M&A wrap: Incline Equity, Uber, HGGC, Ares, Most Influential Women, Call for Nominations, What's ahead for 2020
Middle-market private equity firm Incline Equity Partners has raised its fifth fund at $1.165 billion. The fund will invest up to $450 million in businesses acrsoss the business services, distribution and light manufacturing sectors. “We are extremely grateful for the demand and support generated from our limited partners in fund V. Incline looks forward to building on our track record as a leading player in the middle-market investment community by remaining focused on producing value for our portfolio companies and investors in Fund V,” says Incline managing partner Jack Glover. 2020 is off to a good start in closing private equity funds. Other recent fundraises include: Drive Capital closing its first growth equity fund at $300 million; Greenspring Associates raising $800 million for its fourth secondary fund; Platinum Equity closing its fifth fund at $10 billion; and Siguler Guff raising its fourth small buyout fund at $1.575 billion. For more on fundraising, see PE fundraising scorecard: Accolade, BlackRock, Bridgepoint, Pharos.
Uber Technologies Inc. (NYSE: UBER) will sell Uber Eats in India to local rival Zomato in a $172 million deal, according to Bloomberg News, underscoring the ride-hailing giant’s effort to cut back on loss-making operations. Uber agreed to offload the business in return for 9.99 percent of the Indian startup, maintaining a foothold in one of the world’s fastest-growing internet arenas, the companies said in a statement. The deal marks yet another leg in a wave of consolidation sweeping the food delivery sector. Read the full story by Bloomberg: Uber sells India food business to Zomato to cut losses.
HGGC and Alberta Investment Management Corp. have a made new investment in professional services company Davies, which the two firms previously backed. The investment helped Davies acquire insurance-focused U.K. law firm Keoghs.
Ares Management Corp. (NYSE: ARES) is buying a majority stake in Asian alternative asset management firm SSG Capital Holdings Ltd. SSG manages about $6.2 billion in assets as of Sept. 30. “We believe SSG is the ideal partner for Ares to further expand into the strategically important Asian region,” says Ares CEO Michael Arougheti.
Audax Private Equity-backed the Chartis Group has acquired the Greeley Co. from Keystone Capital. Greeley is a provider of regulatory compliance and physician and medical staff services. Lincoln International advised Greeley.
European private equity firm Peninsula is acquiring a minority stake in French luxury fashion retailer Zadig & Voltaire. As part of the deal, TA Associates is exiting its minority investment in the target. Rothschild, PwC, Latham & Watkins, Jeausserand Audouard and White & Case are advising Zadig. Deloitte, Linklaters and Van Campen Liem are advising Peninsula.
The Toro Co. (NYSE: TTC) is buying Venture Products for $167.5 million. Venture manufactures Ventrac-branded turf, landacape, snow and ice management equipment for the golf, grounds and landscaping sectors.
Brand Velocity Partners has purchased Original Footwear Inc. The latter is known for making military and law enforcement footwear under the Altama and Original S.W.A.T brands.
For more deal news, see Weekly wrap: Goldman Sachs, Lilly, Visa.
If there’s anything M&A professionals dislike, it’s uncertainty. And heading into 2020, there’s more than enough uncertainty to go around, including questions about the economy, international trade, impeachment, domestic politics and more. The funny thing is, the lack of clarity may actually make the first half of the year a great time for M&A, as dealmakers push to close transactions before the looming uncertainty of Election Day and its outcome. We conducted interviews with 8 investment bankers and other M&A advisors. Some said the first half of the year will be robust, while others said the uncertainty may have a negative impact throughout 2020. Read the full story, What’s ahead for M&A in 2020? We ask 8 advisors.
Mergers & Acquisitions examines the impact of 7 technologies on M&A in the retail sector. Read the whole series:
Overview: Retail Tech M&A: 7 Technologies Driving Change
Retail Tech M&A #1: Nike, McDonald's, PayPal, add customization, IoT
Retail Tech M&A #2: Why Walmart and other retailers are buying artificial intelligence startups
Retail Tech M&A #3: Amazon leads race to build fulfillment centers
Retail Tech M&A #4: Do robots fill orders faster?
Retail Tech M&A #5: Voice recognition gives retailers more ways to communicate
Retail Tech M&A #6: Data improves customer service
Retail Tech M&A #7: Demand for convenience drives growth in mobile ordering
To celebrate deals, dealmakers and dealmaking firms, Mergers & Acquisitions produces three special reports every year: the M&A Mid-Market Awards; the Rising Stars of Private Equity; and the Most s for each, see Special reports overview: M&A Mid-Market Awards, Rising Stars, Most Influential Women.
ACG Boston is hosting The Big Deal at the Legal Harborside in Boston on Jan. 21.
The 8th Independent Sponsors Summit is taking from Jan. 28-29 at the Harmonie Club In New York.
ACG New York is hosting the 12th annual healthcare conference and bourbon tasting at the Metropolitan Club in New York on Feb. 27.
InterGrowth 2020 is taking place at the Aria Resort & Casino in Las Vegas from April 20-22.