EMEA
RPC develops and manufactures a diverse range of products for a wide variety of customers, including many household names, and enjoys strong market positions in many of the end-markets it serves and the geographical areas in which it operates.
RPC shareholders will receive £7.8 ($10) for each share in cash, a 15.6% premium from the closing price on September 7 of £6.8 ($8.8), the last day before the talks were confirmed. The final offer represents a 7.6% premium from RPC’s latest closing price. RPC confirmed the merger talks in September after a Bloomberg report that it was exploring options including a sale.
RPC was advised by Deutsche Bank, Jefferies, Credit Suisse, Evercore, Rothschild, Slaughter & May and FTI Consulting. Apollo was advised by BNP, Barclays, Citigroup, HSBC, Paul Weiss Rifkind Wharton & Garrison, Sullivan & Cromwell and Maitland. Davis Polk advised Barclays and Citigroup.
FSI-backed Cedarci acquired Oasi from Nexi Financial Group for €151m.
FSI-backed Cedarci, a company active in outsourcing IT services for banks, acquired Oasi, a banking compliance firm, from Nexi Financial Group, an Italian bank owned by Advent, Bain Capital and Clessidra, for €151m ($171m). The closing of the deal is expected by next February. Cedacri will finance the operation using a pool loan organized by a consortium of 14 financial institutions, shareholders and non-shareholders. Alfredo Pallini, CEO of Oasi, will remain managing the company even after the acquisition.
Equita and Mazzoni Regoli advised Cedarci. Mediobanca, UBS and Dentons advised Nexi.
Canada Pension Plan Investment Board invested in Visma Group.
Visma Group is a leading provider of business-critical software to private and public enterprises in the Nordic, Baltic and Benelux regions. Financial terms were not disclosed.
Following the transaction, Visma will have backing from some of the world’s largest institutional and specialist technology investors alongside lead investor Hg, including Cinven, GIC, Intermediate Capital Group and Montagu. Together, Visma and its strong investor base will continue to reinforce Visma’s position as a leading SaaS business in Europe and one of the world’s most successful SaaS companies.
Kirkland & Ellis advised Canada Pension Plan Investment Board.
AIMCo acquired a minority stake in Davies Group, a UK-based tech-enabled operations management, consulting and digital solutions provider, from HGGC. Davies provides claims solutions, insurance services and customer experience programs to customers in highly regulated markets, including insurance, financial services, utilities, and communications. Financial terms weren’t announced.
“AIMCo is excited to be partnering with Dan and his team, alongside HGGC, to support Davies in its next phase of growth. We believe the Company has a strong runway ahead along with an excellent leadership team and investor partners to capitalize on growth opportunities,” said James Ridout, a Director in the Private Equity group at AIMCo.
BGF acquired an additional stake in Spex Group, which provides specialist explosive products and services to the oil and gas industry, including for downhole cutting, punching and abandonment. BGF originally invested £5m ($6.4m) in February 2014 to support the company’s expansion in international markets. Financial terms were not disclosed.
James Oag, CEO of SPEX Group, says: “This investment will help SPEX Group to support innovative solutions to some of the biggest challenges facing the oil and gas industry. We’ve increased the offering to ensure that SPEX Group continues to support opportunities that deliver solutions that improve safety, integrity and production, while enhancing and protecting the clients’ reputation and optimizing their assets.”
AMERICAS
Advent International acquired 51% of Prisma Medios de Pago, Argentina’s leading payments company, for $710m. Prisma Medios de Pago’s existing shareholders will retain a 49% stake in the company.
“Prisma Medios de Pago is the leading player in a market poised for strong growth driven by the increasing penetration of electronic payments in Argentina,” said Juan Pablo Zucchini, a Managing Partner at Advent International in São Paulo. “We look forward to working with the management team and other shareholders to accelerate the company’s development by investing in next-generation products and services and exploring international expansion opportunities.”
Baker McKenzie advised Advent.
Optimind is an independent consulting firm that supports insurance firms, banks and large companies in focusing on opportunities that can increase their performance. Financial terms were not disclosed.
Geoffroy de La Grandière, Director of Ardian Growth, said: “The expertise and entrepreneurial spirit of Optimind’s team is reflected in the company’s continued focus on innovation. Optimind has great potential for expansion and we look forward to partnering with the team to support the business in its further growth ambitions.”
Chappuis Halder, Eight Advisory, Baker McKenzie and Arsene Taxand advised Ardian.
Odyssey Investment Partners acquired Barcodes from Cortec Group.
Odyssey Investment Partners acquired Barcodes, a leading solution provider of products and services that enable businesses to digitally capture and act on data related to their assets, people, and transactions, from Cortec Group. Financial terms of the transaction were not disclosed.
Craig Staub, a Managing Principal of Odyssey, said: "We are excited to acquire Barcodes in partnership with the company's management team. Barcodes has established a leading market position and comprehensive product and service offerings, in a dynamic and growing industry. We look forward to collaborating with Dan Nettesheim and his team to capitalize on the business' many attractive and diverse opportunities to build value for all of its stakeholders."
BlackArch Partners, Houlihan Lokey and Paul Hastings advised Barcodes.
PSP Investments acquired a stake in Alliant Insurance Services, one of North America's largest independent insurance brokerage firms. The investment by the Canadian pension investment manager is joined by additional investment from funds managed by Stone Point Capital. Following the transaction, funds managed by Stone Point will remain Alliant’s largest institutional shareholders, while the company’s management and producers will continue to own the majority of the firm. Financial terms were not disclosed.
“Alliant looks forward to partnering with PSP Investments as we enter this exciting new stage in our growth strategy,” said Tom Corbett, Chairman and CEO of Alliant. “Both PSP and Stone Point have a proven history of success in our industry, and their combined financial strength and market expertise will be a significant asset to Alliant as we move forward.”
Enlightenment Capital, an Aerospace, Defense & Government focused investment firm, invested in System High, a provider of proactive protection, security engineering, counterintelligence, and cybersecurity solutions, serving select government and commercial customers. Financial terms were not disclosed.
“System High will serve as the initial investment of a new Enlightenment platform, which will provide mission-critical protection of the technology that underpins many of the most sensitive efforts within the Defense, Intelligence, and commercial sectors,” said Jason Rigoli, Partner of Enlightenment Capital. “We look forward to working with the leadership team to drive the Company’s growth as they continue to play an integral role in this special arena.”
Elliott Management and Starboard Value push for changes at eBay.
Hedge funds Elliott Management and Starboard Value have taken stakes in eBay, an American multinational e-commerce corporation, and are pushing for changes including the sale of some of the e-commerce company’s businesses. Elliott asked eBay to hive off its StubHub ticket sales business and eBay Classifieds Group as part of a plan the hedge fund says could double the company’s value.
The fund, which owns a more than 4% stake in eBay, said the company’s share price could reach $55-$63 by 2020 if it implemented the hedge fund’s restructuring plan. eBay said it would review the proposal and is looking forward to engaging with Elliott.
Gauge Capital recapitalized TVC.
Gauge Capital has recapitalized Oklahoma City-based TVC Enterprises, a provider of legal services to commercial truck drivers. No financial terms were disclosed for the transaction that was done in partnership with TVC’s owners and management team.
“Our recent partnership with Gauge Capital marks the beginning of a new, exciting chapter for our company. There is a large unaddressed segment of commercial drivers that can benefit from our services, and with the recent investment from Gauge we plan to accelerate our market penetration and continue to increase the additional services our program provides to commercial drivers” said Steve Hanebaum, CEO of TVC.
Colony Capital to buy Abraaj Group’s private equity platform in Latin America.
Colony Capital signed the deal to take over the Latin American operations of troubled Dubai-based private-equity firm Abraaj Group. The deal is valued at less than $10m. The transaction is expected to close during the first quarter, subject to certain approvals. The acquired business will rebrand as Colony Latam Partners.
“The team has established itself as a premier private equity investor across Latin America and has positioned the Company for rapid expansion. With a long and deep history of investing across emerging markets, Colony Capital looks forward to supporting Colony Latam Partners’ proven investment philosophy, process and strategy,” said Justin Chang, Managing Director and Global Head of Private Equity for Colony Capital.
John Paulson considers closing his hedge fund.
John Paulson said he would consider turning his firm Paulson & Co into a family office “in the next year or two.” The 63-year-old money manager said that almost 75 to 80% of the money managed by Paulson & Co was now his own capital, reflecting years of disappointing returns that have driven outside investors away.
In the interview, Mr. Paulson cited George Soros and Stanley Druckenmiller as examples of hedge fund managers who had converted their fund management operations into family offices. More recently, Leon Cooperman of Omega Advisors took the same step.
APAC
Virginia Retirement System committed $150m to SSG’s fifth fund.
Virginia Retirement System, which administers pension plans and other benefits for Virginia's public sector employees, committed $150m to the latest private equity fund being raised by SSG Capital Management, the Hong Kong-headquartered, Asia-focused special situations investment firm founded by former Lehman Brothers executives. Other private equity funds that VRS is investing in include EIG Energy Fund XVII ($50m) and Abry Partners IX ($35m).
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