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Bain Capital closes Esure buyout; Centerbridge to buy Civitas


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Bain Capital closes Esure buyout; Centerbridge to buy Civitas

S&P Global Market Intelligence offers our top picks of global private equity news stories and more published throughout the week.

Top-dollar transactions

* Bain Capital Private Equity LP wrapped up its £1.21 billion buyout of U.K.-based insurer Esure Group PLC after the High Court of England and Wales approved its scheme of agreement Dec. 17. The acquisition was made through Blue (BC) Bidco Ltd., a wholly owned subsidiary of funds advised by Bain and its affiliates. Minority equity from funds advised by HarbourVest Partners LLC, Lexington Partners LP and LGT Capital Partners (USA) Inc. also supported the transaction.

* Centerbridge Partners LP agreed to acquire Civitas Solutions Inc. for $17.75 per share in cash, valuing the home- and community-based health services provider at about $1.4 billion. The sale is set to close by the end of Civitas' second fiscal quarter.

Carlyle's conquest

* Carlyle Group LP signed a definitive agreement to acquire StandardAero Inc. from Veritas Capital Fund Management LLC for an undisclosed sum. Reuters earlier reported that the aerospace repair and services provider could have a price tag of more than $5 billion, including debt. Carlyle Partners VII LP will provide equity for the deal, which is expected to close by the end of the first quarter of 2019.

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An employee of filament lamp company Osram removes fluorescent lamps.

Source: The Associated Press

* Carlyle completed its acquisition of the Aberdeen, U.K-based mechanical and electrical services provider EnerMech Ltd. The takeover was made through Carlyle International Energy Partners LP, a fund dedicated to investing in oil-and-gas companies based outside North America.

* Carlyle expressed interest in acquiring German lighting technology company Osram Licht AG, the Financial Times reported, citing two people close to the matter. According to one of the sources, Carlyle was in the early stages of considering a bid for the Siemens Aktiengesellschaft spinoff, and an offer may not materialize, the sources added.

* Carlyle is planning to buy the interests held by Punjab National Bank in PNB Housing Finance Ltd., Bloomberg News reported, citing people with knowledge of the matter. The move follows the buyout firm's withdrawal from a joint plan with Punjab to sell their stakes in the housing finance company.

Game play

* Bridgepoint Advisers Ltd. and other investors, through European Entertainment Intressenter BidCo AB, are proposing to buy all series A and B shares not owned by the consortium in Swedish gaming company Cherry AB (publ) at 87 Swedish kronor per share in cash. The aggregate total of the offer is about 9.19 billion kronor. The investor group, which already holds 47.4% of Cherry's shares, includes Bridgepoint Europe VI LP; Prunus Avium Ltd.; Klein Group AS, which is owned by Cherry Chairman Morten Klein; Audere Est Facere AS; Pontus Lindwall; Berkay Reyhan; and Can Yilanlioglu.

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Saracens' Alex Goode runs during the first half of an Aviva Premiership rugby match against the London Irish at Red Bull Arena.

Source: The Associated Press

* London-based investment firm CVC Capital Partners Ltd. is putting the finishing touches on its minority-stake acquisition in Premiership Rugby for £225 million, the Financial Times reported, citing people familiar with the matter. Sources told the publication that the transaction is expected to be settled as early as the week of Dec. 17.

M&A chatter

* An investor consortium including Stonepeak Partners LP and Brookfield Asset Management Inc. is looking to buy midstream-energy company Tallgrass Energy LP, Bloomberg reported, citing people familiar with the matter. However, a deal has not been reached and may not happen, sources said.

* SoftBank Group Corp. is considering investing $16 billion to coworking startup WeWork Cos. Inc. through its SoftBank Vision Fund, The Wall Street Journal reported, citing people close to the matter. Fund sponsors, the Public Investment Fund of Saudi Arabia and Abu Dhabi's Mubadala Investment Co., communicated their concerns about the planned investment, advising the Japanese telecommunications giant to focus on the technology sector.

* Nirvana Asia Ltd., a portfolio company of CVC, might be put up for sale for more than $1.8 billion, as the private equity firm explores options for the Asia-based funeral services company, Reuters reported, citing people familiar with the matter. Nirvana was acquired by CVC for $1.1 billion in 2016, the report noted.

* Norddeutsche Landesbank Girozentrale is in exclusive talks with Cerberus Capital Management LP, as the German public sector bank sells its remaining €3.9 billion portfolio of nonperforming shipping loans, Reuters reported, citing people with knowledge of the matter. The talks follow the negotiations among NordLB and Cerberus and Centerbridge Capital Partners LP about a possible investment of about €3.5 billion.

Healthy investments

* Limerston Capital LLP bought healthcare-equipment-services provider Prism UK Medical Ltd. from LDC (Managers) Ltd. for an undisclosed amount.

* Lower-middle-market investor Pike Street Capital LLC acquired US BioTek Laboratories Inc. Terms of the transaction were not disclosed. US Biotek offers specialty testing services related to food allergies and intolerances to health and wellness professionals.

* Freeman Spogli & Co. Inc. paid an undisclosed sum to buy CRH Healthcare LLC, in partnership with the management of the urgent-care center operator.

Fundraising finish

* Siris Capital Group LLC LLC raised approximately $3.01 billion for its latest private equity fund, Siris Partners IV LP, along with its parallel fund, Siris Partners IV Parallel LP.

* Ridgemont Partners Management LLC obtained $1.65 billion for Ridgemont Equity Partners III, which will inject $50 million to $250 million of capital into business and industrial services, energy, healthcare and technology and telecommunications companies.

* Bain Capital LP closed its latest Asia-focused fund with $4.65 billion of capital commitments, Reuters reported, citing a person with knowledge of the fundraising.

New funds on the block

* Multiverse Investment Fund I GP LLC launched a venture capital fund, Multiverse Investment Fund I LP, focused on biotech and high-technology investments.

* Zigg Capital is seeking to raise $100.0 million for its latest venture capital vehicle, Zigg Capital I LP.

* Cassidy Asset Management Inc. debuted its first cannabis-focused fund, Cassidy Fund 1 LP. Newly formed asset manager Cassidy is set to close the fund during the first quarter of 2019.

* Roc Management (Cayman) Ltd. aims to pull in $100.0 million for its Asia-Pacific region-focused fund, Roc Asia Pacific Private Equity Fund IV LP.

Sector intelligence

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Metals Nickel CBS December 2018 — Nickel prices fall with stainless steel prices

Real estate Rising seas, larger storm surges threaten billions of dollars in NYC real estate

Retail, consumer products, gaming and leisure Record-setting holiday shopping season could spark strong start to 2019

As of Dec. 20, US$1 was equivalent to about 9.00 Swedish krona.