Private equity firm TPG is selling more than 10% of its clinical research and testing provider Novotech Ltd to a group of investors.
The transaction will value Novotech at more than $2.3 billion as the company prepares for an initial public offering in Hong Kong later this year, said Joel Thickins, head of Australia and New Zealand for TPG Capital Asia. He is also chairman of Novotech.
The valuation makes the company one of the most successful investments for the private equity group in Asia, he said. The Sydney-based firm has increased revenues by more than 30% a year under TPG’s ownership since 2017, most recently helping with clinical trials for Covid-19 vaccines, as well as cancer and hepatitis drugs.
China-focused private equity firm ZQ Capital Limited sold a U.S. medical device manufacturer to buyout firm GTCR LLC for about $800 million including debt, people familiar with the matter said.
A consortium led by ZQ Capital, founded by a pair of former Barclays and JPMorgan Chase & Co. bankers, and Vivo Capital, sold Surgical Specialties Corporation TM. according to a release on Monday, which didn’t give the transaction value.
Other co-investors in the original 2017 purchase of the Massachusetts-based device maker included Aretex Capital Partners, China Orient Asset Management Corporation, Fung Shing Investment, FS KKR Capital Corp, Cathay Venture and Nan Fung Group, the release showed.
U.K. private equity firm Manzanita Capital is exploring options including a sale of skincare brand Eve Lom, which is famous for its cleanser balm, according to people with knowledge of the matter.
The London-based buyout firm is working with an adviser to seek a buyer for the asset, which could fetch as much as $200 million in a deal, the people said. The skincare brand has drawn preliminary interest from potential suitors in Asia, said the people, who asked not to be identified as the information is private.
Facialist Eve Lom founded the eponymous brand in the 1980s after she opened her first beauty salon in London and started selling cleansing balm, according to the website of retailer SpaceNK, the parent of Space Brands Ltd, which houses the skincare brand.
An international private equity consortium consisting of BroadPeak Global, Asia Green Fund, and The Saudi Arabian Industrial Investments Company announced that they have signed a definitive agreement whereby the Group will purchase the Clean Technologies business of DuPont de Nemours for $510 million in cash.
As part of the transaction, Tensile Capital Management is providing preferred equity financing. The transaction is expected to close in the second quarter of 2021 subject to customary closing conditions and regulatory approvals.
The Group and DuPont are working together to execute a seamless transition plan that will serve Clean Technologies and its global customer base both reliably and safely.
Private equity firms Brookfield Asset Management, Bain Capital, The Carlyle Group, and UK-based Permira have initiated due diligence for buying a controlling stake in Blackstone-backed tech firm Mphasis, reports said.
Blackstone’s 56.16% stake alone would be valued at $2.2 billion based on the company’s current market value. A sale will trigger an open offer for an additional 26%, which, if successful, can lead to the acquirer controlling more than 80% of the company in a deal that could cost about $3.1 billion. That would make it the largest technology deal in India to date.
Blackstone is looking to cash out of its largest investment in India to date after they invested about $1.1 billion in 2016. Blackstone increased their investment in the company after its share price fell more than one-third from its year-high in mid-March in a widespread market sell-off because of Covid-19.
Sunpower Group Ltd is divesting its manufacturing and services (M&S) business for $463.3 million.
Upon approval of the proposed divestment by Sunpower’s shareholders, the SPV will be 64 percent owned by lead investors Guangdong China Science and Tech-innovation Capital Management Co (CSTC) and CICC Alpha (Beijing) Investment Fund Management Co (CICC Alpha), as well as other China funds and independent minority investors.
CSTC is in the business of private equity and venture capital, and manages more than $2 billion. CICC Alpha’s principal business activities include asset management.