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AMERICAS
Bain Capital and Mubadala, a private equity firms, completed the acquisition of Service Logic, a privately held HVAC and energy mechanical services company, from Leonard Green & Partners, an American private equity investment firm, according to press releases. Financial terms were not disclosed.
Bain Capital was advised by Barclays, Jefferies & Company, Ropes & Gray and Stanton PRM (led by Charlyn Lusk). Leonard Green & Partners was advised by JP Morgan, Morgan Stanley and Latham & Watkins. Service Logic was advised by Goldman Sachs and Harris Williams & Co, according to press releases.
Rockbridge-backed ProSites, a digital marketing company, completed the acquisition of GeniusVets, a digital marketing company, according to press releases. Financial terms are not disclosed.
Bidders were advised by Copper Run, Lane Four Capital Partners and Honigman Miller Schwartz & Cohn. Rockbridge was advised by Lambert & Co (led by Jennifer Hurson). Debt financing was provided by Manulife Investment Management and NXT Capital. GeniusVets was advised by 733Park and Snell & Wilmer, according to press releases.
ARC Financial, a specialist private equity firm that invests in Canadian energy companies, completed the acquisition of STEP Energy Services, an energy services company that provides coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions, for CAD400.8m ($288.9m), according to press releases.
ARC Financial was advised by ATB Capital Markets, RBC Capital Markets and Norton Rose Fulbright. STEP Energy was advised by Ernst & Young, Peters & Co, Burnet Duckworth & Palmer and Stikeman Elliott, according to press releases.
Vodafone, a telecommunications conglomerate, completed the acquisition of Skaylink, a provider of digital transformation and cloud services, from Waterland Private Equity, a private equity firm, for €175m ($205.8m), according to press releases.
Skaylink was advised by Arma Partners, Kafka (led by Noel Lach). Waterland Private Equity was advised by Boston Consulting Group, Arma Partners, PricewaterhouseCoopers, Hengeler Mueller (led by Elisabeth Kreuzer), ASSET Communications (led by Sebastian Köhnlechner) and Ernst & Young , according to press releases and MergerLinks data.
CPP Investments, a global investment management organization, Dream Industrial, a company that owns and operates urban logistics and distribution assets, and Dream, a purpose-driven real estate asset manager, formed a $3bn joint venture, according to press releases.
Bidders were advised by CBRE Group, Colliers, RBC Capital Markets, TD Securities, King & Spalding and Stikeman Elliott, according to press releases.
Investment firms Kingswood Capital and Forager Capital agreed to acquire Quipt Home Medical, a provider of durable and home medical equipment and supplies in the United States, for $260m, according to press releases.
Quipt Home Medical is advised by Evans and Evans, Truist Securities and DLA Piper. Kingswood Capital and Forager Capital are advised by UBS, Fasken and McDermott Will & Schulte, according to press releases.
ITE Management, an alternative asset manager focused on industrial transportation and infrastructure, agreed to acquire the chassis business of Barings and Partners Group-backed Milestone Equipment Holdings, a lessor of mission-critical transportation equipment in the US, according to press releases. Financial terms were not disclosed.
ITE Management is advised by Deutsche Bank, Willkie Farr & Gallagher and Prosek Partners. Milestone Equipment Holdings is advised by Stephens and Davis Polk & Wardwell (led by Thomas J. Malone and Michael Davis), according to press releases and MergerLinks data.
Howard Hughes, a real estate development and management company, agreed to acquire Carlyle and Hellman & Friedman-backed Vantage, a specialized insurance provider, for $2.1bn, according to press releases.
Howard Hughes is advised by Oliver Wyman, Jefferies & Company and Latham & Watkins. Vantage is advised by JP Morgan and Debevoise & Plimpton, according to press releases.
A&M Capital, a multi-strategy private equity investment firm, completed the acquisition of Asurint, a provider of background screening solutions, from Guidepost Growth Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Asurint was advised by Robert W Baird and Sidley Austin. A&M Capital was advised by Houlihan Lokey and Kirkland & Ellis. Guidepost Growth Equity was advised by Cooley, according to press releases.
Slate Asset Management, a global alternative investment platform targeting real assets, and Hamilton Lane, a provider of investment management and advisory services, completed the acquisition of a majority stake in Cold-Link Logistics, a privately-held cold storage platform, according to press releases. Financial terms were not disclosed.
Cold-Link Logistics was advised by Wells Fargo Securities, Greenberg Traurig and Haber Law. Slate Asset Management was advised by JP Morgan and King & Spalding, according to press releases.
Constellation Wealth Capital, an alternative asset management platform, completed the acquisition of a minority stake in DayMark Wealth Partners, a registered investment advisor serving high net worth individuals, families, and business owners, according to press releases. Financial terms were not disclosed.
DayMark Wealth Partners was advised by Dynasty Investment Bank, Houlihan Lokey, and Katz Teller Brant & Hild. Constellation Wealth Capital was advised by Simpson Thacher & Bartlett (led by Mark Viera), according to press releases and MergerLinks data.
Virtus Investment Partners, a multi-manager asset management company, completed the acquisition of 35% staje in Crescent Cove, a San Francisco-based firm providing private capital solutions to middle market technology companies, according to press releases. Financial terms were not disclosed.
Virtus Investment Partners was advised by Goodwin Procter and JConnelly (led by James Doyle). Crescent Cove was advised by Oppenheimer & Co and Morgan Lewis & Bockius (led by Caitlin Harrison), according to press releases and MergerLinks data.
GI Partners, a private equity firm, agreed to acquire Netwatch, a provider of intelligent video monitoring solutions, according to press releases. Financial terms are not disclosed.
Netwatch is advised by Compass Integrated Communications (led by Rhianna Daniels). GI Partners is advised by Stifel, Paul Weiss Rifkind Wharton & Garrison (led by Ravi Purohit) and Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases and MergerLinks data.
Consortium Brand Partners, a private equity firm, Eldridge Industries, a holding company, and Convive Brands, a New York-based hospitality group that builds and operates high-quality restaurant brands, agreed to acquire California Pizza Kitchen, an American casual dining restaurant chain, according to press releases. Financial terms were not disclosed.
California Pizza Kitchen is advised by Stark Group NYC. Consortium Brand Partners is advised by Aurify Brands and Winston & Strawn. Eldridge Industries and Convive Brands are advised by Reed Smith, according to press releases.
Arthur Ventures, a growth equity firm specializing in B2B software companies, completed an investment in PKI Solutions, a provider of public key infrastructure and digital certificate management solutions, according to press releases. Financial terms were not disclosed.
PKI Solutions was advised by Needham & Company and Stoel Rives. Arthur Ventures was advised by Gunderson Dettmer, according to press releases.
Tata Consultancy Services, an IT services, consulting, and business solutions company, agreed to acquire Coastal Cloud, a multi-cloud Salesforce consulting firm, from Sverica, a private equity firm, for $700m, according to press releases.
Coastal Cloud is advised by Guggenheim Partners and Choate Hall & Stewart, according to MergerLinks data and press releases.
Tailwater Capital, an energy and infrastructure private equity firm, completed the acquisition of a majority stake in Central Midstream, a Houston-based midstream company with operations across the Gulf Coast and Ohio, according to press releases. Financial terms were not disclosed.
Central Midstream was advised by Gibson Dunn & Crutcher. Tailwater Capital was advised by Troutman Pepper Locke, according to press releases.
Goldman Sachs Alternatives, an alternatives investor, led a $240m Series E round in Harness, an AI Software Delivery Platform company, according to press releases.
Goldman Sachs was advised by Latham & Watkins (led by Stelios Saffos), according to MergerLinks data.
Capstreet-backed Colt Group, a provider of innovative solutions and products for smoke control, ventilation, solar shading and climate control projects, completed the acquisition of Garrison Enterprise, a provider of critical line intervention services, according to press releases. Financial terms were not disclosed.
Capstreet was advised by Lambert & Co, according to press releases.
Wealth Enhancement, an independent wealth management firm, completed the acquisition of Spectrum Wealth Management, an independent, fee-based wealth management firm, and Putman Group, a full service CPA firm, according to press releases. Financial terms are not disclosed.
Wealth Enhancement was advised by Prosek Partners, according to press releases.
C1 Fund, a publicly traded closed-end investment company providing public-market investors with exposure to late-stage digital-asset services and technology companies, completed the investment in Consensys, a global blockchain software company and foundational contributor to the Ethereum ecosystem, according to press releases. Financial terms were not disclosed.
Standard General in talks to invest in Warner Bros Discovery networks. ( FT)
Kimmeridge submits $6bn bid for gas producer Ascent Resources. ( Reuters)
Kimmeridge Energy Management has made a $6bn offer to acquire US gas driller Ascent Resources, challenging plans by its private equity owner to restructure ownership. The proposal values Ascent above the $5.5bn level used in an internal stake transfer process.
The bid comes as Energy & Minerals Group seeks to move a stake between funds, with Kimmeridge positioning its offer as a higher-value alternative for control of the company.
Braskem control set to shift as Novonor stake sale advances. ( Reuters)
Novonor has signed an agreement that would lead to the sale of its controlling stake in Brazilian petrochemical producer Braskem to private equity firm IG4 Capital. Under the structure, IG4 would share control with state-owned oil group Petrobras.
Novonor would retain a 4% stake following the transaction, marking a significant change in Braskem’s ownership structure.
Buyout firm Carnelian draws attention with unusual plan to sell multiple energy assets. ( Reuters)
Carnelian Energy Capital is preparing to sell six of its North American oil and gas production assets, amid growing pressure on private equity firms to boost exits and return capital to investors.
The sales, covering most of Carnelian-backed oil and gas companies and around 40% of its total portfolio, have surprised industry observers, as buyout firms typically stagger sales to maintain buyer demand.
UK’s Aberdeen to buy $2bn in US closed-end assets. ( Reuters)
British asset manager Aberdeen announced plans to acquire nine US-based closed-end funds totaling £1.5bn ($2bn) as part of its ongoing US expansion.
The funds, purchased from Boston-based MFS, will be merged into two larger Aberdeen funds alongside an existing fund, investing in bonds and the growing private credit market.
EMEA
SK Capital, a New York-based private investment firm, agreed to invest in Swixx BioPharma, a provider of pharmaceutical commercialization services, at a €1.5bn ($1.76bn) valuation, according to press releases.
Swixx BioPharma is advised by Ernst & Young, Boston Consulting Group, Centerview Partners, Jefferies & Company and Walder Wyss. SK Capital is advised by KPMG, Clearview Healthcare Partners, Rothschild & Co, Bar & Karrer (led by Christoph Neeracher and Philippe Seiler), Kirkland & Ellis and Gregory FCA (led by Daniel Abramson). Debt financing is provided by Ares, according to press releases and MergerLinks data.
Stonepeak, an alternative investment firm, completed the acquisition of a 50% stake in IFCO, a global provider of reusable packaging solutions, from ADIA, an investment firm, according to press releases. Financial terms were not disclosed.
Stonepeak was advised by Citigroup, Kirkland & Ellis (led by Tobias Larisch) and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel). Triton was advised by Bank of America, Morgan Stanley, Latham & Watkins (led by Leif U. Schrader and Oliver Felsenstein) and Kekst CNC (led by Roland Klein). ADIA was advised by Freshfields Bruckhaus Deringer (led by Tom Lawless), according to MergerLinks data and press releases.
Apollo, an alternative investment manager, agreed to acquire Prosol, the multi-specialist in fresh food businesses and food retail in France, from Ardian, a private equity firm, according to press releases. Financial terms were not disclosed.
Apollo is advised by Lazard, RBC Capital Markets, UBS, Cleary Gottlieb Steen & Hamilton, Paul Weiss Rifkind Wharton & Garrison and Sidley Austin. Prosol is advised by JP Morgan, according to press releases and MergerLinks data.
Tikehau Capital, a private equity and venture capital firm, completed the acquisition of ScioTeq, a manufacturer of displays for the aviation and defense industries, from OpenGate, a global private equity firm, according to press releases. Financial terms were not disclosed.
Tikehau Capital was advised by Clearwater (led by François-Emmanuel Hébert), Vulcain and Image 7. OpenGate was advised by Lazard, McDermott Will & Schulte and Profile Advisors, according to press releases and MergerLinks data.
Insight Partners and Liberty Hall-backed Comply365, a provider of operational content, safety and training management solutions, completed the acquisition of MINT, a German company specializing in tools, measuring, and automation solutions, according to press releases. Financial terms were not disclosed.
Comply365 was advised by Willkie Farr & Gallagher. MINT was advised by Northwise and Brock Müller Ziegenbein, according to press releases.
OEP, a middle-market private equity firm, agreed to acquire Montanhydraulik, a provider of hydraulic cylinders and hydraulic systems, according to press releases. Financial terms were not disclosed.
OEP is advised by Stanton PRM (led by Thomas Zadvydas), according to press releases.
Blue Cloud Ventures, a venture capital fund, led a €100m ($117m) Series C round in Exein, an Italian cybersecurity company, with participation from HV Capital, Intrepid Growth Partners, Geodesic, and JP Morgan, according to press releases.
Natixis and Generali halt discussions on asset management partnership. ( FT)
France’s Natixis Investment Managers and Italian insurer Generali have ended talks to create a European asset management powerhouse.
The companies said that they had “jointly decided to terminate negotiations".
APAC
KKR, an investment firm, agreed to invest a $220m in Premialab, an independent platform providing data, analytics, and risk solutions on systematic and multi-asset strategies, according to press releases.
Premialab is advised by Rothschild & Co and A&O Shearman. KKR is advised by Gibson Dunn & Crutcher, according to press releases.
Stonepeak, a private equity firm, agreed to acquire Allgas, a gas distribution network operator, from APA Group, an Australian infrastructure company that owns and operates natural gas and electricity transmission and distribution assets, and Marubeni, a trading company with business divisions in iron and steel, according to press releases. Financial terms are not disclosed.
Stonepeak is advised by Gresham, Allens and Sodali & Co (led by Jack Gordon), according to press releases.
Adamantem Capital, a private equity firm, completed the acquisition of Nexon Asia Pacific, a digital and IT services provider, from EQT, a private equity firm, according to press releases. Financial terms were not disclosed.
EQT was advised by Houlihan Lokey and Johnson Winter Slattery, according to MergerLinks data and press releases.
KB Investment, a venture capital company, led a KRW145bn ($98m) funding round in Orum Therapeutics, a clinical-stage biotech company, with participation from IMM Investment, Woori Venture Partners, Stassets Investment, Weiss Asset Management, Korea Investment Partners, DSC Investment, Company K Partners, AON Investment and DAYLI Partnersl, according to press releases.
Orum Therapeutics was advised by Little Dog Communications (led by Jessica Yingling), according to press releases.
Mizuho, a full-service financial institution, agreed to acquire a majority stake in Avendus, an institutional financial services firm, from KKR, a global investment firm, and Ranu Vohra, according to press releases. Financial terms were not disclosed.
KKR is advised by Rothschild & Co, according to MergerLinks data.
Warburg Pincus, a private equity firm, agreed to invest in Acclime, a provider of corporate and business services, according to press releases. Financial terms were not disclosed.
Warburg Pincus is advised by Jefferies & Company, according to MergerLinks data.
Warburg Pincus is said to near acquisition of Asian firm Acclime. ( Bloomberg)
Warburg Pincus is close to acquiring Asia-focused corporate services firm Acclime.
The private equity firm has emerged as the frontrunner after outpacing rival bidders, with the deal potentially valuing Acclime between $950m and $1bn.
Longreach explores sale of Wendy’s Japan business. ( Bloomberg)
Longreach Group is exploring a sale of its majority stake in Wendy’s First Kitchen, the Japanese hamburger chain formed through the combination of Wendy’s Japan and First Kitchen.
The private equity firm acquired Wendy’s Japan in 2016 and took control of First Kitchen as part of the transaction. The process targets potential buyers for the combined business in Japan.
Affinity explores sale of stake in Plaza Premium Group. ( Bloomberg)
Affinity Equity Partners is exploring a sale of its stake in airport hospitality firm Plaza Premium Group, as part of a potential transaction involving external investors.
The Hong Kong-based company is being marketed to potential buyers, including private equity firms, at a valuation of about $1bn.
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