23 May 2012

Global private equity deals

Starting Area/Sector information

Our indicative global large and mid-market experience includes advising:

Americas:

  • Actis on the $345 million acquisition of Gas Natural Fenosa’s electricity distribution assets in Guatemala
  • Terra Firma on the US$3.4 billion acquisition of Pegasus Aviation Finance Company.
  • Terra Firma on the US$2.5 billion acquisition of AWAS, the aircraft leasing business.
  • Apax Partners on the US$1.6 billion acquisition of Tommy Hilfiger Corporation.
  • Minimax, the Germany based provider of fire safety and protection equipment, and its majority owner IK Investment Partners, on Minimax's merger with the Viking Group, the US based manufacturer and distributor of fire protection and life safety systems, to create a world leader in the fire protection industry.
  • Minimax on the acquisition of Consolidated Fire Protection from Gryphon Investors.
  • AEI on the US$400 million equity investment in AEI by the Government of Singapore Investment Company.
  • Synergy US Investments on the acquisition of Fasig-Tipton Company, a thoroughbred race horse auction company.
  • Rizvi Traverse Management on the US$1 billion equity investment in Summit Entertainment and related financing.

Asia:

  • HSBC Direct Principal Investemnt Asia on its US$60 investment in Avitel Post Studioz, a film production and post-production company incorporated in India
  • CVC Asia Pacific on its PIPE investment in Hung Hing Printing Group, a company listed on the Hong Kong Stock Exchange and the subsequent disposal of a substantial proportion of its investment
  • IK Investment Partners on its acquisition of Offshore Incorporations Group, the leading company formation and company services group in Asia (OIL) for an enterprise value of USD350m
  • MBK Partners on the disposal of its investment in Gala TV Corp. in Taiwan to EQT
  • CVC Asia Pacific on the US$115 million acquisition of approximately 15% of the share capital of Rizal Commercial Banking Corporation, a listed company in the Philippines
  • Partners Group on its investment in China Vogue Casualwear, one of the top 10 brands in the Chinese casual sportswear sector
  • EQT on its US$40 million acquisition of a controlling stake in Chongqing New Qinyuan Bakery, a bakery retail chain based in Chongqing with over 180 stores in central China
  • International Finance Corporation on its acquisition of a 10% stake in Sichuan Beichuan Fumin Village and Township Bank, a microfinance bank set up in Beichuan county
  • China-ASEAN Capital Advisory Co. on its investments in International Telecommunications Holdings, an indirect holding company of Cambodia Fiber Optics Communications Network Co., the fibre optics cable network operator in Cambodia
  • Permira on the acquisition of Kingsbridge Limited, a satellite operator holding company of the Asia Broadcast Satellite group of companies
  • HSBC Direct Principal Investments Asia on the investment in CS Logistics Holdings, a BVI-holding company for an international logistics and freight forwarding services provider based in Hong Kong. HSBC's investment was used partly to finance the acquisition of Allport Group Limited, a logistics business primarily based in the UK. This is the first investment by the newly established HSBC Direct PIA team
  • Actis on the US$726 million disposal of Paras Pharmaceuticals, one of India's leading FMCG (fast-moving consumer goods) companies, to Reckitt Benckiser plc.
  • CVC Asia Pacific on the HK$2.31 billion investment in Sun Hung Kai Financial, the leading non-bank financial institution in Hong Kong
  • L Capital Asia, a private equity fund specialised in the consumer sector and sponsored by the global luxury conglomerate LVMH Group on its US$30.9 million PIPE investment in Emperor Watch & Jewellery, a leading luxury watch and jewellery retailer, which is listed on the Hong Kong Stock Exchange.
  • An investment vehicle formed by Blackstone Capital Partners V L.P., a buyout fund advised by a subsidiary of The Blackstone Group, on a US$45 million investment in Singapore-listed China Animal Healthcare Ltd., the group's first PIPE deal in Asia.
  • First Media Holdings, a new company established by funds advised by leading private equity firm Advantage Partners, on its investment in Qin Jia Yuan Media Services Company, a Hong Kong listed media company.
  • CVC Asia Pacific and Standard Chartered Private Equity Limited on the acquisition of the Avdel and GEC fastener businesses carried on by Acument Global Technologies, Inc.
  • Affinity Equity Partners on the US$200 million acquisition of a 94.2% stake in the BVI holding company of Beijing Leader & Harvest Electric Technologies , one of the leading manufacturers of medium voltage variable frequency drives.  This was one of the few control buyout transactions in China in 2009.
  • CVC Asia Pacific on the first sponsor-led take-private deal in Hong Kong, involving the Hong Kong-listed Natural Beauty Bio-technology.
  • Actis on the US$195.7 million leveraged buyout of Teknicast Sdn Bhd. a Malaysian manufacturer of aluminium die-casting products.
  • Permira on the US$840 million acquisition of a 20% equity stake in Galaxy Entertainment Group, its first investment in Greater China.
  • CVC Asia Pacific on the US$225 million A-share PIPE acquisition of a stake in mainland China's Zhuhai Zhongfu Enterprise Company. The deal remains the largest private equity investment in tradeable A-shares of a PRC-Iisted company and the first control-oriented PIPE deal in China involving a direct investment in tradeable A-shares.
  • Permira on the US$2.2 billion LBO of Arysta LifeScience Corp. Arysta manufactures farm chemicals such as insecticides, provides crop protection and develops pharmaceutical additives and veterinary medicines. The deal marked Permira's first investment in Japan, and the largest secondary buyout ever in the country.
  • Istithmar on the acquisition of a minority stake in Hong Kong-listed Hans Energy Company, the private equity group's first investment in mainland China
  • Intermediate Capital Group on its equity co-investment with 3i in Singapore-based Franklin Offshore

CEER:

  • Innova Capital on its co-investment with Montagu in TP Emitel, the owner and operator of TV and radio broadcast infrastructure in Poland.  The total deal value is PLN 1.7 billion (US$609.3 million).
  • Kulczyk Holding  on the sale of its portfolio company POCH to Avantor Performance Materials, an affiliate of the US private equity firm, New Mountain Capital
  • Macquarie European Infrastructure Fund on the €574 million acquisition of Ceske Radiokomunikace, one of the largest telecommunications companies in the Czech Republic
  • Abris – EMP Capital Partners  on the acquisition of Prime Car Management  and Futura Leasing S.A. operating under the name "Masterlease“
  • VTB Capital Private Equity and UFG Private Equity on the acquisition of minority stakes in Brunswick Rail, one of Russia's leading rail stock leasing companies
  • Argus Capital Partners on the €28 million sale of Palace Cinemas (Central Europe) to Cinema City International, the listed international cinema operator
  • Warburg Pincus on the PIPE investment in Amrest, the Warsaw Stock Exchange listed restaurant chain operator
  • Equiventus Capital Sarl, a fund investing in wind energy assets, on the acquisition of 50-60 MW wind park project in Poland
  • Advent International on the sale of Axtone S.A. to IK Investment Partners.  Headquartered in Poland, Axtone is a leading European provider of rail services and components.
  • Bridgepoint on the acquisition of a 75 percent stake in CTL Logistics, the biggest private rail freight operator in Poland.  Although the transaction's value is confidential the client has announced it as the biggest private equity transaction of 2008 in Poland and the second biggest in Poland's history.
  • EQT on the acquisition of two leading Bulgarian providers of telecom, cable TV and Internet services, CableTel and Eurocom. These transactions which were led out of the Prague office, are among the most significant transactions in the TMT sector for 2009.
  • GML on the sale of GTS, a regional telecommunications operator, to a consortium of funds led by Columbia Capital, MC Ventures and lnnova. This regional deal, led out of Prague, involved providing advice in respect to GTS's operations in the Czech Republic, Hungary, Poland, Slovakia, and Romania.
  • Innova Capital on the acquisition of the La Fantana water distribution business based in Romania and Serbia (one of the first leveraged acquisitions in southern Europe carried out by a Polish-based investment fund).
  • Penta Investments on the investment in the Polish cable TV network, Stream Communications.
  • Nidan Holding (Cyprus) on the disposal of 100% shares in OJSC Nidan Juices, a major Russian juice producer,  to the Lion Capital investment fund.

Middle East and Africa

  • Helios Investment Partners, on their participation in a joint venture with Vitol which will acquire Shell's African downstream petroleum business for approximately US$1 billion
  • Standard Chartered Private Equity on the US$47.5 million investment to acquire a minority stake in Seven Energy International, a leading Nigerian gas exploration and development company.
  • Abraaj Capital on the US$1.4 billion acquisition of the Egyptian Fertilizers Company, at the time the largest private equity deal in the MENA region.
  • Actis on the US$244 million acquisition of a 9.33% stake in Commercial International Bank (Egypt) from a consortium of selling shareholders led by Ripplewood Partners.
  • Istithmar on the US$1 billion acquisition (in consortium with London & Regional) of the V&A Waterfront in South Africa.
  • Bosicor Corporation in relation to the US$130 million acquisition by Abraaj Capital of a 40% interest in Bosicor's oil and chemical interests in Pakistan.
  • Istithmar on the leveraged structured investment to acquire a significant stake of the share capital of Standard Chartered.

Western Europe:

Benelux

  • Nielsen Holdings  (the portfolio company owned by KKR, Blackstone, Carlyle, AlpInvest, Centerview, Thomas H. Lee and Hellman and Friedman) on its IPO and listing on the New York Stock Exchange.  This IPO, which valued the company at approximately US$8 billion, was one of the biggest private equity backed IPOs in the US
  • Private equity shareholders of NXP Semiconductors (KKR, Bain Capital, Apax Partners, Silver Lake and Alpinvest) on the IPO of NXP on the Nasdaq Stock Market and pre-IPO restructuring as well as on the subsequent secondary offering.  NXP is a semiconductor company founded by Philips and was acquired by the consortium in 2006, a transaction in which we advised the consortium.
  • Maxeda Retail Group, a portfolio company of AlpInvest, Cinven, KKR and Permira, on the disposal of its fashion retail formats,  V&D/La Place, de Bijenkorf, Hunkemoeller and M&S Mode.  Previously, we advised the shareholders on the €1.4 billion take private of Vendex (which was renamed Maxeda) and Maxeda on the sale of consumer electronics chains Dixons and Dynabyte to Dexcom Holdings, the refinancing of certain divisions, the sale of HEMA, the leading Dutch merchandise retailer, to Lion Capital; and the sale of Claudia Sträter, the fashion company, to 2Deal Ventures
  • Gilde Buy Out Partners on the secondary management buy-out of Roompot Holidays from AAC Capital Partners
  • Gilde Buy-Out Partners on the €212 million recommended mandatory cash offer by portfolio company Go Acquisition, for Gamma Holding -the first 'acting in concert' recommended mandatory cash offer in the Netherlands
  • PGGM on the sale of the shares in AlpInvest Partners to The Carlyle Group and AlpInvest Management
  • IK Investment Partners on the sale of WZG Group (the holding company of the Welzorg Group), a leading distributor of mobility aids for elderly and disabled people in the Netherlands, Denmark, and Sweden, to the Louwman Group
  • Apax Partners on the acquisition of BNP Paribas Personal Finance Belgium from BNP Paribas.
  • Stirling Square Capital Partners on the acquisition of Environmental Solution Europe Holding, the waste container business of Otto Industries Europe.
  • CVC Capital Partners on the €744 million acquisition of Schuitema, the listed Netherlands-based wholesaler supplying groceries and providing services to supermarket chains.  Separately, we advised Schuitema on the acquisition of certain stores of Euronext listed Super de Boer N.V. in a back-to-back transaction with Jumbo Groep Holding
  • Candover on the €1.6 billion recommended cash offer for Stork, the-Dutch industrial conglomerate. This transaction was awarded Private Equity deal of the Year 2009, at the IFLR Awards.
  • Macquarie on the €1.825 billion acquisition of the Yellow Brick Road group, a pan-European directories business from 3i and Veronis Suhler Stevenson, creating European Directories. We separately advised Macquarie and European Directories on the €650 million acquisition of TDC Directories, a leading Nordic directories business, from TDC A/S and European Directories on the €290 million acquisition of Truvo Nederland BV, the publisher of the "Gouden Gids", the Dutch Yellow Pages.
  • 3i on the acquisition of Dockwise Transport, one of the world's leading integrated heavy lift services providers, followed by a reverse take-over of Dockwise (then named Sealift) and subsequent listing of Dockwise, the parent company.
  • Parcom Capital on the €240 million acquisition of See Tickets, the European ticketing company that markets tickets under brands such as TopTicketLine International and Ticket Online.
  • Consortium comprising Mediaset, Telecinco, Cyrte Investments and Goldman Sachs Capital Partners on the €2.629 billion acquisition of a controlling stake in Endemol from Telefonica and the subsequent public offer for the remaining 25% of Endemol.
  • Permira and Dreamliner Lux Sarl on the disposal of Jet Aviation to General Dynamics.

France

  • Clayton Dubilier & Rice, Axa Private Equity and Caisse des dépôts du Québec on the €2.1 billion acquisition of Spie Group, the European leader in electrical and mechanical engineering and HVAC services, energy and communication systems, from PAI Partners
  • KKR on the acquisition of a 50% stake in the wind farm group Sorgenia France
  • Consortium formed by CDC, CDC Infrastructures and CNP assurances on the acquisition of a 25% stake in GRTgaz, the gas transport subsidiary of GDF Suez
  • Riverstone on the acquisition, from Opale Energies Naturelles, of 23 windfarm projects in France for a total capacity of 770MW
  • Duke Street on the acquisition of a majority stake in QCNS Cruise Europe, a distributor specializing in the sale of cruises in Southern European markets (France, Italy and Spain)
  • The Carlyle Group on the €480 million acquisition of the B&B Hotel chain, which operates 223 budget hotels across France, Germany and Italy. This deal was named private equity deal of the year in the IFLR Europe Awards 2011
  • 3i on the acquisition of Trescal, a group specialised in calibration and measurement service solutions for the industry
  • Macquarie Autoroutes de France (MAF) and Eiffarie, MAF's joint subsidiary with French construction and concession group Eiffage, on the acquisition of 13.73% of motorway network concessionaire APRR Eiffarie did not already own, from Elliot International, Cypress Holdings AB and The Liverpool Limited Partnership, on the one hand and Castlerigg Master Investments on the other, followed by a buy-out offer followed by a squeeze-out.
  • Duke Street Capital on the sale of a 57% stake in Groupe Proclif to Ramsay Health Care and on its previous sale of a 43% stake in Groupe Proclif to Predica.
  • The French Strategic Investment Fund on the €80 million investment in Compagnie Daher, alongside ACE Management.
  • Duke Street Capital on the €217 million acquisition of French laboratory Biomnis, specialised in medical pathology services.
  • Colony Capital on the €3.2 billion acquisition of an additional 10% stake in Accor, in concert with Eurazeo.
  • Apax Partners on the €137 million PIPE (Private Investment in Public Equity) in Altran, the European leader in innovation consulting.

Germany

  • Chequers Capital portfolio company, ACN Telekabel Holding, on the acquisition of cable network operator Martens from EWE TEL
  • Cognetas on the sale of OASE Holding, the Germany based company that designs, develops, and installs water gardens to Barclays Private Equity
  • HgCapital on the sale of the German lighting manufacturer SLV-group to Cinven
  • Triton on the acquisition of a 17 percent stake in Curanum, the listed German nursing home operator
  • Equiventus Capital on the purchase of minority interests in eight wind power projects, five in Italy and three in Poland, with a total volume of around 450 Megawatts from project developer WKN Windkraft Nord
  • Azelis and their shareholder, 3i, on the acquisition of S&D-Group
  • Chequers Capital on the acquisition (and associated financing) of Silver Care Holding, one of the ten largest private operators of nursing homes in Germany
  • 3i on the proposed €580 million sale to the US company Caterpillar Inc. of MWM Holding, one of the world's leading system providers of highly efficient and eco-friendly complete plants for decentralised power supply with gas and diesel engines
  • Nordic Capital Fund VII on the acquisition of a majority stake in SiC Processing.
  • HgCapital on the acquisition of Lautsprecher Teufel Gruppe, Berlin, from Riverside for an undisclosed purchase price.  We subsequently advised  Lautsprecher Teufel Gruppe and its shareholder, HgCapital, on the acquisition of Raumfeld
  • Chequers Capital, Paris, on the acquisition of all the shares in Versatel Kabel GmbH including their affiliate companies
  • Macquarie on the acquisition of the of the equity trading and derivatives business, followed by the capital market sales and research business of the Luxembourg and Germany based private bank, Sal. Oppenheim.
  • Kohlberg Kravis Roberts & Co (KKR) on its strategic partnership with Rudolf Wild GmbH & Co. K.
  • Deutsche Annington/Terra Firma on the acquisition of a portfolio of more than 4,400 homes in Berlin from IMW Immobilien.
  • Montagu Private Equity on the €212.5 million sale of Kalle Group, Wiesbaden, Germany, to Silverfleet Capital. The deal was one of the largest leveraged buy-outs in Germany in 2009.
  • 3i on the €1.56 billion acquisition with Allianz Capital and Deutsche Seereederei of Scandlines.
  • Macquarie on the €1.086 billion takeover offer by way of a public cash offer for Techem.
  • Permira on the €770 million sale of its shares in Takko Holding.
  • Debitel/Permira on the €560 million acquisition of Talkline.
  • HgCapital on the acquisition of CASA REHA, the Germany based nursing home operator from Advent International.

Italy

  • Permira and Birds Eye Iglo Group on the acquisition of Unilever's Italian frozen foods business, Findus Italy.
  • TeamSystem minority shareholders/management in the sale to HgCapital of the company (majority shareholder Bain) and subsequent reinvestment.
  • Advent International on the sale of Venere Net to Expedia for an undisclosed amount.
  • Candover on the acquisition of a 40% stake in Technogym, the global leader in the design, production and marketing of premium fitness equipment and wellness products.

Scandinavia

  • EQT on the SEK 12 billion acquisition of the Dometic Group, a world-leading provider of leisure products for the caravan, motor home, automotive, truck and marine markets.
  • Montagu Private Equity on the acquisition of Helly Hansen Pro, the Norway based provider of survival and personal protection suits to predominantly the offshore and shipping market
  • Montagu Private Equity on the investment in the acquisition of Visma , the Norway-based software provider, valuing Visma at approximately £1.16bn
  • Candover Partners on the NOK 5.8 billion (approx €725 million) sale of Norwegian cable TV operator GET to a syndicate of investors led by Quadrangle Capital Partners and GS Capital Partners
  • Candover Partners, 3i and JP Morgan Partners on the $900 million  sale of Aibel, a Norway-based provider of upstream oil and gas production facilities, process systems, technology and products.  to an investor group led by Ferd Private Equity, a leading Norwegian private equity fund
  • PPM Ventures and Triton Advisors on the US$575 million acquisition of Pharmacia Corp., the Swedish in-vitro allergy and autoimmune diagnostics unit of Pfizer Inc (renamed Phadia) and on the subsequent €1.3 billion sale of Phadia  to Cinven

Spain

  • Inversiones Ibersuizas Private Equity Fund on the acquisition of a 75% stake in Mediterranea de Catering, a Spanish company that provides food catering and restoration services mainly to hospitals and resorts for the elderly.
  • Palamon Capital Partners and G Square on the investment in Grupo SAR (one of Spain's leading providers of residential and home care services of elderly).
  • Nauta Capital on the co-investment in International Mobile Sportsbook Company, S.L., a Spanish company devoted to the development and marketing of a technological gaming platform.
  • Mercapital  Private Equity SGECR on the €57.6 million investment  in The Beauty Bell Chain, SL.
  • Candover on the €900 million acquisition of Parques Reunidos, the leading operator of amusement parks.
  • Macquarie on the acquisition of Grupo Itevelesa, a concessionaire of compulsory vehicle inspection (MOT) stations.
  • The Carlyle Group on the acquisition of GEI Orizonia, the tour-operator and travel agencies businesses of Grupo Iberostar.

United Kingdom

  • The Carlyle Group on the £1 billion acquisition of RAC, the UK based provider of motoring and vehicle services, from Aviva
  • Bank of America Merrill Lynch Capital Partners on the £450 million disposal of Integrated Dental Health to a vehicle controlled by The Carlyle Group and Palamon Capital Partners (having advised previously on its acquisition)
  • Barclays Private Equity on the acquisition of a majority stake in The Mill from The Carlyle Group in a transaction that values the company at £119 million
  • Permira on the acquisition of Creganna-Tactx Medical, a leading global medical technology company
  • Apollo Management and CVC Capital Partners on their recommended bid for Brit Insurance, valuing Brit Insurance at up to £888 million
  • AZ Electronic Materials (and major shareholders Carlyle and Vestar) on its US$1.46 billion IPO and premium listing on the main market of the London Stock Exchange
  • Montagu on the £222 million acquisition of Host Europe, a mass web hosting business, from Oakley Capital.
  • Lloyds TSB Banking Group on the disposal of 70% interest in over 40 private equity investments in the UK from its Bank of Scotland Integrated Finance business.  The disposal was made to the secondary private equity investment fund, Coller Capital, for a value of over £300 million
  • Sandpiper on its sale of 5 key supermarkets in the Channel Islands to Waitrose. Sandpiper is owned by Europa and longstanding client Duke Street.
  • Inspicio 1 S.a.r.l (an entity controlled by 3i and funds managed by 3i) on the disposal of the Inspectorate division of the Inspicio Group to Bureau Veritas International SAS for an enterprise value of £450 million.
  • Bridgepoint on the £414 million take private of private health and social care provider, Care UK.
  • Warburg Pincus on the £282 million acquisition of the Survitec Group, a leading safety and survival equipment manufacturer in the marine, defence and aerospace sectors.  We subsequently advised on the add-on acquisitions by the Survitec Group of Parker Knight Holdings, parent company of the Seaweather Group, the marine business and assets owned by Revere Supply Company, the Zodiac SOLAS (Security Of Life At Sea) group and Cosalt plc's marine business.
  • Bridgepoint on the £257 million acquisition of LGC, the recognised leader in chemical and biological analytical services and reference materials.
  • Clayton Dubilier & Rice on the acquisition of British Car Auctions from Montagu.
  • Permira on the £228 million take private of Just Retirement.
  • Bridgepoint on its appointment as manager of the Hermes £550 million direct private equity portfolio.
  • Permira on the US$3.7 billion take private with News Corporation of NDS Group.
  • Barclays Private Equity/Barclays Integrated Infrastructure Fund on the £558 million acquisition of Infrastructure Investors, together with its manager and general partner.
  • Candover led consortium on the recommended £1.73billion cash acquisition of Expro International Group.
  • CVC Capital Partners and Permira on the €5.15 billion merger of Saga with the AA.
  • Kohlberg Kravis Roberts & Co. (KKR) on the £11.1 billion recommended acquisition of Alliance Boots.
  • Bridgepoint  on the €774 million acquisition of Wolters Kluwer Education.