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AMERICAS
Apollo completed the acquisition of Univar Solutions for $8.1bn.
Apollo Global Management, a high-growth, global alternative asset manager, completed the acquisition of Univar Solutions, a global specialty chemical and ingredient distributor, for $8.1bn.
"We are excited to partner with David and the talented Univar Solutions team to build on the Company's strong foundation and track record of innovation, leveraging our extensive industry experience. We have strong conviction in Univar's potential and look forward to embarking on a number of exciting initiatives to help accelerate the Company's growth," Sam Feinstein, Apollo Partner.
Univar Solutions was advised by Deutsche Bank, Goldman Sachs, Wachtell Lipton Rosen & Katz (led by Andrew Brownstein and John L. Robinson) and Joele Frank (led by Matthew Sherman). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by James E. Langston) and Ropes & Gray. ADIA was advised by Cleary Gottlieb Steen & Hamilton. Apollo was advised by BMO Capital Markets, BNP Paribas, Credit Suisse, Guggenheim Partners, HSBC, JP Morgan, Mizuho Securities, RBC Capital Markets, Wells Fargo Securities, Paul Weiss Rifkind Wharton & Garrison (led by Taurie M. Zeitzer and Justin S. Rosenberg) and Skadden Arps Slate Meagher & Flom (led by Brian J Egan).
Britain's competition regulator is investigating Cameco and Brookfield Renewable Partners' $7.9bn deal to acquire nuclear power plant equipment maker Westinghouse Electric, Reuters reported.
The UK's Competition and Markets Authority has invited comments on the deal from interested parties. It did not give any further details.
Cameco is advised by CIBC World Markets, Goldman Sachs, Chiomenti (led by Filippo Modulo), Covington & Burling (led by Donald Ross, Patrick E. Manchester and J. D. Weinberg), Cuatrecasas Goncalves Pereira (led by Marcos García Gonzalez and Luis Perez De Ayala) and McCarthy Tetrault (led by David Lever). Financial advisers are advised by Skadden Arps Slate Meagher & Flom (led by Christopher Barlow). Brookfield Renewable is advised Greenhill, Cravath Swaine & Moore (led by Matthew M. Kelly, Matthew L. Ploszek and Richard Hall) and Brunswick Group. Brookfield Business Partners is advised by BMO Capital Markets, RBC Capital Markets, Tudor Pickering Holt, Stikeman Elliott, Weil Gotshal and Manges (led by Michael Lubowitz) and Wolf Theiss (led by Tereza Naucova).
Private equity firms Francisco Partners and TPG agreed to acquire New Relic, a US-based Web tracking and analytics company, for $6.5bn.
"Ever since our founding over 15 years ago, New Relic has created and delivered groundbreaking innovations, with a maniacal focus on delivering a leading observability platform to help our customers deliver better software faster. We are pleased to partner with Francisco Partners and TPG, who are committed to continuing to build upon New Relic's strong foundation and achieve its full potential," Lew Cirne, New Relic Founder and Executive Chairman.
New Relic is advised by Qatalyst Partners, Freshfields Bruckhaus Deringer and Latham & Watkins (led by Tad Freese and Mark Bekheit). Francisco Partners and TPG are advised by Goldman Sachs, JP Morgan, Moelis & Co, Morgan Stanley, Davis Polk & Wardwell (led by Oliver Smith and Darren M. Schweiger), Kirkland & Ellis, Paul Hastings and Sloane & Company (led by Whit Clay).
A consortium of investors completed the acquisition of TIAA Bank.
Investment management firms Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management completed the acquisition of TIAA Bank, a provider of financial services and products for individuals and small and mid-size business clients nationwide. Financial terms were not disclosed.
"TIAA undertook this transaction from a position of financial strength, and the close of the bank sale marks an important execution milestone in pursuing our strategic focus on providing a secure retirement for our millions of clients. Additionally, we are pleased that TIAA's clients will be able to continue to benefit from the banking services they have previously enjoyed through our continued relationship with EverBank," David Nason, TIAA Chief Operating Officer.
Stone Point was advised by Goldman Sachs, Jefferies & Company, Skadden Arps Slate Meagher & Flom (led by Brian Christiansen) and Wachtell Lipton Rosen & Katz (led by Richard Kim, Mark Stagliano, Edward D. Herlihy and Mark F. Veblen). Sixth Street was advised by Cleary Gottlieb Steen & Hamilton. Bayview was advised by Simpson Thacher & Bartlett (led by Lee Meyerson and Sebastian Tiller). TIAA was advised by Davis Polk & Wardwell (led by William L. Taylor and Cheryl Chan) and JP Morgan.
TopBuild, an installer and specialty distributor of insulation and building material products, completed the acquisition of Specialty Products & Insulation, a provider of bulk solutions for insulation & building materials, from Incline Equity Partners, a private equity firm, for $960m.
"The acquisition of SPI is highly strategic for TopBuild, accelerating Specialty Distribution's growth and enhancing our leadership position in the very diverse and fragmented insulation industry. In addition, SPI generates significant recurring revenue from industrial maintenance and repair. When combined with our Specialty Distribution business today, we estimate recurring revenue will account for approximately one third of the segment's overall revenue stream," Robert Buck, TopBuild President and CEO.
Palladium Equity Partners, an investment firm, completed the acquisition of Superior Environmental Solutions, a provider of comprehensive, vertically integrated environmental and industrial services, including emergency response. Financial terms were not disclosed.
"SES has established a strong reputation for service quality and reliability, exceptional technical expertise, and a partnership approach to supporting its customers, extending the useful life of their equipment and facilities while maintaining compliance with government and industry regulations. We are looking forward to partnering with John Stevens, CEO of SES, and the entire SES team as they advance the company's record of organic and inorganic growth as a leading provider of essential services across a highly fragmented market of customers, end-markets and geographies," Scott Kirschner, Palladium Equity Partners Principal.
Palladium Equity Partners was advised by Robert W Baird, O'Melveny & Myers and Kekst CNC (led by Todd Fogarty and Jeffrey Z. Taufield). Superior Environmental Solutions was advised by Raymond James and Foley & Lardner.
Dril-Quip, a developer, manufacturer, and provider of highly engineered equipment, service, and innovative technologies, completed the acquisition of Great North Wellhead, a provider of mission-critical wellhead products and well-completion solutions, from Industrial Growth Partners, a private equity firm, for $80m.
"We are excited to welcome Great North to the Dril-Quip team. Great North has a talented employee base that brings a wealth of expertise and a solid reputation for delivering technologically different products to a diverse base of blue-chip clients. This acquisition marks a milestone in our mission to expand our Well Construction portfolio and we are excited for the growth opportunities that lie ahead. Our clients' satisfaction will remain our top priority; combining Great North's differentiated product offering with Dril-Quip's extensive footprint brings many benefits to our valued clients. In addition, this transaction will be immediately accretive to our shareholders in terms of returns on invested capital, adjusted EBITDA, and free cash flow," Jeff Bird, Dril-Quip President and CEO.
Great North was advised by RBC Capital Markets and Stikeman Elliott. Dril-Quip was advised by Morgan Stanley and Gibson Dunn & Crutcher.
Western Asset Mortgage Capital announced that WMC's board of directors has determined in good faith, after consultation with its financial advisors and outside legal counsel, that the unsolicited proposal from AG Mortgage Investment Trust to acquire WMC is a "Parent Superior Proposal" within the meaning of WMC's merger agreement with Terra Property Trust.
WMC has notified TPT that it intends to terminate their merger agreement unless WMC receives a revised proposal from TPT by August 3, 2023 such that the WMC board of directors determines that MITT's proposal is no longer a parent superior proposal, after taking into account all aspects of any such proposal WMC may receive from TPT.
AG Mortgage Investment Trust is advised by Piper Sandler, Hunton Andrews Kurth and Gasthalter & Co (led by Jonathan Gasthalter and Amanda Shpiner). WMC is advised by Financial Profiles.
Bobbie Baby, an organic pediatric nutrition company, completed the acquisition of Nature's One, a pediatric nutrition company, from Juggernaut Capital Partners, a private equity investor primarily in the consumer and healthcare sectors, and Jay Highman. Financial terms were not disclosed.
"Nature's One is a true pioneer in the pediatric nutrition space. Juggernaut partnered with founder, Jay Highman, to accelerate product development and vertical integration initiatives. Over the past five years, the company completed the first FDA-approved clinical feeding study of an organic infant formula and designed and constructed the first newly built infant formula facility in the US in 35 years. It has been a pleasure to partner with Jay and his team. We believe the combination with Bobbie cements the organization as a continued disruptor and a next-generation industry leader. We are proud to continue as a meaningful shareholder in the go-forward company," John Shulman, Juggernaut Founder and Managing Partner.
Nature's One was advised by CG Sawaya Partners and Morgan Lewis & Bockius. Bobbie was advised by Perella Weinberg Partners and Goodwin Procter.
General Atlantic, a growth equity firm, completed the investment in Financial Information Technologies, a provider of electronic payment processing, software and data solutions. Financial terms were not disclosed.
"Fintech's core mission is to enable frictionless commerce for retailers, distributors, and suppliers to accelerate sustained operational efficiency and improve insights and decision-making across the value chain. Our electronic payment and data insights technologies have been adopted by a growing number of sophisticated customers, and we are excited to leverage General Atlantic's deep experience across software and payments to help power our next phase of growth," Tad Phelps, Fintech CEO.
Financial Information Technologies was advised by William Blair & Co and Goodwin Procter. General Atlantic was advised by Raymond James (led by Jon Steele) and Paul Weiss Rifkind Wharton & Garrison (led by Cullen Sinclair and Matthew Abbott).
DuPont, a company with technology-based materials and solution, completed the acquisition of Spectrum Plastics Group, a company in advanced manufacturing of specialty medical devices and components, from AEA Investors, a private equity firm, for $1.75bn.
"We have been focused on Spectrum for a long time and our team is extremely excited for this opportunity. Spectrum is a compelling strategic complement to our existing healthcare portfolio, which already includes businesses with best-in-class innovation, deep customer relationships and with strong growth and profitability. With this combination, we'll be able to offer customers additional innovation and manufacturing capabilities with a broader and more integrated solution set," Ed Breen, DuPont Executive Chairman and CEO.
DuPont was advised by Skadden Arps Slate Meagher & Flom (led by Clifford Aronson). AEA Investors was advised by Piper Sandler and Fried Frank Harris Shriver & Jacobson (led by Maxwell Yim).
KKR completed the acquisition of Industrial Physics, a manufacturer of testing and measurement instruments, from Union Park Capital, a private equity investment firm. Financial terms were not disclosed.
"I am honored to join Industrial Physics and work alongside Lance and the rest of the talented team at Industrial Physics. Industrial Physics has created an impressive global portfolio of leading brands and I am excited to build upon this foundation to better serve our customers and drive future growth, both organically and through acquisitions. I am enthused to work with KKR as a strategic partner and to lead the roll out of a broad-based equity plan in which all Industrial Physics colleagues will become owners of the business," Barry Lyon, Industrial Physics CEO.
Atalaya Capital, an alternative asset manager, and Culpeper Capital, a financial services-focused private-equity firm, completed the investment in Golden Gate-backed Mosaic Insurance, a global specialty insurer. Financial terms were not disclosed.
"We're excited to announce this important partnership for Mosaic as we grow critical mass and continue to take advantage of significant underwriting opportunities. Atalaya and Culpeper value what we've built to date, as well as Mosaic's future growth potential, and they bring additional diverse financial-sector expertise that will be critical for the next stage of our journey. We look forward to working with them," Mitch Blaser, Mosaic Co-Founder and Co-CEO.
Mosaic Insurance was advised by Citigroup and Paul Weiss Rifkind Wharton & Garrison. Atalaya and Culpeper were advised by Greenberg Traurig.
Arlington Capital Partners, a private equity firm, completed the acquisition of Integrated Data Services, a provider of software and technology-enabled support and development for federal government customers. Financial terms were not disclosed.
"IDS has developed an extensive software offering that automates day-to-day business processes and drives significant time and cost savings for the federal government. By aggregating data and serving as the single source-of-truth, CCaR enables users to effectively manage requirements, formulate budgets and track execution. Attractive market dynamics, including the growth in R&D funding and the push for increased transparency and improved auditing of federal spend, made for a compelling opportunity. We are excited to partner with the Company in its next phase of growth," Michael Lustbader, Arlington Managing Partner.
Integrated Data Services was advised by Lincoln International. Arlington Capital was advised by Robert W Baird (led by Jean Stack).
Peak Rock Capital, a middle-market private investment firm, agreed to acquire Rochester Midland, a supplier of specialty chemical products and value-added services across water energy, food safety, facility hygiene, and other applications. Financial terms were not disclosed.
"RMC represents an exciting opportunity to invest in a supplier of mission-critical services that enable customers to operate safely and efficiently. We look forward to helping the Company accelerate its growth trajectory while pursuing complementary acquisitions to extend RMC's production capabilities, geographical presence, and service offerings," Jordan Campbell, Peak Rock Managing Director.
AXA, Swiss Life AM and Morrison & Co-backed lyntia Networks completed the acquisition of Evolutio Business Connectivity, an IT services provider, from Portobello Capital, a private equity firm. Financial terms were not disclosed.
"We are very thrilled with our new alliance with Evolutio Group. The combination of resources and experience of lyntia Networks and Evolutio Business Connectivity will allow us to offer more innovative and high-quality solutions, as well as expand our network and continue to add value to the businesses of our wholesale customers," José Antonio López, lyntia Networks CEO.
lyntia Networks is advised by Rothschild & Co.
Mitsubishi UFJ Financial Group, a bank holding and financial services company, agreed to acquire a minority stake in US Bancorp, a commercial bank in the United States, for $936m.
US Bancorp announced plans to issue 24m shares of common stock to an affiliate of Mitsubishi UFJ Financial Group. As previously announced, on December 1, 2022, US Bancorp completed the acquisition of MUFG Union Bank's core regional banking franchise. US Bancorp received $3.5bn in additional cash held by MUFG Union Bank, which, under the terms of the purchase agreement, US Bancorp is required to repay on or prior to the fifth anniversary date of the acquisition, with a reasonable best-efforts obligation to repay up to $1bn within a reasonable time after conversion.
March Capital, a venture capital & growth equity firm, and Sanabil Investments, a sovereign wealth fund, led a $175m Series C round in Nile, an enterprise networks company, with participation from stc, Prosperity7, Liberty Global Ventures, 8VC, Geodesic Capital, FirstU Capital, and Valor Equity Partners.
"Nile is in a strong position to take advantage of several paradigm shifts occurring across the technology ecosystem. Cloud-born edge infrastructure solutions are altering the way we engage with each other and interact with physical spaces in offices, schools, and venues. AI is enabling data-driven decision-making to be adopted at a rapid pace. Cloud migration strategies for anywhere access to enterprise apps is top of mind for all IT executives, creating a tremendous opportunity for Nile," Pankaj Patel, Nile CEO and Co-Founder.
Hyundai Motor, an automotive company that also affiliates in other industries such as construction, steel, and finance, and Samsung Catalyst Fund, a multi-stage venture capital fund, led a $100m funding in Tenstorrent, a computing company that builds computers for AI, with participation from Fidelity Ventures, Eclipse Ventures, Epiq Capital and Maverick Capital.
"The trust in Tenstorrent shown by Hyundai Motor Group and Samsung Catalyst Fund leading our round is truly humbling. It has been impressive watching Hyundai Motor Group become the third largest automaker in the world through their aggressive adoption of technology including their acquisition of Boston Dynamics, their joint venture with Aptiv, and now their investment in us," Jim Keller, Tenstorrent CEO.
Mubadala Investment Company, a sovereign investor managing a global portfolio, completed the investment in Aligned Data Centers, a technology infrastructure company. Financial terms were not disclosed.
“We are excited to partner with the Mubadala team in support of Aligned’s continued growth trajectory and expanding data center platform, as well as a collective focus on building a more sustainable future through innovative, efficient infrastructure. This investment is a testament to our world-class data center solutions, high-caliber teams, and ability to quickly address the growing capacity demands and requirements of our loyal hyperscale and enterprise customers across the Americas,” Andrew Schaap, Aligned CEO.
Peak Rock Capital, a middle-market private investment firm, completed the investment in CollegeNET, a web technologies developer. Financial terms were not disclosed.
“We welcome Peak Rock’s financial and strategic support as well as their commitment to our ambitious growth plans. Their innovative structured investment solution gives us the runway to continue developing the large market for our patent-pending AI Opportunity Drivers,” Jim Wolfston, CollegeNET CEO.
CoreWeave raises $2.3bn in debt collateralized by Nvidia chips.
Specialized cloud provider CoreWeave has raised $2.3bn in a debt facility led by Magnetar Capital and Blackstone and collateralized by Nvidia chips, with the funds to be used to expand to meet rising AI workload. Other lenders in the facility include Coatue and DigitalBridge as well as BlackRock, PIMCO, and Carlyle. The unusual use of Nvidia H100, the sought-after chip that powers AI computing as collateral, highlights the value of such hardware in the capital-intensive AI arms race, Reuters reported.
The outsized loan also marks the growing market in private asset-based financing, as private equity firms turn to lower risk lending secured by hard assets and take on more corporate debt when banks slow down. Nvidia-backed CoreWeave has seen a boost from the generative AI boom thanks to its purpose-built cloud infrastructure at scale.
Alimentation Couche-Tard announces agreement to repurchase more than 10m common shares.
Alimentation Couche-Tard entered into a private agreement with Caisse de dépôt et placement du Québec for the repurchase for cancellation of more than 10m common shares of Couche-Tard held by CDPQ at a price of CAD64.69 ($48.83) per share, for a total consideration of approximately CAD700m ($528m).
The repurchase price represents a discount of 3% to the closing price of the shares on the Toronto Stock Exchange on July 28, 2023, and will be paid using Couche-Tard's cash on hand as well as proceeds raised through its US Commercial Paper Program. The repurchase will be made in connection with the periodic portfolio rebalancing of CDPQ. Once the repurchase is completed, CDPQ will hold approximately 41.5m shares, representing approximately 4.3% of Couche-Tard's total shares outstanding.
Occidental buys back $522m of Berkshire preferred stock.
Occidental Petroleum bought back $522m of Berkshire Hathaway's preferred stock in the second quarter, demonstrating its willingness to repay Warren Buffett even as commodity prices drop. The purchase brings Occidental's redemptions this year to 12% of Berkshire's initial $10bn investment, which was used to fund the producer's acquisition of Anadarko Petroleum in 2019. Berkshire's preferred stock carries an 8% annual dividend, making it an expensive part of Occidental's capital structure, Bloomberg reported.
Separately, Berkshire owns 25% of Occidental's common stock and is the company's largest shareholder. Berkshire is willing to buy more Occidental common stock, Buffett said at its shareholder meeting in Omaha earlier this year. However, he ruled out buying the oil producer in its entirety.
Berkshire Hathaway investors eye Apple, Chevron stakes as Buffett prepares latest results.
Berkshire Hathaway’s earnings will be only part of the story when the company reports its second-quarter financial results at 8am Eastern time on 5 August, FN reported.
Investors also will be focused on stock buybacks at Berkshire Hathaway, potential changes in the company’s big equity holdings, notably Apple and Chevron as well as its cash levels.
Apollo leads deal for trucking firm Yellow's bankruptcy loan.
Creditors led by Apollo Global Management are nearing a deal to provide Yellow with fresh cash during a coming bankruptcy. Shares of Yellow were up 78% at $3.14 in afternoon trade. The US asset manager, which owns most of one of Yellow's term loans, is well-positioned to provide backing and is finalizing a deal to lead a debtor-in-possession financing for the cash-trapped trucking company, Reuters reported.
Yellow, formerly called YRC Worldwide, is the third-biggest US trucking company. It transports goods from multiple shippers in single trailers and focuses on "less-than-truckload" shipping, the transportation of goods that don't require a full truckload.
Blackstone’s real estate trust redemption requests decline to the lowest point this year.
Blackstone's giant real estate trust for wealthy individuals saw redemption requests ease to the lowest point this year as it limited withdrawals for a ninth consecutive month, Bloomberg reported.
Investors sought to cash out $3.7bn in July from Blackstone Real Estate Income Trust. BREIT returned about $1.3bn, or about 34% of what was requested.
Vista offers $1bn to secure private credit backing for $5.8bn Finastra refinancing.
Vista Equity Partners is looking to secure private credit backing for a multi-billion dollar refinancing of portfolio company Finastra, by offering to pump $1bn of preferred equity into the business.
The refinancing package includes a $4.8bn private credit loan, which if secured, would make it one of the largest direct-lending deals on record.
NATO closes $1bn fund to back defense tech startups.
Transatlantic defense alliance NATO has closed the world's first multi-sovereign venture fund on $1bn to back startups addressing defense and security challenges.
The NATO Innovation Fund will make direct investments in early-stage startups within 23 member states that are backing the fund. The group includes the UK and Germany, with Sweden joining following its full accession to NATO. The fund will also make indirect investments in deep tech funds. The US is not participating in the fund.
SK Capital Partners closes Catalyst Fund II at $800m.
SK Capital Partners, a private investment firm focused on the specialty materials, ingredients, and life sciences sectors, announced the close of SKCP Catalyst Fund II. The fund was oversubscribed with total committed capital of $800m, reflecting the fund’s $750m hard cap on Limited Partner commitments and SK Capital’s investment of an additional $50m.
“We appreciate the outstanding support from both new and longstanding SK Capital investors, whose partnership is invaluable as we seek to build great companies across our sectors of focus in collaboration with top management teams,” Mario Toukan, SK Capital Managing Director.
EJF Capital raises approximately $167m for second opportunity zone fund.
EJF Capital, a global alternative asset management firm, today announced the successful closing of its second opportunity zone investment fund, EJF OpZone Fund II with approximately $167m in investor subscriptions and commitments. The fund received support from both new and existing EJF investors including high-net-worth individuals, registered investment advisors, broker dealers, and a leading private bank.
“The successful closing of our second opportunity zone fund reflects the confidence placed in us by our investors, both existing and new, and is a testament to the resiliency of our asset classes, the strength of our investment platform, and the depth of our regulatory-driven focus and financial and real estate expertise. We are grateful for our investors’ strong support as we continue to execute on the significant opportunities ahead and pursue consistent performance across our portfolio throughout market cycles,” Neal Wilson, EJF Co-CEO.
Third Eye Capital appoints President and COO. (People)
Third Eye Capital, a Canada-based provider of asset-based financing solutions to underserved or overlooked companies, has appointed David Steele as President and Chief Operating Officer, effective 15 August 2023.
Previously, Steele served as the Canadian President and CEO of Russell Investments, a global investment firm, where he successfully led and executed the strategic direction of the Canadian business. During his tenure, Steele spearheaded expansion through new distribution partners and product growth, including new alternative investment solutions.
EMEA
Apax Partners, a global private equity advisory firm, and Fremman Capital, a private equity firm in London, agreed to invest in Palex Medical, a provider of medical technology solutions for healthcare professionals. Financial terms were not disclosed.
"We couldn't be happier to be partnering with Xavier and the wider Palex team, along with Fremman Capital. We have long identified the healthcare distribution sector as an ideal intersection between Apax's deep expertise in MedTech and strong track record of investment in distribution-focused businesses. Throughout our engagement, it became immediately clear to us that Palex is a stand-out operator with the potential to establish itself as a pan-European leader. Palex has consistently outperformed over decades, with an unrivaled reputation and offering, and we look forward to building on this success to date, leveraging our experience and insights to help the team accelerate growth and execute on our joint vision for the future," Frank Ehmer, Apax Partner.
Palex Medical is advised by Deloitte, Bank of America and Dextra Corporate. Apax is advised by Credit Suisse, Jefferies & Company, Garrigues and Sullivan & Cromwell. Fremman Capital is advised by Perez Llorca and Uria Menendez.
BDT & MSD Partners, a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors, agreed to invest in IMA Group, a provider of automatic packaging machines. Financial terms were not disclosed.
"This investment from BDT & MSD Partners will enable IMA to start a new phase of growth and position us to play a leadership role in the transition to sustainable packaging materials. Our customers are focused on minimizing their environmental impact, and we are committed to providing a new generation of reliable and innovative packaging solutions. We believe BDT & MSD's long-term view and deep expertise in supporting family enterprises makes it an ideal partner to help us reach these goals and accelerate global growth, including in the US market," Alberto Vacchi, IMA Chairman and CEO.
IMA is advised by Bank of America, Mediobanca, Studio Poggi & Associati, White & Case and Facchini Rossi Michelutti. BDT & MSD is advised by Chiomenti. BC Partners is advised by JP Morgan and Kirkland & Ellis.
Francisco Partners, an American private equity firm, agreed to acquire Blancco Technology Group, a global provider of mobile device diagnostics and secure data erasure products, for £175m ($224m).
"We are pleased to have reached an agreement with Francisco Partners which delivers immediate value to our shareholders. Francisco Partners shares our vision for Blancco and, as such, we believe it is a suitable and appropriate partner for our employees, partners, customers and other stakeholders. The Board is unanimous in its belief that today's transaction appropriately reflects the company's innovative and strong business while delivering shareholder value. I am proud to have worked alongside Blancco's outstanding management team and fellow Directors to grow Blancco over the past several years," Rob Woodward, Blancco Chair.
Consilio, a legal technology solutions and enterprise legal services provider, agreed to acquire Lawyers On Demand, a flexible legal talent company, and SYKE, a legal technology consultancy, from Bowmark Capital, a private equity firm. Financial terms were not disclosed.
"The Flexible Talent market remains fragmented and we continue to explore opportunities to create impactful solutions for legal teams as they face an unprecedented amount of talent concerns, as a result of historically high attrition rates, budgetary freezes, and legal industry salary increases out of reach for many corporations. This acquisition brings LOD's and SYKE's deep expertise in flexible legal talent and legal technology consulting onboard while unlocking greater scale and capabilities for our clients," Andy Macdonald, Consilio Chief Executive Officer.
LOD is advised by Rothschild & Co and Stephenson Harwood. Consilio is advised by Alvarez & Marsal, William Blair & Co, Jones Day (led by Vica Irani) and Prosek Partners (led by Gabrielle Simon).
Epiris, a private equity firm, agreed to acquire Pure Cremation, a provider of prepaid funeral plans in the UK. Financial terms were not disclosed.
"Pure is a real innovator. It is built on a determination to offer a simple, respectful alternative to a traditional funeral and so operates to the very highest standards with great care taken at every stage of the process. The opportunity now for us is to take Pure to the next level in terms of scale and growth by bringing new experience and expertise into the business; we are excited to have partnered with Dean on this transaction and are looking forward to working with him and the Pure team to do just that," Owen Wilson, Epiris Partner.
Epiris is advised by PricewaterhouseCoopers, Capstone Partners, Palladium Capital Advisors, RPS Group, Mayer Brown, Greenbrook (led by Peter Hewer) and Endava.
EP Equity Investment, an investment company, agreed to acquire tech foundations business of Atos, a multinational information technology service and consulting company, for €2bn ($2.2bn).
“In consistency with our announcements of June 2022, we have decided to present to our shareholders vote, the separation of the Group through the divestiture of TFCo, our legacy business, together with its liabilities. This will create value for our shareholders by both taking away the risk of TFCo’s turnaround and its various liabilities and refocusing Atos on Eviden and its good future growth prospects. We will hold an Investor Day on Eviden before our shareholders’ vote,” Bertrand Meunier, Atos Chairman.
Atos is advised by JP Morgan, Perella Weinberg Partners, BNP Paribas, Rothschild & Co and Darrois Villey Maillot Brochier.
One Rock Capital Partners, a private equity firm, agreed to acquire Constantia Flexibles, a manufacturer of consumer and pharmaceutical flexible packaging, from Wendel, a family-held investment company, for €1.1bn ($1.2bn).
"In recent years under Wendel's ownership, Constantia Flexibles transformed its business performance, developed an innovative pipeline of more sustainable products and completed multiple acquisitions. With diverse geographic and end market presence, the Company is well-positioned to continue expanding its suite of packaging solutions amidst regulatory developments and a changing climate, and we look forward to partnering with One Rock during this next chapter," Pim Vervaat, Constantia CEO.
Constantia Flexibles is advised by Evercore and Willkie Farr & Gallagher.
One Rock Capital Partners is advised by JP Morgan, Latham & Watkins, and Prosek Partners (led by Julia Kaufman).
Wendel, a family-held investment company, completed the acquisition of an 82% stake in Scalian Group, a European consulting firm in digital transformation, project management and operational performance, for €557m ($613m).
"Wendel will be an active partner for Scalian, contributing its recognized expertise in developing global leaders in business services, through both organic and external growth. We share the ambition of its leader, Yvan Chabanne, of unlocking the company's full value creation potential in Europe and North America and making it an international leader in its field. Scalian's highly entrepreneurial culture and its recognized ESG performance are fully in line with Wendel's values. This majority investment by Wendel in an unlisted company will be fully in line with the strategic roadmap we announced a few weeks ago, including the ambition to invest two billion euros over the next twenty-four months," Laurent Mignon, Wendel Group CEO.
MiddleGround Capital, a private equity firm that makes control investments in middle market B2B industrial and specialty distribution companies globally, completed the acquisition of Xtrac, a manufacturer and supplier of high performance transmissions for top-level professional motorsport and specialist high performance automotive applications. Financial terms were not disclosed.
"Xtrac represents an opportunity to partner with the leading provider of high-performance transmission systems for the specialized motorsport and automotive markets. We believe that under Adrian's leadership, Xtrac is well-positioned for long-term growth and leading the future transition of the motorsport and high-performance automotive industry to hybrid and EV drivetrains by delivering innovative products in a sustainable manner," John Stewart, MiddleGround Founding Partner.
MiddleGround Capital was advised by Lincoln International, Clifford Chance, Dukas Linden Public Relations (led by Doug Allen), and Alvarez & Marsal. Xtrac was advised by Palmer Public (led by Robert Palmer).
Nesma & Partners, a contracting company in the Middle East, agreed to acquire Kent, a global energy services provider, from Bluewater, a private equity firm. Financial terms were not disclosed.
"This is an exciting time for our company as we look to expand our reach and capabilities. We are deeply impressed with the growth and achievements of Kent so far. We are looking forward to supporting the Kent business to not only continue but supercharge its current trajectory of success. By leveraging the strengths of both companies, we are confident that we can deliver even more value to our customers and achieve our goals for growth and success," Samer Abdul Samad, Nesma & Partners President and CEO.
BlackRock, a multi-national investment company, completed the acquisition of Kreos Capital, a venture and growth debt provider. Financial terms were not disclosed.
"Over the past 20 years, BlackRock has built leading private debt capabilities to help clients achieve a variety of investment goals by aligning proven investment excellence with long term market opportunities. The Kreos team has built a world class investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth and venture lending will figure prominently in the expansion of the global direct lending opportunity set going forward, we believe this is an opportune time to welcome the Kreos team to BlackRock,” James Keenan, BlackRock CIO and Global Head of Private Credit.
BlackRock was advised by Skadden Arps Slate Meagher & Flom (led by David Hepp). Kreos Capital was advised by Moelis and Goodwin Procter.
KSL Capital Partners, a private equity firm, completed the acquisition of a majority stake in Sereno Hotels, an operator of ultra-luxury hotels. Financial terms were not disclosed.
"We are thrilled to have the opportunity to partner with Luis and the Contreras family for the next journey of growth for this remarkable business. At KSL, we seek to invest in the unforgettable to create the enduring, something which is core to Sereno's mission. What Luis and his family have created is unparalleled, and we could not be more excited about what the future will bring for Sereno and to work with a partner that shares our vision and values," Martin Edsinger, KSL Capital Partners Principal.
Sereno Hotels was advised by GribbonBerry PR and Magrino Public Relations. KSL Capital Partners was advised by Joele Frank.
Booking Holdings has offered to make concessions to the EU in order to win the approval of its $1.84bn purchase of Sweden's Etraveli Group, as one of the world's biggest online travel sites seeks to overcome competition concerns surrounding the deal. EU regulators are concerned that Booking's acquisition of the flights-only company will strengthen its market position and will hurt rivals.
The proposed concessions come in response to concerns from the European Commission, the executive body of the EU, that the Etraveli deal would allow the travel group a further advantage in the hotels sector, while helping it move into other services like car rentals and flights, FT reported.
Booking is advised by Hengeler Mueller. CVC Capital is advised by Freshfields Bruckhaus Deringer.
Elos Medtech, a development and manufacturing partner for medical devices, agreed to acquire Klingel Medical Group, a manufacturer of metal products for medical technology, from IK Partners, a European private equity firm, for €370m ($408m).
"We are thrilled about this strategic move as we see a remarkable alignment of values and culture between our two companies, paving the way for a highly-advantageous and successful collaboration. We are excited at the prospect of having increased visibility in the US as part of this agreement." Ralf Petrawitz, Klingel Co-CEO.
Vitruvian Partners-backed OAG, a data platform for the global travel industry, completed the acquisition of Infare, a competitor air travel data provider, from Ventiga Capital, a growth capital firm. Financial terms were not disclosed.
"The increasing dynamism in global travel and technology is fuelling a need for more sophisticated, granular data to understand, manage and unlock growth in air travel. The acquisition of Infare strengthens our ability to deliver consistent and accurate information across the wider supply and demand value chain. Together, we are enabling new and existing customers to thrive and innovate ahead of their counterparts. I am excited to welcome Infare colleagues to the OAG family," Phil Callow, OAG CEO.
e&, an Emirati-based multinational telecommunications services provider, agreed to acquire Bulgaria, Hungary, Serbia and Slovakia assets of PPF Group, an international diversified investment group, for €2.5bn ($2.75bn).
"As e& continues on its path to be a leading global technology group, our priority remains focused on expanding our customer base and providing them with more digital services, both for consumers and enterprises. This exciting partnership with PPF Group in Bulgaria, Hungary, Serbia, and Slovakia exemplifies our commitment to seeking new opportunities for collaboration and investment opportunities that will further accelerate our expansion," Hatem Dowidar, e& Group CEO.
e& is advised by JP Morgan.
Kering, a multinational corporation specializing in luxury goods, and Mayhoola, an investment entity, agreed to acquire a 30% stake in Valentino, an Italian luxury fashion house, for €1.7bn ($1.86bn).
"I am impressed with the evolution of Valentino under Mayhoola ownership and very delighted that Mayhoola has chosen Kering as its partner for the development of Valentino, a unique Italian house that is synonymous with beauty and elegance. I am very pleased of this first step in our collaboration with Mayhoola to develop Valentino and pursue the very strong strategic journey of brand elevation that Jacopo Venturini will continue to lead," François-Henri Pinault, Kering Chairman and CEO of Kering.
Kering is advised by Centerview Partners.
Chequers Capital, a private equity firm, completed the acquisition of a majority stake in Altea Federation, a company that provides business transformation, disruptive innovation, management consulting, and asset management services. Financial terms were not disclosed.
"I am very happy and determined to take on the role of Chairman and CEO at the helm of this new and exciting project together with Chequers Capital. This opens the fourth decade of Altea Federation, with the ambitious growth plan that will allow us to evolve and express always the highest value for our Clients, while maintaining unchanged, and indeed expressing to its maximum potential, the unique culture of Altea Federation, inspired by the constant study and application of the most advanced and visionary technology innovation theories to the evolution of business organizational models," Andrea Ruscica, Altea Founder.
Altea Federation was advised by Mediobanca.
Tom Brady, an NFL legend who is universally recognised among the greatest players in league history, agreed to acquire a minority stake in Birmingham City Football Club from Knighthead Capital, a New York-based registered investment adviser. Financial terms were not disclosed.
"Birmingham City is an iconic club with so much history and passion and to be part of the Blues is a real honour for me. BCFC is built on teamwork and determination and I'm excited to work alongside the board, management and players to make our Second City club second to none. I've been part of some amazing teams in my day, and I'm looking forward to applying my perspective to create that same success here in Birmingham," Tom Brady.
Abu Dhabi consolidates real estate assets under $12bn firm.
Abu Dhabi is consolidating key real estate assets under one entity, creating a $12bn property giant to help bolster the emirate’s economic transformation efforts, Bloomberg reported.
As part of the deal, sovereign wealth fund ADQ and the emirate’s most valuable listed firm, International Holding, will combine their shareholdings in Modon Properties as well as ADQ’s stake in Abu Dhabi National Exhibitions into real estate firm Q Holding.
Air France in talks with Apollo to fund new commercial partners arm.
French-Dutch carrier Air France-KLM has started talks with Apollo Global Management regarding the potential financing of a new unit which will hold the trademark and most of the group's commercial partner contracts of its fidelity programme.
The potential financing amounts to $1.65bn, Air France-KLM said in a statement, adding the deal would enable Air France-KLM to further strengthen its balance sheet, Reuters reported.
France's TDF explores fibre unit sales for upwards of €1bn.
French telecoms firm TDF is studying options for its fibre business, including a sale, in a deal that could value the fibre unit upwards of €1bn ($1.1bn), Reuters reported.
TDF, backed by Canada's Brookfield Asset Management, among others, has drafted bankers at BNP Paribas to start the sale process in October.
Barclays gets Warburg Pincus, Centerbridge bids for German consumer finance unit.
Barclays has received non-binding offers from private equity firms, including Warburg Pincus and Centerbridge, to buy its German consumer finance subsidiary. Bidders are waiting to be informed on whether they are through to the second phase of bidding for the unit, formally called Barclaycard Germany, which has a price tag of around $547m, Reuters reported.
Pollen Street and several banks based in Germany and elsewhere in Europe showed interest in a bid ahead of the initial deadline on July 21 though it remains unclear if they are still in the running.
Chelsea FC looking to raise capital after tough season.
Chelsea FC has approached investors about raising capital for the London-based club. Any new financial investor could inject money in return for a stake in the English Premier League club. The club could raise as much as $500m, Bloomberg reported.
No final decision has been made, and it's unclear how much capital Chelsea may end up raising in the end, or whether any investment would be a combination of debt and equity. Any new investment would shore up what has been a difficult start to life in the Premier League for Chelsea's new owners, who took control of the club in May 2022. Clearlake Capital, the majority owner of the club, along with American investor Todd Boehly, spent over $759m on new players for Chelsea last season, and have recently taken the first step in their multi-club strategy, buying the French team RC Strasbourg.
Czech Tycoon, Asterion last remaining bidders for Steag.
Czech tycoon Daniel Kretinsky and Spanish infrastructure investor Asterion Industrial Partners are the last remaining bidders for German utility Steag.
Kretinsky's energy holding company EPH is competing with Asterion to win over the eight west German municipalities that own Steag. Steag's shareholders aim to sign a deal with a winning bidder next month.
Private equity firms KKR and EQT, which had earlier expressed interest in Steag, have dropped out in the mean time. Deliberations are ongoing, and there's no certainty they will lead to a transaction, Bloomberg reported.
Bootmaker Dr Martens gains on report of stake building by an activist investor.
Shares in Britain's Dr Martens were trading up about 5% after Sky News reported that activist fund manager Sparta Capital had accumulated stock worth tens of millions of pounds in the bootmaker.
The report said that Sparta, launched by Franck Tuil, a former Elliott Management executive, has been engaging with the company's board in an attempt to improve its financial and operating performance, Reuters reported.
SoftBank’s Arm targets $60bn value in September IPO.
SoftBank’s semiconductor unit Arm is targeting an initial public offering at a valuation of between $60bn and $70bn as soon as September, a sign of bullish interest in artificial-intelligence chips, Bloomberg reported.
The roadshow is scheduled to start the first week of September with pricing for the IPO the following week. The latest target for Arm’s valuation underscores a shift in market mood in favor of technologies linked to generative AI and chips. Earlier this year, bankers were pitching a range of valuations for the chip designer from $30bn to $70bn.
Glendower Capital raises $5.8bn for the fifth global secondary PE fund.
Glendower Capital, CVC’s secondaries platform, has held the final close of its fifth global secondary private equity fund, Glendower Capital Secondary Opportunities Fund V, with aggregate capital commitments of $5.8bn.
Glendower operates in the private equity secondaries mid-market, targeting buyout fund investments managed by high-quality GPs. The fundraise concluded at the hard cap and represents the next stage of growth for Glendower’s two-pronged strategy in private equity secondaries, which provides balanced exposure to portfolio sales by LP investors as well as GP-led transactions.
Golding Capital Partners announces first closing of its current secondaries fund at over €170m.
Golding Capital Partners, one of the leading independent asset managers for alternative investments in Europe, has received at the first closing capital commitments of €172m ($189m) for the first closing of its "Golding Secondaries 2022" fund. A total of 85% existing and 15% new clients subscribed to the fund, which seamlessly continues Golding's track record in secondary markets since 2012. The predecessor fund, "Golding Secondaries 2019", last closed at around €280m ($307m) at the end of 2021, markedly above its target volume.
“In the course of our trust-based cooperation with our investors we experience the appreciation for our consistent track record to date with an IRR of more than 30 percent in connection with a zero percent loss rate, as well as for the expertise we have built in the field of secondaries over the last ten years," Hubertus Theile-Ochel, Golding Managing Partner.
Warburg Pincus taps Evercore chairman for the European leadership role. (People)
Buyout giant Warburg Pincus has appointed Andrew Sibbald, the chairman of Evercore Partners' London-based business, as a Managing Director and the private equity firm's new Co-Head of Europe alongside Berlin-based René Obermann.
Sibbald succeeds Adarsh Sarma, who will remain a Managing Director and Partner with the firm, focusing on his existing portfolio. Jim Neary, Co-Head of US Private Equity, will work closely with Sibbald, Obermann, and the European team to support the firm's global strategy, portfolio management, and new investments.
APAC
KKR, a global investment firm, agreed to acquire LEAP India, a provider of a wide range of supply chain solutions. Financial terms were not disclosed.
“We are pleased to invest in LEAP, a standout leader in India’s pallet pooling industry that will play an important role in driving the country’s continued modernization and growth. LEAP is supporting this shift by providing the critical assets needed for the manufacturing, storage, and movement of goods in supply chains and in so doing also helps companies to be better equipped to improve the environmental impact of their operations. The Company has grown rapidly since its founding under the leadership of a talented management team, and we look forward to collaborating closely and leveraging our deep infrastructure experience, operational expertise and global networks to help LEAP achieve its next stage of transformation,” Ami Momaya, KKR Director.
KKR is advised by Ernst & Young, KPMG, AZB & Partners and Simpson Thacher & Bartlett. LEAP is advised by Deloitte, Transaction Square and Anagram Partners.
BPEA EQT, an Asian investment firm, agreed to acquire a majority stake in Indira IVF, a provider of fertility services in India, from TA Associates, a global private equity firm. Financial terms were not disclosed.
"Fertility services and reproductive health is a large and fast-growing opportunity in India and Indira IVF is a pioneer in this space. We are truly impressed by its scalable and repeatable model with best-in-class medical infrastructure and technology systems that have the ability to help realize the dreams of couples who want to become parents. We see strong potential in further expanding India IVF's presence across India and entering adjacent markets, while continuing to invest in its R&D capabilities and technology, drawing on EQT's in-house expertise within healthcare and digitalization," Ashish Agrawal, BPEA EQT Partner.
BPEA EQT is advised by Awelin, Lincoln International, PricewaterhouseCoopers and J. Sagar Associates. TA Associates is advised by Goldman Sachs and JP Morgan.
Tata Capital, Trifecta and Xponentia led a $57m round in Auxilo Finserve, a finance loan company, with participation from ICICI Bank.
"We are excited to support Auxilo's mission - helping smart Indian students to fulfill their aspiration of studying at their dream colleges around the world. Our investment in Auxilo fits with Xponentia team's track record of being in the vanguard of financial services investment opportunities," P R Srinivasan, Xponentia Founder and Partner.
Auxilo Finserve was advised by Alvarez & Marsal and Trilegal. Xponentia was advised by Stratage Law Partners and Ernst & Young.
Coca-Cola Europacific Partners, an independent Coca-Cola bottler, and Aboitiz Equity Ventures, an investment management firm, agreed to acquire Coca-Cola Beverages Philippines, a company that is engaged in the bottling and distribution of Coca-Cola products, for $1.8bn.
“Today, we are excited to announce the proposed joint acquisition of Coca-Cola Beverages Philippines with Aboitiz Equity Ventures, one of the leading conglomerates in the local market. This offers us a great opportunity to acquire an established, well-run business with attractive profitability and growth prospects," Damian Gammell, CCEP CEO.
CCEP is advised by Rothschild & Co, Slaughter & May and Villaraza & Angangco.
Astra International, a banking firm, led a $100m Series D round in Halodoc, a health-tech platform, with participation from Openspace and Novo Holdings.
" Openspace is very proud to participate in this funding round and continue the partnership with Halodoc which kicked off in 2017. We are among a group of experienced local and international investors supporting its journey in meeting Indonesia's intense demand for quality and efficient healthcare. Digital health options are becoming the preferred choice for patients and Halodoc leads the way, having built a relationship of trust and a breadth of services that drives special insights," Shane Chesson, Openspace Partner.
China private fund deregistrations jump amid regulatory scrutiny.
Chinese private funds have been losing their licenses at a faster pace this year than in 2022, as regulators tighten scrutiny on the $2.9tn industry to curb operational irregularities, Reuters reported.
The number of private fund deregistrations, both voluntary and forced, reached 2k from January to July, twice the number in the same period last year.
KKR, JIC shortlisted for Fujitsu’s $2.7bn stake in Shinko Electric.
Apollo Global Management, Bain Capital and KKR are among suitors shortlisted in the bidding for Fujitsu controlling stake in chip packaging unit Shinko Electric Industries, Bloomberg reported.
State-owned Japan Investment is also pursuing Fujitsu’s 50% holding in Shinko Electric. JIC is considering a joint bid and has held discussions about teaming up with potential partners including Dai Nippon Printing and Mitsui Chemicals.
Walmart buys out $1.4bn Tiger Global stake in India's Flipkart.
Walmart has paid $1.4bn to buy out hedge fund Tiger Global's investment in its Indian e-commerce firm Flipkart and acquired private equity firm Accel's remaining 1% stake in the company as well. Walmart bought the shares from Tiger Global recently, valuing the Indian company at about $35bn, Reuters reported.
This is down from a near-$38bn valuation which Flipkart had attained in 2021. The US retailer bought a 77% stake in Flipkart for about $16bn in 2018. Accel's stake sale in Flipkart was reported by the Economic Times newspaper. The report did not say how much Walmart paid for the stake.
Temasek to invest $145m in M&M's EV unit for up to 3% stake.
Mahindra & Mahindra said Singaporean state investor Temasek will invest up to $145m in its EV business at a valuation of $9.8bn. Temasek will take a 1.49% to 2.97% stake in Mahindra Electric Automobile, the four-wheeler passenger electric vehicles company. Temasek will join British International Investments as an investor in MEAL, DeelStreetAsia reported.
With this investment, Mahindra's EV subsidiary's valuation goes up by 15%. Temasek's investment in the firm comes as the investor is set to more than double its India investments to $9-10bn over the next three years.
"By having Temasek as an investor, we have strengthened our global strategic partnerships and are targeting 20% to 30% of Mahindra SUV sales from electric vehicles by 2030," Rajesh Jejurikar, Mahindra & Mahindra CEO.
UCK Partners said to have raised $768m for Fund III.
South Korean private equity firm UCK Partners has reportedly amassed about $768m for its third fund across two incremental closes. The most recent close came at the end of July. The capital raised so far has surpassed the firm's reported target of up to $694m, DeelStreetAsia reported.
UCK Partners was formerly the South Korea investment division of Japan-based mid-cap manager Unison Capital. The firm invests across the healthcare, consumer and B2B service sectors.
Pacific Equity Partners closes $265m continuation fund.
Australia-based Pacific Equity Partners has reportedly closed an A$400m ($265m) single-asset continuation fund for a portfolio company in its fifth fund, Up Education. AlpInvest Partners is to be the anchor investor in the fund, which drew participation from a group of global institutional investors, DealStreetAsia reported.
PEP sold half of its stake in New Zealand-based Up Education before rolling the remaining into the continuation vehicle. The buyout firm first invested in Up Education in 2015.
Chinese VC Fresh Capital closes $140m carbon-neutral RMB fund.
Shanghai-based Fresh Capital, which mainly invests in early- to mid-stage venture deals, has closed a new RMB-denominated fund at $140m to specialise in dealmaking in the carbon-neutral field, DealStreetAsia reported.
Fresh Capital was founded in 2015 by William Bao Bean, a former investment banker at Goldman Sachs. The firm has a strong track record of investing in early-stage startups, and it has backed some of China’s most successful tech companies, including ByteDance and Meituan.
Warburg Pincus hires Goldman’s Murata for Asia Real Estate. (People)
Warburg Pincus, a private equity firm, is hiring Goldman Sachs Group veteran Takashi Murata as co-head of Asia real estate to bolster its business in the region and build out its private equity and real estate investments in Japan.
Murata, 49, will join the company early next year to co-lead the Asia real estate operation with Warburg Pincus veteran Ellen Ng, who was previously head of China real estate. This is the firm’s first Asia appointment following the promotion of Jeff Perlman, the former head of Southeast Asia and Asia-Pacific real estate, to the president.
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