Element Partners-backed AquaVenture Holdings files for IPO

Tampa-based water purification solutions provider AquaVenture Holdings LLC has filed for an IPO. The number of shares that will be sold as well as the stock’s pricing terms have yet to be set. The company plans on trading the stock on the New York Stock Exchange under the ticker symbol “WAAS.” Citigroup, Deutsche Bank Securities and RBC Capital Markets are serving as the lead underwriters. AquaVenture’s backers include Element Partners. PRESS RELEASE TAMPA, Fla., Sept. 25, 2015 /PRNewswire/ — AquaVenture Holdings LLC today announced that it has publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of its common shares. The number of shares to be offered and the price range for the offering have not been determined. AquaVenture Holdings has applied to list its common shares on the New York Stock Exchange under the ticker symbol “WAAS.” Citigroup, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers and as representatives of the underwriters. Canaccord Genuity and Raymond James are acting as co-managers. The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the offering may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (Telephone: (800) 831-9146), from Deutsche Bank Securities, Attention: Prospectus Department, 60 Wall Street, New York, NY 10005 (Telephone: (800) 503-4611, Email: prospectus.cpdg@db.com), and from RBC Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; Attention: Equity Syndicate; Telephone: (877) 822-4089; Email: equityprospectus@rbccm.com. A registration statement related to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About AquaVenture Holdings AquaVenture Holdings is a provider of Water-as-a-Service (WAASTM) solutions that offer customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer. AquaVenture Holdings is composed of two operating platforms: Quench, a U.S.-based provider of Point-of-Use, or POU, filtered water systems and related services to more than 40,000 institutional and commercial customers; and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions, providing 7 billion gallons of potable, high purity industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers.

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Element Partners-backed AquaVenture Holdings files for IPO

Kraton to buy privately held Arizona Chemical for $1.37 bln: Reuters

(Reuters) Kraton Performance Polymers Inc, a producer of rubber used in adhesives, coatings and personal care products, said it would buy privately held specialty chemicals producer Arizona Chemical Holdings Corp for $1.37 billion in cash. The deal is expected to add about $1.40 per share in profit in the first year of combined operations, Kraton said. Reuters reported on Friday, citing sources, that Kraton was in talks to acquire Arizona Chemical Company LLC, which is majority owned by private equity firm American Securities LLC. Kraton said on Monday that it expected pretax synergies of $65 million by 2018 and free cash flow of more than $450 million over the first three years of combined operations. The Houston-based company said it would finance the deal through debt facilities committed by Credit Suisse Securities (USA) LLC, Nomura Securities International Inc and Deutsche Bank Securities Inc. The deal is expected to close later this year or early next year, Kraton said. The company’s shares closed at $18.35 on Friday on the New York Stock Exchange.

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Kraton to buy privately held Arizona Chemical for $1.37 bln: Reuters

Third time may be the charm for Russell Investments

The London Stock Exchange’s sale of Russell Investments is reportedly unraveling, which could bode well for private equity firms still interested in buying the investment manager. The plunge in the Chinese stock market since mid-June, plus investigations into some Citic Securities Co. executives, have caused the LSE’s discussions with Citic for Russell to “falter and may soon collapse,” Bloomberg reported on Sept. 22. The other two bidders for Russell — Towers Watson & Co. and China’s Shanda Games Ltd.— also appear to be out, press reports said. The LSE has to go back to scratch and begin talks with potential bidders, including private equity, sources said. This would be the third time traditional private equity has tried to buy Russell. Seattle-based Russell is the investment arm of Frank Russell, which is owned by the London Stock Exchange. Russell has $265.8 billion in assets under management as of June 30. The LSE put Russell up for sale earlier this year after receiving expressions of interest. The LSE conducted a “broad sales process” for Russell earlier this year where it sent out more than 50 books for the asset management unit, PE HUB reported in March. JP Morgan and Goldman Sachs are advising on the sale. In June, Reuters reported that Citic, Towers and Shanda were vying for Russell. The deal was valued at $1.5 billion. Since that time, Towers Watson announced an $8.7 billion merger with Willis Group Holdings PLC. The deal ended Towers’ status as a bidder for Russell, press reports said. Shanda dropped out of the process, a banking source said. Two private equity firms —CVC Capital Partners and TA Associates — made it to the second round of the most recent Russell auction, sources said. CVC dropped out because the price for Russell was too high, a source said at the time. The LSE may open the auction up to a broader group. Advent International and Genstar Capital also looked at Russell, the banking source said. If true, this would be the third time private equity has tried to buy Russell. Last year, Northwestern Mutual Life Insurance Co. put Frank Russell, including the investment management and index businesses, up for sale. The LSE, which mainly wanted Russell’s large index business, in June 2014 beat out a handful of PE firms and bidders such as the Canadian Imperial Bank of Commerce to buy the company, Reuters said. Executives for the LSE, JP Morgan, Russell, Advent and Genstar declined comment. Goldman, Towers, CVC, and TA could not immediately be reached for comment. Photo courtesy of Shutterstock

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Third time may be the charm for Russell Investments