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AMERICAS
Blackstone agreed to invest $500m in Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies.
"This partnership accelerates Resolution Life's growth through access to Blackstone's capital and investment capabilities. It is a continuation of Resolution's 20-year mission to be the partner of choice for the life insurance industry and a custodian for its in-force policyholders globally," Clive Cowdery, Resolution Life Founder and Executive Chairman.
Blackstone is advised by Ardea Partners, Latham & Watkins, Simpson Thacher & Bartlett (led by Elizabeth Cooper, Michael Wolitzer and Benjamin Smith) and Willkie Farr & Gallagher. Resolution Life is advised by Goldman Sachs, Debevoise & Plimpton, Eversheds Sutherland, Kirkland & Ellis and Temple Bar Advisory (led by Alex Child-Villiers). Goldman Sachs is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Kinderhook Industries-backed All States Ag Parts, a supplier of tractor parts and farm machinery, agreed to acquire Arrow Acquisition, a firm specializing in forks and attachments for a wide range of material handling equipment. Financial terms were not disclosed.
"The acquisition of Arrow allows ASAP to immediately become the leading provider of attachment parts for the material handling industry. Arrow will add in-house manufacturing and engineering capabilities that will be highly synergistic across the platform. Terry and his team have built a tremendous business, and we look forward to working with them to offer best-in-class service to our combined customer base," Bill Davidson, ASAP President.
ASAP is advised by Fredrikson & Byron. Debt financing is provided by Ares Management, Madison Capital, Maranon Capital, SLR Capital and Union Bank.
The Partner Companies, an operator of an investment company, completed the acquisition of UPG, a manufacturer of complex assembly products intended for the consumer, medical, automotive, electronics and industrial markets, from Turnspire Capital Partners, a private investment firm. Financial terms were not disclosed.
"UPG was a fantastic investment for Turnspire and a great example of our ability to complete complex transactions, dramatically improve businesses through strategic and operational initiatives, and ultimately realize the value that others had not recognized. We thank and commend CEO Maurice Murphy and the UPG management team for their hard work, dedication, and incredible success. We wish the talented and dedicated employees of UPG further success under TPC ownership," Ilya Koffman, Turnspire Managing Partner.
UPG was advised by Cowen & Company and Chapman and Cutler. TPC was advised by PMCF and Duane Morris. Turnspire was advised by Gasthalter & Co (led by Mark Semer).
EagleTree Capital-backed Arc, an operator of an events and media business platform, agreed to acquire the media assets for HR technology and education technology sectors from LRP Media Group, a media firm serving millions of business and education professionals worldwide. Financial terms were not disclosed.
“This is a major development for Arc. The acquisition will expand our capabilities and operations in the US and bring an experienced team, strong brands, and more high-growth verticals into the network. The HR Tech and Ed Tech teams have an impressive track record of launching and developing their brands, and we’re looking forward to working with our new colleagues to grow these portfolios and to further develop Arc in the United States," Simon Foster, Arc CEO.
Arc is advised by Plural Strategy Group, Canson Capital Partners and Jones Day. LRP Media Group is advised by JEGI Clarity.
Nikola, a provider of zero-emissions transportation and energy infrastructure solutions, completed the acquisition of Romeo Power, an energy technology firm delivering advanced electrification solutions for complex commercial vehicle applications, for $144m.
"Romeo has been a valued supplier to Nikola, and we are excited to further leverage their technological capabilities as the landscape for vehicle electrification grows more sophisticated. With control over the essential battery pack technologies and manufacturing process, we believe we will be able to accelerate the development of our electrification platform and better serve our customers. Given our strong relationship with Romeo and ongoing collaboration, we are confident in our ability to successfully integrate and deliver the many expected strategic and financial benefits of this acquisition. We look forward to creating a zero-emissions future together," Mark Russell, Nikola CEO.
Romeo Power was advised by Latham & Watkins (led by David Allinson and Leah R. Sauter) and Morgan Stanley. Nikola was advised by Citigroup and Pillsbury Winthrop Shaw Pittman.
Uranium Energy, a firm engaged in uranium mining and related activities, including exploration, pre-extraction, extraction, and processing, agreed to acquire the Roughrider uranium development project from Rio Tinto, a global mining group, for $150m.
"With this accretive fully funded acquisition of the Roughrider Project, we're able to achieve multiple objectives: 100% owned, development-stage assets are rare in Canada's Athabasca basin, and we're adding a world-class project to anchor our Canadian high-grade conventional business; unlock value from the recently acquired UEX portfolio in the eastern Athabasca Basin as we now have critical mass to advance our production plans; and accelerate production plans for our Canadian high-grade conventional business given the advanced stage of Roughrider and the first-tier ESG, geotechnical and permitting work completed by Rio Tinto since 2012," Amir Adnani, UEC President and CEO.
Uranium Energy is advised by BMO Capital Markets, Rothschild & Co and McMillan.
Clearlake Capital-backed VictoryLive, an event management and ticketing technology platform, agreed to acquire Ticket Evolution, an open ticket distribution platform. Financial terms were not disclosed.
"Sam's relationships with rightsholders and resellers combined with Clearlake's access to capital and sector expertise provide levers to drive accelerated growth at Ticket Evolution. We believe in the Company and our strategy, and we are excited to bring onboard partners who back that strategy. We are looking forward to investing in product development at the combined platform given the complementary nature of our technology and industry relationships," Curtis Cheng, Ticket Evolution CEO.
Clearlake Capital is advised by Sidley Austin and Lambert & Co (led by Jennifer Hurson). Ticket Evolution is advised by Nutter McClennen & Fish.
CIVC Partners, a Chicago-based private equity firm, to invest in Continuum, a property management company. Financial terms were not disclosed.
"We are excited to be partnering with a CIVC team that shares our vision for Continuum and has the experience and capabilities to help us achieve that vision. CIVC has been an active investor in the facilities services sector for more than a decade and has a long track record of success partnering with founders and management teams to accelerate growth. We expect CIVC to be a value-added partner and help Continuum further differentiate itself as the trusted resource to our communities and as the acquirer of choice for property management and residential service company owners," Marcus Mayo, Continuum founder and CEO.
Continuum is advised by Griffin Financial Group and Townsend & Lockett. CIVC Partners is advised by Ropes & Gray.
Pamlico Capital, an independent private equity firm, completed the investment in InRule Technology, an intelligence automation company. OpenGate Capital exited its investment in InRule Technology. Financial terms were not disclosed.
“We’re thrilled to partner with Pamlico for this next stage in our mission of making automation accessible. Pamlico shares our philosophy of doing the very best we can for our clients, partners and employees and we are confident that they are the right team to partner with on our journey of helping our clients increase productivity, drive revenue and achieve exceptional business outcomes,” Rik Chomko, InRule Technology Co-founder and CEO.
InRule Technology was advised by Raymond James (led by Brendan Ryan and Bob Flanagan). OpenGate Capital was advised by Raymond James, Massumi + Consoli and Prosek Partners.
Colliers, a diversified professional services and investment management company, completed the acquisition of a 75% stake in Versus Capital, a provider of asset management services. Financial terms were not disclosed.
“Our partnership with Versus is an important first step in accelerating Colliers’ global private wealth distribution capability, which is becoming increasingly important alongside our world-class institutional limited partner relationships. We are excited to help the Versus team offer new products to individual investors and their private wealth advisors across the US. Versus’ leadership team are exactly the types of people we look to partner with – entrepreneurial focused on growth, and leaders in their space," Zach Michaud, Colliers Co-CIO.
The Riverside Company-backed iCEV, a developer of an educational platform, completed the acquisition of Applied Educational Systems, a developer of a web-based education platform. Financial terms were not disclosed.
“iCEV and AES share the same vision for serving the career and technical education community, and their complementary core competencies will allow both companies to better serve their customers. We are also excited to be working with the high-quality senior team at AES, who bring functional expertise within marketing and platform development and will enhance the strength of the overall business," Drew Flanigan, Riverside Partner.
The Riverside Company was advised by Jones Day (led by Lisa Lathrop).
PLAYSTUDIOS, a mobile games developer, to acquire Studio Brainium, a mobile game company, for $70m.
“The acquisition of Brainium brings a suite of thoughtfully designed and highly engaging casual games to PLAYSTUDIOS. It also further diversifies our business by complementing our largely in-app-purchase (IAP) based revenue model with a meaningful amount of advertising revenue. We look forward to welcoming the Brainium team and working together to fully leverage our combined strengths in order to put real-world rewards in the hands of significantly more players,” Andrew Pascal, PLAYSTUDIOS Founder and CEO.
Brainium is advised by Oakvale Capital (led by Daniel Burns).
Afya, an operator of a medical education group in Brazil, agreed to acquire Sociedade Educacional e Cultural Sergipe DelRey, an operator of educational facilities, for $156m.
“We are very excited and honored to announce the acquisition of premium selected assets from UNIT, which will reinforce our presence in the Northeast region of Brazil and mark our entrance into the state of Alagoas through one of the most respected and best academic quality institutions. This acquisition is a milestone for Afya, representing the largest acquisition in our history. Considering the 340 medical seats from UNIT, we have reached 3k seats and reinforced our leadership position in medical education,” Virgilio Gibbon, Afya CEO.
Andreessen Horowitz, a venture capital firm, and Premji Invest, a venture capital firm, led a $154m funding round in TripActions, a travel management company, with participation from Base Partners, Elad Gil, Greenoaks Capital Management, Zeev Ventures, Lightspeed Ventures and Addition Ventures. Coatue provided a $150m structured financing.
“TripActions is building the best travel and expense management solution in the world. The recent funding round shows not only the strength of its business model but also the value to companies looking to increase savings and enable responsible spending. TripActions is proof that empowering users through relentless innovation and automation is the future of travel," Ariel Cohen, TripActions CEO and Co-Founder.
424 Capital-backed BroadcastMed, a healthcare media company, completed the acquisition of Harborside, a medical communications company. Financial terms were not disclosed.
"Our acquisition of Harborside will help advance the field of oncology communications to greater heights. BroadcastMed is committed to using our industry-leading media solutions to improve the ways in which specialty-centric clinicians share their subject matter expertise," Ross Joel, BroadcastMed CEO.
Goat, an online platform offering sneakers, luxury apparel and accessories through primary and resale markets, agreed to acquire Grailed, a curated e-commerce marketplace. Financial terms were not disclosed.
Grailed will continue to operate under its own brand and will integrate Goat’s operations infrastructure, including shipping and payments.
Brad Pitt's production company explores options, including a possible sale.
Brad Pitt's Plan B Entertainment is exploring strategic options, including a possible sale of all or part of the company, following a wave of similar deals involving independent production firms.
The company's credits include Oscar-winning films such as "12 Years a Slave" and "Moonlight," has retained boutique investment bank Moelis to explore a deal. There is no guarantee that the discussions will result in a transaction, WSJ reported.
Dish in talks with Ergen-backed SPAC for the wireless merger.
Dish Network, an American television provider, is in preliminary discussions on a complex deal to merge its Boost mobile-phone business with Chairman Charlie Ergen's blank-check company.
Ergen's Conx, which went public in 2020, is seeking an extension from shareholders to complete a business transaction so it can keep pursuing the talks, Bloomberg reported.
"We are in regular dialog with interested parties who may assist us in accomplishing our goals, including recently preliminary conversations with Conx. There can be no assurance that these preliminary discussions will lead to a transaction nor as to the structure or terms of any such transaction," Dish.
MUFG to accelerate US lending, on pace to pass Goldman Sachs.
Mitsubishi UFJ Financial Group plans to accelerate lending to global funds and other institutional investors in the US as it moves to overtake Goldman Sachs this year in loans syndicated in the world's biggest economy, Bloomberg reported.
"The $8bn sale of regional lender MUFG Union Bank, which has a sizeable mortgage portfolio, will allow the bank to reallocate to the sector at a time when borrowing appetite is rising," Fumitaka Nakahama, MUFG head of global corporate and investment banking.
US-based VC firm Goodwater Capital seeks $1bn for two new funds.
Goodwater Capital, as US-based venture capital firm that has been an active investor in Asia, has filed to raise a total of $1bn for two new funds that will likely continue to invest in global early and growth-stage consumer tech startups, DealStreetAsia reported.
The filings come about a year after the VC firm, which has backed many of the world's tech giants such as Facebook, Coupang and Kakao, raised $1bn to support early and growth-stage startups operating in the consumer tech space globally.
Sunstone Partners raises $925m for fund III. (FS)
Sunstone Partners, a growth-oriented private equity firm, has held the final institutional close of its oversubscribed $925m third fund, Sunstone Partners III, at its hard cap.
Fund III, which more than doubles the total committed capital managed by Sunstone Partners, is the firm's largest fund to date and brings total committed LP capital to $1.7bn since inception in 2015.
Equitybee launches second quarterly fund.
Equitybee, the employee-focused stock options funding solution, announces its second quarterly fund, the VC5 Fund, which leverages Equitybee's unique deal flow and inherent advantages to offer accredited investors a new and unique investment channel. The latest fund will follow powerhouse VC firms Andreessen Horowitz, Sequoia, Founders Fund, Khosla Ventures, and Lightspeed, by enabling investors to fund employee stock options in companies backed by these firms.
"Since we launched our initial fund this summer, many investors have asked to be a part of a fund that manages their investment to diversify their portfolios. Our investor community selected their five most wished for VCs to follow. Equitybee is pleased to offer a first-of-its-kind channel for investors to join a cohort of qualified peers and participate in potentially multiple liquidity events—at highly desirable valuations that were set in the past," Oren Barzilai, Equitybee CEO and co-founder.
North Castle Partners extends CR Fitness partnership with first Continuation Fund, led by TPG. (FS)
North Castle Partners, a private equity firm that has focused on consumer businesses that promote Healthy, Active and Sustainable Living for more than 20 years, announced today the closing of a single-asset continuation fund transaction dedicated to CR Fitness, a crunch fitness franchisee.
This transaction continues North Castle's ownership of the company and reaffirms its commitment to supporting CR Fitness' long-term growth strategy. The new continuation fund acquired CR Fitness from North Castle Partners VII and other existing investors.
EMEA
Natixis Investment-backed Mirova, an asset management company, completed a $195m investment in Sunly, an operator of a renewable energy company.
"This is great news for our community of partners and employees. We will advance and build solar and wind farms, which helps the current energy crises we are all experiencing. Sunly’s projects will contribute to lower power prices and increased energy security," Priit Lepasepp, Sunly CEO and Co-Founder.
Mirova was advised by KPMG, Ellex, Linklaters and Everoze. Sunly was advised by Ernst & Young, Santander, Soltysinski Kawecki & Szlezak, Sorainen, DNV and Wind Prospect.
EMZ Partners, a private equity firm, and IK Partners, a European private equity firm, agreed to acquire a stake in Wishcard, an operator of a digital voucher platform intended to offer multi-brand gift vouchers, from Oakley Capital, a mid-market private equity investor, for $50m.
"We are truly impressed by the rapid development that the Wishcard team has made in such a short time period and the positive regard their offering already enjoys amongst consumers. The portfolio clearly provides added value to customers, as evidenced by the significant growth rates in recent years and the high level of customer satisfaction. Furthermore, the very entrepreneurial culture and enthusiasm of all employees appealed to us a lot. We are looking forward to working together with Dr. Betzer, Verena Argauer and the broader team to bring joy to even more people using Wishcard’s sustainable gift ideas," Klaus Maurer, EMZ Partner.
EMZ is advised by LEK Consulting, Deloitte, Goodwin Procter and Latham & Watkins. Debt financing is provided by Houlihan Lokey. Oakley Capital is advised by Liberum Capital (led by Chris Clarke) and Greenbrook (led by Rob White).
OpenGate-backed Extol, a manufacturer of aluminum parts intended for the industrial sector, and Aluminium France Extrusion, a manufacturer of extruded aluminum profiles, agreed to form Aluminium Solutions Group. Financial terms were not disclosed.
“ASG brings together two exceptional companies that are very complementary, creating a European market leader in an industry that continues to show sustained growth. In addition to leveraging natural operational and commercial synergies, we are proud to be advancing the industry’s ESG goals with uncompromising customer service and quality," Julien Lagrèze, OpenGate Capital Partner and Head of Europe.
OpenGate is advised by PricewaterhouseCoopers, Lincoln International, Cuatrecasas Goncalves Pereira, McDermott Will & Emery and Prosek Partners. Debt financing is provided by Amundi and Caixabank.
Bridges Fund Management, a fund manager, MSCI, an investment firm, and Farview Equity, a private equity firm, agreed to invest in Evora Global, a developer of environment management software designed to improve sustainability and reduce climate risk. Financial terms were not disclosed.
“This funding enhances our ability to support them and to improve our technology and advisory services globally. We wanted investors who were aligned with our vision. We had a lot of options, but Bridges really stood out for its commitment to sustainability and impact investing, as well as being a B Corp. Working with MSCI will broaden our ability to drive positive impact, helping our clients with their sustainable development goals while widening our global reach. Farview's experience of growing enterprise technology companies will transform our SIERA software and support its international growth," Chris Bennett, Evora Global Managing Director & Co-Founder.
Baker Hughes, an American international industrial service company, completed the acquisition of the power generation business of BRUSH, a manufacturer of electrical generators, from One Equity Partners, a middle-market private equity firm. Financial terms were not disclosed.
“We are thrilled to help unlock meaningful value creation through the transformational sale of BRUSH’s largest business segment. OEP recognized BRUSH as a leader within the Power Generation equipment and services sector when we acquired the business last year. We look forward to continuing to support and grow BRUSH’s remaining Power Distribution & Networks business alongside its exceptional management team,” Steve Lunau, One Equity Partners Managing Director.
Baker Hughes was advised by JP Morgan and Baker McKenzie. One Equity Partners was advised by White & Case (led by Ross J Allardice) and Stanton PRM.
Alphawave IP, a firm engaged in developing and licensing high-performance connectivity intellectual property, agreed to acquire Banias Labs, a manufacturer of semiconductor chips intended for next-generation communications, for $240m.
"Banias Labs optical DSP technology provides a strong strategic advantage for Alphawave, strengthening our roadmap of DSP silicon solutions for data centers. This acquisition enhances our portfolio of electrical and optical solutions in the most advanced process technologies. The multi-year purchasing framework includes coherent optical solutions, and with the Banias acquisition, Alphawave is expanding its total addressable market by delivering next-generation coherent optical solutions for the most advanced data centers," Tony Pialis, Alphawave President and CEO.
Poland eyes grocery chain as it takes back control of the economy.
Poland's de facto leader has revealed a plan to buy the country's biggest grocery chain, Zabka Polska, in the state's latest attempt to tighten its grip over the economy.
"We're moving in this direction," Jaroslaw Kaczynski, the head of the ruling Law & Justice party, told a rally in Pulawy, eastern Poland. The government has pledged to take back the most strategic parts of our economy from the hands of foreign capital. The state may also soon buy PKP Energetyka, a power distribution company, Bloomberg reported.
Saudi tech firm 2P to seek $1bn value in local IPO.
Information and communications technology firm Perfect Presentation is expected to seek a valuation of up to $1bn from a listing in Saudi Arabia next month, Bloomberg reported.
The company, known as 2P, plans to list about 30% of its shares on the Tadawul, with trading set to start in November. Saudi Fransi Capital is the financial adviser and lead manager for the IPO, for which 2P will start taking orders next week.
APAC
Zoomcar, an online car-rental platform operator, agreed to go public via a SPAC merger with Innovative International Acquisition in a $456m deal.
“Zoomcar’s car-sharing marketplace is positioned to cut across emerging markets, and we expect to target future expansion opportunities in markets that include SE Asia, Latin America, MENA, and Sub-Saharan Africa. We see a vast addressable market, totaling approximately $90bn annually by 2025, due to current average private car ownership levels of less than 10% across, combined with an underutilized vehicle base of nearly 200m cars in our core markets," Greg Moran, Zoomcar Founder & CEO.
Zoomcar is advised by Cohen & Company, Ellenoff Grossman & Schole, Morris Nichols and ICR (led by Michael Bowen). Cohen & Company is advised by DLA Piper. Innovative International Acquisition is advised by Lincoln International and McDermott Will & Emery.
Reliance is said to be sole bidder for Metro's India business.
Reliance Industries is in advanced discussions to acquire German firm Metro's wholesale operations in India, as the conglomerate led by billionaire Mukesh Ambani seeks to dominate India's mammoth retail sector.
Charoen Pokphand Group is no longer actively in talks with Metro, leaving only Ambani's Reliance to pursue the so-called cash-and-carry business. A final decision could emerge as early as next month, Bloomberg reported.
Hong Kong's BPEA in talks to join JIP's Toshiba bid. (FS)
Baring Private Equity Asia, a private equity investment firm, is considering joining a consortium led by Japan Industrial Partners for a buyout of Toshiba, Bloomberg reported.
The Hong Kong-based investment firm is in talks with financial advisers as it evaluates the potential transaction. BPEA could join the JIP-led group as both an equity and debt investor.
Longreach is said to weigh the sale of HK medical device firm Quasar.
Asian buyout firm Longreach Group is considering a sale of its majority stake in medical device maker Quasar amid interest from potential investors.
Longreach is in talks with financial advisers as it prepares a potential divestment of Hong Kong-based Quasar. A transaction could value the business at around $300m to $400m, Bloomberg reported.
KKR-backed Five Star said to target IPO at 27% lower valuation. (FS)
Indian non-banking finance company Five Star Business Finance is planning to make its stock market debut within weeks, with anchor investors, including Fidelity Investments, in talks to subscribe to the issue at a valuation 27% below the company's last fundraising, DealStreetAsia reported.
Backed by US investors such as KKR and Sequoia Capital, the NBFC, or shadow lender, caters to small businesses in India's thriving lending market. The IPO is an offer-for-sale, where its existing investors and founders will sell their shares to new investors, and the company won't raise any fresh capital.
Exit route may open up for investors as over 45 firms line up IPO plans in India. (FS)
At a time when investors are struggling to score exits amid growing macroeconomic uncertainty, over 45 PE and VC-backed companies in India are waiting in the wings to make their public market debut.
If their IPO plans materialize, these firms could raise as much as INR76.948bn ($9.4bn) and pave the way for exits – be it partial or full – for their existing investors, DealStreetAsia reported.
Korean gaming developer Lionheart is the latest to shelve IPO plan.
Game developer Lionheart Studio withdrew its plan to sell shares in Seoul as it struggled to obtain the desired valuation, becoming the latest South Korean company hit by a volatile market for initial public offerings, Bloomberg reported.
The company and its shareholders, including Kakao Games, sought to raise as much as KRW604.2bn ($422m) through the IPO slated to be priced early next month. If shares had been sold at the top of the marketed range, it would be South Korea's second-largest listing this year.
KKR-backed aCommerce to delay Thai IPO amid macroeconomic uncertainties. (FS)
Thailand-based aCommerce, which provides end-to-end e-commerce management services, has temporarily shelved its planned initial public offering on the Stock Exchange of Thailand, DealStreetAsia reported.
"Given the current volatile market conditions driven by macroeconomic uncertainties, the company is closely monitoring the situation and making assessments on the timing of the IPO. Once the markets stabilise, the company will be ready to proceed with the IPO and we will inform the relevant parties accordingly," aCommerce.
China's consumption-focused NX Fund completes first close of maiden USD fund.
The NX Fund, also known as Neixiang Fund, has completed the first close of its maiden US dollar-denominated fund to invest exclusively in early-stage consumer brands and products, DealStreetAsia reported.
Major investors of NX Fund's first RMB-denominated fund re-upped in this fund, while new investors, including top investment institutions and entrepreneurs, participated in the fund, without divulging any names. The financial details of the USD-denominated fund were also not disclosed.
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