The Blackstone Group, an American alternative investment management company, completed the acquisition of Cvent, a meetings, events and hospitality technology provider, from Vista Equity, a private equity firm, for $4.6bn.
"We are excited to share this announcement and look forward to our next chapter alongside the Blackstone team. As one of the world’s largest private equity firms, Blackstone brings deep expertise in the event and hospitality industry, and with their backing, we plan to continue to invest in our business and deliver the innovative solutions that meet our customers’ needs and power the meetings and events ecosystem," Reggie Aggarwal, Cvent Founder and CEO.
Earthstone Energy, a growth-oriented, independent energy company, agreed to acquire EnCap-backed Novo Oil & Gas, an oil and gas company, for $1.5bn.
“Over the past few years, we strategically positioned the Company as a significant operator in the Permian Basin. In 2022, we materially advanced our consolidation strategy, closing three accretive acquisitions totaling ~$2bn, including two significant northern Delaware Basin asset acquisitions. I am pleased that we are continuing to further our consolidation strategy with today’s announcement of the Novo Acquisition as we further build our northern Delaware Basin asset base. With significant production volumes from the Novo Acquisition, we expect Earthstone’s near-term production levels to surpass 135k barrels of oil equivalent per day," Robert J. Anderson, Earthstone President and CEO.
Novo Oil & Gas is advised by RBC Capital Markets and Vinson & Elkins. Earthstone Energy is advised by Raymond James, Truist Securities, Kirkland & Ellis and Richards Layton and Finger. EnCap is advised by Vinson & Elkins.
OMNIA Partners, a non-healthcare group purchasing organization, agreed to acquire the GPO Operations of Premier, a healthcare services provider, for $800m.
“This transaction unlocks substantial value for Premier’s stockholders and is an important step in our ongoing review of strategic alternatives. We are excited to enhance our focus on our member services and core healthcare businesses as we continue executing our strategies to drive sustainable, long-term growth. At the same time, we are evaluating the highest return opportunities for deploying the proceeds from this transaction, including the potential to accelerate the return of capital to stockholders," Michael J. Alkire, Premier President and CEO.
OMNIA Partners is advised by Barclays, Bass Berry & Sims and Cravath Swaine & Moore. Premier is advised by Bank of America, JP Morgan and McDermott Will & Emery. Bank of America is advised by Sullivan & Cromwell.
Gibson Energy, a Canada-based midstream oilfield service company, agreed to acquire South Texas Gateway Terminal, a liquid terminal and export facility, for $1.1bn.
“Since establishing Gibson as a leading liquids-focused infrastructure company, we have been looking for an opportunity that is a strategic fit, while enhancing our scale and diversity. After much patience and discipline, I am excited to add the world-class South Texas Gateway Terminal to our infrastructure portfolio. This transaction amplifies our high-quality infrastructure revenues and bolsters the continued growth of our distributable cash flow per share,” Steve Spaulding, Gibson Energy President and CEO.
Gibson Energy is advised by JP Morgan, Bennett Jones, Latham & Watkins and Norton Rose Fulbright. Debt financing is provided by BMO Capital Markets, JP Morgan and RBC Capital Markets.
Patterson-UTI Energy, a land drilling and pressure pumping services provider, agreed to merge with NexTier, an oilfield service company, in a $5.4bn deal.
"This merger unites two top-tier and technology-driven drilling and well completions businesses, creating a leading platform at the forefront of innovation. As one company, we will have a significantly expanded, comprehensive portfolio of oilfield services offerings across the most active producing basins in the United States, along with operations in Latin America. With our combined strong balance sheet, ample liquidity and greater free cash flow, we will be well positioned to continue to invest in technology, innovation and people, while delivering strong cash returns to shareholders," Andy Hendricks, Patterson-UTI CEO.
Patterson-UTI Energy is advised by Goldman Sachs, Gibson Dunn & Crutcher and Joele Frank. NexTier is advised by Moelis & Co and Kirkland & Ellis. Gibson Dunn & Crutcher is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
New Mountain Capital, an investment firm, completed the acquisition of Apixio, an artificial intelligence platform, from Centene, a healthcare enterprise. Financial terms were not disclosed.
“We view the merger of Apixio and ClaimLogiq as creating a truly differentiated player in the healthcare technology industry. We intend to continue investing in the combined company’s existing artificial intelligence capabilities while also launching new products with the aim of building the leading ‘connected care’ platform in the marketplace, enabling health plans’ and provider groups’ transition to value-based care," Matt Holt, New Mountain Capital Managing Director and President.
New Mountain Capital was advised by JP Morgan and Ropes & Gray (led by Todd Kornreich and Garrett Charon). Centene was advised by William Blair & Co and Bass Berry & Sims.
Lone Star, a private equity firm, agreed to acquire Carlisle Fluid Technologies, a manufacturer of finishing equipments, from Carlisle Companies, an industrial group. Financial terms were not disclosed.
The sale of CFT aligns with our Vision 2025 strategy and advances our drive to construct a concentrated portfolio of construction materials businesses emphasizing a superior capital allocation approach to investments. We believe the sale to an affiliate of Lone Star Funds is an excellent opportunity for CFT to optimize its long-term growth and profitability. I want to thank CFT’s approximately 825 global employees for contributing to CFT’s success and I thank the customers and suppliers of CFT for their continued loyalty," Chris Koch, Carlisle Chairman, President and CEO.
Lone Star is advised by Citigroup and Guggenheim Partners. Carlisle is advised by Goldman Sachs.
LongueVue Capital, a New Orleans-based growth equity firm, completed the investment in Global Gourmet Food Solutions, a specialty ready-to-cook and ready-to-eat food products manufacturer. Financial terms were not disclosed.
"This partnership with LVC marks an exciting chapter for Global Gourmet. Our company has grown dramatically over the past few years alongside our best-in-class customer base, and this relationship enables us to further expand our product offerings, support services, and production capacity as we usher in this bright new era of heightened growth," Danny Luong, Global Gourmet President & CEO.
LongueVue Capital was advised by Vedder Price. Debt financing was provided by Origin Bank.
JTC, a provider of fund, corporate and private client services, agreed to acquire South Dakota Trust, an independent provider of administration services to the US personal trust sector, for $270m.
"We are delighted to join JTC. We have an enormous amount in common including our commitment to our clients, our culture and our professional expertise. We know the JTC team well having worked with them for over seven years, and see significant opportunities to expand our combined offering to clients and their advisors, so that we can meet more of their needs in this fast growing private client market," Al W. King, South Dakota Trust Co-Founder and Co-CEO.
The Riverside Company, a private equity firm, completed the acquisition of Bishops Cuts/Color, a haircare services provider. Financial terms were not disclosed.
“Bishops’ strong reputation and quality haircare service offerings are a true differentiator in the haircare industry. We are excited to build upon Bishops’ strong history and further expand the company’s presence across the US as we look to add additional personal care services brands to the platform," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day (led by Cameron Reese).
Arlington Capital Partners, a private equity firm, completed the acquisition of Pegasus Steel, a complex fabricated steel company. Financial terms were not disclosed.
“Pegasus has earned a tremendous reputation in the nuclear submarine and aircraft carrier market for delivering high quality fabrications on time and on schedule. With parts weighing in excess of 800,000 pounds and among the largest structures in the industry, Pegasus enables its customers to utilize its own shipyards more efficiently to meet the required increase in output that the national security community demands. We are excited to partner with Tony to build upon Pegasus’ impressive achievements,” Peter Manos, Arlington Managing Partner.
Pegasus Steel was advised by KippsDeSanto & Co.
TA Associates closes flagship fund fifteenth at $16.5bn. (FS)
TA Associates, a global private equity firm, announced the completion of fundraising for its latest flagship fund, TA XV, with total limited partner commitments at its hard cap of $16.5bn.
"We are deeply grateful for the strong support of our limited partners during the TA XV fundraise. Amid a period of macroeconomic uncertainty, our investors' continued trust and confidence in our investment strategy is particularly energizing. We embrace the opportunity to further our strategy, partnering with forward-thinking founders and management teams to build lasting value in exceptional businesses," Ajit Nedungadi, TA CEO.
TA was advised by Goodwin Procter.
GrowthCurve Capital closes inaugural fund at $1.4bn. (FS)
Private equity firm GrowthCurve Capital held the final close of its inaugural private equity fund, GrowthCurve Capital Partners I, with total capital commitments of $1.4bn for the fund and related co-investment vehicles.
To date, the fund has invested approximately 50% of its capital commitments across four investments: Mistplay, a game discovery and loyalty platform for mobile games; Brightway Insurance, a personal lines focused insurance franchisor; Revecore, a provider of revenue integrity and complex claims solutions for health systems; and Netchex, a provider of cloud-based human capital management software solutions.
UK's competition regulator launched a probe into auto parts provider LKQ's $2.1bn deal to buy Uni-Select. The Competition and Markets Authority has set a deadline of August 10 for its preliminary decision, Reutersreported.
The deal, which was announced in February, is expected to help LKQ tap into Canada-based Uni-Select's strong presence in the aftermarket auto parts business.
Uni-Select is advised by RBC Capital Markets, TD Securities, Fasken (led by Jean Michel Lapierre), Latham & Watkins (led by Jordan Miller), Linklaters, McCarthy Tetrault (led by Rob Hansen), Stikeman Elliott and NATIONAL Public Relations. LKQ is advised by Bank of America, Wells Fargo Securities, Davies Ward Phillips & Vineberg, Slaughter & May (led by Claire Jeffs), Wachtell Lipton Rosen & Katz (led by Mark Stagliano and Mark Gordon). Financial advisors are advised by White & Case (led by Denise A. Cerasani). Debt financing was provided by Bank of America and Wells Fargo Securities.
Generali, a global insurance and asset management provider, agreed to acquire Liberty Seguros, a personal lines and small commercial insurance business, from Liberty Mutual Insurance, a diversified global insurer, for $2.5bn.
"Our dedicated Liberty Seguros employees have done a tremendous job serving our customers, brokers, agents, partners and communities -- building a highly respected and profitable business. They will be a strong addition to Generali, a leading global insurer with a strategic and adept business model. This decision further helps Liberty Mutual sharpen our operational focus to deliver exceptional value across our channels, products and markets. We're grateful to our employees for their many years of hard work and are confident in their future success with Generali," Tim Sweeney, Liberty Mutual President and CEO.
Liberty Mutual is advised by Bank of America and Skadden Arps Slate Meagher & Flom. Generali is advised by Citigroup, Credit Suisse, Clifford Chance, Matheson and Morais Leitao Galvao Teles Soares da Silva.
Saint-Gobain, a French multinational corporation, agreed to acquire Building Products of Canada, a manufacturer of building materials, for C$1.3bn ($1bn).
“Today marks the beginning of an exciting new chapter in the history of Building Products of Canada. Our focus on delivering the best solutions and satisfaction to our customers has enabled us to become a leading player in roofing in Canada. The opportunity to join Saint-Gobain, the worldwide leader in light and sustainable construction, and which is investing significantly in Canada, is the perfect next step to further enrich our offer by leveraging Saint-Gobain’s innovation and technology: I want to thank all our teams for their outstanding work over many years, and I look forward to leading the integration of Building Products of Canada into Saint-Gobain and continuing to drive profitable growth," Yves Gosselin, Building Products of Canada President and CEO.
Building Products of Canada is advised by Deloitte and McCarthy Tetrault. Saint-Gobain is advised by RBC Capital Markets, Blake Cassels & Graydon and Cleary Gottlieb Steen & Hamilton.
PAI Partners, a French private equity firm, agreed to acquire a majority stake in ECF Group, a hospitality equipment company, from Naxicap Partners, a private equity firm. Financial terms were not disclosed.
“ECF is an exceptional business with a strong portfolio of partner- and private-label brands serving a high-quality, diversified customer base. We see enormous potential to scale the business even further, strengthening the group’s offer and extending its global reach. We look forward to working with Christophe and the management team in this next chapter of growth,” Mathieu Paillat, PAI Partners Partner.
PAI Partners is advised by Credit Agricole, Latham & Watkins (led by Denis Criton) and Rothschild & Co. Naxicap Partners is advised by Lazard.
Carpenter, an integrated polyurethane foams producer, agreed to acquire the engineered foams business line of Recticel, an industrial group, for $496m.
“We are excited to have completed this transaction, as it represents a unique opportunity for Carpenter to add a great set of locations and business units together with people dedicated to providing superior products and services. This transaction will allow Carpenter to accelerate its growth throughout the various end markets for flexible PU foam," Brad Beauchamp, Carpenter CEO.
Recticel was advised by JP Morgan and Allen & Overy.
Apollo Global Management, a private equity firm, agreed to invest in Yondr, a developer, owner-operator and service provider of hyperscale data centres. Financial terms were not disclosed.
“Apollo’s support of our global growth ambitions is truly exciting for us at Yondr. This allows us to create long-term sustainable value for clients, and to rapidly deploy cloud solutions, in line with the growing demands of our select, blue-chip client base," Paul Cossell, Yondr CEO.
Yondr is advised by White & Case. Apollo Global is advised by Simpson Thacher & Bartlett (led by Shamus Crosby).
General Atlantic, a private equity firm, completed a 20% stake in ATOSS Software, a software services provider. Financial terms were not disclosed.
“This investment by one of the world’s most successful growth equity investors offers ATOSS an opportunity to capture the enormous growth potential in our market even more fully. With General Atlantic as investor, we plan to continue our success story and take ATOSS even further internationally," Andreas Obereder, ATOSS CEO.
ATOSS Software is advised by Hengeler Mueller.
Rosen Group weighs sale.
Rosen Group, an engineering firm specializing in testing oil and gas assets, is weighing a potential sale, Bloombergreported.
Rosen is working with Baird & Co to gauge interest from possible suitors. The company generates annual earnings of more than $200m on revenue of about $750m and could attract both strategic and private equity bidders.
CAB Payments presses on with UK IPO after WE Soda pulls deal. (FS)
Transaction processor CAB Payments confirmed it plans to pursue an initial public offering in London, giving a much-needed boost to a flagging market that's been beset by defections and canceled listings, Bloombergreported.
The IPO on the London Stock Exchange will consist of a stake sale by backer Helios Investment Partners and other shareholders. The company won't raise any money in the sale, and the size of the offering is yet to be determined.
SUSI Partners closes Asia Energy Transition Fund at $120m. (FS)
Swiss fund manager SUSI Partners held a final closing for the SUSI Asia Energy Transition Fund, bringing total fund commitments to $120m.
To date the fund has made investments in utility-scale renewable energy generation, energy efficiency, and distributed solar PV solutions for commercial and industrial end clients.
Boustead weighs $432m BHPetrol gas station sale.
Boustead is considering divesting its gas stations in Malaysia and is seeking as much as $432m, Bloombergreported.
The Kuala Lumpur-based conglomerate is working with an adviser to sell Boustead Petroleum Marketing, also known as BHPetrol.
MD Pictures plan to raise $150m via strategic deals.
Tencent-backed Indonesian film production company PT MD Pictures is looking to raise up to $150m in the next six months via a rights issue and debt to support the company's next phase of expansion, DealStreetAsiareported.
The country's first publicly listed film company is planning to offload around 20% stake through the rights issue, and it is seeking to raise a total of around $300m over the next two years.
CMC Capital targets to raise $700m across three new RMB funds. (FS)
China-focused CMC Capital Partners, founded by the country's media mogul Li Ruigang, is in the process of closing three Chinese yuan funds targeting a total of $700m, DealStreetAsiareported.
As the latest RMB fund series set up by CMC Capital, the trio have joined a fast-expanding list of RMB funds in the country as the ongoing China-US geopolitical tensions and tightened international listing rules weigh on global investors' appetite for China strategy.
VMS Group eyes up to $400m for flagship PE fund. (FS)
Hong Kong alternative asset management firm VMS Group is targeting $300m for its flagship private equity fund, with a hard cap of $400m, DealStreetAsiareported.
The fund is aiming to secure a first close before the end of the year, and a final close roughly 6-12 months after securing its first round of commitments.
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