Inter Pipeline, a multinational petroleum transportation and infrastructure firm, dismissed the hostile offer from Brookfield Infrastructure Partners and said it continues to recommend shareholders back the merger with gas pipeline operator Pembina Pipeline.
The Canadian pipeline company said in a statement that it acknowledged Brookfield’s intention to revise its offer, though Inter Pipeline’s board continues to unanimously recommend the Pembina deal.
Inter Pipeline is advised by 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.
Symphony Technology Group, a private equity firm, agreed to acquire security equipment manufacturer FireEye's Products business, including the FireEye name, for $1.2bn.
"We are extremely impressed by the FireEye Products business and the mission critical role it plays for its customers. We believe that there is enormous untapped opportunity for the business that we are excited to crystallize by leveraging our significant security software sector experience and our market leading carve-out expertise," William Chisholm, STG Managing Partner.
Symphony Technology Group is advised by Jefferies & Company, UBS and Paul Hastings. Debt financing is provided by Jefferies & Company and UBS. FireEye is advised by Goldman Sachs and Wilson Sonsini Goodrich & Rosati. Goldman Sachs is advised by Sullivan & Cromwell.
Gray Television, an American publicly traded television broadcasting company increased its offer for the Local Media Group of Meredith, an American media conglomerate based in Des Moines, to $2.86bn. Under the new merger agreement, the total consideration payable by Gray was raised from from approximately $14.50 per share in cash or $2.7bn in total enterprise value, to $16.99 per share in cash.
The transaction is still expected to close in the fourth quarter of calendar 2021, and there have been no changes to the previously announced anticipated closing process. The Federal Communications Commission accepted Meredith and Gray's applications for the transaction's approval.
Gray Television is advised by Wells Fargo Securities, Eversheds Sutherland and Jones Day. Meredith is advised by BDT & Co, Lazard, Moelis & Co, Cooley and Brunswick Group.
Yellow Wood Partners, a Boston-based private equity firm, completed the acquisition of Scholl, a footcare brand, from Reckitt Benckiser, a British multinational consumer goods company. Financial terms were not disclosed.
"Our experience of successfully executing corporate carve outs has helped us gain a deep understanding of the many complexities that accompany the separation of an operating subsidiary from a large global parent company. Our previous experience with other global multinational CPG companies enabled us to work directly with Reckitt Benckiser to create this opportunity. We look forward to using the full Yellow Wood operating capabilities to complete the Scholl transaction in a smooth manner. We are excited to bring the operating focus required to achieve what we believe is a strong future growth plan for the business that will benefit customers and employees around the world," Tad Yanagi, Yellow Wood Partner.
Yellow Wood Partners was advised by Sawaya Capital, Spayne Lindsay & Co and Fried Frank Harris Shriver & Jacobson. Reckitt Benckiser was advised by Centerview Partners, Citigroup and Finsbury Glover Hering.
Kingswood Capital-backed Versar, a management firm, completed the acquisition of BayFirst Solutions, a management and engineering firm. Financial terms were not disclosed.
"The BayFirst name is synonymous with reliability, quality, and professional service for its clients including the Department of Homeland Security and other federal government agencies. We look forward to combining the businesses and further expanding BayFirst's reach across other departments and agencies where Versar does work today. BayFirst performs critical information technology and professional services on highly visible government programs and we are thrilled to bring BayFirst's strong credentials onto the Versar platform," Dwane Stone, CEO Versar.
Kingswood Capital was advised by Goodwin Procter and Grant Thornton. BayFirst was advised by Saggar & Rosenberg, G Squared Capital Partners and DLA Piper.
Aquiline Capital Partners, a private investment firm based in New York and London, agreed to invest in SurePoint Technologies, a cloud provider of practice management solutions to law firms. ParkerGale will roll a portion of its equity stake and maintain minority ownership in the company. Financial terms were not disclosed.
"Aquiline's investment, combined with the strength of SurePoint's existing management team, places SurePoint on a strong competitive footing as we can now accelerate the enhancement of our award-winning platform," Tom Obermaier, SurePoint CEO.
Aquiline Capital Partners is advised by Willkie Farr & Gallagher and Prosek Partners. ParkerGale is advised by Raymond James and Kirkland & Ellis.
ACON Investments, a Washington, DC-based international private equity investment firm, completed the acquisition of Vitalis Group, a manufacturer and wholesaler of generic injectable pharmaceuticals. Financial terms were not disclosed.
"ACON's acquisition of Vitalis demonstrates ACON's ability to source and negotiate attractive investments in businesses operating across Latin America by leveraging our decades-long experience and investment teams across the region," José Miguel Knoell, ACON Managing Partner.
Vitalis Group was advised by Brigard & Urrutia. ACON was advised by Grant Thornton, Gomez-Pinzon Zuleta, Mijares Angoitia Cortes y Fuentes and Winston & Strawn.
Zayo Group Holdings, a communications infrastructure services provider, completed the acquisition of Intelligent Fiber Network, which provides fiber-based connectivity solutions. Financial terms were not disclosed.
"The combination of IFN and Zayo will enable significantly enhanced reach and value to our customers and our legacy owners. Together, the combined companies will help drive investment and growth in Indiana's communications infrastructure and advance the ubiquity of high-speed connectivity throughout the state," Jim Turner, IFN CEO.
IFN was advised by Houlihan Lokey, Stifel, Dentons and Dittoe PR. Zayo was advised by Skadden Arps Slate Meagher & Flom.
Craft Work Capital Partners, a strategic investor exclusively focused on mechanical, electrical, and other related specialty contracting firms, completed the acquisition of Coastal Mechanical Services, a mechanical contractor in Melbourne, Florida. Financial terms were not disclosed.
"Coastal is a truly impressive company with a committed, talented management team and a dedicated, highly skilled workforce. Coastal's high caliber team will blend seamlessly with Craft Work's Rogers platform to create incredible synergies," Jeremy McGuire, Craft Work President.
Coastal Mechanical Services was advised by Fifth Third Bancorp and Foley & Lardner. Craft Work was advised by CohnReznick, FMI Capital Advisors, Neal Gerber & Eisenberg and The Mahorsky Group.
ECP, an investor with a decades-long reputation in the renewable and sustainable solutions sector, completed the acquisition of Pivot Energy, a national commercial and community solar developer. Financial terms were not disclosed.
"We are thrilled to partner with ECP in the next phase of growth for Pivot Energy. With ECP's deep expertise in the renewable energy sector, strategic investment mindset and world-class resources, we are well-positioned to accelerate project development, expand our product offerings and enable project ownership. In partnership, we look forward to advancing clean energy and creating a positive impact for our stakeholders and our planet," Tom Hunt, Pivot Energy CEO.
Pivot Energy was advised by CohnReznick and First Cast Communications. ECP was advised by Latham & Watkins and Joele Frank.
United Bankshares, a financial holding company, agreed to acquire Community Bankers Trust, a single bank holding company, for $303m.
"We are extremely pleased to partner with Community Bankers Trust. This transaction enhances our existing presence in the DC Metro MSA and takes us into new markets including Baltimore, Annapolis, Lynchburg, Richmond, and the Northern Neck of Virginia. It also strategically connects our Mid-Atlantic and Southeast footprints," Richard M. Adams, Chairman and CEO United Bankshares.
United Bankshares is advised by Performance Trust Capital Partners and Bowles Rice. Community Bankers Trust is advised by Piper Sandler and Williams Mullen.
Stock Yards Bancorp, a bank holding company, completed the acquisition of Kentucky Bancshares, the parent company of Kentucky Bank, for $190m.
"We are thrilled to welcome Kentucky Bancshares and its employees to the Stock Yards team. This transaction expands our presence into the attractive Central Kentucky market and represents a complementary fit, both strategically and culturally, with our business model. The combination of our two organizations provides the opportunity to create efficiencies and enhance the value of the combined company while offering Kentucky Bank customers broader product offerings, increased lending capabilities and an expanded branch delivery system that stretches throughout the Louisville, Indianapolis and Northern Kentucky/Cincinnati metropolitan markets. Also, I am very excited to announce that Louis Prichard, President and Chief Executive Officer of Kentucky Bancshares, will serve as our new Central Kentucky Market President," James A. Hillebrand, Stock Yards Bancorp Chairman and CEO.
Kentucky Bancshares was advised by Raymond James and Stoll Keenon Ogden. Stock Yards was advised by Keefe Bruyette & Woods and Frost Brown Todd.
Warburg Pincus, a global growth investor, agreed to acquire a stake in Global Healthcare Exchange, an operator of the industry's largest cloud-based trading network, from private equity firm Thoma Bravo. Financial terms were not disclosed.
"GHX has built a solid foundation for growth and market dynamics have presented opportunities for us to deliver even more value to our customers. The addition of Warburg Pincus to our equityholder base is an additional plus. Besides the new investment possibilities this transaction gives rise to, it will also enhance the impact of our existing products and support long-term growth," Bruce Johnson, GHX President and CEO.
GHX is advised by JP Morgan, Cleary Gottlieb Steen & Hamilton and Tier One Partners.
Private equity firms The Carlyle Group and Warburg Pincus agreed to invest in NEOGOV, a provider of an integrated HR, payroll, talent management, accreditation management and policy management solutions for the public sector. Financial terms were not disclosed.
"In its mission to 'serve the people who serve the people,' NEOGOV makes hiring, training, and managing employees in the public sector easier, more effective, and more equitable. We are excited to partner with Warburg Pincus, Shane, and the rest of the NEOGOV team to leverage Carlyle's deep expertise in government and technology investing and support the Company's next phase of growth," Ashley Evans, Carlyle Managing Director.
NEOGOV is advised by William Blair & Co and Willkie Farr & Gallagher. The Carlyle Group is advised by Alston & Bird.
US LBM, a distributor of specialty building materials in the United States, agreed to acquire J.P. Hart Lumber And Hart Components, a building products distributor and manufacturer with eight operating locations across Texas. Financial terms were not disclosed.
"The Hart team is widely respected and known for excellence and innovation by professional builders across Texas. When this acquisition is completed, US LBM will have an expansive network across Texas, with a strong presence in every major housing market, including Austin, Houston, Dallas-Ft. Worth and San Antonio," L.T Gibson, US LBM President and CEO.
J.P. Hart is advised by JIAN Group, Norton Rose Fulbright and Wyrick Robbins Yates & Ponton.
Solera, an American company based in Texas which provides risk management and asset protection software, completed the acquisition of eDriving, the digital driver risk management partner for many of the world's largest commercial fleets. Financial terms were not disclosed.
"Solera is committed to advancing digital fleet management through cutting-edge technology and real-time data that improves business outcomes. eDriving's suite of driver safety and risk reduction solutions will further enhance our existing products as well as uniquely bridge the gap between vehicle and driver performance on a global scale," Darko Dejanovic, Solera CEO.
eDriving is advised by Houlihan Lokey. Solera is advised by Joele Frank.
Post Holdings, a consumer packaged goods holding company, completed the acquisition of the ready-to-eat cereal business of Treehouse Foods, a manufacturer and distributor of private label packaged foods and beverages in North America, for $85m.
"This transaction is another important step in our strategic journey to create value for our customers and our shareholders. Based on our thorough efforts to find alternative buyers for the business, we believe this transaction is not only in the best interest of its employees and customers, but also gives the business the opportunity to flourish as part of Post. I want to express my gratitude to the approximately 500 RTE team members for their ongoing commitment, as we work closely with Post to facilitate a smooth transition for all stakeholders," Steve Oakland, TreeHouse Foods CEO and President.
TreeHouse Foods was advised by William Blair & Co and Winston & Strawn.
Wealth Enhancement Group, an independent wealth management firm, completed the acquisition of Hoover Financial Advisors, an independent hybrid registered investment adviser. Financial terms were not disclosed.
"We are thrilled to welcome Hoover Financial Advisors to our platform. Pete Hoover and the team at HFA have built an impressive firm with a strong track record for growth. HFA's holistic approach to addressing clients' long-term planning needs – with a particular focus on financial planning – serves as a powerful example of the right way to foster meaningful, lifelong client relationships. We look forward to working with the talented team from HFA to accelerate their growth by leveraging our centralized wealth management, back office and technology platforms," Jeff Dekko, Wealth Enhancement Group CEO.
Wealth Enhancement is advised by Haven Tower Group.
Swander Pace Capital, a private equity firm specializing in consumer product companies, agreed to invest in Mommy's Bliss, an all-natural, over-the-counter health and wellness brand for babies, kids, moms, and moms-to-be. Financial terms were not disclosed.
"We are thrilled to partner with CEO Yasmin Kaderali and the rest of the Mommy's Bliss team. Mommy's Bliss markets unique, high-quality, readily available products created by and for moms. Their ability to connect with and capture the trust of parents is compelling, and we're looking forward to the opportunity to build off their momentum in order to help families stay healthy and thrive," Corby Reese, Swander Pace Capital Managing Director.
Private equity firms Star Mountain Capital and Capital Dynamics completed an investment in Revcontent, a content marketing and native advertising platform. Financial terms were not disclosed.
"We are extremely excited to partner with Richard Marques and the management team at Revcontent to help them accelerate growth by adding new products, capabilities, and additional, talented staff. We believe Revcontent has a unique position within the native advertising market and will benefit from advertisers' increasing focus on contextual advertising, given a number of the changes occurring to restrict consumer privacy. Revcontent is ideally positioned to deliver innovative solutions to both publishers and advertisers in this environment," Bruce Eatroff, Star Mountain Capital Managing Director.
Chartwell Real Estate, a real estate investment and development firm, agreed to acquire Balboa Fun Zone, an amusement park, from Discovery Cube, a museum operator. Financial terms were not disclosed.
"Selling the Fun Zone was a difficult decision for the museum, but we were fortunate to partner with Chartwell and the Pyle family who value the historic elements of the Fun Zone and are focused on bringing new life to this iconic local landmark," Joe Adams, CEO Discovery Cube.
Chartwell Real Estate and Discovery Cube are advised by Cushman & Wakefield.
Advantus, a privately-held manufacturer of consumer, commercial, and durable goods, completed the acquisition of Victory Light, a designer and developer of office and decor products. Financial terms were not disclosed.
"The addition of Victory Light further diversifies and expands our extensive office products portfolio," Kevin Carpenter, Advantus President.
The Sterling Group-backed Artisan Design Group, a provider of flooring products and services, completed the acquisition of Great Floors, the largest provider of flooring products and installation services in the Northwest. Financial terms were not disclosed.
"As the most established player in residential and commercial flooring in the Northwest, we are committed to continued growth and believe joining forces with Larry and Wayne will help solidify ADG's position as the national leader in our industry," Doug Chadderdon and Jim McGee, Great Floors Co-Founders.
Aimbridge Hospitality, a multinational hospitality company, agreed to acquire Grupo Hotelero Prisma, the largest third-party operator in the Mexico market. Financial terms were not disclosed.
"We are honored to bring in the portfolio of Grupo Hotelero Prisma and its incredibly talented team of like-minded and energetic professionals. The continued expansion of Aimbridge and its alliances with the world's top hospitality brands has been a priority for us since the early days. This new relationship sets us on a path for a successful expansion in a previously untapped market," Dave Johnson, Aimbridge Hospitality Executive Chairman.
LHC Group, a provider of post-acute continuum of care, agreed to acquire Heart of Hospice, a hospice care provider, from EPI Group, a family-owned holding company based in Charleston, South Carolina. Financial terms were not disclosed.
The acquisition includes 16 hospice agencies in Arkansas, Louisiana, Mississippi, Oklahoma, and South Carolina. The providers will continue to operate under the Heart of Hospice name.
Investment firms Premji Invest and STEADFAST Capital Ventures led a $200m Series G round in Outreach, the largest and fastest-growing sales engagement platform provider.
"At Premji Invest, we are incredibly selective and only partner with companies that offer enduring value and can thrive in the public markets. Outreach ticked every box for us," Sandesh Patnam, Premji Invest Managing Partner.
Private equity firm Riverwood Capital led a $110m Series C round in Alation, a software solutions provider. Additional investors include Sanabil Investments, Snowflake Ventures, Costanoa Ventures, Dell Technologies Capital, Icon Ventures, Salesforce Ventures, Sapphire Ventures, and Union Grove Partners.
The capital will help Alation meet increasing global demand for its data intelligence platform, which is emerging as the most critical technology investment to enable the modern, data-driven enterprise. Beyond accelerating go-to-market, the financing will also fund innovation in the form of new products and capabilities, furthering the company’s position as the leader in the data intelligence market.
“With the support of this investment group led by Riverwood, I could not be more thrilled with the opportunities this capital unlocks. We’ll be able to go faster. This is what our customers like Blackstone, Dell, and Salesforce want. This is what our partners like Snowflake, Tableau, and Capgemini want," Satyen Sangani, Alation Co-Founder and CEO.
Define Ventures, a private equity firm, led a $113m Series A round in Intrinsic, an eCommerce platform with participation from Link Ventures and others.
"Intrinsic is building the consumer health products business of tomorrow by acquiring and accelerating eCommerce native brands. Health & wellness eCommerce is immense and growing at a breakneck pace as consumers move their spending online. Intrinsic is purpose-built to meet this opportunity and address the unique needs of consumers and founders in the category. However, we see commerce as just the beginning of a relationship with health consumers. By aggregating a large population of consumers around their chosen solutions, we are building a bridge from commerce to care that will transcend retail products and impact the lives of people around the world," Yadin Shemmer, Co-Founder and CEO Intrinsic.
ALK to acquire rights to OTIPRIO.
ALK, a global, research-driven pharmaceutical company that focuses on the diagnosis and treatment of allergies, acquired OTIPRIO, a prescription fluoroquinolone antibacterial approved to treat pediatric patients six months of age and older with bilateral otitis media with effusion undergoing tympanostomy tube placement, from Otonomy, a biopharmaceutical company. Financial terms were not disclosed.
"ALK is excited to expand our portfolio to offer more innovative solutions to healthcare providers, including ENTs, primary care physicians and pediatricians, as well as their patients," Jorge Alderete, ALK President.
Elliott Management discloses a 10% stake in Dropbox. (FS)
Elliott Management has taken a sizable stake in software company Dropbox, becoming the company’s largest shareholder after Chief Executive Officer Drew Houston. The two sides have been in talks since earlier this year, WSJ reported.
Activists have historically steered clear of companies with powerful founders given that their work usually depends on being able to build a coalition of shareholder support. But Elliott has broken that mold with past investments in Twitter, SoftBank Group and various iterations of computer-and-storage giant Dell Technologies, all of which featured founders with significant stakes and were relatively friendly investments.
SqwaQ explores strategic oppurtunities.
SqwaQ, a developer of communications technology for Industrial IoT and mobile robotics, revealed that it is inviting and exploring mergers and acquisitions opportunities. The company seeks acquisition by a major stakeholder serving mobile Industrial IoT or robotics technology for autonomous vehicles.
"We found that hundreds of companies rushed into autonomous vehicles and mobile robotics without considering data security, connection redundancy or link reliability, which are all critical to these operations. SqwaQ positioned to be the "Intel Inside" for Industrial IoT and robotics customers. We're not limited to one network like Vodafone or Verizon. Our modems move data across all cellular networks and towers simultaneously. We're doing today what 5G still will not achieve in 5 years," Ted Lindsley, SqwaQ CEO.
DLocal raises $618m in US IPO.
DLocal, a Uruguayan payment startup, raised $618m in its initial public offering. DLocal shares started trading at Nasdaq under the symbol “DLO”.
DLocal priced 29.4m shares at $21 per share, above its indicated $16-$18 range. The IPO valued DLocal at $6.06bn. Of the shares sold, around 4.4m were by DLocal and 25m by current investors.
JP Morgan, Goldman Sachs, Citigroup and Morgan Stanley are the lead underwriters for the IPO.
Paceline Equity Partners closes Opportunity Fund I at $350m. (FS)
Paceline Equity Partners, a Dallas-based private equity manager, announced the final closing of commitments to Paceline Equity Partners Opportunity Fund I, and Paceline Equity Partners Opportunity Fund I. The commitments of investors to Fund I total $350m. In addition, Paceline has raised and currently manages $64m of third-party equity capital to invest alongside deployments from Fund I. Paceline has raised $449m of equity capital to date.
Commitments were secured from a diversified group of institutional investors from North America, Europe, and the Middle East. Among these institutions are leading sovereign wealth funds, public pension funds, university endowments, family offices and funds of funds.
Paceline Equity was advised by Winston & Strawn, PJT Partners and Gasthalter & Co.
AmerisourceBergen, an American drug wholesale company, completed the acquisition of Alliance Healthcare, a wholesaler, distributor, and retailer of pharmaceutical, surgical, medical, and healthcare products, from Walgreens Boots Alliance, an American holding company, for $6.5bn, comprised of c. $6.3bn in cash and 2m shares of AmerisourceBergen common stock.
"This strategic agreement with AmerisourceBergen, which we consider to be the world's leading pharmaceutical wholesaler, is a very positive development for the two companies. This deal will enable significant value creation for both companies and will generate new synergies in addition to those already captured. It is a logical step following the success of our long-term strategic relationship with AmerisourceBergen which has been a strong and trusted partner since 2013. The transaction will fuel higher future investments to grow and transform our core retail pharmacy and healthcare businesses, and is EPS accretive long-term for Walgreens Boots Alliance," Stefano Pessina, Walgreens Boots Alliance Executive Vice Chairman and CEO.
AmerisourceBergen was advised by JP Morgan, Cravath Swaine & Moore, Hogan Lovells, Morgan Lewis & Bockius and Joele Frank. Walgreens was advised by Centerview Partners, Baker McKenzie and Cleary Gottlieb Steen & Hamilton. Debt financing was provided by JP Morgan.
Babylon, a digital-first value-based care company, agreed to go public via a merger with Alkuri Global Acquisition, a special purpose acquisition company, in a $3.6bn deal.
"We founded Babylon on a fundamental belief, that it is possible to make quality healthcare accessible and affordable for every person on earth by combining the latest in technology and the best in medical expertise. We have achieved one of the highest growth rates every year since our inception, with consistently high clinical outcomes and patient satisfaction. Becoming a public company is just another step in our journey. We are at the very beginning of our work to re-imagine our sector, to make it digital-first and prevention-first and shift the focus away from sick care to true health care," Ali Parsa, Babylon Founder and CEO.
Babylon Health is advised by Ardea Partners, Citigroup, Pareto Securities, Allen & Overy, Walkers and Wilson Sonsini Goodrich & Rosati. Alkuri Global Acquisition is advised by Jefferies & Company and Winston & Strawn.
Aquiline Capital Partners, a private investment firm based in New York and London, agreed to invest in Wealth at Work, a UK-based specialist provider of workplace financial education, guidance and regulated financial advice. Equistone will retain a minority stake in the company alongside Aquiline and management. Financial terms were not disclosed.
"Individuals are facing increasingly complex and important financial decisions as they plan for retirement, which Wealth at Work helps them navigate. We believe that David and his team have built a platform that can deliver high-quality, personalized financial guidance and advice to a growing number of workplace savers across the UK in a highly scalable and technology-enabled manner. We are excited about partnering with them in the next phase of their journey," Jeff Greenberg, Aquiline Chairman and CEO.
Wealth at Work is advised by Deloitte and Travers Smith. Aquiline is advised by Howden, Oliver Wyman, Deloitte, Evercore, Herbert Smith Freehills and West Monroe Partners.
The battle to control Italy’s largest highway operator nears, as some 87% of investors at Atlantia backed the sale of the company’s Autostrade highway unit to an investor group led by Italy’s state-backed lender Cassa Depositi e Prestiti.
Atlantia’s board, which in the absence of other options ultimately decided to back the sale to the state lender, Cassa Depositi e Prestiti, is expected to meet June 10 to give its final approval, Bloomberg reported.
Investor advisers Glass Lewis, ISS and Frontis Governance all recommended Atlantia's shareholders give their go-ahead to the sale of the infrastructure group's 88% stake in Autostrade to the CDP consortium.
CDP is advised by Citigroup, ACS Group is advised by Societe Generale. Atlantia is advised by JP Morgan. Macquire is advised by Rothschild & Co.
KKR agreed to acquire a minority stake in Silver Lake-backed Cegid, a provider of business management software solutions, at a $6.7bn valuation.
"We are excited to be part of Cegid’s journey going forward. We have followed the company for many years and have been impressed by the growth that Pascal and his team have achieved, transforming Cegid into a pan-European software leader. Today’s investment reflects our continued strategic focus on investing in leading European software businesses and on backing French tech champions in their growth journeys," Jean-Pierre Saad, KKR Head of EMEA Technology.
Cegid is advised by Agence Proches. KKR is advised by Finsbury Glover Hering. Silver Lake is advised by Edelman and Simpson Thacher & Bartlett.
Brickability Group, a construction materials distributor, agreed to acquire Taylor Maxwell, a supplier of timber and non-combustible cladding to the construction industry, for £63m ($89m).
"The acquisition of Taylor Maxwell is the 11th strategically significant acquisition made by Brickability since 2018 and is absolutely in line with the strategy we set out at IPO. As Brickability continues to grow, this acquisition marks a significant expansion in the range of solutions we can deliver for our growing client base and represents a significant value-add for our shareholders," John Richards, Brickability Chairman.
Brickability is advised by Cenkos Securities and Montfort Communications.
OTP Bank, one of the largest independent financial service providers in Central and Eastern Europe, agreed to acquire Nova KBM, Slovenia's second-largest bank, from private equity firm Apollo and the European Bank for Reconstruction and Development. Financial terms were not disclosed.
"With the acquisition of Nova KBM, we can further strengthen the already outstanding stability and profit-generating ability of OTP Group, while growing faster than all our competitors. This process will not be interrupted, we are currently examining the possibility of further acquisitions in the region," László Wolf, OTP Bank Deputy CEO.
Thrive, a premier provider of NextGen Managed Services, completed the acquisition of ONI, a provider of IT solutions and services. Financial terms were not disclosed.
"ONI is a tremendous IT managed services company with deep Cisco WAN, Unified Communication and Cloud expertise. We were attracted to ONI due to their strong management team, led by CEO Kevin Kivlochan, attractive customer base, and desirable geographic location, just north of London. Thrive plans to add our robust Microsoft and cyber security capabilities to assist the ONI clientele, and we're very excited to utilize their expert WAN engineering team to drive additional value to Thrive's client base," Rob Stephenson, Thrive CEO.
Private equity firms T. Rowe Price and Durable Capital Partners led a $1bn series D round in Celonis, a German data mining company. Additional investors include Franklin Templeton, Splunk Ventures, Arena Holdings and a group of principal investors.
“Celonis uniquely sits at the center of one of the biggest technology trends of our time -- modernizing businesses with data-driven and intelligent execution. Celonis is a rare gem that has a massive market potential to create a new and modern way to run your business," Henry Ellenbogen, Durable Capital Managing Partner and Chief Investment Officer.
Volvo Penta, a manufacturer of diesel engines, completed the acquisition of ZEM, an energy storage company. Financial terms were not disclosed.
"As a part of the Volvo Group's great electromobility initiatives, Volvo Penta has a solid technology foundation to leverage. Marine electromobility, however, has a unique set of requirements. There are very specific considerations of utmost importance around the installation environment, safety, the use case itself as well as the current lack of charging infrastructure," Peter Granqvist, CTO Volvo Penta.
Pennon Group, a UK-focused water infrastructure group, agreed to acquire Bristol Water, a water supply company, from iCON Infrastructure, an investment group, and ITOCHU, a Japanese corporation based in Umeda, for £814m ($1.1bn).
"Bristol Water brings great people and a great business to Pennon and I am hugely excited about building a future together," Susan Davy, Pennon CEO.
Aramco is planning a bond sale to fund $75bn dividend.
Saudi Arabian oil group Aramco is preparing to return to global capital markets with a bond that would help fund a $75bn dividend commitment.
The world’s biggest energy company has picked around 15 banks to manage a sale of Islamic debt, or sukuk, that could happen this month. The state-controlled firm may seek to raise around $5bn.
Aramco is considering a sale of both dollar and local-currency sukuk. No decision has been made and the firm may put off the deal if market conditions deteriorate.
Nordgold targets up to $5bn valuation in a twin IPO.
Nordgold, a Russia-focused gold producer, is planning an IPO of at least 25% of its existing shares in London and Moscow. Nordgold is targetting a valuation of up to $5bn.
Nordgold, majority owned by Russian billionaire Alexei Mordashov and his sons Kirill and Nikita, was previously listed in London but delisted in 2017. It is aiming for a premium listing that would make it eligible for the FTSE indices. The Mordashov family are the selling shareholders in the deal and Nordgold will not receive any proceeds from the offering, Reuters reported.
“Now is the right time for Nordgold to seek a premium London listing. We look forward to sharing our story with potential investors over the coming weeks," Nikolai Zelenski, Nordgold CEO.
Citigroup, JP Morgan and VTB Capital are co-ordinators and joint bookrunners for the offering.
Sistema-backed MTS Bank is considering a 2022 IPO. (FS)
Sistema-backed MTS Bank, the fintech unit of Russia’s largest mobile operator MTS, is considering an IPO in 2022, Reuters reported.
“The idea of doing an IPO of the bank next year is being discussed. t would be ridiculous for the IPO to bring in anything less than $1bn," Vladimir Yevtushenkov, Sistema Head.
Ucommune, an agile office space manager and provider in China, agreed to merge with Guangdong Wanhe, an eco-friendly and intelligent space renovation service provider in China. Financial terms were not disclosed.
As part of the Agreement, the Company will benefit from Guangdong Wanhe's established expertise in eco-friendly building materials, energy-saving construction plans, resource recycling, and renovation best practices.
CVC, a private equity firm, completed the investment in A Bathing Ape, a fashion company. Financial terms were not disclosed.
"BAPE is an iconic brand with a loyal fan base that has defined the fashion industry with its premium streetwear designs. We are looking forward to bringing this exciting brand to more markets and new customers around the world," Yann Jiang, Director CVC.
Prosus Ventures, Dragoneer and Wellington Management led a $255m Series F round in Urban Company, a tech-enabled home services marketplace, with participation from Vy Capital, Tiger Global and Steadview.
Urban Company will utilise the new investment towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers. The company also aims to increase its geographic footprint by entering the top 100 cities in India and further expanding into international markets.
Horizon Robotics weighs a $1bn US IPO. (FS)
Horizon Robotics, a Chinese artificial intelligence-chip startup, is considering a US IPO which could raise as much as $1bn.
The Beijing-based company, which is backed by investors including Intel Capital, Hillhouse Capital and Jack Ma’s Yunfeng Capital, is working with advisers on preparations for the share sale. A listing could happen as soon as the end of this year, Bloomberg reported.
Details of Horizon Robotics’ IPO plans including venue and timing are preliminary as deliberations are ongoing.
Angelalign Technology to raise $375m in its Hong Kong IPO.
Angelalign Technology, a manufacturer of dental braces in ilooking to raise up to $375m in a Hong Kong IPO.
The IPO could raise the valuation of Angelalign Technology to a $3.7bn top-of-the-range equity value implies a punchy 54 times forecast next year’s earnings, Reuters reported.
CICC and Goldman Sachs are sponsors for a listing.
Kotak Investment Advisors, the alternative assets arm of the Kotak Mahindra Group has launched a pre-IPO fund - the Kotak Pre IPO Opportunities Fund, DealStreetAsia reported.
The fund, a category II Alternative Investment Fund has been positioned as an ‘India-focused, late-stage fund to invest in high-quality companies with a strong moat of technology.’
The pre IPO fund will target investments ranging from $3m to $27m and have an average holding period of around 3 years. According to its presentation in sectors like fintech, consumer tech, ed tech, health tech and software as a service, it will target late stage high-quality companies.
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