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The latest Fintech M&A market report from Hampleton Partners, the international technology mergers and acquisitions advisor, reveals that 2019 saw a shift towards blockbuster M&A transactions, historically high deal count levels and impressive valuations. 2019 proved to be the second richest of the decade in terms of fintech M&A activity, with a massive 439 transactions and a disclosed transaction value of over USD130 billion – almost twice the largest disclosed value recorded to-date (USD71 billion in 2018). Valuation multiples continued their rapid climb in the second half of 2019: the trailing 30-month median revenue multiple peaked at a record 3.8x, while
Middle market private equity firm One Equity Partners’ (OEP) portfolio company, The WW Williams Company (WW Williams), has completed the acquisition of CP Company, which does business as CT Power, and Iceberg Enterprises.Headquartered in Commerce City, Colorado, CT Power is a regional dealer of transport refrigeration and temperature-control equipment, parts and services for Carrier Transicold, while Iceberg Enterprises sells trailers, and also provides trailer and parts rental, leasing services, cold storage, used equipment and other products. Founded in 1985, CP Company has facilities in Colorado, New Mexico, Nevada, Arizona and California.
“CP Company’s advanced, energy-efficient refrigeration transport equipment and services
Veincentre, a UK provider of treatment for varicose veins, is looking to expand its number of clinics across the UK this year having secured a seven-figure refinance from Santander following investment from Palatine Private Equity in 2019.Veincentre uses Endovenous Laser Ablation (EVLA), a non-invasive, non-surgical treatment for varicose veins. The benefits of this are reduced surgical and recovery times, as well as reduced signs of scarring and damage.
The company was backed by Palatine’s Impact Fund in July last year in a deal led by Beth Houghton, Head of the Impact Fund, with support from James Gregson and James
Vezeeta, Middle East and Africa’s leading digital healthcare platform has secured USD40 million in a Series D round led by Gulf Capital. The round had strong support from existing investor, Saudi Technology Ventures (STV), who led Vezeeta’s Series C round in September 2018. The fundraising supports Vezeeta’s mission to empower patients in Middle Eastern and African markets with its integrated digital healthcare platform. Vezeeta has grown to become a mainstream digital leader of health-tech solutions, enabling patients to search, book and review the best doctors and medical services in just one minute. Currently operating in 50 cities across Egypt, Saudi Arabia,
Carey Olsen’s investment funds team in Jersey has advised long-standing client Hollyport Capital on the launch and final closing of its latest secondaries fund, Hollyport Secondary Opportunities Fund VII (Fund VII).The fund, which closed at its hard cap of USD1 billion, will continue with the strategy of previous Hollyport funds and invest in mature private equity assets in the secondary market that enable investors in the asset class to realise non-core investments.
Working alongside lead counsel Macfarlanes, Carey Olsen advised on the fund’s establishment as a Jersey Expert Fund and on all Jersey-related corporate and regulatory aspects of its launch.
Clients of Connection Capital, a specialist private client investment business, have invested GBP7.5 million of private capital in the GBP24 million secondary management buyout (MBO) of global specialist container business Cargostore Worldwide Trading Ltd.The transaction sees the Management team led by CEO Justin Farrington Smith reinvesting alongside Connection Capital’s clients. The investment, coupled with new debt finance facilities provided by DunPort Capital Management, will provide Cargostore with significant capital to fund the next phase of the company’s growth plans. Cargostore’s current private equity backer, Agathos, will also retain a minority stake.
Established in 1993, Cargostore provides specialist transport and storage
Sherpa Capital, a private equity fund manager with EUR400 million in assets under management, has sold Cegasa Portable Energy to Mexican trade buyer Compañía Minera Autlán (Autlán) for EUR26.35 million.Founded in 1934 and headquartered in the Basque Country (northern Spain), Cegasa Portable Energy is the second largest producer of Electrolytic Manganese Dioxide (EMD) in Europe, with annual sales of EUR17.7 million in 2019.
The scope of the transaction has been limited to the Cegasa Portable Energy business unit, which was carved out from the Cegasa Group for its divestment. In this way, the Cegasa Energía business unit was excluded
Insight has completed its venture acquisition of enterprise IoT security company Armis company, which was announced on 6 January, 2020, at a valuation of USD1.1 billion, with participation from CapitalG for USD100 million and rollover from certain existing stockholders.Armis will continue to operate independently and will be fully managed by its two co-founders, Yevgeny Dibrov, CEO, and Nadir Izrael, CTO, and its executive team, while leveraging the support of Insight’s industry-leading business strategy and ScaleUp division, Onsite. As part of the acquisition, Insight Co-Founder and Managing Director Jeff Horing, Insight Managing Director Teddie Wardi, Insight Principal Thomas Krane and Cyberstarts Founder
Sofinnova Partners, a European life sciences venture capital firm based in Paris, London, and Milan, has appointed Dr Robert Carroll as Partner, Head of Investor Relations. Carroll will lead the firm’s fundraising and investor relations team and brings a dedicated focus to supporting and growing Sofinnova Partners’ investor base.
Carroll has a decade of experience working with institutional investors and raising capital for alternative assets. Prior to joining Sofinnova Partners, he helped establish and co-lead PwC’s Global Fundraising Advisory Platform. Previously, Carroll worked at Mercury Capital Advisors, a global private fundraising and investment advisory firm, where he supported the needs of
ICR, a strategic communications and advisory firm, has launched ICR ESG Diagnostics, a comprehensive Environmental, Social & Governance analysis offering to help private equity and venture capital firms identify and assess corporate ESG issues during the investment due diligence process.
“As limited partners focus on responsible, long-term investments, they are increasingly focused on ESG issues,” says Don Duffy, President of ICR. “With comprehensive ESG due diligence now a core part of the investment process, our Governance Solutions team developed a comprehensive Environmental, Social & Governance analysis to help financial sponsors identify risks and opportunities in potential investments.”
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