AMERICAS
Brookfield completed the acquisition of CDK Global, an automotive retail technology company, for $8.3bn.
"This transaction is an exciting next step for CDK that provides our shareholders with both certainty of value and a meaningful premium. It also allows CDK to continue executing our long-term strategy to connect our industry at every level and create an open and collaborative future. In consultation with our outside advisors, CDK’s Board of Directors carefully evaluated a range of strategic and financial alternatives over several months and determined that this transaction is superior to all other available alternatives," Brian Krzanich, CDK Global President and CEO.
CDK Global is advised by Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Morgan Stanley was advised by Cravath Swaine & Moore. Brookfield was advised by RBC Capital Markets, Davis Polk & Wardwell and Weil Gotshal and Manges. Debt financing was provided by BMO Capital Markets, Bank of America, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, TD Securities and Wells Fargo Securities.
Entegris, a firm that provides materials management products and services to the microelectronics industry on a worldwide basis, completed the acquisition of CMC Materials, a supplier of polishing slurries and polishing pads, for $6.5bn.
“It is an exciting day at Entegris. With the closing of the acquisition of CMC Materials, we are creating the global leader in electronic materials. We are confident that the combined organization will be poised to deliver meaningful value for our customers, colleagues and shareholders. Moving forward we are focused on efficiently and effectively completing the integration of CMC Materials, driving revenue and cost synergies, and deleveraging the balance sheet," Bertrand Loy, Entegris President and CEO.
CMC Materials was advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Goldman Sachs was advised by Paul Weiss Rifkind Wharton & Garrison. Entegris was advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom and Joele Frank. Debt financing was provided by Morgan Stanley.
SD Biosensor, a diagnostic reagents provider, and SJL Partners, a private equity investment manager, agreed to acquire Meridian Bioscience, a provider of diagnostic testing solutions, for $1.53bn.
"This announcement follows an extensive and deliberate review of Meridian's growth and value creation opportunities in the context of the broader macroeconomic and industry environment. In consultation with external financial advisors and following outreach to potential strategic and financial partners, the Board unanimously agreed that this transaction represents the best path forward for Meridian shareholders, providing them with immediate, compelling and certain value, while enabling the Company to benefit from SDB's and SJL's capital support, expertise and experience," John C. McIlwraith, Meridian Chairman.
Meridian Bioscience is advised by Rothschild & Co, Jones Day, Keating Muething & Klekamp and FGS Global. SJL Partners is advised by Piper Sandler. SD Biosensor is advised by Paul Hastings.
GI Partners, a private equity firm, completed the acquisition of GTY Technology, a provider of cloud software solutions, for $374m.
"GI Partners has an excellent track record of supporting and adding value to leading software companies, and we are delighted to bring on a partner of GI Partners’ caliber. This transaction will provide immediate and substantial value to GTY shareholders. The Company will have greater flexibility to focus on executing our strategy, and we are excited to begin our long-term partnership with GI Partners," TJ Parass, GTY CEO.
GTY Technology was advised by Credit Suisse and Davis Graham & Stubbs. GI Partners was advised by Goldman Sachs, Ropes & Gray, Alston & Bird and Chris Tofalli Public Relations.
Mizuho Bank, a banking services provider, completed the acquisition of Capstone Partners, a independent, middle-market placement agent focused on fundraising and advisory services to private equity, credit, real assets, and infrastructure investment firms. Financial terms were not disclosed.
“Capstone reinforces our global capital raising and distribution capabilities, while opening new avenues of opportunity for delivering innovative fundraising and advisory services to the financial sponsor and general partner markets. The acquisition also enhances our pipeline for lending, acquisition financing, capital markets, and M&A advisory business," Jerry Rizzieri, Mizuho Securities President and CEO.
Capstone was advised by Keefe Bruyette & Woods and Vinson & Elkins. Mizuho was advised by Houlihan Lokey, PricewaterhouseCoopers and Debevoise & Plimpton.
Osceola Capital-backed Quote.com completed the acquisition of Ring2Media. (FS)
Osceola Capital-backed Quote.com, a technology platform, completed the acquisition of Ring2Media, a marketing agency specializing in medicare enrollment. Financial terms were not disclosed.
"The addition of Ring2Media's full-service linear advertising platform will instantly diversify our client portfolio and enable Quote.com to continue to scale across multiple end markets. We look forward to working with Mark and his team on capitalizing on the many strategic opportunities that this acquisition presents," Joel Ohman, Quote.com CEO.
Ring2Media was advised by MTS Health Partners and Bass Berry & Sims. Quote.com was advised by McDermott Will & Emery. Debt financing was provided by Capital Southwest Corporation and Plexus Capital. Osceola was advised by Chris Tofalli Public Relations.
Blackstone completed the acquisition of a minority stake in Xpansiv for $400m. (FS)
Blackstone completed the acquisition of a minority stake in Xpansiv, a market-infrastructure platform for global carbon and environmental commodities, for $400m.
“We believe environmental commodities are a critical new asset class that must scale exponentially to meet climate change mitigation targets pledged by governments, companies, and entire industries. Xpansiv is a leader in this space, and we are delighted to provide the capital and resources to help them further expand their offerings and accelerate their growth," Bilal Khan, Blackstone Senior Managing Director.
Xpansiv was advised by Perella Weinberg Partners, Clifford Chance and Morrison & Foerster. Blackstone was advised by Clayton Utz and Kirkland & Ellis.
Godspeed Capital-backed Prime ABA, an engineering & consulting services growth platform, completed the acquisition of a minority stake in Zyscovich, an architecture, interior and urban design consulting services firms. Financial terms were not disclosed.
“Through this new partnership with Godspeed, and now as an integral element of the Prime ABA strategy, Zyscovich will help expand the geography, scale and capabilities of the platform, and provide enhanced opportunities for our leadership, firm and our clients. We are very excited to now be including the high-quality engineering capabilities of the Prime ABA platform into our core services," Bernard Zyscovich, Zyscovich CEO.
Zyscovich was advised by Berkowitz Pollack Brant Advisors and Lexium. Godspeed Capital was advised by Latham & Watkins and Gasthalter & Co.
Sterling Group, a private equity investment firm, completed the acquisition of Ergotron, a maker of ergonomic desks and office accessories, from Melrose, a global investment company, for $650m.
"Ergotron is a pioneer in ergonomic solutions, and its strong market position and commitment to its customers and employees seamlessly align with Sterling's employee-focused approach to partnerships. We look forward to supporting the management team as they look to accelerate growth," Brad Staller, The Sterling Group Partner.
Sterling Group was advised by Latham & Watkins. Melrose was advised by Simpson Thacher & Bartlett and Montfort Communications.
Providence Equity Partners, a private equity firm, completed a $550m investment in North Road, a newly made media studio by Peter Chernin.
“The growing demand for premium content represents a tremendous opportunity, and we believe there is no one better suited to capture it than the outstanding team at North Road. We are excited to build upon the decade-long partnership between Providence and Chernin and embark on this journey to create a global independent leader in premium scripted and non-scripted content," Davis Noell, Providence Senior Managing Director.
North Road is advised by Centerview Partners, Moelis & Co and Gibson Dunn & Crutcher.
North Road, a media company, completed the acquisition of the US operations of Red Arrow Studios, a creator and distributor of entertainment content, from ProSiebenSat.1, a media company, for $310m.
“Our US production companies have created successful and popular TV brands in the US market, but do not strengthen our strategy in the German-speaking region in the long term. For North Road, they will make a significant contribution. We wish them all the best for this and thank them very much for our time together," Rainer Beaujean, ProSiebenSat.1 CEO.
ProSiebenSat.1 was advised by Morgan Stanley.
Golub Capital, a credit asset manager, led a $72m round in Tebra, a digital services company.
“With this new investment from Golub Capital, we’ll be able to accelerate Tebra’s mission to unlock better healthcare by helping independent practices bring modernized care to patients everywhere. Simultaneously, we will broaden our market reach and launch new solutions, helping an even larger number of physicians with digital tools and support to attract new patients, get paid quicker, and operate their practice more efficiently," Dan Rodrigues, Tebra Co-Founder and CEO.
Tebra was advised by Tribe Builder Media.
Signature Aviation, an aviation services provider, completed the acquisition of TAC Air division of The Arnold Companies, an aviation & aerospace company offering aviation support and fuel marketing services. Financial terms were not disclosed.
“TAC Air is an example of home-grown success, and we’re delighted to share in the storied heritage of TAC Air while embracing its over 600 employees within the Signature team. We aim to build on the exceptional staff and impressive network of TAC Air, generating greater value and care for private aviation travelers in the most desirable locations," Tony Lefebvre, Signature Aviation CEO.
Signature Aviation is advised by Jones Day.
Henry Schein, a provider of health care solutions to office-based dental and medical practitioners, completed the acquisition of Condor Dental, a privately held dental distribution company that serves dental general practitioners, specialists, and laboratories, from MCCB Holding, a health care holding company. Financial terms were not disclosed.
“Our partnership comes at a time of growing demand for dental services in Switzerland and with the completion of our strategic investment in Condor Dental, we see a significant opportunity to help dental practitioners provide high-quality care as part of operating efficient and successful practices. We at Henry Schein welcome our new Condor Dental colleagues and we look forward to bringing new products, services, and solutions to the Swiss dental community," Stanley M. Bergman, Henry Schein Chairman of the Board and CEO.
Ecological Laboratories, a biotechnology company, completed the acquisition of TOMCO Chemical, a provider of bacterial products. Financial terms were not disclosed.
"I am proud to announce the merger of TOMCO Chemical and Ecological Laboratories. By joining forces with Ecological we have the capacity to bring the best solution in waste management to a level that has not been seen before," Tom Elsner, TOMCO Chemical President & CEO.
Electronic Merchant Systems, a provider of merchant services and payment processing solutions, completed the acquisition of a majority stake in Paysley, a contactless payment solutions provider. Financial terms were not disclosed.
"I am beyond excited about the equity partnership between EMS and Paysley. It is the next big step in our evolution and will translate into an even better payment product and service now and into the future. That will always be the most important thing to me," Chris Roets, Paysley President and Founder.
Merck is in advanced talks to buy Seagen in a nearly $40bn deal.
Drugmaker Merck is in advanced talks to buy cancer-focused biotech company Seagen in a deal that could be worth roughly $40bn or more, Reuters reported.
The companies are discussing a price above $200 a share for Seagen. At closing share price of $175, Seagen has a market capitalization of $32.24bn.
BMO analysts said in June there is "little question" of Seagen's fit in Merck's long-term growth but raised concerns on heightened regulatory scrutiny.
WTA deal with CVC Capital Partners could lead to equal prize money. (FS)
The body that runs women’s tennis is set to sell a significant stake to the UK private equity firm that has already bought up parts of rugby, cricket and Spanish football.
CVC Capital Partners’ $150m deal for a 20% stake in the commercial arm of the Women’s Tennis Association is expected to be confirmed at a WTA board meeting at the US Open, The Times reported.
Barings closes the third vintage of European private loan strategy at $7.2bn. (FS)
Barings, a private equity firm, has drawn interest from a global investor base, a mix of public and private pension funds, insurance companies, sovereign wealth funds, and family offices. Barings saw support from both new and existing investors, with more than two-thirds of commitments raised from investors in prior funds.
The $7.2bn raised exceeded Barings’ initial target. The European investment team has deployed $6.2bn in the last 18 months across more than 80 transactions, resulting in the third vintage being over 50% invested.
Churchill Asset Management raises $700m collateralized fund obligation. (FS)
Churchill Asset Management, an investment specialist announced the closing of its inaugural collateralized fund obligation. The $700m CFO will invest across Churchill’s flagship private capital fund strategies – senior lending, junior capital, equity co-investments, and private equity fund commitments.
“We are pleased to build upon Churchill’s leading US middle market private capital platform with the successful closing of our inaugural CFO. This transaction provides investors a unique opportunity to access the full array of Churchill’s private capital investment capabilities. The outstanding support we received from existing and new investors was a testament to investor confidence in Churchill’s time-tested investment approach," Christopher Freeze, Churchill’s Head of Investor Relation.
UBS served as the sole structuring advisor and bookrunner of the transaction, and Dechert served as a legal advisor to Churchill.
Telegraph Hill Partners raises $525m fifth fund. (FS)
Telegraph Hill Partners, a private equity firm, raises $525m fifth fund for new life science and healthcare investments. The fund will make investments in innovative companies that are commercializing advanced technologies in areas including life science tools, reagents, specialty chemistries, medical technology, medical devices, diagnostics, healthcare IT, healthcare services, agriculture, and animal health.
THP V will be managed by a team close to major life science and medical innovation hubs and includes Matt Mackowski, Deval Lashkari, Tom Raffin, Jeanette Welsh, Alex Efron, Kate Cilio, and Linda Gregoire in San Francisco; Paul Grossman in San Diego; Rob Hart in Miami; Alex Herzick and Rob Capone in Research Triangle Park; and Gary Curtis in New Haven.
Consistent with its previous funds, THP V will invest in innovative companies across the lifecycle from startup to fully scaled. Investments will be structured to effectively address the capital needs of each company and its founders and will include startup and growth capital, existing shareholder liquidity events, acquisitions/buyouts, and corporate divestitures.
Konvoy launches a $150m gaming fund. (FS)
Konvoy, an early-stage investment firm that invests at the 'frontier' of gaming, has launched a new $150m fund. With the new fund, Konvoy will have $270m under management.
Geographically, Konvoy, which has the majority of the investments it makes, will continue to focus on North American, European and African markets, while actively expanding its investments into Latin America, India, South Korea, and South-East Asia.
Founded by Managing Partners Josh Chapman, Jason Chapman, and Jackson Vaughan, all passionate gamers with a deep knowledge of the industry, Konvoy will now invest larger amounts in around 30 early-stage companies over a period of the next two and a half years.
EMEA
The United Kingdom clears technology innovator Cobham Group's $3.6bn acquisition of Ultra Electronics, a defence equipment manufacturer, moving a step closer in approving the latter's acquisition of the London-listed defence firm, after having raised security concerns over the deal.
Ultra and Cobham, owned by US private equity firm Advent, made several commitments including maintaining a corporate headquarters of the Ultra Group in the UK and to increase engineering research & development expenditure by at least 20% by the end of three years.
"Following advice from the Ministry of Defence and after careful consideration of responses to a consultation, the Business Secretary has cleared the acquisition of Ultra by Cobham to proceed. The announcement follows the Business Secretary consulting on steps to address the national security concerns raised by the proposed acquisition of Ultra, a UK defence company, by Cobham, a defence, aerospace, and communications company that was acquired by US private equity firm Advent International. The government consultation on the undertakings offered by the companies to address the concerns identified ran until 3 July 2022," CMA.
Ultra Electronics is advised by JP Morgan, Numis Securities, Slaughter & May and MHP Communications. Cobham is advised by Credit Suisse, Goldman Sachs, Morgan Stanley, Rothschild & Co, Kirkland & Ellis and Tulchan Communications. Financial advisors are advised by Ashurst. Debt financing is provided by Credit Suisse.
Temasek, a global investor headquartered in Singapore, completed the acquisition of Element Materials Technology, a provider of testing, inspection, and certification services, from Bridgepoint, a British private investment company. Financial terms were not disclosed.
“Element is a true success story – a talented management team leading an exceptional group of experts across offices and laboratories in more than 30 countries around the world. We’re now entering another exciting chapter of purpose-driven growth, together with our customers and our new owners," Allan Leighton, Element Non-Executive Chairman.
Element Materials was advised by Ernst & Young, PricewaterhouseCoopers, Boston Consulting Group, Bank of America, Goldman Sachs, Jamieson, Rothschild & Co, Allen & Overy, DLA Piper and FGS Global. Temasek was advised by Clifford Chance.
Macquarie, an Australian multinational independent investment bank and financial services company, British Columbia Investment, an investment management services provider, and MEAG, an investment management company, completed the acquisition of Reden Solar, a solar power plants developer, from private equity firms InfraVia and Eurazeo, for €2.5bn ($2.5bn).
"We have been extremely pleased to accompany Reden Solar during this development phase. This success proves our strategy right based on a strong sector conviction on renewable energy, an excellent management team and a disciplined buy-and-build approach. We have provided the group with a comprehensive set of resources that have paved the way for Reden Solar’s transformation into a fully integrated platform and a leading European independent solar power producer," Vincent Levita, InfraVia Founder and CEO.
InfraVia was advised by Baringa Partners, Citigroup, Ernst & Young, Nomura, Weil Gotshal and Manges, Enertis and Rina. Macquarie was advised by Rothschild & Co and White & Case. Eurazeo was advised by Maitland.
Snam, an Italian energy infrastructure company, agreed to acquire FSRU I, a floating storage and regasification unit, from BW Group, a maritime company, for $400m.
"With this operation, we are providing Italy with its second new floating regasification unit thus making a decisive contribution to the country’s energy security and diversification. The swift completion of the acquisition provides with the authorization process and the starting of operations with precious time, which is essential to tackle with the current energy crisis," Stefano Venier, Snam CEO.
Snam is advised by Mediobanca.
Sixth Street Partners, a private equity firm, completed the acquisition of a majority stake in real estate firms Vía Célere and Dospuntos Asset Management from Marathon Asset Management, a private equity firm. Financial terms were not disclosed.
Sixth Street’s London-based European real estate team partners with property managers and institutional investors to acquire, finance, and provide servicing expertise for assets and businesses across the real estate sector, including office, residential, logistics, retail and hospitality.
Sixth Street was advised by Rothschild & Co.
France plans full nationalization of power utility EDF.
France will fully nationalize EDF, Prime Minister Elisabeth Borne said on Wednesday, in a move that would give the government more control over a restructuring of the debt-laden group while contending with a European energy crisis.
EDF, in which the state already owns 84%, is one of Europe's biggest utilities and sits at the heart of France's nuclear strategy, which the government is banking on to blunt the impact of soaring energy prices exacerbated by the prospect of an abrupt halt to Russian gas supplies, Reuters reported.
The option of fully nationalizing EDF had been flagged by President Emmanuel Macron earlier this year.
Partners Capital closes its inaugural environmental impact private equity fund at $143m. (FS)
Partners Capital, an investment office, announced the closing of its inaugural private equity environmental impact fund, Partners Capital 15 degrees Fund, with $143m in client commitments. The fund has strong support from a variety of partners globally, including foundations, endowments, and family offices.
“We are very excited about investing behind this mega-trend while also being acutely cautious. The energy transition will provide many high-impact, high-returning opportunities but is critically dependent upon many scientific, technological, regulatory, geopolitical, and consumer behavior developments, which are highly complex and largely unknown, as we describe in detail in our recently published Partners Capital Global Energy Transition Investment Framework," John Beil, The Partners Capital Head of Private Equity and Real Estate.
APAC
Hangzhou Municipal Government completed the acquisition of a 10% stake in Bank of Hangzhou, a China-based regional commercial bank, from Commonwealth Bank of Australia, a retail bank, for $1.3bn.
"CBA is pleased to have played a meaningful role in HZB’s development since our original investment in 2005. Our collaboration has seen HZB become a significant player in retail, wealth management and commercial banking across the Yangtze Delta region. The reallocation of part of our shareholding to local partners will support the further expansion of HZB," Matt Comyn, CBA CEO.
Commonwealth Bank of Australia was advised by Morgan Stanley.
Sumitomo Mitsui to invest $1.5bn in Apollo Global funds. (FS)
Sumitomo Mitsui Bank, a unit of the banking group, will invest $1.5bn in Apollo funds in areas including private equity, real estate, and infrastructure under the tie-up.
Japan’s Sumitomo Mitsui plans to enter a business partnership with Apollo Global Management that will eventually enable Japanese individuals and pension funds to buy into funds operated by the US firm.
Sumitomo Mitsui is one of the three largest banking groups in Japan. In the Americas, we are more than 3kemployees strong with a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru.
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