PAG Asia Capital eyes Retail Food Group; Carlyle explores Tokiwa sale

S&P Global Market Intelligence presents In Play Today, a periodic summary of potential private equity deal activity, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.

– Retail Food Group Ltd., which operates brands like Donut King and Gloria Jean's Coffees, is a likely acquisition target for PAG Asia Capital as the private equity firm works on a transaction, The Australian reported, citing sources. Other potential buyers for the Australian food franchiser include Adamantem Capital, Anchorage Capital Partners and Allegro Funds Pty. Ltd.

– Crédit Agricole SA and BAWAG Group AG are preparing binding bids for Barclays PLC's German consumer finance business, Reuters reported, citing two people familiar with the matter. Other suitors in the second stage of the bidding process include private equity firms Warburg Pincus LLC and Centerbridge Partners LP.

– TJC LP is in exclusive talks to buy TIDI Products LLC, an infection-control equipment-maker, from Roundtable Healthcare Management Inc. for at least $900 million, Reuters reported, citing people familiar with the matter.

– The Carlyle Group Inc. aims to sell Tokiwa Corp., a Japanese cosmetics supplier, in a transaction that could be worth $1 billion, Reuters reported, citing two sources with knowledge of the matter. Jefferies and SMBC Nikko Securities will advise on the sale, which is set to begin early in 2024.

– Think and Learn Private Ltd. is negotiating to sell Epic! Creations Inc. to Joffre Capital Ltd. for approximately $400 million, Bloomberg News reported, citing people familiar with the matter. Duolingo Inc. reportedly is among the prospective buyers for the US-based childrens' digital reading platform.

– Partners Group Holding AG is in advanced discussions to acquire Rosen Germany GmbH after emerging as the top bidder for the oil and gas asset testing specialist, Bloomberg reported, citing people with knowledge of the matter. The Swiss private equity firm is now finalizing deal terms.

– Pontegadea Inversiones SL is nearing a deal to acquire a 49% stake in Repsol SA's Spanish portfolio of wind farms and photovoltaic power plants, Reuters reported, citing two sources familiar with the transaction. The projects for sale have a combined capacity of 600 MW with a potential value of €700 million.

– Brookfield Corp. and EIG Global Energy Partners are planning a hostile takeover offer for Origin Energy Ltd. before Christmas, aiming for a direct share purchase, The Australian reported. The offer, expected to be launched in the coming weeks, will need a 50.1% minimum acceptance. The potential deal will see EIG taking over Origin's gas business and Brookfield acquiring the energy retail segment.

– Wise Road Capital Ltd. is in late-stage negotiations to acquire Singapore-based precision machine parts manufacturer Innovalues from Northstar Advisors Pte. Ltd., Reuters reported, citing two sources with knowledge of the matter. The parties are likely to reach a deal within November. Rippledot Capital is the adviser to Northstar on the sale.

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