The HgCapital Trust has agreed the sale of European software-as-a-service provider F24 to Altor, a Stockholm-based private equity firm investing across Sweden, Denmark, Finland, Norway and the DACH region.

The terms of the transaction, which is subject to closing conditions, have not been disclosed.

This transaction values HgT’s investment in F24 at approximately £18.4m, which would represent an uplift of £0.8m (4% or 0.2 pence per share) over the carrying value of £17.6m in the net asset value (of HGT as of 31 March 2024).

These figures only relate to HgCapital Trust’s share of Hg’s overall investment in F24.

F24 was founded in 2000 and supports companies and organisations in more than 100 countries.

French private equity firm PAI Partners and Spanish investment firm Inveready have collaborated on a bid for Avatel, Spain’s fifth-largest telecoms company, according to a report by Expansion, citing unidentified market sources.

While other bidders are also vying for Avatel, which is valued at approximately €550m ($592.41m), the PAI Partners and Inveready alliance is reportedly closest to finalising a deal, which could be signed by the end of this month.

Avatel, ranking as the fifth largest telecom operator in Spain by sales, has built a national telecom network by acquiring over 100 small regional operators.

Private investment house Ardian has raised $3.2bn for the sixth generation of its global co-investment platform, Ardian Co-Investment Fund VI, including fund commitments and mandates from Ardian Customized Solutions.

This represents a 23% increase on funds raised by Ardian’s fifth generation co-investment fund, Ardian Co-Investment Fund V, in 2019.

The new fund attracted 188 investors globally, including from Europe, the Americas, the Middle East and Asia. Investors in the fund comprise pensions funds, HNWIs, insurance companies and sovereign wealth funds.

Fund VI offers investors with access to minority investments in companies alongside private equity sponsors. The fund’s investments are diversified across strategies, industries, company size, GPs, and geographies – including North America, Europe and Asia.

The Fund is already around 40% invested through 18 transactions, including investments in Potter Global Technologies, a manufacturer of fire and life safety equipment in the US, alongside KKR, as well as Schwind, a provider of eye laser systems, alongside Adagia Partners.

Current Söderberg & Partners minority shareholders KKR and TA Associates are making an additional €265m (SEK3bn) growth investment in the Nordic financial advisory and insurance and financial products brokerage business via a new share issue.

Following the new share issue, Söderberg & Partners will continue to be controlled by its founders and chairman of the board and supported by KKR and TA.

According to a press statement, the new capital will be used to support Söderberg & Partners’ continued expansion where the firm is currently active, with a particular focus on the United Kingdom and Spain.

Financial services group GSB has launched GSB Capital, a new division focussing on debt and equity capital markets for individual and corporate clients, which will be headed by Grant Bergman.

As part of the growth plan, GSB Capital is aiming to launch a co-investment vehicle later this year, which, according to a press statement, will allow it to “further support disruptive, innovative and impactful businesses globally”.

Bergman previously launched and led private company advisory teams at both finnCap (now Cavendish Financial) and Investec Bank, where he advised on a number of global transactions.

GSB Capital includes M&A, growth capital (debt and equity), direct investment, debt advisory and other advisory services with teams in both the UK and the UAE.

Alternative investment fund manager Cheyne Capital Management has appointed Dan Magee as Managing Director, Head of Origination and Trading for Cheyne Strategic Value Credit.

Magee, who will be based in London, succeeds David Lofts, who will remain a partner in the business but will transition to the US, where he will engage with US-based counterparties in the origination of cross-border opportunities while partnering with Magee to enhance existing relationships with European corporate advisory firms and bank asset disposal teams.

Prior to joining Cheyne SVC, Magee was a senior trader in the special situations team at Credit Suisse, originating and structuring private lending transactions and trading stressed and distressed credit. He began his career as a lawyer at Allen & Overy where he focused on leveraged lending, corporate restructurings and insolvency.

Cheyne SVC was established in 2017 and manages two strategies – one which focuses on stressed situations, providing restructuring solutions and turnaround capital, and another which provides debt capital solutions to predominantly non-sponsored mid-market enterprises.

New York-based credit-focused investment firm ACME Credit Partners has appointed Liz Veilleux as Head of Capital Formation and Investor Relations. 

Veilleux most recently served as Head of Business Development at Global Delta Capital and has previously held roles at Acadian Asset Management, Wellington Management and Summit Partners. 

ACME was founded last year by Peter Eschmann and Jay Rogers, both former Managing Directors at Cerberus Capital Management. 

The firm provides senior secured structures from $10-$150m to non-sponsor and sponsor-backed companies with at least $5m of EBITDA through term loans, last-out tranches, revolvers and bridge loans, according to a statement. 

Swiss private equity firm Partners Group has acquired a majority stake in FairJourney Biologics, a biotech known for its work on antibody treatments for major drugmakers such as Johnson & Johnson, in a deal that values the business at €900m, according to a report by the Financial Times.

London-based healthcare investor GHO Capital, which acquired a majority stake in FairJourney for just over €50m in 2020, will retain a minority shareholding alongside the company’s founder, António Parada.

The sale marks the largest exit in GHO’s history, potentially delivering a near 10-fold return on its initial investment, according to PitchBook data.

FairJourney, with laboratories in Porto, Portugal, and Cambridge, UK, has significantly contributed to research behind 14 antibody treatments currently in clinical trials for diseases such as cancer and autoimmune disorders. The company’s EBITDA are projected to reach €44m this year, up from €10m in 2020, while group revenues are expected to hit €79m in 2024.

The acquisition followed a competitive auction process, which saw Partners Group outbid other private equity investors.

Partners Group has invested billions in the healthcare and life sciences sectors in recent years, including the €1.6bn purchase of Greek generics manufacturer Pharmathen in 2021 and co-investment with GHO in Sterling Pharma Solutions.