Wheels Up Partners Plans IPO

Wheels Up Partners said on Monday it had agreed to go public through a merger with blank-check firm Aspirational Consumer Lifestyle Corp, valuing the private jet charter company at $2.1 billion.

Aspirational Consumer Lifestyle, a special purpose acquisition company (SPAC) led by LVMH executive and veteran private equity investor Ravi Thakran, raised $225 million in an initial public offering (IPO) last year.

The New York-based company is set to receive $790 million in gross proceeds on the transaction, including $550 million from investors such as T. Rowe Price, Fidelity Investments, and Franklin Advisors.

The Carlyle Group acquires three German logistics assets

Global investment firm The Carlyle Group today announced that it has acquired a portfolio of three distribution logistics assets in Germany from Nuveen Real Estate Income Fund and Palmira Capital Partners.

Equity for the transaction came from Carlyle Europe Realty (CER), a €540 million pan-European real estate fund. In October 2020, CER acquired a portfolio of 27 distribution logistics assets in France and Germany.

The European logistics space has been a key focus for CER since 2016. While the sector has enjoyed rapid growth in recent years, the Covid-19 pandemic has accelerated this with higher delivery volumes resulting from the continued shift towards e-commerce.

H.I.G. Capital Affiliate invests in Makios Logistics S.A.

H.I.G. Capital, a leading global alternative investment firm with $43 billion of equity capital under management, announced that one of its affiliates has invested in Makios Logistics S.A. a leading provider of integrated logistics services and a market leader in temperature-controlled warehousing in Greece.

Founded in 1927, the Company is strategically located next to the port of Thessaloniki. Makios currently owns and operates two state of the art logistics assets in Thessaloniki and also owns logistics assets and land north of Athens with significant expansion potential.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion.

Driven Brands plans to raise $760 Million in IPO

Driven Brands, Inc., one of the largest U.S. auto services franchisers, is looking to raise as much as $760 million through an initial public offering, which would value the Roark Capital-owned company at about $3.4 billion.

Last year, private equity firm Roark Capital, which acquired Driven from Harvest Partners in 2015, had considered selling it for about $2 billion, according to a Bloomberg LP report.

Driven reported $2.4 billion in sales in the nine months ended Sep. 26, 2020, generating $616 million in revenue, according to the filing.

EQT Group joins the race to win FirstGroup Plc US Business

An infrastructure fund run by private equity firm EQT Group has joined the race for the £2.5bn US operations of FirstGroup plc, the London-listed transport operator.

EQT tabled an offer worth roughly $3.7bn just days before Christmas. KKR & Co. Inc., the New York-listed investment giant, is among the other contenders to buy the vast US business.

Last month FirstGroup America added that it was “in discussions with a number of credible potential buyers who have a long-term perspective”.

Gojek and Tokopedia are in advanced talks on $18 billion merger

Indonesian ride-hailing and payments firm Gojek and e-commerce leader Tokopedia are in advanced talks to seal a $18 billion merger ahead of a potential dual listing in Jakarta and the United States.

Common investors in the pair, which are Indonesia’s most valuable start-ups, include Temasek, Sequoia Capital and Google. Alibaba Group and SoftBank Group are among Tokopedia’s investors, while Gojek’s include Warburg Pincus LLC and Tencent Holdings.

The people said Gojek was last valued at just over $10 billion and Tokopedia at around $7 billion. The combined entity would figure in the top 10 Indonesian companies by market value and become one of the largest Southeast Asian tech companies.

REE Automotive Considering IPO

REE Automotive, which develops modular platforms for electric vehicles, is in negotiations to go public at a valuation of between $3-4 billion via a SPAC.

Should the merger go ahead, REE is expected to receive access to the SPAC’s funds and to another several hundreds of millions of dollars in PIPE (Private investment in public equity) investments.

Shares of REE have been traded in the secondary market this year at a company valuation of $1.1 billion, far less than it is expected to be valued in the SPAC merger.