LVMH Jumps in to Pet Care, JetBlue Buys Spirit, & Klaviyo's IPO
September 12, 2023's biggest news in the private markets.
Mergers, Acquisitions, & Investments
Dive into Strategy: With $5.9B under management, London's Arjun Infrastructure Partners weighs its next move amidst a shifting PE landscape.
A Tasty Union: J.M. Smucker takes a bite out of the market, clinching a deal to buy the iconic Twinkies maker, Hostess Brands, for a sweet $5.6B.
Hitting the Pause Button: EU antitrust watchdogs halt their probe into Amazon’s $1.7B play for iRobot, awaiting deeper insights from the companies involved.
Down Under's Big Move: Australia's leading pension fund, AustralianSuper, confidently secures a minority stake in Vantage Data’s EMEA business for a cool $1.6B.
Gaming's Next Level: Embracer Group considers the fate of Gearbox Entertainment, which it acquired for $1.3B, eyeing potential sale or spin-off options.
Strategic Financial Dance: Cetera Financial Group gears up to take Avantax private in a bold $1.2B move, debt included.
Elevating Stakes: KKR is set to deepen its commitment, pouring over $1B into USI Insurance Services, positioning itself as the dominant shareholder.
Island Luxury Up for Grabs: Join Monarch, Royal Palm Cos., and an Aimbridge affiliate as they consider parting with the Hyatt Regency Grand Reserve in Puerto Rico, a deal potentially touching $200M.
Education's New Chapter: Byju’s, the edtech player facing challenges, is in active discussions to offload its US-based Epic! Creations and Great Learning Education unit to revitalize its finances.
Football Fever: 777 Partners is on the verge of a major play, nearing a deal to take over Everton Football Club from Farhad Moshiri.
Pet Care Meets High Fashion: L Catterton, with the backing of fashion powerhouse LVMH, is about to make its mark in Japan by acquiring a controlling interest in veterinary firm Withmal.
Wings of Change: JetBlue Airways gears up for its $3.8B Spirit acquisition, and in a strategic move, agrees to hand over Spirit Airlines’ Boston and Newark assets to Allegiant Air.
Venture Capital
Powering a Greener Future: Ascend Elements, the battery recycling prodigy, electrifies the market with a monumental $542M Series D, championed by Decarbonization Partners.
Retail Titan's Latest Backer: Reliance Retail, the crown jewel of India's retail scene, shines even brighter with a $250M boost from KKR, pushing its valuation to a staggering $100B.
Shining a Light on Clean Energy: Solar powerhouse BlueWave harnesses a luminous $91M in funding, splitting between a debt lift-off of $64M with KeyBank and a tax equity ascent of $27M with U.S. Bancorp.
Reaching for the Stars: Open Cosmos, the UK's satellite sensation, rockets to new heights with a galactic $50M round, propelled by ETF Partners.
Guardians of the Atmosphere: GHGSat, the vanguard in emissions intelligence, seals a substantial $44M Series C1, bolstered by industry leaders like BDC Capital and Fonds de solidarité FTQ.
Logistics Revolution from the East: Kale Logistics brings innovation to supply chains, securing a robust $30M Series B infusion, captained by Creaegis Advisors.
Digital Commerce's Next Big Thing: eCommerce prodigy AMP amplifies its potential, pocketing an impressive $18.5M Series A, orchestrated by Jungle Ventures and Openspace Ventures.
Pathfinding in Pathology: From the heart of Paris, Tribun Health accelerates digital pathology with a $16.1M Series B, boosted by Bpifrance's trust.
Banking on SaaS: Tradeteq, London's answer to bank-tech, banks a confident $12.5M Series A Plus, backed by the visionaries at MS&AD Ventures.
Gaming's Strategic Ace: GamePhilos, Singapore's strategy gaming maestro, levels up with an $8M seed boost, championed by a consortium including Xterio and Animoca Ventures.
Elevating EdTech: Mathpresso brews success with an $8M round, fortified by the telecommunication giant, Korean Telecom's KT.
Protective Innovation: Detrapel, the trailblazer in sustainable coatings, layers on a $7.6M Series A, thanks to Material Impact's support.
Revving Up Electrics: Land sparks innovation in electric mobility, securing a vibrant $7M Series A, electrified by Ancora's backing.
Proteins with Promise: Scala Biodesign, Israel's protein prodigy, cultivates a healthy $5.5M seed fund, enriched by TLV Partners.
Empowering the Workforce: Common Trust redefines employee ownership, garnering a robust $2.6M seed round, steered by Crossbeam Venture Partners.
The Compliance Cornerstone: From the NYC skyline, Hadrius fortifies SEC compliance, drawing a solid $2M seed boost from notable names like Y Combinator and Lynett Capital.
IPO
Shopping for Success: Instacart is eyeing a bountiful harvest, targeting as much as $616M, which could propel its worth to $9.3B as it debuts in the IPO scene.
Marketing Megastar's Big Move: Klaviyo is gearing up to dazzle the US IPO stage, aiming to pocket up to $518M and solidify its stature with an $8.4B valuation.
Biopharma's Rising Star: Backed by industry giants SoftBank and Amgen, Neumora Therapeutics has its sights set on a robust valuation of up to $2.7B as it steps into the US IPO spotlight.
India's Green Energy Play: The state-owned financial champion, Indian Renewable Energy Development Agency, is all set to make its grand entry with an IPO filing.
Retail Royalty's Grand Entrance: Lulu Group International, the UAE's retail titan, is preparing to dazzle the market with its IPO, scheduled to unfold in the first half of 2024.
Debt
Sweetening the Deal: J.M. Smucker partners with financial giants Bank of America and RBC Capital Markets, securing a robust $5.2B bridge loan to seal its delectable acquisition of Hostess Brands.
Going the Distance with Bonds: T-Mobile capitalizes on a two-pronged bond offering, amassing $2B with the crown jewel being a formidable 30-year security.
Clear Vision for Acquisition: Under JPMorgan Chase's leadership, a banking coalition unveils a striking $1.9B bond-and-loan package, setting the stage for Bausch + Lomb's acquisition of a coveted eye medicine portfolio from Novartis.
Sailing Green Waters: A.P. Moller-Maersk, Denmark's shipping behemoth, dives into sustainable finance, raising $750M in its pioneering dollar-denominated green bond sale.
Jewel of the Bond Market: Tata Group's gleaming jewelry arm, Titan, contemplates a sparkling debut with its potential first rupee bond, valued at an enticing $362M.
Bankruptcy
Hengli Petrochemical is embarking on a transformative $1.9B restructuring journey for its offspring, Kanghui New Material Technology.
Wilko, the renowned UK retailer, is taking a heartfelt farewell, with plans to shutter its last 300 outlets following an unsuccessful rescue effort.
Soft Surroundings has announced a bankruptcy filing, signaling the closure of its 44 boutiques. But there's a twist: Coldwater Creek is stepping in to acquire its digital and catalog domains.
Fundraising
Brookfield Asset Management and Societe Generale are joining forces, crafting a monumental $10.7B private debt fund.
Visionary Shuhei Abe of Sparx Group has an ambitious target: to garner a staggering $2B by 2024. The mission? To champion undervalued, yet brilliantly-managed Japanese firms through the Sparx Owners’ Commitment Fund.
Breaking new ground, Edelweiss Alternatives unveils its debut climate fund. With eyes set on a $500M target, they're on a quest to fuel climate-related ventures of pioneering Indian corporations.