg reported.
Details on the valuation or timing of the IPO were not immediately available. Representatives for the OIA weren’t available for comment. Asyad Group describes itself as a $4bn enterprise backed by an initial $26bn in government infrastructure spending.
Galderma prices shares at the top end, boosting the Europe IPO market.
Skincare company Galderma Group priced its CHF2.3bn ($2.6bn) initial public offering at the top of the marketed range giving much needed confidence to a slowly rebounding market for European listings, Bloomberg reported.
The EQT-backed company priced its IPO shares at CHF53 ($66) each, compared with a marketing range of CHF49 ($55) to CHF53 ($66) apiece. The stock is set to start trading on March 22. Galderma is advised by Goldman Sachs, Morgan Stanley, UBS, BNP Paribas, Bank of America, Citigroup, Jefferies and Lazard.
Kester Capital closes oversubscribed fund III at £200m hard cap.
Kester Capital, a UK lower mid-market private equity firm, has held the final close of its latest fund, Kester Capital III, which was oversubscribed, at its hard cap of £200m ($254m), significantly in excess of its original £150m ($190m) target.
In line with Kester Capital II, the strategy for the fund remains focused on investing in primary buyouts in the healthcare and technology sectors.
APAC
Private equity investors BPEA EQT and ChrysCapital, completed the acquisition of a 90% stake in HDFC Credila, a loan agency, from HDFC, a banking and financial services company, for $1.1bn.
"The demand in India for obtaining a higher education is growing at a faster pace than ever, accelerated by our country's growing middle class and students' strive for better career opportunities. Coming out of HDFC Group, one of India's most respected and well-established financial conglomerates, HDFC Credila plays a critical part in serving this demand. We have been following HDFC Credila for several years and we are excited to partner with its strong management team led by Arijit Sanyal. We also welcome HDFC Group's decision to retain a minority stake in the business and we see their continued support as a testament to our vision for the company," Jimmy Mahtani, BPEA EQT India Partner.
State-backed Japan Investment will launch a tender offer for chipmaking materials linchpin JSR on March 19, a move that Tokyo officials deem crucial for the country’s domestic supply chain, Bloomberg reported.
JSR said it no longer needed advance regulatory approval from Beijing for the JPY904bn ($6bn) deal, thanks to an amendment in China’s guidelines regarding its antitrust laws. The withdrawal of its application was accepted on February 19, leading JIC to decide it could move forward on the tender offer. JIC is slated to buy all outstanding shares of JSR for JPY4,350 ($29) per share.
JSR is advised by Morgan Stanley and Shearman & Sterling. JIC is advised by JP Morgan.
Kedaara Capital, an operationally oriented private equity firm, completed the investment in Dairy Day, an ice cream brand. Financial terms were not disclosed.
"Ice Cream is one of the fastest growing categories within the entire food & beverage segment. Dairy Day’s dedication to quality, and its commitment to delivering “goodness” has resonated deeply with consumers across its target markets, propelling the brand to a market-leading position. The company is led by a passionate and very strong execution focused team. We are excited to partner with Mr. M.N. Jaganath, Mr. A. Balaraju, and rest of the team to help them unlock Dairy Day’s full potential, and further strengthen its leadership position,” Sunish Sharma and Anant Gupta, Founder and Managing Partner and Managing Director of Kedaara Capital.
Kedaara Capital was advised by Ernst & Young and Gutenberg (led by Nalini Neha).
IDG Capital, an investment and asset management firm, and Meituan, a consumer products and retail services company, led a $155m Series C funding round in Mech-Mind, a provider of complete and cost-effective solutions. Other investors include Sequoia Capital China and Source Code Capital.
Mech-Mind is an industrial robot developer, that uses new generation technologies such as deep learning, and 3D vision to cater to its clients. It currently caters to sectors such as automobiles, home appliances, food and beverage, logistics, pharmacy, and banking, among others.
Mech-Mind was advised by Taihecap.
Starwood Capital Group, a private investment firm, agreed to acquire a 10.7% stake in ESR Group, an Asia focused real estate services and investment company. Financial terms were not disclosed.
"ESR is the leading real estate platform in Asia Pacific with important market positions in logistics and data centres, which are key growth areas for Starwood Capital. I have known Stuart for many years and have always been impressed by the business he, Charles and co-CEO Jeffrey Shen have built. Having recently partnered with ESR in Australia, we are very pleased to expand and strengthen our relationship through this transaction. We have full faith and confidence in the management team and look forward to working with all stakeholders over the longer-term," Barry Sternlicht, Starwood Capital, Chairman and CEO.
Starwood Capital Group is advised by H/Advisors Abernathy (led by Tom Johnson).
GeoPost, a parcel delivery holding company, B Capital Group, an investment firm, Monk's Hill Ventures, a venture capital firm, and Alibaba Group, a technology company, led a $578m Series E funding round in Ninja Van, a logistics startup.
“The quality of investors joining us in this round of investment is a clear signal that the market recognizes the emerging opportunities for e-commerce logistics in Southeast Asia and how as an entrenched player in the region, Ninja Van is positioned to take a central role in meeting the shifting demands of both businesses and consumers. We remain committed to the success of all our business partners as we move towards the next stages of sustainable growth and continued innovation. The support from our investors will enable us to continue to build upon the business momentum we have achieved,” Lai Chang Wen, Ninja Van Group Co-Founder and CEO.
CR Capital Management, a private equity real estate firm, led a $232m investment in Peak Sport Products, a firm engaged in manufacturing and distributing sports products including footwear, apparel and accessories. China Construction Bank, a commercial bank in China, also participated.
Peak is expected to accelerate its expansion into first- and second-tier cities at home and abroad, targeting young consumers. The company also plans to further optimize its equity structure, upgrade distribution channels, and increase investment in product research and development.
Charoen Pokphand, a holding company, led a $150m Series C funding round in Ascend Money, a fintech company. Bow Wave Capital, an investment firm, and Ant Group, a digital payment platform, also participated.
Ascend Money will use the proceeds to grow its e-wallet application – TrueMoney Wallet – and expand its digital financial services ranging from digital lending and digital investment to cross border remittances in Southeast Asia.
PAG, an alternative investment management firm, led a $100m funding round in DataYes, a Chinese artificial intelligence-enabled data and investment management solutions provider.
DataYes plans to leverage the investment experience and industry know-how of PAG to help it advance its one-stop solutions in investment and asset management for enterprise and individual clients.
KKR said to weigh $1bn sale of school chain EuroKids.
KKR is exploring options for EuroKids International, including selling its controlling stake in the Indian pre-school and early-learning chain, Bloomberg reported.
The US private equity firm is looking to hire financial advisers to help evaluate a sale. KKR could seek a valuation of about $1bn for its majority stake.
Advent considers divesting The Learning Lab's Southeast Asian unit for $500m.
Advent International is considering divesting the Southeast Asian operations of The Learning Lab, a Singapore-based chain of tutorial centers, Bloomberg reported.
The fund is working with Rothschild & Co on the sale process and is seeking to raise at least $500m from the deal. Discussions are at an early stage and Advent might opt not to proceed with a sale.
Vedanta’s Sterlite said to transfer three power projects to GIC Venture.
Sterlite Power Transmission, a privately-held unit of mining company Vedanta, has transferred three Indian power transmission projects into its joint venture with Singaporean sovereign wealth fund GIC, Bloomberg reported.
The projects are still under development and the transfer into the Sterlite Grid 32 joint venture has been agreed.
A91 Partners in talks to top up in menswear brand DaMENSCH.
Indian growth-stage investor A91 Partners is looking to top up its investment in DaMENSCH, a homegrown premium men’s lifestyle brand, as the company gears up to raise its next round of funding , DealStreetAsia reported.
A91 Partners is an investment firm investing across consumer, technology, financial services and healthcare sectors in India.
Ninja Van holding off on IPO plans until profitability improves.
Logistics provider Ninja Van has put plans for a stock market debut on the back burner, the latest sign of tech startups’ struggles with falling valuations across the industry, Bloomberg reported.
The Alibaba Group-backed delivery company is focusing on improving its profitability before going ahead with an IPO, Chief Executive Officer Lai Chang Wen told reporters in Singapore on March 18. The company expects to reach positive earnings before interest, taxes, depreciation and amortization in 12 months.
ChrysCapital to launch a $1.2bn PE fund.
ChrysCapital, a private equity firm, is set to launch a fund targeting c.$1.2bn, looking to take advantage of a flow of institutional investment to benefit from an expected post-pandemic economic spurt in the country.
The new fund will be the largest by an India-specific private equity fund manager. It would be targeting large institutional investors and high-net worth family offices mainly from North America and Europe, besides sovereign and pension money managers from Asia and the Middle East.
B Capital closes Opportunities Fund II at $750m, nearly double its predecessor fund's size.
Singapore and US-based venture capital firm B Capital has closed its second opportunities fund at $750m, it announced on March 19.
The size of the vehicle is nearly double that of its predecessor, signalling a strong limited partner interest in B Capital. The money was raised from a mix of global limited partners comprising private and public pensions, family offices, high-net-worth individuals, and sovereign wealth funds, DealStreetAsia reported.
Canada's CPP Investments commits $219m more to India's infrastructure trust.
The Canada Pension Plan Investment Board (CPP Investments), one of the world's largest pension funds, has made a further INR1,820 crore ($219m) commitment to India's National Highways Infra Trust (NHIT). NHIT is an infrastructure investment trust sponsored by the National Highways Authority of India, DealStreetAsia reported.
Bosch launches Boyuan Capital, hits first close of China-focused RMB fund.
Boyuan Capital, set up by technology company Bosch for technology bets in China, has launched its RMB-denominated fund seeking to raise as much as $155m, DealStreetAsia reported.
The vehicle, named Bosch China Growth Fund I, has reached the first close from limited partners, including Bosch, Wuxi Weifu High-Technology Group, a Chinese automotive component manufacturer, and others.
Boyuan Capital will focus on sustainable transportation, smart manufacturing, internets of things, artificial intelligence and semiconductors.
Temasek-backed Fullerton raises $100m from Seviora, Income Insurance for carbon fund.
Fullerton Fund Management, an affiliate of Temasek's Seviora, has closed $100m in anchor commitment from its parent group and Singapore's Income Insurance for its private equity fund dedicated to decarbonisation investments in Asia's emerging markets.
While the fundraising target of the mandate was not disclosed, DealStreetAsia reported in November 2022 that the asset manager is seeking to raise around $600m to $1bn, DealStreetAsia reported.
King River Capital, Immutable launch $100m web3 games fund.
Australian venture capital investor King River Capital and video games maker Immutable have launched the $100m Inevitable Games Fund, an ecosystem-agnostic vehicle that seeks to invest in web3 games.
King River Capital will lead the investment process for the new fund, while Immutable and software platform Polygon Labs will provide key sourcing and web3 gaming expertise, DealStreetAsia reported.
Gene solutions seeks $70m funding for regional push.
Mekong Capital-backed Gene Solutions is looking to raise as much as $70m this year to fund its Southeast Asia expansion as the diagnostic testing services provider weighs a share sale within two years, Bloomberg reported.
The Ho Chi Minh City-headquartered company has reached out to investors in countries including the US, China and Japan to complete its latest funding round by the third quarter, Chief Financial Officer Hoa Nguyen said in an interview. Gene Solutions has raised about $40m from three earlier rounds.
Former JP Morgan Chase Asia banker launches new VC fund in Australia.
Former JP Morgan Chase banker Ryan Holsheimer has started a new venture capital fund in Australia's Gold Coast to invest in tech startups across Asia and globally.
Admiralty Capital Group is sector agnostic and will invest across early- to growth-stage companies, it shared in a press statement. The firm's investment thesis revolves around innovation, scalability, and positive impact, DealStreetAsia reported.
Former Credit Suisse APAC head Low joins private equity firm GIP. (People)
Edwin Low, Credit Suisse’s former chief executive officer for the Asia Pacific region, has joined private equity firm Global Infrastructure Partners, Bloomberg reported.
Low has become a partner at GIP working on emerging markets investment. He joined last week and is based in Singapore.
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