Astellas Pharma, a pharmaceutical company, agreed to acquire Iveric Bio, a biopharmaceutical company focused on the discovery and development of novel treatments for retinal diseases with significant unmet medical needs, for $5.9bn.
"We are pleased to reach an agreement with Iveric Bio, a company with exceptional expertise in the R&D of innovative therapeutics in the ophthalmology field. Iveric Bio has promising programs including Avacincaptad Pegol, an important program for Geographic Atrophy secondary to Age-Related Macular Degeneration, and capabilities across the entire value chain in the ophthalmology field. We believe that this acquisition will enable us to deliver greater VALUE to patients with ocular diseases at high risk of blindness," Naoki Okamura, Astellas President and CEO.
Iveric Bio is advised by Bank of America, Centerview Partners, Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Laura Knoll) and WilmerHale. Astellas is advised by JP Morgan and Jones Day (led by John R. Beeson).
Antarctica Capital, an international investment firm, agreed to acquire Midwest Holding, a technology-driven life and annuity platform, for $100m.
"This transaction delivers a substantial cash premium to our shareholders while also providing Midwest with the resources necessary to fully capitalize on our platform, business momentum and market opportunity. The Board of Directors and management team conducted a comprehensive review of value creation opportunities, and we are confident this transaction provides a highly attractive outcome for Midwest. We look forward to working with the Antarctica team in this exciting new chapter," Georgette Nicholas, Midwest CEO.
Midwest Holding is advised by Insurance Advisory Partners, RBC Capital Markets, Fried Frank Harris Shriver & Jacobson, Lamson Dugan & Murray, Primmer Piper Eggleston Cramer and Reevemark (led by Paul Caminiti).
SPX Technologies, a supplier of highly engineered infrastructure equipment and technologies, agreed to acquire ASPEQ Heating Group, an electrical heating solutions provider, from Industrial Growth Partners, a specialist private investment partnership, for $418m.
"We are looking forward to welcoming ASPEQ to the SPX Technologies team. This will be our largest acquisition to date and will significantly expand our portfolio of electrical heating products where we see attractive growth trends, including decarbonization. ASPEQ's strong brands, custom-configured products and components, and diversified end markets are a very complementary fit with our existing HVAC Heating platform. We see multiple opportunities to enhance new product innovation and create efficiencies for customers through shared channels and resources. This is SPX Technologies' 13th acquisition since 2018, and further validates our strategy of building high-quality, market-leading platforms, and creating foundations for further growth in closely adjacent end markets," Gene Lowe, SPX Technologies President and CEO.
ASPEQ is advised by Hennepin Partners, Robert W Baird and Kirkland & Ellis. SPX is advised by William Blair & Co and K&L Gates.
Veritas Capital-backed Houghton Mifflin Harcourt, a learning technology company, completed the acquisition of NWEA, a not-for-profit, research and educational services organization serving K-12 students. Financial terms were not disclosed.
"We are thrilled to welcome NWEA's talented and innovative team to the HMH community. Together, we are deeply focused on the transformative power of education. We look forward to diving into our collective work in support of students and teachers," Jack Lynch, HMH CEO.
NWEA was advised by Goldman Sachs, Davis Wright Tremaine and Hogan Lovells. HMH was advised by Milbank (led by Richard Presutti and Lowell Dyer). Veritas Capital was advised by FGS Global.
Peoples Bancorp, a diversified financial services holding company that makes available a complete line of banking, trust and investment, insurance, premium financing and equipment leasing solutions through its subsidiaries, completed the acquisition of Limestone Bancorp, a Louisville, Kentucky-based bank holding company, for $208m.
"We are excited about our partnership with Limestone and our entrance into strategically important markets in Kentucky. We view Limestone's corporate culture and philosophy as very similar to our own and have been impressed with what John Taylor and his team have been able to accomplish. Over the years we have expanded our presence in Kentucky to 25 branches, with Limestone adding an additional 20 branches to our Kentucky footprint. We look forward to welcoming Limestone shareholders, employees and customers to become part of the Peoples team, and we are ecstatic to offer additional locations to new and existing Peoples Bank clients," Chuck Sulerzyski, Peoples President and CEO.
Limestone Bancorp was advised by Piper Sandler and Wyatt Tarrant & Combs. Peoples was advised by Raymond James (led by Sanjay Patel) and Dinsmore & Shohl.
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of RowCal, a provider of outsourced homeowner association property management services. Financial terms were not disclosed.
"We are delighted to partner with Jake and the RowCal team as they continue their mission of building a leading HOA property management provider. RowCal's impressive growth trajectory coupled with a client-focused culture are a testament to what the management team has built since its founding. We look forward to working together to advance RowCal's vision to serve its client base and pursue continued expansion of the company through robust organic growth and M&A," Adam Shaw, MSCP Managing Director and Head of Business Services.
RowCal was advised by Robert W Baird. MSCP was advised by TD Cowen, William Blair & Co and Debevoise & Plimpton.
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of Allstar Services, a full-service provider of residential exterior replacement, repair and maintenance services. Financial terms were not disclosed.
"We are excited to partner with Pete and the Allstar team as they continue building a leading platform across residential exterior services. For MSCP, Allstar marks our continued efforts within residential services, where we plan to execute against our core playbook of investing in focus sub-sectors which we believe will allow us to drive value creation through key strategic and operational initiatives. We look forward to working together to continue accelerating the Company's exciting growth trajectory," Adam Shaw, MSCP Managing Director and Head of Business Services.
Allstar Services was advised by Robert W Baird. MSCP was advised by TD Cowen, William Blair & Co and Debevoise & Plimpton.
Prosperity Bancshares, the parent company of Prosperity Bank, completed the acquisition of First Bancshares of Texas, the parent holding company of FirstCapital Bank of Texas, for $342m.
"We are thrilled that Ken and Don Cosby and the FirstCapital team are joining Prosperity. The combination of our companies enables us to enter the desirable Wichita Falls and Amarillo markets and the Horseshoe Bay, Marble Falls and Fredericksburg markets in the high growth Central Texas area. The customers of FirstCapital will be able to use any of our locations across Texas and Oklahoma after operational integration," David Zalman, Prosperity Senior Chairman and CEO.
Coral Tree Partners-backed Subject Matter, a public relations firm, completed the merger with Kivvit, a full-service strategic communications firm. Financial terms were not disclosed.
"Effective advocacy requires constant evolution. The integration of policy and communications has never been more important than it is today. Kivvit gives our practitioners more tools to break through the noise to achieve results for our clients," Steve Elmendorf, Subject Matter Managing Partner.
Kivvit was advised by BrightTower (led by Amir Akhavan) and Seyfarth Shaw. Subject Matter was advised by Goodwin Procter.
Enbridge, a multinational pipeline and energy company, agreed to acquire FortisBC Midstream, a gas storage facilities holding company, from FortisBC, a utility services provider, for $400m.
"Enbridge is pleased to acquire Aitken Creek Storage, a well-located and connected facility that will enable us to continue to meet regional energy needs as well as support increasing demand for west coast LNG exports. Natural gas plays an increasingly important role in the energy transition, and this investment further aligns with Enbridge's focus on providing the affordable, sustainable and reliable energy that is needed now and into the future," Cynthia Hansen, Enbridge Executive Vice President and President.
Enbridge is advised by BMO Capital Markets and Dentons.
Fluid System Components, a manufacturer of industrial components and systems, completed the acquisition of Norcan Fluid Power, a fluid power distributor. Financial terms were not disclosed.
"We are excited to announce the acquisition of Norcan Fluid Power Company by Fluid System Components, as it will provide an excellent growth opportunity for everyone associated with both companies. Norcan's long-standing reputation for providing superior fluid power solutions aligns with our core values of ingenuity, competence, dependability, and reliability. This acquisition provides an excellent opportunity for both companies to grow and thrive together," Chad Trinkner, FSC CEO.
FSC was advised by KPMG and Words At Work.
TRIA Capital Partners-backed Modera Wealth Management, an SEC-registered investment adviser, agreed to acquire Parsec Financial, a financial planner in Charlotte, North Carolina. Financial terms were not disclosed.
"Our two firms have succeeded thus far in large part because we share the same mission: to deliver sophisticated, fee-only wealth management in a highly personal way. Now, we have the unique opportunity to join forces and do that same work together as one stronger organization. We believe that will benefit our clients while also creating a path for next-generation leaders to steward the firm for many years to come," Rick Manske, Parsec CEO.
Parsec Financial is advised by Park Sutton Advisors. Modera is advised by Brian Communications.
Reliance Steel & Aluminum, a diversified metal solutions provider, completed the acquisition of Southern Steel Supply, a metals service center that offers merchant and structural steel, pipe and tube, steel plate, ornamental products and laser cut and fabricated parts. Financial terms were not disclosed.
"Southern Steel's reputation for on-time delivery and superior customer service aligns well with our business model and disciplined methodology of acquiring high-quality companies with strong management teams that expand Reliance's geographic footprint and value-added processing capabilities," Karla Lewis, Reliance President and CEO.
Reliance Steel & Aluminum was advised by Addo Investor Relations.
Mullen Group, one of Canada's largest logistics providers, completed the acquisition of B. & R. Eckel's Transport, a full-service transportation company. Financial terms were not disclosed.
"When the Ringuette family approached us about a possible acquisition I knew this was a meeting I had to take. B&R has been a key player in the LTL and energy services space for many years in Northeastern Alberta. After a few meetings, it became clear that B&R was the right fit for Mullen Group and we were able to negotiate terms that worked for us and the Ringuette family, including having the family stay on following closing for a period of time to ensure a smooth transition," Murray K. Mullen, Mullen Chair and Senior Executive Officer.
JP Morgan acquires assets of First Republic Bank.
JP Morgan acquired the majority of assets and assumed the deposits of First Republic Bank, a former commercial bank and provider of wealth management services, from the Federal Deposit Insurance Corporation. The transaction includes all insured and uninsured deposits, with JP Morgan providing significant strength and execution capabilities to support the US financial system.
"Our government invited us and others to step up, and we did. Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund," Jamie Dimon, JP Morgan Chairman and CEO.
Blank-check firm Bite to invest in Canadian food company.
Bite Acquisition, a blank-check company led by a former Merrill Lynch executive, plans to merge with a Canadian plant-based food company, Bloomberg reported.
The deal will provide about $44m in gross proceeds to Regina, Saskatchewan-based Above Food.
Subway comes up with debt plan to clinch $10bn-plus sale. (FS)
The bankers running the sale process for Subway have given the private equity firms vying for the sandwich chain a $5bn acquisition financing plan, hoping to overcome a challenging environment for leveraged buyouts and fetch the company's asking price of more than $10bn, Reuters reported.
Interest rates have been rising and concerns about an economic slowdown have increased since Subway said in February it was exploring a sale, making debt more expensive and less available for buyout firms pursuing deals.
