Thoma Bravo-backed Sophos, a British security software and hardware company, agreed to acquire Secureworks, an American cybersecurity company, for $859m.
"Secureworks offers an innovative, market-leading solution with their Taegis XDR platform. Combined with our security solutions and industry leadership in MDR, we will strengthen our collective position in the market and provide better outcomes for organizations of all sizes globally. Secureworks’ renowned expertise in cybersecurity perfectly aligns with our mission to protect businesses from cybercrime by delivering powerful and intuitive products and services. This acquisition represents a significant step forward in our commitment to building a safer digital future for all," Joe Levy, Sophos CEO.
Secureworks is advised by Morgan Stanley, Piper Sandler and Paul Weiss Rifkind Wharton & Garrison (led by
Laura Turano). Sophos is advised by Bank of America, Barclays, Goldman Sachs, HSBC, UBS and Kirkland & Ellis (led by
Bradley Reed and
Steven Page). Debt financing is provided by Bank of America, Barclays, Goldman Sachs, HSBC and UBS. Dell is advised by Skadden Arps Slate Meagher & Flom (led by
Allison Schneirov).
Wendel, a French investment company, agreed to acquire a 75% stake in Monroe Capital, an asset management firm specializing in private credit markets across various strategies, for $1.13bn.
"We have long known and admired the team at Monroe, who over the past two decades have built a leading middle-market US private credit firm. Since inception, Monroe has delivered strong and differentiated outcomes for its diversified global client base. Furthermore, the partnership will strengthen Wendel’s third-party asset management platform by enabling it to capitalize on the growing opportunity set in private credit and persistent growth in demand for direct lending solutions from investors and borrowers globally. We are excited to collaborate with Ted, Zia, and their talented teams to support the next phase of Monroe’s growth," Laurent Mignon, Wendel CEO.
Monroe Capital is advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Prosek Partners (led by
Nadia Damouni). Wendel is advised by Fenchurch Advisory Partners, UBS, Kirkland & Ellis and Kekst CNC (led by
Todd Fogarty)
Private equity firm Nexus Capital Management is working with Big Lots’s lenders to get roughly $750m in financing as part of a previously announced deal to acquire the retailer out of bankruptcy, an attorney for the discount chain said in court hearing in Delaware,
Bloomberg reported.
Big Lots’ lawyer Jonah Peppiatt said during the hearing that the retailer and its stakeholders expect Nexus will obtain the financing “to firm up its bid” ahead of a October 25 bid deadline. Nexus’ offer is in the form of a stalking horse bid, meaning Big Lots could proceed with a better offer if any materialize by the deadline.
Big Lots is advised by AG Real Estate, AlixPartners, Guggenheim Partners, Davis Polk & Wardwell and Joele Frank (led by
Aaron Palash). Nexus Capital is advised by Kirkland & Ellis.
Morgan Stanley Infrastructure Partners, a global private infrastructure investment platform, agreed to invest in GI Partners-backed Flexential, a provider of secure and flexible data center solutions. Financial terms were not disclosed.
"The new partnership with Morgan Stanley Infrastructure Partners, combined with the strong foundation laid with GI Partners, represents a tremendous opportunity for Flexential to further accelerate our growth trajectory and sets the stage for future strategic opportunities. As we continue to invest in expanding our infrastructure and delivering innovative solutions to our customers, this additional investment will enable us to build on our recent successes and further strengthen our position as a leader in the data center and digital infrastructure industry," Chris Downie, Flexential CEO.
Flexential is advised by Goldman Sachs and Ropes & Gray. MSIP is advised by Citigroup, Evercore and Kirkland & Ellis (led by
Kevin T. Crews). GI Partners is advised by Chris Tofalli Public Relations (led by
Chris Tofalli).
Hedge funds Nut Tree Capital Management and Caspian Capital are planning to oppose the takeover of Martin Midstream Partners by the company's largest shareholder,
Reuters reported.
The hedge funds, which made a competing bid to buy Martin Midstream for $4.50 per unit in July, have argued that Martin Resource Management Corporation's $157m deal to buy Martin Midstream undervalues the fuels storage and transporter and raises concerns over conflicts of interest.
Martin Midstream is advised by Houlihan Lokey, Munsch Hardt Kopf & Harr, Potter Anderson & Corroon and Joele Frank. Martin Resource Management is advised by Wells Fargo Securities and Baker Botts (led by
Preston Bernhisel).
Zeta Global, an American marketing technology company, completed the acquisition of LiveIntent, a provider of people-based marketing, with proprietary technology powering mobile-centric experiences and first-party identity solutions to identify, unlock, engage, and monetize audiences across channels, for $300m.
"We are excited to welcome LiveIntent to Team Zeta as we continue to build out our position and sharpen our differentiation in AI-powered marketing," David A. Steinberg, Zeta Global Co-Founder, Chairman, and CEO.
LiveIntent was advised by Houlihan Lokey and Lowenstein Sandler. Zeta Global was advised by Citigroup, ROTH Capital Partners and Latham & Watkins (led by
Eyal N. Orgad and
Charles Ruck).
Elixirr, a global challenger consultancy, completed the acquisition of Hypothesis, the US-based disruptive insights and strategy firm. Financial terms were not disclosed.
With Hypothesis’ expertise in insights and strategy, Elixirr is now even better placed to deliver end-to-end solutions to existing and new clients – from the initial deep research and discovery through to defining the strategy and developing the technology required to deliver valuable impact.
Hypothesis was advised by JEGI Clarity and Sklar Kirsh. Elixirr was advised by BDO, Dentons and Clarity Global PR.
GenNx360 Capital Partners-backed Nutra-Med, a provider of contract packaging services to the pharmaceutical, OTC, medical device, and dietary supplement industries, completed the acquisition of Legacy Pharma Solutions, a provider of oral solid dose packaging services. Financial terms were not disclosed.
"We are excited to partner with Legacy's outstanding leadership team and believe that the combination of Nutra-Med and Legacy will enable us to better serve our customers and the broader pharmaceutical industry. The acquisition adds additional high-speed bottling and blistering capabilities to Nutra-Med and strengthens our team. It allows us to continue delivering the quality and service we are known for, bringing us closer to our vision of a minimum order quantity of one, and one-day turnaround," Kunal Gupta, Nutra-Med CEO.
Legacy Pharma Solutions was advised by Raymond James and Polsinelli PC. GenNx360 Capital Partners was advised by Loeb & Loeb.
Bertram Capital, a private equity firm, completed the investment in Perimeter Solutions Group, a provider of commercial and industrial perimeter protection solutions including permanent and rental fencing, automated gate and access control services. Financial terms were not disclosed.
"PSG has firmly established a market leading position in perimeter security solutions across the South from Arizona to Florida. The Company exhibits all the hallmarks of an ideal Bertram investment: strong customer retention, category leadership, rapid organic and inorganic growth and what we believe to be a best-in-class management team," Tom Beerle, Bertram Capital Partner.
Bertram Capital was advised by Harvey & Company.
BGC Group, a global brokerage and financial technology company, agreed to acquire OTC Global Holdings, the largest independent institutional energy and commodities brokerage firm. Financial terms were not disclosed.
"OTC has built a premier global energy, commodities, and shipping business that is supported by world class talent. This acquisition will complement our existing ECS business and will enhance our ability to deliver a comprehensive, best-in-class offering to our global client base. We look forward to welcoming the OTC team onto the BGC platform, combining our innovative solutions to drive greater results for our clients," Howard Lutnick, BGC Group Chairman and CEO.
OTC Global is advised by Jefferies & Company.
Stripe, an API technology company that provides online payment processing and commerce solutions, agreed to acquire Bridge, a payments platform built with stablecoins, to simplify global money movement, for $1.1bn.
The strategic deal coincides with the company's latest expansion into cryptocurrency services.
Accenture Ventures, a venture capital arm of Accenture, completed the investment in Reality Defender, an RSA Innovation award-winning cybersecurity company specializing in deepfake detection. Financial terms were not disclosed.
“Accenture’s global reach and cybersecurity expertise will allow Reality Defender to scale our technology during a time of heightened deepfake volatility. With Accenture’s support and alignment with our mission of combatting AI-generated fraud, we can work toward defeating the most advanced cyber threats of our time. Through our collaborative efforts, we will pave the way for a more secure and trustworthy digital landscape, ensuring a safer future for all,” Ben Colman, Reality Defender Co-Founder and CEO.
Insteel Industries, a manufacturer of steel wire reinforcing products, completed the acquisition of Engineered Wire Products, a manufacturer of welded wire reinforcement, for $70m.
“We are pleased to complete the acquisition of EWP. This move will expand our geographic footprint and bolster our competitive position in the Midwest market. The acquisition of EWP will enhance our customer service capabilities and drive down operating costs through operational synergies,” H.O. Woltz III, Insteel President and CEO.
Fionic, a consumer finance provider, agreed to acquire the auto finance business of Axis Auto Finance, a fintech lender providing alternative used vehicle financing options to non-prime borrowers, for $114m.
Fionic is an arm's length party to Axis and its affiliates and the transaction was negotiated on an arm's length basis.
Sverica Capital Management, a private equity investment firm, completed the investment in Electronic Source Company, an electronic manufacturing services company serving the Aerospace & Defense and Space markets with high-reliability circuit card assemblies. Financial terms were not disclosed.
"We appreciate Scott choosing Sverica as the steward of the company he founded 30 years ago, and are pleased to partner with the ESC team to help them develop and execute a growth strategy into the ever-evolving area of defense electronics. ESC’s impressive financial and operational performance has the Company gaining increasing exposure to high-profile military and space programs where product failure is not an option," Dave Finley, Sverica Managing Partner.
EMS, a pharmaceutical company, offered to acquire a 20% stake in Hypera, a drug manufacturer in Brazil, for $678m.
The leadership of both Hypera and EMS agrees that the industrial combination is undeniably beneficial, as it would solidify their position as market leaders with a 17% market share.
Mubadala nears deal to buy stake in Zelis. (FS)
Mubadala Investment is nearing a deal to acquire a minority stake in Zelis that values the health-care technology company at about $17bn,
Bloomberg reported.
The Abu Dhabi wealth fund is putting the final touches on a deal with Zelis’s owners, Bain Capital and Parthenon Capital. Mubadala has agreed to anchor a so-called minority recapitalization of Zelis. Other co-investors will be brought in during the coming weeks.
Enbridge to talk to indigenous groups amid flurry of pipeline stake sales.
Enbridge invited indigenous communities in Canada to discuss a financial partnership similar to an earlier $809m sale of a stake in some of its pipelines to such groups,
Bloomberg reported.
The pipeline company is hosting a meeting in Edmonton, Alberta, on November 20 to discuss the potential deal.
Hefner Capital offers $100m to buy Playboy brand. (FS)
Hefner Capital, a private equity firm led by Hugh Hefner’s son Cooper, has expressed interest in acquiring the Playboy brand from PLBY Group,
Bloomberg reported.
Cooper Hefner made the non-binding overture for all of Playboy’s brand assets, which includes intellectual property associated with Playboy, to PLBY’s board, led by Chairman Suhail Rizvi, on October 21.
JCP Investment urges Cheesecake Factory to explore a potential split. (FS)
Houston-based activist investor JCP Investment Management is urging Cheesecake Factory, an American restaurant company and distributor of cheesecakes, to explore the possibility of creating a separate public company by spinning off three of its smaller brands,
Reuters reported.
JCP Investment Management, which has built roughly a 2% stake in Cheesecake Factory, has privately told executives that North Italia, Flower Child, and Culinary Dropout brands would be better off as a separate company.
Argos, SURA begin to study possible ownership split.
Shareholders of Grupo Argos and Grupo SURA, two of Colombia's largest conglomerates, 21 gave their boards the green light to begin studying alternative corporate structures in order to split the currently tightly-knit firms,
Reuters reported.
Argo and SURA are part of an alliance of firms known informally as Grupo Empresarial Antioqueno, made up of over a hundred firms held together by complex shareholding arrangements and partnerships.
Wall Street pegs Cigna-Humana mega merger to Trump victory.
Prospects for a potential merger between health insurers Cigna Group and Humana hinge on the upcoming US presidential election,
Bloomberg reported.
While the Biden administration has moved to block some large health-care deals, talks would be “only tangibly moving forward if Trump wins” in November.
Sports Illustrated unit seeks debt for possible Anytickets deal.
Sports Illustrated’s secondary ticket marketplace is looking to drum up cash from direct lenders to fund a potential acquisition of Anytickets.com, another ticket seller,
Bloomberg reported.
Sports Illustrated Tickets has approached lenders to provide between $30m and $50m of capital to fund the deal.
Morgan Stanley IM raises $2bn for North Haven Tactical Value II Fund. (FS)
Morgan Stanley Investment Management has closed North Haven Tactical Value II Fund LP and affiliated funds at approximately $2bn of committed capital, representing a nearly 50% increase over the predecessor fund NHTV I.
“We are pleased to have raised $2bn of committed capital with the support of our investors. The Fund’s differentiated strategy paired with our team’s expertise and Morgan Stanley’s global network offers a unique opportunity for investors to build a portfolio with a strong value proposition,” David N. Miller, Morgan Stanley Investment Management Global Head of Private Credit and Equity.
