6 Jan, 2021
Carlyle to acquire Rigaku; Warburg Pincus invests in Indian electronics firm
* Private equity giant Carlyle Group Inc. said it is acquiring Japanese analytical instruments manufacturer Rigaku Corp. in partnership with Hikaru Shimura, president and CEO of Rigaku. Carlyle will own a roughly 80% stake in a new entity that will acquire Rigaku, and Shimura will own a roughly 20% stake. Nikkei Asia reported Jan. 6 that Carlyle will invest nearly ¥100 billion, or about $970 million, in the deal.
* U.S.-based private equity firm Warburg Pincus LLC invested roughly $100 million in Indian consumer electronics firm boAt, Reuters reported.
➤ PE deal volume expected to rise in 2021; more pricing certainty anticipated
Assets that have performed well in 2020 are expected to fetch high valuation while market participants expect more pricing clarity for those impacted by COVID-19.
➤ NThrive TSG sets price talk for $440M term loan backing buyout
Proceeds from the transaction will be used to back the buyout of nThrive's Technology Solutions Group by Clearlake Capital.
FUNDRAISING AND DEALS
* Asian private equity firms Hillhouse Capital Management Ltd. and CDH Investment Management Co. Ltd. were among the suitors shortlisted for Netherlands-based Koninklijke Philips NV's home appliance unit that is expected to fetch at least €3 billion, Bloomberg News reported, citing people with knowledge of the matter.
* Audax Management Co. LLC finalized the sale of Protective Industrial Products Inc. The Latham, N.Y.-headquartered protective personal equipment products maker was sold to another buyout group Odyssey Investment Partners LLC.
* Technology-focused private equity firm Vista Equity Partners Management LLC made an investment in enterprise software company Lithium Technologies Inc., or Khoros, alongside other existing investors. The investment comes after Khoros' acquisition of enterprise customer experience analytics software-maker Topbox Inc.
* New York-based The Riverside Co. invested in UniFocus LLC, a software-as-a-service-based labor management solution for service industry providers, Riverside said in a release.
* New York-based Aquiline Capital Partners LLC invested in Irvine, Calif.-based retirement planning and wealth management provider SageView Advisory Group LLC. Randy Long, SageView's founder and managing principal, and Jon Upham, principal, will retain a significant equity stake and continue to lead the firm.
* Private equity firm Insight Partners invested in Ontario-based iLobby Corp., a provider of turnkey solutions that enable organizations to have greater control over their facilities, employees and visitors.
VENTURE CAPITAL
* Boston-based cloud delivered network security provider iboss Inc. raised $145 million in a financing round co-led by San Francisco-based venture capital firms Night Dragon Security and Francisco Partners Management LP.
* 2020 was a good year for venture capital in the African technology sector, marking the first time the sector crossed the $1 billion threshold, Weetracker reported. The fourth quarter saw a big investment amount of $200 million.
LEGAL AND REGULATION
* Private equity firm Snow Phipps Group LLC's partner, in a Delaware Chancery Court Zoom trial, accused his counterparts at Kohlberg & Co. LLC of telling "a lie" in April 2020 regarding the reluctance of Kohlberg founders to back the firm's $550 million acquisition of the Snow Phipps portfolio company DecoPac Inc., Reuters reported.
* Private equity firms TPG Capital LP and Thoma Bravo LLC are changing their in-house legal leadership, Bloomberg News reported. Thoma Bravo appointed Gerald Nowak, who is a corporate partner at Kirkland & Ellis LLP, in Chicago as managing director, general counsel and chief administrative officer. Patient Square Capital named Adam Fliss, who is a founding partner and general counsel at TPG, as a founding partner and general counsel.
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