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Pritzker Private Capital Raises $3.4 Billion | Apollo Backs the $2.7 Billion Soho House Take-Private
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Good morning! We start with my report on the latest fundraise by Pritzker Private Capital, a firm co-founded by Tony Pritzker, which just hit the $3.4 billion hard cap for its fourth fund.
Next, the Journal's Craig Karmin and Ben Glickman report that Apollo is joining Ron Burkle in a $2.7 billion take-private bid for private-club chain Soho House.
Now onto the news...
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Pritzker Private Capital is in Chicago. PHOTO: SCOTT OLSON / GETTY IMAGES
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Pritzker Private Capital in Chicago closed its fourth fund at $3.4 billion, Chris Cumming reports for WSJ Pro. The firm, which was co-founded by Tony Pritzker and manages money for the Pritzker family as well as outside investors, exceeded the $3 billion target as well as the $2.7 billion the prior fund collected. The firm invests in companies in the manufactured products and services sectors and has already sealed three deals from the new vehicle.
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Apollo Global Management is providing more than $700 million in equity and debt financing to back investors including controlling shareholder Ron Burkle who are taking private club operator Soho House in a deal that values the business at about $2.7 billion, The Wall Street Journal reports. The incoming investors are led by MCR Hotels while current backers also include Burkle's Yucaipa Cos. and the alternatives arm of Goldman Sachs. The deal is expected to end a campaign by investor Dan
Loeb and his hedge fund Third Point, which had been pushing the board to consider outside bidders in an effort to get a higher price.
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$162 Billion
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The growth in loans and unfunded commitments by banks to nonbank financial institutions during the second quarter, driven by private-credit and private-equity activity, according to Fitch Ratings
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Matan Fattal is co-founder and chief executive of IVIX. PHOTO: IVIX
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Insight Partners joined several other investors including Cardumen Capital in a $60 million growth investment in software and data analytics developer IVIX, whose systems are designed to use artificial intelligence and large language models to cull through public data to help analysts identify financial crimes as well as taxable transactions and assets, WSJ Pro's Marc Vartabedian reports. The new investment was led by O.G. Venture Partners. Insight and Cardumen previously backed the New York-based startup in a $12.5 million growth round that closed about two years ago.
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SoftBank Group in Tokyo has agreed to acquire a roughly 2% stake in Intel for about $2 billion, giving the embattled chip maker a boost from the private sector that coincides with a U.S. government rescue effort, the Journal reports. Trump administration officials are discussing taking a 10% stake in Intel in a bid to revive the company’s fortunes and bolster semiconductor manufacturing in the U.S., according to people briefed on the talks. On Monday, Intel said SoftBank would buy $2 billion worth of Intel stock, roughly 87 million shares, at $23 a share, a slight discount to Monday’s closing price of $23.66.
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Advent International agreed to buy Swiss technology company U-blox for about $1.3 billion via a public tender offer, Andrea Figueras reports for the Journal, citing a U-blox statement. The Zurich-listed provider of wireless and positioning semiconductors said Advent subsidiary ZI Zenith would launch an offer to buy it for roughly 1.05 billion Swiss francs, or 135 francs a share, in cash. U-blox directors urged shareholders to accept the deal. The company's shares climbed 24% to close at 138.60 francs on Friday after the company said it was in talks with Advent.
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Rothschild & Co's Five Arrows alternative-assets arm has refinanced emergency preparedness and response technology provider Javare with support from the credit unit of Comvest Partners. The refinancing has set up Atlanta-based Juvare for future expansion, according to Five Arrows.
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Platinum Equity is acquiring airborne broadband services provider Anuvu, whose backers have included lender Apollo Capital Management, BlackRock and Sound Point Capital. The Lombard, Ill.-based company operates systems used to provide internet services and video streaming to airlines and cruise vessels.
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Genstar Capital in San Francisco has acquired a majority stake in New York-based First Eagle Investments, which manages about $161 billion invested in stocks, bonds and alternatives. The deal provided exits for previous backers Blackstone, Corsair Capital and co-investors, which acquired a majority interest in the firm in 2015.
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Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.
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Sentinel Capital Partners-backed NSI Industries is selling its heating, ventilation and air-conditioning division to strategic buyer Lennox International for about $550 million in cash, WSJ Pro reports. The unit generated revenue of about $225 million last year. The New York private-equity firm has backed NSI since late last year.
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Audax is selling connector and cable assembly supplier Trexon to strategic buyer Amphenol for about $1 billion in cash, Colin Kellaher reports for Dow Jones Newswires. Audax in Boston oversaw the formation of Trexon in 2021, bringing together several interconnect businesses under a single corporate brand. The Boston-based company has 1,100 employees in the U.S. and U.K. and expects sales of around $290 million this year. Audax invested through its private-equity strategy.
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Blackstone-backed building systems maker and installer Legence has registered for an initial public offering of shares, without specifying how many shares it plans to sell or at what expected price range. The San Jose, Calif., company reported a net loss of $27.6 million on about $2.1 billion in revenue last year. The company's systems include plumbing, heating and air conditioning and are mostly installed in newly constructed commercial and industrial buildings such as data centers, life-sciences laboratories, healthcare facilities and schools. Blackstone acquired the company then named Therma Holdings from Gemspring Capital in 2020.
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Private-equity investment firms GTCR in Chicago and Apax Partners in London have sold insurance broker AssuredPartners to strategic buyer Arthur J. Gallagher & Co., with the deal value rising to $13.8 billion. When announcing the acquisition in December, Gallaghaer said it would pay about $13.45 billion in cash, subject to adjustments. But the closing also included the grant of nearly $316.2 million in equity awards to 572 Assured employees who joined Gallagher. GTCR recapitalized Orlando, Fla.-based Assured in 2019, after selling control of the broker to Apax in 2015, and both firms
remained backers of the business after the 2019 deal, with GTCR back in the driver's seat.
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Argyle Capital Partners and Sharno Group have sold machine tools distributor Ferro Technique to strategic buyer MC Machinery Systems. Argyle and Sharno acquired Mississauga, Ontario-based Ferro in 2019.
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Strategic Value Partners has added Nikolay Golubev as a managing director based in London, where he co-leads the firm's European real-estate team, according to an emailed news release. He joins from Bain Capital.
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Eagle Point Credit Management in Greenwich, Conn., has hired Ken Yamashita as a managing director and head of client and partner solutions for Japan. He joins from Morgan Stanley's investment-management arm.
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Vistria Group in Chicago has appointed Rishi Chhabria as head of capital formation and Deepti Singh as chief talent officer. Chhabria was previously with Campbell Lutyens. Singh moves into her new role from the firm's Vistria PRG affiliate.
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Farming company Soli Organic, whose backers include Canadian pension investor Caisse de dépôt et placement du Québec and European asset manager Movendo Capital, is combining with General Atlantic-backed vertical agriculture company 80 Acres Farms, legally named 80 Acres Urban Agriculture. The merged business plans to operate under the 80 Acres name and is based in Hamilton, Ohio. La Caisse, as CDPQ now prefers to be known, led a $125 million growth investment in Soli Organic, then based in Rockingham, Va., in
2022, joined by others including Movendo. General Atlantic first backed 80 Acres with a minority investment in 2021, joined by others including Blue Earth Capital in Switzerland.
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Stonepeak has set up a renewable energy venture in the Middle East called WahajPeak to acquire or build utility-scale projects in the region. WahajPeak is led by Mothana Qteishat, a former Jinko Power executive who has led project development in the solar and wind energy sectors.
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Specialist investor NightDragon is partnering with Capital Factory in Texas to back developers of defense and dual-use technologies, including companies held by San Francisco-based NightDragon.
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Midmarket-focused Main Street Capital in Houston has become a founding member of the newly formed NYSE Texas securities exchange, which complements its Big Board listing in New York under the MAIN ticker. The firm, which makes equity and debt investments in smaller private companies, uses the same trading symbol on the Texas exchange.
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