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AMERICAS
Koch Equity Development, a private equity firm, agreed to acquire iconectiv, a supplier of network planning and management services for communications providers, from Ericsson, a provider of telecommunications equipment, and Francisco Partners, an investment firm. Financial terms were not disclosed.
"iconectiv is excited to join KED along with the resources and capabilities they have to support our next chapter of growth. This acquisition marks a significant milestone in our journey, aligning us with a shareholder focused on long-term value creation that extends our track record as a trusted partner to service providers and regulators in the communications sector. On behalf of iconectiv, we want to thank Ericsson and Francisco Partners for their many years of support. We believe KED is the right partner for our employees and the company to continue executing our long-term vision by providing reliable and trusted communications solutions to our customers globally," Richard Jacowleff, iconectiv CEO.
Koch Equity Development is advised by Citigroup, Rothschild & Co, and Jones Day. iconectiv is advised by Goldman Sachs, Jefferies & Company, and Latham & Watkins.
Advanced Micro Devices, an American multinational corporation and fabless semiconductor company that designs, develops and sells computer processors, agreed to acquire ZT Systems, a supplier of hyperscale server solutions for cloud computing and artificial intelligence, for $4.9bn.
"We are excited to join AMD and together play an even larger role designing the AI infrastructure that is defining the future of computing. For almost 30 years we have evolved our business to become a leading provider of critical computing and storage infrastructure for the world's largest cloud companies. AMD shares our vision for the important role our technology and our people play designing and building the computing infrastructure powering the largest data centers in the world," Frank Zhang, ZT Systems CEO.
Advanced Micro Devices is advised by Citigroup and Latham & Watkins. ZT Systems is advised by Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison.
Vinci Partners and Lazuli Partners, two private equity firms, completed the investment in Farmax, a cosmetics provider. Financial terms were not disclosed.
"Since Vinci arrived, we have been experiencing a two-year growth cycle above what we had planned. And we understood that we needed new funding to accelerate the company's expansion," Ronaldo Ribeiro, Farmax CEO.
Vinci Partners was advised by UBS.
Prenetics, a health sciences company, completed the acquisition of Europa Sports Partners, a full-service sports distribution company. Financial terms were not disclosed.
“Prenetics’ acquisition of Europa and Hubmatrix is a strategic move that establishes our foothold in the US market. Coupled with our partnership with David Beckham and the upcoming launch of IM8, we are positioned to become a leader in the health and wellness industry. This move demonstrates our commitment to significant growth and innovation in the rapidly expanding consumer market, with expectations to surpass $100m in consumer segment revenue by the end of 2025," Danny Yeung, Prenetics CEO.
Alimentation Couche-Tard, an operator of a network of 24-hour convenience stores, agreed to acquire GetGo Café + Markets, a food-first convenience store chain, from Giant Eagle, an American supermarket chain. Financial terms were not disclosed.
"We are energized by the potential for both Giant Eagle and GetGo as a result of this transaction. This enhances our focus on our core supermarket and pharmacy businesses, strengthening Giant Eagle and better enabling us to make strategic investments in our people, stores, and value proposition while matching GetGo with the perfect partner in Couche-Tard. Their depth of experience in convenience stores and fuel will create tremendous opportunities for our team members and customers, and we look forward to partnering with them on the myPerks loyalty program," Bill Artman, Giant Eagle CEO.
Oil producer APA explores $1bn sale of Permian assets.
APA is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could be valued at about $1bn, Reuters reported.
APA, which owns the properties through its Apache subsidiary, is working with investment bankers at RBC Richardson Barr and Truist Securities on the sale process.
NFL owners, executives to meet on private equity stakes in teams. (FS)
The National Football League plans to meet in Minneapolis on August 27 to discuss and potentially vote on allowing institutional investors to buy into teams, Bloomberg reported.
The league held meetings with multiple private equity firms this week in the hopes of completing a framework to present to owners. After those meetings, league executives and owners feel confident enough to present a potential framework to other owners.
US regional bank deals rise as lenders aim to bolster balance sheets.
Regional lenders at the heart of last year's banking crisis are cutting more deals to shore up their balance sheets and compete with rivals, extending a wave of consolidation in the sector that may attract anti-trust scrutiny, Reuters reported.
The banks, generally with assets between $10bn and $100bn, have struck 38 deals so far this year, compared with 29 during the same period last year.
SPAC veteran Klein to shutter another blank check firm after deal break. (FS)
The banker’s Churchill Capital on August 18 said it will shut down after the deal was terminated, citing conditions about the market for initial public offerings. The liquidation will mark the third special-purpose acquisition company backed by Klein to throw in the towel.
Blackstone marketing chief departs for general catalyst. (FS, People)
Venture-capital firm General Catalyst hired Blackstone’s global head of marketing, Arielle Gross Samuels, as its chief marketing and communications officer, WSJ reported.
Samuels is set to join the San Francisco-based firm next month and succeeds Jennifer Zimmerman, who will remain as a consultant with the company.
EMEA
Caledonia Investments, a self-managed investment trust company, completed the acquisition of a majority stake in Direct Tyre Management, an independent provider of outsourced tyre management services to fleet operators, for £55m ($71m).
"We are proud to have become the new owners of DTM and to partner with Leigh Goodland and his team in the next stage of the company's development. DTM's consistent track record of revenue growth and cash generation, together with its market leading position, make the Business an exciting addition to our Private Capital investment portfolio. We believe there are multiple avenues through which to build further on the Business' excellent record and to expand its range of services in the UK and other jurisdictions," Tom Leader, Caledonia Head of Private Capital.
CorpAcq, a corporate compounder with a proven track record of acquiring and supporting founder-led businesses, and Churchill Capital VII, a special purpose acquisition company, mutually terminated the $1.58bn merger.
"I am very proud of the tremendous business that the CorpAcq team has built, and I am confident in the company's future growth opportunities. We are appreciative of the partnership with Churchill and their support throughout the process," Simon Orange, CorpAcq Chairman and Founder.
Compass Diversified-backed Altor Solutions, a designer and manufacturer of custom protective and cold-chain packaging solutions, agreed to acquire Lifoam Industries, a company that provides manufacturing and distributing EPS foam coolers, from Jadex, a manufacturing and material science company, for $137m.
“This acquisition is a pivotal step in accelerating Altor’s long-term strategy to expand our capabilities, particularly in cold-chain packaging solutions. By acquiring Lifoam, we gain infrastructure, design, and certification capabilities. We believe Lifoam’s specialized expertise will attract new customers and enable us to better serve our existing customers with a broader range of new products and expanded geographic coverage," Terry Moody, Altor CEO.
Compass Diversified is advised by Gateway Investor Relations (led by Cody Slach) and The IGB Group (led by Leon Berman). Jadex is advised by Prosek Partners (led by Julia Sidi).
Fourth Partner, a solar energy company, led a $275m round in Norfund, a development finance institution established by the Norwegian Storting, with participation from IFC, ADB and DEG.
Norfund's mission is to create jobs and to improve lives by investing in businesses that drive sustainable development in developing countries. In addition, Norfund invests in the transition to net zero in emerging markets. The fund assists in building sustainable businesses and industries in developing countries by providing equity capital and other risk capital in businesses that would not otherwise be funded. The goal is to be catalytic by mobilizing private and commercial capital.
Norfund was advised by Talwar Thakore & Associates (led by Dushyant Bagga).
Bitwise Asset Management, a crypto index fund manager for individuals, investment managers, and institutions navigating cryptocurrency, completed the acquisition of ETC Group, a provider of secure and regulated platform to invest in digital assets and blockchain ecosystem. Financial terms were not disclosed.
"We think Bitwise is building the best-of-breed firm for this new asset class and have proven their professionalism and leadership over many years. For an asset management firm, culture and values are essential, and we couldn't be more excited to continue our work in Europe as part of Bitwise," Bradley Duke, ETC Group Co-Founder.
Bitwise Asset Management is advised by Dukas Linden Public Relations (led by Ryan Dicovitsky).
JTC, a provider of fund administration services, agreed to acquire Buck UK and European share plan administration and trustee businesses from Arthur J. Gallagher, a global insurance brokerage and risk management services firm. Financial terms were not disclosed.
"This acquisition is exciting for us as share plan services are closely aligned with our own shared ownership philosophy, which has been at the heart of JTC's culture since 1998. We believe that our passion for shared ownership, combined with the 25-year track record of our Employer Solutions business, continues to cement our position as a market leader. The JTC Employer Solutions business continues to grow strongly, and we are pleased to be able to further expand our employee share plan offering," Nigel Le Quesne, JTC CEO.
Charlesbank Capital, a middle-market private investment firm, completed the investment in Cyberbit, a provider of cybersecurity skill development platforms. Financial terms were not disclosed.
“Throughout 2024, we have taken several strategic actions to realign our organization with key markets in North America and globally. With new funding and 100% North American ownership, we are now positioned to focus on growth and expansion into new geographies, as we fulfill our mission of delivering hyper-realistic experiences that build elite cybersecurity teams," Caleb Barlow, Cyberbit CEO.
Charlesbank Capital was advised by Prosek Partners (led by Ryan Fitzgibbon).
Turkey’s Eren secures $850m loan for new UK paper mill.
Turkish industrial and retail group Eren has secured a $854m loan to finance a $1.3bn container-board and tissue plant in Wales, in a boost to foreign direct investment in UK manufacturing.
A mix of 13 international and Turkish banks, alongside three credit export agencies, provided the loan to Modern Karton, a unit of the Istanbul-based Eren, according to Sabri Cimen, chief executive officer of the group’s paper business unit, Eren Paper. The money will help build a new plant in Shotton, which will have the capacity to produce 750k tons of container-board and 67k tons of tissue paper a year, Bloomberg reported.
Estée Lauder’s longtime CEO Fabrizio Freda to retire. (People)
Estée Lauder said its longtime chief executive Fabrizio Freda will step aside next year, WSJ reported.
His exit comes amid soft sales and tension within the founding family over the beauty company’s leadership. Freda, who has led the company for about 15 years, plans to retire next summer.
APAC
Ratanarak Group, a Chinese-Thai business family, which has extensive holdings in multiple industries, completed the acquisition of the additional 25.5% stake in Siam City Cement, a cement manufacturer, from Jardine Cycle & Carriage, an investment holding company, for $346m.
"One of our fundamental goals is to create an open and trusting working environment that provides challenging career development opportunities as well as competitive compensation and benefits for our employees. We value personal individual ability and working as a team. We treat each other the way we want to be treated and we believe that people work best when there is a foundation of trust," Siam City Cement.
Jardine Cycle & Carriage was advised by HSBC.
Alimentation Couche-Tard, a company that operates a network of 24-hour convenience stores, offered to acquire Seven & i, an American-Japanese diversified retail holdings company. Financial terms were not disclosed.
The Board of Directors of Seven & i has formed a Special Committee of the Board of Directors, comprised solely of independent outside directors, led by Stephen Hayes Dacus, as Chairperson of the Board of Directors, to review the proposal. Consistent with its obligation to act in the best interest of its shareholders and other stakeholders of the Company, the Special Committee intends to conduct a prompt, careful and comprehensive review of the proposal.
Pakistan’s Bank Alfalah chases more deals with Samba buyout underway.
Pakistan’s Bank Alfalah is open to further acquisitions to boost growth as the South Asian nation tries to emerge from a chronic economic crisis, Bloomberg reported.
The lender is in the final stages of reaching an agreement to acquire Saudi National Bank’s majority stake in Samba Bank, Chief Executive Officer Atif Aslam Bajwa said in an interview. Closing that deal should make Bank Alfalah a contender for future assets that go up for sale.
Hong Kong’s CK infrastructure sees thin trading in London debut.
CK Infrastructure shares saw light trading on their London debut, in the first major listing under new rules meant to lure foreign issuers to the British capital, Bloomberg reported.
By late morning in London, 1.5k shares had changed hands at 564 pence apiece — less than $11.6k compared to CKI’s roughly $18.5bn market cap. On August 16, the firm’s primary Hong Kong listing had more than $23m traded.
Wilson Racket maker Amer eyes China sales to halt post-IPO stock slide.
Amer Sports has been a disappointment for investors since going public earlier this year, with shares sliding roughly 9% since its February debut. That could change on August 20, with Wall Street looking to its latest earnings to revive the stock, Bloomberg reported.
The maker of Arc’teryx outdoor apparel and Wilson tennis rackets holds the ignominious record for the worst-performing shares by a company raising more than $1bn in a US initial public offering since 2022. Amer raised $1.6bn in its first-time share sale.
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