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.
Honigman Miller Schwartz & Cohn advised Keystone Capital. CIBC provided debt financing.
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."
Credit Suisse advised Hain Celestial.
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.
