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AMERICAS
Searchlight Pharma, a Canadian-based specialty healthcare company,
agreed to acquire Miravo Healthcare, a pharmaceutical company, for $91m.
"This transaction presents a unique opportunity to add critical mass to Searchlight’s expanding business, and importantly, to onboard a proven team that we think shares a similar culture and set of foundational values. We are excited that Miravo will add a portfolio of growing, category-leading brands in new therapeutic areas to our commercial business and that we will expand and have team members and offices in Montreal, Toronto and Dublin. We are confident that Miravo’s depth of talent, competencies and resources, which we are acquiring through this transaction, will enhance our competitiveness and ensure a seamless transition to patients and end customers," Mark Nawacki, Searchlight President and CEO.
Miravo Healthcare is advised by Bloom Burton and Goodmans. Searchlight is advised by PricewaterhouseCoopers and McCarthy Tetrault.
Hastings Equity Partners, a private equity firm, completed the acquisition of GridSource, a utility contractor that specializes in infrastructure solutions for the telecom and gas industries. Financial terms were not disclosed.
“Hastings has deep experience working in the industrial field-services market. The rapid growth in fiber deployment stemming from a more connected world creates significant growth opportunities for project and construction management services provided by GridSource. The telecom industry and the federal government have come together to ensure that every home in America is provided with the opportunity to enjoy the benefits of this greater connectivity," Joe Conlon, Hasting Equity Managing Director.
Hastings Equity was advised by Locke Lord, Forvis Capital Advisors, Katz Sapper Miller and Equity Risk Solutions.
Wind Point-backed Smart Care, a provider of commercial mechanical services, completed the acquisition of Refrigeration Anytime, a commercial refrigeration and HVAC equipment repair company. Financial terms were not disclosed.
“I am very excited for Refrigeration Anytime to join the Smart Care organization. Refrigeration Anytime is a highly reputable, service-focused company in Texas that fits well with our existing operations in the region. This new working relationship allows the combined organization to accelerate growth while building upon Refrigeration Anytime’s strong foundation," Joel Lehman, Smart Care President.
Flourish Research, a clinical trial company, completed the acquisition of Suncoast Research Group, a clinical research site. Financial terms were not disclosed.
“We welcome the Suncoast team, which has forged impressive ties with major sponsors and CROs, thanks to the success of their enrollment and quality. This acquisition will attract new opportunities and continue to bolster Flourish’s core therapeutic strengths. I am excited for Suncoast to contribute to Flourish’s journey as a national leader in clinical research," Reinhold Schulz, Flourish Research CEO.
Foundation Gaming & Entertainment, a casino entertainment company, completed the acquisition of Diamond Jacks Casino & Hotel. Financial terms were not disclosed.
"We are pleased to have completed this acquisition and look forward to finalizing the plans for this project. Now that we have completed the transaction, we will be focusing on the design and development process, which will include re-branding the property. Foundation Gaming is looking forward to being a part of this new and exciting opportunity in Bossier City," Greg Guida, Foundation Gaming & Entertainment Co-CEO.
Bloomberg has no interest in acquiring Dow Jones or Washington Post.
Bloomberg had expressed a desire to own a big-name newspaper over the years but had not reached out to discuss a possible purchase of Dow Jones and its flagship paper the Journal, Reuters reported.
“There have been no conversations with anyone or either organization about an acquisition. The company has no interest in acquiring either," Ty Trippet, Bloomberg Spokesman.
EMEA
Twig, a fintech startup that provides a mobile banking app, completed the acquisition of Vybe Technologies, a provider of teen banking services. Financial terms were not disclosed.
“We are so excited to be taking this step forward, and are confident that it will help us expand our reach to even more customers. With technology Vybe team built, we are able to offer our users a more comprehensive suite of services, including teen banking and financial literacy education. This will help us better serve the Gen Z audience, and provide them with the tools they need to be successful in their financial lives," Geri Cupi, Twig CEO.
Modular sofa-maker Snug looks for good fit with new owner.
Snug, a British sofa manufacturer, is in talks about a sale four years after its launch.
Snug, which was founded by Rob Bridgman, is working with the accountancy firm Evelyn Partners to find a buyer before the end of the year, SkyNews reported.
Tikehau Capital completed its first CFO for $300m. (FS)
Tikehau Capital today announced that it has successfully completed an inaugural Collateralized Fund Obligation for an amount of $300m.
The CFO’s assets consist of interests in private debt funds that were mainly held on Tikehau Capital’s balance sheet. They notably include exposure to the firm’s flagship Direct Lending strategy and to its innovative Private Debt Secondaries strategy.
Swiss asset manager GAM hires bankers to explore sale.
Investment management firm GAM Holding is intensifying discussions over a potential sale months after it was forced to issue a profit warning.
GAM, which has assets under management of approximately $80bn, is working with bankers at UBS to field interest from prospective bidders, SkyNews reported.
Humana appoints Fredrik Larsson as new CFO. (People)
Humana has appointed Fredrik Larsson in the role as CFO. He will assume the position no later than in March 2023. Fredrik Larsson most recently served in the role as Director at KPMG Capital Markets.
"I look forward to welcoming Fredrik to us at Humana. Fredrik's profile with solid financial knowledge and experience from the capital market, makes him exactly the person we have been looking for. His strong drive and knowledge will be a great asset to the company. Together with Fredrik, I look forward to continuing to develop and run our finance function," Johanna Rastad, Humana President and CEO.
APAC
ICG, an alternative asset manager, completed the acquisition of PresMed Australia, a provider of private day hospitals, from Advanced Health, an investment holding company. Financial terms were not disclosed.
“We are delighted to be partnering with ICG as we look to accelerate PresMed’s growth along with our doctor-partners. ICG has deep expertise in the local healthcare sector and PresMed intends to draw on ICG’s extensive understanding of the business and sector to support our mission to deliver leading healthcare services across Australia," Marc Resnik, PresMed Managing Director.
Advanced Health was advised by Monash Private Capital, Grindrod Bank and Gilbert + Tobin.
Advent International, a global private equity firm, agreed to acquire a 50.01% stake in Suven Pharmaceuticals, a pharmaceutical company, for $762m.
"We are delighted to bring Advent into Suven Pharma as a strategic investor. We have built a business with industry-leading growth and margins.Their experience and resources will launch the next phase of growth for Suven pharma. This move will benefit Suven platform immensely. The proposed collaboration with Cohance is a win-win for Suven and its public shareholders," Venkateswarlu Jasti, Suven Pharmaceuticals Managing Director.
Indonesia considers $320m in incentives to boost EV sales in 2023.
Indonesia may allocate $320m from next year’s budget to incentivise electric vehicle purchases, though details of the scheme were still being finalised, DealStreetAsia reported.
Industry Minister Agus Gumiwang Kartasasmita said buyers could get a discount of $5k for EVs made by firms with factories in the country, as well as other incentives for hybrid cars and electric motorcycles. The government plans to offer subsidies to sellers to cover the costs.
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