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AMERICAS
Thoma Bravo, a private equity and growth capital firm, agreed to acquire Anaplan, a company which provides a connected planning platform that helps businesses make better-informed plans and decisions faster, for $10.7bn.
"Anaplan is a clear leader in Connected Planning, solving critical business priorities for the world's largest enterprises as they implement strategic and complex digital transformations. We have followed Anaplan for years and have seen the incredible value they bring customers through their best-in-class planning platform. We look forward to leveraging Thoma Bravo's extensive operational and investment expertise in enterprise software to support Anaplan in its future growth," Holden Spaht, Thoma Bravo Managing Partner.
Thoma Bravo is advised by Kirkland & Ellis and Finsbury Glover Hering. Anaplan is advised by Goldman Sachs, Qatalyst Partners, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Debt financing is provided by Apollo Global Management, Blackstone Credit, Golub Capital and Owl Rock Capital.
Fresenius Medical, a provider of products and services for individuals with kidney diseases, InterWell Health, a provider of healthcare services, and Cricket Health, a provider of kidney care services, agreed to merge in a $2.4bn deal. The new organization will operate under the InterWell Health brand. Valtruis, Oak HC/FT, Cigna Ventures and Blue Shield of California are participating in the deal.
"The new InterWell Health will bring together physicians, care management teams, and providers to ensure we show up as one team and provide the best possible experience for the patients who entrust us with their care. Cricket Health's predictive analytics and patient engagement platform combined with the physician-led clinical approach of InterWell Health and Fresenius Health Partners' experience and expertise in value based care will position the organization for accelerated growth," Bill Valle, Fresenius Medical CEO of Care Delivery.
Fresenius Medical is advised by Piper Sandler, Cleary Gottlieb Steen & Hamilton and Edelman. InterWell Health is advised by Ernst & Young and Goodwin Procter. Cricket Health is advised by Barclays and Perkins Coie. Valtruis is advised by Ropes & Gray.
Berkshire Hathaway, an American multinational conglomerate holding company, agreed to acquire Alleghany, a private equity firm, for $11.6bn. Berkshire Hathaway will acquire all outstanding Alleghany shares for $848 per share in cash, representing a 29% premium.
"Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years. Throughout 85 years the Kirby family has created a business that has many similarities to Berkshire Hathaway. I am particularly delighted that I will once again work together with my long-time friend, Joe Brandon," Warren E. Buffett, Berkshire Hathaway Chairman and CEO.
Berkshire Hathaway is advised by Munger Tolles & Olson. Alleghany is advised by Goldman Sachs, Willkie Farr & Gallagher, MacKenzie Partners and Sard Verbinnen & Co.
Stellex Capital, a private equity firm, agreed to acquire RTC Aerospace, a provider of complex machined components and assemblies for mission-critical aerospace and defense applications. Financial terms are not disclosed.
“Stellex has a strong track record in the aerospace and defense manufacturing industry and a deep understanding of what it takes to be a collaborative, quality partner to leading commercial and military aircraft OEMs and Tier 1 suppliers. RTC is a critical partner to its customers, meeting the stringent quality and delivery requirements of premier military and commercial programs. We are excited to provide our capital and resources to support RTC’s contemplated organic and strategic M&A-focused expansion plan. Our goal is to materially expand RTC’s market presence and continue being a trusted, industry-leading partner on blue-chip military and commercial platforms,” David Waxman, Stellex Managing Director.
Stellex is advised by Arena Strategic Advisors, Greenberg Traurig and Marketcom PR.
Nexans, a company in the cable and optical fiber industry, announced that it has received antitrust clearance from Superintendencia de Industria y Comercio of Colombia, that will permit Nexans to proceed with the proposed acquisition of Centelsa, a cable maker, from Xignux, a company dedicated to the energy and food industries, for $225m deal
"We are very pleased that the SIC has approved this transaction as it demonstrates the Group's firepower to become a Pure Electrification player. This significant step forward in the process that will see Centelsa part of the Nexans Group will generate significant benefits for all stakeholders," Christopher Guérin, Nexans CEO.
Nexans is advised by Perez Llorca.
Sequoia China, a VC firm, and IDG, an investment manager, led a $100m Series A funding round in Miracle Miles, a global footwear technology company.
Miracle Miles was established in New York in 2019, and is committed to becoming a leading technology-driven footwear company. It covers the needs of different people by creating a brand matrix, and its brands of fashionable women's shoes, business men's shoes and outdoor sports shoes have performed well in the market. Miracle Miles will use the corpus to branch out to the overseas market, it said in a statament.
Miracle Miles was advised by Skysaga Capital.
Ramco Healthcare Holdings to acquire two Chicago area community hospitals from Pipeline Health System, a healthcare company, for $92m.
"We look forward to earning the approval of the Illinois Health Facilities and Services Review Board and sharing with the board our sound financial and operational plans to strengthen the viability of both hospitals. It is essential to continue the critical mission of providing healthcare services to the communities of Oak Park, Chicago's West Side as well as Chicago's Uptown neighborhood," Reddy Rathnaker Patlola, Ramco Healthcare Holdings Owner.
Ramco is advised by Culloton + Bauer Luce.
Aurora Capital-backed Cold Chain Technologies, a provider of thermal packaging solutions, completed the acquisition of Packaging Technology, a provider of sustainable, curbside-recyclable thermal packaging solutions for the life sciences industry. Financial terms were not disclosed.
"PTG is a pioneer in developing sustainable thermal packaging solutions that meet the strict requirements of its global blue-chip pharmaceutical clients. We are thrilled to partner with Bill Blezard and the rest of the PTG team to continue investing in innovative solutions. Together, we will be a global leader in reusable and single-use sustainable parcel shippers with unmatched thermal engineering capabilities, technical expertise, geographic breadth, and digital track-and-trace solutions. We look forward to delivering enhanced value to PTG and CCT customers, and using our combined know-how to achieve a greener, more sustainable future," Ranjeet Banerjee, CCT CEO.
Aurora Capital was advised by ASC Advisors.
A16z, a venture capital firm, and Paradigm, a crypto-focused investment firm, led a $150m Series B funding round in Optimism, a developer of a secure decentralized infrastructure intended for scaling Ethereum.
The company is planning to hire more people to complete its already sizeable team in order to keep delivering features. Optimism has 18 job offerings currently open across several departments, ranging from software development-related jobs to finance openings.
Imperalis Holding, a publicly traded subsidiary of BitNile, agreed to acquire TurnOnGreen, an electronic vehicle charging and power solutions company. Financial terms are not disclosed.
“We are excited to sponsor the acquisition of TurnOnGreen by Imperalis that will, upon closing of the SPA, result in a publicly traded company, TurnOnGreen, dedicated to continuing the development, manufacturing and sales of its proprietary power solutions and EV charging systems serving both residential and commercial segments. We look forward to TurnOnGreen’s contribution towards enabling the electrification of American vehicles and its participation in reshaping the nation’s infrastructure to support this green technology. We structured this transaction to benefit our stockholders who have been supportive of our transformation from a power solutions company in 2016 to a diversified holding company serving multiple sectors and developing and deploying an array of innovative technologies and products. We believe this transaction, creating a pureplay public company focused on EV chargers and power solutions, will be accretive in value for our stockholders,” Milton Ault III, BitNile Chairman.
Nolan Capital, a private equity company, completed the acquistion of a majority stake in Water Engineering, a provider of industrial water treatment solutions and products, technical consultation and services. Financial terms were not disclosed.
“Water Engineering’s performance and value proposition is a testament to the team, product offering and operation that David and Katie so successfully lead. David excels in his leadership role, with a strong precedent for M&A and integration, and we trust that with him and Katie heading up our strategy, the company is in a strong position for continued success. With the collective knowledge, expertise and resources of our partnership, we can grow the Water Engineering companies into one of the leading water treatment platforms in the country,” Peter Nolan, Nolan Capital Chairman.
The LC Group, a partner organization of creative agency Boonrise, agreed to acquire Leadercast, a personal growth and leadership platform. Financial terms are not disclosed.
"After joining Leadercast more than a year ago, it's such an honor to lead this mission-driven company into the next chapte. The past few years have shown us how important leadership truly is, and our mission to fill the world with leaders worth following has never been more urgent. Uniting Leadercast's unmatched expertise in leadership development and Boonrise's unrivaled creativity and storytelling prowess will help propel Leadercast into the most sought-after resource for individuals who want to change our worldr," Joe Boyd, The LC Group CEO and Managing Partner.
Nielsen rejects a $9.13bn private equity consortium takeover.
Nielsen, a media and content ecosystem provider, announced that its Board of Directors has determined not to proceed with an unsolicited acquisition proposal from a private equity consortium that valued the company at $25.4 per share. The consortium's offer significantly undervalues Nielsen and does not adequately compensate shareholders for growth prospects.
Nielsen also announced its intention to commence share repurchases under its previously approved $1bn share repurchase authorization when the company's trading window opens.
Nielsen is advised by The WindAcre Partnership.
Kohl's asks Goldman Sachs to coordinate with bidders.
Kohl's, an American department store retail chain, authorized Goldman Sachs, an American multinational investment bank and financial services company, to coordinate with select bidders, Bloomberg reported.
The company received multiple preliminary indications of interest that are nonbinding and don't have committed financing. Separately, the company told shareholders that the board's review of alternatives and dialogue with potential bidders will be weighed against the potential value.
Tiger Global closes on $12.7bn for latest growth fund. (FS)
Tiger Global, an American investment firm, has closed on $12.7bn for a new fund to back fast-growing technology companies in their early stages.
The firm raked in more than $11bn for its latest growth-investment fund, Tiger Global Private Investment Partners XV, in less than four months. The firm added more than $1.5bn from employees to close the vehicle at about $12.7bn, WSJ reported.
Frontenac closes oversubscribed Fund XII at $520m hard cap. (FS)
Frontenac, a private equity firm, closed its 12th fund, consisting of $520m commitments.
The fundraise for Frontenac XII was significantly oversubscribed, exceeding its target of $425m based on strong support from existing investors and the addition of several new investors.
Blackstone plans fund for people with millions, not billions. (FS)
Suburban millionaires don't dominate on the client rosters of buyout funds run by the most elite investment firms. But inside Blackstone, an American alternative investment management company, plans are ongoing to develop its first private equity fund targeting such individuals as part of a project codenamed “BXPE.”
The purpose is to build new war chests that would eventually gather tens of billions of dollars to invest in deals piped in from various Blackstone teams, Bloomberg reported.
EMEA
Clearlake Capital and Motive Partners, two private investment firms, agreed to acquire BETA+, a wealth technology platform, from London Stock Exchange Group, a stock exchange and financial information company. Financial terms are not disclosed.
“BETA+, together with our other portfolio companies, will be focused on creating frictionless, digital-first experiences for clients, advisors, and home office personnel with streamlined processes, reduced costs, and increased retention and satisfaction, ultimately making it easier for Wealth clients to obtain solutions which address their financial needs. We’re looking forward to partnering with Clearlake once again to continue our transformation of the wealth management sector at a critical time for the industry,“ Stephen C. Daffron, Motive Partners Co-Founder and Partner.
Clearlake and Motive are advised by Deloitte, Boston Consulting Group, Wells Fargo Securities and Sidley Austin. Clearlake is advised by Lambert & Co. Motive is advised by Gibson Dunn & Crutcher. LSEG is advised by Bank of America.
Apax Digital, a fund focused on minority and buyout investments in high-growth enterprise technology and internet companies, led a £175m ($230m) investment in ClearBank, a provider of banking services intended to transform the clearing and agency banking experience, with participation from CFFI UK Ventures and PPF Financial Holdings.
"ClearBank is the first proven and fully regulated cloud-native clearing bank in the UK for over 250 years. Over the last five years we have demonstrated the success of our business model and through our work with leading financial service providers, helped to both unlock their potential and bring about positive and meaningful change for UK businesses and consumers," Charles McManus, ClearBank CEO.
ClearBank was advised by Herbert Smith Freehills. Apax Digital is advised by Simpson Thacher & Bartlett.
The Berkeley Group, a British residential construction company, agreed to acquire a 50% stake in St William Homes, a joint venture to develop previously industrial sites into residential developments, from National Grid, a firm that owns and operates the electricity transmission network, for $544m.
St William was formed in 2014 as a joint venture between National Grid and the Berkeley Group to develop previously industrial sites into residential developments in London and the South East UK. As these sites are now largely transitioned, it is the natural time for National Grid to crystalise its investment, whilst allowing Berkeley Group to focus on the delivery of these sites.
Berkeley is advised Macfarlanes.
Ara Partners, a private equity firm, agreed to acquire FNX Liquid Natural Gas, a provider of renewable energy solutions. Financial terms are not disclosed.
"Laurence has a long and highly successful track record as a developer of industrial-scale renewable energy projects in Europe. He and his team have developed and built pioneering projects in the use of biomass and direct carbon capture. Farming is essential to Europe economically and culturally. We are pleased to be working with CycleØ to build a business that will make an immediate and material contribution to meeting Europe's climate objectives, while supporting one of its most vital sectors as it becomes more sustainable and circular in its methods of production," Christopher Picotte, Ara Partner.
Ara is advised by Gasthalter & Co.
NAMSA, a medtech contract research organization, agreed to acquire ÅKRN Scientific Consulting, a clinical research and regulatory consulting firm. Financial terms are not disclosed.
“We are thrilled to welcome ÅKRN to NAMSA. The organization is well-respected for their proficiency in European medical device regulations and providing exceptional clinical support to MedTech Sponsors. Adding them to our team will expand our depth of expertise, enabling us to meet the growing demand for safe, efficient clinical development and commercialization of life-changing medical products,” Christophe Berthoux, NAMSA CEO.
ASSA ABLOY, a firm that develops, designs, and manufactures a complete range of door opening solutions, agreed to acquire JOTEC, an industrial door distributor and service company in Germany. Financial terms were not disclosed.
"JOTEC has a strong offering, a well-developed service business, and a large customer base. I am pleased to welcome their experienced team to ASSA ABLOY and look forward to working with them as we continue our successful journey together," Massimo Grassi, ASSA ABLOY Executive Vice President.
Centricus to bid more than £3bn for Chelsea FC. (FS)
Centricus, a global investment firm, partnered with Jonathan Lourie, Cheyne Capital CEO and CIO, and Bob Finch, Talis Capital Co-Founder, to join the bidding for Chelsea Football Club, an English professional football club.
The offer from Centricus values Chelsea at more than £3bn ($3.9bn), including commitments for further investment, Bloomberg reported.
Carlyle kicks off a $1.1bn sale of Irca. (FS)
Carlyle Group, a private equity firm, asked investors to submit bids for Irca, an Italian food ingredients maker. Deal is valuing Irca at $1.1bn, Reuters reported.
Carlyle has sent out initial teasers to investors and expects non-binding bids to come in the first half of April. The private equity firm owns 97% stake in Irca.
Carlyle is advised by BNP Paribas and Rothschild & Co.
Companies shelve $25bn of fundraising deals as war rages.
Firms worldwide are ditching fundraising deals quickly, as volatility destabilizes credit markets following Russia's invasion of Ukraine. Almost 80 companies, nearly half from the US, have put at least $25bn of deals on hold since the start of the war, Bloomberg reported.
Tesla, an American electric vehicle and clean energy company, is the latest big-name firm to dump financing plans. The company postponed a $1bn offering of bonds backed by leases on its vehicles last week.
APAC
Mapletree North Asia Commercial Trust's unitholders will now have an option to receive consideration in cash from a proposed $3.1bn merger with Temasek-backed Mapletree Commercial Trust, a commercial REIT, Reuters reported.
The two REITs said in a joint statement that MNACT unitholders would now have the option to choose consideration in cash, in addition to the prior offer for MCT units or a combination of both cash and MCT units.
Mapletree North Asia Commercial is advised by HSBC. Mapletree Commercial Trust is advised by DBS Bank and Citigate Dewe Rogerson.
Northstar, a private equity firm, and Alpha JWC, a venture capital firm, led a $120m Series C funding round in Sayurbox, a developer of an agricultural produce distribution platform, with participation from International Finance, Astra, Syngenta Group Ventures and Global Brain.
Sayurbox currently serves around 1m customers in the Greater Jakarta, Surabaya, and Bali areas, while working with more than 10k farmers nationwide. It has also built a network of microfulfillment hubs to support its quick commerce service Sayurkilat. The e-grocery firm plans to use the new funding to accelerate growth in existing markets, expand to new cities, and strengthen its supply chain.
Carrefour is in talks to sell Taiwan unit to Uni-President.
Carrefour, a French multinational retail corporation, is in talks to sell a controlling stake in its Taiwanese operations to Uni-President Enterprises, an international food conglomerate, Bloomberg reported.
Uni-President, the local minority partner in business, has emerged as the potential buyer for the 60% stake of the business from Carrefour.
Jason Wong expects bumper harvest in Hong Kong.
At least 40 SPACs may list in Hong Kong this year, said Jason Wong, one of the first financiers to file for a SPAC listing in Hong Kong.
Wong sees a ton of interest from Chinese dealmakers looking to start their own SPACs in the financial hub. There will be "huge" demand from promoters to launch more offerings if sentiment improves, said Jason Wong.
Ferretti launches HK IPO to raise to $301m. (FS)
Ferretti, an Italian luxury yacht maker, launched a Hong Kong IPO on March 21, 2022, to raise $301m.
The shares will be priced at $2.78 to $3.61 apiece. The company will sell 83.58m shares in the deal, which is going ahead despite ongoing volatility in global financial markets.
NIO Capital closes oversubscribed USD Fund II at $400m. (FS)
NIO Capital, an investment firm founded by NIO, a Chinese multinational automobile manufacturer, reached the final closing of a flagship fund at about $400m to step up investments in energy, automobiles, and deep technology industries, DealStreetAsia reported.
"Our mission is to sustain and advance humankind via investing in innovations. We are dedicated to fostering a sustainable future with like-minded investors and visionary entrepreneurs," William Li, NIO Capital Managing Partner.
FanCraze raises $100m with Cristiano Ronaldo among investors. (FS)
FanCraze, an NFT marketplace developer, raises $100m in new funding with investors that includes Cristiano Ronaldo, a Portuguese professional footballer, Bloomberg reported.
The series A round led by Insight Partners and B Capital is expected to be completed in the coming weeks and could see its size change as consultations continue.
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