CB Insights' Potential Sale, Waste Management Innovation, & Cendana Capital's Seed-Stage Funding
September 11, 2023's biggest news in the private markets.
Mergers, Acquisitions, & Investments
Kingspan Group's Proposal: The $14B building materials firm, Kingspan Group, has made an informal proposal to merge with the $12.5B construction materials manufacturer, Carlisle Companies. However, Carlisle declined the offer.
Covestro's Negotiations: German chemical company Covestro has entered open-ended discussions with Abu Dhabi National Oil Company, following the latter's increased bid of approximately $15B.
Walmart's Potential Acquisition: Walmart is currently evaluating the possibility of acquiring a majority stake in the senior clinic operator, ChenMed, with the valuation reaching into the billions.
J.M. Smucker's Prospective Deal: J.M. Smucker is nearing an agreement to acquire Hostess Brands, the owner of Twinkies, for an estimated $4B.
Kroger's Strategic Sale: In a move to secure regulatory approval for its $25B acquisition of Albertsons, Kroger has agreed to sell over 400 of its grocery stores to C&S Wholesale Grocers for $1.9B in cash.
Asbury Automotive's Expansion: US auto dealer, Asbury Automotive Group, is in the process of acquiring privately-owned Jim Koons Automotive for an approximate value of $1.2B.
Pertamina Geothermal Energy's Acquisition: Pertamina Geothermal Energy, a subsidiary of the Indonesian state energy firm Pertamina, is in advanced negotiations to acquire a geothermal unit from KS Orka Renewables, potentially valued up to $1B.
Indosat Ooredoo Hutchison's Asset Review: Indonesian telecom company, Indosat Ooredoo Hutchison, is assessing potential options for its $1B fiber assets, which may include a stake sale.
CB Insights' Potential Sale: CB Insights, a leading provider of market intelligence on venture capital and startups, is considering a potential sale valued at around $800M.
Alchemy Copyrights' Acquisition: Los Angeles-based Alchemy Copyrights intends to purchase UK-listed Round Hill Music Royalty Fund, which holds rights to artists such as Bruno Mars and Bonnie Taylor, for $469M.
Investment in Aman: A consortium, including a unit of Abu Dhabi’s Mubadala Investment and Alpha Wave Ventures, has invested $360M in the luxury hotel operator, Aman.
The Big Table Group's Expansion: The Big Table Group, owner of Cafe Rogue, is in advanced discussions to acquire the Frankie and Benny’s and Chiquito’s restaurant chains from The Restaurant Group.
Venture Capital
Virgin Voyages' Significant Raise: Cruise operator Virgin Voyages secured a substantial $550M funding round, spearheaded by Ares Management.
Apollo Therapeutics' Series C: Biopharmaceutical portfolio company Apollo Therapeutics amassed $226.5M in a Series C round, championed by Patient Square Capital.
EIT InnoEnergy's Sustainable Investment: Sustainable energy investor EIT InnoEnergy garnered over $150M in capital, with leading contributors including Societe Generale, Santander CIB, PULSE CMA CGM Energy Fund, and Renault Group.
Zopa's Neobank Boost: UK-based neobank Zopa raised $93M in a round led by IAG SilverStripe.
Grit Biotechnology's Series B: Cell therapy firm Grit Biotechnology secured a $60M Series B round, with CICC at the forefront.
BlueWhale Bio's Visionary Funding: Aiming to resolve cell and gene therapy manufacturing challenges, startup BlueWhale Bio obtained $18M, led by Danaher Ventures.
Brine Fi's Decentralized Exchange Value: Brine Fi secured a $16.5M Series A at a commendable $100M valuation, with Pantera Capital leading the charge.
Treyd's Series A Extension: Stockholm's fintech payment innovator, Treyd, raised $12M in a Series A extension, championed by Nineyards Equity.
Ostrom's Green Energy Push: Renewable energy firm Ostrom attracted an additional $8M in investment, led by SE Ventures.
Advantek's Waste Management Vision: Startup Advantek Waste Management Services secured an $8M seed round, with Lowercarbon Capital taking the lead.
Mindtrip's AI-Driven Travel Innovation: AI-centric travel planning startup Mindtrip raised $7M in seed funding, led by Costanoa Ventures.
Delft Circuits' Quantum Leap: Dutch quantum computing pioneer Delft Circuits secured $6.7M, with DTXL leading the investment.
inari's Tech Infrastructure for Insurance: Barcelona's core tech infrastructure provider for the insurance sector, inari, raised $5.2M in a seed round, championed by Caixa Capital Risc.
OpenCover's Blockchain Insurance Vision: Blockchain insurance startup OpenCover attracted $4.6M, with significant contributions from Base Ecosystem Fund and NFX, among others.
inContAlert's Medical Innovation: Startup inContAlert, focused on bladder filling level sensors for incontinence patients, secured a $1.6M pre-seed round, led by High-Tech Gründerfonds and Carma Fund.
Takes' Sports App Experience: Sports-centric app Takes raised a $1.6M seed round, with Riccardo Silva leading the investment.
IPO
SoftBank Group's Oversubscribed IPO: SoftBank Group's IPO for chip designer Arm has garnered interest six times its offering. The company is contemplating a valuation surpassing the current approximate of $54.5B fully diluted value.
Instacart's Revised IPO Valuation: Grocery delivery giant Instacart is eyeing an IPO valuation between $8.6B and $9.3B, marking a significant decrease from its 2021 valuation of $39B.
Alibaba's Freshippo IPO Pause: Alibaba Group Holding has temporarily halted the IPO of its Hong Kong-based Freshippo grocery chain. The anticipated valuation of $4B fell short of the targeted $6B-$10B range.
ADES Holding's Major IPO: PIF-backed oil and gas drilling company ADES Holding aims to secure up to $1.2B in what is set to be Saudi Arabia's most significant IPO this year.
RR Kabel's IPO Ambition: Indian wires and cables producer RR Kabel, supported by private equity firm TPG, is gearing up to raise $236M through its IPO.
Soya Supreme's Market Entry: Prominent Pakistani cooking oil manufacturer Soya Supreme is charting its course towards an IPO.
Turo's IPO Resurgence: Car-sharing platform Turo has reignited its IPO plans, with a potential launch slated for this fall.
SPAC
Brand Engagement Network's Strategic Merger: AI tech provider specializing in personalized customer engagement, Brand Engagement Network, is joining forces with DHC Acquisition Corp. in a deal valued at $358M.
Debt
Thoma Bravo's Financing Talks: Thoma Bravo is engaging with private credit lenders regarding potential debt financing of approximately $1B to facilitate its purchase of NextGen Healthcare.
KFW's Support to Eskom Holdings: The German development bank, KFW, has extended a $214M loan to South African power entity Eskom Holdings, aimed at enhancing its transmission grid in the Northern and Western Cape regions.
Bankruptcy
Off Lease Only's Financial Struggles: Used-car retailer Off Lease Only, under the ownership of alternative investment giant Cerberus Capital Management, has declared bankruptcy following financing restrictions imposed by its lender, Ally Bank.
Fundraising
ExodusPoint Capital Management's Funding Ambition: Multi-strategy hedge fund ExodusPoint Capital Management is actively discussing plans to secure $1B in funding by the close of the year.
Cendana Capital's Seed-Stage Focus: Cendana Capital has successfully finalized $470M across multiple funds, with a strategic focus on investing in seed-stage fund managers.