Latest news with #CVCCapitalPartners
Arabian Post
4 days ago
- Business
- Arabian Post
Tabreed and CVC Edge Closer to $1.1 Billion Cooling Deal
Arabian Post Staff -Dubai Engie-backed National Central Cooling Company, known as Tabreed, and private equity firm CVC Capital Partners have entered exclusive negotiations to acquire PAL Cooling Holding , the district cooling arm of Abu Dhabi's Multiply Group. The transaction is expected to value the business at approximately $1.1 billion, according to individuals familiar with the matter. The joint bid by Tabreed and CVC emerged as the leading offer among several contenders, including KKR, I Squared Capital, Investcorp, and Abu Dhabi National Energy Company . Discussions have now progressed to a bilateral phase between the preferred bidders and Multiply Group, a subsidiary of International Holding Company , chaired by Sheikh Tahnoon bin Zayed Al Nahyan. ADVERTISEMENT PAL Cooling Holding operates six district cooling plants in Abu Dhabi, with a combined installed capacity of approximately 139,800 refrigeration tonnes. The company maintains long-term service agreements with prominent real estate developers such as Aldar Properties and Reem Developers, providing chilled water for air conditioning to a range of commercial and residential properties across the emirate. District cooling systems, which distribute chilled water through insulated pipes to multiple buildings, offer a more energy-efficient and environmentally friendly alternative to traditional air conditioning. These systems are particularly prevalent in the Gulf region, where summer temperatures can exceed 50 degrees Celsius, making efficient cooling solutions essential for urban infrastructure. The potential acquisition aligns with Tabreed's strategic expansion plans. The company currently operates over 80 district cooling plants across the Middle East, delivering more than 1.2 million refrigeration tonnes of cooling capacity. Tabreed's portfolio includes high-profile projects such as the Burj Khalifa, Sheikh Zayed Grand Mosque, and the Dubai Metro. CVC Capital Partners, headquartered in Luxembourg, has been actively seeking investment opportunities in the Middle East, reflecting a broader trend among international private equity firms. The region's push to diversify economies away from oil dependency has made sectors like sustainable infrastructure increasingly attractive to foreign investors. Multiply Group, the seller in this transaction, is an investment holding company with interests spanning media, utilities, and technology. The divestment of its district cooling unit is part of a strategic realignment to focus on core business areas. The company had engaged Standard Chartered Bank to explore potential buyers for PCH earlier this year. Following reports of the exclusive talks, Tabreed's shares experienced a 4.3% increase, reaching 2.68 dirhams during midday trading on the Abu Dhabi Securities Exchange. This uptick reflects investor optimism regarding the company's growth prospects and the strategic value of the potential acquisition.
Daily Mail
5 days ago
- Business
- Daily Mail
Hargreaves Lansdown boss Dan Olley to step down after less than two years
Hargreaves Lansdown boss Dan Olley has announced his departure less than two years after taking the helm at Britain's biggest investment platform. It comes two months after a private equity consortium including CVC Capital Partners, Nordic Capital and the Abu Dhabi Investment Authority completed a £5.4billion acquisition. Olley will remain in place for a three-month handover period and be replaced on an interim basis by Hargreaves director Richard Flint, a former boss of Sky Bet. Hargreaves manages assets of more than £157billion for its 1.9m clients. Founded in 1981, it floated in 2007, and lately has faced competition from the likes of AJ Bell and Interactive Investor.
Fast Company
20-05-2025
- Business
- Fast Company
Exclusive: Lipton's new brand wants to be everyone's cup of tea
Hellmann's. Axe. Ben & Jerry's. Dove. Nutrafol. Pepsodent. Vaseline. When a brand exists within a CPG behemoth like Unilever, it can struggle to get dedicated design attention. So often, it doesn't—and as a result, its brand can get a bit dusty on the shelf. That's what happened to Lipton with an identity from 2014 that hewed closer to the 1999 Burger King logo than a modern leader of the tea industry. But now, with a new owner, Lipton is launching a fresh look as it celebrates 135 years in business and expands its product line. The big business of tea Lipton is the titan of tea. Its products (which include Tazo, Pukka, PG Tips, and more) are sold in more than 100 countries and make up the largest tea business in the world. Moreover, tea is big business: Fueled in part by the focus on health in the beverage category, tea is projected to grow by more than 75% to $122.59 billion in 2033. CVC Capital Partners bought the Lipton family of brands in 2022 for $5.07 billion. Yet in spite of those that promise, the company has been facing what S&P Global dubbed 'weaker-than-anticipated performance' last fall. And, well, that's a design opportunity. Following the acquisition, Lipton started taking stock of its core identity, and is now rolling out its new branding, with new plans and products to boot. The final deadline for Fast Company's Brands That Matter Awards is Friday, May 30, at 11:59 p.m. PT. Apply today.
Hamilton Spectator
15-05-2025
- Business
- Hamilton Spectator
WTA chairman Simon announces retirement. He oversaw player pay increase, took heat for Saudi stance
ST. PETERSBURG, Fla. (AP) — WTA Tour chairman Steve Simon has informed the organization's board of directors he plans to retire in December, the women's tennis circuit announced Thursday. Simon was tournament director of the BNP Paribas Open in Indian Wells, California, for 13 years before he was hired as chief executive of the WTA in 2015. Under his watch, the women's circuit committed to a $400 million increase in player compensation over the next 10 years, created a foundation to elevate its social impact in communities around the world and entered a partnership with CVC Capital Partners to accelerate commercial growth and drive reinvestment in the sport. Last year, the WTA restructured its leadership, with NBA G League executive Portia Archer taking over as CEO and Simon focusing on strategic development and governance as chairman. Simon has been a target for criticism. Last year, he and the tour were sued by Ukrainian tennis player Lesia Tsurenko because of the way it has handled Russian and Belarusian players amid the war in Ukraine. In 2023, Hall of Famers Chris Evert and Martina Navratilova questioned how he could sign off on a lucrative three-year deal with Saudi Arabia to host the WTA Finals despite questions about LGBTQ+ and women's rights there. Simon also led a WTA boycott of China from 2021-23 over concerns about Grand Slam doubles champion Peng Shuai's well-being. Peng dropped out of public view after she accused a Chinese government official of sexual assault. China was allowed to host tournaments again after the WTA received assurances from people close to Peng that she was safe and living with her family in Beijing. ___ AP tennis:
San Francisco Chronicle
15-05-2025
- Business
- San Francisco Chronicle
WTA chairman Simon announces retirement. He oversaw player pay increase, took heat for Saudi stance
ST. PETERSBURG, Fla. (AP) — WTA Tour chairman Steve Simon has informed the organization's board of directors he plans to retire in December, the women's tennis circuit announced Thursday. Simon was tournament director of the BNP Paribas Open in Indian Wells, California, for 13 years before he was hired as chief executive of the WTA in 2015. Under his watch, the women's circuit committed to a $400 million increase in player compensation over the next 10 years, created a foundation to elevate its social impact in communities around the world and entered a partnership with CVC Capital Partners to accelerate commercial growth and drive reinvestment in the sport. Last year, the WTA restructured its leadership, with NBA G League executive Portia Archer taking over as CEO and Simon focusing on strategic development and governance as chairman. Simon has been a target for criticism. Last year, he and the tour were sued by Ukrainian tennis player Lesia Tsurenko because of the way it has handled Russian and Belarusian players amid the war in Ukraine. In 2023, Hall of Famers Chris Evert and Martina Navratilova questioned how he could sign off on a lucrative three-year deal with Saudi Arabia to host the WTA Finals despite questions about LGBTQ+ and women's rights there. Simon also led a WTA boycott of China from 2021-23 over concerns about Grand Slam doubles champion Peng Shuai's well-being. Peng dropped out of public view after she accused a Chinese government official of sexual assault. China was allowed to host tournaments again after the WTA received assurances from people close to Peng that she was safe and living with her family in Beijing.
