Brookfield Business Partners, a business services and industrials company focused on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs, agreed to acquire the lottery business of Scientific Games, an American corporation that provides gambling products and services to lottery and gambling organizations, for $6bn.
"We are pleased to continue to grow our business with the acquisition of a market leader and essential service provider to governments around the world. We look forward to partnering with management and bringing our global scale and capabilities to support Scientific Games Lottery's future growth," David Nowak, Brookfield Business Partners Managing Partner.
Brookfield is advised by Cleary Gottlieb Steen & Hamilton. Debt financing is provided by BNP Paribas, Barclays, Credit Agricole, Deutsche Bank, Macquarie Group and RBC Capital Markets. Scientific Games is advised by Macquarie Group, Cravath Swaine & Moore and Joele Frank.
FirstCash, the international operator of pawn stores with more than 2.8k retail pawn and consumer lending locations in 25 US states, agreed to acquire American First Finance, a consumer financial technology company that provides alternatives to traditional retail lending and designs solutions to support both businesses and their financially underserved or overlooked customers, for $1.47bn.
“Since our founding more than 30 years ago and through the merger of First Cash and Cash America in 2016, we have successfully executed on our growth strategy and established FirstCash as a leading retailer and provider of financial services to underserved consumers, while delivering significant value to shareholders. Building on the complementary strengths of FirstCash and American First Finance, this transaction diversifies us beyond our core pawn business with the addition of a fast-growing segment that significantly expands our customer base and introduces a scalable, technology-driven product set into our organization,” Rick Wessel, FirstCash CEO and Vice-Chairman of the Board.
American First Finance is advised by Stephens and King & Spalding. FirstCash is advised by Comstock Capital & Advisory, Jefferies & Company, Alston & Bird, Global IR Group and Joele Frank.
T. Rowe Price, a global investment management organization, agreed to acquire Oak Hill Advisors, an alternative credit manager, for $4.2bn.
"While we are committed to our long-term strategy to grow our business organically, we have also taken a deliberate and thoughtful approach to considering adding new capabilities through acquisitions that advance our business strategy. OHA meets the high bar we have set for inorganic opportunities, and their proven private credit expertise will help us meet our clients' demand for alternative credit," Bill Stromberg, T. Rowe Price Chair of Board of Directors and CEO.
Oak Hill Advisors is advised by JP Morgan, M. Klein & Co and Paul Weiss Rifkind Wharton & Garrison. T. Rowe Price is advised by Evercore and Dechert.
Synthomer, a global differentiated chemicals company, agreed to acquire the adhesives resins business of Eastman Chemical, a global specialty materials company, for $1bn.
"Alongside the diversification of our portfolio, end markets and geographies, our acquisition strategy looks to add new and highly complementary growth opportunities to Synthomer's global portfolio. Acquiring Adhesive Resins delivers on that ambition, giving us a leading position in the growing global adhesives market and extending our portfolio of differentiated products and sustainable solutions. It is a business that we have long admired, and I am confident that the combination of Synthomer and Adhesive Resins will drive meaningful value for all stakeholders in the years ahead," Calum MacLean, Synthomer CEO.
Synthomer is advised by Numis Securities, Barclays and Teneo. Eastman Chemical is advised by JP Morgan and Jones Day.
3D Systems, a company that engineers, manufactures and sells 3D printers, 3D printing materials, 3D scanners, and offers a 3D printing service, agreed to acquire Volumetric Biotechnologies, a Houston-based biotech company, for up to $400m.
"The addition of Dr. Miller and his exceptional team of researchers to our existing Team, led by our Chief Technology Officer for Regenerative Medicine, Chuck Hull, will dramatically expand our capabilities and capacity for the development of bioprinted human organs," Jeffrey Graves, 3D Systems President and CEO.
Volumetric Biotechnologies is advised by pH Partners, Shearman & Sterling, Engagement PR and Pierpont Communications. 3D Systems is advised by Hunton Andrews Kurth.
Advantest, a semiconductor test equipment supplier, agreed to acquire R&D Altanova, a supplier of consumable test interface boards, substrates and interconnects for high-end applications, offering simulation, design, layout, fabrication and assembly of test interface boards which are used by testing equipment in the testing of advanced integrated circuits. Financial terms were not disclosed.
"This acquisition is part of our medium- to long-term growth strategy to expand our test and measurement solutions across the continuously evolving semiconductor value chain. R&D Altanova's engineering and manufacturing capabilities, excellent customer base, and first-rate technical team will complement our semiconductor test equipment business. We hope to accelerate the growth of R&D Altanova's business by leveraging our global customer base and production process expertise," Yoshiaki Yoshida, Advantest President and CEO.
Advantest is advised by GCA Advisors, Skadden Arps Slate Meagher & Flom and Stoel Rives.
HungerRush, a cloud software provider for the restaurant industry, completed the acquisition of Menufy, an online food ordering platform and network. Financial terms were not disclosed.
"Today's news to acquire Menufy further builds out our portfolio with the talent and technology capabilities to continue meeting the fast-growing needs of our restaurant customers. The addition of Menufy's proven online ordering offerings further helps HungerRush's customers navigate an ever-changing industry landscape. This is a time when restaurants are embracing innovation and digital solutions more than ever. This acquisition expands HungerRush's market presence and allows us to offer our combined customers one place for a complete all-in-one solution," Perry Turbes, HungerRush CEO.
HungerRush was advised by Willkie Farr & Gallagher and PAN Communications.
Hydrofarm, a distributor and manufacturer of hydroponics equipment and supplies for controlled environment agriculture, agreed to acquire Innovative Growers Equipment, a manufacturer of horticulture benches, racking and LED lighting systems, for $58m.
"Our success in the indoor growing market is rooted in our premium quality products and high level of service to our customers. Hydrofarm is a longtime customer of ours and we have been selling Hydrofarm's superior line of lighting products for many years. We admire their deep understanding of indoor growing and look forward to joining the Hydrofarm team," Chris Mayer, Innovative Growers Equipment President and CEO.
Hydrofarm is advised by Rothschild & Co and Mintz Levin.
Bain Capital, an investment firm, completed a $300m investment in Cardurion Pharmaceuticals, a cardiovascular biotechnology company.
“We could not be more excited to welcome Bain Capital as investors in this transformational milestone for Cardurion. We have a shared vision to continue to build a world-class cardiovascular company pursuing treatments for a broad range of debilitating diseases. This funding will allow us to advance our first-in-class PDE9 inhibitor into a major Phase 2 trial in heart failure and to support the initiation of first-in-human studies with our CaMKII inhibitor program in several cardiovascular indications. We look forward to leveraging the experience and resources of our investors to build and scale Cardurion as a leading cardiovascular biotechnology company," Peter Lawrence, Cardurion CEO.
Cardurion Pharmaceuticals was advised by Stanton PRM.
SK ecoplant, an affiliate of South Korean conglomerate SK Group, agreed to invest $255m in Bloom Energy, a provider of solid oxide fuel cells that produce electricity on-site.
"Bloom Energy is SK ecoplant's largest strategic partner in clean energy. We have seen the unparalleled performance of Bloom Energy's product over the past three years and the company's ability to execute and deliver a superior solution. We have also had firsthand experience with Bloom's new hydrogen fuel cells and highly efficient electrolyzers, and we are excited about the competitive advantage we will have. Our work together has established a shared commitment to sustainability, innovation, and creating value. We are demonstrating our confidence and furthering our commitment to this partnership by making this financial investment," Kyung-II Park, SK ecoplant CEO.
Bloom Energy is advised by Centerview Partners.
Blackstone led a $200m Series B round in Ontra, a provider of technology and services for contract automation and intelligence, with participation from Battery Ventures, a venture capital firm, and Mike Paulus, Ontra Board Member.
“This significant Series B funding round by our long-time customer validates the quality and value of the solutions we deliver to businesses and legal teams around the world. Blackstone’s investment also reinforces our belief in the value of automating and enhancing contract workflows by combining the best of software, artificial intelligence and a unique labor model. By focusing our efforts on Contract Automation and Intelligence, we will continue to innovate and develop new technologies that revolutionize the way businesses manage contracts and improve the experience of lawyers working on our platform," Troy Pospisil, Ontra Founder and CEO.
Ontra was advised by Prosek Partners.
Koch Disruptive Technologies and BlackRock led a $200m Series D round in Dragos, a cybersecurity firm. Additional investors included Emerson, Hewlett Packard Enterprise, AllegisCyber, Canaan, DataTribe, Energy Impact Partners, National Grid Partners, Schweitzer Engineering Labs, Global Reserve Group, and Rockwell Automation.
“Executives around the world from corporate leadership to government officials have continued to note the criticality of protecting OT and the need to do so with OT specific approaches. The risks are not just in cyberattacks, though those are becoming more numerous and aggressive, but also in ensuring the appropriate insights into ICS/OT environments to maintain resilience as our world’s infrastructures and industrial automation environments become more connected and more complex. The Series D represents further validation on the importance of our mission but is only possible due to our customers and partners. Their tireless efforts to secure our infrastructure too often goes underappreciated," Robert Lee, Dragos CEO and Co-Founder.
Dragos was advised by Kesselring Communications.
K1 Investment Management, an investment firm focused on high-growth enterprise software companies globally, completed a $135m investment in Logicbroker, the only cloud-based eCommerce platform to offer full drop ship and marketplace functionality to suppliers, retailers, brands, and 3PLs.
"Partnering with K1, a team that shares our passion for modernizing digital commerce, allows Logicbroker to scale globally. With K1, we will continue to deliver the latest technology and solutions to our customers and help them succeed wherever they choose to sell and however they choose to ship," Peyman Zamani, Logicbroker CEO.
Logicbroker was advised by GP Bullhound.
Liberty Oilfield Services, a North American oilfield services firm, completed the acquisition of PropX, a provider of proppant delivery equipment, logistics and software solutions, for $90m.
"The transaction positions Liberty as an integrated provider of completion services with proppant, equipment, logistics and integrated software that will improve Liberty's operational and logistics efficiency. We also expect the leading-edge wet sand handling technology to reduce the environmental impact and cost of completions for Liberty's frac customers and the industry," Liberty.
PropX was advised by Willkie Farr & Gallagher.
Tiger Global, an investment firm focused on public and private companies, and Coatue Management, an investment manager, led a $600m Series E round in Hinge Health, a digital health company. Additional investors included Alkeon and Whale Rock.
“What makes this round special is that it’s led by the people who know us best - our existing investors. We’ll use this capital to continue investing in new ways to improve access and outcomes, create exceptional patient experiences, and avoid unnecessary surgeries," Daniel Perez, Hinge Health Co-Founder and CEO.
CAE, a high technology company, agreed to acquire the AirCentre airline operations of Sabre, a software and technology company that powers the global travel industry, $392m.
"Sabre's AirCentre business is highly valued by many of the world's leading airlines, nearly all of whom are customers of CAE today. This acquisition will significantly expand CAE's capabilities across a large airline customer base and allows us to deliver on our objective to help our civil aviation customers operate their businesses with the highest levels of efficiency and precision," Marc Parent, CAE President and CEO.
MAM Asset Management, Nelson Tanure's investment vehicle, offered to acquire an additional 20% stake in Alliar, a medical laboratory company, for $82m.
In a statement, Alliar said its controlling shareholders decided the offer did not align with their vision for the company or its value.
PolicyPal, a Singapore insurtech platform, agreed to acquire ValueChampion, an Asia-focused fintech company based in the United States. Financial terms were not disclosed.
"This acquisition will empower more people to take charge of their financial decisions, and narrow the gap in financial literacy in Asia," Val Yap, PolicyPal Founder and CEO.
Andreessen Horowitz and Tiger Global led a $400m Series C round in ClickUp, an all-in-one productivity platform, with participation from Lightspeed Venture Partners and Meritech Capital Partners.
"ClickUp's sole purpose has always been to make the world more productive. Time is our most valuable resource and we are committed to giving people more time to focus on what matters most to them. We believe software should make people more productive and efficient. I'm thrilled about our next chapter and accelerating the innovations that deliver on this promise to our customers," Zeb Evans, ClickUp CEO and Founder.
Koch Disruptive Technologies led a $215m Series B round in Immunai, a New York-based biotech company, with participation from Talos VC, 8VC, Alexandria Venture Investments, Piedmont and ICON.
The new capital will be used to expand Immunai's "drug actuary" platform for target validation and evaluation.
Learn Capital, a venture capital, A-Street Ventures, an investment firm, and Emerson Collective, an organization that supports social entrepreneurs, led a $215m round in Amplify, a publisher of assessment programs.
“Amplify has experienced remarkable growth for six years in a row, is profitable, and is earning the trust of teachers and students. This moment is urgent for accelerating our ability to serve the needs of schools and districts. The magnitude of learning loss and the range of hybrid models for delivering instruction call for the kinds of products that Amplify builds. As impact-oriented investors, Emerson, Learn Capital, and A-Street Ventures raised a significant round in order to help us address these urgent needs by being a rapid reaction partner for districts across the country," Larry Berger, Amplify CEO.
Fidelity Management & Research Company and Monashee led a $200m Series B round in Skyryse, a transportation technology company, with participation from ArrowMark Partners, Republic Capital, Raptor Group, Infinite Capital, Embedded Ventures, Fortistar, K3 Ventures, Rosecliff, SV Pacific Ventures, Venrock, Eclipse Ventures, and Fontinalis Partners.
Skyryse will use the funding to accelerate the development of the company's flight automation system, FlightOS, already the most advanced automation technology in the industry. Skyryse's target market is the $7tn global transportation sector, which is projected to double by 2030, by putting more people and packages in the sky. FlightOS can be integrated into any aircraft to enable anyone to fly as safely as the best pilots on their best day.
Modern Aviation, a company that is building a national network of premium FBO properties, agreed to acquire Hill Aviation, a Million Air franchisee, from Tommy Hill, a private investor, and VRM Companies, a real estate and private equity conglomerate. Financial terms were not disclosed.
"Hill Aviation, which has been operating at Isla Grande Airport for more than 30 years, has delivered outstanding customer service through our exceptional team of employees. Modern Aviation is well positioned to build on our success at Isla Grande and to further develop the business to reach its full potential. I look forward to working with Modern Aviation to continue to provide a base of operation for our Propilot business and customers. We are confident that Modern will provide a great home for our Hill Aviation team members and our loyal customers," Tommy Hill, Hill Aviation CEO.
ViacomCBS, a media and entertainment company, agreed to acquire a majority stake in Fox TeleColombia & Estudios TeleMexico, a content producer, from The Walt Disney Company, an entertainment and media conglomerate. Financial terms were not disclosed.
"The acquisition of Fox TeleColombia & Estudios TeleMexico, combined with ViacomCBS' existing Spanish-language portfolio including Telefe and Chilevisión, reinforces the company's position as a leading worldwide producer of Spanish-language content. This content will fuel ViacomCBS' global ecosystem across Paramount+, Pluto TV and its linear networks," Raffaele Annecchino, ViacomCBS Networks President and CEO.
Rothy's looks to raise more funding. (FS)
Rothy's, a direct-to-consumer footwear brand, is in discussions to raise funding that could value it at more than $1bn, according to a Bloomberg
It's the latest eco-friendly brand looking to capitalize on the interest in clothing and accessories that are better for the environment.
Brazil's Nubank, last valued at $30bn, files for US IPO. (FS)
Nubank’s filing sets the stage for a blockbuster flotation, which is expected to happen in the coming months and possibly before the end of the year.
Like other large tech unicorns this year, Nubank is looking to capitalize on a red-hot IPO market in the United States that is showing no signs of slowing down. Companies have already raised an all-time record of over $250bn through US IPOs this year.
GlobalFoundries, Mubadala raise $2.6bn in US IPO. (FS)
GlobalFoundries and major shareholder Mubadala Investment raised almost $2.6bn in an IPO, pricing the chipmaker’s shares at the top of a marketed range, Bloomberg
The company and Mubadala sold 55m shares Wednesday for $47 each after marketing them for $42 to $47. GlobalFoundries has a market value of more than $25bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
Platinum Equity reportedly eyes $15bn buyout fund, first-ever credit vehicle. (FS)
Platinum Equity is looking to raise as much as $15bn for its latest buyout fund, making it the largest in the firm’s 26-year history. The private equity firm founded by billionaire Tom Gores has set an initial target of $12bn for the sixth vintage of its flagship strategy and may increase the total by $3bn, depending on investor demand.
Seeking to capitalize on increased investor appetite for higher-yielding assets in the current low-rate environment, the firm is also seeking as much as $1bn for its first ever fund dedicated to credit investments.
Nautic Partners raises $3bn for its tenth fund, Nautic Partners X. (FS)
Nautic Partners, a middle-market private equity firm focused on investments in the healthcare, industrials, and services sectors, successfully completed the final closing of Nautic Partners X. Representing the tenth private equity fund in the firm’s history, Nautic X closed on its hard cap of $3bn of limited partner commitments with strong support from both existing and new institutional investors.
“We are privileged and fortunate to continue to have a high level of support from our limited partners, and we thank them for their efforts on an accelerated timeline during a very active market. The team at Nautic continues to grow as we invest in the firm and in our people, and we will remain focused on our consistent strategy centered around a disciplined investment approach within our industry sectors of expertise, and an emphasis on value creation in partnership with our portfolio company management teams,” Scott Hilinski, Nautic Managing Director.
Frazier Healthcare Partners closes oversubscribed $830m Life Sciences Public Fund. (FS)
Frazier Healthcare Partners announced the closing of Frazier Life Sciences Public Fund, exceeding its target and closing on nearly $830m in capital commitments in an oversubscribed fundraise.
Led by Managing Partner Albert Cha, General Partner and Portfolio Manager Jamie Brush, and Managing Partners Patrick Heron and James Topper, Frazier Life Sciences Public Fund is a long-only fund investing in small- and mid-cap public biotech companies. Frazier Life Sciences Public Fund marks Frazier’s first dedicated public life sciences fund, bringing the firm’s total committed capital raised since inception to over $7.1bn.
“We are thrilled to announce the launch of our public life sciences fund. We are extremely grateful to our limited partners for their support,” Albert Cha, Frazier Life Sciences Managing Partner.