AMERICAS
The Duckhorn Portfolio, a luxury wine company, completed the acquisition of Sonoma-Cutrer Vineyards, a luxury Chardonnay winery, from Brown-Forman, a quality beverage alcohol manufacturer, for $400m.
“We are thrilled to add the acclaimed Sonoma-Cutrer winery brand to our portfolio of luxury winery brands and welcome their talented team. The addition of these iconic and carefully curated wines to our offering broadens our reach in the luxury Chardonnay category and further cements our place as the premier pure-play producer of luxury wine in the US. We believe this acquisition will enhance our ability to deliver a full portfolio of luxury wines to the consumer, and further advance our ambition to drive consistent, profitable growth and create meaningful value for all our stakeholders,” Deirdre Mahlan, The Duckhorn Portfolio President, CEO and Chairperson.
The Duckhorn Portfolio was advised by Nomura, Ropes & Gray (led by Elizabeth Gallucci) and ICR (led by Jessica Liddell). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran). Brown-Forman was advised by Greenhill & Co, Coblentz Patch Duffy & Bass and Gibson Dunn & Crutcher (led by Kristen P. Poole).
The ONE Group Hospitality completed the acquisition of Benihana for $365m. (FS)
The ONE Group Hospitality, an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges, completed the acquisition of Benihana, an restaurant company offering Japanese cuisine, for $365m.
“We are delighted to have completed the acquisition and look forward to this next chapter for our Company. Benihana provides us with additional growth and development opportunities and supports our broader strategy to fortify and diversify our leading portfolio of best-in-class experiential VIBE restaurant concepts. Most importantly, I’d like to welcome our nearly 6,500 new Benihana teammates and our new Board Members, Scott Ross and James Chambers," Emanuel Hilario, The ONE Group President and Chief Executive Officer.
Benihana was advised by Piper Sandler, Akin Gump Strauss Hauer & Feld and Sidley Austin. The ONE Group was advised by Deutsche Bank, Stoel Rives (led by Steven H. Hull) and ICR (led by Michelle Michalski). Hill Path was advised by Simpson Thacher & Bartlett (led by Matthew Rogers). Debt financing was provided by Deutsche Bank.
Graham Partners-backed Barcoding to acquire DecisionPoint Systems. (FS)
Graham Partners-backed Barcoding, a supply chain automation and innovation company, agreed to acquire DecisionPoint Systems, a mobility-first enterprise services and solutions company and a provider of retail in-store solutions and services. Financial terms were not disclosed.
“We are excited about the combination of Barcoding and DecisionPoint, which brings together two experienced management teams and creates an integrator of scale in supply chain automation. Furthermore, the combined business is anticipated to enhance the value proposition for customers, adding service offerings across a customer’s device life cycle and establishing a national footprint,” Mike Stewart, Graham Partners, Principal.
DecisionPoint is advised Craig-Hallum Capital Group, Cole Schotz, Polsinelli PC and Hayden IR. Barcoding and Graham Partners are advised by Dechert.
Hildred Capital-backed Carlin Consumer completed the acquisition of Penetrex from Wellbeam Consumer. (FS)
Hildred Capital-backed Carlin Consumer Health, a preeminent consumer health business that specializes in acquiring leading over-the-counter brands, completed the acquisition of Penetrex, a joint and muscle care brand, from Wellbeam Consumer Health, an ecommerce-focused consumer wellness business. Financial terms were not disclosed.
“We are very excited to add Penetrex to our portfolio of leading OTC brands. We believe that Penetrex will be an important driver of Carlin’s growth in the years to come and is highly complementary to the world-class consumer health brands that are in our portfolio," Wael Fayad, Carlin Consumer Chairman.
Carlin was advised by Sidley Austin. Hildred Capital was advised by Prosek Partners (led by Mike Geller). Wellbeam Consumer was advised by Lincoln International and Jones Day (led by Joseph Hatina).
BlackRock completed the acquisition of the remaining stake in SpiderRock Advisors. (FS)
BlackRock, an American multinational investment company, completed the acquisition of the remaining stake in SpiderRock Advisors, an asset management firm. Financial terms were not disclosed.
“We are excited to partner with BlackRock and broaden access to innovative option management solutions. Together, we aim to empower more advisors in delivering tailored option overlay strategies to their clients,” Eric Metz, SpiderRock Advisors President and Chief Investment Officer.
SpiderRock Advisors was advised by Jones Day (led by Erin Firman and Michael Earley). BlackRock was advised by Kramer Levin Naftalis & Frankel (led by Ernest Wechsler).
Medline to acquire surgical solutions business from Ecolab.
Medline, a private healthcare company, agreed to acquire surgical solutions business from Ecolab, a company that develops and offers services, technology and systems that specialize in treatment, purification, cleaning and hygiene of water in a wide variety of applications. Financial terms were not disclosed.
“We are pleased to have the opportunity to acquire a leading portfolio of operating room products with such a strong reputation for protecting patients and healthcare workers. With our commercial capability and focus on operational excellence, we believe that Medline is best positioned to grow this critical business and provide enhanced services to support our customers. This acquisition brings us proven innovation, expanded service offerings, and a shared legacy of highest quality products," Jim Pigott, Medline President and CEO.
Medline is advised by Simpson Thacher & Bartlett (led by Elizabeth Cooper).
Constellation Software-backed Modaxo completed the acquisition of curbside management and public safety solutions businesses from Conduent.
Constellation Software-backed Modaxo, a software development company, completed the acquisition of curbside management and public safety solutions businesses from Conduent, a business services provider company. Financial terms were not disclosed.
“This divestiture demonstrates continued progress in streamlining our portfolio to drive increased focus on our core capabilities and enable synergistic growth to create shareholder and client value. The proceeds from this transaction and that of our previously announced BenefitWallet transaction, will be used principally to reduce debt. We will continue to be open-minded regarding the use of capital associated with future portfolio rationalization efforts. We are committed to ensuring a seamless transition for our associates and clients while continuing to drive innovation in our road usage charging and transit businesses to enable streamlined, high-volume mobility services,” Cliff Skelton, Conduent President and CEO.
Modaxo was advised by McCarthy Tetrault (led by Heidi Gordon).
S&P Global weighs options for mobility unit.
Financial information company S&P Global is weighing options for its mobility business, including a full sale, Reuters reported.
The New York-listed group, known for its rating agency business and stock market indexes, has spoken with advisers over plans for the business, which provides vehicle, market and consumer data for original equipment manufacturers.
Playa Bowls' owners explore sale of restaurant chain. (FS)
The private equity owners of Playa Bowls are exploring options including a potential sale of the acai bowl chain that could value it at more than $300m, Reuters reported.
New Jersey-based Playa, which is owned by Tamarix Equity Partners and Pacific General, is working with boutique advisory firm North Point to gauge interest from potential buyers that could include other private equity firms.
PG&E in talks with KKR to sell interest in Pacific Generation. (FS)
PG&E said it had entered into exclusive negotiations to sell a minority interest in Pacific Generation to KKR's unit, as the utility firm seeks funding to improve its energy grid. PG&E has been blamed for sparking numerous wildfires, including some of California's most deadly, and has been making investments to improve the reliability of its power grid, Reuters reported.
"We believe an investment from KKR would immediately enhance our financial position as we continue our pursuit of a clean energy future," Carolyn Burke, CFO.
Accor nears deal to buy luxury hotel brand Habitas.
Accor is in advanced talks to acquire luxury hotel brand Habitas, which traces its roots to camps at the Burning Man festival in the Nevada desert, Bloomberg reported.
The Paris-based hotelier is set to acquire Habitas through its majority-owned subsidiary Ennismore. A transaction value couldn’t immediately be learned.
Banks rent rivals’ balance sheets to skirt capital rules. (FS)
For years, Barclays struggled with what to do about its US credit-card business. It was a cash generator, cranking out a steady stream of revenue, and yet it was costly to run because of the way regulators force banks to set aside capital as a buffer against losses, Bloomberg reported.
The British lender came up with a solution in February, by selling $1.1bn of card assets to private equity firm Blackstone. The transaction, part of an ongoing financing arrangement, allows Barclays to collect fees for servicing the loans, but not have to hold them on its books. In return, Blackstone gets to generate high yields for insurance clients.
Carlyle PE dealmakers buoy profits with stepped-up sales. (FS)
Carlyle Group’s private equity dealmakers fueled first-quarter earnings that beat Wall Street estimates as they stepped up the pace of exiting deals, Bloomberg reported.
A spurt of sales sent distributable earnings — the profit available to shareholders — up 59% from a year earlier to $431m. That amounted to $1.01 a share, beating the 95-cent average estimate of analysts.
Logistics firm WWEX Group taps underwriters for potential IPO.
WWEX Group, a third-party logistics provider, tapped underwriters ahead of a potential US initial public offering, Bloomberg reported.
The timing of a stock sale, set to be led by JP Morgan, hasn’t been finalized, and it’s possible that WWEX may remain closely held or pursue options including a sale. WWEX — which includes the brands Worldwide Express, GlobalTranz and Unishippers — may be valued at more than $5bn including debt in any transaction.
Golub Capital announces $2bn final close for its sixth credit opportunities fund. (FS)
Golub Capital announced the final close of its sixth credit opportunities fund, GEMS Fund 6, with $2bn of investable capital.
Fund 6 is the largest Golub Capital Credit Opportunities fund to-date. Commitments were in excess of the target fundraise and came from a diverse range of global institutional and private wealth investors across North America, Europe, the Middle East and Asia.
“We have a proven track record in Credit Opportunities with five successful predecessor funds over the past 17 years,” David Golub, Golub Capital President.
Golub was advised by Evercore.
Campari Group completed the acquisition of Courvoisier from Beam Suntory for $1.32bn.
Campari Group, a beverage industry company, completed the acquisition of Courvoisier, a cognac brand, from Beam Suntory, an American-founded, Japanese multinational company that produces alcoholic beverages, for $1.32bn.
"We are very pleased to acquire a top four historical cognac house, Courvoisier with great latent equity and highly acclaimed expressions. The addition of Courvoisier cognac to our portfolio of global priorities is a rare and unique opportunity to expand our premium spirits portfolio and cognac offering. By leveraging our heavy cognac expertise at Board and Executive Team level, Campari Group has a fantastic opportunity to reinforce this brand’s credentials as a global icon of luxury, priming cognac to become Campari Group’s fourth major leg along with aperitifs, bourbon and tequila. Concomitantly, we are looking forward to accelerating our premiumisation journey, further enriching our RARE portfolio, the division created to unlock and accelerate the growth potential of a select range of high-end individual expressions in our core premium spirits markets," Bob Kunze-Concewitz, Campari Group CEO.
Campari was advised by PricewaterhouseCoopers, Credit Agricole (led by Carlo Durando), Goldman Sachs, Mediobanca (led by Matteo Calegari), Allen & Overy (led by Alexandre Ancel), McDermott Will & Emery and Studio Biscozzi Nobili. Debt financing was provided by Bank of America, Credit Agricole, Goldman Sachs, Intesa SanPaolo and Mediobanca. Debt providers were advised by Clifford Chance. Beam Suntory was advised by Morgan Stanley.
Goldman Sachs Alternatives to acquire Adler & Allan from Sun European. (FS)
Goldman Sachs Alternatives, an investment firm, agreed to acquire Adler & Allan, an environmental risk reduction specialist, from Sun European, a private investment advisory firm. Financial terms were not disclosed.
“It was a pleasure working alongside Bob, Henrik, and the whole Adler & Allan team. We were able to draw on our strong buy & build expertise and operational experience to drive growth and innovation. We look forward to watching them continue their growth trajectory with their new investor. We’d like to thank them for all their hard work and wish them all the success for the future," Alexander Wyndham, Sun European Managing Director.
Goldman Sachs is advised by EY Parthenon, KPMG, Linklaters and Sullivan & Cromwell (led by Juan A. Rodriguez). Sun European is advised by OC&C Strategy Consultants, Houlihan Lokey, KPMG, Park Place Corporate Finance and Weil Gotshal and Manges (led by Martin Weatherston-Wilson and Marco Compagnoni).
NTR to acquire a 10% stake in East Anglia ONE offshore wind farm from Macquarie Asset Management. (FS)
NTR, a renewable energy specialist, agreed to acquire a 10% stake in East Anglia ONE offshore wind farm from Macquarie Asset Management, a global asset manager. Financial terms were not disclosed.
“The UK has some of the best wind resources in Europe. This potential has been harnessed through landmark projects such as East Anglia ONE, making the UK a global leader in offshore wind. We are proud of the role we’ve played in supporting the construction and operation of this important project,” Edward Northam, MAM Green Investments Global Head of Core Renewables.
Macquarie Asset Management is advised by Macquarie Group.
BBVA to merge with Sabadell in a €12bn deal.
BBVA, a Spanish multinational financial services company, offered to merge with Sabadell, a Spanish banking group, in a €12bn ($12.8bn) deal.
The new entity would create one of Europe’s largest and most robust financial entities, boasting over one trillion euros in assets and serving more than 100m clients worldwide, with the ambition of becoming the largest bank by market capitalization of the Eurozone.
Stantec completed the acquisition of Hydrock.
Stantec, a sustainable design and engineering company, completed the acquisition of Hydrock, an engineering design firm. Financial terms were not disclosed.
“We look forward to welcoming the Hydrock team to Stantec. When combined with the strategic acquisitions of ZETCON and Morrison Hershfield, we will have grown our global workforce by over 2.7k people within the first four months of 2024, further strengthening our offering in line with market demands," Gord Johnston, Stantec President and CEO.
Abu Dhabi’s E& eyes €8bn acquisition telecom firm United Group. (FS)
Emirates Telecommunications Group is considering a potential acquisition of eastern European carrier United Group as it seeks further expansion outside its home market, Bloomberg reported.
E&, as the Abu Dhabi-based carrier is known, has been evaluating a possible purchase of United Group. The company’s private equity owner BC Partners may seek a valuation of around €8bn ($8.6bn).
Union announces talks with Carlyle on majority stake in Thyssenkrupp Marine Systems. (FS)
Germany's IG Metall union on April 30th said it had preliminary talks with Carlyle on the investment firm taking a majority stake in Thyssenkrupp Marine Systems and agreed to push for an agreement as quickly as possible, Reuters reported.
The union insisted that a stake sale to private equity investors could only happen if the state stepped in as well to secure the conglomerate's naval shipbuilding activities.
Nord Anglia draws Permira, KKR interest in $15bn EQT exit. (FS)
International school operator Nord Anglia is drawing interest from private equity players and sovereign wealth funds as its owners look to monetize their stakes, Bloomberg reported.
Buyout firms KKR, Permira and Hellman & Friedman are among potential suitors seeking controlling stakes in Nord Anglia. Gulf wealth fund Abu Dhabi Investment Authority and Singaporean sovereign wealth fund GIC are exploring taking a minority stake in the business.
KPS is said to lead bidding for €3bn Siemens motors unit. (FS)
KPS Capital Partners is emerging as the frontrunner to acquire Siemens’s Innomotics large motors business, Bloomberg reported.
The private equity firm is poised to beat out rival suitors including Japan’s Nidec and is negotiating final terms of a deal. They have been discussing a valuation of about €3bn ($3.2bn) for Innomotics.
Bahrain is said to seek investors for key Saudi oil pipeline.
Bahrain is scouting for investors in a key oil pipeline that transports crude from Saudi Arabia, as the Gulf’s smallest economy looks to monetize energy assets.
The government could raise a few hundred million dollars from the stake sale, Bloomberg reported.
ProSiebenSat.1 Media shareholders reject MFE-MediaForEurope’s split plan.
ProSiebenSat.1 Media shareholders rejected a proposal by top investor MFE-MediaForEurope to begin preparations for splitting the German company into two businesses as it didn’t get the required majority, WSJ reported.
Nearly 71% of the votes cast at ProSiebenSat.1’s annual general meeting on April 30 were in favor of the proposal, falling short of the 75% required for the resolution to be approved, while around 29% were against it.
London-listed consultant Alpha FMC draws takeover interest. (FS)
A specialist financial services consultancy has become the latest London-listed company to attract takeover interest from private equity firms, Sky News reported.
Alpha Financial Markets Consulting has been approached by buyout firms including Bridgepoint and Cinven in recent weeks.
Cruise line Viking IPO fetches $1.54bn.
Viking priced its initial public offering near the top of a marketed range to raise $1.54bn for the luxury cruise operator and two investors.
Viking is offering 11m shares and the selling shareholders are offering about 53m for $24 apiece, Bloomberg reported.
Jean Paul Gaultier owner Puig Brands prices IPO at upper end of range.
Puig Brands has priced its initial public offering at the high end of the previously announced range as it prepares to list on May 3, in what is set to be the largest IPO so far this year, WSJ reported.
The price will be set at €24.50 ($26.27) a share, implying a market capitalization at listing of €13.92bn ($14.89bn).
Spinneys’ $375m Dubai IPO draws orders worth $19bn.
High-end supermarket chain Spinneys received about AED71bn ($19.3bn) in orders for its $375m Dubai IPO, underscoring strong appetite for a rare private sector listing in the United Arab Emirates, Bloomberg reported.
The offering was 64 times oversubscribed, excluding the cornerstone tranche. Investors snapped up all shares on offer minutes after books opened last week, indicating continued strong demand for regional listings.
ZF Friedrichshafen taps banks for sale or IPO of airbag unit.
ZF Friedrichshafen has hired banks to explore a sale or initial public offering of its airbag unit. The German auto supplier has lined up BNP Paribas, Citi and Goldman Sachs to advise on a potential deal, Reuters reported.
ZF Friedrichshafen is aiming for a valuation of more than €3bn ($3.2bn) for the unit, known as ZF LIFETEC.
