AMERICAS
PowerTeam, a provider of integrated infrastructure services to the natural gas and electric industries across 20 states, agreed to acquire MVerge, a natural gas distribution and transmission pipeline contractor, from CenterPoint Energy, an energy delivery company, for $850m.
"The sale is a key achievement in our ongoing strategic focus to strengthen our balance sheet and improve our business risk profile and earnings quality pursuant to increased relative contribution of our core utility businesses. Post transaction, we expect our utility earnings contribution to increase to greater than 80% over the next few years," Scott Prochazka, CenterPoint Energy President and CEO.
CenterPoint Energy is advised by JP Morgan and Latham & Watkins. PowerTeam is advised by Credit Suisse, UBS, Harris Williams, Debevoise & Plimpton and Abernathy MacGregor Group.
First Eagle, an independent investment management firm, completed the acquisition of THL Credit, an alternative credit manager with c. $17bn in assets under management, from Thomas H. Lee Partners. Financial terms were not disclosed.
“The transaction is a transformative step forward for both organizations, positioning the business to provide more capital and financing options to private equity sponsors, while also offering broader investment options to institutional and retail investors. I am confident that the resulting First Eagle alternative credit platform will thrive under Chris’s leadership, and I look forward to working with him to ensure a smooth transition for all of our stakeholders,” Tim Conway, First Eagle Private Credit Founder.
THL Credit was advised by Sandler O'Neill + Partners, Weil Gotshal and Manges, Winston & Strawn and Stanton PRM. First Eagle Private Credit was advised by Bank of America Merrill Lynch, Goodwin Procter and Kekst CNC.
Crescent BDC, a business development company, completed the acquisition of Alcentra Capital, a senior secured debt and equity capital provider, for $142m.
“The closing of this transaction represents an important milestone for Crescent BDC. By leveraging the scale and breadth of Crescent Capital Group’s broader $28bn platform, longstanding sponsor origination relationships and disciplined underwriting and investment processes, we will be able to provide our combined stockholders with attractive opportunities for income generation and capital appreciation,” Mark Attanasio and Jean-Marc Chapus, Co-Founders and Managing Partners of Crescent Capital.
Alcentra was advised by Houlihan Lokey, Dechert and Sullivan & Worcester. Crescent was advised by Bank of America Merrill Lynch, Kirkland & Ellis and Proskauer Rose. Bank of America Merrill Lynch was advised by Cleary Gottlieb Steen & Hamilton.
The US Federal Trade Commission is seeking to file suit to block consumer products company Edgewell Personal Care's $1.37bn acquisition of Harry's, a manufacturer of shaving equipment and men's care products. FTC stated that the deal would negatively harm competition in the US shaving industry.
FTC will request a temporary restraining order and preliminary injunction in the US district court to halt the deal pending an administrative trial that would determine its merits.
"The loss of Harry's as an independent competitor would remove a critical disruptive rival that has driven down prices and spurred innovation in an industry that was previously dominated by two main suppliers, one of whom is the acquirer," FTC.
Harrry's is advised by Centerview Partners, Latham & Watkins, and O'Melveny & Myers. Edgewell is advised by Goldman Sachs, Perella Weinberg Partners, and Wachtell Lipton Rosen & Katz. Debt financing is provided by Bank of America Merrill Lynch.
First Defiance Financial, the holding company for First Federal Bank of the Midwest and First Insurance Group, completed the acquisition and merger with United Community Financial, the holding company for Home Savings Bank and HSB Insurance, for $473m. First Defiance shareholders own approximately 52.5% of the combined company and United Community shareholders own c. 47.5%.
“This is an exciting day for us as we combine two great community banks with shared values and a deep commitment to delivering smart solutions that bring lasting value to our clients and the communities we proudly serve. Our combined organization boasts the combined talent, vision and resources that will allow us to continue to grow and be the partner of choice in the communities we serve,” Donald P. Hileman, First Defiance CEO.
United Community was advised by Piper Sandler and Wachtell Lipton Rosen & Katz. First Defiance was advised by Keefe Bruyette & Woods and Barack Ferrazzano Kirschbaum & Nagelberg.
Stone Canyon Industries, a private equity firm, is set to acquire Kissner Group Holdings, a producer and supplier of salt. Financial terms were not disclosed.
"We're very excited about the growth opportunities that lie ahead of Kissner in light of our new partnership with SCIH. We look forward to continuing to expand Kissner's capabilities to deliver high-quality products and services to our customers," Mark Demetree, Kissner Executive Chairman, and CEO.
Kissner Group is advised by Harris Williams & Co. Stone Canyon is advised by BMO Capital Markets, Morgan Stanley, Gibson Dunn & Crutcher, and Torys. The vendors are advised by Bennett Jones, Davis Polk & Wardwell, and Finn Dixon & Herling.
Pacific Premier, a bank with c. $11.8bn in assets, agreed to acquire Opus Bank, an FDIC-insured California-chartered commercial bank, for $1bn. Existing Pacific Premier shareholders will own approximately 63% of the outstanding shares of the combined company, and Opus shareholders are expected to own approximately 37%.
"We are excited to announce this transformative merger that we believe will create one of the premier commercial banks in the Western United States. The combination with Opus provides us with a meaningful presence in attractive major metropolitan markets with operational scale, a complementary set of banking products and services, and improved revenue and business diversification. As a result of this transaction, we believe we will be well-positioned to generate profitable growth in the future and to benefit the combined institution's shareholders," Steven R. Gardner, Pacific Premier Chairman, President and CEO.
Pacific Premier is advised by D.A. Davidson & Co and Holland & Knight. Opus Bank is advised by Piper Sandler and Sullivan & Cromwell.
PGT Innovations, which manufactures and supplies premium windows and doors, completed the acquisition of NewSouth Window Solutions, a manufacturer and installer of factory-direct, energy-efficient windows and doors, for $92m.
“This transaction is expected to support our diversification into growing segments in the window and door industry, by enabling us to enter the direct-to-consumer channel, where NewSouth is a market leader in Florida. NewSouth’s direct-to-consumer model is supported by its showrooms and in-home sales. With the addition of NewSouth, we expect to continue our strategy to grow in geographic areas outside of our core markets, with showroom openings planned for northern Florida and coastal states in the South. The acquisition is expected to provide PGT Innovations with the opportunity to serve a broader residential market segment, primarily driven by replacement projects, and relatively smaller order sizes that PGT Innovations’ strong dealer network typically does not target or serve,” Jeff Jackson, PGT Innovations President and CEO.
PGT was advised by SunTrust Robinson Humphrey and Jones Day. NewSouth was advised by Raymond James and Foley & Lardner.
Private equity firm ZMC completed the acquisition of Simeio Solutions, a provider of IAM solutions to enterprises, from Welsh, Carson, Anderson & Stowe. Financial terms were not disclosed.
"ZMC is thrilled to partner with Simeio’s management team, which has successfully built a market-leading platform of IAM solutions for sophisticated customers. ZMC has been impressed by the Company’s growth and leadership position and is excited to support a strategy of accelerating organic growth, investing in product and technology innovation and continuing to scale the delivery platform," Andrew Vogel, ZMC Managing Partner and Co-Chief Investment Officer.
Simeio Solutions was advised by Guggenheim Partners, William Blair & Co and Ropes & Gray. ZMC was advised by Sidley Austin.
Ares Management, a private equity firm, is set to acquire a majority stake in Crestline Denali Capital, a specialized asset management company. Financial terms were not disclosed.
"We believe the opportunity to become the manager of these CLOs is a compelling investment opportunity for us given our deep credit expertise and extensive CLO management capabilities. We have known the Crestline Denali team for many years and we share a similar approach and philosophy towards credit investing, which we believe has been critical in their successful management of their investors’ capital," Kipp deVeer, Ares Partner.
Crestline Denali is advised by Berkshire Capital Securities and Winston & Strawn. Ares is advised by Latham & Watkins and Mendel Communications.
Private equity firm ORIX agreed to acquire a majority stake in Specialty Welding and Turnarounds, a provider of specialty welding and other highly technical turnaround services to the oil and gas refinery, petrochemical and industrial markets. Financial terms were not disclosed.
"SWAT’s focus on specialty welding and turnaround services with the high level of craftsmanship of its people, combined with a strong company culture, has driven an exceptional performance record in what has become a best-in-class provider. We are excited to partner with the SWAT management team and Hastings Equity Partners in this next chapter of growth as the company continues to execute on strategic and operational objectives. In addition to being a compelling opportunity, SWAT is highly complementary to OCP’s investment objectives focusing on the industrial and business services sectors," Craig Kahler, ORIX Managing Director.
Orix is advised by Kirkland & Ellis and Marketwave. Specialty Welding and Turnarounds is advised by Harris Williams & Co. Debt financing is provided by Cadence Bank.
New Mountain completed the acquisition of ILC Dover from Behrman Capital. (FS)
New Mountain Capital, an alternative investment manager with private equity, public equity and private credit strategies, completed the acquisition of ILC Dover, which designs and manufactures a broad range of innovative, highly engineered products utilizing high-performance flexible materials, from Behrman Capital, a middle-market private equity firm. Financial terms were not disclosed.
"Behrman has been a terrific partner to us over the years and provided expertise and strategic resources that were instrumental in achieving our shared objectives. We are grateful for their support as we have pursued our long-term strategy to be the leading innovative, materials science-based solutions provider," Fran DiNuzzo, ILC Dover President and CEO.
ILC Dover was advised by Houlihan Lokey and Latham & Watkins. Behrman was advised by Kekst CNC.
Arsenal Capital-backed Chroma Color, a specialty color and additive concentrate supplier, completed the acquisition of Plastics Color, a polymer manufacturer, from PMC Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are proud to have supported the Plastics Color management team in creating an extensive portfolio of specialty color and additive solutions to the plastics marketplace. We wish continued growth and success for the Plastics Color team," Chris Aye, PMC Capital Managing Partner.
Chroma Color was advised by Stout Risius Ross Advisors and Benesch Friedlander Coplan & Aronoff. Arsenal Capital was advised by Genesis Capital.
Healthpeak Properties, a Real Estate Investment Trust, investing primarily in real estate serving the United States healthcare industry, completed the acquisition of the 51% joint venture interest of Brookdale Senior Living, which owns and operates over 1k senior living communities and retirement communities in the United States, for $510m.
"We are pleased with the outcome of this mutually beneficial transaction, which reflects the collaboration and partnership we share with Brookdale. This transaction will allow HCP to improve its operator diversification, as well as strengthen its remaining Brookdale triple-net portfolio," Tom Herzog, Healthpeak Properties President and Chief Executive Officer.
Healthpeak Properties was advised by Latham & Watkins. Brookdale was advised by Skadden Arps Slate Meagher & Flom.
Evonik Industries, a specialty chemicals company, completed the acquisition of PeroxyChem, a supplier of oxidative solutions, from One Equity Partners, a private equity firm, for $640m.
“Despite the uncertainty, we posted a strong performance in 2019 and reported a further increase in sales and earnings in challenging economic conditions. Combining the two businesses will enable our motivated staff to develop even better solutions for our customers,” Bruce Lerner, PeroxyChem CEO.
One Equity Partners was advised by Barclays and Dechert.
CJ Logistics, a logistics company in Korea, completed its merger with DSC Logistics, a provider of logistics and supply chain management. Financial terms were not disclosed.
"Following our market expansion into China and Southeast Asia, we are pleased to join forces with DSC Logistics in the US. We look forward to combining our technical capabilities and network to create synergies and to become a market leader in US logistics, especially in the warehousing and distribution space," Keun Tae Park, CJ Logistics President.
DSC Logistics was advised by Republic Partners and Sidley Austin.
Humana, a for-profit American health insurance company, and Welsh, Carson, Anderson & Stowe, a private equity firm, agreed to form a $600m joint venture.
"Through this new joint venture, Partners in Primary Care is now well resourced to accelerate the deployment of its proven care model in areas across the country that need it most. We are thrilled to be able to partner with Humana and Partners in Primary Care to expand access to quality care to the millions of seniors living in underserved areas throughout the nation," David Caluori, WCAS General Partner.
WCAS is advised by Ropes & Gray.
EQT Partners agreed to invest in RIMES, a financial managed data services and RegTech specialist providing services to the investment management community. Financial terms were not disclosed.
"RIMES is perfectly aligned with EQT's thematic investment approach and focus on software, data and services. EQT is excited to partner with Christian to support the continued development of RIMES and to help it achieve its full potential," Victor Englesson, EQT Partner.
EQT is advised by Houlihan Lokey.
Comoto, an omni-channel platform in the powersports aftermarket-products industry, completed the acquisition of J&P Cycles, omni-channel retailer of aftermarket products for the American V-Twin rider. Financial terms were not disclosed.
"J&P Cycles was built on obsession with customer service and offering the best product selection for riders. Comoto shares these same values. Each retail brand in the Comoto Family has complementary strengths and we are excited to leverage those strengths, to take J&P Cycles to the next level," Zach Parham, J&P Cycles President.
Comoto was advised by Grimm & Grove.
REV Group, a manufacturer of specialty vehicle brands, completed the acquisition of Spartan Emergency Response, a designer, manufacturer and distributor of custom emergency response vehicles, cabs and chassis for the emergency response market, for $55m.
"We are excited to acquire a top North American fire apparatus manufacturer of scale with a well-recognized, innovative and broad product offering, long-standing relationships with dealers and municipal customers, and a growing installed base of over 6k vehicles. It’s our long-term strategy to continue to grow this segment, as well as continue to establish REV Group as a leader in the innovation of fire apparatus and other emergency response vehicles," Tim Sullivan, REV Group President and CEO.
Eaton agreed to acquire Power Distribution, a supplier of mission-critical power distribution, static switching, and power monitoring equipment and services for data centers and industrial and commercial customers. Financial terms were not disclosed.
“PDI’s portfolio is highly complementary to our current offering and will allow us to better serve our data center customers. We have watched the growth of PDI for the last decade and are excited to have them become part of Eaton,” Brian Brickhouse, Eaton President of Electrical sector in Americas region.
Odyssey Logistics & Technology, which specializes in comprehensive global logistics and transportation services, completed the acquisition of RPM Consolidated Services, a full-service logistics provider. Financial terms were not disclosed.
"This is a highly accretive transaction that complements our acquisition of AFF Global Logistics in 2018. We've long respected the supply chain network built by RPM as we continue to expand our domestic freight forwarding services. RPM and Odyssey have common goals: constant innovation, quality service and secure freight delivery. Together, our companies can help more customers keep up with the increasing demands and shipment security requirements of transporting their goods – and, with the support of RPM's domestic network infrastructure and operations, we'll have even more robust services to offer our customers," Bob Shellman, Odyssey CEO.
Everstream, which offers business internet services, agreed to acquire the LightBound fiber/telecom assets of DataBank, a provider of enterprise-class data center, connectivity and managed services. Financial terms were not disclosed.
The sale of the LightBound fiber/telecom assets to Everstream will allow DataBank to focus on its core data center and managed services offerings while simultaneously enabling Everstream to enter the Indianapolis market, serving the needs of existing LightBound fiber/telecom customers as well as new enterprises in the region. The transaction accelerates Everstream's planned entry into the Indianapolis market and provides Everstream with a lit fiber network extending across the metro area.
Quantum, a storage and video management service provider, is set to acquire ActiveScale, a data center services business of Western Digital, a data storage company. Financial terms were not disclosed.
The transaction is expected to close by the end of this quarter, March 31, 2020, subject to the satisfaction of customary closing conditions.
"With their complementary portfolio of software-defined solutions and technologies, and established customer base, Quantum is well-positioned to build on the ActiveScale systems business. Both Western Digital and Quantum are committed to executing a smooth transition for all stakeholders and ensuring that customers will continue to receive best-in-class service and support," Phil Bullinger, Western Digital Senior Vice President.
New Enterprise Associates and Apax Partners led a $100m funding round for Moda Operandi, an e-commerce platform, with additional participation from the Santo Domingo family, Comerica Bank and TriplePoint Capital, among others.
"Moda Operandi has really disrupted the traditional e-commerce model, using technology to give people unprecedented access to fashion. It was a really big idea when we led the Series A, and today Ganesh and the team are executing on that data-enabled retail model at scale. We are thrilled to continue supporting the company in this latest round," Tony Florence, NEA General Partner and Head of Technology Investing.
BlackRock urged to cut oil and gas stakes. (FS)
Political heavyweights and climate activists urged BlackRock to slash its holdings in oil and gas companies to demonstrate its commitment to the escalating climate emergency.
The $7tn asset manager announced that its active funds, which oversee assets worth $1.8bn, would pull investments in companies that derive more than 25% of revenues from thermal coal production by mid-2020. BlackRock plans to dispose of coal-related investments worth $500m.
Turn/River Capital closed its $420m Fund IV. (FS)
Turn/River Capital, a technology growth equity and buyout firm, raised $420m for its fourth fund. With Fund IV, Turn/River Capital currently has over $700m in assets under management.
With Fund IV, Turn/River aims to continue to execute its strategy of investing in growing, efficient technology companies. The firm seeks to provide flexible capital to fund growth, liquidity, and acquisitions for bootstrapped companies, spin-outs, and roll-ups.
Resolute completed the acquisition of Conifex Timber's three sawmills for $163m.
Resolute Forest Products completed the acquisition of Conifex Timber's three sawmills in the US South for $163m, plus working capital, which is estimated at $13m.
"We are pleased to welcome the new employees to Resolute. The acquisition of the US sawmills is the right move, at the right time, for Resolute; it will give us immediate scale in an attractive region, with quality assets in a rich fiber basket, close to growing end-markets," Yves Laflamme, Resolute President and CEO.
Capstone Infrastructure acquired a majority stake in 132MW solar development project in Alberta. (FS)
Canadian clean energy investor Capstone Infrastructure bought a 51% stake in the 132MW Claresholm solar project in Alberta. Financial terms were not disclosed.
"Claresholm is an ideal fit for Capstone as we expand our presence in Alberta and grow our renewables business," David Eva, Capstone CEO.
EMEA
Worldline, a financial services company, agreed to acquire Ingenico, a French-based company, whose business is to provide the technology involved in secure electronic transactions, for $8.7bn in a cash and stock transaction.
"I am proud to announce that today is a great day for Worldline and for Ingenico, and more widely for our Payment industry: Together we create the European World-Class leader in digital payments. We deeply respect Ingenico and its team for the deep business repositioning of their company realized over the last years into one of the largest European Payment Service Providers with outstanding global positions in Online Payments and Merchant Acquiring," Gilles Grapinet, Worldline Chairman and Chief Executive Officer.
Ingenico is advised by Goldman Sachs, Rothschild & Co and Bredin Prat. Worldline is advised by Cardinal Partners, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Kairos Consulting.
France Air Management, which designs and distributes air handling, ventilation, heating and domestic hot water systems, completed the acquisition of the Air Handling division of SIG, a British-based international supplier of insulation, roofing, commercial interiors and specialist construction products, for $244m. SIG's integrated Air Handling division is the largest distribution-led specialist provider of air handling products and solutions in Europe.
"We believe that the proposed sale of our Air Handling Division represents an attractive value for SIG's shareholders. The disposal is a result of continuing management actions in line with stated priorities to reduce financial leverage, to simplify the group's operations by exiting from non-core businesses and to deliver significantly improved operational and financial performance. The disposal enables SIG to become a more focused business, with leading positions and attractive medium-term growth prospects in its core markets, a strengthened balance sheet and the flexibility to pursue further value-creating investment opportunities," Meinie Oldersma, SIG Chief Executive Officer.
SIG was advised by Jefferies & Company, Peel Hunt, Lazard and FTI Consulting.
Abu Dhabi Power, a state-owned entity with a mandate to generate value through active asset management of key utilities’ investments in Abu Dhabi, offered to acquire Abu Dhabi National Energy Company, a government-controlled energy holding company of Abu Dhabi, at a $1.1bn valuation.
"On the basis that the transaction completes, it is our intention to increase the free float of the company through a follow-on public offering," Jasim Husain Thabet, Abu Dhabi Power CEO.
Abu Dhabi Power is advised by Citigroup and Rothschild & Co.
Catalent, an integrated services, superior delivery technologies, and manufacturing solutions provider for pharmaceutical industry, is set to acquire MaSTherCell Global, a technology-focused cell and gene therapy contract development and manufacturing organization, from Great Point Partners, SFPI-FPIM and biotechnology company Orgenesis for $315m.
"We are excited to join the industry-leading team at Catalent and work together to scale-up our business. This combination will strengthen our service offering to our customers and, in the end, benefit patients who need innovative life-saving therapies," Darren Head, MaSTherCell CEO.
Catalent is advised by Northern Exposure PR. Debt financing is provided by JP Morgan.
Terracom, a resource company with a large portfolio of assets in Mongolia and Queensland, Australia, offered to acquire remaining shares in Universal Coal, which is engaged in coal mining, coal beneficiation, and mineral exploration and development of coal interests in South Africa, at a $120m valuation.
"The offer will allow both companies to continue to run successful coal operations with the improved benefit of geographic diversity and an expanded production footprint," TerraCom.
TerraCom is advised by Petra Capital and Ashurst.
Halder-backed Conen, which specializes in outfitting educational institutions like schools and nursery schools in Western Europe, completed the acquisition of HKS Systemtechnik, a manufacturer of display stands, projection screens, lecterns and steles. Financial terms were not disclosed.
"The merger of Conen with HKS is the result of the consistent implementation of our growth strategy. We rely on HKS' existing formula for success and intend to further expand the organization and the team as part of the overall group," Achim Mansen, Conen CEO.
Halder was advised by Rodl & Partner and Fischer Mues Dittmer Heilmeier.
The People Group, a payroll services provider, agreed to acquire the KLIC software communication services of Fugro, a geo-data specialist, collecting and analyzing comprehensive information about the Earth and the structures built upon it. Financial terms were not disclosed.
"We are glad to have transferred these activities to The People Group as it will guarantee our clients’ continuity and further development of the services," Huug Haasnoot, Fugro Regional Director Land Asset Integrity.
Fugro is advised by De Brauw Blackstone Westbroek.
EN+ Group, vertically integrated aluminum and power producer, completed the acquisition of an 8.75% stake in UC RUSAL, a producer of aluminum, from Glencore, a commodity trading and mining company. Financial terms were not disclosed.
"We are delighted at the prospect of gaining the long-term support of such a well-renowned partner in the global commodities sector. We look forward to working with Glencore and leveraging its unrivaled expertise to drive the ongoing growth of our business,” Maxim Sokov, EN+ Group CEO.
EN+ Group was advised by Finsbury.
Accenture agreed to acquire Mudano, a strategic data consultancy to UK financial services firms, further enhancing its analytics, data and artificial intelligence transformation capabilities. Financial terms were not disclosed.
“Our research shows that UK businesses are struggling with how to scale technologies like artificial intelligence to deliver business value – and financial services is no exception. Mudano’s focus on helping clients build a ‘data culture’ aligns perfectly to Accenture’s Applied Intelligence strategy. By creating a strong data foundation – supported by the right skills, stakeholders and technologies – our clients can transform at speed and scale and fuel real change for their business,” George Marcotte, Accenture Managing Director.
PPG Industries, a global supplier of paints, coatings and specialty materials, completed the acquisition of Industria Chimica Reggiana, a manufacturer of paints and coatings for the automotive refinish and light industrial coatings industries. Financial terms were not disclosed.
“PPG’s acquisition of ICR will complement our current product offering for the automotive refinish and light industrial coatings industries and add specialized, value-added products that address the needs of distributors and body shops. We look forward to continuing to deliver the trusted products and services upon which ICR customers have come to rely, and we are very excited to welcome ICR employees to PPG," Gary Danowski, PPG Vice President, Global Automotive Refinish.
Ubisoft, a French video game company, completed the acquisition of Kolibri Games, a Berlin-based mobile developer. Financial terms were not disclosed.
"We are strengthening our 'idle' games portfolio with the acquisition of Kolibri Games, one of the leaders in the segment, whose flagship game Idle Miner Tycoon has grown steadily since 2016. We are delighted that this great talented team, recognized for the longevity of their flagship title, is joining Ubisoft," Jean-Michel Detoc, Ubisoft Mobile Executive Director.
SafeSwiss.com, a Lucerne, Switzerland-based tech startup and provider of all-encompassing, end-to-end encrypted communication app, agreed to acquire Secure Swiss Data, a provider of privacy-focused communications software solutions. Financial terms were not disclosed.
In a joint statement, both the Chairman of SafeSwiss Tim Gallagher and CEO of Secure Swiss Data David Bruno confirmed that they were extremely pleased that the technology of both companies was being brought together and that it would provide consumers with greater confidence in being able to use a fully encrypted suite of communication mediums in a single app, email, file storage, file sharing, phone calling and text messaging.
Altavair AirFinance and KKR to acquire a portfolio of aircrafts from Etihad Airways for $1bn. (FS)
KKR and Altavair AirFinance, a commercial aviation finance provider, are set to acquire a portfolio of commercial aircraft from Etihad Airways. The acquisition will be made through aircraft leasing investment platform Altitude Aircraft Leasing, which was established by KKR’s credit and infrastructure funds in 2018 to acquire aircraft serviced by Altavair.
The aircraft portfolio being acquired includes Etihad Airways’ owned fleet of Boeing 777-300ERs and Trent powered Airbus A330-300s and A330-200s. The transaction provides for the Boeing 777-300ERs to be leased back to Etihad upon purchase in early 2020, while the Airbus A330s will be delivered over the next 22 months and placed on lease with other international operators for either passenger operations or as converted freighters.
“We are delighted to extend our partnership with Etihad and play a major role in the repositioning of their fleet. Altavair’s extensive wide-body experience and expertise combined with KKR’s capital, relationships, and capabilities, made this transaction possible. We appreciate the trust that Etihad has placed in us and look forward to a long and mutually beneficial relationship," Steve Rimmer, Altavair CEO.
Advent International, Hellman & Friedman and Mid Europa Partners looking to acquire Pepco Group. (FS)
Advent International teamed up with Hellman & Friedman and Mid Europa Partners to prepare a blockbuster bid for Pepco Group, one of the largest retail chains in Central Eastern Europe. The group comprising Advent, H&F and Mid Europa is not certain to make a formal offer but is understood to be serious about its interest in Pepco, according to a SkyNews report.
Globus close to striking $1bn sale.
Swiss department store chain Globus is set to be sold to Austrian property mogul Rene Benko and Thailand's Central Group, Bloomberg reported. The retailer's properties account for the majority of the assets, which are valued at an estimated $1bn and include a store on Zurich's main street, Bahnhofstrasse.
Stirling Square closes €950m fund targeting mid-market opportunities. (FS)
PE News reported that Stirling Square Capital Partners closed its fourth fund with €950m ($1.1bn) in commitments. The size of the fund surpassed its predecessor.
"The fund's increased size will allow us to more effectively target the vast opportunity set that exists in our space. With an investment team of 20 investment professionals representing 11 European nationalities and commanding 12 European languages, we are uniquely positioned to enable our business partners to achieve their true potential across borders," Stefano Bonfiglio, Stirling Square co-founder and managing partner.
Prime Metroline, led by businessman Enrique Razon, agreed to acquire a 25% stake in Manilla Water, a provider of water and used water services, for $209m.
"Our partnership with the Razon group will result in clear synergies to achieve Manila Water's long-term goal of providing sustainable water and wastewater services to our customers in the East Zone of Metro Manila and in the other markets we serve. Our partnership combines our respective technical and management expertise. Looking beyond our domestic businesses, the extensive global experience of Mr. Razon through his port operations opens more opportunities for Manila Water to serve new markets," Fernando Zobel de Ayala, Manila Water Chairman.
Nirma in talks with Apollo, Bain for Emami Cement bid. (FS)
Nuvoco Vistas, a cement unit of detergent maker of Nirma, is in advanced talks to partner with Apollo Global Management or Bain Capital to bid for the cement unit of Indian conglomerate Emami Group. Emami is seeking a valuation of about $1bn.
R.S. Agarwal and R.S. Goenka, who own Emami Group, are joining tycoons, including Anil Ambani and Subhash Chandra, in selling assets to pare debt as a cash crunch in Indian markets has increased funding costs.
Nuvaco is advised by Arpwood Capital and Credit Suisse.
|
