Invesco Ltd said April 27 that it agreed to buy Source. Financial terms weren’t announced. Source is majority owned by Warburg Pincus. Source is a specialist provider of ETFs based in Europe. The deal includes about $18 billion in Source-managed AUM, plus about $7 billion in externally managed AUM. J.P. Morgan Ltd advised Source.
PGIM Real Estate said April 27 that its latest fund closed with more than 1 billion pounds ($1.29 billion) in capital. Pramerica Real Estate Capital VI (PRECap VI) will invest in private real estate debt in Europe, providing whole loans, mezzanine and preferred equity. PGIM Real Estate is the real estate investment business of PGIM, which itself is the global investment management business of Prudential Financial Inc.
Everfi Inc said April 26 that it has raised $190 million. The Rise Fund and TPG Growth invested $150 million, while Main Street Advisors and Advance Publications also invested in the round. Existing investors include Amazon CEO Jeff Bezos, Alphabet Chairman Eric Schmidt, Twitter Co-Founder Evan Williams, as well as Allen and Co. Everfi, of Washington D.C., is an education technology company.
Gerding Edlen Investment Management said April 26 that its third real estate fund closed with $416 million in capital commitments, exceeding its $350 million target. Gerding Edlen Green Cities III will invest in mixed-use, multi-family, and office properties in urban, high-growth markets. Gerding Edlen said it has committed about 64 percent of fund III’s capital, investing in eight transactions.
Congenica said April 27 that it closed a Series B round of funding. Additional investors include BGI Genomics, Healthlink Capital and Future Planet Capital. Congenica, of Cambridge, U.K., is a developer of clinical genomics software for inherited diseases.
KKR is in advanced talks to acquire a stake in SRL, a medical diagnostics company being spun off from Fortis Healthcare, Bloomberg reported. TPG and Bain Capital were also in discussions to buy a stake of SRL, the story said. The deal could value New Delhi-based SRL at about 50 billion rupees ($774 million), Bloomberg said.
Natura Cosmeticos SA, as well as private equity firms including CVC Capital Partners, Advent International Corp and Investindustrial Advisors SpA, were among the bidders making it to the next round of the Body Shop auction, according to Bloomberg. Bids for the lotions and soaps retailer came in at more than 800 million euros ($856 million), the story said. L’Oreal SA acquired Body Shop more than a decade ago in a deal that valued it at 652 million pounds ($833 million), Bloomberg said.
Alliance Source Testing LLC, a portfolio company of Align Capital Partners, has acquired stack testing operations of Golden Specialty Inc. Financial terms weren’t announced. Golden, of Friendswood, Texas, provides source emission (or stack) testing services to industrial facilities in the western U.S.
Andrew Aldrich has joined American Family Ventures as a principal, according to an email and Aldrich’s LinkedIn page. Aldrich was previously a director at AXA Equitable, his LinkedIn page said. His focus at American Family will remain insurance, fintech, IoT and Data, the email said.
Cairngorm Capital said April 24 that the firm has named Dr Amit Thaper an investment director. Thaper joined from H.I.G. Capital.
Maven Capital Partners said April 24 that it completed the £6 million ($7.69 million) management buy-out of ProspectSoft Ltd. ProspectSoft provides customer relationship management and e-commerce software for the business-to-business (B2B) market.
Microvast Power System, a subsidiary of Microvast, said April 20 it raised a $400 million funding round led by CITIC Securities. Additional investors include CDH Investment, National Venture Capital, and others. Microvast, of Stafford, Texas and Zhejiang, China, develops and makes fast charging, long-life, and non-flammable lithium-ion battery systems for hybrid and fully electric buses.
Excelligence Learning Corp, a Brentwood Associates portfolio company, said April 19 that it has acquired Frog Street Press Inc. Financial terms weren’t announced. Frost Street, of Dallas, provides early childhood education solutions for children of ages 0 – 5 years to public schools, Head Start programs and early child care centers. Frog Street was advised by Signal Hill and represented by Gardere Wynne Sewell LLP. Excelligence was advised by Tyton Partners and represented by Burr & Forman LLP.
Audax Private Equity said April 19 that it acquired acquire Impact Facility Services, LLC d/b/a Academy Fire Life Safety. Financial terms weren’t announced. Caltius Equity Partners was the seller. Academy, of Maspeth, New York and Long Beach, California, provides fire and life safety services to national, regional, and local customers across retail, hospitality, healthcare, industrial, and other end markets.
GE said April 20 that closed its buy of LM Wind Power. In October, GE agreed to buy LM for for €1.5 billion ($1.65 billion). Doughty Hanson was the seller. LM is a Denmark-based technology developer and maker of rotor blades to the wind industry.
REV Group has acquired Midwest Automotive Designs. Financial terms weren’t announced. Sellers include Petra Capital Partners, Merion Investment Partners and Pegasus Capital Group. Midwest Auto, of Elkhart, Indiana, is an “upfitter” of custom luxury vans and RVs.
PetSmart Inc said April 18 that it has agreed to buy Chewy Inc, an online pet retailer. Financial terms weren’t announced but Recode valued the deal at $3.35 billion. PetSmart was purchased in March 2015 by a consortium led by BC Partners and including La Caisse de dépôt et placement du Québec, StepStone and Longview Asset Management. Chewy, of Dania Beach, Florida, is backed by Volition Capital. Citi and Barclays provided financial advice to PetSmart, while Simpson Thacher & Bartlett LLP acted as its legal advisor. Citigroup Global Markets Inc and Barclays provided committed financing for the acquisition. Equity financing is being provided by PetSmart’s existing shareholders. Financial advisor to Chewy on this transaction was Allen & Company, with Weil, Gotshal & Manges LLP acting as its legal advisor.
Henry L. Hillman, the Pittsburgh billionaire investor who provided startup funding for KKR & Co and Kleiner Perkins Caufield & Byers, has passed away at 98 years of age.