AMERICAS
Agnico Eagle to merge with Kirkland Lake Gold in a $24bn deal.
Agnico Eagle, a gold miner operating mines, is set to merge with Kirkland Lake Gold, a Canada-based gold mining, development, and exploration company, in a $24bn deal. Agnico Eagle and Kirkland Lake Gold shareholders will own approximately 54% and 46% of the combined company, respectively.
“The transaction creates a company with a strong platform of people, assets and financial resources to continue to build and operate a long term sustainable and self funding business. Kirkland Lake is an excellent cultural fit with Agnico Eagle, and we look forward to working together to further grow our business through exploration, mine development and optimization of our high-quality asset base. Over time, we believe that the gold industry will continue to evolve and consolidate and with this transaction we are well positioned to take advantage of high-quality opportunities and be a true Canadian mining champion," Sean Boyd, Agnico Eagle CEO.
Agnico Eagle is advised by Bank of America, TD Securities, Trinity Advisors Corporation and Davies Ward Phillips & Vineberg. Kirkland Lake is advised by BMO Capital Markets, CIBC World Markets, Maxit Capital, Cassels Brock & Blackwell and Fasken.
Kohlberg & Company completed the acquisition of Ob Hospitalist from Gryphon Investors. (FS)
Kohlberg & Company, a private equity firm, completed the acquisition of Ob Hospitalist, a provider of in-house obstetrics and gynecology programs, from Gryphon Investors, a private equity firm. Financial terms were not disclosed.
"Gryphon has been an excellent partner, bringing passion for our mission, expert guidance, and strategic resources to position OBHG for the next evolution of our impact on the landscape of women's health. We appreciate their contributions and are thrilled to now align with Kohlberg as we continue to pursue our goal of expanding access for women and their families to the OBHG standard of care," Lenny Castiglione, OBHG CEO.
Kohlberg was advised by Paul Weiss Rifkind Wharton & Garrison and Finsbury Glover Hering. Debt financing was provided by Antares Capital and Owl Rock Capital. OBHG was advised by JP Morgan, Moelis & Co and Kirkland & Ellis. Gryphon was advised by Lambert & Co.
CAA to acquire ICM Partners.
Creative Artists Agency, an operator of an entertainment and sports agency, agreed to acquire ICM Partners, a talent and literary agency. Financial terms were not disclosed.
“The strategic combination of CAA and ICM bolsters our collective resources, expertise, and relationships to deliver even more opportunities for our world-class clients to build their careers and their brands across multiple disciplines and platforms in an evolving marketplace. Our strong financial position enables us to continue to expand and diversify our businesses, with service and representation remaining central to what we do and who we are," Bryan Lourd, Kevin Huvane, and Richard Lovett, CAA Chairmen.
CAA is advised by Allen & Company, Wachtell Lipton Rosen & Katz and Joele Frank. ICM Partners is advised by Lazard, Davis Polk & Wardwell, Sheppard Mullin Richter & Hampton and Rubenstein Associates.
Alvarez & Marsal Capital Partners, a private equity investment fund, completed the acquisition of Worldwise, a platform in the pet supplies market, from Mistral Equity Partners, a private equity firm. Financial terms are not disclosed.
“We have been incredibly impressed with the work that Kevin and his team have done to create a leader in pet supplies and essentials, including implementing innovative product development, leveraging consumer data, making impressive strides in sustainable manufacturing, and developing a highly successful, diverse omnichannel distribution model,” Ryan McCarthy, AMCP Partner.
Alvarez & Marsal was advised by Kirkland & Ellis and Sard Verbinnen & Co. Worldwise was advised by William Blair & Co, Pryor Cashman and Propel Communications. Mistral was advised by DLA Piper.
Cavco Industries, a provider of systems-built structures, completed the acquisition of Commodore, the largest independent builder of manufactured and modular housing in the United States, for $153m.
"During the acquisition process, we have developed a tremendous respect for what has been accomplished at Commodore under Barry Shein’s leadership. Their reputation for quality, design, customer relationships, and integrity is very consistent with Cavco’s philosophy and approach to doing business. We are extremely excited to work with the Commodore leadership and employees as we leverage best practices and technologies across the combined manufacturing network. Commodore’s market presence is a strategic extension of our current footprint, providing a platform for additional growth in the Northeast," Bill Boor, Cavco President and CEO.
Commodore was advised by Lincoln International, Whelan Advisory and Williams Parker. Cavco Industries was advised by True North Advisors and Polsinelli PC.
Fundare Resources, an exploration and production company, completed the acquisition of the Redtail assets from Whiting Petroleum, an exploration and production company with an oil focused asset base. Financial terms were not disclosed.
"We would like to thank the Whiting team for their assistance throughout the acquisition process. We look forward to following in their footsteps as responsible owners and operators of the Redtail assets. We have significant operating experience and prior success in the DJ Basin with our proven operating team," Cody Truitt, Fundare President.
Fundare was advised by Rivington Holdings and Baker Botts. Debt financing was provided by Cibolo Energy Partners and WDC Energy.
EQT completed the investment in EC-Council, a provider of proprietary cybersecurity training and certification programs. Financial terms were not disclosed.
“EQT Private Equity is excited to invest in EC-Council at this pivotal stage of the Company’s growth. We have been impressed with EC-Council’s development in this high-growth sector and its role in expanding the talent pool in the global cybersecurity industry. We see immediate opportunities to apply our digital skillset as well as our industry network and sector expertise to support EC-Council’s ambitious vision and growth plans," Brian Chang, Partner, Head of Southeast Asia and Investment Advisor of Private Equity Advisory Team.
EQT was advised by Brunswick Group. EC-Council was advised by Madison Alexander PR.
Berkshire Partners-backed National Carwash Solutions, a provider of end-to-end car wash systems, services, and solutions, agreed to acquire Zep Vehicle Care, a provider of commercial car wash chemical and water reclamation solutions. Financial terms were not disclosed.
“We are thrilled to welcome the Zep Vehicle Care team to NCS. ZVC’s beloved products are a great fit with our chemicals offering and will enhance our ability to provide car wash operators with a superior selection of chemicals, equipment, and solutions. We’re also excited for this opportunity to provide operators with an easy, integrated sales and service experience with the best talent in the industry," Mike Gillen, NCS CEO.
NCS is advised by Weil Gotshal and Manges.
Middleby, a commercial and residential cooking and industrial process equipment company, agreed to acquire Imperial Commercial Cooking Equipment, a company manufactures ranges, fryers, ovens, countertop equipment and other specialty cooking products. Financial terms were not disclosed.
“We are excited to realize the many synergies between the companies. Imperial has impressive manufacturing capabilities, which will provide potential for greater efficiencies and flexibility to our commercial foodservice platform. Working with our long-standing international distribution partners, Imperial has a prime opportunity to expand its global reach. Imperial also has an established presence in the quickly growing fast-casual chain restaurant segment, which will be a benefit to the Middleby brands as well," Tim FitzGerald, Middleby CEO.
Middleby is advised by Skadden Arps Slate Meagher & Flom.
Mercer Advisors, an investment adviser, agreed to acquire Miller Advisors, a wealth management firm. Financial terms are not disclosed.
"I founded Miller Advisors to help empower people to take charge of their financial lives. I enjoy working with clients, one-to-one, to identify objectives, manage and preserve wealth, and transfer it to the next generation based on their family values," Kathleen Miller, Miller Advisors President and CEO.
Mercer is advised by Chris Tofalli Public Relations.
Arena Investors-backed Strategic Resource Alternatives, a full-service receivables management and outsourcing firm, completed the acquisition of J.J. Marshall & Associates, a recovery firm. Financial terms were not disclosed.
"Joining the SRA family is extremely exciting. This presents an excellent opportunity to add value to our clients, strengthen our national footprint and position ourselves for future growth. This is a significant step forward as we strive to set the standard of excellence in recovery management," Garret Angelo, J.J. Marshall & Associates Managing Partner.
Arena Investors was advised by Prosek Partners.
Toyota-backed Woven Planet, a firm specialised in automated driving, robotics and smart cities, agreed to acquire Renovo Motors, an automotive operating system developer. Financial terms were not disclosed.
“The acquisition of Renovo supports Woven Planet's work in transforming worldwide mobility. With Renovo having deep roots in the space, we immediately recognized the opportunity and inherent value of the company. The technical and cultural fit could not have been better and all of us are excited to bring our expertise and technology together to power a new era of automotive technology," Nikos Michalakis, Woven Planet Senior Vice President of Software Platform.
Cresset, a provider of investment advisory services, is set to merge with Berman Capital Advisors, a provider of wealth planning and objective investment advisory services. Financial terms were not disclosed.
"Cresset is the partner we've been seeking to take our business to the next level, offer our clients an even broader array of services, and provide career development opportunities and increased ownership for our team. We are excited to share with existing and new clients alike the truly holistic suite of innovative wealth management, family office, and private investment offerings we can provide together," Justin Berman, Berman Capital Founder and CEO.
Merck is in talks to acquire Acceleron Pharma.
Merck is in advanced talks to acquire drugmaker Acceleron Pharma. This potential deal could help Merck, which sells the blockbuster cancer drug Keytruda, to add drugs for rare diseases to its pipeline, WSJ reported.
Acceleron was in talks to be acquired for more than $11bn. Several drugmakers, including Merck's rival Bristol-Myers Squibb, which owns 11.5% of Acceleron's stock, were seen as potential suitors.
Warburg and OTPP plan to sell Chisholm Energy. (FS)
Reuters reported that Warburg Pincus and the Ontario Teachers' Pension Plan are exploring a sale of Chisholm Energy, an oil and gas exploration and production company focused on the Permian basin.
The two owners are working with an investment bank to run the sale process for Chisholm Energy, the company is expected to attract a valuation approaching $1bn.
Starboard to acquire an 8.4% stake in Huntsman.
Starboard Value has acquired an 8.4% stake in chemical products maker Huntsman, Starboard saying it bought the shares as they were undervalued.
Huntsman engages with its shareholders on an ongoing basis, and that it was looking forward to a constructive dialogue with Starboard Value.
Direct Selling Acquisition discloses a $200m IPO.
Direct Selling Acquisition, a special purpose acquisition company, announced the pricing of its initial public offering of 20m units at a price of $10 per unit.
The company has granted the underwriters a 45-day option to purchase up to an additional 3m units at the initial public offering price to cover over-allotments.
Direct Selling Acquisition is advised by BTIG and I-Bankers.
Portillo's discloses its revenue for IPO.
Portillo's, a restaurant chain known for its Chicago-style hot dogs, made public its filing for a US stock market listing, revealing a nearly 19% jump in revenue for the two quarters ended June 27, Reuters reported.
Portillo's revenue for the two quarters stood at $258m, compared with $217m a year earlier. It recorded a net income of $14m in the same period versus a loss of $733k.
Vensana raised a $325m fund. (FS)
Vensana Capital announced the closing of its second fund, Vensana Capital II, with $325m in committed capital. The fund was oversubscribed at its hard cap with the support of the firm's investors in its inaugural fund alongside select new institutional investors.
"We are proud of the progress that Vensana has made since launch – especially our growing investment team and our portfolio of companies tackling important unmet needs – and we are grateful for the continued strong support of our limited partners. Our entire team is excited about the opportunity in front of us as we work hard to build a leading medtech investment and company building platform," Kirk Nielsen,Vensana Managing Partner.
EMEA
Endeavor, an entertainment, sports and content company, agreed to acquire OpenBet, a provider of integrated gaming and betting software products, from Scientific Games, a provider of gambling products and services, for $1.2bn.
“OpenBet marks a strategic addition to our sports betting portfolio as we look to round out our technology and product offering for sportsbook operators and sports brands worldwide. The combination of OpenBet and our IMG ARENA business will enable us to expand our footprint across the entire sports betting value chain and further capitalize on the tremendous upside we see coming from this fast-growing global industry," Ariel Emanuel, Endeavor CEO.
Endeavor is advised by The Raine Group and Latham & Watkins. Scientific Games is advised by Macquarie Capital, Oakvale Capital, Cravath Swaine & Moore and Joele Frank.
Style Capital, a private equity fund, agreed to invest $152m in LuisaViaRoma, an Italian multi- brand e-tailer. Following the transaction Andrea Panconesi, LuisaViaRoma Chairman and CEO, will retain a 60% stake.
“I am excited to start this new journey with the management team of LuisaViaRoma, helping to build the future of the most relevant Italian multi-brand e-tailer and one of the leading players globally. Our goal is to support the future steps of the company's growth, strengthening the organization and investing on the proprietary technology platform to offer an impeccable shopping experience," Roberta Benaglia, Style Capital CEO.
LuisaViaRoma is advised by Jefferies & Company, KPMG, PricewaterhouseCoopers, SLVB and Studio Associato Bartolini Pieralli.
Saudi Industrial Investment, a petrochemical company, is set to merge with National Petrochemical Company, a petrochemical producer. Financial terms were not disclosed.
SIIG already controls a 50% stake in Petrochem. Petrochem's shareholders will receive 1.27 shares in SIIG in exchange for each share they own if the transaction is approved. If the deal with SIIG goes through, Petrochem's shares will be delisted from the Tadawul and the company will be a wholly owned unit of SIIG.
SIIG is advised by HSBC. Petrochem is advised by GIB Capital.
Vista Equity, a private equity and venture capital firm, agreed to acquire Blue Prism, a UK-based software company, for $1.5bn.
“Combining with Vista and TIBCO will ensure we remain at the forefront of the next generation of intelligent automation. We can expand the range of products we offer our customers, with TIBCO’s global footprint and technologies; and, as a privately owned company, we will also have greater access to capital to pursue new growth opportunities via product investment and other potential M&A," Jason Kingdon, Blue Prism Chairman and CEO.
Blue Prism is advised by Brunswick Group.
China International Marine Containers, a provider of logistics and energy equipment, agreed to acquire Maersk Container Industry, a manufacturer of refrigerated containers, from AP Moller-Maersk, an integrated container logistics company, for $983m.
"By leveraging technology and innovation we want to create a new growth platform within cold chain. I look forward to welcoming MCI as I am very impressed by the company’s results and innovation. I am convinced that by combining MCI’s talented people and technologies with our global refrigeration business we will create an exciting future together as a key partner for our customers," Mai Boliang, CIMC Chairman and CEO.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $122m Series C funding round in Dice, an operator of an online platform. Other investors include Tony Fadell, Blisce, Xavier Niel, Mirabaud, Cassius, Evolution, Mustafa Suleyman and Demis Hassabis.
The new funds will be going toward expanding Dice’s geographic footprint with a special focus on the US since this is where Dice’s business seems to be growing the fastest at the moment, as cities and consumers gradually come out of pandemic hibernation to spend time together again, in some cases at a frenetic pace.
NetEase, a Chinese Internet technology company, completed a $120m investment in Kepler Interactive, a game developer and publisher.
The game studios share resources, operational support and financial gains, while maintaining their own creative independence. Beyond 2022, Kepler Interactive will grow by welcoming more partner studios, as well as expanding into cross-platform content production including film and other media.
Eurowag targets a $1.98bn valuation in London IPO.
Czech firm Eurowag, which provides payment services and a fleet management system to the haulage industry, is set to be valued at up to €1.69bn ($1.98bn) in its upcoming London initial public offering, Reuters reported.
Eurowag plans to sell €200m ($234m) of new shares and some of its current owners' existing stock. It's due to start trading on October 7.
Petershill Partners' stock sold in IPO affects its share price. (FS)
Shares in Goldman Sachs-backed Petershill Partners opened flat, as the firm which invests in alternative investment managers sold £1.2bn ($1.64bn) of stock in an IPO.
The company, which takes minority stakes in private equity, venture capital and hedge funds, was valued at £4bn ($5.5bn). It plans to use the proceeds to make more investments.
Penti is planning on IPO in Istanbul. (FS)
Carlyle Group-backed Penti Giyim Ticaret, a Turkey-based lingerie maker, is exploring going public in Istanbul as early as next year, setting the stage for a rare initial public offering by a local textile retailer, Bloomberg reported.
Penti has approached three financial advisers to manage an IPO and is working to meet regulatory requirements to ready the Istanbul-based company for a potential share sale.
APAC
Vertex is planning on a minimum $400m fund. (FS)
Temasek-backed Vertex Ventures, a venture capital firm, expects to raise at least $400m next year for a new fund focusing on Southeast Asia and India, Reuters reported.
"Probably, the second quarter of next year is when we'll kick off the process for our fund five," Ben Mathias, Vertex Ventures Southeast Asia and India Managing Partner.
LIC planning appoints a new CFO before IPO. (People)
State-backed Life Insurance is seeking to appoint a CFO, ahead of an initial public offering slated before the end of the fiscal year, Reuters reported.
LIC is currently undergoing a valuation exercise for an IPO that could be India's biggest ever as the government seeks to raise around $12.2bn by selling 5-10% stake in the company.
Morgan Stanley APAC Co-CEO to retire. (People)
Wei Sun Christianson, Morgan Stanley Asia Pacific Co-CEO, will retire from the bank after nearly two decades at the end of 2021, DealStreetAsia reported.
Christianson will remain as an advisory director for Morgan Stanley once she steps down, advising the bank and its clients on China.
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