Bain mulls Software takeover; I Squared, Hinduja eye Fourth Partner Energy stake

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.

– Bain Capital LP has increased its stake in Software AG to potentially take over the German enterprise software solutions company. The private equity firm is seeking discussions with Software to merge it with Rocket Software Inc., a Bain portfolio company, Bloomberg News reported, citing people with knowledge of the matter.

– I Squared Capital Advisors LLC and Hinduja Renewables Pvt. Ltd. are the only bidders left for the possible acquisition of TPG Capital LP's 52% stake in India-based Fourth Partner Energy Pvt. Ltd. for about $350 million, Mint reported, citing two people aware of the development.

– Apax Partners LLP is backing a consortium, including Canada Pension Plan Investment Board, for a potential bid to take technology consultancy services company Thoughtworks Holding Inc. private, Bloomberg reported, citing people familiar with the matter.

– Acta Capital is exploring the possibility of acquiring Seafolly Pty. Ltd., an Australian company that designs swimwear and beach lifestyle wear, from luxury goods retailer Louis Vuitton. The sale is happening through FTI Consulting Inc.

– Quadrant Pvt. Equity Pty. Ltd. is among the interested parties that submitted a first-round bid to buy Australia-based cinema chain The Hoyts Corp. Pty. Ltd., The Australian reported. Pacific Equity Partners reportedly was among the other private equity firms targeting the business.

– The Carlyle Group Inc. and PremjiInvest are engaged in separate discussions to invest approximately $150 million in India-based TVS Credit Services Ltd, Reuters reported, citing two sources.

– Temasek Holdings Pvt. Ltd. is in pole position to acquire a minority stake in Indian health insurer Niva Bupa Health Insurance Co. Ltd. for up to $130 million, India's The Economic Times reported, citing people aware of the development.

– Apollo Global Management Inc. and Apax Partners, as well as a consortium of I Squared Capital and TDR Capital LLP, are interested in the potential takeover of Applus Services SA, Reuters reported, citing people familiar with the matter. The Spanish industrial testing company confirmed it received nonbinding offers but did not identify any of the potential bidders.

– Samara Capital Inc. and Amazon.com Inc. approached family offices and domestic capital investors as the private equity firm seeks to sell about a fifth of its equity in More Retail to external backers, The Economic Times reported, citing sources.

– Pacific Equity is among the partners evaluating a possible buyout of a 45% stake in Australian waste management services company Repurpose It Pty. Ltd. from Downer EDI Ltd., The Australian reported.

– Compass Diversified Holdings LLC is searching for acquisitions, CEO Elias Sabo said during an earnings call. "I would anticipate we are going to see more bound-type kind of acquisitions, not from just Marucci, but in terms of add-on acquisitions that have either good cost saving or synergy opportunities within our portfolio," he added.

– Blackstone Inc. is exploring a potential sale and other options for Dutch merchant bank NIBC Holding NV, Reuters reported, citing people familiar with the matter.

– Advent International Corp. is looking to sell Deutsche Fachpflege Holding GmbH, a German provider of residential intensive care services to senior citizens, Handelsblatt reported. A potential deal could be valued at €1.20 billion.

– The owners of United Arab Emirates-based GEMS Education, CVC Capital Partners Ltd., are evaluating other options after talks to sell a controlling stake in the school operator to Abu Dhabi Developmental Holding Company PJSC and Aldar Properties PJSC stalled over disagreements on a price, Gulf News reported, citing people familiar with the matter.

– Summit Partners LP is looking to divest a stake in Swiss wealth manager Cinerius Financial Partners AG, Reuters reported, citing two people familiar with the matter.

– Blackstone is evaluating options for Spanish gaming and leisure company Cirsa Gaming Corp. SA, including an initial public offering, Reuters reported, citing people familiar with the matter.

– Actis LLP is in advanced negotiations with India-based Patel Infrastructure Ltd. to purchase a portfolio of four hybrid annuity model roads and is conducting due diligence on these assets, The Economic Times reported, citing two sources aware of the development. A final offer is expected by the end of May.

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