Blackstone Group offered to acquire the remaining 66% of shares in Tallgrass Energy, a growth-oriented midstream energy infrastructure company, for $3bn, which represents an estimated 35.9% premium over TGE's closing price on August 27.
Tallgrass said its board intends to form a committee consisting of independent directors to consider the proposal.
Citigroup and Vinson & Elkins are advising Tallgrass Energy.
Le Tote, a leading fashion rental subscription service, agreed to acquire Lord + Taylor, a luxury department store in the United States, from The Hudson's Bay Company, a Canadian retail business group, for $100m.
Helena Foulkes, HBC’s CEO, said, “We’re excited to have reached an agreement with Le Tote that creates a new model for Lord + Taylor, bringing together fashion rental subscriptions with traditional retail. Following an extensive review of strategic alternatives, Le Tote’s leadership and innovative approach is the best path forward for Lord + Taylor, its loyal customers and dedicated associates. For HBC, this transaction builds upon our previous bold actions, further enabling us to focus on our greatest opportunities, Saks Fifth Avenue and Hudson’s Bay.”
Citigroup and Kirkland & Ellis are advising Le Tote. PJ Solomon and Willkie Farr & Gallagher are advising HBC.
Harvest Partners, a New York-based private equity firm, invested in Integrity Marketing Group, the nation's largest independent distributor of life and health insurance products. Financial terms were not disclosed.
"We are very excited for Harvest Partners to join the Integrity family as we look to continue our pace of growth after three-straight years of organic and acquisitive expansion," said Bryan W. Adams, Co-Founder and CEO of Integrity. "We believe Integrity has just begun to tap into its potential and adding an outstanding investor like Harvest Partners alongside HGGC will ensure we have the resources to help as many American seniors as possible through execution of our national partnership-based distribution strategy."
Morgan Stanley and Goldman Sachs advised Integrity Marketing Group. Evercore advised Harvest Partners. Crescent, Owl Rock Capital and Antares Capital provided financing.
Private equity firm Keystone Capital invested in Hometown Foods USA, a manufacturer of bagels and cake products sold to in-store bakeries, club stores, and the foodservice channel. Financial terms were not disclosed.
“Joining forces with Keystone will provide us with a greater level of resources and capabilities to serve our client partners and bring Mrs. W’s Wonderlicious™ bundt cakes and our other high-quality bakery products to an even wider audience – all while preserving our unique culture and unwavering commitment to baking quality and innovation,” noted Troy Schwartzberg, President of Hometown Foods USA.
Southfield Capital-backed Protos Security, a tech-enabled managed security services provider, acquired Security Resources, a leading US-based managed security services and direct guard solutions provider. Financial terms were not disclosed.
“Over the last 20+ years, SRI has blossomed into one of the leading names in the security services space and they have built a highly respected business with a great client roster,” said Andy Cook, Partner at Southfield Capital. “We believe that combining SRI with Protos’ industry-leading technology will enable us to deepen client relationships and provide a broader array of comprehensive security and loss prevention solutions.”
Monroe Capital provided debt financing. Pepper Hamilton advised Southfield Capital.
Ebro Foods, the leading company in the Spanish food processing sector, acquired Tilda, a premium basmati and specialty rice brand, from Hain Celestial, a leading organic and natural products company, for $342m.
"We are pleased to complete the strategic sale of Tilda, which is consistent with our transformational plan to simplify our portfolio, strengthen our core capabilities and expand margins and cash flow," commented Mark L. Schiller, Hain Celestial's President and Chief Executive Officer. "Tilda has been a strong business for us, primarily in the United Kingdom, and under new strategic ownership, we expect the brand to continue to thrive. We believe this transaction represents a significant premium to a majority of other European food and global rice and pasta industry transactions over the last several years. In addition, this divestiture will enable us to reduce our exposure to marketplace disruption associated with the uncertainty of Brexit and additional future potential foreign currency fluctuations."
Platte River Equity sold PRV Metals, which, through its two operating subsidiaries Sierra Alloys and TSI Titanium, is a leading provider of specialty forged titanium and high-performance steel products to the aerospace, defense, medical, energy and industrial sectors, to Tinicum, a private investment firm. Financial terms were not disclosed.
CEO of PRV Metals Craig Culaciati said, "Platte River has been an excellent partner for PRV Metals, having supported our business from day one and having invested in initiatives to drive the Company's long-term growth. We thank the Platte River team for its support and partnership over the years. We now look forward to the next chapter of growth with Tinicum."
Lincoln International advised PRV. Bartlit Beck advised Platte River Equity.
The Hershey Company, one of the largest chocolate manufacturers in the world, agreed to acquire ONE Brands, the maker of a line of low-sugar, high-protein nutrition bars, for $397m.
“We’re proud of the brand we built and look forward to continuing to build on our momentum with the strength and capabilities that Hershey can provide,” said Ron McAfee, Founder, ONE Brands. “Our consumer proposition, brand equity and team provide us with confidence, especially when combined with an industry leader like Hershey,” said Peter Burns, CEO, ONE Brands.
Spectrio, one of the nation’s leading providers of in-store marketing solutions powered by content and technology, merged with VS Networks, a leader in cutting-edge digital and interactive signage, headquartered in Chicago. Financial terms were not disclosed.
“Giving customers the information they need at the point of sale is crucial to driving in-store sales in any retail environment,” said Dax Brady-Sheehan, Spectrio CEO. “With the VS Networks technology, we’re able to provide even more flexibility for our digital signage and interactive kiosk clients, by adding dynamic sales enablement tools, scalable management capabilities, and a vast library of brand content.”
AvidXchange, the leading provider of accounts payable and payment automation solutions for the middle market, agreed to acquire BankTEL Systems, a provider of accounting solutions. Financial terms were not disclosed.
“This is the fifth acquisition we’ve made in ten years and it’s unique because of BankTEL’s strength in the financial services market,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “I know first-hand what it takes to build a successful company from scratch, and the niche BankTEL has been able to carve out with middle-market banks is the perfect complement to what we’ve worked to create over the last 19 years at AvidXchange.”
Bazaarvoice, the leading provider of product reviews and user-generated content, acquired Influenster, a product discovery and reviews platform with nearly 6m community members worldwide. Financial terms were not disclosed.
"The decision to join forces with Influenster underscores Bazaarvoice’s commitment to connecting brands with consumers and consumers with one another through user-generated content, said Joe Davis, CEO of Bazaarvoice.
CareDx, a leading precision medicine company focused on the discovery, development and commercialization of clinically differentiated, high-value healthcare solutions, acquired XynManagement, the leading provider of solutions to simplify transplant quality tracking and waitlist management. Financial details of the transaction were not disclosed.
“I am thrilled to see our companies come together. We see the value of combining with CareDx’s solutions to better impact patient outcomes,” said David Axelrod, XynManagement CEO. “Our leadership team with deep transplant experience will continue to work with CareDx across their portfolio.”
Altas Partners, a long-term oriented investment firm, agreed to acquire DuBois Chemicals, a leading specialty chemical supplier, from Jordan Company. Financial terms of the transaction were not disclosed.
"We chose to partner with Altas because their team shares our conviction and excitement regarding the long-term opportunity for DuBois, making the firm an ideal partner as we enter our next phase of growth,” said Jeff Welsh, President and CEO of DuBois. “With Altas’ support, we look forward to continuing the development of the business through both organic growth and continued selective acquisitions. We greatly appreciate the support we’ve received from The Jordan Company, and we thank them for their guidance and partnership.”
Servelec Technologies, a global provider of telemetry hardware and software products, acquired Primayer, a global leader in water network leak detection and location. Financial terms were not disclosed.
“The Servelec Technologies management team and Laurel Solutions are firmly committed to continued investment in Primayer’s people and solutions so that together we may grow and develop our combined range of complimentary products and software services for all our customers in markets around the world,” said David Frost, MD of Servelec Technologies.
Medevision, a cloud-based scheduling company, merged with MetricAid, a full-service scheduling company. Financial terms were not disclosed.
“Our clients have told us for a long time that our two companies should operate as one and we agree! Combining our software and service will create a seamless, superior experience and we are excited about how these changes will improve emergency department scheduling and the lives of our physicians, as well as the care they give to their patients.” Les Blackwell, MetricAid CEO.
Petroperu aims to sell up to 15% of shares in private placement next year.
State-owned Peruvian oil company Petroperu wants to sell up to 15% of its shares through a private placement offering next year to pay down its debt, Reuters reported. International banks are to submit proposals regarding advising Petroperu on the transaction.
“I’m not going to do it with a traditional IPO because the value of Petroperu would be punished because the new refinery is not operating.” Carlos Paredes, Petroperu chairman of the board.
Farfetch not interested in acquiring Barneys.
Farfetch, the leading global technology platform for the luxury fashion industry, noted that the New York Post published a story on August 26, 2019, stating that: “Barneys nears sale to online luxury retailer Farfetch.” Farfetch stated that the article is incorrect and that it is not interested in buying Barneys.
Brazil's Cemig privatization plan could pass within six months.
State approval for the privatization of Brazilian power company Companhia Energetica de Minas Gerais, known as Cemig, may take “at the maximum” six months, Reuters reported.
Analysts have said a positive outcome for Minas Gerais Governor Romeu Zema’s effort to privatize Cemig is far from a sure thing given that it would need to be approved either by a three-fifths vote of the state legislature or a popular referendum.
“It is cheaper to transact in Brazil than abroad, but at the same time, we keep both options because we also recognize the importance of the market here in New York,” Mauricio Fernandes, Cemig Chief Financial Officer.
ThoughtSpot raised $248m at $1.9bn valuation. (FS)
ThoughtSpot, a technology company that produces business-intelligence analytics search software, closed its $248m in funding at a valuation of $1.9bn in an oversubscribed round, bringing the company’s total funding to $554m. New investor Silver Lake Waterman, Silver Lake’s late-stage growth capital fund joined existing backers Lightspeed Venture Partners, Sapphire Ventures, and Geodesic Capital in this round of funding.
“When I see the work our customers like Walmart, BT, and Daimler are doing with ThoughtSpot to transform their critical functions like supply chain or customer service, I’m incredibly inspired, but I also realize how much unlocked potential remains when it comes to data-driven insights,” said Sudheesh Nair, CEO, ThoughtSpot. “The world is changing fast, and businesses that change faster will thrive. As technology partners to our customers, we have only one job: provide the agility that’s like oxygen to these organizations so they can compete and win.”
Coty and Younique terminated their partnership.
Coty, an American multinational beauty company, and Younique, an American multi-level marketing company that markets beauty products, announced a mutual decision to terminate their partnership.
Given the different nature of the companies’ business models and the need for a strong and specific focus to successfully improve fundamentals, Coty and Younique have agreed to part and focus on their respective strengths.
Castleton Commodities International acquired a wind farm in West Virginia.
Castleton Commodities International, an independent global commodities merchant, closed the acquisition of NedPower Mt. Storm, a 264 MW wind farm located 120 miles west of Washington, D.C. in Grant County, West Virginia.
"This is CCI's second wind farm acquisition this year and we are pleased to add Mt. Storm to our power portfolio," said Chase Horine, Vice President in CCI's US Power Principal Investments team. "CCI has a proven track record of acquiring and optimizing power assets in Europe and North America. Mt. Storm is a high-quality asset that diversifies the portfolio and highlights CCI's expanding renewable footprint."
Mercer Thompson and Guggenheim Securities advised CCI.
Cotton Creek Capital closes $125m fund three. (FS)
Cotton Creek Capital closed its third fund at $125m. The fund includes a diverse group of limited partners, including high net worth families and individuals, multi-family offices, endowments and foundations, and other institutional investors. Cotton Creek targets control investments in growth driven lower middle-market businesses.
“The closing of this fund represents a continuation of our relationship-based investment strategy focused on operational execution in the lower middle market. Our experience enables us to work alongside our management teams to develop a focused vision and execution plan, based on company-specific growth objectives.” Antonio DiGesualdo, Cotton Creek Capital Managing Partner.
HiFiBiO Therapeutics closes $67m series C financing. (FS)
HiFiBiO Therapeutics, a pioneer in innovative biotherapeutics with a unique single-cell analytics platform for extensive immune profiling, announced the completion of a $67m Series C financing round.
IDG Capital led the funding. The existing shareholders Sequoia Capital China, VI Ventures, Legend Star Capital, and LYFE Capital continued to invest. New investors Delian Capital, Hanne Capital, and Kite, a Gilead Company, also supported this round.
HiFiBiO Therapeutics will use the proceeds from the financing to expand its platform efforts and accelerate the development of its novel antibody-drug pipeline to treat cancer and autoimmune disorders.
London-based private equity firm Epiris Managers closed its £206m ($252m) acquisition of IFG Group, a financial services holding company with full market listings in London and Dublin. The price represented a premium of approximately 46% to IFG's closing share price on 22 March 2019.
Commenting on the acquisition, Kathryn Purves, CEO of IFG, said: "We are pleased to be announcing this transaction today and believe it is an excellent outcome for shareholders, for the company, and for our clients. The offer by Epiris represents a compelling opportunity for shareholders to realize an immediate and attractive cash value for their shareholding in IFG today. In addition, our employees and clients will benefit under the ownership of Epiris, which should help accelerate the delivery of IFG's strategic objectives and the underlying strategies of James Hay and Saunderson House."
Goodbody, Macquarie Group, Evercore and Powerscourt advised IFG Group. Houlihan Lokey and Greenbrook advised Epiris.
Reuters reported that Kenya’s anti-corruption commission suspended a planned merger of Airtel Kenya with partly state-owned Telkom Kenya pending a probe into allegations about the misappropriation of public funds at Telkom. The deal was announced in February 2019.
Telkom Kenya Chief Executive Mugo Kibati said that his company would cooperate with the investigation and said the probe was not linked to the merger deal.
Herbert Smith Freehills is advising Bharti Airtel.
Fosun International, a Chinese international conglomerate and investment company, acquired at least 75% of the equity of the Group Tour Operator unit and 25% of the Group Airline of Thomas Cook Group for $552m.
The execution of the transaction remains subject to a legally-binding agreement being reached amongst the parties to the recapitalization plan and, where appropriate, the Thomas Cook Group’s other key stakeholders. The proposed recapitalization plan does not impact trade creditors or customers.
valantic, one of the fastest-growing IT-consulting and -services company in Europe, acquired Cologne-based LINKIT Consulting, a business management consultant. Financial terms were not disclosed.
„With LINKIT we have found the perfect partner to offer our customers extensive consulting- and implementation-services in SAP and finance & controlling from a single source. The colleagues of LINKIT possess a unique expertise and long-standing experience in all matters relating to IT and finance & controlling. This is impressively underpinned by an extensive customer base “, said Dr. Holger von Daniels, CEO and Partner at valantic.
Koch Media, a manufacturer of digital entertainment products and services, agreed to acquire Milestone, a manufacturer and distributor of industrial machinery and equipment. Financial terms were not disclosed.
“Becoming a part of the Koch Media Family is an important step for our studio. Being run as a family business, which is built on the enthusiasm of its team members and centered around racing games, we are delighted to bring our expertise and knowledge into the company group and strive from the experience and expertise outside of our core DNA. We are sure that the combination of our skills will strengthen our position in our market segment and help us to bring more exciting games to our fans and extend the frontiers of racing within the gaming industry,“ Luisa Bixio, Vice President Milestone.
Anaplan, a company that develops and publishes a cloud platform for business applications, agreed to buy predictive analytics startup Mintigo. The financial terms were not disclosed.
This acquisition will help Anaplan accelerate and expand its predictive capabilities across its business planning and execution platform. Anaplan was actively investing in and deepening its capabilities with artificial intelligence and predictive tools to help its customers make better and faster decisions. With the acquisition of Mintigo, Anaplan will accelerate its product innovation in this area.
Ageras, a Danish IT company, acquired Denmark-backed Billy, an accounting platform. Financial terms were not disclosed.
“Billy is an exciting company because the platform is so technologically good that it can be launched effortlessly in another country in 24 hours. We tested that in our due diligence,” says Ageras CEO Rico Andersen.
Agribusiness group Zeder Investments agreed to acquire a 40% stake in EAS Group, an African seed company. Financial terms were not disclosed.
Zeder’s Zaad subsidiary had identified east and central Africa “as important growth areas for seed and agrochemicals,” the group said. “Upon completion, this investment will provide Zaad with access to these markets.”
Anglo American Platinum completes buyout of prospecting rights from Atlatsa.
The subsidiary of Anglo American Platinum, Rustenburg Platinum Mines had completed the acquisition of the Kwanda North and Central Block prospecting rights for ZAR300m ($20m) from Atlatsa Resources Corp.
As part of the deal, the platinum miner would waive debt owing by Atlatsa of about ZAR4.8bn ($315m) and further debt by Atlatsa for care and maintenance costs at Bokoni Mine until Dec. 31, 2019. The Kwanda North and Central Block prospecting rights are adjacent to Amplats’ Mogalakwena mining rights.
South Africa's Eskom may need more bailouts.
The South African government may be forced to inject more money into state power firm Eskom by the end of March next year, should the struggling utility fail to meet its borrowing plan, Reuters reported.
Eskom, which supplies more than 90% of the country’s electricity but has implemented power cuts this year due to plant outages, does not generate sufficient cash to meet its debt-service costs and relies on state bailouts to stay afloat.
“Failure to execute its funding plan may result in Eskom experiencing liquidity shortfalls at 31 March 2020 and require additional funding in addition to funding provided through the Special Appropriation Bill,” the National Treasury’s director-general, Dondo Mogajane.
Fosun is in talks to acquire GV Gold.
A consortium of Chinese investors with the participation of Fosun is advancing in a deal to acquire the Russian gold producer GV Gold. Fosun is considering teaming up with partners including Zhaojin Mining Industry for a joint offer. A deal could value GV Gold at about $1bn.
Christie & Co sold three nursing homes in Kent to Integrum Care Group.
A group of three nursing care homes located in and around the Kent town of Hythe has been sold through specialist business property adviser, Christie & Co to Integrum Care Group in an off-market deal. Financial terms were not disclosed.
Martin Gould, Head of Brokerage – Care at Christie & Co, who handled the sale in conjunction with fellow Director John Harrison, comments, “We’re really pleased to have successfully concluded this sale, particularly so as it allows Phil and Tony to move forward with their respective retirement plans. It’s also really good to see the buyers, Integrum Care Group, add to their growing portfolio.”
Algo Capital closes Algo VC fund at $200m. (FS)
Algo Capital, the financial institution focused on accelerating access, adoption, and liquidity of the Algo, the native digital currency of the Algorand blockchain, closed off its Algo VC Fund at $200m, surpassing the firm’s original goal of $100m.
The fund will invest in category-leading businesses that are building on the Algorand technology platform and seeks to accelerate the use and acceptance of the Algo as a means of payment.
The fund is backed by a collection of experienced financial and blockchain industry investors across North America, Latin America, Asia and Europe, including Brainchild, NGC Ventures (the venture arm of NEO Global), Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r, Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster and many others.
No applications received for the purchase of Prominvestbank shares.
No applications were received for the purchase of shares of Prominvestbank, a Ukraine-based commerical bank. PFTS stock exchange was appointed an auction for sale 100% of shares of Prominvestbank, in the framework of execution in Ukraine of decisions of the International Court of Arbitration in the Hague.
LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, agreed to acquire Aspada, a leading India-focused impact investment fund, from Soros Economic Development Fund, the social impact investment arm of Open Society Foundations. Financial terms were not disclosed.
Kartik Srivatsa, Managing Partner of Aspada, said, “We see significant opportunity in scaling Aspada’s impact investing model, which brings together a thematic ecosystem development effort to help build large businesses that have an outsized developmental impact. In LGT and Prince Max, we have found an aligned and committed long-term partner not only for building out the next phase of Aspada’s evolution in India but also for co-creating a distinctive global platform that can be the vanguard of impact investing.”
Luokung Technology Corp, one of the global leading spatial-temporal big-data processing technology companies, acquired eMapgo, one of the leading navigation electronic map service providers in China, for $119m.
After the acquisition, EMG will continue to conduct its business activities independently and provide services to customers as a neutral mapping-company.
Airtel, Vodafone Idea and Reliance Jio unlikely to bid for 5G spectrum.
India’s three leading telecom operators — Airtel, Vodafone Idea, and Reliance Jio — are unlikely to bid for 5G spectrum, citing high cost and limited availability of the airwaves.
Apart from the high base price fixed by the Telecom Regulatory Authority of India, telcos complain that enough spectrum is not available in the two bands identified in the RFP — 700 MHz.
TPG Capital in talks to acquire Coffee Day Global. (FS)
TPG Capital, a US-based private equity firm, is in preliminary talks to acquire Coffee Day Global, the owner of Café Coffee Day, The Economic Times reported.
Coffee Day Enterprises owns 89% stake in Coffee Day Global, which operates about 1.7k stores across India and nearly 600 Value Express kiosks and 60k vending machines that dispense coffee in corporate workplaces and hotels.
Amazon in talks to buy Go-Jek.
Amazon is in early talks with Go-Jek Group to buy a stake in the Indonesian ride-hailing startup, Reuters reported.
Indonesia’s first unicorn, Go-Jek, has up to 20 services and has evolved from ride-sharing to allowing its customers to make online payments and order everything from food to groceries.
Toyota Motor and Suzuki Motor will take small equity stakes in each other.
Toyota and Suzuki agreed to take small equity stakes in each other, as they seek to develop newer technologies and meet sweeping changes upending the global auto industry.
The tie-up is the latest example of automakers chasing scale to manage costs and boost development. Carmakers - especially smaller ones like Suzuki - are struggling to meet the breakneck growth of an industry transformed by the rise of electric vehicles, ride-hailing, and autonomous driving.
Toyota will pay around JPY96bn ($910m) for a 5% stake in Suzuki, while Suzuki will acquire in the market around JPY48bn worth of shares in Toyota. That is equivalent to 0.2% of Toyota’s shares.
Grab to invest $500m in Vietnam for over five years.
Ride-hailing firm Grab is set to invest $500m in Vietnam over the next five years to expand its services in the Southeast Asian country. The company will expand its transport, food and payments networks in the country, Reuters reported.
“This investment is a reflection of our redoubled commitment to Vietnam. The country’s rapidly developing economy and emerging middle-class population make it ripe for the adoption of digital services,” Russell Cohen, head of Grab’s regional operations.
Indonesia’s Diamond Group in talks to divest stake. (FS)
Shareholders of Indonesia-based Diamond Group are in talks with a host of private equity firms to divest a stake in the newly-formed holding entity of its two sister companies Diamond Cold Storage and Sukanda Djaya, DealStreetAsia reported.
Burger King's China franchisee hires Citi for a stake sale.
Tab Food Investments, the biggest worldwide franchisee of Burger King, has asked Citigroup to help sell a minority stake in the business in China and Turkey, in a deal which could fetch at least $200m, Reuters reported.
TFI wants the value of the potential stake sale to imply an enterprise value of about $1bn. TFI is seeking new partners to help speed up growth in China through new restaurant openings, food-delivery services, and digital transformation.
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