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US healthcare operator sold to insurance giant Humana, PE firms in $4.1B deal

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US healthcare operator sold to insurance giant Humana, PE firms in $4.1B deal

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

A healthy dose of M&A

* Private equity firms Welsh Carson Anderson & Stowe and TPG Capital Management LP joined health insurer Humana Inc. in the just-completed takeover of U.S. healthcare facility operator Kindred Healthcare Inc. The all-cash deal was valued at $4.1 billion. The same consortium is poised to close on the $1.4 billion purchase of hospice operator Curo Health Services LLC later in July.

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National Senior Games presented by Humana
Source: Associated Press

In play

* An auction for CSC ServiceWorks Inc. is being planned by its owners, the Ontario Teachers' Pension Plan Board and Pamplona Capital Management LLP. A deal could value the Plainview, N.Y.-based coin-operated laundry machine vendor at more than $3 billion, including debt, unidentified sources told Reuters.

* Swiss foods giant Nestlé SA is in discussions for a more than $2 billion deal to acquire a majority stake in Canada's Champion Petfoods, which is backed by Toronto private equity firm Bedford Capital, unnamed sources told The Wall Street Journal.

* Bristol-Myers Squibb Co. is looking to divest its French over-the-counter drugs unit in a post-summer auction that is likely to attract interest from European private equity-backed companies. A sale of UPSA SAS could pull in about €1.5 billion for the U.S. pharmaceutical giant, Reuters reported, citing undisclosed sources.

* Digital Realty Trust Inc. is negotiating to buy out Brazilian data center peer Ascenty and potentially bring in a partner investor. The Brazilian data center operator, which is backed by private equity firms Great Hill Partners and Blackstone Group LP, is worth more than $1 billion, undisclosed sources told Bloomberg News.

* Steinhoff International Holdings NV is weighing a sale of its Pepco clothing retail unit, which has received interest from private equity firms and other potential buyers. The sale exploration is part of the troubled South African retailer's €9.6 billion debt restructuring plan, Bloomberg reported, citing unnamed sources.

* In Taiwan, King's Town Commercial Bank Co. Ltd. is exploring a potential buyout of EnTie Commercial Bank Co. Ltd. Private equity firm Longreach Group Ltd. has been seeking an exit from EnTie for about six years, unidentified sources told Commercial Times, a publication in Taiwan.

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Tubs of Unilever brands I Can't Believe It's Not Butter and Country Crock sit with other spreads in a grocery store cooler in Bellevue, Wash.
Source: Associated Press

Done deals

* Private equity firm KKR & Co. wrapped up its purchase of consumer goods giant Unilever PLC's global spreads business, which includes the Flora, Country Crock and I Can't Believe It's Not Butter brands. The €6.83 billion deal was struck in December 2017.

* Polaris Industries Inc. closed on its $805 million buyout of Indiana-based boatmaker Boat Holdings LLC from the Vogel family, management and private equity firm Balmoral Funds LLC.

* Berwind Corp. took over WH Acquisitions Inc., which owns web-handling systems and equipment maker Maxcess, from private equity peer Bertram Capital.

* Peak Utility Services Group, which provides utility services for the telecommunications, electric and natural gas infrastructure markets in the U.S. Pacific Northwest and Intermountain West regions, was sold to middle-market private equity firm ORIX Capital Partners.

* Golden Gate Capital picked up early education franchise and academy The Learning Experience, which has more than 300 U.S. centers and a planned international site in the U.K.

Capital commitments

* Manulife Financial Corp. said the newly launched John Hancock Infrastructure Fund closed on about $2 billion in committed capital.

* Midmarket energy infrastructure investment manager Starwood Energy Group Global LLC pulled in $1.2 billion for its latest fund.

* Boston-based Riverside Partners LLC, which backs middle-market technology and healthcare companies, is drumming up $600.0 million for a new private equity fund.

* In the real estate sector, private equity fundraising was down to $23 billion in the second quarter from an especially strong capital inflow of $38 billion in the first quarter.

The VC beat

* Venture capital firm New Enterprise Associates and Goldman Sachs Growth Equity led a $250 million series A funding round for Automation Anywhere, a provider of artificial intelligence-enabled enterprise software.

* In Southeast Asia, Alpha JWC Ventures is seeking US$100.0 million for its latest venture capital fund.

Movers and shakers

* Further Global Capital Management, which was formed by former Carlyle Group LP head of financial services Olivier Sarkozy, added Eric Leathers as a founding partner. Leathers is a former partner at private equity firm TPG, Bloomberg News reported, citing an email.

* Escamillo Lin, a former executive at Chinese private equity fund CDH Investments, joined London-based wealth manager Intermediate Capital Group PLC as managing director and head of Southeast Asia for its private equity and mezzanine business.

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