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Private Equity

KKR seals $4.4bn Atlantic Aviation buyout from Macquarie Infrastructure Corp

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Global buyout giant KKR has agreed a buyout of aviation services business Atlantic Aviation from New York-listed Macquarie Infrastructure Corporation in a $4.475bn cash deal.

Atlantic Aviation provides fuel, terminal and hangaring services for corporate and private jets. The purchase price represents a 16.2x multiple of the company’s 2019 EBITDA.

Earlier this year Atlantic’s UK competitor Signature Aviation was bought by Blackstone, Global Infrastructure Partners and Cascade Investments in a $4.6bn deal.

KKR partner Dash Lane said, “Atlantic Aviation has an outstanding reputation as a leading operator of critical aviation infrastructure across the US.

“With our focus on providing long-term capital to support the growth of high quality and resilient businesses, we are excited to invest alongside Atlantic’s experienced team and strong existing platform which we believe is well positioned to capitalize on multiple avenues of future growth.”

KKR said it had mainly tapped its Global Infrastructure Investors and Core Investments strategies for the deal.

The firm raised $7.4bn for its third global infra fundraise in 2018, and is believed to be seeking up to $12bn for Fund IV.

KKR carried out its biggest ever fundraise last month, bringing in $18.5bn for its new North America vehicle in less than five months.

The firm has been busy on the dealmaking side in the past few months, most recently taking UK infrastructure group John Laing private in a £2bn buyout. It bought into US fibre-optic communications business MetroNet in April.

KKR brought in Tim Short and Benoit Allehaut from Capital Dynamics in April to boost its global infrastructure team.

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/kkr-seals-4-4bn-atlantic-aviation-buyout-from-macquarie-infrastructure-corp.html

Private Equity

IK to sell 2013 investment VPS to Fremman Capital

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IK Investment Partners has agreed to sell fuel and lubricant testing specialist VPS to Fremman Capital after eight years in its portfolio.

The firm carved the business out of Norwegian fuel testing group Det Norske Veritas in 2013, tapping its €1.4bn IK VII fund.

VPS provides testing and inspection services for marine, power and renewable clients, to help them optimise their operational performance and comply with environmental regulation.

During IK’s ownership the firm introduced additional services including oil condition monitoring for shipping operators and renewable energy producers, and value-add data services.

Frederik Jacobs, director at IK Investment Partners and Advisor to the IK VII Fund, said, “We are delighted to have been able to support VPS’ mission to tackle climate change, which has a direct and significant impact on our oceans and air quality.”

IK closed its seventh flagship fund on €1.4bn in 2013. It raised €1.85bn for Fund VIII in 2016, and

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Private Equity

FSN Capital almost doubles Fund V total with €1.8bn final close for sixth flagship investment vehicle

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European private equity house FSN Capital Partners has closed its sixth flagship fundraise on €1.8bn, almost twice the

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Private Equity

LGT follows last week’s $4.5bn secondaries fundraise with $1.57bn opportunites fund close

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LGT Capital has followed last week’s $4.5bn secondaries fund raise with the $1.57bn final close of a new secondari

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Private Equity

Oakley Capital creates Iberia’s biggest independent business software provider with Primavera buyout

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Oakley Capital has tapped its €800m Private Equity III fund to buy Portuguese business management software provider Primavera.

The firm said it would combine the business with its existing portfolio company Ekon,  a Spanish provider of enterprise resource planning software, to create a new group under the name Grupo Primavera, which it says will be the largest independent provider of business software in Iberia.

Primavera provides ERP and cloud business software solutions to more than 32,000 small and medium-sized enterprises across Portugal and Portuguese-speaking Africa.

Grupo Primavera will comprise Primavera, Ekon and five additional bolt-on acquisitions made over the last twelve months.

Oakley said the Iberian business software market continues to benefit from long-term structural growth, as SMEs digitise and adopt cloud technology.

Portugal and Spain lag international benchmarks in cloud adoption, at about 25% and 30%, respectively, compared to over 60% in Northern Europe.

Peter Dubens, managing partner of Oakley Capital, said, “This is another example of Oakley’s ability to invest in founder-owned technology businesses and execute buy-and-build strategies.

“With the adoption of cloud technology in Iberia being behind the rest of Europe, we see significant value and further potential in growing the largest independent business software platform to service SMEs within the region.”

Oakley closed its third fund on €800m in 2017, €50m above its original hard cap.

The firm smashed the target for its fourth buyout fund two years later by reaching €1.46bn for its final close.

Earlier this year Oakley stormed past its target for its first lower mid-market fundraise, hitting about €455m after just six months in the market.

Copyright © 2021 AltAssets

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