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Ares Management closes record-breaking $34bn private credit fund.?
Centerbridge weighs exit options for ￡3bn Canopius.?
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TowerBrook Capital Partners L.P., an investment management firm, and Clayton Dubilier & Rice, an American private equity company, agreed to acquire R1 RCM, an American revenue cycle management company, for $8.9bn.
“TowerBrook has been an outstanding long-term investor and partner to R1 and shares our vision of being the automation platform of choice for the provider industry. Our agreement reflects TowerBrook’s and CD&R’s confidence in our team and the unmatched scale, technology and value we provide. We believe the transaction represents the best path forward for R1 at an attractive valuation to our stockholders that reflects the Company’s position as a leading provider of technology-driven solutions for its customers,” Lee Rivas, R1 RCM CEO.
TowerBrook is advised by Centerview Partners, Deutsche Bank, RBC Capital Markets, Wachtell, Lipton, Rosen & Katz (led by George Tepe, Steven Cohen and Victor Goldfeld) and Brunswick Group (led by Alex Yankus). CD&R is advised by Centerview Partners, Deutsche Bank, RBC Capital Markets and Debevoise & Plimpton (led by Kevin Rinker, Katherine Durnan Taylor and Chris Anthony). R1 RCM is advised by Barclays, Qatalyst Partners, Kirkland & Ellis (led by Robert Hayward, Sarkis Jebejian, Brad Reed, and Steven Choi), Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Faiz Ahmad, Graham Robinson and Laura Knoll) and Joele Frank (led by Andrea Rose). Financial advisors are advised by Sullivan & Cromwell LLP (led by Stephen Kotran). Debt financing is provided by Deutsche Bank and RBC.
Apollo Global Management, Inc., a private equity firm, agreed to acquire providers of gaming products Everi Holdings Inc. and IGT's Gaming & Digital business, in a $6.3bn deal.
"We are excited to reach this agreement with IGT and Everi, which establishes a leading, diversified solutions provider that is well positioned across the entire gaming ecosystem. As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams. We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value. We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward," Daniel Cohen, Apollo Partner.
Everi is advised by Global Leisure Partners, Houlihan Lokey and Pillsbury Winthrop Shaw Pittman LLP. Apollo Global is advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Ross Fieldston). Debt financing to Apollo Global is provided by Deutsche Bank and Macquarie Group. IGT is advised by Deutsche Bank, Macquarie Group, Mediobanca, Sidley Austin LLP, Wachtell, Lipton, Rosen & Katz (led by Benjamin Roth and Victor Goldfeld) and White & Case LLP. Macquarie Group is advised by Sullivan & Cromwell LLP.
Sixth Street, a global investment firm, agreed to acquire Enstar Group, a NASDAQ-listed global insurance group, for $5.1bn.
"Over the past 30 years, Enstar has built a strong position in the legacy market founded on our exceptional scale and track record, pricing and claims expertise, and entrepreneurial culture. This transaction provides a full liquidity event for shareholders and is a testament to the strength of our team. We believe this is the best next step for our shareholders and we look forward to this exciting new chapter," Dominic Silvester, Enstar CEO.
Enstar is advised by Goldman Sachs, Hogan Lovells and Paul, Weiss, Rifkind, Wharton & Garrison LLP (led by Krishna Veeraraghavan and Benjamin Goodchild). Sixth Street is advised by Ardea Partners, Barclays, J.P. Morgan, Cleary Gottlieb Steen & Hamilton LLP, Debevoise & Plimpton and Simpson Thacher & Bartlett LLP.
Ares Management closes record-breaking $34bn private credit fund. (FS)
Global alternative asset manager Ares Management Corporation, has closed its latest private credit fund at $34bn, making it the largest private credit fund ever raised, and reflecting a high level investor demand for the asset class.
The new fund, Ares Private Credit Fund VI, which surpassed its initial fundraising target, will focus on providing flexible and innovative financing solutions to middle-market companies across North America and Europe, emphasising senior secured loans, subordinated debt, and other private credit instruments.
Centerbridge weighs exit options for ￡3bn Canopius. (FS)
A consortium led by private equity firm Centerbridge Partners, L.P. is exploring exit options including an initial public offering of Canopius Group in a deal that could value the Lloyd’s of London insurer at about ￡3bn ($3.9bn).
The group is working with advisers on the strategic review and a sale of the insurance company is also one of the options under consideration. Canopius, which also counts Samsung Fire & Marine Insurance among its backers, would likely be listed in London next year if the group decides to proceed with an IPO, Bloomberg reported.
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