AMERICAS
Clarus Therapeutics, a pharmaceutical company, agreed to go public via SPAC merger with Blue Water Acquisition in a $379m deal. Subject to stockholder approval and the satisfaction of customary closing conditions, the business combination transaction is expected to close in the third quarter of 2021. Additionally, HIG Capital, a shareholder of Clarus, will invest $25m in Clarus.
"Clarus is now ready to enter the public markets and build out its pipeline. The merger with Blue Water Acquisition is expected to bring fresh capital and exceptional board members to the company so that we can expand our commercialization of JATENZO in the US, develop new innovative products, and set a broader course for Clarus beyond men's health," Robert Dudley, Clarus Chairman, CEO and President.
Clarus is advised by Needham & Co, Truist Bank and Goodwin Procter. Blue Water is advised by Cantor Fitzgerald, Maxim Group, Oppenheimer & Co, Ellenoff Grossman & Schole and Russo Partners. Financial advisors of Blue Water are advised by Mayer Brown.
Private equity firms Stone Point Capital and GIC Private agreed to acquire a majority stake in Ascensus, an American financial services company, from Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital. Financial terms were not disclosed.
"Their commitment will only strengthen our ability to continue investing in new capabilities, technology, and solutions; enhance our already world-class client service levels; and attract top talent to our organization," David Musto, Ascensus President and CEO.
Stone Point Capital is advised by JP Morgan, Kirkland & Ellis and Simpson Thacher & Bartlett. Ascensus is advised by Barclays, Goldman Sachs and Willkie Farr & Gallagher.
Bain Capital agreed to acquire Dessert Holdings, a premium dessert company, from Gryphon Investors, a private equity firm. Financial terms were not disclosed. The transaction is expected to close during the second quarter of 2021 and is subject to customary closing conditions, including requisite regulatory approvals.
"We are thrilled to partner with this experienced team and look forward to supporting Dessert Holdings as it develops new and innovative products, pursues organic growth and acquisition opportunities, and further strengthens its value proposition to existing and new customers," Adam Nebesar, Bain Capital Managing Director.
Dessert Holdings is advised by Houlihan Lokey. Gryphon is advised by Lambert & Co. Bain Capital is advised by PricewaterhouseCoopers, Ropes & Gray and Stanton PRM. Debt financing is provided by Antares Capital.
Blackstone agreed to acquire eOne Music, an independent record label and music management company, from Hasbro, a global play and entertainment company, for $385m. Subject to customary closing conditions and receipt of regulatory approvals, the transaction is expected to close in the second or third quarter of 2021.
"This transaction will ensure that eOne Music is well positioned to unlock great opportunities for its many talented artists and partners, as Hasbro continues to focus on the core strategic elements of our Brand Blueprint to further strengthen our position as a purpose‐led play and entertainment company. On behalf of the Board and Hasbro management, I want to recognize the strong leadership of Chris Taylor and the entire eOne Music organization," Brian Goldner, Hasbro Chairman and CEO.
eOne Music is advised by Osler Hoskin & Harcourt. Hasbro is advised by JP Morgan, Cravath Swaine & Moore, Mayer Brown and Stikeman Elliott.
The Valens Company, a manufacturer of cannabis products, agreed to acquire Green Roads, a CBD company, for $60m. The transaction is expected to close in June 2021.
"After analyzing over a hundred companies across the US CBD market, we clearly recognized the value in the Green Roads platform with its best-selling brand. Our complementary businesses, culturally aligned teams, and shared 'it's personal' mission to provide consumers with high quality, innovative cannabis products led to an undeniable combination that we believe will disrupt the industry. The acquisition of Green Roads represents only the first step in our US expansion strategy as we expect to continue to unlock complementary, revenue-generating opportunities while we forge our presence and build our reputation in the world's largest cannabinoid market," Tyler Robson, The Valens Company CEO, Co-Founder and Chairman.
Green Roads is advised by Cowen & Company and Greenberg Traurig. The Valens Company is advised by Stifel, Foley Hoag and Stikeman Elliott.
Enterprise Financial Services, a financial holding company, agreed to merge with First Choice, a bank holding company, in a $398m deal. Existing Enterprise shareholders will own approximately 80% of the outstanding shares of the combined company, and FCBP shareholders are expected to own approximately 20%.
“The acquisition of First Choice strengthens our commercial banking foundation in the largest economy in the country. I have tremendous respect for the associates of First Choice and the company they have built since its founding in 2005. They have successfully created a commercially-focused community bank with a demonstrated ability to generate organic growth. I am pleased to welcome the diverse and experienced First Choice team to our organization,” Jim Lally, EFSC President and Chief Executive Officer.
First Choice is advised by Keefe Bruyette & Woods and Duane Morris. Enterprise Financial is advised by Boenning & Scattergood and Holland & Knight.
RMR Mortgage Trust, a real estate finance company, agreed to merge with Tremont Mortgage Trust, a real estate finance company, in a $180m deal. The merger is expected to close during the third quarter of 2021, subject to the requisite approvals by RMRM and TRMT shareholders and other customary closing conditions.
"We are excited to announce this merger of two highly complementary businesses that will create a larger, more diversified commercial mortgage REIT. This combination greatly enhances our financial strength and provides attractive benefits to the shareholders of both companies. We believe that with increased scale and an expanded capital base the combined company will be much better positioned to access capital markets, increase operating efficiency, and deliver more attractive risk-adjusted returns for our shareholders," Tom Lorenzini, RMRM and TRMT President.
Tremont is advised by Citigroup and Sullivan & Worcester. RMR is advised by UBS and Skadden Arps Slate Meagher & Flom.
Hydrofarm, a distributor and manufacturer of hydroponics equipment and supplies, agreed to acquire HEAVY 16, a line of premium plant nutrients, for $78m.
“As a leading hydroponics company, a key component of our growth strategy is to bring dynamic brands like HEAVY 16 under the Hydrofarm umbrella and continue to solidify our position as the acquirer of choice in this highly fragmented and fast-growing industry. Controlled environment agriculture is in the midst of a revolution and poised to be the most significant new market category to emerge in a generation,” Bill Toler, Hydrofarm Chairman and Chief Executive Officer.
Hydrofarm is advised by Rothschild & Co, Cozen O'Connor, ICR and LAK Public Relations.
Halma, a group of life-saving technology companies, completed the acquisition of PeriGen, which offers perinatal software solutions, for $58m.
"We are excited by the opportunities offered by PeriGen's digital technology in helping clinicians protect the health of mothers and babies during childbirth, while achieving better clinical outcomes in the increasing proportion of complex births. PeriGen is highly aligned with our purpose, broadens our presence in patient assessment and monitoring into the US perinatal care market, and further extends our artificial intelligence and analytics capabilities," Andrew Williams, Halma Group Chief Executive.
Halma was advised by MHP Communications.
Tiger Global led a $425m Series D round in Brex, which offers business credit cards and cash management accounts to technology companies. The round includes participation from new investors TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners, Valiant Capital Management and Base10 Partners, with participation from all existing major investors including Y Combinator, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP.
“Our investors - new and existing - believe in our team, our business model, our product vision, our customers, and the future of Brex. We are delighted to have them on board for the next phase of our journey. This new investment round will fuel our growth as we continue to build out an all-in-one financial solution for all businesses,” Henrique Dubugras, Brex Co-CEO.
Brex was advised by SutherlandGold.
Itausa, a holding company, agreed to invest $238m in GIC-backed Aegea, a provider of water and sanitation services.
Itausa believes that, in addition to contributing to good management and corporate governance practices, the investment enhances Aegea's execution of its growth plan, supporting new opportunities that maximize the value creation of its business.
Itausa is advised by Rothschild & Co.
Woven Planet, a mobility solutions firm, agreed to acquire the self-driving car division from Lyft, a provider of online ridesharing services, for $550m. The transaction is expected to close in the third quarter of 2021, subject to the receipt of required regulatory approvals and customary and other closing conditions.
"This acquisition assembles a dream team of world-class engineers and scientists to deliver safe mobility technology for the world. The Woven Planet team, alongside the team of researchers at Toyota Research Institute, have already established a center of excellence for software development, automated driving, and advanced safety technology within the Toyota Group. I am absolutely thrilled to welcome Level 5's world-class engineers and experts into our company, which will greatly strengthen our efforts," James Kuffner, Woven Planet CEO.
Service Experts Heating & Air Conditioning, a provider of HVAC repair, maintenance, new equipment sales and related services, agreed to acquire Pine State Services, a residential heating, air conditioning, plumbing and electrical company. Financial terms were not disclosed.
"We're excited for this opportunity with Pine State as we expand our footprint in the Northeast. With the addition of Pine State, our team is proud to provide residential plumbing, HVAC and electrical services in the Portland, Maine and surrounding area," Greg Worley, Service Experts East Division Vice President.
Andreessen Horowitz, a venture capital firm, led a $220 Series D funding round in Current, a financial technology company, valuing the company at $2.2bn. The round was joined by Tiger Global Management, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA.
"This new generation of customers doesn't want to bank in physical branches. We believe there will be a shift in the next 10 years to mobile and consumer-focused banking services powered by innovation in technology, and with Current's exceptional growth over the past year, they've clearly demonstrated they're at the forefront of this trend," David George, Andreessen Horowitz General Partner.
T. Rowe Price, an investment management firm, led a $110m Series E funding round in Clio, a legal technology company, valuing the company at $1.6bn. The round was joined by OMERS.
"This investment is indicative of the explosive demand for legal technology that empowers lawyers to be cloud-based and client-centered. The support from T. Rowe Price funds and accounts and OMERS Growth Equity will enable us to continue to create a more equitable and accessible legal system by making it easier for clients and law firms to work together through cloud-based technologies," Jack Newton, Clio CEO and Founder.
Insight Partners led a $110m Series C round in Automox, a cloud-native endpoint management provider, with participation from Blackstone and existing investors Koch Disruptive Technologies and TechOperators.
“This new funding will accelerate our ability to deliver greater breadth of capabilities in the platform as we continue to help enterprise customers shift away from a disparate collection of on-premises management tools, towards managing their entire infrastructure from the IT Operations Cloud,” Jay Prassl, Automox CEO.
Cox nears deal to acquire EQT-owned Segra's enterprise unit. (FS)
Cox Communications, a private broadband company, is in advanced talks to purchase the enterprise business of EQT-owned Segra, a US-based fiber provider.
A deal, which would boost Cox's commercial division, could be valued at more than $3bn, including debt. Segra plans to retain its residential business, Bloomberg reported.
Blackstone considers acquiring a stake in Hotwire Communications. (FS)
Blackstone, a global investment company, is in talks to acquire a stake in Hotwire Communications, a Florida-based fiber network company, Bloomberg reported.
Blackstone plans to invest in the company via its infrastructure and tactical opportunities funds. A potential deal would give Blackstone ownership of about 50% of the company.
Thoma Bravo in talks to back Illumio at a $2.9bn valuation. (FS)
Illumio, a cybersecurity startup, is in talks to raise about $250m in a funding round valuing the company at about $2.9bn. Bloomberg reported that Thoma Bravo, a private equity firm, is poised to lead the funding round.
In February, Illumio had a strong fiscal year, reporting an over 100% jump in international annual recurring revenue. The company has previously raised capital from JP Morgan Asset Management and venture firms including Andreessen Horowitz, General Catalyst, 8VC, Accel and DCVC.
Carlyle seeks $22bn for a buyout fund. (FS)
Reuters reported, that Carlyle Group, a global investment company, looks to raise $22bn for its eighth flagship private equity.
The company plans to earmark $2bn for growth and technology-focused companies and include retail, health care, aerospace, and defense strategies.
TruArc Partners files to raise $1bn for debut fund. (FS)
Snow Phipps, a mid-market private equity house, is naming its successor firm TruArc Partners amid eyeing up to $1bn for its first fund.
Ogden Phipps II, Alan Mantel, John Pless and Steven Schwinger, TruArc management team, have registered the fundraise with the US SEC, calling the vehicle TruArc Fund IV.
NB Partners and Park Madison Partners close a $500m fund at the hard cap. (FS)
NorthBridge Partners, a provider of real estate investments and advisory services, and Park Madison Partners, a boutique capital markets and advisory firm, announced the final close of NB Partners Fund III oversubscribed at its $500m hard cap.
"We are grateful for the opportunity to work with NorthBridge on this capital raise. We launched this fund in March 2020, right when the pandemic struck, and as a result, the fundraising effort shifted to an almost entirely virtual format. The success despite this challenge is a testament to NorthBridge's talent as an investment manager in the final-mile industrial sector and to investors' confidence in them as fiduciaries," Rob Kohn, Park Madison Partner.
Neuberger Berman receives $280m for impact fund. (FS)
Neuberger Berman, a private and independent investment management firm, has wrapped up its debut impact fund with nearly $280m in commitments, WSJ reported.
The firm takes minority stakes in opportunities that focus on quantifiable outcomes in several areas, including improving health, addressing climate change and energy needs, advancing sustainable growth and employment.
Bank of America hires JP Morgan investment banker. (People)
Bank of America, a financial institution serving individual consumers, small and middle-market businesses, hired Winnie Ng, a JP Morgan investment banker, to lead its Hong Kong dealmaking, Bloomberg reported.
Winnie Ng plans to join Bank of America as head of Hong Kong coverage in late July and will be named co-head of Asia Pacific real estate investment banking.
EMEA
Private equity firms TDR Capital and I Squared Capital offer received approval from the majority of Aggreko's shareholders and can now proceed with the takeover.
Aggreko is advised by Centerview Partners, Citigroup, Jefferies & Company, Dickson Minto, Slaughter & May and Headland Consultancy. I Squared Capital is advised by Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom and Powerscourt. Financial advisors of I Squared Capital are advised by Ashurst.
DSV Panalpina, which provides and manages supply chain solutions, agreed to acquire the Global Integrated Logistics business of Agility Public Warehousing, a publicly-traded global logistics company, for $4.2bn.
“Agility’s Global Integrated Logistics business and DSV are an excellent match, and we are proud that we can announce our agreement to unite. The combination of our two global networks will provide us with the opportunity to offer our customers an even higher service level. GIL’s global network, industry competencies and strong market position in APAC and the Middle East complement DSV’s network well and will support our long-term value creation ambitions. Our two groups of companies already share a culture of entrepreneurship and local ownership, and we look forward to welcoming GIL’s talented staff to DSV,” Jens Bjorn Andersen, DSV Group CEO.
DSV is advised by JP Morgan.
Max Polyakov, the international technology entrepreneur, completed the acquisition of a majority stake in Dragonfly Aerospace, a producer of compact high-performance satellites. Financial terms were not disclosed.
"Dragonfly's advanced technology provides high-quality images in a wide range of spectrums and resolutions that are critical for monitoring the health of our planet and enabling intelligent agriculture that protects biodiversity. This improves global food security and supports a healthy environment which ultimately benefits the lives of people on Earth," Max Polyakov.
Holmusk, a global data science and digital health company, completed the acquisition of Otsuka Health Solutions, a UK-based mental health, predictive analytics provider, from Otsuka, a pharmaceutical company. Financial terms were not disclosed.
"This acquisition is an important milestone in our ambition to lead behavioral health innovation globally. The UK has long held a reputation as a center of excellence for mental health research, and we are excited to bolster our presence here, leveraging OHS's current role as a key partner with NHS Trusts, mental health research institutions, and providers," Nawal Roy, Holmusk Founder and CEO.
Platinum in talks to purchase Urbaser for $4.2bn. (FS)
Platinum Equity, a US-based private equity firm, is in exclusive talks to acquire Urbaser, a Spanish provider of municipal waste treatment and recovery services, valuing the company at about $4.2bn including debt, Bloomberg reported.
China Tianying, a company engaged in the municipal solid waste incineration for power generation business and Urbaser owner, has agreed to negotiate with the buyout firm to finalize the details of a transaction. Platinum has emerged as the preferred buyer for the asset after beating out other investment funds, including Stonepeak Infrastructure Partners.
Tate & Lyle shares surge on $1.6bn sweetener unit deal talks with PE firms. (FS)
Shares in Tate & Lyle, a global supplier of food and beverage ingredients, jumped after the firm confirmed that it put its sweeteners division up for sale. US private equity firms Apollo Global Management and Cerberus are in talks with Tate & Lyle over the deal that could be worth up to $1.6bn.
"Tate & Lyle continues to successfully execute its strategy and remains confident in the future growth prospects of the company. However, the Board believes that if a transaction of this nature was completed it would enable Tate & Lyle and the new business to focus their respective strategies and capital allocation priorities and create the opportunity for enhanced shareholder value. Discussions with potential new partners in the Primary Products business are at an early stage and therefore, there can be no certainty that a transaction will be concluded," Tate & Lyle.
Tate & Lyle is advised by FTI Consulting.
Mediaset is bidding for a controlling stake in M6.
Mediaset, an international linguistic and cultural television channel, is one of the bidders for Bertelsmann's controlling stake in M6 Group, a provider of multimedia services, Reuters reported.
Other bidders for the stake include Mediaset's second-biggest shareholder, Vivendi, a French media conglomerate, and Bouygues, a telecom service provider.
General Atlantic-backed Hemnet valued at $1.39bn in IPO. (FS)
General Atlantic-backed Hemnet Group, a Swedish online property marketplace, set the final price of its IPO, valuing the company at $1.39bn. The IPO price of the business was set at $13.7 a share, PE News reported.
The offering comprised 17.9m ordinary shares, corresponding to around 17.7% of the total number of ordinary shares in the company and were offered by shareholders General Atlantic, Sprints Euphrasia, and Care of Hemnet.
APAC
Entain, a global sports betting and gaming group, raised its bid to $2.72bn for the wagering and media business of Tabcorp, a gambling company. The previous offer was c. $2.3bn.
Tabcorp holds around 37% of the Australian wagering market, while Entain holds c. 11%. The combined entity would become the market leader in terms of market share.
Entain is advised by Macquarie Group, Morgan Stanley and Powerscourt.
Worldone agreed to acquire Jindal Power, a power generation company, from Jindal Steel and Power, an Indian steel and energy company, for $402m.
"This divestment is in line with our ESG objectives to be amongst the top 10 lowest CO2 emitting steel companies of the world. It is yet another step towards our vision to reduce debt substantially and create a robust balance sheet for our investors and stakeholders," V R Sharma, JSPL Managing Director.
Prosus Ventures, a venture investing arm of Prosus, led a $190m Series F funding round in Urban Company, an Indian gig marketplace, valuing the company at c. $2bn. The round was joined by Tiger, Steadview Capital, Vy Capital, DF International and Wellington Management.
The round positions Urban Company as the latest startup to join the unicorn club.
Ant Group-backed Hello files for a $100m US IPO.
Ant Group-backed Hello, a Chinese provider of bike-sharing and other mobility services, files for a $100m US IPO. The company plans to raise as much as $1bn through its public offering, DealStreetAsia reported.
Hello listed some risk factors in its filing, including navigating a complex and evolving regulatory environment and planning for and managing capital expenditures for its current and future service offerings.
Hello is advised by Credit Suisse, Morgan Stanley, and China International Capital.
GLP closes logistics fund at $900m. (FS)
GLP, a Singapore-based warehouse operator, has closed its newest China-focused logistics fund with $900m of total commitments, DealStreetAsia reported.
GLP China Income Fund II is seeded with a portfolio of 13 modern logistics assets in prime locations across Yangtze River Delta, southern China, and mid-western China.
"We launched GLP China Income Fund II in response to investor demand for cash yields and access to GLP's proprietary pipeline of high quality, income-producing logistics assets. Fund management is an important and growing part of our business, and we are committed to expanding this platform through further capital recycling initiatives and establishing new funds," Teresa Zhuge, GLP Executive Vice Chairman.
Main Sequence raises $195m for the second fund from Temasek. (FS)
A consortium of investors, including Singapore-headquartered Temasek, a sovereign wealth fund, has backed Main Sequence, a software developer for recruiting, sourcing, and applicant tracking, for its $195m second fund. The vehicle will focus on health, food, space, and industrial productivity, DealStreetAsia reported.
Other investors include Horizons Ventures, Hostplus, Lockheed Martin, Morgan Stanley Wealth Management and Mutual Trust.
"Our first fund has helped build some amazing companies that are doing everything from making healthcare more equitable to revolutionizing the way food is produced and increasing industrial productivity. This new fund will help us continue this pivotal work to solve the world's biggest challenges through investment in science-powered companies," Mike Zimmerman, Main Sequence Partner.
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