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AMERICAS
Bain Capital, an American private investment firm, and Reverence Capital, a private investment firm, agreed to acquire Envestnet, an American financial technology corporation, for $4.5bn.
"This is a great outcome for Envestnet's clients and employees, and one that maintains its entrepreneurial spirit. Envestnet is exceptionally well-positioned to continue to build a gateway to the future of financial advice. I couldn't be more excited about the company going forward, its continued success and ability to serve more advisors – enabling them to deliver more holistic financial advice," Bill Crager, Envestnet Co-Founder.
Bain Capital is advised by JP Morgan, Ropes & Gray (led by William M. Shields) and Stanton PRM (led by Charlyn Lusk and Scott Lessne). Debt financing is provided by Ares Management, BMO Capital Markets, Barclays, Benefit Street Partners, Blue Owl, Goldman Sachs and RBC Capital Markets. Envestnet is advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison.
MasterBrand, the largest manufacturer of residential cabinets in North America, completed the acquisition of Supreme Cabinetry Brands, one of the largest manufacturers of residential cabinetry in America, from GHK Capital Partners, a middle-market private equity firm, for $520m.
“Today is an important day as Supreme joins MasterBrand. The completion of this acquisition marks a major milestone, positioning MasterBrand to offer an unmatched breadth of offerings and enhanced service to even more customers and consumers. As one team, we will build on our shared legacy of innovative product leadership, superior customer service and continuous improvement to drive significant value for all our stakeholders. We warmly welcome the talented team at Supreme and look ahead with excitement to our continued journey of growth and innovation, as we advance our purpose of Building Great Experiences Together,” Dave Banyard, MasterBrand President and CEO.
Supreme Cabinetry Brands was advised by Jefferies & Company and Harris Williams & Co. MasterBrand was advised by JP Morgan, Rothschild & Co, Skadden Arps Slate Meagher & Flom (led by Marie Gibson) and Joele Frank (led by Andrew Brimmer). GHK Capital Partners was advised by Davis Polk & Wardwell (led by John D. Amorosi).
Merz Therapeutics, a neurological disorders pharmaceutical company, completed the acquisition of Acorda Therapeutics, an American biotechnology company for $185m.
“The addition of INBRIJA and (F)AMPYRA to the treatment portfolio underlines Merz Therapeutics’ global Pivot for Growth strategy to both evolve the current portfolio and achieve critical scale and global reach. Merz Therapeutics is well poised to build on what we have accomplished in the specialty neurology space, strengthening our market position in Parkinson’s disease and expanding into the MS segment. This deal demonstrates Merz Therapeutics’ interest and ability to acquire assets that will deliver greater, sustainable outcomes for more people living with neurological disorders,” Stefan König, Merz Therapeutics CEO.
Acorda Therapeutics was advised by Ducera Partners, Ernst & Young, Leerink Partners and Baker McKenzie. Merz Therapeutics was advised by Morgan Stanley, Freshfields Bruckhaus Deringer (led by Scott Talmadge, Sanjay Murti and Adam Golden) and Deloitte.
Valenz Health, an integrated cost containment and payment integrity solutions platform, agreed to acquire Healthcare Bluebook, an industry-leading healthcare cost and quality navigation platform. Financial terms were not disclosed.
"Together, we will be able to offer a single source of data and solutions on an integrated platform that will make it easier for the industry to execute on a healthcare experience that delivers higher-quality, cost-effective and more efficacious care for members. We are exceptionally well positioned to deliver a new pathway for consumers to achieve the Valenz Health promise to engage early and often for smarter, better, faster and more cost-effective healthcare," Rob Gelb, Valenz Health CEO.
Valenz Health is advised by Raymond James, Stifel and Debevoise & Plimpton. Healthcare Bluebook is advised by William Blair & Co and Goodwin Procter.
HIG Capital, a global alternative investment firm, completed the acquisition of Best Trash, a waste collection platform. Financial terms were not disclosed.
“We are thrilled to partner with HIG and leverage their significant experience and resources as we enter this next phase of growth. Best Trash has built its brand providing exceptional service to its customers, and we look forward to continuing to serve the communities in which we operate,” Mark Moderski, Best Trash CEO.
Best Trash was advised by Raymond James and White & Case. HIG Capital was advised by Stifel and Ropes & Gray.
General Catalyst, a US-based venture capital firm, and McKesson Ventures, a venture capital firm, led a $200m round in HarmonyCares, a value-based in-home longitudinal care provider, with participation from K2 HealthVentures, Rubicon Founders, Valtruis, HLM Capital and Oak HC/FT.
"There is an urgent need to expand access to longitudinal care, particularly as many patients across the US are already struggling to get the care they need. This latest investment enables us to double-down on our commitment to expand access to value-based care for patients with complex clinical and social needs and who often have limited access to care, resources, or even family nearby," Matthew Chance, HarmonyCares CEO.
Madison River Capital, a private equity firm, completed the $70m investment in JDC Power Systems, an electrical systems integrator exclusively serving the data center market.
"We were drawn to JDC because of its impressive track record of delivering highly technical solutions and innovative products that provide significant competitive advantages in the growing data center industry," David Wittels, MRC Managing Partner and President.
JDC Power Systems was advised by Carl Marks Advisors. Madison River Capital was advised by FGS Global (led by Akash Lodh).
Summit Partners, an American investment firm, and Silversmith Capital Partners, a Boston-based growth equity firm, led a $200m investment in Earned Wealth, a tech-enabled financial services firm, with participation from Juxtapose, Hudson Structured Capital Management, and Breyer Capital.
“From the beginning, we’ve been firmly focused on building the premier go-to destination for doctors who are seeking to optimize their financial well-being, delivering tailored solutions and services that allow them to focus on what they do best. Today’s announcement represents a critical step on our journey to further transform financial outcomes for these heroes of our society. With the addition of Thomas Doll, we broaden our capabilities and expand into serving medical practices, a key lever of income and wealth for many of our clients,” John Clendening, Earned Wealth Founder and CEO.
Earned Wealth was advised by Walker Communications.
DSG-backed Lawson Products, an industrial distributor, agreed to acquire Source Atlantic, an industrial MRO supplies, safety products, fasteners, and related value-add services company. Financial terms were not disclosed.
“We’re thrilled to partner with Source Atlantic to expand DSG’s operating footprint in the Canadian market. We are honored to carry on the company’s successful legacy of over 157 years, dating back to 1867, and to continue its steady stewardship by the Irving family spanning 80 years. Combining Source Atlantic’s Eastern Canadian operation with Bolt Supply’s Western presence positions us as a leading MRO player in the Canadian market, further strengthening DSG’s North American presence for our expanded value-added capabilities,” Bryan King, DSG Chairman and CEO.
Rezolve, an international commerce specialist, agreed to go public via SPAC merger with Armada Acquisition, a publicly traded special purpose acquisition company. Financial terms were not disclosed.
"Rezolve AI is well positioned for a strong public debut, with an experienced management team and a SAAS based, generative AI powered sales engine that is designed to help retailers improve search, advice and revenue generation," Daniel M. Wagner, Rezolve Chairman and CEO.
Armada Acquisition is advised by Bishop IR.
Argo Infrastructure Partners, an independent fund manager, completed the acquisition of a majority stake in TierPoint, an enterprise data center company that provides secure, connected IT platform solutions for digital transformation initiatives. Financial terms were not disclosed.
“We are pleased to expand our investment in TierPoint, reaffirming our commitment as a dedicated, long-term investor in the exceptional platform. TierPoint’s robust contractual revenue profile, coupled with the achievement of an investment-grade profile on the ABS and its environmental stewardship, fully aligns with Argo’s long-term sustainable infrastructure thesis. We look forward to continuing to support the long-term growth of our collective platform in partnership with our securitization investor partners,” Jason Zibarras, Argo Founding Partner.
Argo Infrastructure Partners was advised by Edelman (led by Ira Gorsky).
Google parent Alphabet walked away from HubSpot deal weeks ago.
Google parent Alphabet decided not to pursue a takeover of online marketing software company HubSpot weeks ago, Reuters reported.
The talks between Alphabet and HubSpot never progressed to due diligence and fell apart shortly after the companies held initial discussions on a potential deal.
BP signs deal with mall owner Simon Property for over 900 EV chargers.
A unit of BP signed a deal with mall owner Simon Property Group to install and operate more than 900 high-speed electric vehicle chargers at 75 sites across the United States. The first locations with chargers from BP Pulse will be open to the public in early 2026 and support vehicles from nearly all EV makers, Reuters reported.
The deal, one of the largest in EV charging for the global oil giant, comes amid a broader slowdown in demand for EVs as high interest rates meant to control inflation have soured consumer sentiment for battery-powered vehicles, which are typically more expensive than gas-powered counterparts.
EMEA
Standard Motor Products, an automotive parts manufacturer, agreed to acquire Nissens, an aftermarket engine cooling and air conditioning products manufacturer, from Axcel, a private equity company, for $388m.
"We are very excited to have SMP as our new owner. We have been following SMP's activities in the US, and we see a lot of similarities in the way SMP and Nissens operate in their respective focus regions. I have personally known the SMP management team for several years, and I believe there is a very strong cultural fit that will support and accelerate the positive development of both companies. We look forward to becoming part of the SMP family," Klavs Pedersen, Nissens CEO.
Nissens is advised by Deloitte, Jefferies & Company, PricewaterhouseCoopers and Gorrissen Federspiel. Standard Motor Products is advised by JP Morgan, Hughes Hubbard & Reed and Plesner. Debt financing is provided by Bank of America, JP Morgan and Wells Fargo Securities.
Johnson & Johnson, an American multinational pharmaceutical, biotechnology, and medical technologies corporation, completed the acquisition of Yellow Jersey Therapeutics, which holds assets relating to NM26, an investigational first-in-class bi-specific antibody for the treatment of atopic dermatitis, from Numab Therapeutics, a developer of immunotherapies for inflammation and cancer, for $1.25bn.
“Nearly three-quarters of people with AD are not achieving remission with currently available treatments3. The unmet need is high, and we must do better for patients. Our investment in NM26, and other bispecific antibodies, is another important step towards our mission of durable, symptom-free remission for all patients living with immune-mediated diseases,” Candice Long, Johnson & Johnson Worldwide Vice President, Immunology.
Numab Therapeutics was advised by Centerview Partners, Morgan Stanley, Baker McKenzie, Lyra Strategic Advisory (led by Julia Deutsch) and Meru Advisors (led by Patrick Till).
Tycoon Mike Jatania-backed consortium nears deal for Body Shop. (FS)
A consortium led by British tycoon Mike Jatania is nearing a deal to buy struggling UK cosmetics retailer The Body Shop out of administration, Bloomberg reported.
Aurea Holding, an investment firm that Jatania runs with former UBS banker Paul Raphael, is in exclusive talks to acquire The Body Shop after beating rival bidders in an auction process.
Credit Agricole said to lead bidding for SocGen's Hanseatic Bank.
Credit Agricole is in advanced talks on a potential acquisition of Societe Generale's German consumer-finance business Hanseatic Bank, Bloomberg reported.
Paris-listed Credit Agricole has emerged as the most likely buyer after some other suitors fell away. Hanseatic Bank could be valued at more than €600m ($650m) in a deal.
Legal & General-backed Salary Finance in advanced talks about merger. (FS)
A prominent financial technology company part-owned by Legal & General is in talks about a merger that would create one of Britain's biggest non-bank consumer lenders, Sky News reported.
Salary Finance, which advances employees' wages, and Oakbrook, a tech-enabled lending platform, are expected to be combined following talks between their largest shareholders. A tie-up would create a company with a £500m ($640m) loan-book and 200k active customers.
London broadband provider G Network looks to connect with buyers.
A fibre broadband network which has connected hundreds of thousands of Central London premises is exploring a sale after approaches from potential buyers, Sky News reported.
G Network, whose investors include Britain's university lecturers' pension scheme, is working with Nomura and Jefferies to field takeover interest. CityFibre and Community Fibre are among the parties that are said to have expressed interest in buying the company.
APAC
CITADEL Pacific, an Asian industrial group, completed the acquisition of Hong Kong & Macau liquid gas business of DCC, an Irish international sales, marketing and support services group, for $150m.
"We are pleased to announce the sale of a majority stake in our business in Hong Kong & Macau. I would really like to thank our talented team in the region who have built a very strong business. Their commitment and passion in serving customers and driving performance has been exceptional throughout our ownership. We look forward to partnering with CPL to further develop our combined operations," Donal Murphy, DCC CEO.
DCC was advised by Powerscourt.
Singapore-based ride hailing firm Grab's deal to buy smaller rival Trans-cab Holdings is likely to significantly lower competition in the domestic market, the city-state's competition watchdog said on July 11, Reuters reported.
The Competition & Consumer Commission of Singapore also said that rival ride-hailing platforms, such as Comfortdelgro, will be deprived of drivers who work for Trans-cab if the deal goes through, especially as the city-state faces a shortage of drivers.
Trans-cab is advised by Morgan Lewis & Bockius (led by Bernard Lui).
Sharon AI, a high-performance computing business focused on artificial intelligence cloud GPU compute infrastructure, completed the acquisition of Distributed Storage Solutions, a sustainable and robust data storage infrastructure, for $25m.
“We are looking forward to expanding our existing AI GPU Compute and Cloud Storage operations in 2024 and beyond, driven by Sharon AI’s board and management team who have significant experience in energy markets and data center infrastructure. Our team has previously deployed over 100 modular data centers across more than 200MW of energy capacity in the US. The demand for GPU specific workloads and specialized data centers driven by generative AI is enormous and we are excited about the opportunities in front of us,” Wolf Schubert, Sharon AI CEO.
Sichuan Biokin Pharma files for $500m Hong Kong IPO. (FS)
Sichuan Biokin Pharmaceutical filed for a Hong Kong listing that could raise about $500m, making it one of the largest deals in the city's pipeline, Bloomberg reported.
The drugmaker, which is already listed in Shanghai, filed a preliminary prospectus without going into detail on the size of the initial public offering. Goldman Sachs, JPMorgan Chase, and Citic Securities are joint sponsors for the share sale.
Top Thai music firm eyes IPO following Tencent investment. (FS)
GMM Music is planning an initial public offering as early as this year, following a recent equity investment from China's Tencent Holdings, Bloomberg reported.
Thailand's largest music company, a unit of GMM Grammy boosted its valuation to about $700m after selling a 10% stake to China's Tencent Holdings last month. Therefore, it would like an IPO "as soon as possible", this year or in 2025.
HongShan closes $2.5bn RMB fund with backing from China's state capital. (FS)
Venture capital firm HongShan, previously known as Sequoia Capital China, has closed a new RMB-denominated fund at about CNY18bn ($2.5bn) to continue its investment focus on the technology, healthcare, and consumer sectors, DealStreetAsia reported.
The new fund is backed by the Hangzhou city government and a number of private and state-owned insurance companies. However, it is smaller than HongShan's $9bn fund raised in 2022, which it has so far struggled to deploy.
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