Iris Dorbian
First Read starts the week with news that Homeland Security Secretary John Kelly replaces Reince Priebus as Trump's chief of staff, Facebook's valuation touches $500 billion, and Soundcloud is near selling a majority of the company to two private equity firms.
Second Opinion closes out the week with news that ailing John McCain kills the Senate's Obamacare repeal, Steve Jobs' widow Laurene Powell Jobs is buying a majority stake in The Atlantic and Brexit could take five years to complete.
Newgate Private Equity LLP has acquired London-based private equity firm Arle Capital Partners Limited. No financial terms were disclosed. ACPL manages the Candover 2005 and Candover 2008 Funds as well as various co-investment funds. Morrison & Foerster advised Newgate on the deal.
Ardian has acquired UniCredit's infrastructure private equity portfolio that is valued at 300 million euros. The deal is expected to close in the third quarter of this year. UniCredit is a Pan-European commercial bank.
Equistone Partners Europe has agreed to acquire Bruneau, a French online distributor of office furniture and supplies. The seller is Weinberg Capital Partners. No financial terms were disclosed.
Oak Hill Capital has agreed to acquire The Carlyle Group's stake in EPIC Insurance Brokers & Consultants, a retail property, casualty insurance brokerage and employee benefits consultant. No financial terms were disclosed. The deal is expected to close in the third quarter of this year. Bank of America Merrill Lynch served as lead financial adviser to EPIC with SunTrust Robinson Humphrey also providing financial advice. And, Barclays served as financial adviser to Oak Hill.
Seattle-based Redfin Corp, an online real estate broker, has debuted its IPO after pricing its over 9.2 million shares at $15 per share. The stock began trading July 28, 2017 on the NASDAQ under the ticker symbol "RDFN." Goldman Sachs and Allen & Company are serving as the lead underwriters. Redfin's pre-IPO backers include Tiger Global Management LLC and T. Rowe Price Associates.
Abraaj Group, the Dubai-based private equity firm, is looking to invest in midsize companies in Turkey and could spend $30-$100 million on individual deals, a senior executive told Reuters.
Fulcrum Equity Partners has closed its third fund at $203 million, beating its $125 million target. Bright Harbor Advisors was the placement agent while DLA Piper LP provided counsel. Based in Atlanta, Fulcrum is a growth equity firm that focuses on healthcare, software and technology-enabled service companies.
Madison Realty Capital and Artemis Real Estate Partners have acquired two adjacent industrial buildings in Jamaica, Queens. The price of the transaction was $78 million.