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Arcline tops KKR’s bid for CIRCOR; a PE-backed IPO on the horizon

Morning Hubs!

We’ve been inundated with PE activity over here, whether it’s on the smaller deal side, or secondaries … lots of things are being transacted, even if it’s not at the same tenor of the bull market era.

Bid

Arcline Investment Management, which closed its third fund earlier this year on $4.5 billion, made a bid to acquire CIRCOR International, an industrial valve manufacturer, for $57 per share. Arcline’s offer surpasses a proposal from KKR at $51 per share and comes after the valve maker rejected a bid yesterday from an unnamed buyer that sources said was Arcline.

There’s a PE-backed IPO we’ll be watching to see where it goes: Oddity Tech, an Israeli beauty and tech company backed by L Catterton, filed to go public on June 23 looking to raise an estimated $300 million, according to a report from Renaissance Capital. The IPO could price over the next few months.

More time

Schroders Capital led a process that moved remaining interests in geospatial data company Cyclomedia and Digital Barriers out of Volpi Capital’s first fund and into a continuation pool.

Leads

We have word that BlackRock and Pomona Capital are set as lead buyers on Providence Equity's Fund VII tender process, which would also include a staple of fresh capital into Providence’s ninth fund that has been in market targeting $6 billion. Read more here on Buyouts.

That’s it for me! Have a great rest of your day. Reach me with tips n’ gossip, feedback or book recommendations (I’m reading Henry James’ dense read The Portrait of a Lady) at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

RidgeLake Partners got closer to its $1 billion target set for its first-time offering, raising $812 million as LP appetite for GP staking increases. (Buyouts)

Ares Management completed the purchase of a $3.5 billion portfolio of specialty finance loans from PacWest Bancorp. (Private Debt Investor)

CDPQ deal shows Canadians are still beating Aussies to farmland opportunities. "There isn’t resistance out of principle" from Australian superfunds to investing in agriculture, but barriers remain, says CEFC’s Heechung Sung. (Agri investor)

Oaktree Capital Management has closed its Life Sciences Lending Fund, and related vehicles, on $2.3 billion. This is the largest life sciences credit fund ever, adding to the money at work in a field that includes growing demand for research and development as well as the expansion of commercial infrastructure. (Private Debt Investor)

Alternative credit adviser Velo Capital, which forms part of the recently launched Urban Partners group of companies, has held a €136 million first close on its fourth real estate debt fund, for which it is aiming to raise €600 million of capital. (Private Equity Real Estate)

Citizens has been building a private equity finance team to cater to GPs affected by a US regional banking crisis that shook the subscription lines market. (Private Funds CFO)

RTP Global has announced its $1 billion fourth fund to invest in seed and Series A deals across North America, Europe, India and Southeast Asia. (Venture Capital Journal)

In picking start-ups for its 13-week incubator and accelerator program, Texas venture firm Sputnik ATX looks as carefully at founders’ temperaments as the market potential of what they plan to build. (Venture Capital Journal)

AP Moller Capital has begun to build on its presence in Asia-Pacific infrastructure with the launch of a Vietnamese platform focused on transportation and logistics alongside local asset manager VinaCapital. (Infrastructure Investor)