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| This week’s top Private Equity news |
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| Here are this week's biggest news in the private equity and venture capital markets. Feel free to email me directly if you think we missed important news about you or something equally important: simon@pe-insights.com. |
1. Apollo readies Japan private equity push, joining KKR and Carlyle |
Apollo Global Management is seen to be making its first private equity investment in Japan soon, joining most of the rest of the industry including KKR, Carlyle, and Blackstone. Henry Kravis calls Japan a top priority. Read more
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2. Triton Partners sells DSI Underground to Sandvik for €943m |
Sandvik has agreed to buy DSI Underground Group from Triton Partners for €943 million. DSI is a €500 million revenue business that provides ground support and technology for underground mines. “This acquisition is an important step in our growth ambition," President and CEO of Sweden-based Sandvik. Read more
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3. Apollo-led group to buy stake in AB InBev’s U.S. can plants for $3 billion |
Apollo Global Management said a group of institutional investors led by the private-equity firm would buy a 49.9% stake in Anheuser-Busch InBev’s U.S.-based can plants for about $3 billion. AB InBev will have the right, to re-acquire the minority stake after five years from the close of the transaction. Read more
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4. How selling to yourself became private equity’s go-to deal |
PE-firms have a new set of buyers for their portfolio companies: themselves. Blackstone, EQT, and Hellman & Friedman are among the buyout groups to have sold companies to funds that they control. With the crisis, the PE-industry has found it hard to sell portfolio companies after a set period of ownership. Read more
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5. Private equity firm Permira to buy majority stake in Boats Group |
Private equity firm Permira said on Tuesday it will acquire a majority stake in online classifieds marketplace Boats Group from Apax Partners LLP. Miami-headquartered Boats Group connects buyers and sellers of boats and is known for its brands such as YachtWorld, Boat Trader and Cosas De Barcos. Read more
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6. Jack Ma’s PE-Firm invests $300 million in Edtech Giant |
China’s leading online education company Yuanfudao has raised $300 million in a new funding round from Jack Ma’s private equity investment firm YunFeng Capital. Previously in March, Yuanfudao raised $1 billion in its Series G round led by its existing investor Tencent Holdings and Hillhouse Capital Management. Read more
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7. Restaurant chains that have collapsed, restructured with PE-financing |
The coronavirus pandemic has had a devastating effect across huge areas of the UK economy, but few areas felt as hard an impact as the hospitality sector. Here is a list of restaurant and hospitality chains which have collapsed into administration and restructuring in 2020. Read more
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8. Korean pension fund and Hines form US$1.5 billion real estate Joint venture |
The Korean National Pension and real estate investment group Hines have formed a US$1.5 billion equity joint venture in real estate. The venture will pursue urban infill developments across a broad span of sectors including mixed-use, residential, office and logistics in high-barrier-to-entry markets globally. Read more
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9. Strong Secondaries outlook with $61 billion earmarked for 2021 |
Most of the remaining dry powder is amongst the largest players. While investors with $1 billion or more of available capital represent just 11% of buyers, they account for 61% of the capital pool. Over a third of outstanding 2020 capital is held by investors with less than $1 billion of available capital. Read more
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10. BC Partners agrees to buy Bulgaria’s Nova Broadcasting for €300 million |
Balkan telecoms and media company United Group, owned by private equity firm BC Partners, said late on Thursday it agreed to acquire Bulgaria’s largest multi-platform media company NOVA Broadcasting Group from Advance Media Group. Local media estimated the deal at about 300 million euros. Read more
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11. The 10 biggest retail bankruptcies of 2020 |
More than three dozen retailers, filed for bankruptcy this year, marking an 11-year high. Includig the parent of Ann Taylor and Loft, Ascena Retail Group, filed for Chapter 11 in July. Earlier this month, a court judge approved Ascena’s sale to the private-equity firm Sycamore Partners LLP for $540 million. Read more
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12. Elon Musk says it’s now ‘impossible’ to take Tesla private |
Elon Musk said that it's now "impossible" to take Tesla private - even though doing so could lead to more innovation at the electric car maker. In August 2018, Musk said he wanted to take Tesla private, in comments that got him in trouble with the U.S. Securities and Exchange Commission (SEC). Read more
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13. U.S. investors doubled down on Israeli tech in 2020 |
The cross-border M&A between the U.S. and Israel continued to be active. While there was a decrease in the number of deals from 51 in 2019 to 41 deals in 2020, the percentage of tech deals by U.S. buyers, increased from 42% to 63%. A notable SaaS deal was Checkmarx which was acquired by Hellman & Friedman. Read more
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14. 2021’s hottest fashion trend will be widespread industry consolidation |
In 2021, the gap between winners and losers in fashion is expected to widen further, creating the conditions for consolidation in the industry, according to a report by consulting firm McKinsey & Company. Many companies will need financial support, creating opportunities for top predators and private equity firms. Read more
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15. Secondary market likely to be aided by GP-led deals |
Alternative investment general partner-led secondary market transactions are expected to increase in 2021, giving managers additional exit options. In December Carlyle Group's AlpInvest Partners unit closed its latest alternative investment secondary market fund, at its hard cap of $9 billion, exceeding its $8 billion. Read more
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16. 10 standout European deals that shaped 2020 |
Clearly, 2020 was never going to be a normal year for M&A activity in the face of a global pandemic. Nevertheless, there have been some standout transactions. When it comes to deals worth $5 billion or more, activity has been decidedly lumpy this year, with a notable fallow period between March and September. Read more
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17. Oceanpine Capital Hits $400Mn Final Close of Fund II |
This is the first time Oceanpine Capital has sought funding from external LPs since its inception in 2016. That year, the firm set up its $400 million debut fund using GP's internal capital. The final closing LPs included top-tier international institutional investors, asset management allocators, and family offices. Read more
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18. 3 of the Top Performing SPACs in 2020 |
A lot happened in 2020, to say the least. But it was also the year SPAC's. There were 165 SPACs listed through October, nearly double the amount in 2019. For instance Switchback Energy Acquisition went public, sponsored by a private investment fund advised by NGP Energy Capital Management. Read more
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19. Chinese online tutor Zuoyebang raises more than $1.6 bln |
Chinese online tutor Zuoyebang has raised more than $1.6 billion in a new funding round from investors including Alibaba Group and SoftBank Group’s Vision Fund. Existing investors Tiger Global Management, Sequoia Capital China and FountainVest Partners have also participated, Zuoyebang said. Read more
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20. Clarks secures new private equity owner in £100m rescue deal |
Clarks’ shareholders have approved a £100m rescue deal from Hong Kong-based private equity firm LionRock Capital. The investment was subject to the approval of a company voluntary arrangement for its british store portfolio. The proposal was signed off by Clarks’ creditors last month. Read more
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