AltAssets daily private equity deal roundup – September 12, 2023


Triton-backed tank gearbox maker Renk is planning an IPO on the Frankfurt Stock Exchange, which could reportedly see it valued at about €2.5bn. Private equity house Triton bought Renk from Volkswagen three years ago. Renk says it controls more than 30% of the market for transmissions for military vehicles globally.

KKR has upped its stake in India’s Reliance Retail Ventures through a new $250m investment, valuing the business at an eye-watering $100bn. Reliance, headed up by Indian billionaire Mukesh Ambani, has picked up private equity backing in recent years from firms including Silver Lake, L Catterton and General Atlantic.

Hamilton Lane has named long-time executives Erik Hirsch and Juan Delgado-Moreira as co-CEOs to succeed Mario Giannini after 22 years in the job. Giannini will join Hartley Rogers as executive co-chairman through the change, which will take place on January 1 next year. Hamilton Lane has nearly $818bn in assets under management and supervision.

L Catterton has made a strategic investment in Withmal, a growing veterinary services group in Japan. The firm said the vast majority of the nearly 13,000 pet clinics in the country are small businesses, and many are owned by vets in their 50s or older with no succession plans. It believes joining Withmal is a potential solution for those vets, as the group can continue running their practices after they retire.

CenterOak Partners has completed a majority recapitalization of Guardian Access Solutions, which provides maintenance, repair, and installation of exterior access control equipment in the Southeast US. Guardian specialises in automatic gates, parking equipment, CCTVs, door access control systems and overhead doors. CenterOak co-managing partner Jason Sutherland called the deal a “compelling opportunity”.


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