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AMERICAS
Banc of California, a provider of a full-service banking and home lending to individuals and their businesses and families, agreed to merge with PacWest, a bank holding company headquartered in Los Angeles, California, in a c. $1.15bn deal. Warburg Pincus and Centerbridge Partners will invest an aggregate of $400m for newly issued equity securities concurrently with, and subject to, closing of the merger.
“This transformational merger will create a robust, well-capitalized and highly liquid institution poised to deliver exceptional service to even more California businesses and communities. We believe both Banc of California and PacWest stockholders will benefit from the compelling economics of the combined company and its enhanced ability to deliver profitable and sustainable growth. Out of the gate, the combined company will have the strength and market position to support the banking needs of small and medium-size businesses in California and to capitalize on the opportunities created for stronger financial institutions in the wake of the recent banking industry turmoil,” Jared Wolff, Banc of California President and CEO.
Teleflex, an American provider of specialty medical devices, agreed to acquire Palette Life Sciences, a fully-integrated global life sciences company, for $650m.
"The original founding vision for Palette Life Sciences was to disrupt the rectal spacing market with a new product innovation that would serve as a better option for doctors and their patients. As a result, Palette would achieve strong market growth and expansion, creating high value for patients and shareholders alike. Entering into the agreement with Teleflex serves as an important milestone in achieving our vision," Travis Gay, Palette Life Sciences Chief Commercial Officer and Co-Founder.
Palette Life Sciences is advised by Guggenheim Partners, Advokatfirman Lindahl, Faber Daeufer & Itrato, Hogan Lovells, Wilson Sonsini Goodrich & Rosati and Finn Partners (led by Glenn Silver).
H.I.G. Capital, a Miami, Florida–based private equity and alternative assets investment firm, agreed to acquire RBmedia, an audiobook publisher, from KKR, a global investment firm. Financial terms were not disclosed.
"This acquisition marks a milestone achievement for RBmedia and represents the next chapter in our ongoing business growth and expansion. Over the last five years, we have been privileged to work with the KKR team to create a leading company and to become a trusted partner for authors, publishers, distributors and voice actors, and we look forward to working with H.I.G. to build on that foundation," Tom MacIsaac, RBmedia CEO.
RBmedia is advised by Goldman Sachs, LionTree Advisors and Simpson Thacher & Bartlett. H.I.G. is advised by Morgan Stanley, RBC Capital Markets and Latham & Watkins (led by Tana Ryan and Matthew Goulding).
VICI Properties, a real estate investment trust, and Century Casinos, a casino operator, completed the acquisition of Rocky Gap Casino Resort from Golden Entertainment, an American gaming company, for $260m.
"We are very excited to expand our existing partnership with Century, given their strong track record of integrating and operating similar high-quality regional resort assets, while also working with Blake Sartini, Charles Protell and the team at Golden Entertainment to help them achieve their strategic objectives. This transaction allows each of our companies to efficiently create value for our respective shareholders," John Payne, VICI Properties President and COO.
Century Casinos was advised by Stifel (led by John Orem) and Faegre Drinker Biddle & Reath. Golden Entertainment was advised by Macquarie Group, Latham & Watkins (led by Steven Stokdyk) and JCIR (led by Richard Land).
Ares Management, an investment firm, agreed to acquire Dynamic Renewables, a full-service developer, owner and operator of waste management and anaerobic digestion renewable fuel projects. In addition, NorthWestern Energy acquired a small minority stake in the company. Financial terms were not disclosed.
"We are thrilled to partner with Dynamic, and our investment is aligned with Ares' commitment to accelerate the transition to a lower-carbon economy through the company's innovative waste management and anaerobic digestion capabilities. Dynamic has a demonstrated track record of leadership in the rapidly growing renewable fuels sector, and we look forward to working together to build out its pipeline while supporting local communities in delivering more sustainable waste management practices," Andy Pike, Ares Infrastructure Opportunities Partner and Co-Head.
Ares Management is advised by Latham & Watkins. Dynamic is advised by Lazard and Husch Blackwell.
Oaktree Capital Management, an American global asset management firm, completed the acquisition of a majority stake in Magnolia Wash Holdings, a fast-growing organization of express car washes, from A&M Capital, a private equity firm. Financial terms were not disclosed.
"Magnolia and its management team have an impressive track record, and with our investment, we believe they are poised to grow into a preeminent operator in the industry. This is a special opportunity to partner with an experienced management team at a company that is well positioned to take advantage of the significant runway ahead," David Quick, Oaktree Managing Director.
Magnolia Wash Holdings was advised by JP Morgan. Oaktree Capital Management was advised by Harris Williams & Co.
Bain Capital Tech Opportunities, a growth investing firm that invests in software, fintech and payments, and Valeas Capital Partners, a venture capital firm based in San Francisco, completed investment in Ren, a trusted technology partner to top financial institutions and thousands of non-profit organizations. Financial terms were not disclosed.
“This is a significant inflection point in Ren’s growth, but more importantly, in the philanthropic economy. We see a clear opportunity to enhance our best-in-class platform so that we remain the trusted and most sought-after partner in facilitating philanthropic giving. Bain Capital Tech Opportunities and Valeas bring deep experience in vertical software and wealth-tech and the resources needed to propel our next phase of growth. We are thrilled to partner to continue to provide a best-in-class technology offering to our customers,” Joe Fisher, Ren President and CEO.
Ren was advised by Raymond James. Bain Capital Tech Opportunities was advised by Stanton PRM (led by Quinn Ludwicki).
LPL Financial, the largest independent broker-dealer in the United States, agreed to acquire Crown Capital Securities, a full-service broker-dealer and registered investment advisor. Financial terms were not disclosed.
"Since our inception, we have been focused on supporting our advisors so they have more time to develop customized and integrated investment and planning strategies and more time to spend with their clients, providing a best-in-class customer experience," Darol K. Paulsen, Crown Capital CEO.
Bain Capital-backed Enhance Health, a digital health insurance brokerage and care navigation platform, agreed to acquire JET Health Solutions, a premier Enhanced Direct Enrollment platform. Financial terms were not disclosed.
"We are thrilled to announce the acquisition of JET Health Solutions. Since Enhance's founding, we've been committed to leveraging technology in new ways to simplify the enrollment process. JET's advanced EDE platform improves our already best-in-class member and agent experience," Matthew Herman, Enhance Health CEO and President.
Trintech, a global provider of cloud-based financial close solutions for the Office of the CFO, agreed to acquire the financial reconciliation business of Fiserv, a global provider of fintech and payments solutions. Financial terms were not disclosed.
"In this era of intense digital transformation, accounting automation, reconciliations and financial close represent a significant market opportunity. This acquisition positions Trintech to provide even more compelling financial close capabilities, broaden the reach of our partner ecosystem and drive impressive ROI for our customers. It's also the latest illustration of our holistic growth strategy – one which places a dual mandate on rapid expansion into key verticals and the prioritization of continuous innovation and talent recruitment. We are thrilled to add this powerful complement to Trintech's market-leading portfolio," Darren Heffernan, Trintech CEO.
Music rights giant BMI in renewed talks to sell itself. (FS)
Broadcast Music, the music rights company representing top songwriters such as Lady Gaga, Taylor Swift and Rihanna, is once again exploring options including a sale after it ditched its non-profit model, Reuters reported.
BMI has turned to Goldman Sachs Group, the investment bank that also advised it on deal discussions last year, for guidance as it fields interest from potential acquirers, including private equity firms.
US charges British billionaire Joe Lewis with insider trading.
Joe Lewis, the British billionaire and owner of the Tottenham Hotspur soccer team, has been criminally charged in New York for orchestrating a "brazen" insider trading scheme, Reuters reported.
Prosecutors said Lewis exploited his access to corporate boardrooms by passing tips about companies in which he invested to friends, personal assistants, private pilots and romantic partners, enabling them to reap millions of dollars of profit.
Goodyear launches review, names Elliott-backed directors. (FS, People)
Goodyear said it will appoint new board members and launch a review of its business as part of a settlement with activist Elliott Investment Management, Bloomberg reported.
The Akron, Ohio-based manufacturer is setting up a board committee to oversee a review of strategic and operational alternatives to maximize shareholder value. Evercore, Lazard and Goldman Sachs are serving as financial advisers to Goodyear.
Proterra Investment Partners exceeds hard cap with final close of Proterra Credit Fund 2. (FS)
Proterra Investment Partners, a Minneapolis-based alternative asset manager focused on natural resources investing, announced the successful close of its second private credit fund, Proterra Credit Fund 2. Fund 2 exceeded its $400m target and closed above its initial $500m hard cap, attracting commitments from a diverse group of existing and new investors including state, local and corporate pension funds, insurers, family offices, RIA clients, and Proterra professionals.
At more than double the size of its predecessor fund, Fund 2 builds on Proterra's food and beverage credit platform established in 2019.
Valesco Industries announces over subscription of Fund III at $434m. (FS)
Valesco Industries, a private equity firm in Dallas, Texas, announced that its Valesco Fund III has closed on $434m in capital commitments, exceeding the targeted capital commitment of $375m. VFIII received its SBIC license during Q4 2022.
VFIII was formed to continue Valesco's successful strategy of providing long-term equity (both control and minority) and subordinated debt capital to growth-oriented small and lower middle market businesses located throughout the US.
Liquid Stock announces successful close of fund II, surpassing $300m in assets under management. (FS)
Liquid Stock, a fully independent, institutionally backed firm providing liquidity to employees and stockholders of privately held companies, announced the successful close of Fund II, reaching a milestone of over $300m in assets under management. With a track record of more than 140 deals closed to date, Liquid Stock continues to demonstrate its expertise and leadership position as the go-to source for liquidity solutions.
Fund II witnessed significant participation from Fund I’s anchor investors, funds managed by Goldman Sachs Asset Management, Morgan Stanley AIP, and Coller Capital. The continued participation of our valued investors underscores their confidence in Liquid Stock's investment strategy and the team's ability to reliably identify and capitalize on opportunities.
EMEA
DENTRESSANGLE, the investment holding company of Norbert Dentressangle, agreed to acquire Dietopack, an Italian manufacturer of nutraceutical and pet nutritional products, from Trilantic, a pan-European private equity firm. Financial terms were not disclosed.
"We are very pleased to make the simultaneous acquisitions of Naturacare and Dietopack. This move illustrates the agility and ability to execute of the DENTRESSANGLE teams. With Luc Basthiste at the helm and the integration of Cecilia Cavazzuti within the Executive Committee, we can rely on a team capable of structuring and growing Naturacare with the objective of making the Company a European leader in the food supplement CDMO sector, while maintaining the highest possible quality standards to provide safety, flexibility and innovation to demanding clients," Thierry Coloigner, DENTRESSANGLE Managing Partner.
DENTRESSANGLE is advised by Alvarez & Marsal, PricewaterhouseCoopers, Indefi, Equita Corporate Finance, De Pardieu Brocas Maffei, Pedersoli Studio Legale and Primatice (led by Thomas Roborel de Climens). Trilantic is advised by Ernst & Young, Nomura, La Torre Morgese Cesaro Rio and Citigate Dewe Rogerson.
The Carlyle Group, a global investment firm, agreed to acquire Evolution Funding, the UK's largest used auto finance platform, from LDC, a mid-market private equity house. Financial terms were not disclosed.
"We believe Evolution holds a unique position in the UK's motor finance market, built upon capturing the opportunity to provide a differentiated, technology-based platform which helps both lender and dealer partners navigate change from digitization and regulation. In Carlyle, we have found the ideal partner to continue our growth journey, given their experience growing and scaling entrepreneurial technology businesses like ours," Lee Streets, Evolution Funding Founder and CEO.
The Carlyle Group is advised by Alvarez & Marsal, LEK Consulting, Houlihan Lokey, DLA Piper and Seedcloud Advisory. Evolution Funding and LDC are advised by KPMG, OC&C Strategy Consultants, Arma Partners, Gowling WLG and Crosslake Technologies.
Rcapital, a private equity firm, completed the acquisition of Temple Lifts, a lift maintenance provider, from Hitachi, a Japanese multinational conglomerate corporation. Financial terms were not disclosed.
"Temple Lifts is a solid business that has built a strong reputation for technical expertise and exceptional client service. We are looking forward to supporting the management team as they take the business into a new era of growth and profitability," Sam Duberley, Rcapital Investment Manager.
Rcapital was advised by Bespoke M&A, PHD Property Advisory, Browne Jacobson (led by Paul Hill and Mark Hughes) and RJP.
Nissan, a Japanese multinational automobile manufacturer, agreed to acquire a stake in Ampere, a provider of electric vehicle and software, from Renault, a French multinational automobile manufacturer, for $663m.
“These agreements provide us with a solid base to reactivate business operations worldwide in key markets, with the potential to generate hundreds of millions in value for Renault, Nissan, Mitsubishi and stakeholders. They give us the strategic agility that we need more than ever in today’s rapidly evolving environment. We are all engaged with the right mindset and welcome Nissan as a strong partner in our upcoming EV and Software pure player Ampere. It confirms the attractiveness of the project to be front runner in Europe, allowing Renault and its Alliance partners to position themselves ahead of the starting grid for the EV and software race in Europe,” Luca de Meo, Renault Group CEO.
Nissan is advised by Rothschild & Co.
Verbund, Austria's largest electricity provider, completed the acquisition of a 257MW wind portfolio in Spain from EDP Renováveis, a renewable energy company, for €460m ($508m).
The transaction scope comprises nine operating wind farms with an average age of 14 years and with the potential for repowering and additional hybrid solar capacity. The assets sold were part of the acquisition of the renewable business of Viesgo, closed on December 2020.
EDP Renewables was advised by King & Wood Mallesons (led by Roberto Pomares).
Coro, an all-in-one platform that protects the cloud from unauthorized access, prevents data leakage, and mitigates cloud threats, agreed to acquire Privatise, a provider of one click network security for distributed & remote work and requires no hardware or firewall setup. Financial terms were not disclosed.
“Since its founding, Coro has focused on delivering a comprehensive, yet affordable and easy to use cybersecurity solution for mid-market companies. By integrating Privatise’s SASE capabilities into our platform, we offer the industry’s first mid-market solution to deliver cloud-native, seamless and secure access to applications and resources regardless of location or device. We will continue to invest in Coro’s platform, both organically and through acquisition, to help companies strengthen their security posture and improve their operational efficiency,” Guy Moskowitz, Coro CEO.
SPS Commerce, a provider of retail cloud services, agreed to acquire TIE Kinetix, a provider of SaaS solutions for electronic document exchange and supply chain automation. Financial terms were not disclosed, for €64.5m ($72m).
“We are excited to join SPS Commerce and leverage TIE’s e-invoicing capabilities to capitalize on the opportunity presented by mandatory e-invoicing regulations across Europe. Our offering will complement SPS’ next generation EDI solution and competitively position the combined company across the B2B and B2G markets,” Jan Sundelin, TIE Kinetix CEO.
AGIC Capital, a private equity firm specializing in growth investment, business expansion and inorganic growth related investment, agreed to acquire a majority stake in Pure Trade, a firm that designs and manufactures packaging in beauty industry. Financial terms were not disclosed.
“We are glad to count on AGIC by our side to accelerate our future development strategy. Their support will be key to continue structuring the group and strengthen our international presence. We, as Pure Trade team, are highly motivated to start this new collaboration with AGIC and continue this successful adventure,” Stéfane Ladous, Pure Trade CEO.
THG in talks to buy City AM newspaper out of administration.
Online retailer THG is in talks to buy City AM, a free London newspaper distributed to the city’s financial sector workers, Bloomberg reported.
THG emerged as a surprising candidate to buy the business which was put up for sale earlier this month.
Telkom to partner with South Africa as buyers swarm over assets.
Telkom and the South African government are in advanced talks to partner in rolling out broadband products even as buyers flock to bid for the telecommunication company’s assets, Bloomberg reported.
The partnership will involve Telkom’s businesses such as the Openserve fiber unit, the government’s Broadband Infraco and broadcast transmission services provider Sentech, Minister of Communications and Digital Technologies Mondli Gungubele said.
APAC
SparkEdge Capital, an investment firm, led a $280m Series C round in Astronergy, a photovoltaic manufacturing company.
"SparkEdge Capital helps Astronergy further develop in multiple dimensions such as brand expansion, channel optimization, supply chain integration, technology R&D, and industrial landing, as well as the investment value of the head target is gradually emerging," Hui Hengyu, SparkEdge Capital Partner.
Volkswagen takes a $700m Xpeng stake.
Volkswagen plans to invest $700m in Xpeng and jointly develop electric vehicles in China as the German automaker fights to halt a sales slide in its most important market, Bloomberg reported.
VW will eventually hold a 4.99% stake in the Chinese company via a capital increase and is getting an observer board seat, it said Wednesday. Its Audi premium brand will deepen ties with VW's long-term partner SAIC Motor to also bolster its EV lineup.
QIA considering $1bn stake in Ambani’s Reliance retail. (FS)
Qatar’s sovereign wealth fund is in early discussions to purchase a minority stake in Indian billionaire Mukesh Ambani’s rapidly expanding retail unit. The Qatar Investment Authority wants to increase its bets in India and is among parties that are in talks to buy into Reliance Retail Ventures, Bloomberg reported.
The stake may amount to $1bn. Other oil-rich Middle Eastern investors looking to diversify their portfolios are also keen to invest in Ambani’s retail arm. Back in 2020, Saudi Arabia’s Public Investment Fund had invested $1.3bn for a 2.04% stake in Reliance Retail. Other shareholders include KKR and two Abu Dhabi sovereign investment funds.
Pilbara Minerals hunts for deals after record lithium output.
Pilbara Minerals, one of the world’s top lithium miners, said it’s on the hunt for acquisitions after producing a record quantity of the battery metal in the June quarter, Bloomberg reported.
The company had “started to run the ruler” over potential acquisitions and was “in pretty good stead” to fund deals both from its balance sheet and through capital raising, Managing Director Dale Henderson said in an interview.
Jack Ma-backed Ant plans restructuring, paving way for HK IPO.
Ant Group is planning a restructuring that will break off some operations that aren’t core parts of its China financial-related business, paving the way for the company to revive an initial public offering in Hong Kong, Bloomberg reported.
The company is looking at leaving its blockchain, database management services and international business out of a main entity that will be used to apply for a financial holding license in China. It has relayed the plan to some shareholders.
HK-based Value Partners to set foot in Indonesia in partnership with Aldiracita Group. (FS)
Hong Kong-based investment firm Value Partners Group has announced a partnership with Indonesian investment firm Aldiracita Group to mark its footprint in the archipelago, DealStreetAsia reported.
Value Partners Group is an investment holding company principally engaged in the asset management business. The company is engaged in the provision of investment management services to investment funds and managed accounts.
Malaysia's reNIKOLA seeks up to $438m for renewable energy projects.
Malaysian renewable energy company reNIKOLA Holdings is seeking to raise up to $438m over the next three years to fund its pipeline of projects including solar in Southeast Asia, Reuters reported.
Boumhidi Adel, reNIKOLA's managing director, said the Kuala Lumpur-headquartered company will be issuing a $85m Islamic bond or sukuk in August, which he said will be the first sukuk to be climate bonds certified.
Hong Kong's Isola Capital to launch up to $400m fund. (FS)
Isola Capital, a Hong Kong-based asset management and family office platform, is launching a $300-400m multi-strategy fund, which will be sub-advised by Singapore’s Fullerton Fund Management, in the third quarter of this year, DealStreetAsia reported.
Isola Capital was established in Hong Kong in 2011 to be responsible for global direct investment and fund management, and subsequently spun-off independently to be owned by a completely new group of select Asian and European families.
Temasek backs $305m first close of Australian deep tech VC Main Sequence’s third fund. (FS)
Australian venture capital firm Main Sequence announced that it raised about $305m in the first close of its third fund from a host of investors, DealStreetAsia reported.
The venture capital firm, founded by Australia’s national science agency CSIRO, has secured funding from new limited partners, including LGT Crestone, NGS Super, Daiwa Securities Group and the Grantham Foundation, as well as returning backers Hostplus, Temasek, Australian Ethical Investment and Morgan Stanley Wealth Management.
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