Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
A Capital One Financial executive said investors have generally been positive about the company's plans to acquire Discover Financial Services, focusing their questions primarily on the regulatory hurdles ahead of the deal's approval, Bloomberg reported.
Jeff Norris, the bank's senior vice president of global finance, shed more light on the biggest deal of the year while speaking at the RBC Capital Markets Global Financial Institutions Conference in New York on March 5. Given that both Capital One and Discover are publicly traded, independent companies, direct contact between the two firms is extremely limited ahead of approval by US regulators.
Charlesbank Capital, a middle-market private investment firm, completed the acquisition of EverDriven Technologies, a student transportation platform, from Palladium Equity, a private equity investment firm. Financial terms were not disclosed.
“We are grateful for Palladium’s partnership and support, and are energized by the opportunities ahead. Charlesbank’s strategic acquisition of EverDriven will help us continue investing in our pioneering technology and services. We have a very passionate team and a company that exists to help get students to and from school, safely, every day, and we are thrilled at the prospect of being able to do that for more students across the country through this new partnership with Charlesbank," Mitch Bowling, EverDriven CEO.
EverDriven was advised by Harris Williams & Co, Houlihan Lokey and Greenberg Traurig. Charlesbank Capital was advised by William Blair & Co, Ropes & Gray (led by Taylor Hart and Paul Sullivan) and Prosek Partners (led by Ryan Fitzgibbon).
Atlas Energy Solutions, an oil and gas company, completed the acquisition of Permian Basin proppant production assets and North American logistics operations from Clearlake-backed Hi-Crush, an oil and gas company, for $450m.
"We are thrilled to complete this acquisition, which brings two of the leading innovators in the proppant and proppant logistics spaces together, creating a clear industry leader. We believe this combination will accelerate efficiency gains for our combined customer base and will contribute to drive the ongoing transformation of the Permian Basin from a traditional oilfield to a more sustainable state-of-the-art energy manufacturing center on the ground," Bud Brigham, Atlas Energy Executive Chairman and CEO.
TruArc Partners, a private equity firm, completed the acquisition of Meyer Laboratory, an industrial and institutional cleaning chemicals and applications systems manufacturer. Financial terms were not disclosed.
“Selling Meyer was a hard decision for my father and me. The entire company is part of our family. However, it was the right time for us and for the company to make this transition. We believe TruArc is the right partner to help accelerate the growth of Meyer Lab well into the future,” Rusty Meyer, Meyer Labs Co-Owner.
TruArc Partners was advised by Robert W Baird, Davis Polk & Wardwell (led by Evan Rosen) and Greentarget (led by Abby Aylman Cohen). Meyer Laboratory was advised by Lincoln International and Husch Blackwell.
Breedon Group, a vertically-integrated construction materials group, agreed to acquire BMC Enterprises, a building material company, for $300m.
"The acquisition of BMC represents a compelling opportunity for Breedon to launch our third platform in the USA. BMC has an excellent performance track record over a sustained period and is positioned in an attractive market for future growth," Rob Wood, Breedon Group CEO.
Boldyn Networks, a network infrastructure company, agreed to acquire Apogee Telecom, a provider of IP-based technologies to college campuses and schools around the country. Financial terms were not disclosed.
"US Higher Education connectivity is very attractive for us as the demand for managed connectivity services continues to grow. It is also an attractive expansion into this vertical for Boldyn that complements well our ambitious growth strategy. Apogee comes with a very experienced management team with a strong industry reputation, and endless opportunities to take this model to other regions while offering our full portfolio to customers in Higher Education and helping them to navigate the complex technology evolution and opportunities that come with it. We look forward to working with the Apogee team to accelerate their impressive growth story," Igor Leprince, Boldyn Networks CEO.
Boldyn Networks is advised by Bank Street Group and Latham & Watkins. Apogee Telecom is advised by Houlihan Lokey.
EnTrust Global, an investment firm, agreed to invest $25m in flyExclusive, a private jet services provider.
“We’re thrilled to expand our relationship with EnTrust Global, a partner that recognizes the significant opportunity flyExclusive has to become the nation’s first vertically integrated private aviation company. Expanding our fleet will allow us to further build out our fractional program and bring greater reliability and convenience to our customers,” Jim Segrave, flyExclusive Founder and CEO.
Artemis Capital-backed McDanel Advanced Material Technologies, a developer and manufacturer of ceramic tubes and components, agreed to acquire Rayotek Scientific, a provider of engineering, molding, slumping, polishing, brazing, sealing, grinding and glass water jet cutting services. Financial terms were not disclosed.
"We are very excited to be partnering with the Rayotek Team. Our organizations complement each other in a variety of ways. From shared core values, customer-driven approach, and passion for solving complex material science challenges - we are excited about Rayotek's bright future and look forward to building upon the strengths of a combined organization and team," Michael Ingram, McDanel President and COO.
McDanel Advanced Material Technologies is advised by Mintz Levin. Rayotek Scientific is advised by Woodbridge International.
Eisai, a Japanese pharmaceutical company, completed the $15m investment in C₂N Diagnostics, an advanced brain health diagnostics company.
“The field of highly accurate blood-based diagnostics is rapidly advancing and expanding. Given the expense and capacity limitations of PET and CSF tests, Eisai is working to support the dementia ecosystem’s growth. The availability of more affordable and minimally invasive diagnostic tools helps support broad access for the management of Alzheimer’s disease,” Keisuke Naito, Eisai, Senior Vice President.
C₂N Diagnostics was advised by ASPR.
CareTrust REIT, a publicly-traded real estate investment company, agreed to acquire three skilled nursing facilities for $56m.
“We could not be more excited to expand our relationship with the PACS team. PACS continues to show a determined focus on patient centered care and on local leadership and confidence is high that they will continue to deliver best-in-class results for their residents and staff in these buildings,” James Callister, CareTrust REIT CIO.
9Round Fitness, a wellness and fitness company that helps people get into shape through a 30-minute workout model, agreed to acquire iLoveKickboxing, a provider of fitness kickboxing program with locations in the US. Financial terms were not disclosed.
"We believe in the power of kickboxing to transform lives, and this acquisition allows us to share that passion with even more people. Our future goal is to surpass the 100-location milestone, expanding the reach of ILKB. Right now, we are committed to supporting our existing franchise owners and, in due course, will offer new opportunities for entrepreneurs to join our thriving community," Shannon Hudson, 9Round CEO.
Mission Critical Group, a specialist in data center power and cooling infrastructure, equipment, and projects, agreed to acquire Point Eight Power, an electronic manufacturing company specializing in shipbuilding petrochemical processing services. Financial terms were not disclosed.
"We're thrilled to welcome Point Eight Power to MCG. This acquisition strengthens our commitment to deliver reliable and unrivaled power solutions for mission critical industries, including data centers, communications, industrial, healthcare and more. With improved capabilities and faster delivery, led by electrical industry veterans, we contribute to the resilience and stability of our customers' business operations," Jeff Drees, Mission Critical Group CEO.
Enbridge to invest $500m in pipeline assets, raises profit growth targets.
Pipeline operator Enbridge raised its short-term profit growth forecast on March 6 and said it will invest about $500m in expanding its pipeline and storage assets to improve its US Gulf Coast presence, Reuters reported.
Enbridge, which operates North America's biggest oil pipeline network, the Mainline, said it will acquire two marine docks and land from Flint Hills Resources for about $200m.
Capitol Meridian Partners raises $1.2bn for defence and aerospace investments. (FS)
Capitol Meridian Partners, a Washington-based investment firm founded by former Partners at Carlyle, has raised more than $1bn to back US government contractors, aerospace and defence companies.
The report that Capitol Meridian Partners raised about $900m for its first fund, exceeding a $650m target, with investors providing an additional $300m for dealmaking.
Manulife closes $752m private credit fund. (FS)
Manulife Investment Management has closed Manulife Capital Partners VII, its $752m private credit fund, which will focus on 20-30 portfolio companies with over $20m in EBITDA across sectors including business services, industrial manufacturing, aerospace and defence, as well as building products.
According to a press release, MCP VII targets high yield with equity upside through investment of junior credit capital in US middle market companies, providing contractual cash coupons and capital appreciation for investors. The fund is backed by a global investor base of institutional and private capital investors including a capital commitment from Manulife.
EMEA
Twin Disc, a power transmission technology company, agreed to acquire Katsa, a special gear units supplier, for $23m.
“We are excited to join another well-known company like Twin Disc which can provide synergies and new products to create new growth opportunities for Katsa. I look forward to continuing to lead the Katsa operation after the completion of the transaction and expanding our partnership with our loyal customers, positioning the business for long-term success under the Twin Disc brand,” Tomi Koskinen, Katsa CEO.
Twin Disc is advised by Riveron.
ABC Impact, a private equity firm, completed the investment in Winnow, an AI-driven food waste reduction solutions provider. Financial terms were not disclosed.
"Food loss and wastage has a vast economic, social, and environmental impact – depleting resources, worsening global hunger, and increasing greenhouse gas emissions. The innovative AI-driven food waste management solution developed by Winnow has been successfully deployed globally and we are excited to support Winnow's growth by reaching more commercial kitchens in Asia in the coming years. When we reduce food loss and waste, we can mitigate the pressure on climate, water, and land resources – and ultimately contribute towards a more sustainable future," Sugandhi Matta, ABC Impact Chief Impact Officer.
ABC Impact was advised by Bird & Bird (led by Marcus Chow).
Summa Equity, a thematic investment firm, agreed to acquire a majority stake in STIM, a fish health products and service supplier, from Nordly, a specialist in pharmaceuticals and aquaculture industries. Financial terms were not disclosed.
“I am convinced that Summa is the right strategic and long-term partner for us. They recognize that our employees' expertise and efforts is the bedrock of this company. With Summa on our side, I am confident that STIM can become the world leader within sustainability and health, not just within the salmon industry, but for the seafood industry as a whole. There is a huge demand for advisory services within this sector, and that is something we have our eyes on,” Jim-Roger Nordly, STIM Chairman and Founder.
Vishay Intertechnology, a discrete semiconductors and passive electronic components manufacturer, completed the acquisition of Newport wafer fabrication facility and operations of Nexperia, a semiconductor manufacturer, for $177m.
“We welcome the highly skilled and dedicated employees at the Newport wafer fab into the Vishay family. Vishay is committed to investing in Newport to grow capacity, and to accelerate our SiC and GaN production and technology development. We look forward to the contributions of Newport’s employees to our shared success. With the completion of the acquisition, we are now preparing to share our plans for Newport at our upcoming Investor Day on April 2, 2024,” Joel Smejkal, Vishay President and CEO.
Blackstone, Thomson Reuters sell £1.9bn of LSEG Shares. (FS)
Blackstone, Thomson Reuters and other investors have sold a 4% stake in the London Stock Exchange Group as they continue to sell down their holdings in the market infrastructure and data provider, Bloomberg reported.
The offering saw the consortium of investors dispose of 21.5m shares by way of a placing and a directed buyback, according to a regulatory filing on March 6. Sellers also include the Canada Pension Plan Investment Board and GIC, who are members of the consortium of former investors in Refinitiv, which LSEG acquired.
Deutsche Bahn eyes deal to sell Schenker by end of year.
Deutsche Bahn expects at least 10 bidders for Schenker and aims to sign a contract for the sale of the German rail operator's logistics subsidiary in the second half of 2024, Reuters reported.
Initial offers with purchase prices must be submitted by the end of March, after which the pool of bidders will be significantly reduced.
EG Group in talks to sell some UK assets to co-founder Zuber Issa.
EG Group is in talks to offload some UK assets to billionaire co-founder Zuber Issa in what the company told investors was an attempt to reduce the debt pile of its petrol-station empire, FT reported.
The group — co-owned by brothers Mohsin and Zuber Issa and private equity firm TDR Capital — told investors on March 4 that it “continued to have active discussions” with Zuber about divesting some assets in the UK and Ireland, with plans to strike a deal “in the near term”.
EQT’s Galderma seeks to raise $2.3bn in Swiss listing. (FS)
Skincare business Galderma Group is looking to raise about $2.3bn in what’s expected to be one of the largest listings in Europe this year, serving as a key test for the region’s initial public offering market, Bloomberg reported.
The IPO in Zurich will comprise mainly new shares issued by Galderma and a smaller tranche of existing shares sold by owners including EQT, according to a statement on March 6.
APAC
Virbac, a pharmaceutical company, agreed to acquire Sasaeah, a veterinary products manufacturer, from ORIX, a Japanese diversified financial services group, for €280m ($304m).
“Japan is a key market in the global animal health industry. This acquisition aligns seamlessly with our company's vision for 2030, emphasizing geographic expansion in major markets, the growth of our vaccines segment and the reinforcement of our key species. We are deeply honored to welcome the talented Sasaeah team to our global Virbac family. Together, we look forward to shaping the future of animal health in Japan,” Sébastien Huron, Virbac CEO.
Virbac is advised by Nomura, Hogan Lovells and Libre MullenLowe.
Carlyle launches sale of Japanese cosmetics supplier Tokiwa in $800m deal. (FS)
Private equity firm Carlyle Group has begun the sale process of Japanese cosmetics supplier Tokiwa in a deal that could value the company at $800m, Reuters reported.
Non-binding bids for the company are expected by mid-March. Potential buyers include private equity firms and several companies in the cosmetics industry.
Singapore's Temasek in talks to invest in OpenAI. (FS)
Singapore’s Temasek is in discussions to invest in Microsoft-backed artificial intelligence company OpenAI, DealStreetAsia reported.
According to the portal, senior executives from the Singaporean state investment firm have reportedly met OpenAI’s CEO Sam Altman on multiple occasions in recent months.
GIP closes debut emerging markets fund at $2.1bn. (FS)
New York-based Global Infrastructure Partners (GIP) has closed its debut emerging markets infrastructure fund with an aggregate capital commitment of over $2.1bn, DealStreetAsia reported.
The GIP Emerging Markets Fund I has already deployed over $1bn across a diversified portfolio of assets.
|
