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KKR mulls $5B exit from Epicor Software; AMS advances Osram Licht takeover offer

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KKR mulls $5B exit from Epicor Software; AMS advances Osram Licht takeover offer

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

Shop it to me

KKR & Co. has made headlines in recent days, as the firm is reportedly mulling a sale of its portfolio company Epicor Software Corp. and eyeing the buyout of a publicly listed data center landlord.

A sale of the enterprise resource planning software company could value it at nearly $5 billion, including debt, Reuters reported Aug. 22, citing unnamed sources. The deal is likely to attract private equity interest, the sources said. KKR acquired Epicor in a secondary buyout from Apax Partners LLP for $3.3 billion, including debt, in September 2016, aiming to partner with the company to spearhead its global growth.

News of the potential sale follows two recent acquisitions made by Epicor. In June, Epicor acquired Mechanicnet Group Inc., a provider of customer retention services to the automotive aftermarket, and in July it acquired Majure Data Inc., a developer and supplier of warehouse management systems for the building products industry.

KKR is also part of a bidder group considering an offer for data center operator CyrusOne Inc., Bloomberg News reported Aug. 16, citing people familiar with the matter. The group reportedly includes Stonepeak Infrastructure Partners and I Squared Capital.

Acquisition zone

* Centerbridge Partners LP is poised to make a significant investment in GoHealth LLC in a deal scheduled for a fourth quarter close. Reuters earlier reported, citing people familiar with the matter, that the transaction could value the U.S. online health insurance marketplace at roughly $1.5 billion.

* New State Capital Partners LLC paid an undisclosed sum to acquire data center storage and support services provider Computer Data Source Inc.

SNL Image
An employee of filament lamp company Osram removes fluorescent lamps.
Source: The Associated Press

* InRule Technology Inc., which offers a decision management platform and business rules management system for enterprise and government customers, was acquired by lower-middle-market investor OpenGate Capital LLC through its second institutional fund.

* Lovell Minnick Partners LLC agreed to acquire a majority stake in Inside Real Estate, a provider of a software-as-a-service platform for the residential real estate sector.

Bidding wars

* Austrian sensor specialist AMS AG is proceeding with its takeover bid for OSRAM Licht AG, which values the German lighting group at €4.3 billion, after a standstill agreement was waived by the latter's managing and supervisory boards. The offer trumps an earlier buyout bid made by Bain Capital LP and Carlyle Group LP. Prior to the announcement of the waiver, the firms were reportedly weighing upping their offer.

* Permira Advisers Ltd. reportedly is in advanced negotiations to acquire a minority stake in Cogital, now known as CogitalGroup, after surpassing rival bids from fellow buyout firms BC Partners, PAI Partners, TA Associates Management LP and Hellman & Friedman LLC. A deal could value the U.K.-based challenger accountancy firm at about £1 billion, London's Financial Times reported, citing people with direct knowledge of the sale process.

* Telecommunications equipment and software company Avaya Holdings Corp. is considering accepting an all-cash bid from Clayton Dubilier & Rice LLC as an alternative to a potential merger with privately held peer Mitel Networks Corp., Reuters reported, citing people familiar with the matter.

SNL Image
Hilton Grand Vacations President & CEO Mark Wang rings the NYSE opening bell to mark his company's IPO as a spinoff from Hilton in January 2017.
Source: The Associated Press

Consumer focus

* Apollo Global Management LLC is pitching three options for a possible takeover of Hilton Grand Vacations Inc., including acquiring the $2.4 billion timeshare operator at a premium to its stock price, unnamed sources told the New York Post.

* Catalyst Capital Group's tender offer for Hudson's Bay Co. resulted in the firm receiving an approximate 10.05% stake in the department store operator. The successful tender offer blocked a shareholder group's proposal to take the retailer private.

* Onex Corp. and its affiliated fund wrapped up the sale of fast-food restaurant chain Jack's Family Restaurants Inc. AEA Investors LP, through Aea Investors Fund VII LP, is the buyer, according to S&P Global Market Intelligence data.

Almighty dollar

* TPG Capital Management LP's impact investment arm lowered the fundraising goal for its latest vehicle to $2.5 billion, down from an earlier target of $3 billion, a spokesman for the firm told The Wall Street Journal. The move comes as the firm received a $500 million boost in June as it took over assets managed by The Abraaj Group and follows the sudden departure of William McGlashan Jr. earlier in 2019 as a result of the college bribery scandal.

* Ares Management Corp. closed on €1.78 billion for Ares European Real Estate Fund V SCSp, marking its largest real estate private equity fund to date. The alternative investment manager is also aiming to raise about $9.5 billion for a private equity fund that will back businesses in North America and Europe, a person with knowledge of the matter told Bloomberg News.

* Harrison Street brought in $1.3 billion for its seventh U.S. opportunistic real estate fund at final close, achieving its hard cap.

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