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| Despite Ant's stumble, China's stock market remains primed for mega-IPOs | |  | Ant Group's IPO reportedly faces a delay of at least six months.
(THINK A/Shutterstock.com) | | | The world's would-be biggest IPO may be on ice, but China's plan to build competitive markets for publicly traded equities is humming along.
Shanghai logged more IPOs than any global exchange through the third quarter of 2020, with hundreds more in the pipeline. As mainland exchanges ascend, a herd of Chinese unicorns is weighing where to list its shares: | | | | | | | | | | Gores exits its slice of British bread maker Hovis | |  | | (Courtesy of Hovis) | | | The Gores Group has sold its majority stake in UK bakery brand Hovis to Endless, following a bidding war that featured rival offers from Epiris, Aurelius Equity Opportunities and Italy's Newlat Food. The deal reportedly values Hovis at around £100 million (about $132 million), with minority owner Premier Foods also exiting its stake to Endless.
Los Angeles-based Gores acquired 51% of Hovis in 2014 from Premier, which bought the company in 2007. Hovis, founded in 1886, underwent major supply chain restructuring under the two owners, including a sale of its milling business to focus on baked goods. Premier said the current sale generated £37 million after the repayment of outstanding debt.
Endless, headquartered in the UK, has a track record of food acquisitions. Its prior investments include cake business Bright Blue Food and pork producer Karro Food Group, which Endless later sold to CapVest Partners. | | | | | | | |
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| A message from Velocity Global | | |
| Three drivers of the M&A rebound in 2H 2020 | | The first two quarters of 2020 saw a record-breaking drop in M&A activity, but dealmakers recently regained confidence in the global economy. The third quarter of 2020 saw an increase in M&A volume of nearly 27% over Q2 across North America and Europe alone.
What's behind this drastic turnaround? The primary factors include an ideal dealmaking environment, executives' growing comfort conducting business virtually and the rise of alternative M&A transactions.
This increase in activity means that competition is high, and buyers must avoid common HR operational challenges to appeal to sellers and close deals quickly.
To learn more about what's driving M&A transactions this year and how firms use new global hiring solutions to successfully transition international teams, read the full article here. | | | | | | | |
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| Let's talk about race: Live video event | |  | | (Our panelists, from left: Matheny, Eggers, Muller, Lambert) | | | You're invited to join PitchBook News on Nov. 12 for a live, interactive conversation on the evolving role that investors play in addressing diversity and equality issues across the private markets. Speakers include: - Lisa Lambert, president and founder of National Grid Partners, and former head of Intel Capital's diversity fund
- Barry Eggers, founding partner, Lightspeed
- Cynthia Muller, director of mission-driven investment, WK Kellogg Foundation
- Angela Matheny, diverse-manager consultant, Crewcial Partners
- The event will be moderated by Alexander Davis, PitchBook News' executive editor, and Hilary Wiek, a PitchBook senior analyst
RSVP today to join us | | | | | | | | | | Antitrust regulators have broken up AT&T before. This time, the telecom titan might be on the verge of doing the deed itself. [Bloomberg]
An interview with Kathleen McCarthy, global co-head of real estate at Blackstone, about how the firm envisions the post-pandemic future of real estate. [Fortune]
When he took the reins of Mastercard, Ajay Banga rejected quarterly earnings guidance in favor of a more forward-looking approach. It's a strategy that's paying off during the pandemic. [The New York Times] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 47 Deals | 273 People | 73 Companies | 1 Funds | | | | | | |
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| 2016 Vintage Global Funds-of-Funds | | | | | | |
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| Pony.ai picks up $267M Series C | | | Ontario Teachers' Pension Plan has led a $267 million investment in Pony.ai, a developer of self-driving cars and other autonomous vehicle technology. The Series C funding values the company, which maintains offices in both the US and China, at more than $5.3 billion. Pony.ai raised a prior $462 million round in February at a reported valuation of some $3 billion. | | | | | | | | ColdQuanta collects $32M Series A | | | ColdQuanta has raised $32 million in a round co-led by Global Frontier Investments and LCP Quantum Partners. The Boulder, Colo.-based company develops instruments and systems for quantum technology applications like computers and positioning systems. Founded in 2007, the company was valued at $30 million in November 2019, according to PitchBook data. | | | | | | | | Aperio Systems gets $8.5M from National Grid | | | Aperio Systems, an industrial internet-of-things data specialist based in Israel, has pulled in an $8.5 million Series A round led by National Grid Partners, the venture arm of the UK's National Grid. | | | | | | | | | | | | |
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| PE-backed Telus International to take over Lionbridge | | | Customer experience specialist Telus International has agreed to acquire Lionbridge AI, a Massachusetts-based provider of training data and data annotation services used to teach AI systems, for C$1.2 billion (nearly $920 million). Baring Private Equity Asia acquired a 35% stake in Telus International from Canadian telecom company Telus in 2016, valuing the business at C$1.2 billion. | | | | | | | | Carlyle buys Manna Pro for second time | | | The Carlyle Group has acquired a majority stake in Manna Pro Products, a St. Louis-based manufacturer of pet care products, from Morgan Stanley Capital Partners, which acquired the business in 2017 from Carlyle. Carlyle's initial investment came in 2015. Funds for the new deal will come from the firm's current $18.5 billion flagship fund. | | | | | | | | Altas to back Unified Women's Healthcare | | | Altas Partners has agreed to invest in Unified Women's Healthcare, a Boca Raton, Fla.-based provider of practice management software for OB-GYNs and the women's healthcare space. Existing Unified backer Ares Management will invest alongside Altas, with Altas holding the larger stake. | | | | | | | | IK Investment inks deal for Alba | | | IK Investment Partners has agreed to acquire Alba Baving Group, a German provider of infrastructure maintenance and cleaning services. Founded in 1964, Alba offers street sweeping, sink box cleaning and other road cleaning services in more than 120 cities across Germany. | | | | | |
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| Paysafe considers possible $10B listing | | | Paysafe has begun speaking with advisers about a potential IPO or merger with a special-purpose acquisition company that could value the British payments specialist and its debt at more than $10 billion, according to Bloomberg. Blackstone and CVC Capital Partners have owned Paysafe since 2017. | | | | | |
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| PE-backed Petco registers for IPO | | | | | | | | | | EQT is preparing a public offering for SUSE that could value the open-source software specialist at some €5 billion (about $5.9 billion), Bloomberg reported. EQT acquired the German company from Micro Focus International last year for nearly $2.54 billion. | | | | | |
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| Graham Partners pulls in $937M | | | Graham Partners has closed its fifth flagship fund on $937 million, reaching its hard cap. Based in Newtown Square, Pa., Graham typically makes controlling investments in tech-focused manufacturing companies serving a range of industries including food, medical and advanced building products. | | | | | |
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| Novo Nordisk lines up $1.35B takeover | | | Danish pharmaceutical giant Novo Nordisk has agreed to acquire Emisphere Technologies for $1.35 billion in cash. Emisphere is a New Jersey-based developer of drug delivery technologies. Novo Nordisk and Emisphere have collaborated on a proprietary oral absorption product called Eligen since 2007. | | | | | | | | Maker of AK-47s gets new majority owner | | | Alan Lushnikov, who was Russia's deputy transport minister from 2017 to 2018, has acquired a 75% stake in Concern Kalashnikov, the longtime maker of the AK-47 rifle, according to reports. State-run defense company Rostec will reportedly retain the other 25% of Kalashnikov, which is also based in Russia. | | | | | |
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"Through Q3, over three-quarters of PE deal volume in the DACH region closed in Germany, one of the more successful Eurozone countries to navigate the pandemic. Germany's GDP has reduced in 2020, partly due to international trade wars, Brexit, and the pandemic's impact on its industrial and automotive industries, two essential sectors in the country's economy."
Source: PitchBook's 2020 DACH Private Capital Breakdown | | | | | |
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