| | | Take our Deal Multiples survey for a chance to win $300 |
| | As a reminder, our Deal Multiples survey is currently open, so if you'd like to contribute your insight for a chance to win a $300 Amazon gift card, just click the button below. The survey should take 10 minutes to complete and, as always, your responses will be aggregated anonymously and used solely in the production of our upcoming Deal Multiples report. |
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| None of the survey data is published in the PitchBook Platform. If you'd like to see the most recent edition of the report, you can find it in our reports library here. |
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| | | | | | | The top 9 American PE investors in the UK |
| Marlin Equity Partners, headquartered in Los Angeles, has completed the acquisition of Test Direct, a British provider of software testing and quality assurance services. Marlin will merge Test Direct with current portfolio company QualiTest, another provider of testing services that Marlin acquired earlier this year.
The transatlantic transaction is the start of a more pronounced move into Europe for Marlin, which closed its first Marlin Heritage Europe fund on €325 million earlier this year. But there are a number of US-based investors who already make a habit of investing in British businesses—in all, 22 firms from the US have completed 10 or more deals in the UK since the start of 2013, according to the PitchBook Platform. Almost 90% of those deals were with companies in one of four sectors: B2B, B2C, financial services and IT. |
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| | | | | | | Samsung shows drive for auto electronics with $8B Harman acquisition |
| Samsung Electronics (KRX: 005930) has agreed to acquire connected products manufacturer Harman International Industries (NYSE: HAR) for $8 billion, a move that gives Samsung a significant presence in the field of automotive electronics. Like its rival Apple, Samsung has never been much of one to use M&A to fuel growth. But that could all change now that the automotive space has spawned several significant deals as chipmakers pivot away from flagging smartphone sales and into the broader IoT market. Most notably, October ended with Qualcomm (NASDAQ: QCOM) agreeing to buy NXP Semiconductors (NASDAQ: NXPI) for $38 billion, citing a desire to enter the automotive market that NXP dominates as part of its rationale.
Samsung has offered $112 per share in cash for Harman, a 28% premium to the target company's closing price on Friday—and the price may have been boosted by Harman’s acquisition strategy. Purchases since the start of last year include Symphony Teleca (tech services), Red Bend (software management for connected devices) and TowerSec (automotive cybersecurity). Samsung shares traded down 2.8% on the news, with Harman closing up 25% at $109.72. The deal is expected to close in 2017.
In 2007, KKR and Goldman Sachs backed out of an $8 billion purchase of Harman amid global credit concerns. Reports at the time indicated the investors were also concerned with the company's financials. |
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| | | | | | | Don't miss our 3Q European PE Breakdown! |
| So, several months later, can we ascertain the effect Brexit may have had on PE activity in the UK & Ireland, not to mention Europe as a whole?
Surveying a wide range of datasets—from investment by sector to quarterly deal flow—our latest European PE Breakdown analyzes the numbers and forecasts what is in store for the entire industry. Highlights from the report include: - 20% of PE deals in Europe this year have had involvement from US-based firms, a figure that's slowly grown from 16% in 2010
- Exit value has remained strong at €147 billion through 3Q, on pace to come in flat with 2015
- At the current pace, 2016 European PE fundraising will come in as the second best year since the recession
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| | | | | | | | In Africa, the focus of private equity investors has turned from mega-deals to smaller, more localized investments in the wake of the recession. [Reuters]
Why some of the policies of America’s next president may be a boon to M&A. [The New York Times]
Conversely, though, investors in China are wary of investing in the US in the wake of the election. [Bloomberg]
As the fintech field booms, new investors are staking their claims. Here’s one list of the most powerful dealmakers in the industry. [Institutional Investor] |
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| | | | Since yesterday, the PitchBook Platform added: | | 163 Deals | 1970 People | 32698 Companies | 6 Funds |
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| | | | | | | | | | | | | | 2006 Vintage US Venture Funds with Energy Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 0.19x Median DPI | 0.87x Median TVPI |
| | | | *IRR: net of fees | | 45 Funds in Benchmark » |
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| | | | | | TGP buys Dynamatic from Woodlawn |
| | Electrical Equipment | Sturtevant, WI | Secondary Buyout |
| | | | | | | Sign up for the ACG New York Private Equity Wine Tasting Gala on November 29 |
| The ACG New York Private Equity Wine Tasting Gala brings together 47 of the leading middle-market private equity firms for an evening of fine wines and networking. PE firms at tables will collectively serve over 100 different varietals of fine wines to over 900 domestic and international attendees. This is a great opportunity to invite your colleagues to share this experience. This is where deals happen.
Click here to register |
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| | | | | | Carlyle venture nears Inter Oil deal |
| | Energy Trader | Zutphen, Netherlands | Bolt-on |
| Varo Energy, a joint venture between The Carlyle Group and oil trader Vitol, has agreed to acquire Inter Oil, according to Reuters. Inter Oil is the parent company of Dutch businesses Amigo and Brand Oil. Varo, which was launched by Carlyle and Vitol in 2013, will reportedly now operate about 150 fuel service stations in the Netherlands and Germany. |
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| | | | | | | Riverside serves up MEC3 to Charterhouse |
| | Food Products | Rimini, Italy | Secondary Buyout |
| Charterhouse Capital Partners has agreed to buy MEC3, a manufacturer and marketer of ingredients and formulas for gelato and pastries. The deal gives the company an enterprise value of between €350 million and €400 million, per Unquote. The Riverside Company has owned MEC3 since 2014. |
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| Advisors: | | AlixPartners (strategic), Allen & Overy (legal), Bain & Company (financial), Fineurop Soditic (financial), Gianni, Origoni, Grippo & Partners (legal), Long Term Partners (financial), Marlborough Partners (financial), PwC (financial), Rothschild (financial) |
| | | | | | | ERES closes co-investment fund on €300M |
| | Paris, France | PE Growth |
| Edmond de Rothschild has raised €300 million for the third fund in its equity strategies series, which will be used to make minority investments alongside majority partners in mid-market businesses. The previous vehicle in the firm's ERES series closed on €217 million in 2011. |
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| | | | | | | Ratos deputy CEO to depart |
| | Stockholm, Sweden | PE/Buyout |
| Bo Jungner has announced plans to leave his position as investment director and deputy CEO of Ratos in February. Jungner has worked at Ratos since 1998 and has been deputy CEO since 2011. |
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| | | | | | | BaltCap names four partners |
| | Tallinn, Estonia | PE/Buyout |
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| | | | Homestead harvests $400M for Fund II |
| | San Francisco, CA | Buyout |
| Homestead Capital has closed its oversubscribed Farmland Fund II on a hard cap of $400 million, exceeding the vehicle’s initial target of $350 million. Homestead will use the fund to invest in farmland in various US regions. The firm closed its debut agricultural vehicle on $173 million last year. |
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| | | | Perella Weinberg buys rival |
| | New York, NY | Investment Bank |
| Perella Weinberg Partners has agreed to acquire fellow investment bank Tudor, Pickering, Holt & Company, which specializes in the energy sector. TPH will become a subsidiary of Perella Weinberg but will continue to operate its energy practice under its existing name. The combined firm will have about $12 billion in AUM and more than 650 employees in North America, London, Dubai and Abu Dhabi. |
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