Deal Wrap is updated as of 3 p.m. ET.
– Partners Group Holding AG agreed to take a strategic minority stake in hospitality-focused real estate investor Trinity Real Estate Investments LLC, also known as Trinity Investments. The private equity firm will initially invest $500 million in Trinity, with an opportunity to make additional capital commitments to the latter's North American, European and special situations investment platforms. JLL's M&A and corporate advisory group and Jones Lang LaSalle Securities LLC provided financial advice to Trinity in the transaction.
– Funds advised by Apax Partners LLP agreed to buy the Zellis Group, a provider of payroll and human resources software solutions in the UK and Ireland, from Bain Capital LP. Evercore and Morgan Stanley served as financial advisers to Zellis and Bain, and Ropes & Gray acted as legal adviser. Kirkland & Ellis, Weil Gotshal & Manges, Arma Partners and Citigroup advised Apax.
– Warburg Pincus LLC invested in Xuyen A, an operator of four large-format, multispecialty tertiary hospitals in Vietnam.
– Clayton Dubilier & Rice LLC will make a $500 million perpetual convertible preferred equity investment in Resideo Technologies Inc. The investment will help fund the latter's planned acquisition of smart-living technology distributor Snap One Holdings Corp. for a transaction value of roughly $1.4 billion, inclusive of net debt. Resideo will integrate Snap One into its ADI Global Distribution business upon closing, which is expected to take place in the second half of 2024. Evercore and Raymond James & Associates Inc. are financial advisers and Willkie Farr & Gallagher LLP is legal adviser to Resideo. Bank of America and Morgan Stanley provided committed financing for the deal and also serve as advisers to Resideo. Moelis & Co. LLC and J.P. Morgan Securities LLC are financial advisers to Snap One and provided a fairness opinion to Snap One's board. Simpson Thacher & Bartlett LLP is Snap One's legal counsel.
– STORY3 Capital Partners made a significant new investment in Saks.Com LLC. The investment provides the luxury e-commerce destination with liquidity to support its next wave of growth.
For more private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
