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PE firms bid for KKR-backed LGC; Platinum Equity to buy Cision for $2.74B

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

Private equity firms are lining up bids for a number of life science and healthcare-related deals in Europe, it emerged this week, spanning scientific testing, medical equipment and healthcare IT.

Blackstone Group Inc., Advent International Corp., Leonard Green & Partners LP and a partnership between Cinven and Abu Dhabi Investment Authority have reached the second round of bidding for the British scientific testing company LGC Group Holdings PLC, Reuters reported, citing people close to the matter. The KKR & Co. Inc.-backed business could fetch between £2 billion and £2.5 billion, including debt, in a sale.

The acquisition by a private equity consortium would continue LGC's ownership by the asset class. Prior to KKR, LGC has been backed by Bridgepoint Capital, and before that, LGV Capital Ltd., which was the private equity arm of Legal & General Group PLC.

KKR, Permira Advisers Ltd. and Advent are also among those that are expected to submit first-round bids for the healthcare IT unit of Belgian digital imaging company Agfa-Gevaert NV on Oct. 22, Reuters reported, citing people close to the matter. Ardian-backed Dedalus SpA has also been mooted as a potential bidder as well as another rival. The unit could have a valuation of up to €750 million.

BC Partners and EQT AB are among the potential suitors for Permira-owned medical equipment service company Althea Group SpA, which could sell for about €800 million, Reuters reported, citing two sources familiar with the matter.

M&A market

* A Platinum Equity LLC affiliate is purchasing public relations software and services company Cision Ltd. for $10 per share in cash, reflecting a total purchase price of approximately $2.74 billion. Certain affiliates of GTCR LLC, which owns about 34% of Cision's share capital, committed to vote in favor of the deal.

SNL ImageA Hudson's Bay department store in London, Ontario.
Source: AP Photo

* One Rock Capital Partners LLC is buying specialty chemicals producer Innophos Holdings Inc. for $32 per share in cash, for a total of about $932 million, including debt.

* Rhone Capital LLC, together with other majority shareholders of Hudson's Bay Co., is acquiring the Canadian department store chain for C$10.30 per share, up from its previous offer of C$9.45 apiece.

* An affiliate of funds managed by Apollo Global Management Inc. agreed to purchase a 28.67% stake in Italian gaming company Gamenet Group SpA from TCP Lux Eurinvest Sàrl, a subsidiary of Trilantic Capital Partners IV Europe fund, for €12.5 per share. The firm will also buy a 20% stake from Intralot Italian Investments BV for the same price, Reuters reported.

In the works

* Brookfield; CVC Capital Partners Ltd.; a partnership between Blackstone and Carlyle Group LP; a consortium consisting of Advent, Cinven and Abu Dhabi Investment Authority; and Hellman & Friedman LLC are among those who were invited by Germany's thyssenkrupp AG to bid for its elevator business, Reuters reported, citing two people familiar with the matter.

* Exponent Private Equity LLP is in exclusive discussions with KPMG to acquire its pensions advisory unit, which could fetch more than £200 million in a sale, Sky News reported, citing people close to the matter and confirmation from a company spokesperson.

SNL ImageA man checks out the shoe display at the Cole Haan store in Chicago.
Source: AP Photo

IPO lane

* Apax Partners LLP-backed U.S. shoemaker Cole Haan LLC has confidentially filed for IPO of its common stock with the SEC.

* Warburg Pincus LLC-owned logistics property developer ESR Cayman Ltd. relaunched an IPO valued at up to US$1.45 billion in Hong Kong, Reuters reported, citing a term sheet.

* Blackstone and CVC are preparing for the potential IPO of U.K.'s Paysafe Group PLC, Reuters reported, citing people familiar with the matter.

* Singapore's PropertyGuru Pte. Ltd., which is backed by KKR and TPG Capital Management LP, withdrew its IPO plans in Australia, The Australian Financial Review's Street Talk reported.

Capital commitments

* TPG's TPG Sixth Street Partners and TPG Growth raised $2.2 billion and $1.72 billion for their first TSSP Capital Solutions fund and The Rise Fund II LP, respectively.

* AMP Capital Investors Ltd. pulled in US$6.2 billion for its fourth infrastructure debt fund.

* Partners Group Holding AG plans to obtain $4 billion for its latest flagship secondaries fund, Secondaries Investor reported, citing two sources familiar with the matter.

* Founders Fund is set to collect $2.7 billion across two funds by the first quarter of 2020, The Wall Street Journal reported, citing people familiar with the matter.

* J.F. Lehman & Co. LLC is expected to close its fifth private equity fund with an initial target of $1 billion by the end of 2019, Private Equity International reported, citing pension documents.

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