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• A look at Arrow Global’s push into European private credit

Arrow Global acquires Amitra Capital in European private credit push

By Bob Clair

Arrow Global announced this morning that it has acquired Amitra Capital, a Madrid-based credit manager overseeing around €4 billion of assets.

Arrow acquired Amitra from Canada Pension Plan Investment Board for an undisclosed amount. CPP will retain its current direct economic interest in the portfolios managed by Amitra, according to a company spokesman.

The deal also includes a new five-year servicing agreement between Arrow and CPP Investments.

“This acquisition builds on our existing presence in Spain alongside our other operations,” said Zach Lewy, CEO, CIO, and Fund Principal at Arrow Global. “We are excited to extend our platform and servicing capabilities into this key European market and look forward to expanding our partnership with CPP Investments in providing access to investment opportunities, expanding market presence, and delivering value to our clients.”

Dereck Jackson, CPP managing director and head of European Credit, said in a press release that CPP’s business will work well with Amitra.

“We have built a strong asset management business in Amitra Capital, which is complementary and valuable to Arrow’s franchise.”

Last month, Lewy told Transacted that private credit still has room to run as an asset class, even after explosive growth in recent years.

“It’s a secular trend and a work in progress in terms of implementation. Everything from bridge lending to construction lending to agricultural and small business lending, specialty mortgages, backing private equity acquisition — 50 years ago, that would all be done by banks. Private debt steps in where you need a real business partner with an operational commercial skill set.”

Arrow’s deal for Amitra is part of a jump in dealmaking for private credit managers. Last week, Brookfield announced an investment in aviation and specialty finance provider Castlelake, while European lender Hayfin, backed by British Columbia Investment Management, has held talks with Antares, Blue Owl, and, as recently as last week, Todd Boehly’s Eldridge Industries over a potential sale.

• Anglo American (LSE: AAL) rejected an improved $42.7 billion offer from rival miner BHP Group (ASX: BHP).

• Permira agreed to acquire Squarespace (NYSE: SQSP), a website-building platform, for $6.9 billion.

• Apollo Global Management is in advanced talks to provide more than $11 billion in financing to Intel (Nasdaq: INTC) to help build a chip plant in Ireland, per the WSJ.

• EQT has offered to acquire OX2 AB, a Swedish renewables developer, for around $1.5 billion.

• Solidcore, a pilates studio chain backed by Kohlberg & Co., is considering a sale that could value the business at more than $750 million, per Reuters.

• Blackstone has partnered with existing management to launch a tender offer for the take private of I’rom Group, a Japan-based clinical trials site management provider.

• PLDT (PSE: TEL), the Philippines' largest telecommunications provider, is in talks to sell a 49 percent stake in its data center business to Nippon Telegraph and Telephone in a deal that could value the unit at $750 million.

• ArcLight Capital Partners acquired a 25 percent stake in the Gulf Coast Express natural gas pipeline from Kinetik Holdings (NYSE: KNTK) for $540 million.

• ONEOK agreed to acquire a 450-mile system of NGL and hydrocarbon pipelines from Easton Energy, a Houston-based portfolio company of Cresta Fund Management, for around $280 million.

• Wipro Hydraulics agreed to acquire Mailhot Industries, a Quebec-based hydraulic cylinder manufacturer, from Novacap.

• Natra, a European chocolate maker backed by CapVest Partners, is considering offers for rival chocolatier Gubor Schokoladen and Italian confectionary spreads maker Nutko, per Bloomberg.

• Starwood Capital Group and SSW Partners are part of a consortium considering a buyout of ESR Group, an Asian warehouse developer.

• Bowhead Specialty, a casualty and professional liability insurer backed by Gallatin Point Capital, set IPO terms that would provide a $473 million fully diluted market value were it to price in the middle of the range.

Fintech

• Fundcraft, a Luxembourg-based fund administration startup, raised €5 million in Series A funding from Aperture Capital and SIX Fintech Ventures.

Consumer & Media

• Meesho, an Indian social e-commerce platform, raised $275 million in new funding from SoftBank, Prosus, Elevation Capital, Peak XV, and Chipper Cash.

Healthcare

• Tiney, a London-based childcare services and in-home daycare provider, raised £7.2 million ($9 million) in Series A funding from Mustard Seed Partners, PortfoLion, Sparkmind, and Rubio.

• Ajax Therapeutics, a biotech focused on a new kind of JAK inhibitors, raised $95 million in Series C funding led by Goldman Sachs Alternatives, with participation from Eli Lilly, Vivo Capital, RA Capital, and Schrödinger.

• May Health, a women's health-focused biotech, raised $25 million in Series B funding led by Trill Impact and Bpifrance, with participation from Sofinnova Partners, Avestria Ventures, and Kidron Capital Assets.

Industrials, Greentech, & Other

• Dendra Systems, a UK-based biodiversity restoration tech startup, raised $15.76 million in Series B funding led by Zouk Capital, with participation from Aramco Ventures, Airbus Ventures, Understorey Capital, and Helium-3 Ventures.

• Onex raised $735 million for a new short-term buyout fund.

• NewVale Capital raised $167 million for its debut pharma services fund growth fund.

• PAI Partners is in talks with investors to raise a new continuation fund for its 50 percent stake in the firm’s Froneri ice cream joint venture with Nestle, valued at around $10 billion, per Bloomberg.

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