Mubadala + Bain take over US building automation services platform

Mubadala Investment and investment firm Bain Capital have acquired North Carolina-based HVAC and building automation firm Service Logic from US private equity firm Leonard Green & Partners, according to a press release.

Service Logic? The North Carolina-headquartered firm provides commercial HVAC and building automation services to thousands of clients, operating in over 140 locations across North America with more than 5k technicians.

ADVISORS- Barclays and Jefferies acted as joint lead financial advisors on the transaction. Harris Williams and Goldman Sachs served as joint lead financial advisors to Service Logic, and JP Morgan and Morgan Stanley also acted as financial advisors. Ropes & Gray provided legal counsel to Bain Capital, while Latham and Watkins served as legal advisor to Leonard Green.

Adia doubles down on ICICI Prudential IPO

The Abu Dhabi Investment Authority (Adia) returned to India this week to pick up additional shares worth USD 5.5 mn in ICICI Prudential Asset Management‘s USD 1.2 bn anchor round ahead of its IPO, according to a regulatory filing. The IPO — which closed yesterday with USD 33 bn (INR 3 tn) in bids — was oversubscribed nearly 39x overall, making it India’s fourth most subscribed listing, Reuters reported.

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Adia joined global heavyweights like Singapore’s SWF GIC, Fidelity, Temasek, and BlackRock in the anchor book, which saw it raise some USD 359 mn.

It’s not Adia’s first: Adia joined a separate pre-IPO sale from British insurer Prudential alongside the marquee family offices of b’naires Azim Premji and the late Rakesh Jhunjhunwala.

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