Latest news with #EQTPartners
Sky News
4 days ago
- Business
- Sky News
Buyout firm EQT revs up £500m bid for World Rally promoter
The private equity giant EQT Partners is exploring an offer to buy the promoter of the World Rally Championship (WRC) as an auction valuing the business at close to £500m finally gets off the starting grid. Sky News has learnt that Stockholm-based EQT is among a number of buyout firms preparing to bid for WRC Promoter, which owns the commercial rights to the WRC and the European Rally Championship. Both series are sanctioned by the FIA, world motorsport's governing body. A sale of the promoter has been on the cards since last summer, when the news agency Reuters reported that bankers from JP Morgan had been hired to oversee an auction. WRC Promoter is owned by the Austrian drinks behemoth Red Bull and KW25, a German investment company. After five rounds of the 2025 WRC series, the championship standings are headed by British driver Elfyn Evans. The next race takes place in northern Sardinia, Italy, later this week. EQT has not been among the private equity industry's most prolific investor in sports-related assets, but in recent months it has intensified its interest in the sector. It recently took a stake in Baller League, a six-a-side football format which counts Gary Lineker among its backers, and was one of the bidders in auction of the commercial rights to Germany's Bundesliga in 2023.
Geek Wire
29-05-2025
- Business
- Geek Wire
Vista Equity Partners to acquire Acumatica in latest Seattle-area enterprise software deal
Acumatica's lobby at its Bellevue-area headquarters. (Acumatica Photo) Vista Equity Partners is swooping up another Seattle-area enterprise software player. The private equity firm announced Thursday that it will acquire Acumatica, which specializes in cloud-based enterprise resource planning (ERP) technology. Terms of the deal were not disclosed. Founded in 2008, Acumatica helps companies automate processes including financial management, payroll, CRM, and more. It sells to various industries and sectors, and competes against tech giants including Microsoft, Oracle, and SAP, among others. Private equity firm EQT Partners acquired Acumatica in 2019. Vista said EQT will no longer be an investor in the company. Bloomberg, which reported on the deal Wednesday, said that acquisition could value Acumatica at $2 billion. Acumatica is led by John Case, the former CEO of Unify Square. Case took over in 2022, replacing Jon Roskill, who moved into an advisory role with EQT. 'With Vista's support and track record of growing software companies, we believe we're positioned to accelerate product development, deepen partner engagement and extend our impact,' Case said in a statement. Acumatica moved its headquarters to the Seattle region from the Washington, D.C., area in 2012. It opened a new HQ in Bellevue, Wash., last year. It employs almost 700 people worldwide, according to LinkedIn, which is up from 265 employees in 2019. Vista, an Austin, Texas-based firm with more than $100 billion in assets, recently acquired Bellevue, Wash.-based enterprise software giant Smartsheet in an $8.4 billion deal with Blackstone. Vista also acquired other publicly traded Seattle-area tech companies including IT cost analysis software firm Apptio in 2019 (Apptio sold to IBM in 2023) and tax software giant Avalara in 2022.
Time of India
05-05-2025
- Business
- Time of India
Manipal, IHH, EQT & Others Submit Bids for Sahyadri
Manipal Hospitals , Singapore's IHH Healthcare , Blackstone-owned hospital chain Quality Care India , Max Healthcare, KKR & Co. and EQT Partners are among those that have submitted initial bids for Sahyadri Hospitals , said people aware of the matter. The bids are in the range of ₹4,500-5,000 crore, they said. Sahyadri, Maharashtra's largest hospital chain, is owned by Canada's Ontario Teachers' Pension Plan Board. #Pahalgam Terrorist Attack India much better equipped to target cross-border terror since Balakot India conducts maiden flight-trials of stratospheric airship platform Pakistan shuts ports for Indian ships after New Delhi bans imports from Islamabad The May 1 deadline for bids has been extended for a few more weeks, said the people cited. Warburg Pincus and Ahmedabad's Torrent Group are also interested in the hospital chain, they said. ET first reported in December on Ontario Teachers' plan to sell Sahyadri. It had acquired the chain at a valuation of about ₹2,500 crore from Everstone Capital, outbidding Max Healthcare. Everstone had bought it in 2019 from founder and leading neurosurgeon Charudutt Apte for ₹1,000 crore. The chain has a network of 11 hospitals in Pune, Nashik, Ahilya Nagar and Karad. Sahyadri has 2,500 clinicians and 3,500 support staff, according to its website. Cofounders Apte, Sadanand Bapat and Nitin Desai remain involved with the chain that started with the Pune Institute of Neurology as its first hospital in 1994. 'Sahyadri is expected to have an ebitda of ₹210 crore and a revenue of ₹1,200 crore in FY25, where the hospital may be valued at anywhere between 20 and 25 times the ebitda multiple,' said a fund manager with one of the bidding PE funds. Ontario Teachers' is a global investor that had net assets of $178 billion on June 30, 2024, and manages retirement money for 340,000 working and retired school teachers and administrative staff in the Canadian province. Ontario Teachers', EQT Partners, Warburg Pincus and KKR declined to comment. Manipal, IHH Healthcare, Quality Care India, Max Healthcare, and Torrent Group didn't respond to queries. The sector has seen a wave of PE-led consolidation in India after multiple acquisitions by large chains such as IPO-bound Manipal Hospitals, the second-largest hospital chain in India, which is on an acquisition spree and expanding its footprint across the country. In 2023, Manipal had acquired an 84% stake in Kolkata-based Advanced Medical Research Institute (AMRI) Hospitals in a deal worth ₹2,400 crore. Last year, KKR made a comeback in the Indian hospital sector, two years after its mega exit from Max Healthcare, by acquiring around 70% of Kerala's Baby Memorial Hospital (BMH) with an investment of $300 million (₹2,500 crore). Kozhikode-based Baby Memorial is among the largest hospitals in the southern state with 500 beds across three facilities. EQT Partners (formerly Baring PE Asia) made an entry into the space in 2022 by acquiring a significant minority stake in India's leading gastroenterology hospital, Hyderabad-based Asian Institute of Gastroenterology (AIG) Hospitals. Earlier, Quality Care India (QCIL), backed by PE funds Blackstone and TPG, acquired about 85% of KIMS Health Management, another leading hospital chain in Kerala at a ₹3,500 crore valuation. KIMS founder promoter MI Sahadulla holds about 15% and continues to run the business. As per a World Health Organization (WHO) report, India has just 16 beds per 10,000 people. A recent report by HSBC Global Research said seven listed chains will add 14,000 beds in the next three-five years in the country. A total of 22,000 new beds is expected, including those by other private hospital chains, it said. India's healthcare industry demonstrates impressive advancement, boasting a CAGR of approximately 22% since 2016, according to Invest India's Investment Grid report. Projections signal the home healthcare sector reaching a substantial $21.3 billion market value by 2027. Public health expenditure is anticipated to rise to 2.5% of GDP by 2025 from 1.15% now.
