AMERICAS
7-Eleven, an American international chain of convenience stores, agreed to acquire the Speedway gas station chain from Marathon Petroleum, an American petroleum refining, marketing, and transportation company, for $21bn.
"This acquisition is the largest in our company's history and will allow us to continue to grow and diversify our presence in the US, particularly in the Midwest and East Coast. By adding these quality locations to our portfolio, 7-Eleven will have the opportunity to bring convenience to more customers than ever before," Joe DePinto, 7-Eleven President and CEO.
7-Eleven is advised by Credit Suisse, Nomura, Sumitomo Mitsui Banking Corp, Akin Gump Strauss Hauer & Feld and Nishimura & Asahi. Debt financing is provided by Credit Suisse and Sumitomo Mitsui Banking Corp. Marathon Petroleum is advised by Barclays, JP Morgan and Wachtell Lipton Rosen & Katz.
NexPoint Advisors, an investment adviser, agreed to acquire Jernigan Capital, a real estate investment trust that provides debt and equity capital to self-storage entrepreneurs, for $900m.
"We believe this transaction with NexPoint validates the quality of the portfolio of self-storage properties and the corporate platform we have built and accomplishes the goal of maximizing value for our stockholders during a very difficult time for all of us. We are certain today's announcement is in the best interests of all of JCAP's stakeholders," John Good, JCAP CEO and Chairman.
Jernigan Capital is advised by Jefferies & Company and King & Spalding. NexPoint is advised by KeyBanc Capital Markets, Raymond James and Winston & Strawn.
CF Finance Acquisition to merge with GCM Grosvenor in a $2bn deal. (FS)
CF Finance Acquisition, a special purpose acquisition company sponsored by Cantor Fitzgerald, a financial services firm, agreed to merge with GCM Grosvenor, a global alternative asset management firm, in a $2bn deal.
As of closing, the combined company will receive a $225m investment from institutional investors ($195m) and Cantor Fitzgerald ($30m). GCM Grosvenor management will own over 70% of the combined company. GCM Class A common shares will be listed on the Nasdaq.
"We believe that becoming a publicly listed company will benefit our clients, our team members and all of our stakeholders. We have long valued having external shareholders and we wanted to preserve the accountability and focus that comes with that. We thank the H&F team for their partnership and support over the years and look forward to welcoming our public shareholders in this next chapter of our 50-year corporate history," Michael J. Sacks, GCM CEO and Chairman.
GCM Grosvenor is advised by JP Morgan and Latham & Watkins. CF Finance Acquisition is advised by Cantor Fitzgerald, The Klein Group, Ellenoff Grossman & Schole and Hughes Hubbard & Reed.
DiamondPeak Holdings, a special purpose acquisition company, agreed to merge with Lordstown Motors, an American automobile manufacturer of electric vehicles, in a $1.6bn deal that would result in Lordstown becoming a publicly listed company.
"We have evaluated hundreds of companies for more than a year and Lordstown stood out as a differentiated, high growth company at the confluence of electric vehicles and light-duty trucks, two highly valuable areas of focus and tremendous opportunity in the automotive sector. Lordstown's top-tier management team, led by Steve Burns, has captured a clear lane of customers in the fleet market. The team's vast experience and track-record in launching both traditional and electric vehicles, as well as the company's strong strategic relationships, provides Lordstown with a unique competitive advantage and positions the company to achieve its milestone of commencing production of the Endurance in the second half of 2021," David Hamamoto, DiamondPeak Chairman and CEO.
Lordstown Motors is advised by BakerHostetler and Otto & Friends. DiamondPeak is advised by Deutsche Bank, Goldman Sachs and Sullivan & Cromwell.
FinTech III, a special purpose acquisition company, agreed to merge with GTCR-backed Paya, an integrated payments and commerce solution provider, in a $1.3bn deal.
"We are excited to partner with FinTech III to accelerate our path to becoming a public company and greatly appreciate GTCR's continued investment and support. Paya has a long and proven history of creating differentiated value for software integration partners and their end customers. We have reached this milestone thanks to a terrific roster of software partners, as well as our talented and dedicated Paya colleagues. As a publicly listed company, we will continue to invest in the product innovation and support our software partners rely on to meet the needs of their clients, as well as have access to capital for additional strategic acquisitions," Jeff Hack, Paya CEO.
Paya is advised by Evercore, William Blair & Co, Kirkland & Ellis and ICR. FinTech III is advised by Cantor Fitzgerald, Evercore, Morgan Stanley, Northland Capital Partners and Ledgewood.
National Fuel Gas, a diversified energy company, completed the acquisition of Shell's Appalachian assets for $541m.
"Divesting our Appalachia position is consistent with our desire to focus our Shales portfolio. While we maximize cash in the current environment, our drive for a competitive position in Shales continues. It is a core part of our Upstream portfolio along with the Deep Water and Conventional oil and gas businesses," Wael Sawan, Shell Upstream Director.
National Fuel was advised by Goldman Sachs, JP Morgan, Jones Day and Kirkland & Ellis. Debt financing was provided by JP Morgan. Shell was advised by RBC Capital Markets.
Flushing Financial, the parent company of Flushing Bank, and Empire Bancorp, the parent holding company for Empire National Bank, advised each other that they will not exercise their respective rights to terminate the agreement dated October 24, 2019.
Flushing and Empire are engaged in discussions for a longer-term extension of time to complete the merger.
Empire Bancorp is advised by Sandler O'Neill + Partners and Fenimore Kay Harrison & Ford. Flushing Financial is advised by Deutsche Bank and Arnold & Porter Kaye Scholer.
Provident Financial, the parent company of Provident Bank, completed the merger with SB One Bancorp, the parent company of SB One Bank, in a $209m deal.
"We are excited about our partnership with SB One. This business combination provides attractive financial attributes to shareholders of both Provident and SB One. At $12bn in assets, the combined company comfortably surpasses the $10bn asset threshold and provides Provident a clear management succession plan with the addition of a very skilled leader and banker in Tony Labozzetta, who will serve as President and Chief Operating Officer of the combined company," Christopher Martin, Provident Chairman and CEO.
SB One Bancorp was advised by Keefe Bruyette & Woods and Hogan Lovells. Provident Financial was advised by Piper Sandler and Luse Gorman.
R1 RCM, a provider of technology-enabled revenue cycle management services to healthcare providers, completed the acquisition of Cerner RevWorks, a reference management services provider. Financial terms were not disclosed.
"We are pleased to complete the acquisition of RevWorks. Through the commercial partnership, R1 is offering a powerful RCM solution that combines our collective revenue cycle expertise to produce both operational and patient-centric results. As such, we look forward to delivering scalable innovations and successful client outcomes to Cerner's customers, as well as other healthcare organizations," Gary Long, R1 Executive Vice President and Chief Commercial Officer.
Cerner was advised by Greenhill & Co. R1 RCM was advised by Centerview Partners and Kirkland & Ellis.
Arlington Capital Partners, a private equity firm, agreed to acquire the composites business of Triumph Group, a manufacturer of aerospace and defense systems, components and structures. Financial terms were not disclosed.
"With the sale of Triumph's composites business, Triumph continues to execute on its previously announced Aerospace Structures strategic review. This transaction will further reduce debt and enhance liquidity while moving the company towards its future state as a leading provider of systems and aftermarket service. We are excited to partner with Arlington Capital Partners who will benefit from the experienced workforce, significant capabilities, and embedded customer relationships at both factories," Daniel Crowley, Triumph Group President and CEO.
Triumph Group is advised by Lazard.
Chesapeake Utilities, a diversified energy company, completed the acquisition of Elkton Gas, a gas company in Elkton, Maryland, from South Jersey Industries, a publicly held energy services holding company. Financial terms were not disclosed.
"We are pleased to welcome the dedicated team of Elkton Gas employees and our new Elkton Gas customers to our Company. This move is a natural fit and we are excited about our prospects for natural gas distribution expansion in this growing area," Jeff Householder, Chesapeake Utilities President and CEO.
South Jersey Industries was advised by Gibson Dunn & Crutcher.
The Sterling Group, a Houston-based middle-market private equity firm, completed the acquisition of Stripe-A-Zone, a provider of striping and related services on roads, highways, airports and parking lots. Financial terms were not disclosed.
"In teaming with Stripe-A-Zone, we are establishing an outstanding foundation for the Frontline platform, partnering with best-in-class operators as we build a national leader in the road safety industry," Brad Staller, The Sterling Group Partner.
The Sterling Group was advised by Willkie Farr & Gallagher.
BlackRock led a $250m Series F round in Farmers Business Network, an e-commerce platform. The round saw participation from new investors Baron Capital Group, Balyasny Asset Management, Mandi Ventures, Lupa Systems and Ron Shaich. Existing investors DBL Partners, Temasek, funds and accounts advised by T. Rowe Price Associates, GV, Expanding Capital, and Kleiner Perkins also took part in the funding. Certain funds managed by Fidelity Investments Canada and affiliates also participated in the financing.
"Our mission as a company is to improve the profitability of farming families around the world for generations to come. Many farmers and ranchers were already struggling before the disruption and financial challenges brought on by the pandemic. We will double down on putting farmers first by further investing in technologies that lower costs, improve transparency and create local community development opportunities in rural areas," Amol Deshpande, FBN Co-Founder and CEO.
Farmers Business Network was advised by Longview Communications.
Globant, a digitally native technology services company, agreed to acquire Grupo ASSA, a digital and cloud transformation services company. Financial terms were not disclosed.
"In gA we found the perfect partner for our future plans, as we enhance our portfolio for Healthcare and Life Sciences. They have built outstanding lasting relationships with many Fortune 500 companies. The world is changing and many industries are facing an amazing opportunity. gA's portfolio will deepen our service offering to help our clients in their transformation journey," Martin Migoya, Globant CEO.
Globant is advised by Walker Sands Communications.
Google agreed to acquire a 6.6% stake in ADT, a provider of security and smart home solutions, for $450m. As part of the agreement, each company will commit $150m for co-marketing, product development, technology and employee training.
"We are thrilled to partner with Google to provide the smart home market with a strong, differentiated product and service offering that integrates the best technology, hardware and smart home security expertise from our two brands. Google's partnership and financial investment in ADT underscores the depth of our joint commitment to the smart home and security markets. Our entire leadership team is looking forward to continuing our work with Google as we define the future of helpful home security and build a productive long-term partnership," Jim DeVries, ADT President and CEO.
ReFocus Eye Health, an eye care provider, completed the acquisition of OptiCare Eye Health & Vision Centers, an eye care centre in Waterbury, Connecticut. Financial terms were not disclosed.
"We couldn't be more excited about the surgeons and staff of OptiCare becoming part of the ReFocus family. When combined, the staff adds nearly 500 years of eye care experience to our team. Adding this depth of expertise will help ensure that our combined organization will continue providing unparalleled eye care for decades to come," Daniel Doman, ReFocus CEO.
MSP Design Group, a promotional products distributor in Hampton Roads, completed the acquisition of Promotional Considerations, a Richmond-based promotional products distributor. Financial terms were not disclosed.
"Promotional Considerations CEO Jeff Marks and his team come with a wealth of experience in branding and promotional marketing, and our company will become stronger with MSP and Promotional Considerations joining as one," Dan Clarkson, MSP Design Group CEO.
The University of Arizona Global Campus, a newly formed non-profit entity, agreed to acquire Ashford University, an online for-profit university, from Zovio, an American for-profit education services company. Financial terms were not disclosed.
"As students look for new avenues to attain higher education, the accessibility and innovative approach of The University of Arizona Global Campus will help a new generation of Wildcats find success. By establishing The University of Arizona Global Campus, the University of Arizona will greatly expand its reach and live up to its responsibility as a land-grant university to provide access to quality education, including to working adults, full-time parents, military service members, and other underrepresented students," Robert Robbins, University of Arizona President.
Motorola Solutions, an American data communications and telecommunications equipment provider, completed the acquisition of Pelco, a global provider of video security solutions, for $110m.
"Video continues to play a more powerful role in enabling safer cities and securing businesses around the world. Pelco's track record of innovation, internationally recognized brand, global channel and customer installed base enable us to further expand our global footprint with enterprise and public safety customers," Greg Brown, Motorola Solutions Chairman and CEO.
Reset Energy, a conceptual design, equipment packaging and turnkey installation company, agreed to acquire Heroes Energy Solutions, a manufacturer and packager of modular gas treating and conditioning equipment. Financial terms were not disclosed.
"This reorganization will allow us to take Reset Energy from a premier plant design and fabrication company to a diversified business capable of providing turnkey solutions from conceptual design to commissioning. We are in a unique position to bridge together the assets of Heroes Energy and Reset Energy to leverage unmatched team competencies and relationships to provide the highest quality products and services to our customers," Chris Villegas, Reset CEO.
Trump gives Microsoft 45 days to reach a TikTok deal.
Donald Trump gave Microsoft 45 days to reach an agreement on acquisition of short-video app TikTok from Bytedance, a Chinese multinational internet technology company, Reuters reported.
The news follows up on Trump's intentions to ban the app in the US, claiming it is a threat to national security and might give China the informational advantage in the form of personal data of 100m US-based users.
Neiman Marcus owners to transfer MyTheresa stake to creditors. (FS)
WSJ reported that private equity backers of Neiman Marcus Group, an American chain of luxury department stores, agreed to relinquish part of the MyTheresa online business they took over in 2018, clinching a settlement with creditors and clearing a big hurdle for the bankrupt department-store chain's exit from chapter 11.
Ares Management and the Canada Pension Plan Investment Board, which own Neiman Marcus, agreed to hand over up to $162m in shares of the MyTheresa business under a proposed settlement with unsecured creditors.
Sotheby's International Realty acquires McGuire Real Estate's Berkeley and Burlingame offices. (RE)
Golden Gate Sotheby's International Realty, a real estate brand, acquired the assets of McGuire Real Estate's Berkeley and Burlingame offices. McGuire Real Estate's East Bay and Peninsula offices and agents will operate under the leadership of President and Chief Executive Officer, Bill Bullock.
The addition of McGuire Real Estate broadens Golden Gate Sotheby's International Realty's existing network in the San Francisco Bay Area which is now served by 27 offices and more than 530 independent sales associates. Combined, these offices brokered more than $6bn in sales volume in 2019.
"The San Francisco Bay Area is the international technology capital of the world and attracts residents from all over the globe. The Sotheby's International Realty brand is a globally recognized leader in luxury real estate, and its unrivaled international network and multi-lingual marketing capabilities will provide the seasoned agents at McGuire Real Estate a competitive advantage over local or national firms," Charles Moore, McGuire Real Estate CEO.
GoodRx files for IPO. (FS)
GoodRx, a US online prescription drug price marketplace, filed for a potential initial public offering with the US Securities and Exchange Commission, Reuters reported.
GoodRx, which was valued at $2.8bn in 2018 when private equity firm Silver Lake invested in the company, is in the process of hiring advisers for the IPO.
The listing could come later this year or early in 2021.
Oak Street Health announces terms for its $250m IPO.
Oak Street Health, an operator of primary care clinics and healthcare centers, set the terms for its IPO.
The Chicago-based company intends to raise $250m by offering 15.6m shares at a price range of $15 to $17. At the midpoint of the proposed range, Oak Street Health would command a fully diluted market value of $3.8bn.
Blackstone's second strategic capital fund raises $3.5bn. (FS)
Blackstone Group so far gathered $3.5bn for its latest Strategic Capital fundraising to back a strategy of investing in other private fund managers, PE News reported.
The fund is expected to collect around $4bn before wrapping up and will fuel a strategy that focuses on acquiring stakes in established alternative asset managers with proven track records and good reputations.
EMEA
Breedon Group, an AIM-listed British construction materials company, completed the acquisition of the UK assets of CEMEX, a Mexican multinational building materials company, for c.$235m.
"This transaction further rebalances our portfolio into our core markets, enhances our profitability, and enables us to continue to focus on deleveraging. We believe the valuation of this transaction is in line with our other recent divestments considering the type and return of the assets sold. With this transaction, our asset sales to date, announced or closed, have now reached close to the mid-range of our $1.5-to-$2bn asset-divestment target under our 'A Stronger CEMEX' plan," Fernando A. Gonzalez, CEMEX CEO.
Breedon was advised by Cenkos Securities, Numis Securities, Moelis & Co and Teneo. CEMEX was advised by HSBC.
Private equity firm Francisco Partners agreed to acquire a 70% stake in Consignor Group, a Nordic software company, for $165m.
"Consignor has built a software business with an enviable market position and a strong customer base. We are excited to support the team as they embark on this next phase of growth with an eye to accelerating Consignor's development both organically and through acquisitions," Petri Oksanen, Francisco Partner.
Consignor Group is advised by Ernst & Young and Grette. Francisco Partners is advised by Arma Partners and Aabo-Evensen & Co.
Epiris, a private equity firm, agreed to acquire a majority stake in Casual Dining Group, an operator of UK-based restaurant brands, from KKR & Co. Financial terms were not disclosed.
"In common with most of the sector, The Big Table's restaurants have been closed since late March. We will work with James and his team to re-open the restaurants, bringing over 4k people off furlough to enable customers to enjoy dining out again. This transaction will enable the business to trade through the uncertain months ahead and to invest in its three strong brands to deliver an even better experience for their customers," Ian Wood, Epiris Partner.
Epiris is advised by PricewaterhouseCoopers, Macfarlanes and Greenbrook.
Private equity firm PAI Partners offered to acquire a majority stake in Amplitude Surgical, a French provider of surgical technology for lower-limb orthopaedics, from Apax Partners and certain managers of the company for $63m.
"We are delighted to have the opportunity to accompany Amplitude Surgical as its majority shareholder, and would like to thank Apax Partners, Olivier Jallabert and the entire Management team for putting their trust in us. It is a great opportunity for us to invest in such a prestigious group and with such a talented management team," Stefano Drago, PAI Partner.
Amplitude Surgical is advised by NewCap. PAI Partners is advised by Rothschild & Co.
RWE to purchase European project development pipeline from Nordex for $474m.
RWE, a German electric utilities company, agreed to acquire a 2.7GW European project development pipeline from Nordex, a wind turbine maker, for $474m. The 2.7GW of wind and solar projects are located in France, Spain, Sweden and Poland and represent nearly 80% of Nordex's total project development pipeline.
At 43% of Nordex's current market valuation, the proceeds will be used to strengthen the group's balance sheet.
Nordex is advised by Rothschild & Co.
Serie A defers decision on media business stake sale. (FS)
Reuters reported that Italy's Serie A soccer league deferred its decision over a project to sell a minority stake of its media business, as representatives of the country's top-flight clubs have asked for more time to assess private equity fund proposals.
Serie A has asked investors to submit bids to buy a stake of up to 15% in a newly-created media company that would control its broadcast rights. Private equity firms CVC, Bain Capital and Advent International have submitted bids for a stake in the business, while Apollo, Fortress and Blackstone's credit arm GSO have made proposals for debt or hybrid financing deals.
Russian regulator approves Hyundai's acquisition of GM plant in St Petersburg.
Russia's Anti-Monopoly Service approved Hyundai's possible acquisition of a factory in St Petersburg from General Motors, a vehicles and vehicle parts manufacturer, Reuters reported.
Hyundai, an automotive manufacturer, confirmed last month it was discussing the acquisition of the factory, but declined to provide further details.
APAC
Z Holdings, a Japanese internet company initially formed as a joint venture between the American internet company Yahoo! and SoftBank, said its $30bn merger with messaging app operator Line would conclude around March 2021. The deal was supposed to come through in October but got postponed due to difficulties caused by the coronavirus.
Line is advised by JP Morgan, Anderson Mori & Tomotsune and Shearman & Sterling. SoftBank is advised by Mizuho Securities, Nagashima Ohno & Tsunematsu and Simpson Thacher & Bartlett. Z Holdings is advised by Mitsubishi UFJ Financial Group, Latham & Watkins and Mori Hamada & Matsumoto. Naver is advised by Deutsche Bank, Cleary Gottlieb Steen & Hamilton, Kim & Chang and Nishimura & Asahi. Deutsche Bank is advised by Ropes & Gray.
Private equity firm Bain Capital increased its offer price for Tokyo-listed aged care provider Nichii Gakkan – after a Hong Kong hedge fund criticized the board for not doing enough to protect the interests of minority shareholders – valuing the business at $1.1bn.
The new offer represents a 52.6% premium to the May 7 closing price of Nichii Gakkan stock.
Nichii Gakkan is advised by Deloitte. Bain Capital is advised by Ropes & Gray. Debt financing is provided by Mitsubishi UFJ Financial Group, Mizuho Securities, Nomura and SMBC Nikko.
First Pacific-backed Indofood CBP, an Indonesia-based company primarily engaged in food processing, announced that its shareholders approved the pending $3bn acquisition of Pinehill, a producer of instant noodles.
Last month, ICBP hardly won shareholder support in Hong Kong for the deal.
Indofood CBP is advised by Somerley Capital.
JD.com, China's e-commerce company, agreed to invest $100m in Li & Fung, a Hong Kong-based supply chain manager. The Fung family will continue to retain control of the company with 60% of the voting shares.
"Our goal to create the Supply Chain of the Future and to improve the lives of one billion people in our global supply chain remains more relevant than ever in this turbulent world. The partnership with GLP and the addition of JD will be instrumental in further strengthening Li & Fung," Spencer Fung, Li & Fung CEO.
The Australian unit of Shell, a multinational oil and gas company, agreed to acquire Select Carbon, an environmental services company. Financial terms were not disclosed.
"Select Carbon believes joining Shell will more thoroughly capture new opportunities in land management and carbon sequestration. Combined, we have the experience and resources for large-scale nature-based solutions that bring economic and community benefits to regional Australia. It is a great opportunity to work alongside land managers to achieve multiple outcomes, including resilient regional businesses and landscape health. Our collective immediate actions, and those over the next few decades, will be critical to ensure liveable, productive and sustainable environments for generations to come," Dean Revell, Select Carbon CEO.
Chinese-led group considers acquiring City'super. (FS)
A group led by China Resources Capital Management, a fund management platform, considers acquiring a majority stake in City'super, an Asian retail chain, valuing the company at $300m, Bloomberg reported.
CR Capital, the alternative investments arm of state-owned conglomerate China Resources Holdings, and its co-investors plan to acquire 65% of City Super Group from owners led by The Fenix Group, a real estate developer. Hong Kong billionaire Peter Woo, who owns about 39% of the grocery chain, plans to divest down part of his stake.
The parties intend to sign an agreement as soon as this week.
China's new green development fund raises $12bn. (FS)
China's first dedicated environmental fund, which will invest in green projects and firms, raised $12.6bn in its first phase, Reuters reported. The National Green Development Fund will mainly be used to invest in national strategic programmes such as the green development of the Yangtze river region.
The fund was formally launched on July 15 by the Ministry of Ecology and Environment, the Ministry of Finance and the Shanghai city government.
Kakao Games to raise $322m in an IPO.
Kakao Games, a gaming unit of South Korea's mobile messaging service provider Kakao, plans to raise up to $322m in its IPO.
Kakao Games will offer 16m new shares at a range of $16.7 to $20 each.
KKR collects $300m for its latest Asia-focused fund. (FS)
KKR & Co secured a $300m capital commitment for its latest Asia-focused fund, KKR Asian Fund IV, from the New York State Common Retirement Fund, DealStreetAsia reported.
The fund would look to invest into consumer, technology and manufacturing companies across Australia, Japan, China and India.
