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AMERICAS
Centerbridge, a global, multi-strategy private investment firm, and Bridgeport, a private investment firm, agreed to acquire Computer Services, a provider of end-to-end fintech and regtech solutions, for $1.6bn.
"After a thorough strategic review, the CSI board of directors is very pleased to announce this transaction and believes it is in the best interests of our shareholders. Upon completion of the transaction, CSI intends to continue operating under the leadership of CEO David Culbertson and the CSI leadership team, with its headquarters expected to remain in Paducah, Kentucky," Steve Powless, CSI Chairman of the Board.
Computer Services is advised by Moelis & Co, Raymond James and Nelson Mullins Riley & Scarborough. Centerbridge and Bridgeport is advised by Aviditi Advisors, Goldman Sachs, Jefferies & Company, Kirkland & Ellis and Weil Gotshal and Manges.
Aurora Capital Partners, a middle-market private equity firm, completed the acquisition of Sharps Compliance, a full-service national provider of comprehensive waste management solutions including medical, pharmaceutical and hazardous waste, for $170m.
"Sharps is a leading provider of comprehensive solutions for the small to medium generators of medical, hazardous and pharmaceutical waste. To date, the company has developed a tremendous customer base by offering route-based and mailback medical waste disposal services and we believe there is significant runway for increasing the market penetration for our MedSafe solution for the safe and compliant disposal of unused medications including controlled substances. In addition to delivering immediate value to our shareholders, this transaction provides Sharps with a long-term partner that is focused on building upon our strong platform," Pat Mulloy, Sharps CEO.
Sharps Compliance was advised by Raymond James, Norton Rose Fulbright and IMS Investor Relations. Aurora Capital was advised by D.F. King & Co, Gibson Dunn & Crutcher and ASC Advisors.
Innoviva, a diversified holding company with a portfolio of royalties and a growing portfolio of innovative healthcare assets, completed the acquisition of La Jolla Pharmaceutical Company, a biopharmaceutical company that is focused on innovative therapeutics for chronic organ failure and cancer, for $149m.
"This acquisition represents a significant step forward in advancing our strategy to diversify operations and adds a highly complementary commercial franchise to our portfolio to accelerate long-term growth. We look forward to welcoming the La Jolla team to Innoviva and building upon the success of GIAPREZA and XERAVA," Pavel Raifeld, Innoviva CEO.
La Jolla Pharmaceutical Company was advised by Cowen & Company and Gibson Dunn & Crutcher. Cowen & Company was advised by Shearman & Sterling. Innoviva was advised by Moelis & Co, Willkie Farr & Gallagher and Argot Partners.
Heartland Express, an irregular route truckload carrier based in North Liberty, Iowa, agreed to acquire contract freighters truckload business of TFI International, a Canadian transport and logistics company based in Saint-Laurent, Quebec, for $525m.
"We are thrilled to welcome CFI to the Heartland Express family of companies, where it will continue to operate from Joplin under its own brand and current leadership team. CFI has exactly what we look for as we expand – significant scale, a respected and recognizable brand, capable management, safe and experienced drivers, a strong asset base, and a complementary terminal network. CFI’s strengths in the north-south midwestern corridor will add to our driver and customer capability, and their cross-border expertise will help us capitalize on the expected long-term freight volume benefits of nearshoring activity by manufacturers. At the same time, we can offer the CFI people a home that is entirely focused on their core – high-service, irregular route, asset-based truckload freight transportation. Over time, we expect to gain meaningful synergies and operate our consolidated business on a larger scale at our historical margins," Michael Gerdin, Heartland Express Chairman, President and CEO.
TFI International is advised by JP Morgan. Heartland Express is advised by Scudder Law Firm. Debt financing is provided by JP Morgan and Wells Fargo Securities.
URUS, a holding company with cooperative and private ownership, completed the acquisition of Trans Ova Genetics, an animal reproductive technologies company, from Precigen, a biotechnology company, for $180m.
"We believe this transaction will support Precigen's mission as a premier cell and gene therapy company laser focused on the rapid development of our top clinical assets to maximize shareholder value and potentially improve the way devastating diseases like cancer are treated. I am proud of Precigen management and the Trans Ova team for successfully leading the financial turnaround of Trans Ova operations to maximize the value of this asset over the last two years. We expect to have the capacity to pay the convertible notes upon maturity and to focus on fast regulatory paths for our healthcare portfolio," Helen Sabzevari, Precigen President and CEO.
URUS was advised by Morgan Lewis & Bockius. Precigen was advised by Rabobank, Davis Polk & Wardwell and Finn Partners.
SNDL, a private sector liquor and cannabis retailer, agreed to acquire The Valens Company, a manufacturer of cannabis products with a mission to bring the benefits of cannabis to the world, for $138m.
With 555.5k square feet of cultivation and manufacturing space and 185 cannabis stores under the Spiritleaf and Value Buds banners, the combined company will offer a complete portfolio of branded products to consumers in Canada through its own supply and distribution channels.
SNDL is advised by ATB Capital Markets and McCarthy Tetrault. The Valens Company is advised by Cormark Securities and Stikeman Elliott.
MN8 Energy, an investment vehicle launched in 2017, agreed to acquire 14 US solar assets of New Energy Solar, an electric power generation company, for $245m.
The transaction remains subject to conditions set out in the transaction documents including NEW shareholder approval, customary financier and offtaker consents, and customary US regulatory approvals. The transaction represents the sale of NEW’s main undertaking and, if approved by shareholders and if the transaction conditions are met, will eventually result in the de-listing of NEW from the ASX and the winding up of the company.
New Energy Solar is advised by RBC Capital Markets, Ashurst and Foley & Lardner.
eBay, a global commerce company that connects millions of buyers and sellers around the world, agreed to acquire TCGplayer, a trusted marketplace for collectible card game enthusiasts, for $295m.
"eBay continues to build on our 26 years of experience in trading cards, powering local hobby stores and Main Street retailers to deliver an online destination that collectors love. eBay has always fueled our customers' passion in this space and facilitated connections between buyers and sellers, and with TCGplayer, we can enhance the customer experience across categories, forge even more relationships, and cater to enthusiasts around the world," Dawn Block, eBay VP of Collectibles.
eBay is advised by Freshfields Bruckhaus Deringer. TCGplayer is advised by Evercore and Cooley.
InHome Therapy, the company dedicated to delivering caring physical, occupational, and speech therapy solutions, completed the acquisition of Advanced Healthcare Services, a provider of home health care services. Financial terms were not disclosed.
"The primary reason for this deal is that it allows us to continue to expand throughout Florida and be the dominant in-home therapy provider. We can service more home health agencies and more patients in that area by increasing our talented community of therapists," Richard Anglin, InHome Therapy Corporate Development Officer.
InHome Therapy was advised by Mainland.
AmeriLife-backed Pinnacle Financial Services, a national organization providing insurance and financial products and services for individuals, businesses and their employees, completed the acquisition of Health One, a health insurance agency. Financial terms were not disclosed.
“At Health One, we work to recognize and embrace the many diverse markets in both the ACA and Medicare arena. By recognizing our partners’ different cultures, communities and unique needs, we connect authentically while creating an experience that is inclusive to all. As a leading provider of agent training and support, we then help our distribution use those skills – and tailor the right products – to meet our client’s needs,” Susan Carrasco, Health One Founder and CEO.
Strattam Capital-backed HireRoad, a provider of cloud-native end-to-end talent management and insight software, agreed to acquire PeopleInsight, a provider of workforce analytics software. Financial terms were not disclosed.
"Analytics continue to be a challenge for HR professionals, especially in mid-sized organizations. They often don't have the resources for a data warehouse and a dedicated staff to perform analyses, yet they have the same desire for actionable data and many of the same complex business needs as larger organizations," Otto Berkes, HireRoad CEO.
Source Protocol, a multi-chain and interoperable DeFi ecosystem with automated protocols designed for user, and EonXI Lab, an innovation studio that develops disruptive Web3, gaming, and blockchain companies, formed SourceWorld, a company in building enterprise-grade Web 3.0 infrastructure and products. Financial terms were not disclosed.
SourceWorld's vision is to create and drive global access to decentralized virtual environments, enabling users to interact on endless levels, ranging from enterprise business, to gaming and metaverse, interactive entertainment settings, finance, education, governance, and more. Through their joint efforts in developing the next generation of Web 3.0 global technology solutions, the team of 30+ will help Web 2.0 organizations navigate and adopt decentralized products and processes to improve their transparency, access, equity, and economic scale.
Truist extends data management capabilities with acquisition of Arena platform.
Truist Financial, an American bank holding company headquartered in Charlotte, announced that it has acquired key strategic assets from Zaloni, a provider of data technology delivery solutions. Through this agreement, Truist will acquire the Zaloni Arena platform to accelerate its data governance, metadata management, advanced analytics, and artificial intelligence and machine learning programs.
Zaloni Founder and Chief Product Officer Ben Sharma, Chief Technology Officer Ashwin Nayak, and a team of product, engineering and data professionals will join Truist's Enterprise Data Office led by Chief Data Officer Tracy Daniels. The team will be based in Raleigh.
Amazon among bidders for Signify Health.
Amazon.com is among the bidders for healthcare company Signify Health, joining other heavy hitters vying in an auction for the home-health-services provider, WSJ reported.
Signify uses analytics and technology to help employers, health plans, physician groups and health systems with in-home care. It offers in-home health evaluations for Medicare Advantage and other government-run managed care plans.
Goldman Sachs, Morgan Stanley, UBS facing $1bn in fines over banned messaging app use by traders.
Federal regulators intend to levy the fines over alleged breaches of rules that require the retention of business records, Financial News reported. Many of Wall Street’s biggest banks are nearing agreements to pay as much as $200m each and admit that their employees’ use of personal messaging apps such as WhatsApp violated regulatory requirements.
The total amount of fines will likely top $1bn and will be announced by the end of September. The roster of banks poised to pay $200m each includes Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS.
VRS makes $3.2bn in alternative asset allocations in four months. (FS)
The Virginia Retirement System has made a total of $3.2bn in new investment allocations across credit strategies, private equity and real assets between mid-April and mid-August.
The $101bn pension fund reported a 0.6% return for the fiscal year 2022, with returns being led by strong gains in private markets investments. VRS' $19bn PE portfolio led the way worth return of 27.4% for the 12 months ending June 30, while real assets were the second-best performing asset class at VRS over the past year with gains of 21.7%.
RiverGlade Capital closes $453m Healthcare Fund II. (FS)
RiverGlade, a healthcare-focused private equity firm, has closed its latest fund, RiverGlade Capital Fund II, which was over-subscribed and exceeded both its target size and initial cap with $453m of total capital commitments.
RiverGlade’s founders have invested in healthcare services together for over 20 years and will continue to remain focused on healthcare investing in the lower middle market by partnering and supporting founders and management teams of exceptional companies that are driving outcomes for patients, providers, payors and the communities they serve.
Star Mountain Capital appoints former Thoma Bravo credit head as managing director. (FS, People)
Star Mountain Capital has appointed Jack Le Roy, the former head of global software investor Thoma Bravo's credit division, as a managing director.
Star Mountain currently manages more than $3bn in assets, focused on the North American lower mid-market. Last August the company haled the final close of its latest SIBC fund targeting the US lower mid-market sector with more than $290m in capital commitments.
EMEA
PATRIZIA-backed SAREN Energy, one of the largest district heating operators in Norway, completed the merger with Kvitebjørn Varme, a district heating operator in Tromsø, northern Norway. Financial terms were not disclosed.
"Through this merger, we are creating one of Norway’s largest district heating companies with a diversified asset base that is well-positioned for future growth. By combining the assets, we are taking an important step in accelerating our decarbonisation strategy for SAREN Energy through knowledge sharing and cost synergies, while at the same time ensuring that our investors benefit from attractive risk-adjusted returns and favourable market dynamics," Matteo Andreoletti, PATRIZIA Head of Infrastructure Equity, Europe and North America.
Kvitebjørn Varme was advised by Pareto Securities and BAHR. PATRIZIA was advised by Deloitte, SWECO/DNV, Willis Towers Watson, DNB Bank, Wiersholm and Afry. Debt providers were advised by Thommessen.
Elaghmore, a UK private equity fund, completed the acquisition of Concept Group, a provider of distinctive sign and large format LED solutions using traditional, bespoke and digital signage. Financial terms were not disclosed.
"We are delighted to be working with Hexcite Group and Elaghmore. They will help significantly enhance the service we provide to our clients through the increased manufacturing capacity, technical resource, and geographical reach that being part of Hexcite Group will bring us," Sean Morrough, Concept Managing Director.
Elaghmore was advised by Mills & Reeve.
4iG, a technology company that provides information technology solutions, and Corvinus, a Hungarian state holding, agreed to acquire the Hungarian unit of Vodafone Group, a British multinational telecommunications company, for €1.8bn ($1.8bn).
"The Hungarian Government has a clear strategy to build a Hungarian-owned national champion in the ICT sector. This combination with 4iG will allow Vodafone Hungary, which has a proud history of success and innovation in the country, to play a major role in the future growth and development of the sector as a much stronger scaled and fully converged operator. The combined entity will increase competition and have greater access to investment to further the digitalization of Hungary," Nick Read, Vodafone CEO.
Lukoil, a Russian multinational energy corporation, completed the acquisition of Spartak Moscow, a Russian professional football club. Financial terms were not disclosed.
"I want to express my sincere gratitude to my friends and colleagues from Lukoil for agreeing to support such a significant social project as Spartak in this most difficult situation," Leonid Fedun, Spartak Moscow owner and president.
Sanabil Investments, a financial investment company, led a $100m Series B funding round in Tamara, a buy now, pay later firm, with participation from Coatue, Shurooq Partners, Endeavor Catalyst and Checkout.com.
"We believe the region has a different situation today than globally. The region is thriving with high oil prices. We want to make sure our customers find the right products that suit them and find amazing deals," Abdulmajeed Alsukhan, Tamara CEO.
Credit Suisse names Deutsche’s Dixit Joshi as CFO in flurry of executive changes. (People)
Credit Suisse has hired Deutsche Bank veteran Dixit Joshi as its new chief financial officer, part of another flurry of changes to its top ranks as it continues to overhaul its board in the wake of successive crises, Financial News reported.
Joshi, who was latterly group treasurer at Deutsche Bank, will take over from David Mathers as CFO on 1 October. Joshi spent 12 years at the German lender including a stint leading its fixed income institutional clients group and as global head of prime finance.
APAC
Aerial imagery company Nearmap agreed to the $755m takeover offer from Thoma Bravo, becoming the latest technology firm that the US private equity firm has bet on in recent months, Reuters reported.
"The Board believes the proposed all-cash offer represents attractive value and provides an immediate opportunity for shareholders to realize certain value at a significant premium to the market," Peter James, Nearmap Chairman.
Nearmap is advised by Citigroup, DLA Piper and Citadel Magnus. Thoma Bravo is advised by Goodwin Procter and Gilbert + Tobin.
MGM China to inject $594m into Macau unit to re-tender for casino license.
Casino operator MGM China Holding said it will inject MOP4.8bn ($594m) into its MGM Grande Paradise unit as it prepares to re-tender for a licence to operate its gaming business in Macau, Reuters reported.
Under the terms of a revised gaming law released by Macau's legislature earlier this year, a casino needs a minimum capital requirement of MOP5bn ($618m), and the managing director of the concessionaire must be a Macau permanent resident holding at least 15% of its capital.
CVC in talks to sell stake in top Indonesian snacks maker GarudaFood. (FS)
Private equity firm CVC Capital Partners is in talks to sell its 20% stake worth about $270m in Indonesia’s top snack-food producer GarudaFood Putra Putri Jaya, Deal Street Asia reported.
CVC has engaged a financial adviser for the negotiations.
Frasers Property sets up new platform to work with capital partners.
Singapore’s Frasers Property has set up a new group corporate function, Frasers Property Capital, that will team up with capital partners on new projects. The new unit will see the company pursuing investment opportunities while sharing risks with like-minded joint venture partners, Frasers Property detailed in a regulatory filing on Monday, Deal Street Asia reported.
Wong Ping, a veteran in the real estate investment sector with over 25 years of experience under her belt, will lead Frasers Property Capital as its Chief Investment Officer.
Nandan Nilekani-backed ShopX shuts shop, files for bankruptcy.
Infosys co-founder Nandan Nilekani-backed e-commerce startup ShopX has shut down operations and filed for bankruptcy, Deal Street Asia reported.
This comes over a year after the company reportedly laid off nearly half its workforce while moving towards a digital model rather than a supply chain-led model. Founded in 2015 by Amit Sharma and Apoorva Jois, ShopX offered ecommerce solutions for retailers and brands, before it pivoted operations to e-commerce enablement and offered a SaaS platform for retailers to reach brands.
The Sylvan Group leverages Asian business family links for $400m debut fund. (FS)
With pandemic-related restrictions of the last two years beginning to ease, Scott Jeun, managing partner and cofounder of The Sylvan Group, is officially hitting the fundraising trail for the private equity firm’s maiden, $400m fund, Deal Street Asia reported.
The firm has already secured half of the target corpus of Sylvan Asia Growth Fund 1, or about $200m, from “friends and family”, Jeun said. Commitments have come from family institutions and conglomerates in Korea, Singapore and Indonesia, he said.
China's Winreal Investment holds first close of new RMB fund at nearly $150m. (FS)
China’s Winreal Investment has held the first closing of a new RMB-denominated fund at CNY1.3bn ($149m) as the investment company targets a hard cap of no more than CNY2bn ($293m) to invest in 5G development, Deal Street Asia reported.
As the second of its 5G fund series, Winreal already completed the business registration for this vehicle and sealed commitment agreements with limited partners, including 5G industry corporates, investment institutions and China’s government-led funds for the first closing, the firm announced in a post on its WeChat official account on Monday. It expects to hold the final closing before the end of this year.
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