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TPG Capital takes aim at $4bn payday with Novotech exit.?
Reverence seeks buyer for $2.5bn stake in Osaic.
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CD&R , an American private equity company, completed the acquisition of Veritiv , a distributor of packaging, facility solutions and print products, for $2.3bn.
"The completion of this transaction represents an important milestone in our company's journey. CD&R's significant investment in Veritiv is a testament to our company's strong positioning as a leading specialty distribution solutions company and to our team's hard work and commitment. We are confident that this partnership, along with the financial and operational flexibility we will now have as a private company, will enable us to continue enhancing the innovative and sustainable solutions we deliver to our customers today – and into the future," Sal Abbate, Veritiv CEO.
Veritiv was advised by 摩根士丹利 and Alston & Bird . Clayton, Dubilier & Rice was advised by BMO Capital Markets , 高盛 , Guggenheim Partners , RBC Capital Markets , 瑞银集团 , 富国银行 , Debevoise & Plimpton and? Kirkland & Ellis (led by Rick Campbell and David Klein ). Debt financing was provided by BMO Capital Markets, Goldman Sachs, RBC Capital Markets, UBS and Wells Fargo Securities.
开云 , a multinational corporation specializing in luxury goods, completed the acquisition of a 30% stake in Valentino , an Italian luxury fashion house, from Mayhoola, a private equity firm, for €1.7bn.
“I am impressed with the evolution of Valentino under Mayhoola ownership and very delighted that Mayhoola has chosen Kering as its partner for the development of Valentino, a unique Italian house that is synonymous with beauty and elegance. I am very pleased of this first step in our collaboration with Mayhoola to develop Valentino and pursue the very strong strategic journey of brand elevation that Jacopo Venturini will continue to lead,” Fran?ois-Henri Pinault, Kering Chairman and CEO of Kering.
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Kering was advised by Centerview Partners and Rothschild & Co . Mayhoola was advised by Intesa Sanpaolo and J.P. 摩根 . JP Morgan was advised by White & Case LLP .?
KKR , an American global investment company, agreed to acquire SMS , a British energy infrastructure company, for ￡1.4bn ($1.76bn).
"KKR's offer recognizes the strength and resilience of our model and will ensure SMS has the necessary capital to accelerate and unlock its full growth potential. The offer price represents a significant premium to the current share price and allows shareholders to realize immediate and attractive value for their shareholding," Tim Mortlock, SMS CEO.
Smart Metering Systems is advised by Cavendish Corporate Investments PCC Ltd (led by Neil McDonald ), Investec (led by Henry Reast ), RBC Capital Markets (led by Mark Preston), Burness Paull LLP , 霍金路伟 and Instinctif Partners (led by Timothy Linacre ). KKR is advised by 麦格理集团 (led by Adam Hain ), 摩根士丹利 (led by Andrew Foster ), Simpson Thacher & Bartlett LLP and FGS Global (led by Faeth Birch ).
TPG Capital takes aim at $4bn payday with Novotech exit. (FS)
TPG is shaping up for a big start to the new year, after 2023 saw it sweep death care services business InvoCare, off the ASX-boards, and explore an exit of pets & vets business Greencross,?Financial Review?reported.
Now the private equity giant is bringing Novotech, a clinical research organisation, to market, mandating long-time advisors Goldman Sachs to explore options for the business. It was valued at $3bn in the private markets early last year.
Reverence seeks buyer for $2.5bn stake in Osaic.
Reverence Capital Partners , the financial-services focused private equity group, is seeking buyers for a minority stake in Osaic , the network of wealth management firms formerly known as Advisor Group .
Reverence is seeking to sell up to 20% of Osaic, a stake that could be worth as much as $2.5bn. Deliberations are ongoing and Reverence may yet opt to sell a larger holding,?Bloomberg?reported.
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