Private Equity
The Carlyle Group agreed to acquire Advance Auto Parts’ automotive parts wholesale distribution business, Worldpac, for $1.5 billion in cash. The transaction, expected to close before the end of the year, is the second major acquisition by Carlyle this month following an agreement to purchase Baxter International’s Kidney Care segment for $3.8 billion.
EQT Private Capital Asia entered into an agreement to take Singapore-based proptech company PropertyGuru Group private in an all-cash deal with an equity value of about $1.1 billion. The deal is structured as a merger with affiliates of BPEA Private Equity Fund VIII. TPG (via the TPG Asia VI fund) and KKR’s Epsilon Asia Holdings II, major shareholders owning 56% of the company’s outstanding ordinary shares, have agreed to support the merger.
Koch Equity Development agreed to acquire Ericsson’s stake in iconnectiv, a provider of network planning and management services to telecom companies. Ericsson expects to receive net proceeds of SEK 10.6 billion ($1.0 billion) after completion of the sale. Francisco Partners, which acquired a 16.7% stake in iconnectiv for $200 million in 2017, is retaining its stake in the company.
Charlesbank Capital Partners made an additional investment in Cyberbit, a provider of cybersecurity skill development platforms. The deal comes as part of a new round of funding that recapitalizes the company under solely North American ownership. Charlesbank first invested in Cyberbit in 2020.
Gate Ventures, the venture capital arm of cryptocurrency exchange Gate.io, and the Blockchain Center in Abu Dhabi joined forces to launch Falcon Gate Ventures, a $100 million fund dedicated to fostering Web3 innovation. The initiative aims to boost emerging companies in regions including MENA, the U.S., Asia and Europe while solidifying the UAE’s status as a key global digital economy hub.
The Vistria Group has recapitalized Soliant, a provider of workforce solutions in K-12 school districts and healthcare facilities. Soliant becomes the 14th company in Vistria’s Knowledge & Learning Solutions portfolio, highlighting the firm’s commitment to supporting school districts. Financial terms were not disclosed.
Arsenal Capital Partners has signed a definitive agreement to acquire Knowtion Health, a company specializing in AI-enabled revenue cycle insurance claim resolution services. Sunstone Partners, the current majority owner, will retain a significant strategic co-investment in the company. Financial terms were not disclosed.
HarbourView Equity Partners is acquiring singer, songwriter and producer James Fauntleroy’s publishing catalog, which spans multiple genres and contributions to numerous chart-topping hits. Fauntleroy has four Grammy awards to his credit, in addition to collaborations with global icons such as Bruno Mars, Justin Timberlake, Stevie Wonder, Kelly Clarkson, Jay-Z, Beyoncé, Rihanna and Mariah Carey. Financial terms were not disclosed.
THL Partners announced a majority investment in YA Group, an international professional services organization specializing in forensic consulting, engineering, and risk mitigation. YA Group’s management, employees, and current capital partner, CIVC Partners, will retain significant ownership stakes in the company.
Falfurrias Management Partners has invested in Jumo Health, a company that provides solutions for clinical trials. This investment aims to bolster Jumo Health’s resources and expertise. Terms were not disclosed.
Audax Private Equity entered into an agreement to sell United Urology Group to OneOncology, a national network of independent oncology practices. Terms were not disclosed.
CPP Investments and Global Infrastructure Partners completed their previously announced take-private acquisition of ALLETE, an energy company operating in several U.S. states, for $67 per share in cash, or $6.2 billion, including assumption of debt.
Credit
Accession Risk Management Group, the parent company of specialty insurance and risk management companies Risk Strategies and One80 Intermediaries, has completed a $1 billion debt raise and refinancing. The funds will support continued growth through acquisitions and organic expansion. Accession, a Kelso & Co. portfolio company since 2015, secured a $900 million delayed draw term loan and a $100 million increase to its revolving credit line. Golub Capital served as administrative agent, lead arranger, and joint bookrunner for the transaction
Commercial real estate (CRE) credit and special situation investor Morning Calm Management announced the creation of Morning Calm Strategic Credit (MCSC), a $500 million investment vehicle. MCSC will focus on originating, acquiring, and managing mezzanine loans and preferred equity investments in the U.S. CRE market, particularly in the top 50 metropolitan areas.
Maranon Capital closed its latest CLO, Maranon Loan Funding 2024-1, at $500 million. The close fund marks Maranon’s 12th CLO issuance, bringing their total CLO portfolio to $5.2 billion. The primary focus of Maranon Loan Funding 2024-1 will be to provide leveraged loans to middle-market companies backed by private equity firms.
Comvest Credit Partners is acting as joint lead arranger and serving as co-administrative agent alongside Sagard for a $415 million senior secured credit facility for WildBrain, a global leader in children’s and family entertainment media. The funds, provided by an unnamed group of private lenders, are intended to boost WildBrain’s capital structure and support its ongoing operations in the competitive kids’ entertainment market.
Viola Credit, a specialist in asset-based lending for fintechs, committed to a new $400 million forward flow program with Lendbuzz, an AI-driven fintech that facilitates improved credit access for vehicle purchasers. This latest commitment from Viola Credit builds upon a partnership between the two companies that has led to over $1 billion in financing and asset purchase transactions since 2018.
Slate Property Group, in partnership with Fundamental Advisors, has secured a $210 million refinancing for their Transitional and Affordable Housing Portfolio. JPMorgan Chase originated the refinancing, securitized by Freddie Mac’s Multifamily Q series in a first-of-its kind move to provide liquidity to financial institutions working on affordable housing. The joint venture’s portfolio includes 12 properties across Manhattan, Brooklyn, Queens, and the Bronx, totaling 1,115 beds/units and approximately 304,000 square feet.
Pearlmark held the first closing of its sixth high-yield credit investment fund, Pearlmark Mezzanine Realty Partners VI, securing over $185 million in commitments, including discretionary managed accounts, putting it nearly halfway to its target size of $400 million-plus. The fund will be the firm’s exclusive vehicle for subordinated debt investments, addressing borrower demand for gap financing on recapitalizations, acquisitions, and development projects.
Bain Capital‘s Private Credit Group and Group 1001 acted as co-administrative agent and joint lead arrangers on a senior debt facility and as equity co-investors for BharCap Partners’ investment in Electronic Merchant Systems, a payments provider. Financial terms were not disclosed.
Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to support Goldman Sachs Alternatives’ acquisition of Xpress Wellness, an Oklahoma-based rural healthcare platform operating 58 total clinics. Terms were not disclosed.
Monroe Capital also acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to support the acquisition of Independent Roofing Systems by Rampart Exterior Services, a Huron Capital portfolio company.
Real Estate
KKR purchased a collection of six strategically positioned industrial logistics facilities in key U.S. markets for about $377 million. These Class A properties are situated in prime locations within major Gateway and Sunbelt regions, including Seattle, Atlanta, Philadelphia, New Jersey, and the San Francisco Bay Area. All of the facilities are fully occupied by reputable tenants are found in densely developed submarkets of these major metropolitan areas.
Ardian acquired a property in an upscale Madrid neighborhood, marking its entry into Spain’s residential real estate market. The company plans to convert the existing 3,000 square meter office space into a luxury residential complex featuring 10 apartments and 40 parking spaces. The move aligns with Ardian’s broader strategy to diversify its European real estate portfolio across various asset classes. Terms were not disclosed.
Hospitality investment company Rockbridge acquired Hyatt House Chicago / West Loop-Fulton Market from real estate investment firms Sterling Bay and Wheelock Street Capital. Located in the West Loop/Fulton Market neighborhood, the 200-room extended-stay hotel includes 5,224 square-feet of retail space on the ground floor. The sale price was not disclosed.
Infrastructure
Harrison Street is executing an agreement to acquire one-third of CPV Renewable Power, an affiliate of Competitive Power Ventures Group. The investment will support CPV Renewables’ renewable energy development business comprising nine projects with over 700 MW-ac of wind and solar capacity. Financial terms were not disclosed.
Wealth Management
Atlanta-based wealth management firm Cardea has purchased specific technology and financial assets from Nobel Sustainability Capital Group (NSCG), an investment consortium headed by Peter Nobel, a member of Sweden’s Nobel family, and Taiwan’s Wu family. Following this acquisition, Cardea has rebranded itself as Fourcore Capital. As part of the deal, NSCG has committed to invest up to $25 million as a lead investor in Fourcore Capital’s upcoming fundraising initiative.
Service Providers
Alternative investment technology solutions provider Allvue Systems launched its new Fundraising Software. The software enhances Allvue’s existing Investor Relations offerings by optimizing the fundraising process and boosting operational efficiency. It aims to provide a sophisticated and streamlined experience for investment firms of all sizes and their potential Limited Partners.
ML Investors Services, a subsidiary of MassMutual operating as an independent broker/dealer and investment adviser, has adopted the SUBSCRIBE alternative investment platform. The platform provides advisors with a centralized hub for exploring, analyzing, executing, and managing investment products including private equity, private credit, real estate and hedge funds.
