Kirkland & Ellis

CD&R to Acquire Presidio from BC Partners

Retrieved on:

Tuesday, April 2, 2024

NEW YORK, April 2, 2024 /PRNewswire/ -- Clayton Dubilier & Rice ("CD&R" or the "Firm") and BC Partners today announced that they have entered into a definitive agreement under which funds affiliated with CD&R will acquire a majority ownership position in Presidio, a leading technology services and solutions provider, from BC Partners. As part of the transaction, funds affiliated with BC Partners will retain minority ownership interest in Presidio. Terms of the transaction were not disclosed.

Key Points:

NEW YORK, April 2, 2024 /PRNewswire/ -- Clayton Dubilier & Rice ("CD&R" or the "Firm") and BC Partners today announced that they have entered into a definitive agreement under which funds affiliated with CD&R will acquire a majority ownership position in Presidio, a leading technology services and solutions provider, from BC Partners.
As part of the transaction, funds affiliated with BC Partners will retain minority ownership interest in Presidio.
BC Partners acquired Presidio in 2019, successfully delisting the Company from the Nasdaq in a $2.1 billion take private transaction.
Under BC Partners' ownership, Presidio initiated and completed a transformative growth plan, developing a leading cloud services business and expanding internationally.

EQT Private Equity to Acquire Avetta from WCAS

Retrieved on:

Tuesday, April 2, 2024

Avetta's solution improves the resilience of supply chains worldwide by helping hiring clients and suppliers manage their supply chain risk effectively and improve safety, security, sustainability, worker competency, and performance across major industries

Key Points:

Avetta's solution improves the resilience of supply chains worldwide by helping hiring clients and suppliers manage their supply chain risk effectively and improve safety, security, sustainability, worker competency, and performance across major industries
NEW YORK, April 2, 2024 /PRNewswire/ -- EQT Private Equity announced today that the EQT X fund ("EQT") has agreed to acquire Avetta (the "Company") from Welsh, Carson, Anderson & Stowe ("WCAS").
Together, EQT and Avetta are committed to investing in innovation to address the critical challenges facing global supply chains today.
Arvindh Kumar, Partner and Co-Head of Technology within EQT's Private Equity Advisory Team, said, "Avetta's leadership position, world-class SaaS platform, and commitment to ESG represent a highly thematic investment opportunity for EQT.
Avetta is an excellent example of how WCAS supports accelerating value creation and driving technology businesses to the next level.

EQT Private Equity to Acquire Avetta from WCAS

Retrieved on:

Tuesday, April 2, 2024

Avetta's solution improves the resilience of supply chains worldwide by helping hiring clients and suppliers manage their supply chain risk effectively and improve safety, security, sustainability, worker competency, and performance across major industries

Key Points:

Avetta's solution improves the resilience of supply chains worldwide by helping hiring clients and suppliers manage their supply chain risk effectively and improve safety, security, sustainability, worker competency, and performance across major industries
NEW YORK, April 2, 2024 /PRNewswire/ -- EQT Private Equity announced today that the EQT X fund ("EQT") has agreed to acquire Avetta (the "Company") from Welsh, Carson, Anderson & Stowe ("WCAS").
Together, EQT and Avetta are committed to investing in innovation to address the critical challenges facing global supply chains today.
Arvindh Kumar, Partner and Co-Head of Technology within EQT's Private Equity Advisory Team, said, "Avetta's leadership position, world-class SaaS platform, and commitment to ESG represent a highly thematic investment opportunity for EQT.
Avetta is an excellent example of how WCAS supports accelerating value creation and driving technology businesses to the next level.

Nuvei enters into agreement to be taken private by Advent International, alongside existing Canadian shareholders Philip Fayer, Novacap and CDPQ at a price of US$34.00 per share

Retrieved on:

Monday, April 1, 2024

MONTREAL, April 1, 2024 /PRNewswire/ -- Nuvei Corporation ("Nuvei" or the "Company") (Nasdaq: NVEI) (TSX: NVEI), today announced that it has entered into a definitive arrangement agreement (the "Arrangement Agreement") to be taken private by Advent International ("Advent"), one of the world's largest and most experienced global private equity investors, with the support of each of the Company's holders of multiple voting shares ("Multiple Voting Shares"), being Philip Fayer, certain investment funds managed by Novacap Management Inc. (collectively, "Novacap") and CDPQ, via an all-cash transaction which values Nuvei at an enterprise value of approximately US$6.3 billion. The Company will continue to be based in Montreal.

Key Points:

Nuvei will benefit from the significant resources, operational, and sector expertise, as well as the capacity for investment provided by Advent.
Philip Fayer will remain Nuvei's Chair and Chief Executive Officer and will lead the business in all aspects of its operations.
Fayer continued: "Our strategic initiatives have always focused on accelerating our customers revenue, driving innovation across our technology, and developing our people.
Bringing in a partner with such extensive experience in the payments sector will continue to support our development."

Grafine Partners Closes on $600 Million for Inaugural Strategy

Retrieved on:

Thursday, March 28, 2024

Kirkland & Ellis, Strategy, History, Public utility

NEW YORK, March 28, 2024 /PRNewswire/ -- Grafine Partners ("Grafine"), a private investment firm that accesses differentiated sources of alpha by investing in new firms led by experienced private equity investors, today announced that it closed its inaugural strategy, Grafine Capital I ("the Strategy") and parallel vehicles, with approximately $600 million in total capital commitments. The Strategy exceeded its target of $500 million with commitments from a small and select group of institutional investors seeking new and innovative approaches to generating returns. Grafine's first strategy provides anchor LP capital and institutional-level support to first-time funds launched by experienced private markets investors, in exchange for revenue sharing and access to co-investment opportunities for its LPs.

Key Points:

NEW YORK, March 28, 2024 /PRNewswire/ -- Grafine Partners ("Grafine"), a private investment firm that accesses differentiated sources of alpha by investing in new firms led by experienced private equity investors, today announced that it closed its inaugural strategy, Grafine Capital I ("the Strategy") and parallel vehicles, with approximately $600 million in total capital commitments.
The Strategy exceeded its target of $500 million with commitments from a small and select group of institutional investors seeking new and innovative approaches to generating returns.
Grafine's first strategy provides anchor LP capital and institutional-level support to first-time funds launched by experienced private markets investors, in exchange for revenue sharing and access to co-investment opportunities for its LPs.
Stanley Capital Partners , a European-focused mid-market private equity firm focused on healthcare, technology & resource efficiency.

CPS Energy Acquires Gas Plants in Corpus Christi and Laredo From Talen Energy as Part of Approved Generation Plan

Retrieved on:

Wednesday, March 27, 2024

SAN ANTONIO, March 27, 2024 /PRNewswire/ -- Today, CPS Energy and Talen Energy Corporation ("Talen") (OTCQX: TLNE) announced an agreement for CPS Energy to acquire Talen's approximately 1,710-megawatt ("MW") generation portfolio located in the South Zone of the Electric Reliability Council of Texas ("ERCOT") market for $785 million subject to customary net working capital adjustments at closing. These assets include natural gas plants in Corpus Christi and Laredo. The transaction is expected to close in the second quarter of 2024.

Key Points:

These assets include natural gas plants in Corpus Christi and Laredo.
This action supports CPS Energy's generation plan, approved in 2023 by its Board of Trustees.
CPS Energy's Vision 2027 plan includes its generation plan that contemplates the retirement of 2,249 MW of older and inefficient dispatchable generation capacity before 2030.
CPS Energy has added 730 MW of solar energy and 50 MW of energy storage to date as part of its generation plan, with an additional 500 MW energy storage RFP in the works.

CPS ENERGY ACQUIRES GAS PLANTS IN CORPUS CHRISTI AND LAREDO FROM TALEN ENERGY AS PART OF APPROVED GENERATION PLAN

Retrieved on:

Wednesday, March 27, 2024

SAN ANTONIO, March 27, 2024 /PRNewswire/ -- Today, CPS Energy and Talen Energy Corporation ("Talen") (OTCQX: TLNE) announced an agreement for CPS Energy to acquire Talen's approximately 1,710-megawatt ("MW") generation portfolio located in the South Zone of the Electric Reliability Council of Texas ("ERCOT") market for $785 million subject to customary net working capital adjustments at closing. These assets include natural gas plants in Corpus Christi and Laredo. The transaction is expected to close in the second quarter of 2024.

Key Points:

These assets include natural gas plants in Corpus Christi and Laredo.
This action supports CPS Energy's generation plan, approved in 2023 by its Board of Trustees.
CPS Energy's Vision 2027 plan includes its generation plan that contemplates the retirement of 2,249 MW of older and inefficient dispatchable generation capacity before 2030.
CPS Energy has added 730 MW of solar energy and 50 MW of energy storage to date as part of its generation plan, with an additional 500 MW energy storage RFP in the works.

MCDERMOTT ANNOUNCES COMPLETION OF TRANSACTION SUPPORT AGREEMENT AND AMENDMENT & EXTENSION OF CREDIT FACILITIES

Retrieved on:

Tuesday, March 26, 2024

Letter, Growth, Part, Alvarez and Marsal, McDermott International, LLP, McKelvy, CB, Credit, NautaDutilh, TSA, Kirkland & Ellis, Cryptocurrency

HOUSTON, March 26, 2024 /PRNewswire/ -- McDermott International, Ltd ("McDermott" or the "Company") today announced that it has completed the transactions contemplated by the Transaction Support Agreement ("TSA"), including the successful conclusion of the interrelated Dutch and UK legal processes that support the TSA, full resolution of the Reficar arbitration award related liabilities, and the amendment and extension of McDermott's letter of credit and term loan facilities.

Key Points:

As reported in September 2023, the Transaction Support Agreement reflects strong support of the Company's owners and lenders; extends McDermott's letter of credit and term loan facilities for three years, until mid-2027; and resets McDermott's capital structure for long-term growth and success.
Following that, on March 22, the U.S. Court recognized the Dutch and UK rulings pursuant to Chapter 15.
We have completed the legal processes and the transactions contemplated by the Transaction Support Agreement smoothly and effectively.
Kirkland & Ellis LLP and NautaDutilh served as legal counsel to McDermott; Credit Suisse/UBS served as the Company's financial advisor; and Alvarez & Marsal served as restructuring advisor.

DEALMAKER AND RESTRUCTURING EXPERT JAMES H.M. SPRAYREGEN TO JOIN HILCO GLOBAL AS VICE CHAIRMAN AND A KEY GROWTH PARTNER AT THE GLOBAL FINANCIAL SERVICES FIRM

Retrieved on:

Tuesday, March 19, 2024

As Vice Chairman, Mr. Sprayregen will serve as a partner and key strategic advisor to Hilco Global CEO and founder, Jeffrey Hecktman, working alongside another recent hire, David Kurtz – Vice Chairman and Chief Strategic Officer who joined the firm from Lazard in the fall of 2023.

Key Points:

As Vice Chairman, Mr. Sprayregen will serve as a partner and key strategic advisor to Hilco Global CEO and founder, Jeffrey Hecktman, working alongside another recent hire, David Kurtz – Vice Chairman and Chief Strategic Officer who joined the firm from Lazard in the fall of 2023.
These relationships provide an incredible foundation for me to contribute and to play a key role in taking Hilco to the next level of growth and expansion."
Sprayregen joins Hilco Global from Kirkland & Ellis, where he was the founder of the Kirkland Restructuring Group.
He was co-head of the Restructuring Group at Goldman Sachs from 2006–2008 and returned to Kirkland at the end of 2008.

GTCR Completes Acquisition of Cloudbreak Health

Retrieved on:

Monday, March 18, 2024

Stifel, Entrepreneurship, Health equity, Caregiver, Patient, Telecommunications, Hospital, LLP, Acquisition, Investment, Moelis & Company, GTCR, Barings LLC, Kirkland & Ellis, Financial services

CHICAGO, March 18, 2024 /PRNewswire/ -- GTCR, a leading private equity firm, announced today that it has closed the acquisition of Cloudbreak Health ("Cloudbreak" or "the Company"), a leading provider of tech-enabled, healthcare-focused language interpretation services, in a corporate carve-out transaction from UpHealth, Inc.

Key Points:

Cloudbreak serves clinicians and patients across all types of healthcare settings, including hospitals, urgent care centers, standalone clinics and medical practices, and helps improve health equity across an underserved U.S. patient population.
Mark Anderson, Managing Director and Head of Technology, Media & Telecommunications at GTCR, stated: "Cloudbreak has a longstanding reputation as a high-quality provider of interpretative telehealth services supporting an underserved patient population that we are excited to advance together.
"GTCR's investment in Cloudbreak will enhance the company's offering while remaining true to its critical mission of democratizing healthcare.
We are thrilled to work with Andy and the team to build on Cloudbreak's market-leading position in healthcare interpretation," added Geoffrey Tresley, Principal at GTCR.