AMERICAS
HP said it will react to Xerox planned tender offer on February 24, when the company reports earnings, again promising shareholders a path to boost the personal-computer maker’s value.
“HP will share additional information about its plan to drive sustainable long-term value for its shareholders, including through the execution of the company’s multi-year strategic and financial plan and the deployment of its strong balance sheet,” HP.
HP is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Xerox is advised by Citigroup, King & Spalding, Simpson Thacher & Bartlett and Willkie Farr & Gallagher. Debt for the transaction is provided by Bank of America Merrill Lynch, Citigroup and Mizuho Securities.
FirstBank & Trust, a community and commercial bank, agreed to acquire AimBank, a provider of personal and business banking services, for $280m. The transaction is subject to approval by federal and state bank regulators and to customary closing conditions. The transaction is expected to close early in the third quarter of 2020.
“We at FirstBank & Trust are extremely excited about the opportunity to join forces with AimBank. We have immense respect for Scott Wade and his team of talented bankers. The leadership teams of our two institutions will be integrally working together to enhance our commitment to a quality customer experience. We are very fortunate to be combining two talented teams of local commercial banking professionals and staff with an excellent knowledge of the communities and the clients they serve,” Barry H. Orr, FB&T Chairman and Chief Executive Officer.
AimBank is advised by Hillworth Bank Partners and Fenimore Kay Harrison & Ford. FirstBank & Trust is advised by Panoramic Capital Advisors, Stephens and Dorsey & Whitney.
Brentwood Associates, a middle-market private equity investment firm, completed the acquisition of Parchment, a digital credential service allowing learners, academic institutions and employers to request, verify, and share credentials in simple and secure ways. As part of the transaction, Parchment merged with Credentials Solutions, a higher education transcript automation services provider. Financial terms were not disclosed.
“Combining Parchment's and Credentials Solutions' networks of schools and universities will create a comprehensive platform that integrates the issuing and receiving of transcripts, diplomas, certificates, and badges, backed by a customer service model that puts the learner at the center. I am excited to partner with Brentwood given their track record of success in the education sector, growth-minded approach, and deep understanding of our customer’s needs,” Matthew Pittinsky, Parchment Chief Executive Officer.
Parchment was advised by Goldman Sachs and Quarles & Brady. Brentwood was advised by Shearman & Sterling.
Trilantic North America, a private equity firm, agreed to acquire a majority stake in Gorilla Commerce, an e-commerce platform. Financial terms were not disclosed.
“Jen and Marissa have developed an incredibly powerful system that harnesses data to capitalise on both the growth of the home goods product market and channel shift dynamics resulting from e-commerce penetration,” Jamie Manges, Trilantic North America Partner.
Gorilla is advised by Lincoln International. Trilantic is advised by Kirkland & Ellis and Prosek Partners.
Entrepreneurial Equity Partners, a Chicago-based private equity firm, completed the acquisition of Kronos Foods, a provider of global cuisine, including authentic Mediterranean foods, ready-to-eat proteins, plant-based proteins, and value-added bakery products, from Grey Mountain Partners, private equity firm. Financial terms were not disclosed.
“We are excited to add Kronos Foods to our portfolio. The company’s vast array of products and dynamic ability to serve customers with limited-time offerings developed by its in-house R&D team have positioned the company well to capture on-trend demand for global cuisine and protein-based foods. We are excited to leverage our extensive network and experience in the food sector to help Kronos introduce additional new products and capabilities that meet customer interests and further drive growth,” Mark Burgett, Entrepreneurial Equity Partners Managing Partner.
Kronos was advised by Harris Williams & Co. Entrepreneurial Equity Partners was advised by White & Case.
Insight Partners, a global software investor, completed the acquisition of Armis, a developer of IoT security solutions, for $1.1bn. Armis will continue to operate independently and will be fully managed by its co-founders.
"Today marks an exciting new chapter for Armis, and we are thankful for the support we received from our investors at Sequoia, Tenaya, Bain, and Red Dot. The exponential growth of Armis to date illustrates just how critical securing unmanaged devices is for businesses. With the backing of Insight, we will continue to expand our world-class technology to help identify devices, track their behavior and respond to the threats that target them," Yevgeny Dibrov, Armis Co-Founder and CEO.
Insight Partners was advised by Willkie Farr & Gallagher.
Private equity firm Windjammer Capital completed the acquisition of Compex Legal Services, a provider of outsourced medical records retrieval and litigation support services. Financial terms were not disclosed.
"Several years ago, we identified Compex as an established market leader in an attractive niche within the outsourced litigation support services space. We are thrilled to partner with the management team to execute on its next phase of growth. The company’s national scale and recent implementation of its next-generation workflow technology make Compex attractively positioned for growth, both organically and through acquisition," Ryan Pertz, Windjammer Principal.
Windjammer was advised by Kirkland & Ellis.
PCI Pharma Services, an integrated full-service provider of healthcare services, agreed to acquire Bellwyck Pharma Services, a one-stop solution provider, offering a suite of services for both commercial and clinical supply chain solutions. Financial terms were not disclosed.
"We are delighted to welcome the Bellwyck team to the PCI family. Their professionalism towards patients, their talents and their innovative approach to customer challenges are perfectly aligned with the objective and global strategy of PCI, which strives to offer patients game-changing therapies from around the world. We are particularly pleased that this acquisition will give our commercial activity on a global scale and provide our customers with access to sites in continental Europe and Canada, in addition to our existing facilities," Salim Haffar, PCI Pharma Services CEO.
Bellwyck is advised by PricewaterhouseCoopers.
COREONYX, a business providing technology solutions and consulting to government customers, agreed to acquire FLS, a company providing CMS, cloud, managed services, enterprise search, hosting and emerging technologies for defense, Intel, civilian, as well as state and local customers. Financial terms were not disclosed.
“Everything we do is about focusing on our customers’ mission and our acquisition of FLS is an important step in bringing us the power to expand our delivery of innovative technical solutions and create even greater value that our customers demand. FLS’ solutions will help us deepen and strengthen our portfolio with a full IT lifecycle solutions offering,” Guy Mincey, COREONYX CEO.
COREONYX is advised by Boscobel Marketing Communications.
One Equity-backed WW Williams, an industrial distribution, repair and service company, completed the acquisition of CP Company, a dealer of transport refrigeration and temperature-control equipment, and Iceberg Enterprises, a provider of trailer and parts rental, leasing services, cold storage and used equipment. Financial terms were not disclosed.
“CP Company’s advanced, energy-efficient refrigeration transport equipment and services are highly complementary to WW Williams’ focus on supply chain solutions and repair services for commercial trucks and industrial vehicles. This acquisition will strengthen WW Williams with additional independent truck maintenance locations, and broaden its trailer parts and related product lines,” Jamie Koven, OEP Senior Managing Director.
OEP was advised by Stanton PRM.
Voyager Digital, an operator of US digital asset broker Voyager and the Ethos Universal Wallet, agreed to acquire Circle Invest, the retail digital asset business of Circle Internet Financial, a global internet finance company. Financial terms were not disclosed.
"This product line acquisition signifies a tremendous development for Voyager as we welcome a substantial number of new users to our platform. This transaction also helps us deliver on our promise to investors, providing regulated brokerage services and resources to as many users as possible in the digital asset marketplace. Going forward, we remain committed to building best-in-class features for the Voyager Platform to empower investors and bring into the mainstream the most revolutionary asset class to date," Stephen Ehrlich, Voyager Co-Founder and CEO.
Voyager is advised by KCSA Strategic Communications.
CoStar Group, a provider of commercial real estate information, agreed to acquire RentPath, a digital marketing provider, for $588m in connection with RentPath’s recently announced Chapter 11 bankruptcy process.
"Following restructuring in bankruptcy, CoStar Group expects the combined companies to benefit from synergies and plans to invest in building RentPath’s online brands and traffic to provide improved quantity and quality of lead flow to advertising clients. The Apartments.com network of sites generated 842m visits last year, and we intend to use this valuable audience to generate leads for RentPath clients as well," Andrew C. Florance, CoStar Group Founder and CEO.
WPP, a multinational communications, advertising, public relations, technology, and commerce holding company, completed the acquisition of XumaK, a marketing technology consultancy. Financial terms were not disclosed.
"The acquisition is in line with WPP's strategy to deepen its technology offer and invest behind its partnerships with leading technology companies. XumaK will drive the experience technology capability for Wunderman Thompson North America," WPP.
ACON Investments agreed to acquire Bargain Hunt, an extreme value retail chain that offers quality name-brand merchandise at a 30-90% discount. Financial terms were not disclosed.
“The entire team is excited about our new partnership with ACON and the value they will bring to the Company. The transaction significantly strengthens our balance sheet, facilitates our growth plan and allows us to invest in great merchandise, technology and other important aspects of our business,” David Wachsman, Bargain Hunt CEO.
Icahn demands Occidental to reveal if it got takeover approach. (FS)
Carl Icahn, an activist investor, demanded the leadership of Occidental Petroleum to reveal whether they were approached by any potential buyers prior to agreeing to acquire Anadarko Petroleum for $37bn.
The billionaire, who owns 3% of Occidental, said in a letter to the company’s shareholders that Chief Executive Officer Vicki Hollub and Chairman Eugene Batchelder were trying to preserve their own jobs ahead of the interests of investors.
7-Eleven owner and TDR Capital interested in buying Marathon’s Speedway. (FS)
Marathon Petroleum's Speedway gas-station division drew interest from potential buyers, including the owner of convenience-store chain 7-Eleven as well as TDR Capital, Bloomberg reported.
Seven & i Holdings, the Japanese company that controls 7-Eleven, is working with advisers as it considers a takeover of Speedway. Any acquisition of Speedway could value the business at more than $20bn.
Alstom set to decide on Bombardier rail business bid.
Board of French train maker Alstom will meet to decide on a possible offer for the rail business of Canada’s Bombardier, Reuters reported.
The two firms have been discussing a deal for months. Alstom recently made a non-binding offer valuing the business at approximately $7bn. The new offer would be binding and would be worth less than the first one.
Barrick CEO expects to exceed $1.5bn asset-sale goal.
Barrick Gold, the world’s second-largest producer of metal, will exceed its two-year goal of selling $1.5bn in assets by the end of 2020, Chief Executive Officer Mark Bristow said.
Those sales -- along with a strong tailwind from higher gold prices -- allowed the company to boost its dividend once again, while cutting debt. However, shedding assets also shrank the miner’s production profile, causing it to lower its five-year guidance and think seriously about adding copper to its portfolio, according to a Bloomberg report.
Apax Partners closes in on $10.5bn target for new buyout fund. (FS)
Apax Partners is inching toward its latest fundraising goal of $10.5bn. The private equity firm, which began raising in the second quarter of last year, has so far collected more than $9bn for its 10th flagship fund, Bloomberg reported.
Apax raised $9bn in 2016 for its ninth flagship fund, which delivered an internal rate of return of around 30%.
Battery Ventures raises $2bn for two new funds. (FS)
Battery Ventures raised two new funds totaling $2bn, almost double its last total, Bloomberg reported. The new funds, a $1.2bn Battery Ventures XIII, along with an $800m side fund to help back extra-large bets, will keep investing in sectors like business-to-business software, information infrastructure and cybersecurity.
KKR closes its global impact fund at $1.3bn. (FS)
KKR closed its global impact fundraising $1.3bn to invest in companies that provide solutions to an environmental or social challenge, PE News reported.
KKR Global Impact will invest in the lower mid-market across the Americas, Europe and Asia. The firm will invest more than $130m of capital in the fund alongside investors, which include public pensions, family offices and high net worth individuals.
The global agribusiness Bunge has written off a substantial chunk of the large edible oil acquisition that was meant to boost the company’s high-margin food ingredient sales.
The $76m goodwill impairment charge comes less than two years after the US-listed company closed its $946m purchase of a controlling stake in IOI Loders Croklaan, FT reported.
Bunge was advised by JP Morgan and Shearman & Sterling.
Private equity firm Nexxus Iberia completed its investment in Martin e Hijos, a logistics and transport operator. Financial terms were not disclosed.
"Nexxus Iberia wants to support with capital and resources the Buy & Build strategy of Maresa Logística. We believe in the potential of the Company to be a consolidation platform and to pursue an internationalization plan. In our vision, the Company is well poised to capture the expected growth in the logistics sector, especially in international trade and controlled temperature transport, high added value niches where the Company has a greater competitive advantage," Alejandro Diazayas, Nexxus Iberia Partner.
Nexxus Iberia was advised by Acebo & Rubio Abogados. Martin e Hijos was advised by BDO and Santiago Mediano Abogados.
Russian state lender VTB finalised the sale of a 55% stake in mobile phone operator Tele2 Russia to state telecoms group Rostelecom, Reuters reported. VTB held the stake in Tele2 since 2013.
The bank received RUB108bn ($1.71bn) from the sale of 45% of Tele2 Russia’s shares and also exchange a further 10% of Tele2 Russia’s shares for 10% of Rostelecom’s ordinary shares.
Tele2 Russia was advised by Citigroup and Cleary Gottlieb Steen & Hamilton.
Permira agreed to acquire a majority stake in Golden Goose, one of the fastest-growing and most distinctive luxury fashion brands, from The Carlyle Group for €1.3bn ($1.4bn).
"Golden Goose is a “next-gen” luxury brand and can be considered the ‘creator’ of the high-end sneakers category. Over recent years the company has experienced outstanding growth, driven by its excellent management team. We look forward to leveraging our experience to support Golden Goose through the next phase of development," Francesco Pascalizi, Permira Partner.
The Carlyle Group is advised by Barabino & Partners.
A consortium consisting of Blackstone, The Carlyle Group and CPP Investments made a roughly $17.5bn bid for Thyssenkrupp’s elevator unit, Reuters reported.
The bid is the highest among consortia consisting of exclusively private equity suitors, who had until Tuesday to submit binding bids. CVC Capital Partners, which is bidding jointly with KONE, the finish elevator manufacturer, offered $18.7bn to buy the unit. No decision has been made on who has advanced to the final round of the auction.
Other consortia include: Brookfield Asset Management and Advent International, Cinven, Abu Dhabi Investment Authority and RAG-Stiftung.
KONE is advised by Hengeler Mueller.
NORD-backed RUF Group, a provider of box spring beds and innovative sleep systems, completed the acquisition of Bruno Interior, a pure online brand which sells designer box spring beds and sofa beds. Financial terms were not disclosed.
"We are delighted to have found an ideal addition to our successful portfolio company, the RUF Group, in Bruno, which will align with, expand and promote the growth strategy that we have been embarking upon in recent years, and which will bring additional expertise to the group with regard to digitization," Ronald Grott, NORD Member of the Executive Board.
Reconomy, a waste management service company, completed the acquisition of ACM Environmental, a London-based waste management firm. Financial terms were not disclosed.
“The addition of ACM Environmental allows Reconomy to continue its strategy of providing the most comprehensive range of services and best customer experience across the commercial sectors,” Reconomy.
Van den Bosch, a provider of bulk trucking transportation services, agreed to acquire Willis Larsson Transport, a Swedish transport company. Financial terms were not disclosed.
“The acquisition of Willis Larsson represents the next step in our international growth strategy. As a logistics coordinator, Van den Bosch wants to become the European top player in bulk logistics. With the use of data and the right equipment, we can provide intermodal solutions for our customers – both in the field of dry and liquid bulk transport for the food and chemical industry. By taking over Willis Larsson, we will strengthen our logistic network in the Nordics and expand our leading position in the transport with pressurised containers. I’m pleased that CEO Sverker Larsson and his team will continue to be part of the company after the takeover and add their experience to the Van den Bosch organisation,” Rico Daandels, Van den Bosch CEO.
JP Morgan picked as adviser for sale of $7.3bn Turkish motorway.
JP Morgan was picked as an adviser for the sale of a stake in a $7.3bn motorway in Turkey, Reuters reported. Construction consortium Otoyol said in late January last year that it had started seeking international advisers to value the project ahead of a possible stake sale.
Billed as a landmark project in the financing of infrastructure schemes involving the government and the private sector in Turkey, the final section of the 426 km-long Gebze-Orhangazi-Izmir motorway was inaugurated last year to link Istanbul in the northwest to the western port city of Izmir.
Dana Gas receives bids for Egyptian assets.
United Arab Emirates-based Dana Gas, a publicly-traded natural gas company, received bids from some companies for its assets in Egypt. The firm's CEO said a final decision had not been taken on whether the company will sell its Egyptian assets.
"We have received a number of bids from a number of companies," Patrick Allman-Ward, Dana Gas CEO.
August Equity Partners closes new fund at £300m. (FS)
Private equity firm August Equity Partners closed its fifth-generation vehicle, AEP V, at £300m ($396m). Fund V was “significantly oversubscribed” compared to its initial £275m ($363m) target, with more than 40% of the capital coming from North America.
"It was an interesting time to be raising. We had conversations going with a large number of investors who were attracted. They liked the strategy and people were very positive about our performance in the past three funds," Philip Rattle, August Equity Managing Partner.
Japan’s Toshiba Machine said it would officially oppose a takeover offer by activist investor Yoshiaki Murakami and hold a shareholders meeting on March 27 to seek approval for the adoption of defense measures.
The former Toshiba unit said the decision is based on a conclusion drawn up by an independent committee that discussed Murakami’s proposal, according to a Reuters report.
Dr. Reddy’s Laboratories, a provider of a complete range of pharmaceutical services, agreed to acquire business divisions of Wockhardt, which specializes in the production of pharmaceuticals in both generic and prescription forms, for $260m.
“India is an important market for us and this acquisition will help in considerably scaling-up our domestic business. The acquired portfolio shall enhance Dr. Reddy’s presence in the high growth therapy areas with market leading brands such as Practin, Zedex, Bro-zedex, Tryptomer and Biovac. We believe the portfolio holds a lot of potential and will get an impetus under Dr. Reddy’s. We welcome the team joining as part of the deal to the Dr. Reddy’s family,” G V Prasad, Dr. Reddy’s Co-Chairman and Managing Director.
London Football Exchange Group, a financial, technology, media and entertainment group, agreed to acquire Perth Glory, an Australian A-League football team, for $70m.
“My love for PGFC is well known, our fans are loyal, the fact that the LFE is designed and manned by fans for fans makes me proud to say I am part of the team and that PGFC is the cornerstone of this wonderful project. I am looking forward to the next 15 years where we want to become the dominant force in terms of footballing standards but also in terms of youth development for both the men’s and women’s game,” Tony Sage, Perth Glory Chairman.
RMB Capital urges Sanyo Shokai to sell itself. (FS)
RMB Capital, a US activist investor, called on Japanese clothing company Sanyo Shokai to sell itself, saying a new owner would help turn around the firm.
RMB Capital sent a letter in December to the company’s board, urging it to seek a strategic buyer, according to a Bloomberg report.
China Life Group seeks Hong Kong listing via unit.
China Life Insurance, the parent company of China's largest life insurer, is planning a backdoor listing of its key businesses in Hong Kong as early as this year, Bloomberg reported.
The Beijing-based conglomerate, which spans property and casualty insurance, banking and asset management, plans to inject its main assets into the listed China Life Insurance Co., which will in turn issue new shares to the parent.
GIC-backed Triputra Agro Persada ponders $500m Indonesia IPO. (FS)
PT Triputra Agro Persada, backed by Singapore’s sovereign wealth fund GIC, is gearing up for an initial public offering in Indonesia that could raise about $500m, Bloomberg reported.
The plantation company, which also counts Indonesian tycoon Theodore Rachmat’s Triputra Group and buyout firm Northstar Group as shareholders, held preliminary discussions with some banks for the potential first-time share sale that could value the business at more than $2bn. The company is seeking to list in Jakarta as early as the end of this year.
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