AMERICAS
Starboard Value Acquisition announced that it has called a special meeting of its stockholders for July 28, 2021, to, among other things, approve the proposed business combination with Cyxtera Technologies, a retail colocation and interconnection services.
The closing of the merger is subject to approval by SVAC’s stockholders and the satisfaction of other customary closing conditions and is expected to close as soon as practicable following the special meeting.
Cyxtera is advised by Citigroup, JP Morgan, Morgan Stanley, RBC Capital Markets, UBS and Latham & Watkins. Starboard Value is advised by Cowen & Company, Stifel, UBS, Akin Gump Strauss Hauer & Feld, Hughes Hubbard & Reed and Gagnier Communications. BC Partners is advised by Prosek Partners.
Hyzon Motors, a mobility and clean energy company, went public via a SPAC merger with Riverstone Holdings-backed Decarbonization Plus Acquisition, a special purposes acquisition company, in a $400m deal. Additional investors include BlackRock, Fidelity Management & Research and Wellington Management.
"Completing our business combination with DCRB is a tremendous step forward for Hyzon. It has been a total team effort getting to this point, and we will continue to bring the same dedication to our next, exciting phase of growth as a public company. We have the ability to do even more in converting commercial vehicle fleets worldwide to clean, efficient hydrogen fuel, and are excited to now continue that work," Craig Knight, Hyzon CEO.
Hyzon was advised by Goldman Sachs, Morgan Stanley, Sullivan & Cromwell, Cannings Purple, Hill+Knowlton Strategies and ICR. Financial advisors were advised by Ropes & Gray. Riverstone was advised by Kekst CNC. Decarbonization Plus was advised by Alvarium Investments, Citigroup, Credit Suisse, Vinson & Elkins and Kekst CNC.
Pembina Pipeline said it wasn’t going to sweeten its bid for Inter Pipeline, one day after a new hostile offer for Canada’s fourth-largest midstream company was made by Brookfield Infrastructure Partners as the takeover battle intensifies, Bloomberg reported.
The Canadian pipeline company doesn’t intend to increase or change the 0.5 common Pembina shares offered under its proposed acquisition of all common shares of Inter Pipeline.
“Pembina believes that its strategic combination with Inter Pipeline is extremely compelling from an immediate and long-term value perspective and believes shareholders should vote in favour of the transaction,” Pembina.
Inter Pipeline is advised by Credit Suisse, JP Morgan, TD Securities, Burnet Duckworth & Palmer and Dentons. Brookfield is advised by BMO Capital Markets, Barclays, McCarthy Tetrault and Laurel Hill. Pembina is advised by Scotia Capital and Blake Cassels & Graydon.
Celularity, a biotechnology company, went public via a SPAC merger with GX Acquisition, a special purpose acquisition company, in a $372m deal.
“We are excited to see Celularity take this very important next step in its evolution as a transformative biotechnology company by becoming a publicly-traded company, listed on The Nasdaq Capital Market under the symbol “CELU”. This step will enable Celularity to continue to leverage the company’s commercial and clinical-stage assets to treat diseases of high unmet need, like cancer, infectious diseases and degenerative diseases,” Dean C. Kehler, GX Acquisition Co-Chairman and CEO.
Celularity was advised by Ardea Partners, Morgan Stanley, Oppenheimer & Co, Truist Bank, Cooley LifeSci Public Relations and Solebury Trout. GX Acquisition was advised by Cantor Fitzgerald, Credit Suisse, Skadden Arps Slate Meagher & Flom and Lambert & Co. Star Companies was advised by Willkie Farr & Gallagher.
MidOcean Partners-backed Empower, a special purpose acquisition company, completed the merger with Holley Performace Products, a performance automotive parts manufacturer, in a $1.55bn deal.
"Together, with our respective strengths, we look forward to the growth opportunities ahead, further building the business for future success, gaining additional market share and continuing to grow as a leader in the enthusiast performance automotive industry," Matthew Rubel, Holley's Chairman.
Empower was advised by JP Morgan, Jefferies & Company, Gibson Dunn & Crutcher, Alpha IR and ICR. Financial advisors were advised by Kirkland & Ellis. Holley was advised by Jefferies & Company, Lazard, William Blair & Co, Willkie Farr & Gallagher and ICR.
SB Northstar, a unit of SoftBank Group, agreed to invest $75m as a PIPE investor in the $9bn SPAC deal to take cryptocurrency exchange public.
SB Northstar will acquire 7.5m Bullish shares for $10 each at the time it combines with Far Peak Acquisition. It will also buy 3m warrants to purchase shares of Far Peak, the SPAC taking Bullish public. The SoftBank unit made the commitment through a $300m private offering that Bullish held last week.
Bullish is advised by Jefferies & Company and Kirkland & Ellis. Far Peak Acquisition is advised by Berenberg, Galaxy Digital Partners, JP Morgan, Jefferies & Company, Nomura, Latham & Watkins, Morgan Lewis & Bockius, and Paul Weiss Rifkind Wharton & Garrison.
WELL Health, a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, completed the acquisition of MyHealth, a specialty care, telehealth services and accredited diagnostic health services provider, for $220m.
"We extend a warm welcome from the WELL family to the talented MyHealth team. The closing of this acquisition offers not only financial value for our shareholders, but also supports our value system at WELL as MyHealth has been built upon important pillars that we hold in high regard including: a progressive and award winning workplace culture; a forward-thinking network of health practitioners who embrace technology; and the vision of empowering patients through the provision of digital tools and technologies. We are very excited for the extended reach and depth that MyHealth offers WELL," Hamed Shahbazi, WELL Chairman and CEO.
MyHealth was advised by Deloitte and Gowling WLG. WELL Health was advised by Eight Capital, Stifel, Blake Cassels & Graydon, Clark Wilson, Dentons and Torys.
Aurora Innovation, a self-driving technology company, agreed to go public via a SPAC merger with Reinvent Technology Partners Y, a special purposes acquisition company, in a $13bn deal. PIPE investors in the deal include Baillie Gifford, Counterpoint Global (Morgan Stanley), T. Rowe Price, PRIMECAP Management Company, Reinvent Capital, XN Capital, Fidelity Management and Research, Canada Pension Plan Investment Board, Index Ventures, Sequoia Capital, Uber, PACCAR, and Volvo Group.
“Our goal at Aurora is to make the movement of goods and people more equitable, productive, dependable, and—crucially—much safer than it is today. By combining with Reinvent and with this incredible group of investors, we are even closer to deploying self-driving vehicles and delivering the benefits this technology offers the world," Chris Urmson, Aurora Co-Founder and CEO.
Aurora is advised by Allen & Company and Wilson Sonsini Goodrich & Rosati. Reinvent Technology Partners Y is advised by Goldman Sachs, Houlihan Lokey, Skadden Arps Slate Meagher & Flom, Sullivan & Cromwell and Joele Frank. Uber is advised by Wachtell Lipton Rosen & Katz.
Fathom Digital Manufacturing, one of the largest on-demand digital manufacturing platforms in North America, agreed to go public via a merger with Altimar Acquisition II, a special purpose acquisition company sponsored by an affiliate of HPS Investment Partners, in a $1.5bn deal.
"With Industry 4.0 taking off, we believe Fathom is on the cusp of a significant growth opportunity, and we're thrilled to be combining with Altimar as we make our public market debut and move into our next chapter. With our strong business profile and solid balance sheet, we see an opportunity to continue scaling up our capabilities in both on-demand additive and advanced traditional manufacturing. Product lifecycles are so much shorter than they were even five years ago, and companies need an on-demand advanced manufacturing partner who can move quickly and serve all their requirements without sacrificing quality. We believe we are well-positioned to become that manufacturing partner of choice for more clients," Ryan Martin, Fathom CEO.
Fathom Digital Manufacturing is advised by JP Morgan, Stifel, Winston & Strawn and Prosek Partners. Altimar is advised by Bank of America, Craig-Hallum Capital Group, Needham & Co and Paul Weiss Rifkind Wharton & Garrison.
ServiceMax, a provider of asset-centric field service management, agreed to go public via a SPAC merger with Pathfinder Acquisition, a special purposes acquisition company, in a $1.4bn deal. Existing ServiceMax investors Silver Lake, Salesforce Ventures, and General Electric are retaining their full equity ownership in ServiceMax.
“ServiceMax enables life as we know it to happen, uninterrupted, by empowering some of the world’s biggest and most well-known suppliers, distributors, and manufacturers to provide consistent and reliable service to their customers. We’ve seen Original Equipment Manufacturers and operators increase their focus on digital transformation and we believe that ServiceMax is well positioned to support those needs by leveraging our 10+ years of focus on complex service management for mission critical equipment, and by innovating and delivering on a differentiated product strategy and roadmap. We believe this transaction with Pathfinder will allow us to accelerate growth and capture more opportunities within this growing $9bn market," Neil Barua, ServiceMax CEO.
ServiceMax is advised by Citigroup, William Blair & Co and Ropes & Gray. Pathfinder Acquisition is advised by Deutsche Bank, RBC Capital Markets, Stifel and Kirkland & Ellis.
NewHold Investment, a publicly traded special purpose acquisition company, announced that its shareholders have approved all proposals related to the previously announced $1.3bn business combination with Evolv Technologies.
Approximately 89% of the votes cast at the meeting on the business combination proposal, representing approximately 69% of NewHold’s outstanding shares, voted to approve the combination with Evolv. NewHold shareholders also voted overwhelmingly to approve the other proposals at the special meeting.
Evolv Technology is advised by Cowen & Company, Latham & Watkins and ICR. NewHold is advised by Cowen & Company, Stifel, Loeb & Loeb and Tarplin Consulting.
Private equity firm Summa Equity completed the acquisition of Axion BioSystems, a US life science tools business specializing in the development, production, and marketing of MEA and impedance technologies. Financial terms were not disclosed.
"Summa has been focused on solutions in the CGT market for a long period of time, due to its alignment with our strategy and its significant potential for growth. Axion BioSystems impressed us with its market-leading, highly competitive and scalable technology, which gives both academics and biopharma organisations the ability to go much deeper in their understanding of cell behaviour, enabling faster, more accurate and more cost-efficient drug discovery, development and quality control. We look forward to working with the team as it continues to develop its technology and grow its market share, while continuing to solve some of society's biggest pharmaceutical and healthcare challenges," Tommi Unkuri, Summa Equity Partner.
Axion was advised by Wipfli Corporate Finance Advisors, William Blair & Co and Jones Day. Summa Equity was advised by PricewaterhouseCoopers, Frank Partners, White & Case and Scripsy.
Monmouth Real Estate, a public equity REIT, received an increased unsolicited takeover offer of $18.88 per share cash, compared with $18.70 previously, from an unidentified private investment firm.
The increase results from the investment firm’s decision that the purchase price would no longer be reduced by an $0.18 per share dividend Monmouth announced earlier this month, Bloomberg reported.
Monmouth is advised by CS Capital Advisors, JP Morgan, Stroock & Stroock & Lavan and Joele Frank. Equity Commonwealth is advised Goldman Sachs and Fried Frank Harris Shriver & Jacobson.
International Seaways, one of the largest tanker companies worldwide, completed the merger with Diamond S Shipping, an owner and operator of crude oil and product tankers, in a $918m deal.
“We are pleased to complete this transformational and highly accretive transaction, solidifying our position as a diversified tanker sector bellwether. As we integrate the combined company, our focus will remain on further executing our balanced and accretive capital allocation strategy, while upholding our best-in-class ESG track record and continuing to deliver safe and efficient transportation of energy cargoes for our world-class customers. We welcome the newest members of our team and look forward to working together to create lasting value for all stakeholders," Lois Zabrocky, INSW President and CEO.
Diamond S was advised by Moelis & Co, Seward & Kissel and White & Case. Moelis & Co was advised by Alston & Bird. International Seaways was advised by Jefferies & Company, Cleary Gottlieb Steen & Hamilton and Holland & Knight.
Learning Technologies Group, a provider of services and technologies for digital learning and talent management, agreed to acquire GP Strategies, a global workforce transformation solutions provider, for $394m.
"This transaction represents a tremendous opportunity for our customers and our talented employees to work with the global leader in workplace talent and learning, while providing our shareholders with a meaningful premium to our existing stock price. This combination not only accelerates our growth strategy, but it will also bolster GP Strategies' best-in-class platform with complementary products and specialist services to drive successful and meaningful workforce transformation for our clients. Together, we will offer a customized, holistic tool kit to organizations at the forefront of workplace innovation all around the globe," Adam Stedham, GP Strategies CEO.
GP Strategies is advised by Jefferies & Company and Hogan Lovells. Learning Technologies is advised by Goldman Sachs, Numis Securities and DLA Piper.
Spencer Savings Bank, a full-service, mutually organized and operated, community bank, agreed to merge with Mariner’s Bank, a state chartered commercial bank. Financial terms were not disclosed.
“This opportunity brings together two community focused companies. It enhances our business banking initiatives and facilitates our expansion into northern and eastern Bergen County. We are excited to welcome Mariner’s Bank team and customers and look forward to the opportunity to work with them," José B. Guerrero, Spencer Savings Bank Chairman & CEO.
Mariner’s Bank is advised by The Kafafian Group and Windels Marx Lane & Mittendorf. Spencer Savings Bank is advised by Piper Sandler, Locke Lord and CN Communications.
Vestar Capital Partners, a middle-market private equity firm, agreed to invest in PetHonesty, a provider of premium pet health products. Financial terms were not disclosed.
"PetHonesty is a fast-growing company that has built a passionate following of pet-loving consumers, and we're excited to partner with Ben and the entire team as the Company builds on its success. Pet parents have shown they are deeply committed to purchasing premium products, and PetHonesty is well-positioned as the pet humanization trend and pet ownership continues to grow. We look forward to leveraging our consumer and pet category experience to help PetHonesty expand its brand and reach new customers," Winston Song, Vestar Managing Director and Co-Head of Consumer.
PetHonesty is advised by Lincoln International and Egan Nelson. Vestar is advised by William Blair & Co, Kirkland & Ellis and Lambert & Co.
Newfront Insurance to merge with ABD Insurance and Financial Services in a $1.35bn deal.
Newfront Insurance, a technology-enabled insurance brokerage firm, agreed to merge with ABD Insurance and Financial Services, an innovator in employee benefits, insurance and financial services, in a $1.35bn deal.
"We are intent on modernizing insurance and transforming it into something effortless that delights clients, insurance professionals, and trading partners. By combining Newfront's technology platform and data analytics capabilities with ABD's world-class insurance professionals, we set a new standard for risk management and employee wellbeing and engagement," Spike Lipkin, Newfront CEO.
ABD Insurance is advised by Reagan Consulting and Weil Gotshal and Manges. Newfront is advised by Perella Weinberg Partners and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
Santander, a Spanish multinational financial services company, agreed to acquire Amherst Pierpont, an independent fixed-income broker dealer, for $600m.
"This acquisition is consistent with our customer focused strategy and our commitment to profitable growth in the USA. It complements our product offerings and capabilities, allowing us to strengthen our relationships with our corporate and institutional clients. The Amherst Pierpont team bring a successful track record and experience in delivering value for their clients. We look forward to incorporating their many strengths into our very successful and growing CIB organization," Ana Botín, Santander Group Executive Chairman.
Amherst Pierpont is advised by Barclays, Shearman & Sterling and Abernathy MacGregor Group. Santander is advised by Wachtell Lipton Rosen & Katz.
Enterprise Financial Services, a financial holding company, announced that it has received regulatory approval or received a regulatory waiver from the Federal Deposit Insurance Corporation and the Federal Reserve Bank of St. Louis, as applicable, and preliminary approval from the Missouri Division of Finance, for First Choice Bank to be merged into EB&T.
The consummation of the merger remains subject to the approval by FCBP’s shareholders of the merger, the approval by EFSC’s shareholders of the merger and the issuance of shares of EFSC’s common stock to holders of FCBP common stock in connection with the merger, and the satisfaction of other closing conditions. EFSC expects that the FCBP acquisition will close in the third quarter of 2021.
First Choice is advised by Keefe Bruyette & Woods and Duane Morris. Enterprise Financial Services is advised by Boenning & Scattergood and Holland & Knight.
Lionsgate, an American-Canadian entertainment company, completed the acquisition of a 20% stake in Spyglass Media Group, an American film production company. Financial terms were not disclosed.
"This agreement continues to grow our valuable portfolio of IP while partnering us with Gary Barber, one of the leading entrepreneurs and content creators in the business. It is a win/win deal that creates significant incremental value for both companies while continuing to add to our global content distribution platform at a time when the demand for premium content is greater than ever," Jon Feltheimer, Lionsgate CEO.
Spyglass was advised by Moelis & Co and Venable. Lionsgate was advised by Sheppard Mullin Richter & Hampton.
Pulse Integration, a full system integrator, completed the merger with Kuecker Logistics Group and QC Software, two integration firms. Ares Management invested in the combined company. Financial terms were not disclosed.
"Pulse, Kuecker, and QC all hold the same core values of honesty, integrity, and transparency. We are thrilled about the opportunities ahead to combine our companies and extend our track record of value creation, innovation, and success as a larger operator," Larry Strayhorn, Pulse CEO.
Ares was advised by Sullivan & Cromwell and Mendel Communications.
KKR agreed to acquire a majority stake in Telefonica Colombia from Telefonica, a Spanish telecom group. Financial terms were not disclosed.
“We are thrilled to, once again, be working with Telefónica to provide greater broadband access to those who need it, and to be doing so in Colombia, a country we believe is primed for significant growth ahead and which serves as an attractive destination for investors. This new venture in Colombia, along with ON*NET Fibra de Chile, demonstrates the potential to invest in innovative financing and growth strategies to promote digital infrastructure in Latin America," Waldemar Szlezak, KKR Managing Director.
KKR is advised by Bank Street Group and Scotiabank.
Kinder Morgan, an energy infrastructure company, agreed to acquire Kinetrex Energy, a provider of environmentally friendly renewable natural gas and liquid natural gas, from Parallel49 Equity, a private equity firm, for $310m.
"KMI’s project management expertise, extensive pipeline network and broad customer relationships will undoubtedly help us realize the vision we had in founding Kinetrex eight years ago: to provide holistic solutions for customers seeking to meet emission reduction targets," Aaron Johnson, Kinetrex President and Chief Executive Officer.
Kinetrex is advised by JP Morgan and Holsapple Communications.
Ascential, a specialist information, analytics, and eCommerce optimization company, agreed to acquire a 51% stake in ASR Group Holdings, a digital content optimization business, for $122m.
“ASR’s leadership in eCommerce independent content optimisation adds capabilities in this rapidly emerging market to our already compelling measurement and execution services for brands. The global footprint of our existing business and expertise across multiple marketplaces offer a clear path to accelerate ASR’s expansion, while introducing further insight and opportunities to grow our own Digital Commerce proposition," Duncan Painter, Ascential CEO.
Ascential is advised by FTI Consulting.
Avance Investment Management, a private equity firm that invests in growing middle-market services and consumer businesses, completed the investment in UniVista Insurance, an independent, family-owned and operated franchisor of insurance-related products and services. Financial terms were not disclosed.
"UniVista is a proven insurance platform, with a targeted customer base in Florida that is gaining significant market share. The company has a strong management team, highly scalable business model and track record of executing a pipeline of growth initiatives. With Avance's experience guiding companies through transformative growth utilizing our deep network and collaborative approach, we have strong conviction in our ability to partner with the management team and help grow UniVista into a national leader reaching the Hispanic market outside of Florida," Luis Zaldivar, Avance Co-Founder.
Avance was advised by Joele Frank.
KKR-backed OverDrive, a digital reading platform for libraries and schools, completed the acquisition of Kanopy, a video streaming service for public and academic libraries. Financial terms were not disclosed.
"Kanopy's impressive catalog of films, shorts, children's videos and documentaries will enhance options for all institutions to delight viewers of all ages. The Kanopy apps and streaming viewing experience are excellent services to further benefit our network of public libraries and academic partners," Steve Potash, OverDrive Founder and CEO.
OverDrive was advised by Simpson Thacher & Bartlett.
Publicis Groupe, a French multinational advertising and public relations company, agreed to acquire CitrusAd, a software as a service provider. Financial terms were not disclosed.
"We are delighted to welcome Brad, Nick and the CitrusAd team to Publicis. The leading technology they have developed, coupled with Epsilon's CORE ID will enable CPG brands to grow faster and retailers to generate new sources of revenue to win in a platform world. It will also give to Publicis a strong competitive advantage in a channel that by 2025 should surpass traditional TV spend," Arthur Sadoun, Publicis Groupe CEO and Chairman.
Publicis is advised by Rothschild & Co.
Boyne Capital, a private equity firm, completed the acquisition of Master's Lumber and Hardware, a building materials distributor. Financial terms were not disclosed.
"Masters is an impressive operation that has successfully grown into a distinctive platform of proprietary branded building products. We are excited to partner with Juan Molina and Andres Abad, Masters' Co-Founders, and their long-tenured management team to continue to grow the company and support expansion efforts," Derek McDowell, Boyne Managing Partner and CEO.
Master's Lumber and Hardware was advised by Generational Equity.
Magazine Luiza, a Brazilian retail company, agreed to acquire Kabum Comercio Eletronico, a technology and e-commerce company, for $528m.
With an assortment that is highly complementary to that of Magalu, the acquisition of KaBuM! represents a significant step towards Magalu's strategic objective of expanding into new categories, while simultaneously increasing the company's customer base and purchase frequency. Additionally, together with the recent acquisitions of Jovem Nerd and CanalTech, KaBuM! and Magalu will be able to offer a complete shopping, content and entertainment experience for technology and gaming enthusiasts.
Tiger Global Management led a $230m funding round in EquipmentShare, an equipment and digital solutions provider serving the construction industry. Additional investors include The Spruce House Partnership, RedBird Capital Partners, Tru Arrow Partners, Romulus, Insight Partners and Anchorage Capital Group.
“We are grateful to our new and existing investors for joining us on this journey to build connectivity for the construction industry. We are eager to leverage this milestone round to launch several initiatives, with the continued goal of empowering contractors and accelerating productivity in construction," Willy Schlacks, EquipmentShare President and Co-Founder.
Huron-backed Pueblo, a HVAC and plumbing maintenance, replacement, retrofit, repair, and installation services provider for commercial facilities, completed the acquisition of Infinity, a full-service mechanical contractor. Financial terms were not disclosed.
"Our leadership team is thrilled to partner with Infinity on our expansion into the Texas market. Infinity adds meaningful scale and resources to help accelerate our next phase of growth. Jim and JB have built a tremendous company with a strong culture, experienced technicians, and a devoted commitment to customers. We are very confident that we can build on these efforts as we work together to drive growth into the future," Dan Bueschel, Pueblo CEO.
GPI, an engineering consulting firm, completed the acquisition of Horizon Engineering, a Civil Engineering services provider. Financial terms were not disclosed.
"As this transition of ownership occurs, very little will change on a day-to-day basis. We will continue to operate as Horizon for the balance of 2021 and then fully transition into GPI. GPI's commitments to staff development and community involvement were some of the reasons we saw this as a perfect fit that will give the Horizon employees the opportunities that they deserve. I have every confidence that this transition into the GPI family will be successful and will allow us to grow both individually and as a company, as we continue to be good stewards of our resources and abilities, which we know can only be accomplished through teamwork," Scott Seck, Horizon Principal.
Block Communications' Telesystem, an enterprise collaboration solutions and networking services provider, agreed to acquire VoxNet, a telecommunications services provider. Financial terms are not disclosed.
"Telesystem's national strategy includes growing our customer base by offering superior services with a personal touch and by making strategic acquisitions when we have the opportunity. We plan to continue to grow into markets across the United States," John Martin, Telesystem CEO and President.
Equity Investment Group, a diversified family office investment company, completed the acquisition of a minority stake in MountainSeed, a financial services provider. Financial terms were not disclosed.
"Through Carl Streck's leadership, MountainSeed has become a critical partner to its customers and a leader in appraisal management and compliance services, resulting in unique insight into a historically opaque market. We are thrilled to partner with Carl and his team to accelerate the expansion of MountainSeed's product suite by leveraging this insight and continuing to do what the team has done so well to date - build great products for its customers," Tyler Huber, Equity Investment Group Partner and CIO.
Intel is in talks to acquire GlobalFoundries for about $30bn.
Intel is in talks to acquire GlobalFoundries, a semiconductor manufacturer, for about $30bn, Reuters reported.
Talks come as a semiconductor shortage is hobbling industries around the globe. A deal could help Intel ramp up production of chips at a time demand is at its peak and the company is looking to start producing chips for car makers that have struggled to keep operations running due to severe shortages.
AEA Investors weighs a $3.5bn sale of Excelitas Technologies. (FS)
AEA Investors, a private equity firm, is considering options for Excelitas Technologies, including a sale that could value the laser and sensor manufacturer at more than $3.5bn.
The private equity firm is working with advisers to look at strategic options for Waltham, Massachusetts-based Excelitas. The company is expected to attract interest from industrial peers and private equity firms. No final decision has been made and AEA could elect to keep the business, Bloomberg reported.
Spectrum Brands explores options for its hardware and home unit.
Spectrum Brands, which manufactures and markets consumer products, is exploring options including a sale of its hardware and home improvement division, Bloomberg reported.
The company is working with a financial adviser to sell the division. The stock rose as much as 3.4% on the news.
Brookfield to launch a private REIT.
Brookfield Asset Management intends to launch its own private real estate investment trust after taking over the management of a portfolio of properties currently overseen by subsidiary Oaktree Capital Management.
The company is making the move to enhance the scale of the company, leveraging Brookfield's track record as an owner and operator of real estate, Bloomberg reported. The plan is to expand the portfolio over time to compete with rival REITs managed by Blackstone Group and Starwood Capital Group.
General Atlantic forms BeyondNetZero. (FS)
General Atlantic has announced the formation of BeyondNetZero, a new venture targeting growth equity investments related to climate change.
“Addressing global climate change requires both a systemic transformation of the energy economy and scale of investment never seen before. Technology, innovation and entrepreneurship will play a vital role in this monumental transition. Growth equity is uniquely positioned to drive this shift and support founders in deploying innovative solutions at scale. With the BnZ team, we believe we can create meaningful progress by harnessing our long-held belief in the ability of global entrepreneurship to shift the paradigm," Bill Ford, General Atlantic Chairman and Chief Executive Officer.
Scribd plans to go public at a $1bn valuation.
Scribd, an online platform for e-books, podcasts and audio books, is in discussions to go public as soon as this year.
The company has held talks with potential advisers about an initial public offering or merger with a blank-check company. Scribd could be valued at about $1bn in any transaction. While no final decision has been made, an IPO by the fourth quarter is a possibility, Bloomberg reported.
Lulus plans a $1bn IPO.
Lulus, an online retailer that focuses on female apparel, is considering an initial public offering this year, Bloomberg reported.
The California-based company is working with Goldman Sachs Group and Bank of America on the planned listing and could be valued at around $1bn.
Solo Stove plans a $1bn IPO this year.
Solo Stove, a stainless steel wood-burning stoves manufacturer, is planning an initial public offering as soon as this year, Bloomberg reported.
The company had asked prospective advisers to pitch for a role on the listing. Solo Stove could be valued at more than $1bn in any IPO.
Blend Labs raises $360m in IPO.
Blend Labs, which designs and develops software, raised $360m in an initial public offering priced at the top of a marketed range.
The company has sold 20m Class A shares for $18 each. Blend Labs had marketed 20m for $16 to $18 and has a market value in the listing of almost $4bn.
Avesi Partners closes initial fund at $875m. (FS)
Avesi Partners, a private equity firm specializing in healthcare and business services, announced the final closing of its debut fund, Avesi Partners I, with $875m of capital commitments.
The fund was oversubscribed and closed above its original target of $650m, just several months after launching. Avesi secured commitments from a globally diversified investor group, comprised of leading endowments, foundations, family offices, consultants, funds of funds, and seasoned CEOs and industry executives.
Avesi was advised by Lazard and Kirkland & Ellis.
Shore Capital Partners closes its three funds at a $686m hard cap. (FS)
Shore Capital Partners, a healthcare, food & beverage, business services, and real estate focused lower middle market private equity firm, has announced the first and only closings of its fourth institutional healthcare private equity fund, Shore Capital Healthcare Partners Fund IV, its first business services fund, Shore Capital Business Services Partners Fund I, and its first real estate fund, Shore Capital Real Estate Partners Fund I. HC Fund IV raised $366m, BS Fund I raised $213m, and RE Fund I raised $107m. With these respective closings totaling $686m, Shore now manages a total committed capital base of $2bn.
"Our limited partners appreciate our commitment to microcap investing and our ability to bring company founders and entrepreneurs the capital, business development expertise, and industry knowledge to drive transformational growth," Justin Ishbia, Shore Capital Partners Founder and Managing Partner.
Shore Capital Partners was advised by Kirkland & Ellis.
Ecosystem Integrity Fund raises $250m. (FS)
Ecosystem Integrity Fund, a sustainability-focused venture capital fund, has closed its fourth fund at a $250m hard cap.
The fund raised money from the Doris Duke Charitable Foundation, the Tennessee Valley Authority’s Asset Retirement Trust and other institutions.
Joshua Harris plans to raise his own fund. (FS)
Joshua Harris, a co-founder of private equity firm Apollo Global Management, is planning to raise his own fund, Bloomberg reported.
Mr. Harris has met with recruiting agencies to help him start building a team for the fund, which will focus on middle-market deals and is likely to have a target of $5bn.
EMEA
SigmaRoc, a building material company, agreed to acquire Nordkalk, a limestone producer, from Rettig, a Finnish family held investment company, for €500m ($591m).
"Nordkalk is a well-established & well-respected business with a substantial asset footprint spanning across Northern Europe. It has a long history of success and much future potential. This acquisition creates a raft of new opportunities for SigmaRoc to capitalise on in the months and years ahead. I welcome Rettig Group as a shareholder to SigmaRoc. Their commitment is a strong sign of confidence in the future of our Group," David Barrett, SigmaRoc Chairman.
Rettig is advised by Skadden Arps Slate Meagher & Flom. SigmaRoc is advised by BNP Paribas, Liberum Capital, Numis Securities, Peel Hunt, Santander, Golders, Howden, Munegu Partners, PKF, Bates-Wells, Eversheds Sutherland and Fieldfisher.
A&M Capital, a London-based, operationally-focused European middle-market private equity firm, agreed to acquire Pet Network International, an omni channel pet care platform, from Rohatyn Group, a global, US-based asset management firm with expertise in emerging markets and real assets. Financial terms were not disclosed.
"TRG's acquisition three years ago was an important milestone that helped us achieve rapid growth, add-on acquisitions, many new store openings, online expansion, an expanded own brands portfolio and countless other initiatives. Navigating through a global pandemic over the past year, we also expanded our operations to a new exciting market, Bulgaria. We are all proud of Pet Network's teams achievements, which were strongly backed up with TRG's support and guidance. While we will be sad to say goodbye to our colleagues at TRG, we are also excited to start the next chapter in the company's development in partnership with AMCE, who like TRG share our vision for the company's future growth," Ljiljana Markov Medugorac, Pet Network International CEO.
A&M is advised by Alvarez & Marsal, AT Kearney, Alantra, Ernst & Young, Houlihan Lokey, Dickson Minto and ReputationInc. Rohatyn is advised by Boston Consulting Group, Deloitte, William Blair & Co, Babic, Baker McKenzie and Sard Verbinnen & Co.
Student housing providers Blackstone-backed iQ Student Accommodation and Scape Living to acquire GCP Student Living, an investment firm that invests in private student accommodation and teaching facilities, for $1.34bn.
"GCP has a formidable record of value creation since IPO. GCP and its managers have assembled a portfolio of the highest quality focused on a location which, in normal circumstances, has the highest imbalance between supply and demand in its sector. However, at a time when investment market demand for assets of this type is at an unprecedented level, despite ongoing uncertainty created by the pandemic and Brexit on international student movements, this transaction enables our shareholders to realise full value for their investment at a price which exceeds GCP's previous all-time high share price," David Hunter, GCP Chairman.
GCP Student Living is advised by Jefferies & Company, Gowling WLG and Buchanan. iQ Student Accommodation is advised by Citigroup, Lazard, Kirkland & Ellis and Brunswick Group. Scape Living is advised by Simmons & Simmons and FTI Consulting.
Superbet, a pan European betting and gaming business, agreed to acquire Napoleon Sports & Casino, an online casino and betting services provider. Financial terms were not disclosed.
"Napoleon's core market and brand positioning in Belgium represents the ideal acquisition opportunity to deliver on our global expansion plan. It also delivers on our growth strategy of bringing in additional revenues from regulated markets with a strong online profile. Additionally, we're looking forward to welcoming a hugely experienced and talented team to the Superbet family, who we believe are exceptionally well placed to deliver on market share gains in Belgium and beyond," Johnny Hartnett, Superbet CEO.
Napoleon is advised by Ernst & Young, Houlihan Lokey, PricewaterhouseCoopers and Allen & Overy. Superbet is advised by Oakvale Capital, PJT Partners, PricewaterhouseCoopers, CMS, Herzog Fox & Neeman and Latham & Watkins.
Cosco Shipping Ports, a Hong Kong listed company and investor in ports, and Public Investment Fund, the sovereign wealth fund of Saudi Arabia, completed the acquisition of a 40% stake in Red Sea Gateway Terminal, a container terminal in Jeddah, Saudi Arabia, for $280m.
"Adding PIF and CSPL as shareholders will accelerate RSGT's domestic and international growth plans," Jens O. Floe, RSGT CEO.
Red Sea was advised by JP Morgan, Abdulaziz Alajlan & Partners and Baker McKenzie. Cosco was advised by Paul Hastings. PIF was advised by HSBC, Freshfields Bruckhaus Deringer and Salah Al-Hejailan.
Standard Bank Group, a financial services company, agreed to acquire the remaining stake in Liberty Holdings, a financial and insurance services provider, for $729m.
“The integration of Liberty into Standard Bank Group enhances our ability to meet our clients’ financial needs, making possible holistic advice and competitive solutions for them, especially during major transition points in their lives. This transaction creates significant opportunities for capital efficiencies and to grow the united group by providing a fully integrated set of client offerings throughout SBG’s operations across Africa," Sim Tshabalala, SBG CEO.
Liberty Holding is advised by Ernst & Young, Goldman Sachs and Webber Wentzel. Standard Bank Group is advised by Bank of America and Bowman Gilfillan.
Quadrivio Group, an alternative investment firm, agreed to acquire Texbond, a producer of specialty nonwovens, from H.I.G. Capital, a global alternative investment firm. Financial terms were not disclosed.
"The partnership with H.I.G. was integral to the growth of Texbond. The industrial investment made and the strong focus on R&D, have allowed the completion of the industrialization of a new family of products for the hygiene sector," Cristina Parisi, Texbond Managing Director.
H.I.G. Capital is advised by Lincoln International.
Ahlström Capital, a family-owned investment company, agreed to acquire the waste recycling business of Metso Outotec, a Finnish publicly traded company. Financial terms were not disclosed.
"The Waste Recycling business, M&J, has a proven track record with a strong growth profile, in an attractive market. The business is well positioned to help drive sustainable development with its premium brand offering, robust operations and skilled personnel. I believe that Ahlström Capital as an owner will bring further focus on and resources for growth initiatives and support the standalone business to reach its full potential," Lasse Heinonen, Ahlström Capital President and CEO.
Metso Outotec is advised by SEB Corporate Finance.
Apollo Global-backed Athene Holding, a financial services company, agreed to acquire Foundation Home Loans, a specialist UK mortgage lender, from Fortress Investment Group, a private equity firm. Financial terms were not disclosed.
"This transaction continues our longstanding strategy of working with Apollo to identify and invest in attractive businesses which add direct origination asset sourcing capabilities to our alpha-generating investment portfolio. We believe our investment will help FHL achieve its full potential, while being a complementary addition to our expanding asset sourcing capabilities," Jim Belardi, Athene Chairman and CEO.
Hexagon, a digital reality solutions global company, completed the acquisition of Immersal, a complete Spatial Mapping and Visual Positioning solution company. Financial terms were not disclosed.
"Hexagon has long been a leader in delivering smart digital realities that combine inputs from reality capture sensors with advanced visualisation software and tools to enable remote, location-based intelligence. This acquisition puts the power of these insights into the hands of those on-site, enhancing their field of view with superimposed digital information, meaning they can literally do more with what they see. For example, direct access to information about an asset – while working with that asset – including step-by-step instructions on how to repair it, can streamline maintenance tasks while reducing material waste and re-work," Ola Rollen, Hexagon President and CEO.
Partners Group, a private equity firm, agreed to acquire a 75% stake in EOLO, a broadband and wireless communications group, from Searchlight Capital Partners, a private equity firm. Financial terms were not disclosed.
Under the terms of the accord, Partners Group will buy the EOLO shares owned by main owner Searchlight Capital Partners and part of the shares held by EOLO Chairman and founder Luca Spada.
Mubadala seeks over $20bn value for EGA in IPO. (FS)
Mubadala Investment is seeking a value of more than $20bn including debt for Emirates Global Aluminium as it inches closer to listing the business. A listing of EGA could rank among the largest-ever share sales in the UAE and come at a time when state-owned entities are seeking to monetize their core assets.
The Abu Dhabi sovereign wealth fund has asked banks to start pitching for roles on an initial public offering of EGA. EGA’s Chairman Khaldoon Khalifa Al Mubarak said in April that the company was very close to going public, having seen a previous plan to do so shelved in 2018 after then-US President Donald Trump imposed tariffs on aluminum imports from the United Arab Emirates.
Bank of America, Goldman Sachs and JP Morgan worked on the plans for the earlier share sale. It is unclear whether they’ll be picked again as Mubadala has reached out to several banks to ask for pitches, Bloomberg reported.
PIF considers the acquisition of McLaren Group. (FS)
Saudi Public Investment Fund, a sovereign wealth fund, considers the acquisition of a stake in McLaren Group, a high-technology company, as part of a fresh shake-up at the British supercar manufacturer and Formula One team-owner, Sky News reported.
Sky News reported that the deal would include £400m of new capital from PIF and Ares Management, a major global investment firm, with £150m being injected into the company by McLaren's existing shareholders - who include Mumtalakat, the sovereign investment fund of Bahrain.
John Elkann explores the options with Giorgio Armani.
John Elkann, the scion of Italy's Agnelli family, has been exploring a possible acquisition with Giorgio Armani, a fashion designer, as part of a plan to build a luxury conglomerate potentially anchored around Ferrari, Reuters reported.
Elkann offered to acquire a minority stake in an Italian luxury fashion house led by 87-year old Giorgio Armani, but his latest proposal was rebuffed earlier this month. The deal would have established the Agnellis as major players in the fashion industry alongside the Arnaults and Pinaults in France.
LVMH-backed L Catterton to acquire a 60% stake in Etro. (FS)
LVMH-backed L Catterton, a private equity firm, is in talks to acquire a 60% stake in Etro, an Italian fashion company, at a $590m valuation.
"We are thrilled to be working with the L Catterton team who will bring their in-depth knowledge of the fashion sector and an experience in the international development of important brands, allowing our company to reach new heights," Etro.
Compleo Charging in exclusive negotiations to acquire Innogy's European e-mobility business.
Compleo Charging Solutions, a provider of charging solutions for electric vehicles, has entered into an exclusive negotiation to acquire innogy eMobility Solutions from EON.
Both the charge point operator and charging solutions business remaining with EON and the US activities of innogy eMobility Solutions are excluded from the agreement. As part of the agreed exclusivity, Compleo is currently assessing whether the investment is beneficial to Compleo's shareholders.
"We are confident about the prospect of growing together with a very experienced and long-standing market player such as innogy eMobility Solutions. We value the company's employees as proven experts in the technological field as well as in the European e-mobility market. With our organic and inorganic growth, we are investing in our future as German driver of e-mobility in Europe and optimizing our international market position," Georg Griesemann, Compleo Co-CEO.
Hyphen Group explores funding options. (FS)
Hyphen Group, a fintech company backed by Hong Kong billionaire Richard Li, explores funding options, including a listing via a special purpose acquisition company and a private fundraising, Bloomberg reported.
The company is working with Goldman Sachs Group to review strategic alternatives and has received interest from potential investors. A transaction could value the company at more than $500m.
Stevanato valued at over $5bn in tepid NYSE debut.
Stevanato Group, a global provider of drug containment, drug delivery and diagnostic solutions, made a tepid debut on the New York Stock Exchange as its shares slid, giving the company a valuation of $5bn. Stevanato raised about $672m in its IPO.
"IPO is the best way to further finance the business...most of the proceeds of the IPO, we are going to invest in the new greenfield plants, one in Indiana, and one in China," Franco Stevanato, Stevanato Executive Chairman.
Very Group plans a $4bn IPO.
The Daily Telegraph, a national British daily broadsheet newspaper, plans a £4bn initial public offering of Very Group, a multi-brand online retailer and financial services provider.
The company has appointed STJ Advisors, which works with companies ahead of public listings, to prepare Very Group for a stock market debut next year, Sky News reported.
Bayern Kapital launches €200m scale-up fund. (FS)
Bayern Kapital, a venture capital organisation of German state Bavaria, has launched a €200m ($236m) fund to back growth-stage startups in the German state.
The fund will focus on sectors including life sciences, software and IT, medtech, mobility and environmental technology. Average round sizes will range from €10m ($11m) to €25m ($29m) apiece.
APAC
Reliance Retail Ventures, the retail arm of Reliance Industries, agreed to acquire a 66.95% stake in Just Dial, a local search platform, for $470m.
Reliance Retail will hold 40.95% stake in the company and would make an open offer to acquire upto 26% in accordance with takeover regulations set by market regulator SEBI.
“Reliance is excited to partner with Justdial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. The investment in Just Dial underlines our commitment to New Commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward," Isha Ambani, Reliance Retail Ventures Director.
Just Dial is advised by Goldman Sachs, Cyril Amarchand Mangaldas and Ernst & Young. Reliance Retail is advised by Deloitte, JM Financial, Morgan Stanley, Khaitan & Co and Shardul Amarchand Mangaldas & Co.
A consortium of investors including Fortune Capital, Tianyi Group, New Hope Group, TFTR Investment, and Shanghai Tianyou Investment, led a $155m Series B funding round in Mei Wei Dental Group, a dental chain brand.
“Thank you for the high trust and strong support of many excellent investment institutions. The development of Meiwei is benefited from the recognition of core shareholders, partners, outstanding employees and upstream and downstream partners. We will continue to maintain our original aspirations and bring better oral medical services to our people," Zhu Liya, Mei Wei Dental Founding Partner and CEO.
FedEx, a multinational delivery services company, agreed to invest $100m in Delhivery, a logistics and supply chain services company.
“We are excited to partner with FedEx and look forward to the synergies created between Delhivery’s capabilities in India and FedEx’s global network. Our aim is to bring new products and opportunities to Indian and global businesses and consumers through unique access to our networks, and our technology and engineering capabilities," Sahil Barua, Delhivery Co-Founder and CEO.
Carlyle Group led a $100m Series funding D round in NeiWai, a Chinese lingerie brand. Additional investors include Vertex Ventures and Qiming Venture Partners.
NEIWAI will use the corpus to boost its product pipeline and brand awareness and expand its global presence.
GC LabCell, a biotechnology company, to merge with GC Cell, a company specializing in cell therapy. Under the terms of the merger agreement, each share of GC Cell stock will be exchanged for a fixed ratio of 0.4 shares of GC LabCell stock.
"The new company will have a nearly ideal blend of business portfolios in the competitive field of cell therapy. Our similar cultures and histories of driving innovation in order to bring more effective and safer therapies to as many patients as possible make this integration a perfect strategic fit," GC Cell.
China plans to exempt HK IPOs from cybersecurity reviews.
China considers exempting companies going public in Hong Kong from first seeking the approval of the country’s cybersecurity regulator, removing one hurdle for businesses that list in the Asian financial hub instead of the US, Bloomberg reported.
In recent meetings with bankers, the exemption was outlined by officials, after a government statement announcing a new review process for foreign listings prompted questions over whether it would apply to Hong Kong. The Cyberspace Administration of China will vet companies to ensure they comply with local laws, but only those headed to other countries such as the US will undergo a formal review.
SD Biosensor value jumps over $5bn in Seoul debut.
SD Biosensor, a global bio-diagnostic company, jumped in its trading debut, pushing its market value to about $5.5bn.
The company surged as much as 28% above its IPO price to $58 in early trading in Seoul before paring its gain to 19%. The performance compares with an average 58% first-day advance for 53 South Korea listings this year, Bloomberg reported.
SoftBank-backed Paytm targets record $2.2bn India IPO.
SoftBank-backed Paytm, the Indian digital payment pioneer, is seeking approval for a $2.2bn IPO that could be India's largest.
The startup backed also by Berkshire Hathaway and Jack Ma’s Ant Group plans to raise as much as $2.2bn from its share sale. The IPO will include an equal amount of new and secondary shares, according to a Draft Red Herring Prospectus filed with the regulator.
Paytm hopes to tap the same strong investor demand that’s propping up fellow unicorn Zomato’s hugely popular share sale. Paytm hopes to capitalize on the rising popularity among investors of internet-based consumer companies, after the pandemic fueled the worldwide adoption of digital technologies, Bloomberg reported.
Xiaohongshu put US IPO on hold.
Xiaohongshu, or "Little Red Book", a social media and e-commerce platform, is putting its US initial public offering plans on hold after China tightened rules on overseas listings, Bloomberg reported.
The online platform, backed by Tencent and Alibaba Group, discusses alternatives with advisers as the company would likely be subject to a cybersecurity review under Beijing's proposed policy for firms listing abroad. A listing in Hong Kong could be an option.
China Baowu plans a $7.74bn carbon fund. (FS)
China Baowu Steel Group, a state-owned iron and steel company, agreed to set up a "carbon neutral" fund, targeting a total investment of $7.74bn, Reuters reported.
"The equity fund... will focus on clean energy, green technology, environmental protection and pollution controls," Baowu, adding that it would also explore high-quality projects in areas with clean energy such as wind and solar.
|
