24 Nov, 2021
TA invests in Nactarome; Cinven, CPPIB consider joint bid for Element Materials
Editor's note
* TA Associates Management LP made an undisclosed amount of growth investment in Milan-based Nactarome SpA, which makes natural flavors and colors for the food and beverage industry. TA Associates will become a majority shareholder in Nactarome, and the target company's management team will retain a minority equity stake upon closing of the transaction.
* Cinven Ltd. and pension fund Canada Pension Plan Investment Board are in preliminary talks about making a joint bid for testing and inspection company Element Materials Technology Ltd., Sky News reported. Any deal could value the Bridgepoint Group-backed business at about £4 billion, according to the report.
➤ Chile's banks stockpile additional provisions as political uncertainty mounts
The three largest publicly traded banks in Chile took additional provisions in the third quarter as the country heads to presidential elections on Nov. 21. Banks expect asset quality to deteriorate in 2022.
➤ These are the most likely bidders for Handelsbanken's Danish and Finnish units
The Sweden-headquartered bank revealed in October that it would divest its operations in the two Nordic countries. Analysts expect the Danish business will be easier to sell and will fetch a higher price.
DEALS
* EQT AB (publ) is among parties offering to buy Photosol SAS, which could fetch more than €400 million in a deal, Bloomberg News reported Nov. 23, citing people familiar with the matter. Antin Infrastructure Partners also made a nonbinding offer for the solar farm developer, some of the sources told the news wire.
* Private equity firms Advent International Corp. and Centerbridge Partners LP offered to acquire German commercial real estate lender Aareal Bank AG for €29 per share. The bank said the offer values the company at around €1.74 billion.
* CenterGate Capital LP completed the sale of apparel products and accessories company TSC Apparel LLC to S&S Activewear LLC.
* Middle-market private equity firm Staple Street Capital LLC sold compression solutions company Ironline Compression to Surepoint Group.
FUNDRAISING
* Property technology companies secured $9.5 billion in investments from venture capitalists and other investors through mid-November, Dow Jones Newswires reported, citing data firm CB Insights. The boom in proptech investment comes as commercial real estate owners increasingly rely on technology to draw back workers or customers, according to the report.
* Patient engagement platform Luma Health Inc. raised $130 million in its series C fundraising. The FTV Management Co. LP-led investment round brings Luma Health's total funds raised to $160 million.
* Payments and expense solution provider Payhawk Ltd. secured $112 million in a series B funding round led by Greenoaks Capital Partners LLC. QED Investors LLC, Earlybird Venture Capital GmbH & Co. KG's Earlybird Digital East Fund 2012 SCA SICAR fund and Eleven Ventures participated in the round.
VENTURE CAPITAL
* Mobile development operations company Bitrise Ltd. raised $60 million in a series C funding round. Venture capital firm Insight Partners led the round.
* Avatar Growth Capital Partners led the $30 million series B funding round of CloudEnablers Inc., or CoreStack. Dallas Venture Capital LLC, Iron Pillar Capital Management Ltd. and other angel investors participated.
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