Simpson Thacher & Bartlett

First Advantage to Acquire Sterling Check Corp. for $2.2 Billion in Cash and Stock

Retrieved on: 
Thursday, February 29, 2024

First Advantage will issue a combination of cash and stock valuing Sterling at approximately $2.2 billion, including Sterling’s outstanding debt.

Key Points: 
  • First Advantage will issue a combination of cash and stock valuing Sterling at approximately $2.2 billion, including Sterling’s outstanding debt.
  • First Advantage will share additional forward-looking financial information regarding the transaction’s impact at or around the time of closing.
  • The transaction consideration is comprised of approximately $1.2 billion in cash and 27.15 million shares of First Advantage common stock.
  • Under the terms of the agreement, Sterling shareholders will elect to receive either $16.73 in cash or 0.979 shares of First Advantage common stock for each Sterling share.

Stonepeak Closes Asia Infrastructure Fund with $3.3 Billion of Commitments

Retrieved on: 
Thursday, March 7, 2024

Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the successful final close of Stonepeak Asia Infrastructure Fund (“the Fund”) with $3.3 billion in total capital commitments.

Key Points: 
  • Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the successful final close of Stonepeak Asia Infrastructure Fund (“the Fund”) with $3.3 billion in total capital commitments.
  • The Fund, representing Stonepeak’s first dedicated Asia strategy, exceeded its target of $3.0 billion having received robust demand from new investors and existing investors in other Stonepeak funds.
  • The Fund seeks to construct a diversified portfolio of infrastructure assets predominantly within the communications, transport and logistics, and energy sectors.
  • With the final close of the Fund, Stonepeak’s assets under management total $61.1 billion.1
    Simpson Thacher & Bartlett LLP acted as fund counsel.

Sonita Bennitt Joins Seward & Kissel’s Tax Group

Retrieved on: 
Wednesday, February 28, 2024

Seward & Kissel LLP announced today that Sonita M. Bennitt , former counsel with Goodwin Procter LLP, has joined the firm’s New York office as a partner in the Tax Group .

Key Points: 
  • Seward & Kissel LLP announced today that Sonita M. Bennitt , former counsel with Goodwin Procter LLP, has joined the firm’s New York office as a partner in the Tax Group .
  • She also advised clients on tax aspects of real estate joint ventures and real estate investment trusts.
  • “Sonita’s wealth of experience makes her a valuable addition to our firm and the Tax Group,” said Jim Cofer , managing partner of Seward & Kissel and a partner in the firm’s Tax Group.
  • “Her deep background in private fund formation and structuring makes her an ideal fit with our Tax Group and the broader work of the firm.”
    Prior to Goodwin Procter, Bennitt practiced as a tax associate at Debevoise & Plimpton LLP.

KKR to Acquire Broadcom’s End-User Computing Division

Retrieved on: 
Monday, February 26, 2024

KKR today announced the signing of a definitive agreement with Broadcom Inc. (NASDAQ: AVGO) to acquire its End-User Computing Division (the “EUC Division”) in a transaction valued at approximately $4 billion.

Key Points: 
  • KKR today announced the signing of a definitive agreement with Broadcom Inc. (NASDAQ: AVGO) to acquire its End-User Computing Division (the “EUC Division”) in a transaction valued at approximately $4 billion.
  • Originally a division of VMware prior to Broadcom’s acquisition, the EUC Division provides a leading suite of digital workspace solutions that allow organizations to securely deliver and manage applications, desktops and data across any device or platform.
  • The EUC Division leverages advanced data and intelligence in order to drive greater scale, speed and effectiveness for today’s modern, digital workspace.
  • Evercore, Deutsche Bank Securities Inc. and Jefferies LLC are acting as financial advisors and Simpson Thacher & Bartlett LLP is acting as legal advisor to KKR.

VINCI PARTNERS AND COMPASS ANNOUNCE BUSINESS COMBINATION, CREATING THE GATEWAY TO ALTERNATIVE ASSET MANAGEMENT IN LATIN AMERICA

Retrieved on: 
Thursday, March 7, 2024

RIO DE JANEIRO, March 7, 2024 /PRNewswire/ -- Vinci Partners Investments Ltd. (NASDAQ: VINP) ("Vinci Partners," "Vinci," "we," "us," or "our"), a leading alternative investment platform based in Brazil, announced today an agreement (the "Transaction") for a combination with Compass.

Key Points: 
  • RIO DE JANEIRO, March 7, 2024 /PRNewswire/ -- Vinci Partners Investments Ltd. (NASDAQ: VINP) ("Vinci Partners," "Vinci," "we," "us," or "our"), a leading alternative investment platform based in Brazil, announced today an agreement (the "Transaction") for a combination with Compass.
  • "Over the last 28 years, we have built a strong reputation through our extensive distribution network and track record in Latin America.
  • Our shared vision includes offering the best Latin American investment solutions to global investors and providing global solutions to Latin American investors.
  • Vinci Partners will host a conference call on Friday, March 8, 2024 at 8:00 am (Eastern Time) to discuss the Transaction.

Bluepeak Receives Strategic Investment from Ares Management

Retrieved on: 
Thursday, February 29, 2024

DENVER, Feb. 29, 2024 /PRNewswire/ -- Bluepeak (the "Company"), a leading provider of fiber broadband to residential and commercial customers in communities across the Great Plains region, today announced that funds managed by Ares Management's Infrastructure Opportunities and Alternative Credit strategies ("Ares") have made a strategic investment into Bluepeak.

Key Points: 
  • DENVER, Feb. 29, 2024 /PRNewswire/ -- Bluepeak (the "Company"), a leading provider of fiber broadband to residential and commercial customers in communities across the Great Plains region, today announced that funds managed by Ares Management's Infrastructure Opportunities and Alternative Credit strategies ("Ares") have made a strategic investment into Bluepeak.
  • The investment from Ares will provide Bluepeak with fresh capital intended to help further accelerate its growth plans across the Great Plains region.
  • "Bluepeak is committed to providing reliable, high-speed internet and top-tier customer service to our communities," said Rich Fish, CEO of Bluepeak.
  • "We look forward to working with GI Data Infrastructure and Bluepeak," said Joel Holsinger, Co-Head of the Ares Alternative Credit strategy.

HireRight to be Acquired by General Atlantic and Stone Point Capital

Retrieved on: 
Friday, February 16, 2024

HireRight Holdings Corporation (NYSE: HRT) (“HireRight” or the “Company”), a leading provider of global background screening services and workforce solutions, today announced that it has entered into a definitive agreement to be acquired by investment funds affiliated with General Atlantic, L.P. (“General Atlantic”) and Stone Point Capital LLC (“Stone Point” and together with General Atlantic, the “Sponsors”).

Key Points: 
  • HireRight Holdings Corporation (NYSE: HRT) (“HireRight” or the “Company”), a leading provider of global background screening services and workforce solutions, today announced that it has entered into a definitive agreement to be acquired by investment funds affiliated with General Atlantic, L.P. (“General Atlantic”) and Stone Point Capital LLC (“Stone Point” and together with General Atlantic, the “Sponsors”).
  • The Sponsors are currently the beneficial owners of approximately 75% of the Company’s outstanding shares of common stock.
  • Goldman Sachs & Co. LLC and RBC Capital Markets, LLC are serving as financial advisors to the Sponsors.
  • Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Sponsors and Simpson Thacher & Bartlett LLP is serving as legal counsel to Stone Point.

Blackstone Announces Growth Investment in 7 Brew

Retrieved on: 
Wednesday, February 14, 2024

Blackstone (NYSE:BX) today announced that Blackstone Growth and affiliated funds (collectively “Blackstone”) have made a growth equity investment in 7 Brew Coffee, the next generation drive-thru beverage business.

Key Points: 
  • Blackstone (NYSE:BX) today announced that Blackstone Growth and affiliated funds (collectively “Blackstone”) have made a growth equity investment in 7 Brew Coffee, the next generation drive-thru beverage business.
  • Blackstone’s investment seeks to help enable 7 Brew to accelerate its already-rapid expansion across the U.S., in collaboration with its premier franchise partners.
  • Today, 7 Brew is a leading franchisor recognized as QSR Magazine’s “Breakout Brand of 2023.”
    John Davidson, CEO of 7 Brew, said, “We are on a strong growth trajectory thanks to our outstanding team, the Brew Crew, and are so excited to have found in Blackstone a true partner who understands our culture and whose global reach and incredible resources will enable us to reach this next stage of growth.
  • I am confident that the Brew Crew, management and Blackstone will continue to drive exponential growth.”
    Terms of the transaction were not disclosed.

AGF Management Limited Has Made a Strategic Investment in New Holland Capital

Retrieved on: 
Monday, February 12, 2024

TORONTO, Feb. 12, 2024 (GLOBE NEWSWIRE) -- AGF Management Limited (“AGF”) today announced that it has made a strategic investment in New Holland Capital, LLC (“NHC”, “New Holland” or the “Firm”), a New-York based multi-strategy investment manager with more than US$5 billion in assets under management and more than 17 years of experience providing institutional investors with absolute return investment strategies across the liquidity spectrum.

Key Points: 
  • TORONTO, Feb. 12, 2024 (GLOBE NEWSWIRE) -- AGF Management Limited (“AGF”) today announced that it has made a strategic investment in New Holland Capital, LLC (“NHC”, “New Holland” or the “Firm”), a New-York based multi-strategy investment manager with more than US$5 billion in assets under management and more than 17 years of experience providing institutional investors with absolute return investment strategies across the liquidity spectrum.
  • The investment in NHC is a significant step in AGF’s strategy to continue growing AGF Capital Partners*—AGF’s diversified alternatives business with capabilities across both private assets and alternative strategies.
  • Under the terms of the arrangement, AGF will make an initial strategic investment in the form of a note convertible into a 24.99% economic interest in NHC.
  • “We look forward to partnering with New Holland as we continue to build and grow our alternatives business,” said Ash Lawrence, Head of AGF Capital Partners.

Baker Tilly Secures Strategic Investment Led by Hellman & Friedman

Retrieved on: 
Monday, February 5, 2024

Leading advisory CPA firm Baker Tilly US, LLP (“Baker Tilly”) today announces a strategic investment from private equity firms Hellman & Friedman (“H&F”) and Valeas Capital Partners (“Valeas”).

Key Points: 
  • Leading advisory CPA firm Baker Tilly US, LLP (“Baker Tilly”) today announces a strategic investment from private equity firms Hellman & Friedman (“H&F”) and Valeas Capital Partners (“Valeas”).
  • The investment, estimated to close in early June 2024, recognizes Baker Tilly’s outstanding track record of value creation and marks the largest private equity investment in the US CPA sector to date.
  • Baker Tilly US, LLP will operate as a separate legal entity pursuant to regulatory and independence requirements.
  • Following the restructuring, both firms will remain partnerships, with all partners holding equity alongside H&F and Valeas in Baker Tilly Advisory Group, LP.