10 Feb, 2021
Blackstone to buy Sweden assets; Carlyle pulls Japan Asia bid; KKR raises $44B
* Real estate funds managed by Blackstone Group Inc. agreed to buy 53 logistics properties in Sweden from Castellum AB for net proceeds of 4.8 billion Swedish kronor after deductions for deferred tax and overheads of 200 million kronor. The assets will be incorporated into the Mileway BV European last mile logistics platform.
* Carlyle Group Inc. pulled out its ¥48 billion offer to buy Japan Asia Group Ltd. after losing to the bid of City Index Eleventh fund, Reuters reported.
* KKR & Co. Inc.'s global fundraising increased 72% year over year in 2020 to reach a firm record of $44 billion. Asia strategies were the driver, representing about 40%, or $17 billion, of the total, Scott Nuttall, co-president, co-COO and director, said on an earnings call Feb. 9.
➤ Private equity firm performance a complex recipe
Scale and size are neither necessary nor sufficient conditions for private equity firm performance, and best-in-class firms tend to fly under the radar, according to the founder of the HEC-Dow Jones Private Equity Performance Ranking.
➤ Infinite Electronics sets Feb. 11 call to launch buyout financing
The first-lien and second-lien term loan facilities will be used to finance the acquisition of the company by Warburg Pincus.
FUNDRAISING AND DEALS
* European veterinary care provider Independent Vetcare Ltd., or IVC Evidensia, is poised to receive €3.5 billion in total investments from EQT AB (publ), Silver Lake Management LLC and food and beverage giant Nestlé SA. EQT Private Equity is investing through EQT IX.
* Funds managed by Apollo Global Management Inc.'s affiliates made a preferred equity commitment of up to $470 million to US Acute Care Solutions LLC, which specializes in physician-owned emergency medicine and hospitalist and observation services.
* Mexico-based online grocery Justo SAPI de CV secured $65 million in a series A investment round led by General Atlantic Service Co. LP. Existing investors including Foundation Capital and Mountain Nazca also participated.
VENTURE CAPITAL
* Amsterdam-based venture capital firm Finch Capital held the first close for its third fund that will back financial technology companies in Europe. The €150 million Finch Europe III will invest between €2 million and €10 million in fintech companies with revenues of €2 million to €5 million at series A and B stages.
* Emergency response data platform RapidSOS Inc. raised $85 million in series C funding led by Insight Venture Management LLC.
LEGAL AND REGULATION
* Carlyle and a Certares Management LLC unit dropped their lawsuits against each other over Carlyle's withdrawal from a deal to acquire a 20% stake in American Express Global Business Travel due to the coronavirus pandemic, Bloomberg News reported.
* The U.S. Securities and Exchange Commission seeks to put GPB Capital Holdings LLC under a court-appointed monitor to protect investor assets and prevent the firm from further alleged misconduct, The Wall Street Journal reported. The firm and its CEO, David Gentile, were charged with running a $1.7-billion Ponzi-like scheme that defrauded thousands of investors.
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