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Stonepeak and Vista in multi-billion take-private moves; True Green mulls community solar add-ons

Good morning Hubsters, Craig McGlashan here filling in for MK Flynn on the Monday Wire.

We’ve got some jumbo deals to start the week, with Stonepeak agreeing a take-private of a marine cargo container leasing company for an enterprise value of about $7.4 billion and Vista Equity Partners making a $4 billion move for an integrated payments software provider.

We then hear from True Green Capital’s Panos Ninios, as he tells PE Hub’s Michael Schoeckabout some potential add-ons, before Rafael Cantonspeaks to William Blair’s Brian Flynn about the bank’s recent report on the packaging sector.

Cargo

Stonepeak has agreed to acquire a Bermuda-based marine cargo containers leasing company, in a take-private deal with an enterprise value of about $7.4 billion.

Read more in the subscriber version of the Wire.

Payments

Vista Equity Partners has agreed to acquire a provider of customer engagement and integrated payments software, for approximately $4 billion.

Find out more in the full version of the Wire.

Solar plays

True Green Capital could participate in a couple of community solar add-on acquisitions for project portfolios or development companies seeking to scale up on a national platform, Panos Ninios, managing partner and founder, told PE Hub’s Michael Schoeck.

For more on the solar market, check out Irien Joseph’sinterview with Ara Partners’ Tuan Tran over on PE Hub Europe this morning.

Irien spoke to Ara about the firm’s recent investment in Germany’s Vacuumschmelze (VAC), a rare earth permanent magnet manufacturer, and while its biggest focus is on how its products can benefit from the rise in electric vehicles – as well as a desire in western markets to diversify away from what has been a China-dominated sector – Tran also touched on how VAC has a presence in the solar energy industry.

Packing up

Switching sector now to consumer packaging, where investment bank William Blair reckons there’s potential for some more activity next year.

PE Hub’s Rafael Canton spoke to Brian Flynn, co-head of packaging M&A, about the bank’s recent report on the packaging market.

OK that’s all from me – as MK is still on holiday for another day I’ll be back on Wire duty tomorrow.

Cheers,

Craig

Read the full wire commentary on PE Hub ...

Also of note (may require subscriptions)

School Employees Retirement System of Ohio will target 13 percent of its total fund to private equity through the end of 2024 as it looks to build out its private equity portfolio. (Buyouts)

PAI Partners portfolio company The Compleat Food Group has acquired British, organic, plant-based cheese producer Palace Culture. Financial details were undisclosed. (Agri Investor)

Goldman Sachs Asset Management has reached a $4 billion final close for its fourth flagship fund, West Street Infrastructure Partners IV. The latter hit its target after two years in market and was already at $3.09 billion last October before it got caught up in the ensuing fundraising slowdown. (Infrastructure Investor)

The top 15 funds to hold final close in the first three quarters of this year raked in a combined $227.05 billion, making up around 40 percent of total fundraising. This is up by around 25 percent from the top 15 funds closed across the same period last year, which saw a combined $182.35 billion raised. (Private Equity International)

After launching earlier this year, Blackstone has now raised more than $4 billion for its seventh opportunistic real estate fund in Europe, including $3.2 billion during the third quarter alone, according to the firm’s Q3 2023 earnings results. (Private Equity Real Estate)

Recruiting top science and engineering talent for Anzu Partners' portfolio companies is the number one priority for newly appointed partner Cathryn Paine. (Venture Capital Journal)