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| | | A visual summary of M&A activity in 3Q [datagraphic] |
| | The closing quarter of the year is already here, which means we can now take a look at some of the preliminary facts & figures that describe M&A activity during the past three months.
Powered by the PitchBook Platform, our quarter-end datagraphic breaks down 3Q M&A activity in North America and Europe, including deal flow, top investors and more... |
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| | | | | | | | | PE-backed ThreeSixty Group goes toy shopping in SBO |
| | For decades, the FAO Schwarz on Fifth Avenue in New York was the most famous toy store in the world. But recent years were tough on the retail business. FAO Schwarz had to close its flagship store—home of the floor piano from the Tom Hanks movie “Big”—in 2015 (Under Armour has signed on to move into the building by 2019). And now FAO Schwarz is changing ownership for the second time in seven years, as the AEA Investors-backed ThreeSixty Group has acquired the company from Toys ‘R’ Us, which is itself backed by Bain Capital and KKR.
ThreeSixty Group is a cross-category conglomerate that designs, manufactures and merchandises consumer products for retailers across the US. The company has immediate plans to build upon “the heritage experience and nostalgia of FAO Schwarz,” as ThreeSixty Group co-founder Kirk McLean said, launching a new toy collection and in-store experience that will debut at select retailers in Fall 2017. AEA Investors acquired ThreeSixty Group from Brentwood Associates in 2015. |
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| | | | | | | | | | | Why PE’s buying spree in the IT space could foster innovation that was impossible on the public markets. [ZDNet]
How rich do you have to be to stop paying taxes? [The Atlantic]
An adventure to Sweden to explore the pros and cons of a cashless world. [The New Yorker]
Will bitcoin emerge as a counter to central banks? [Bloomberg] |
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| Since yesterday the PitchBook Platform added... | | 149 Deals | 1213 People | 441 Companies | 4 Funds |
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| | | 2006 Vintage US Buyout Funds with Commercial Products Investments |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.6x Median TVPI | $2.59B Average Amount Distributed |
| | | | *IRR: net of fees | | 87 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| | | TPG, MBK agree to $1.2B buy of Wharf Holdings telecom unit |
| | | Telecommunications Service Providers | Hong Kong | Corporate Divestiture |
| A consortium of investors including TPG Capital and MBK Partners has agreed to acquire the telecom business of Wharf Holdings (HKG: 0004) for HK$9.5 billion ($1.22 billion), according to a Reuters report. The division includes Wharf T&T, a fixed-line operator for businesses, but not I-Cable Communications (HKG: 1097), Wharf's TV broadcaster. |
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| | | | | | | | | Warburg Pincus snaps up Ascentium |
| | | Commercial Bank | Houston, TX | Buyout |
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| | | Bregal barrels into Keg Logistics add-on |
| | | Distributors | Birmingham, AL | Add-on |
| Keg Logistics, a portfolio company of Bregal Sagemount, has acquired Atlas Keg, a provider of kegs and other equipment to the US craft brewing industry. The combination creates a keg management company with over 1,000 brewery and cider customers across the US and the UK. |
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| | | | | | | | | Incline Equity Partners cleans up with Jan-Pro purchase |
| | | Environmental Services | Alpharetta, GA | Secondary Buyout |
| | | | | | | | | Tailwater pumps $100M into new venture |
| | | Energy Infrastructure | Dallas, TX | Platform Creation |
| Tailwater Capital has invested $100 million in Producers Midstream, a newly formed portfolio company that will provide midstream infrastructure to upstream operators in the US. Producers Midstream plans to eventually pursue operations in a variety of geographies but will initially focus on Texas, Oklahoma and New Mexico. |
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| | | Gimv takes majority stake in Acceo |
| | | Consulting Services | Gémenos, France | Secondary Buyout |
| Gimv has acquired a 60% stake in Acceo by purchasing a 40% stake from Ekkio Capital and providing partial liquidity to founder Stéphane Doré and the rest of the company's management. Acceo is a provider of building inspection and certification services that mainly conducts elevator inspections, regulated accessibility audits and energy efficiency audits. |
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| | | Summit Partners drives off with $500M for Grand Design |
| | | Automotive | Middlebury, IN | Corporate Acquisition |
| Summit Partners has agreed to sell Grand Design RV to Winnebago Industries (NYSE: WGO) for about $500 million in cash and newly issued Winnebago stock. Founded in 2012 and backed by Summit Partners since 2014, Grand Design is a manufacturer of RVs, fifth wheels, travel trailers and other related products. |
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| | | | | | | | | | | | Logistics | Pleasanton, CA | Acquisition |
| The Halifax Group has exited an investment from 2013 with the sale of Golden State Overnight to General Logistics Systems, a subsidiary of Royal Mail (LON: RMG), at an enterprise value of $90 million. GSO is a provider of overnight delivery services in California, Nevada, Arizona and New Mexico, while GLS is a provider of parcel services and logistics operating in 41 European countries. |
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| | | KKR reportedly wonât pursue second small-cap China fund |
| | | KKR will not raise a successor to the firm’s China Growth Fund, which closed on $1 billion in 2011, according to a Reuters report. The firm plans to move away from deals in the $50 million to $100 million range that it pursued with the first China-focused growth fund and will instead pursue larger investments in the region with its KKR Asian Fund III, for which the firm is currently seeking to raise up to $7 billion in commitments. |
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| | | Scott Jacobsen departs CalPERS |
| | | Sacramento, CA | Public Pension Fund |
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