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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. Arnault and Mustier join the $100bn Spac boom |
France's richest man Bernard Arnault is teaming up with former UniCredit boss Jean-Pierre Mustier to launch a special purpose acquisition company (SPAC) aimed at European financial deals, as a boom in blank cheque vehicles spreads from the United States. French investment firm Tikehau Capital is sponsoring the SPAC. Read more
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2. Blackstone-backed Dating App Bumble Is Expanding IPO to Raise $2.15 Billion |
Bumble has raised $2.15 billion in an IPO, expanding the size of the listing and pricing the shares above a marketed range. Bumble has a market value of about $8.2 billion based on its filings. Private equity firm Blackstone took a majority stake in Bumble’s parent company in 2019, in a transaction that valued it at $3 billion. Read more
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3. 7 Questions on European PE From Above: Frans Tieleman and Merlin Piscitelli |
We interviewed Frans Tieleman, Managing Partner at Eurazeo, and Merlin Piscitelli, EMEA Chief Revenue Officer for Datasite, around some of their predictions of potential risks, challenges, and then also opportunities, including market trends, exit strategies and options, and in general technology for European PE. Read more
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FREE WEBINAR
4. The New PE Landscape in Europe |
Looking into 2021, as private equity deal activity in Europe is expected to set a new high, with record dry powder, tepid inflation and low interest rates driving activity, this webinar, in partnership with Datasite, will dive into what is in store for European PE, including exit strategies and options, technology in PE, and market trends. Read more
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5. Carlyle secures $4.1 billion ESG-related credit facility |
Carlyle has obtained a $4.1 billion ESG-related credit facility, linking the price of debt to Carlyle's goal of 30% diverse directors on portfolio-company boards. For the past three years, the average earnings growth of Carlyle portfolio companies with diverse boards was about 12% greater a year than portfolio companies that lack diversity. Read more
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6. Adidas plans to sell struggling Reebok brand |
Adidas plans to sell or spin-off its underperforming Reebok brand, 15 years after it bought the U.S. fitness label to help compete with Nike. Reebok’s net sales fell 7% in Q3 of 2020 to €403 million, after falling as much as 44% the preceding quarter. In 2019, Adidas wrote down Reebok’s book value by nearly half to €842 million. Read more
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7. Asda: How to buy a £6.8bn supermarket for £780m |
The Issa brothers completed the deal to buy Asda, which was valued at £6.8bn, but the brothers and the PE-firm TDR Capital paid just £780m. The rest was borrowed. So how does this kind of deal work? Will it leave Asda with too much debt? The Issas and TDR each contribute half of the £780m in cash to former owners, Walmart. Read more
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8. Carlyle to exit Portuguese packaging maker Logoplaste worth up to $1.7 billion |
Carlyle has shortlisted rival private equity firms BC Partners and Apax Partners in the sale of its stake in packaging maker Logoplaste worth up to $1.7 billion. Ontario Teachers' Pension Plan and Stonepeak Infrastructure Partners also remain in the running and are expected to hand in final offers at the end of the month. Read more
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9. EQT Private Equity invests in CYE, an Israel-based global cybersecurity leader |
EQT announced a ~$100 million growth investment in CYE - Israel-based global cybersecurity leader. The world of cybersecurity threats is changing with attacks growing in complexity and frequency. This trend has accelerated since the outbreak of the pandemic as more people are working from home. Read more
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10. Teneo swoops to buy Deloitte's UK restructuring arm |
The shake-up of Britain's big four audit firms is to continue when Deloitte unveils the sale of its restructuring arm to Teneo, a consulting firm which advises many of the UK's biggest companies. Teneo, which is backed by the private equity firm CVC, is in advanced talks to acquire the Deloitte business. Read more
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11. PE-backed IPOs continues to surge with Blackstone's $13B Bumble boon |
PE-firms were eager to capitalize on the stock market in the US during 2020, leading to a 200% spike in the annual value of PE-backed IPOs. Grocery chain Albertsons and pet supplies retailer Petco are two major names that have made recent debuts. For some, the supply of SPACs now on the market represents a viable alternative. Read more
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12. Blackstone, Starwood to Lend $2.5 Billion for Bourne Buyout |
Blackstone’s credit unit and Starwood Capital will provide $2.5 billion in debt financing for the acquisition of a British holiday company. The two private credit providers will split the financing equally for Blackstone’s buyout of Bourne Leisure, said the person, who declined to be identified because the details are private. Read more
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13. KKR Sells Five UK Student Accommodation Assets For £291m |
KKR announced the sale of five major student housing developments across the UK to Greystar Real Estate Partners, a global leader in the investment of high-quality rental housing, for £291m. The five Purpose Build Student Accommodation developments comprise a total of 2,163 units. Read more
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14. Hamilton Lane raises nearly $4bn for secondary fund |
Hamilton Lane announced the final close of a $3.9 billion secondary fund, Hamilton Lane Secondary Fund V, exceeding its $3 billion target and marking Hamilton Lane’s largest fundraise to-date. Fund V received strong demand from institutional investors from around the Americas, EMEA, Asia and Israel. Read more
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15. Buyout firm KKR to acquire industrial firm Flow Control Group |
KKR has agreed to acquire industrial firm Flow Control Group from private equity firm Bertram Capital. A person familiar with the matter said the deal values Flow Control at more than $1 billion, including debt. About 1,200 Flow Control employees are expected to benefit from KKR’s signature stock ownership program. Read more
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16. £4bn float of KKR-backed Darktrace dealt blow as UBS quits as sponsor |
The £4bn flotation of KKR-backed Darktrace, has been dealt a blow by the resignation of the investment bank hired to lead it. Jefferies will now lead the flotation, with Berenberg and KKR Capital Markets - a division of KKR, the private equity firm which is one of Darktrace's largest shareholders - also in the banking syndicate. Read more
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17. Bain Capital, Pantheon Ventures form JV for direct lending |
Boston-based Bain Capital Specialty Finance and San Francisco-based Pantheon Ventures's private credit business formed a joint venture called the International Senior Loan Program. Bain Capital will hold a 70.5% equity stake in the venture, while Pantheon Ventures will own the remaining 29.5% stake. Read more
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18. Insight Partners Preps New Fund Targeting At Least $12 Billion |
Insight Partners, one of the oldest PE-firms focused on technology deals, soon plans to pitch its next flagship fund with a goal of at least $12 billion. The New York firm — which could start the fundraising process as early as next month — will come to market less than a year after it corralled $9.5 billion for Insight Partners XI. Read more
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19. Montana Aerospace prepares for $1.8 billion stock market listing |
Montana Aerospace is preparing for a $1.8 billion stock market listing as its private equity owner seeks to exit. Austrian billionaire Michael Tojner’s private equity vehicle Montana Tech Components is working on an IPO in Zurich, which could value Montana Aerospace at up to $1.82bn and take place before the summer break. Read more
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20. Novacap raises record $1.9bn for TMT VI |
Canadian PE-firm Novacap has closed Novacap TMT VI at $1.9bn, making it the largest fund raised by the firm to date. The total includes commitments from Novacap's team as well as from the Novacap Executive Fund. Virtually all investors in the firm's TMT V vehicle committed, exceeding its target of $1 billion. Read more
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