10 May, 2022
Carlyle to buy NSM Insurance; Ares takes control of Laboratoire
* Investment funds affiliated with The Carlyle Group Inc. agreed to buy NSM Insurance Group Inc. from White Mountains Insurance Group Ltd. in a deal valuing the specialty property and casualty insurance provider at roughly $1.78 billion. The transaction is expected to close in the second half.
* The credit business of Ares Management Corp. took control of Laboratoire XO after refusing to extend a change-of-control waiver in relation to an about €100 million loan it had advanced to the pharmaceutical company, London's Financial Times reported, citing two people with knowledge of the matter. Laboratoire was one of three companies owned by a fund formed by Novalpina Capital LLP but now overseen by Berkeley Research Group, according to the report.
➤ Out-of-state buyers responsible for 2 of 3 Pa. bank buys in 2022
Pennsylvania bank M&A activity is set to surpass 2021's four deal announcements.
➤ Asia-Pacific financial institutions M&A interest tracker
This tracker covers possible deals reported by media across Asia-Pacific over a certain period.
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DEALS
* Arx Equity Partners Ltd. acquired a majority stake in carbon fiber-made products maker Brebeck Composite s.r.o. for an undisclosed amount.
* Ardian bought a stake in food supplement and organic foods company Nutripure. Bpifrance completed the funding round.
* Highlander Partners LP sold Rotometal Sp. z o.o. SK, which makes magnetic and print cylinders for the printing and converting industries, to the company's management for an undisclosed amount. The private equity firm acquired a controlling interest in Rotometal in 2017.
* Cornell Capital LLC agreed to buy ophthalmic instruments provider Advancing Eyecare Holdings Inc. from Atlantic Street Capital Management LLC. Terms of the transaction were not disclosed.
* Arsenal Capital Partners will take a majority stake in cancer patients-focused digital health company OncoHealth. Arsenal gained its stake through a mature funding round for OncoHealth that also included participation from McKesson Corp.
* Keensight Capital is set to invest a significant stake in Bedford Consulting alongside company co-founder Neil Doyle and CEO Cathal Doyle.
FUNDRAISING
* Payments infrastructure company Paddle.com Market Ltd. raised $200 million in a series D equity and debt financing round led by KKR & Co. Inc. The latest round values Paddle at $1.4 billion.
* Eurazeo SE has raised a total of €200 million for its Eurazeo Sustainable Maritime Infrastructure fund. The vehicle secured €70 million in investment from the European Investment Fund.
VENTURE CAPITAL
* Touchless self-checkout system Mashgin Inc. raised $62.5 million in a series B funding round led by New Enterprise Associates Inc. The company's valuation reached $1.5 billion after the round.
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