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GIC, a global institutional investor in partnership with Oak Street, a Division of Blue Owl, one of the largest net lease investors, are to acquire STORE Capital Corporation, an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, in an all-cash transaction valued at approximately $14 billion.
Under the terms of the definitive merger agreement, STORE Capital stockholders will receive $32.25 per share in cash, which represents a premium of 20.4% to STORE Capital’s closing stock price as of 14 September, 2022 and a premium of 17.8% to the 90-day volume weighted average
An affiliate of Veritas Capital (Veritas), a technology and government investment firm, is to acquire Sequa Corporation (Sequa), parent company of Chromalloy, from funds managed by global investment firm Carlyle. Financial terms of the transaction have not been disclosed.
Sequa, through its subsidiary Chromalloy, is a global technology company and a solutions provider for aircraft engines and gas turbines. For over 70 years, Chromalloy’s solutions extended the life of aircraft engines and gas turbines, improving the economics of flight and power generation. Chromalloy is Sequa’s only remaining business, following the sale of its Precoat Metals business to AZZ Inc earlier
British chemicals manager Calum MacLean is to become CEO of the envisaged joint venture for high-performance engineering materials which private equity investor Advent International (Advent) and speciality chemical company LANXESS AG (LANXESS) are planning to form.
Axar Capital Management (Axar) has completed its acquisition of Pavonia Life Insurance Company of Michigan (Pavonia), a Michigan domiciled life insurance company. Financial terms of the transaction have not been disclosed.
As part of the acquisition, Axar has partnered with Mark Zesbaugh, an executive with 30 years of experience in the insurance industry, who has been appointed Executive Chairman of Pavonia.
Axar Capital Management LP is an investment manager focused on value-oriented and opportunistic investing. Axar’s investment team focuses on opportunities across the capital structure in complex situations, event driven opportunities and as a provider of debt and equity
HCAP Partners has held the final close of its second SBIC fund, HCAP Partners V, which was oversubscribed with total capital commitments of $353 million including anticipated leverage from the SBA, exceeding the initial fundraising target by over forty per cent.
Operating as a US Small Business Administration SBIC (Small Business Investment Company), the Fund will continue the firm’s strategy of investing in underserved businesses in the lower middle market and implementing the Gainful Jobs Approach, its platform designed to measure and improve job quality standards across its portfolio.
More than twice the size of its predecessor fund, HCAP Partners
Lightyear Capital, a New York-based private equity firm that partners with growth companies in financial services, technology, healthcare, and business services, has appointed Michael Langer as a managing director and member of the firm’s Investment Committee.
Langer will be responsible for leading Lightyear’s investments within the healthcare financial services sector.
Previously, Langer was a Partner at Five Arrows Capital Partners, where he focused exclusively on healthcare. He has over 20 years of private equity experience and over 15 years covering the healthcare sector. Langer has served as a member of the boards of directors of several companies throughout his career.
After almost a decade of easy money, the VC party may be over but the focus of fund managers on disruptive tech start-ups shows no sign of waning. Q2 saw the largest quarterly drop in start-up funding in nearly a decade (by 23%), according to data from CB Insights.
Arbonics, a new climate tech start-up, has raised €1.8 million in a pre-seed round from Taavet Hinrikus with Plural to spearhead the development of its data- and science-driven tool that aims to make calculating the potential carbon income of land and forests quicker and easier for landowners in Europe.
Founded by Kristjan Lepik and Lisett Luik in early 2022, Arbonics enables nature-based solutions to fight climate change, focusing particularly on forestry. By transforming how landowners analyse and calculate their carbon sequestration potential – the process of capturing, securing and long-term storage of carbon dioxide from the atmosphere – Arbonics will
Rockbridge Growth Equity (Rockbridge), a partnership-oriented middle market private equity firm with a differentiated approach to building and growing companies, has made a strategic investment in The Nest Schools (Nest), an operator of 36 early childhood education centres across Ohio, North Carolina, Texas, Florida and Virginia.
Financial terms of the transaction have not been disclosed.
Gerry Pastor and Jane Porterfield, Nest’s Co-Founders and Co-CEOs, will continue to lead the Company and implement their differentiated operational playbook with the support of Rockbridge. Pastor and Porterfield have decades of education industry experience, having previously led another successful early education business together.
FSN Capital VI is to invest in Bäcker Görtz to create a leading producer and retailer for both at-home and out-of-home food in the EUR15 billion German bakery market. The investment in Bäcker Görtz is in line with FSN Capital’s approach to support founder-led businesses in their next stage of growth.
Headquartered in Ludwigshafen, Germany, Bäcker Görtz is a leading bakery chain in the Rhine-Neckar region in South-West Germany with a network of approximately 200 branches and a tailored product offering of baked goods and out-of-home meals. Bäcker Görtz has been founded and owned by the Görtz family since 1963.
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