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AMERICAS
Elon Musk’s lawyers have sent a subpoena to Jack Dorsey, the first indication that Twitter’s co-founder and former chief executive will be officially involved in the legal fight over Musk’s stalled $44bn deal.
Musk is seeking documents from Dorsey relating to the effect of false or spam accounts on the social media platform’s business.
Wheeler REIT, a commercial real estate investment trust, completed the acquisition of Cedar Realty Trust, a real estate investment trust company, for $291m.
"We believe this combination of transactions represents the best possible outcome for our common shareholders and we are very pleased with the progress thus far of our dual-track review of strategic alternatives," Bruce Schanzer, Cedar President and CEO.
Cedar Realty Trust was advised by Bank of America, Jones Lang LaSalle, Goodwin Procter and Gasthalter & Co. Financial advisors were advised by Skadden Arps Slate Meagher & Flom. Wheeler REIT was advised by KeyBanc Capital Markets and Alston & Bird.
KKR, an investment firm, led the investment in Arevia Power, a renewable energy developer, with participation from GCM Grosvenor. Financial terms were not disclosed.
“Now is a critical time for the energy transition, and we are elated by this milestone that gives us the flexible capital needed and the right partners to expand our solar and wind project pipeline throughout the country in a thoughtful way. KKR is an outstanding new strategic partner with deep renewables and infrastructure experience, and GCM Grosvenor is an equally accomplished infrastructure investor who has also been particularly successful in investing in partnership with organized labor groups. Together, this platform investment and new relationship with two world-class investment firms will super-charge our development of clean energy solutions while delivering good-paying jobs and leading the way on responsible development," Mark Boyadjian, Arevia Managing Partner.
Arevia Power was advised by Willkie Farr & Gallagher and R&R Partners. GCM Grosvenor was advised by Allen & Overy and Abernathy MacGregor Group. KKR was advised by Amis Patel & Brewer.
Seawall Capital, a private equity firm that invests in founder-led consumer businesses, completed the investment in Sports Endeavors, a source for player and fan gear in the US. Financial terms were not disclosed.
"Sports Endeavors aligns perfectly with our goal of partnering with passionate founders with outstanding management teams in businesses and categories that have loyal and dedicated consumers. As more and more people play and watch soccer here in the United States, Soccer.com is positioned to grow the game of soccer, both at the player level and at the fan level. We are eager and excited to work with this dedicated and talented management team as they continue to build the authentic destination and resource for soccer players and fans nationwide and worldwide," Matt Eby, Seawall Capital Founder and Managing Partner.
Sports Endeavors was advised by Jefferies & Company and Smith Anderson. Seawall Capital was advised by Gibson Dunn & Crutcher. Debt financing was provided by Goldman Sachs and Huntington.
B. Riley-backed Lingo Management, a global business cloud communications and managed services provider based in Atlanta, completed the acquisition of BullsEye Telecom, a single-source, cloud communications and technology service provider. Financial terms were not disclosed.
"The addition of BullsEye continues our principal investments approach and offers further revenue diversification and cashflows for B. Riley. This acquisition aligns with our long-stated intention to continue to use our platform of services and capabilities to source proprietary opportunities that can generate additional recurring revenue and stable EBITDA," Bryant Riley, B. Riley Financial Chairman and Co-CEO.
BullsEye Telecom was advised by Bank Street Group, Dykema and The Klein Group. Lingo was advised by B. Riley FBR, Cahill Gordon & Reindel and King & Spalding.
Arsenal Capital Partners-backed Eckhart, a provider of advanced industrial solutions used to solve complex manufacturing needs, agreed to merge with Innovative Products & Equipment, an automation solutions provider. Financial terms were not disclosed.
"We are excited to work with the Innovative team to enhance our delivery of advanced, end-to-end automation capabilities for our customers. Rich, Eric, Dale, Kevin, and the rest of the Innovative team have developed a reputation in the medical device and life sciences markets for solving mission-critical issues for their customers, and we believe joining forces will position us well for our next phase of growth," Andy Storm, Eckhart CEO.
Innovative Products & Equipment is advised by SVB Securities and Ruberto Israel & Weiner. Arsenal Capital Partners is advised by Harris Williams & Co, Kirkland & Ellis and Prosek Partners.
Alcon, an American Swiss medical company specializing in eye care products, agreed to acquire Aerie Pharmaceuticals, a pharmaceutical company focused on the discovery, development, manufacturing and commercialization of first-in-class ophthalmic therapies, for $770m.
"Alcon is passionate about innovative treatments in eye care, especially in core disorders such as glaucoma and dry eye, which have significant patient impact. We have a 75-year history focused specifically on the eye and bring established expertise in development and commercial execution. Aerie is a natural fit with on-market and pipeline products, and R&D capabilities that offer the infrastructure needed to expand our ophthalmic pharmaceutical presence. As we continue to broaden our portfolio across glaucoma, retina and ocular surface disease, we are excited to help even more patients see brilliantly," David Endicott, Alcon CEO.
Aerie Pharmaceuticals is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson. Alcon is advised by JP Morgan and Skadden Arps Slate Meagher & Flom.
Avista Capital Partners, an American private equity, completed the acquisition of WellSpring Consumer Healthcare, a marketer of over-the-counter brands primarily in the skin care and gastrointestinal care categories, from Audax Private Equity, an alternative investment manager. Financial terms were not disclosed.
"We've enjoyed a terrific partnership with the WellSpring team and are very proud of the growth the Company has achieved. We look forward to following the Company's success for many years to come," Jay Mitchell, Audax Managing Director.
Avista Capital Partners was advised by Kekst CNC. WellSpring Consumer Healthcare was advised by CG Sawaya Partners and Ropes & Gray. Audax was advised by FGS Global.
Vista Outdoor, a provider of outdoor advertising services, completed the acquisition of Simms Fishing Products, a manufacturer of fishing apparel and accessories, for $193m.
"Simms is the perfect fit for our diversified portfolio of leading, iconic outdoor brands. Simms broadens our core addressable market into the highly attractive fishing category with a premium, innovative brand with significant room for growth. Simms will be a central plank in our long-term growth strategy and will be the anchor of our new fishing platform within Outdoor Products. Fishing, particularly fly fishing where Simms has its roots, is a natural adjacency to our Outdoor Products business and Simms serves an enthusiast consumer demographic that has proven to be largely recession-resistant over time. With a beloved, household name brand like Simms leading the way, we believe that we can create a fishing platform that serves the 55m+ anglers while delivering long-term growth and value for our shareholders for years to come," Chris Metz, Vista Outdoor CEO.
Simms Fishing Products was advised by Robert W Baird and Perkins Coie. Vista Outdoor was advised by Reed Smith.
Gibraltar, a manufacturer and provider of products and services for the renewable energy, completed the acquisition of Quality Aluminum Products, a manufacturer of residential building products, from Blackford Capital, a private equity investment firm, for $54m.
“The acquisition of QAP expands our residential product offering and builds our presence in additional regional markets supporting both retail and wholesale customers. Adding a market leader like QAP supports our overall objective of accelerating growth, earnings, and market participation while also adding a best-in-class operating team to the Gibraltar organization," Bill Bosway, Gibraltar Chairman and CEO.
Gibraltar was advised by LHA Investor Relations. Blackford Capital was advised by Lambert & Co.
Meta Platforms learned that the US Federal Trade Commission was suing the company over one of its smaller acquisitions via a Twitter post, Bloomberg reported.
The Facebook parent company had provided hundreds of pages of documents, data and other details to the FTC as part of a routine disclosure before its acquisition of Within Unlimited, a virtual reality fitness app maker, could be approved.
Meta is advised by Latham & Watkins and Cooley.
SS&C Technologies, a global provider of services and software for the financial services and healthcare industries, agreed to acquire the CRM business and related assets from Tier1 Financial Solutions, a provider of investment banking and capital markets CRM solutions, compliance and fraud prevention software services. Financial terms were not disclosed.
"The sell-side Tier1 CRM business will be a strong addition to our CRM solutions business. We will add talented employees and respected clients to our roster with like-minded product architecture and deep client expertise. The combination of the Tier1 business and Salentica will allow us to better serve clients with CRM solutions purpose-built for their market," Derek Landi, SS&C Salentica Vice President and General Manager.
SS&C Technologies is advised by PAN Communications.
Ares Management, an alternative investment manager, completed the acquisition of Atlas Crane Service, a full-service crane rental company. Financial terms were not disclosed.
“The investment by Ares marks an exciting next chapter for Atlas, our employees and our customers as we seek to accelerate the growth of our business and capabilities. Ares brings meaningful resources and deep experience in the renewables industry, which we believe will support our strategic expansion in the growing wind sector. Our team is energized by the future opportunities for Atlas and we remain steadfast in our commitment to supporting renewable energy generation across the US," Zach Prentis, Atlas CEO.
Atlas was advised by TM Capital.
DCVC, a venture capital firm headquartered in Palo Alto, led a $138m funding round in Fervo Energy, a provider of next-generation geothermal power, with participation from CPP Investments, Liberty Energy, Macquarie, Grantham Foundation for the Protection of the Environment, Impact Science Ventures, and Prelude Ventures.
"Power buyers are interested in geothermal power because they are actively looking for reliable energy sources that can address climate change and rising energy prices. Our mission is to meet that growing demand by putting gigawatts of 24/7 carbon-free energy on the grid. This latest investment enables us to execute on those ambitious plans," Tim Latimer, Fervo CEO.
Blackbaud, a cloud software company, completed the acquisition of Kilter, an intuitive, gamified, activity-based engagement app boasting virtually limitless activity-type choices. Financial terms were not disclosed.
"Blackbaud powers many of today's largest and most complex activity-based fundraising events through Blackbaud TeamRaiser and enables Fortune 500 companies to engage employees through YourCause CSRconnect. This acquisition reflects our commitment to bring innovative capabilities and a leading mobile app experience to our customers—delivering solutions that help them reach their goals as quickly as possible," Jerry Needel, Blackbaud vice president of innovation and incubation.
DexKo Global, an engineered trailer running gear provider, agreed to acquire TexTrail, a trailer parts provider, from American Trailer World, a company that rents the trailers and storage containers. Financial terms were not disclosed.
"This is an exciting and phenomenal opportunity to bring two great organizations together. The long-standing partnership between Dexter and TexTrail has fueled exceptional growth for both organizations and our industry. I personally look forward to continuing onward and contributing towards the future success of our employees, our customers, and the industries we serve," Dennis Webster, TexTrail President of Sales and Service.
Lexitas-backed Registered Agent Solutions, a registered agent service company, completed the acquisition of Allstate Corporate Services, a corporate filing and registered agent company. Financial terms were not disclosed.
"We are excited about joining RASi who has been our trusted partner for so many years. We look forward to the combined synergies of two companies that share the same culture and vision in servicing the needs of our clients," Sal Abecasis, Allstate President of Operations.
Intel signs $30bn funding partnership with Brookfield to finance chip-factory expansion. (FS)
Intel has struck an unusual $30bn funding partnership with Brookfield Asset Management to help finance its massive factory expansion ambitions, signaling some big investors are upbeat about the long-term demand for semiconductors, WSJ reported.
The agreement with the publicly traded Canadian asset-management firm is the first of what could be a series of such arrangements Intel pursues to underpin Chief Executive Pat Gelsinger’s push to make the company a leading contract chip maker and regain its manufacturing advantage over competitors in Taiwan and South Korea.
Volkswagen aims to take stakes in Canadian mines.
Volkswagen aims to enter the mining business in Canada to ensure its raw material supply for battery production, Reuters reported.
"We are not opening any mines of our own, but we want to acquire stakes in Canadian mines and mine operators," Thomas Schmall, Volkswagen Chairman.
Instacart revenue growth accelerates ahead of planned IPO.
Instacart orders and revenue grew in the second quarter as consumers stuck to online grocery delivery despite rising prices and store reopenings, a promising sign for investors as the company prepares for an initial public offering as soon as later this year, WSJ reported.
Instacart is one of the few companies in Silicon Valley moving toward a public listing in what might be one of the slowest years for IPOs in decades. A drop in the value of formerly highly valued technology stocks ranging from Snowflake to Uber Technologies has put renewed pressure on still-closely held companies looking to go public.
Ex-Twitter security head claims company misled regulators on bot accounts.
Twitter misled federal regulators about its defenses against hackers and spam accounts citing whistleblower disclosures by the social media company's former security chief Peiter Zatko, Reuters reported.
In an 84-page complaint, Zatko, a famed hacker more widely known as "Mudge", alleged Twitter falsely claimed it had a solid security plan and said he had warned colleagues that half the company's servers were running out-of-date and vulnerable software.
Ampersand closes oversubscribed fund at $1.2bn hard cap. (FS)
Ampersand Capital Partners is pleased to announce the closing of the firm’s latest fund, Ampersand 2022 Limited Partnership, with $1.2bn in limited partner commitments.
This fund, which is Ampersand’s eleventh primary fund since 1992, was significantly oversubscribed and held a single close less than three months after launch. Ampersand secured commitments from a diversified and global set of institutional investors including endowments, foundations, pension plans, insurance companies, funds of funds, and family offices.
EMEA
Coats Group, an industrial thread and consumer textile crafts business, completed the acquisition of Rhenoflex, a manufacturer of sustainable structural material solutions for the footwear industry, for $117m.
"We are delighted to announce the acquisition of Rhenoflex, which presents an exciting and synergistic opportunity for Coats to establish a leading global platform in footwear components, expanding our presence in the fast-growing athleisure footwear market. Rhenoflex is a high-quality business that is complementary to both Texon and Coats and its strategic focus on sustainability and innovation will significantly enhance our proposition to customers," Rajiv Sharma, Coats CEO.
Coats Group was advised by Lazard and FTI Consulting.
OpenGate Capital, a private equity firm, agreed to acquire Extrusiones de Toledo, a specialty aluminium make-to-order parts manufacturer, from MCH, a private equity firm. Financial terms are not disclosed.
The acquisition of Extrusiones de Toledo is related to the formation of a European group focused on the aluminium extrusion market including another company, Aluminium France Extrusion. Together, the business will be named Aluminium Solutions Group.
OpenGate is advised by Prosek Partners.
Qatar Investment Authority, a sovereign wealth fund, led a $400m Series D round in Celonis, a data processing company, with participation from Activant Capital, Neuberger Berman, Alta Park Capital, Commonfund Capital, Arena, T. Rowe Price Associates, Franklin Templeton, Durable Capital Partners, TCV, 83North, Accel Partners and Sator Grove.
"Since the first days of Celonis, we have built a company that is operating on sound fundamentals, immutable customer value and the kind of resiliency that performs at the highest levels in any economic environment. These fundamentals are what put Celonis in such a unique position to lean into the wind, while others are stepping back. With an additional $1bn in liquidity, Celonis will have maximum flexibility to aggressively innovate, capitalize on new market opportunities and extend our market leadership," Bastian Nominacher, Celonis Co-CEO and Co-Founder.
DigitalOcean, a cloud infrastructure provider, agreed to acquire Cloudways, a cloud hosting company, for $350m.
“SMBs represent more than 50% of global gross domestic product and spend $70bn on cloud infrastructure today. With this acquisition, we are making it easier to launch, build and scale a business on DigitalOcean,” Yancey Spruill, DigitalOcean CEO
VK, a Russian technology company, agreed to acquire Zen and News from Yandex, a search engine and web portal, in exchange for the food and grocery delivery service Delivery Club.
"Creation and development of convenient content services for users is among VK's top strategic priorities. While Zen is a unique platform popular with millions of users, already holding a leading market position but with also major development potential. Integration with VK will open up access for Zen's content creators to new users as well as new formats. In the meantime, users will be able to enjoy even more quality content from education to entertainment. We highly appreciate the results achieved by the Zen team, and consider it right to give the team the opportunity to continue to develop independently, enabling the service to bring new content and evolve existing products faster and more efficiently, while further expanding its audience," Vladimir Kirienko, VK CEO.
Resurgens Technology-backed EnergyCAP, a company specialising in energy and enterprise resource planning software, completed the acquisition of Wattics, a provider of energy management analytics and monitoring software. Financial terms were not disclosed.
“Our mission is to empower energy and sustainability leaders with actionable data to manage consumption, reduce their carbon footprint, and drive savings. Wattics fits perfectly into our product vision by expanding our platform to include the end-to-end, real-time building- and device-level interval data and analytics necessary to improve energy efficiency and accelerate decarbonization. EnergyCAP and Wattics together become the ideal solution to support and validate the entire customer journey to net-zero," Tom Patterson, EnergyCAP CEO.
UK will not take action over Drahi's stake in BT.
Billionaire Patrick Drahi will not be forced to cut his 18% stake in BT Group after the British government ruled the investment posed no national security implications, Reuters reported.
BT, Britain's largest mobile and broadband company which is building the national fibre network, said the government would not take any action after it examined the stake-build by the Franco-Israeli entrepreneur.
Germany’s football body to hire Deutsche Bank for media rights sale.
Germany’s football body has appointed Deutsche Bank to lead the possible sale of a package of media rights.
German Football League is considering selling as much as 20% of a unit which houses its domestic and international broadcasting rights. It also explores other funding options, including loans and strategic investment ideas.
MS Lending Group secures £50m funding line from Pollen Street Capital. (FS)
MS Lending Group, a bridging lending firm, secured an initial £50m ($59m) senior-secured facility with Pollen Street Capital.
MS Lending Group have financed over £55m ($65m) since it began trading in January 2021, with over half of that amount lent in the first half of 2022.
Adelis Equity Partners raises Fund Continuation Vehicle for SSI Diagnostica Group. (FS)
Adelis Equity Partners has raised a Fund Continuation Vehicle to acquire SSI Diagnostica Group, a portfolio company of Adelis Equity Partners Fund I, alongside the company’s management and board, Adelis Equity Partners Fund III and the Adelis team.
In connection with the transaction, SSID completed a transformational acquisition of TechLab.
APAC
Precision Aviation Group, a provider of products and value-added services to the aerospace and defense industry, agreed to acquire PTB Group, a provider of maintenance, repair, and overhaul services, for $139m.
"We are excited about adding PTB to the Precision Aviation Group of Companies. The addition of PTB increases PAG's repair stations to 20 worldwide, expands our Engine Services Division with the addition of the PT6 and TPE331 engines, and significantly enlarges our Supply Chain Services business. Stephen Smith and his team – like PAG – are focused on exceptional customer service and exceeding customer expectations – we look forward to this partnership," David Mast, PAG President and CEO.
PTB Group is advised by Moelis & Co and Talbot Sayer.
Adani, an Indian multinational conglomerate, offered to acquire a 55% stake in New Delhi Television, an Indian news media company, for $130m.
"NDTV is the most suitable broadcast and digital platform to deliver on our vision," Sanjay Pugalia, Adani Executive.
Olympus nearing deal to sell microscope unit for over $2bn. (FS)
Japan’s Olympus is close to selling its microscope unit to a private equity firm in a deal that could fetch more than $2.2bn.
Bain Capital has emerged as the frontrunner. Carlyle Group and KKR also submitted binding bids this month for the unit which makes microscopes, industrial endoscopes and x-ray analysers.
New Zealand's government transfers Kiwibank assets to new state-owned company.
New Zealand's government said it had transferred Kiwibank's assets to a new state-owned company, since the lender no longer fit within the long-term plans for two state entities that currently own it, DealStreetAsia reported.
Kiwibank, which is New Zealand fifth-largest retail bank, was owned by state-owned entities Zealand Post, Accident Compensation Corporation and sovereign wealth fund.
South Korean online grocery startup Kurly gets IPO preliminary approval.
South Korea's Kurly, which operates the online grocery service Market Kurly, has received preliminary approval for an IPO, DealStreetAsia reported.
Kurly has seen annual revenue grow threefold to $1.2bn in 2021 from $324m in 2019 as demand for online grocery shopping jumped during the Covid-19 pandemic, although it reported an operating loss of $163k in 2021.
Tencent-backed startup seeks pre-IPO funds at $1.5bn value.
Yonghui Fresh Food, the fast-growing grocery supply affiliate of one of China’s biggest retail conglomerates, is seeking to raise about $200m ahead of a Hong Kong initial public offering next year, Bloomberg reported.
The business-to-business-focused startup is aiming for a valuation of $1.5bn despite the cooling climate for private investment. The seven-year-old firm has also been in talks with financial advisors for a Hong Kong listing that could take place as soon as the second quarter of 2023.
Bosch-backed self-driving startup WeRide weighing IPO.
Chinese driverless technology startup Guangzhou WeRide Technology is considering an initial public offering that could raise about $500m, Bloomberg reported.
The robotaxi company is working with advisers on the potential listing and is weighing venues including the US and Hong Kong. It could face significant challenges from Chinese regulators if it chooses to pursue a US IPO.
Thai meat producer Betagro seeks $554m in IPO.
Betagro, a Thai meat producer, is seeking to raise about $554m in what would be the country’s second-largest initial public offering this year, Bloomberg reported.
The company is marketing its shares to institutional investors and could launch the offering as early as next month.
Alibaba-backed artist agent said to open HK IPO books.
YH Entertainment, a Chinese artist management company most famous for its star Wang Yibo, is planning to start taking retail investor orders for its Hong Kong initial public offering as soon as Wednesday, Bloomberg reported.
The Beijing-based company will start taking institutional investor orders on Thursday for the IPO, which could raise as much as $140m. There is a potential over-allotment option that could increase the size of the listing to $166m.
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