Advent to acquire Spectris for £3.8bn

BY Richard Summerfield

Private equity (PE) group Advent International has agreed to buy industrial company Spectris in a £4.4bn deal, marking one of the biggest recent takeovers of a London-listed business.

The deal will see Spectris’s shareholders receive £37.63 per share in cash, including an interim dividend of 28p, which Spectris said its board was unanimously recommending as “fair and reasonable”. The offer represents a premium of almost 85 percent to the company’s share price on 6 June, the day before Advent’s interest first emerged. Advent’s offer values the group’s equity at about £3.8bn and gives it an enterprise value of £4.4bn, including debt.

The deal for Spectris comes after the company noted that it had rejected a “preliminary proposal” from PE group KKR earlier this month in favour of continuing discussions with Advent. KKR said it had been “engaging constructively” with Spectris, adding that while it had not made a new offer, it was in advanced stages of due diligence, and may still do so. KKR has urged Spectris shareholders to withhold action on Advent’s offer as it considers a formal bid.

“The Spectris management team have transformed the Spectris Group into a leading, sustainable business with high quality premium precision measurement solutions that enable customers to solve some of their greatest challenges,” said Mark Williamson, chairman of Spectris. “The Board remains confident in Spectris’ strategy and the opportunities that will be delivered over the medium term, but believes that Advent’s offer recognises the attractiveness of Spectris and represents strong and immediate cash value for shareholders at an attractive premium of 84.6 percent to the undisturbed share price. The Board believes that the offer will benefit Spectris’ stakeholders and the operational and financial resources of Advent are expected to enhance opportunities for our employees and the Company.”

“Since 2019, we have repositioned Spectris as a focused, high quality, compound growth business with advantaged positions in attractive end markets,” said Andrew Heath, chief executive of Spectris. “I would like to recognise the exceptional contribution of my colleagues - their talent, insight and commitment continues to drive our success. The next chapter of Spectris’ development will further fuel their ambition and provide new opportunities.

“Advent's offer recognises the quality of Spectris, our talented people, and our strong growth prospects,” he continued. “In light of a strong set of intentions set out today, the Board have confidence that Advent is committed to supporting Spectris with investment that will drive growth and accelerate delivery of our strategic objectives.”

“Acquiring Spectris is Advent’s vote of confidence in British engineering and innovation,” said Shonnel Malani, managing partner at Advent International. “As active partners, we are dedicated to accelerating Spectris’ growth and enhancing its leadership in precision measurement. With its talented people and proven track record of driving breakthroughs across industries, we are poised to invest in its continued success, pushing the boundaries of technological progress, expanding its global reach, and delivering transformative solutions to the world’s most dynamic sectors.”

News: Spectris snubs KKR for $5.9 billion Advent buyout

Couchbase acquired in $1.5bn cash deal

BY Fraser Tennant

In a transaction that will take the US software company private, Couchbase is to be acquired by private equity firm Haveli Investments for $1.5bn.

Under the terms of the definitive agreement, Couchbase stockholders will receive $24.50 per share in cash – representing a premium of approximately 67 percent to the closing stock price of 27 March 2025, the last full trading day prior to the announcement of Haveli’s investment into Couchbase.

Upon completion of the transaction, Couchbase will become a privately-held company, its common stock no longer being listed on any public market.

“The data layer in enterprise IT stacks is continuing to increase in importance as a critical enabler of next-generation artificial intelligence applications,” said Sumit Pande, senior managing director at Haveli Investments. “Couchbase’s innovative data platform is well positioned to meet the performance and scalability demands of the largest global enterprises. We are eager to collaborate with the talented team at Couchbase to further expand its market leadership.”

Technology-focused Haveli seeks to invest in the highest quality companies in the technology sector through control, minority or structured equity and debt investments with a focus on software, data, gaming and adjacent industries.

The firm partners with innovative companies throughout their lifecycle, providing operational and strategic support that enables portfolio companies to focus on driving innovation and increasing growth, scale and operating margins.

“Couchbase has been at the forefront of modern database technology, empowering developers and enterprises to build high-performance applications,” said Matt Cain, chair, president and chief executive of Couchbase. “This acquisition marks a significant milestone for our stockholders and an exciting new chapter for Couchbase.”

The transaction, which has been approved by the Couchbase board, is expected to close in the second half of 2025, subject to customary closing conditions, including approval by Couchbase’s stockholders and the receipt of required regulatory approvals.

“Haveli's investment is a strong affirmation of Couchbase’s market position and future potential,” concluded Mr Cain. “We are thrilled to partner with Haveli to accelerate our vision and deliver even greater value to our customers.”

News: Couchbase to be acquired by Haveli Investments for $1.5B in cash

At Home files for Chapter 11, closing “underperforming” stores

BY Fraser Tennant

In a move that will see the closure of 26 “underperforming” stores, home goods chain At Home has filed for Chapter 11 bankruptcy to strengthen its financial foundation and position the business for long-term success.

The filing will allow At Home to implement a restructuring support agreement (RSA) with lenders holding more than 95 percent of the company’s debt. The agreement sets forth terms of a prearranged financial restructuring that will eliminate substantially all of the company’s nearly $2bn in funded debt.

Pursuant to the RSA, following the consummation of its restructuring, the company expects there will be a transition of ownership of At Home to the lenders supporting the RSA and providing the company with new capital.

“We are pleased to have reached this agreement with our lenders, which represents a critical and positive advancement of our work to best position At Home for the future,” said Brad Weston, chief executive of At Home. “Over the past several months, we have taken deliberate steps to strengthen the foundation of our business – sharpening our focus, elevating our customer value proposition and driving operational discipline.”

In connection with this process, At Home is entering into an agreement for $600m in debtor-in-possession financing, which includes a $200m capital infusion from certain of its existing lenders and a ‘roll up’ of $400m of existing senior secured debt.

At Home has also filed a number of customary ‘first day’ motions with the bankruptcy court to maintain business operations, facilitate the efficient administration of the Chapter 11 cases and uphold its go‑forward commitments to its stakeholders, including the continued payment of team member wages and benefits without interruption.

“These efforts are aimed at delivering sustained sales growth, optimizing our inventory management, improving efficiency and enhancing overall profitability,” continued Mr Weston. “While we have made significant progress advancing our initiatives to date, we are operating against the backdrop of an increasingly dynamic and rapidly evolving trade environment as we navigate the impact of tariffs.”

Upon emergence from the prearranged restructuring process, At Home expects to move forward with new owners and a meaningfully strengthened balance sheet.

Mr Weston concluded: “The steps we are taking to fully de-lever our balance sheet will improve our ability to compete in the marketplace in the face of continued volatility and increase the resilience of our business for the long term.”

News: At Home files Chapter 11 bankruptcy, will close 26 stores

BPCE to acquire Novo Banco in $7.4bn deal

BY Fraser Tennant

In a deal that values Portugal’s fourth-largest lender at $7.4bn, global private equity firm Lone Star has sold its 75 percent stake in Novo Banco to French banking group BPCE.

The acquisition comes amid a wave of cross-border and domestic banking mergers in Europe, where regulators have long urged industry consolidation to better integrate the financial sector and counter growing competition from US banking giants.

The transaction is the biggest cross-border acquisition in the eurozone for more than 10 years.

By welcoming Novo Banco into the group, alongside the Banque Populaire and Caisse d’Epargne banking networks, which already serve the French economy, BPCE will further strengthen its role as an important development partner for the Portuguese economy, recognised for its solid fundamentals and resilience.

Through the transaction, BPCE intends to facilitate financing for local companies and individuals’ projects, while also expanding the range of services offered to Portuguese customers. BPCE will leverage all of its expertise to strengthen value creation in close collaboration with Novo Banco.

“This agreement marks a defining moment in Novo Banco’s journey and a powerful endorsement of the transformation we have achieved,” said Mark Bourke, chief executive of Novo Banco. “By becoming part of BPCE, Novo Banco now can access the strength and depth of one of Europe’s financial powerhouses.”

Portugal’s fourth-largest bank with 290 branches and 4200 employees, in recent years Novo Banco has become one of the most profitable banks in Europe, posting a cost-income ratio under 35 percent and a return on tangible equity exceeding 20 percent. These results have been underpinned by the quality of Novo Banco’s teams, together with the engagement of its shareholders for the last eight years.

Currently employing over 3000 staff in Portugal, the opening of a multi-business centre of expertise in Porto in 2017 has deepened BPCE’s local ties. “Novo Banco possesses excellent fundamentals, strong growth potential and an already high level of profitability,” said Nicolas Namias, chief executive of BPCE. “The financial terms of the transaction reflect a disciplined and stringent valuation approach, as well as our confidence in Novo Banco’s ability to create value over time.”

The acquisition is expected to be completed in the first half of 2026.

“This transaction enhances our ability to serve Portuguese families and businesses, deepens our commitment to the national economy, and secures a long-term future built on strength, trust and shared ambition,” concluded Mr Bourke. “It is a great moment for Novo Banco, and we now move forward with renewed confidence and clarity of purpose.”

News: France's BPCE agrees deal to buy Portugal's Novo Banco for $7.4 billion

PE-backed Marelli files for Chapter 11 bankruptcy protection

BY Richard Summerfield

Automotive parts maker Marelli, owned by private equity firm KKR, has filed for Chapter 11 in the US Bankruptcy Court for the District of Delaware.

According to a statement released by Marelli, the company filed for bankruptcy in order to comprehensively restructure its long-term debt obligations. Approximately 80 percent of the company’s lenders have signed an agreement to support the restructuring, which will deleverage Marelli’s balance sheet and strengthen its liquidity position.

Throughout the Chapter 11 process and moving forward, Marelli does not expect to experience any operational impact from the bankruptcy and will continue to work closely with its customers, suppliers and partners to innovate and invest in its portfolio of advanced technologies that will differentiate the vehicles of the future and transform mobility.

Marelli is a key supplier to both Nissan and Stellantis, providing everything from lighting and interior components to propulsion, exhaust and chassis parts.

To support the company during the Chapter 11 process, Marelli has received a significant commitment for $1.1bn in debtor-in-possession (DIP) financing from its lenders. This additional capital underscores lenders’ continued support and confidence in the company’s underlying business and its long-term potential. Upon court approval, the DIP financing, coupled with cash generated from the company’s ongoing operations, is expected to provide sufficient liquidity to support the company through the Chapter 11 process. In addition to the DIP financing, the restructuring agreement provides for a comprehensive deleveraging transaction through which the DIP lenders will take ownership of the business upon emergence from Chapter 11, subject to a 45-day overbid process.

“At Marelli, we have been proactive in making necessary adjustments to stabilize our financial position so that we can continue to deliver long-term benefits for our valued customers, partners and employees,” said David Slump, president and chief executive of Marelli. “While we are pleased with our recent progress and profitability, industry-wide market pressures have created a gap in working capital that must be addressed. After careful review of the Company’s strategic alternatives, we have determined that entering the chapter 11 process is the best path to strengthen Marelli’s balance sheet by converting debt to equity, while ensuring we continue operating as usual. Taking this action now provides access to new liquidity to fund our long-term growth and innovation pipeline, and ensures our customers and partners all over the world can continue to rely on Marelli for on-time delivery of advanced technologies that shape the vehicles of the future.

“Marelli’s focus on innovation, digitalization and technology has never been stronger,” he continued. “As we move through this process, we will continue to serve our customers and work with our suppliers and partners as they have come to expect. We are also grateful for the hard work and dedication of our employees who remain focused on delivering the best service possible.”

News: Nissan supplier Marelli files for Chapter 11, secures $1.1 billion in new financing