21 Apr, 2022
Telemos to sell majority stake in Sanoptis; 17Capital closes €2.6B lending fund
By Kiran Shahid
* Telemos Capital Ltd. agreed to sell its majority stake in Sanoptis AG to Groupe Bruxelles Lambert SA. GBL will commit up to €750 million in equity for the ophthalmology services provider. The deal is expected to close in the second quarter.
* 17Capital LLP raised €2.6 billion for its first net-asset-value lending fund. The fund, which exceeded its €1.5 billion target, will provide NAV financing to private equity managers in North America and Europe, who use the loans to expand their portfolios and give their investors interim liquidity.
➤ Global private equity deal value slips in March, Q1
A total of 2,106 deals were announced in March, a 7.4% decrease from 2,274 deals in March 2021, according to S&P Global Market Intelligence data.
➤ PE deals below $100M plunge in 2021 as cash-rich firms seek bigger buys
Nonpublic, U.S.-based private equity and venture capital firms made 76 deals valued below $100 million in 2021, compared with 162 deals valued at $100 million or more, S&P Global Market Intelligence data showed.
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DEALS
* Southeast Asia-focused private equity firm KV Asia Capital Pte. Ltd. is looking to sell its post-secondary education services provider Asia Pacific Education Holdings for almost $350 million, Bloomberg News reported, citing people with knowledge of the matter.
* Inflexion Pvt. Equity Partners LLP invested in Upperton Pharma Solutions, a U.K.-based contract development and manufacturing organization, through Inflexion Enterprise Fund V LP.
* Jefferies Financial Group Inc. is considering selling its minority stake in Oak Hill Capital Partners, Bloomberg News reported, citing people close to the matter. Jefferies purchased a 10% to 15% stake in the private equity firm in 2019.
* Funds managed by affiliates of Apollo Global Management Inc. acquired Tony's Fresh Market Inc., a Chicago-based grocery retailer, for an undisclosed amount.
* L Catterton Partners is looking to sell designer jewelry brand John Hardy USA Inc. for about $200 million, according to Bloomberg News. The private equity firm acquired John Hardy in 2014 from London-based 3i Group PLC.
FUNDRAISING
* The Boring Co. raised $675 million in a series C funding round co-led by Vy Capital and Sequoia Capital Operations LLC, with participation from Valor Management Corp., Tishman Speyer Properties LP, Lennar Corp., Founders Fund Inc., Eight Partners VC LLC, DFJ Growth Management LLC, Dacra Development Corp., Craft Ventures LLC and Brookfield Asset Management Inc. The financing values the infrastructure and tunnel construction services company at $5.68 billion.
* Blackstone Inc. raised $1.6 billion for its royalty and structured credit-focused life sciences fund Blackstone Life Sciences Yield. The vehicle will invest in companies with products that have received regulatory approval for commercial use and in royalties that could be tied to drug sales, Bloomberg News reported.
* Clean computing infrastructure provider Crusoe Energy Systems Inc. raised $350 million in a series C equity funding round led by G2 Venture Partners. Polychain Capital LP, Lowercarbon Capital LLC and Bain Capital Venture Partners LLC were among the investors.
VENTURE CAPITAL
* Tiger Global Management LLC and Insight Partners co-led a $50 million series B funding round for Mutiny HQ Corp., a no-code artificial intelligence platform. Sequoia Capital Operations LLC, Uncork Capital and Cowboy Ventures LLC were among the investors.
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