Private Equity Consortium purchases DuPont Clean Technologies business

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.

Coca Cola sells ZICO back to original founder

When news leaked last October that beverage giant The Coca-Cola Company was looking to discontinue its ZICO Coconut Water brand as part of a broader culling of its portfolio, private-equity investor Mark Rampolla couldn’t wait to pick up the phone.

Rampolla started Zico a decade later above the garage of his New Jersey home. At the time, the market in the U.S. hadn’t really taken hold and was populated by smaller offerings from companies such as Goya and premium waters being imported from Brazil. Five years later, Rampolla sold a minority stake in Zico to Coca-Cola for $15 million before the beverage giant acquired the rest in 2013.

Zico will be added to the portfolio of PowerPlant Ventures, an equity fund Rampolla co-founded in 2015 that has invested in companies including Beyond Meat, Apeel Sciences and Just. PowerPlant, which is only acquiring the Zico brand name from Coca-Cola, will spend the first year reviewing the business, reestablishing relationships with suppliers and building up production.

Alter Domus Acquires Strata Fund Solutions

Alter Domus, a fully integrated provider of fund administration, debt capital markets and corporate services backed by the Permira funds, today announced the acquisition of Strata Fund Solutions LLC, a leading fund administrator serving US private equity and venture capital funds.

In joining forces with Strata, Alter Domus North America leaps to top three largest private asset servicers for US alternative asset managers. This transaction also drives Alter Domus’ global assets under management over $1 trillion, making it one of the largest private asset servicers for alternative assets investors globally and an undisputed leader in the private equity and venture capital servicing space.

In December 2020, Alter Domus acquired IPS Fund Services LLC, a Boston-Based fund administrator serving private equity and venture capital funds. In the same month, Alter Domus also announced the acquisition of UK-based technology platform Credit-Vision, portfolio management and financial analysis provider for private debt investors and debt capital markets participants.

KKR joins bidding war for Ryan Tedder music rights

KKR & Co. Inc. has joined a feeding frenzy for lucrative song rights after agreeing to buy a majority stake in the catalogue of songwriter Ryan Tedder, who has penned hits for Beyoncé, Adele, Paul McCartney and Stevie Wonder.

KKR said it would work to expand the reach of Mr Tedder’s music, the catalogue includes nearly 500 songs that have sold more than 420 million copies, or the equivalent of 63 billion streams, through its network of digital investments. The private equity group also has stakes in TikTok owner ByteDance, India’s Jio Platforms and Fortnite game maker Epic Games.

The New York-headquartered group, which made the investment through its Dislocation Opportunities Fund, has targeted music in the past. It was an original investor in music company BMG – The New Music Company when it was relaunched in 2009.

Staples tries one more time to acquire Office Depot

Staples has put a $2.1 billion takeover offer on the table for Office Depot. Staples has announced that by March it would make an all-cash tender offer for all ODP common shares outstanding “in the event we cannot reach a negotiated agreement with ODP.”

In September 2017 the New York retail- and consumer-focused private-equity firm Sycamore Partners LLP acquired Staples for about $6.9 billion.

Staples in 2016 had tried to buy Office Depot, but the $6.3 billion acquisition was called off because of antitrust concern. The two companies also agreed to merge in 1996, but the deal was put to rest as a government lawsuit argued the move would have meant higher prices for office supplies.

Silver Lake in talks to acquire New Zealand All Blacks

The American private equity investor, Silver Lake, which part-owns Manchester City Football Club is in advanced talks to buy a stake in the New Zealand Rugby All Blacks, one of the most iconic names in global sport.

Insiders said the transaction if confirmed, could involve the purchase of a 15% stake at a roughly $2bn (£1.5bn) valuation.

CVC Capital Partners, the private equity firm which made a fortune from investing in Formula 1 motor racing, is attempting to finalize a deal to buy a substantial stake in the Six Nations Rugby to add to its backing of Premiership Rugby.

Conair Corporation in advance talks with Spectrum brands and CVC Capital Partners

Spectrum Brands, Inc and private equity firm CVC Capital Partners are in advanced talks to acquire hair-dryer maker Conair Corporation, according to people with knowledge of the matter.

The deal could value Conair at about $2 billion, the people said, asking not to be identified because the information is private. The suitors aim to reach an agreement within weeks, though negotiations could still fall apart, the people said.

Any transaction will add to the $8.3 billion of deals involving appliance makers announced over the past 12 months. Royal Philips is also selling its home appliance arm, which makes everything from coffee makers to air purifiers. CVC was among several large buyout firms that initially expressed interest in the Philips unit, but the Dutch company shortlisted a clutch of Asian suitors.

Partners Group acquires Careismatic Brands

Partners Group bought medical-apparel company Careismatic Brands, Inc. for about $1.3 billion including debt, in the private equity firm’s latest health-care deal.

The Swiss company purchased Careismatic from private equity firm New Mountain Capital, according to a statement Thursday that didn’t disclose terms of the transaction. Partners Group plans to bolster Careismatic’s growth by introducing new products and digitizing sales and marketing.

Partners Group, with more than $96 billion in assets, has been pursuing deals in niche segments of the health-care industry. Recent acquisitions include vision-services provider EyeCare Partners and Wedgewood Pharmacy.

UnitedHealth acquires Change Healthcare

UnitedHealth Group agrees to buy Change Healthcare in a deal that values the health technology company at more than $13 billion.

The deal is expected to close in the second half of 2021. Private-equity funds affiliated with Blackstone Group that owns about 20% of Change Healthcare’s common stock have agreed to vote in favor of the deal, which is expected to boost UnitedHealth’s adjusted per-share earnings by 50 cents in 2022, the companies said.

The acquisition is the second major healthcare deal in the first week of 2021. Centene Corporation announced that it has agreed to buy Magellan Health in a $2.2 billion tie-up.

AmerisourceBergen acquires Walgreens Boots Alliance’s distribution business for $6.5 billion

U.S. drug wholesaler AmerisourceBergen said on Wednesday it would buy Walgreens Boots Alliance’s distribution business for $6.5 billion to expand in Europe as well as to compete better in the U.S. healthcare sector.

Walgreens had in 2019 explored going private and held preliminary discussions with private equity firms, including KKR & Co. Inc. However buyout talks between KKR and Walgreens stalled after loan buyers pushed back over the terms, with the report adding that there doesn’t appear to be an imminent deal.

The biggest impediment: KKR and its prospective financiers reportedly couldn’t come close to agreeing on the company’s valuation, estimated to be between $75 and $80 per share, or roughly $70 billion for the full business.