WillScot Mobile Mini and McGrath RentCorp mutually terminated the $3.8bn deal.
WillScot Mobile Mini, a provider of innovative temporary space solutions, and McGrath RentCorp, a business-to-business rental company, mutually terminated the $3.8bn deal.
“Modular and portable storage solutions is a dynamic industry and, as we move forward, we will continue to grow and succeed through our unrelenting commitment to putting the customer first. The proposed transaction was a recognition of the enormous value created by our talented employees. Now, our team is energized and ready to execute our standalone strategy, and I am proud of the focus and tenacity the McGrath team demonstrated throughout this process. I look forward to actively engaging with our customers, partners and the financial community as we showcase the strategy that will lead McGrath’s future success. Moreover, we have always been focused on generating shareholder value as demonstrated by 33 consecutive years of dividend return increases and remain dedicated to this important objective going forward," Joseph Hanna, McGrath President and Chief Executive Officer.
The US national security panel reviewing Nippon Steel's $14.9bn bid for US Steel let the companies refile their application for approval of the deal, delaying a decision on the politically sensitive merger until after the November 5 presidential election.
The move offers a ray of hope for the companies, whose proposed tie-up appeared set to be blocked when the Committee on Foreign Investment in the United States alleged on August 31 the transaction posed a risk to national security by threatening the steel supply chain for critical US industries,
Reuters reported.
Platinum Equity and Butterfly completed the acquisition of Rise Baking. (FS)
Platinum Equity, a private equity investment firm, and Butterfly, a private equity firm specializing in the food sector, completed the acquisition of Rise Baking, a supplier of bakery products. Financial terms were not disclosed.
"We have built this company into one of the leading bakery platforms in North America thanks to the contributions of our incredible team over the years. We welcome the opportunity to partner with Platinum Equity and Butterfly as we continue to grow Rise Baking Company to serve our customers as their total bakery partner," Brian Zellmer, Rise Baking CEO.
Rise Baking was advised by Harris Williams & Co and Morgan Stanley. Platinum Equity was advised by Houlihan Lokey, Stifel, Gibson Dunn & Crutcher and Simpson Thacher & Bartlett. Debt financing was provided by Bank of America. Bank of America was advised by Willkie Farr & Gallagher (led by Cristopher Greer).
Alaska Airlines Group, an American airline holding company, completed the acquisition of Hawaiian Airlines, an operator of commercial flights to and from the US state of Hawaii, for $1.9bn.
"This is a historic day for Alaska Airlines as we officially join with Hawaiian Airlines. Alaska and Hawaiian share tremendous pride in connecting communities with award-winning service, and we look forward to inviting more guests on board to experience what makes both brands unique. Among Alaska, Hawaiian and Horizon Air, we have more than 230 years of history flying guests and serving communities. I know we will build on that legacy and become stronger together – providing the excellent operation guests have come to expect, expanding options to seamlessly travel nearly anywhere in the world, and securing the financial stability and value that inspires investment," Ben Minicucci, Alaska Airlines CEO.
Brookfield Asset Management, a private equity firm, completed the acquisition of a 51% stake in alternatives asset manager Castlelake's fee-related earnings, for $1.5bn.
"We're thrilled to begin realizing our partnership with Brookfield and the incremental value that it will bring to our firm, clients and employees. Castlelake and Brookfield are aligned in approach and values and complement each other in expertise and experience. We believe that being a part of Brookfield will help accelerate Castlelake's innovation and scale our platform while preserving the expertise and focused approach that has made our firm unique for so many years," Rory O’Neill and Evan Carruthers, Castlelake Founders.
Genstar Capital completed the acquisition of a majority stake in Flourish Research. (FS)
Genstar Capital, a private equity firm, completed the acquisition of a majority stake in Flourish Research, a multi-site clinical trial organization focused on cardiovascular, metabolic, neuroscience, and infectious disease therapeutic areas. Financial terms were not disclosed.
"Flourish owns and operates multiple clinical trial sites across the US that are leaders in scientific and medical expertise. With industry-leading data analytics, harmonized tools and systems, Flourish provides a unique opportunity to serve our clients with increased speed, quality, and meaningful patient diversity. With the support and investment from NMS Capital, we created a platform that is truly differentiated and equipped to scale to a global company, and our new partnership with Genstar will bolster this next phase of growth as we continue to advance the health and wellness of society through clinical trials," Reinhold Schulz, Flourish Research Chief Executive Officer.
Flourish Research was advised by Cantor Fitzgerald, Jefferies & Company and McDermott Will & Emery. Genstar Capital was advised by Houlihan Lokey, Ropes & Gray and Chris Tofalli Public Relations (led by Chris Tofalli).
Resolute completed the acquisition of a 60% stake in CompoSecure from LLR Partners for $372m. (FS)
Resolute, an investment firm under the leadership of David Cote and Tom Knott, completed the acquisition of a 60% stake in CompoSecure, a metal payment cards, security, and authentication solutions provider, from LLR Partners, a private equity firm, for $372m.
“We are excited to begin working with Jon Wilk and the team at CompoSecure to continue driving long-term value for shareholders. We plan to focus our efforts on enhancing the Company’s organic growth and operational efficiency while evaluating ways to further diversify its customer base and business mix through M&A. The Company’s permanent capital base eliminates the duration and transactional constraints of traditional alternative asset structures and can allow it to become the acquiror of choice for companies in need of operational improvement and M&A expertise,” David Cote and Tom Knott, CompoSecure leadership.
CompoSecure was advised by Houlihan Lokey, Potter Anderson & Corroon (led by Michael Tumas and Roxanne Houtman) and Elevate Communications (led by Sean Mansouri). Resolute was advised by Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano). LLR Partners was advised by JP Morgan.
Veea, a digital transformation company, went public via a SPAC merger with Plum Acquisition I, a Cayman Islands exempted company formed as a special purpose acquisition company, in a $281m deal.
"We are excited to continue our journey as a publicly traded company and look forward to working with the Plum team in expanding our business. Demand for hyperconverged edge computing and network connectivity solutions for enterprises and consumer markets with cybersecurity and secure connectivity continues to grow rapidly, and Veea’s transformative new product category is well positioned to deliver containerized applications supported by edge AI, groundbreaking cellular-like managed Wi-Fi and IoT devices, and a slew of other product capabilities at the edge," Allen Salmasi, Veea Chairman and CEO.
Veea was advised by Ellenoff Grossman & Schole (led by
Matthew Gray) and Sterling Communications (led by
James Christopherson). Plum Acquisition I was advised by Cohen & Company Capital Markets and Hogan Lovells.
EIG-backed MidOcean Energy to acquire an additional 15% stake in Peru LNG from Hunt Oil. (FS)
EIG-backed MidOcean Energy, an LNG company, agreed to acquire an additional 15% stake in Peru LNG, a natural gas liquefaction company, from Hunt Oil, an independent oil and gas company. Financial terms were not disclosed.
“We are pleased to increase our stake in PLNG, a strategic asset that aligns with MidOcean’s vision of creating a global, diversified, and resilient LNG portfolio. Our belief in the long-term fundamentals of the LNG market and in the strength of PLNG’s unique position as the only LNG export facility in South America remains steadfast. We look forward to strengthening our partnership with Hunt Oil and the other PLNG co-venturers and continuing to support the project’s positive impact on the Peruvian energy market," De la Rey Venter, MidOcean CEO.
EIG is advised by FGS Global (led by Kelly Kimberly). MidOcean Energy is advised by Morgan Stanley and Latham & Watkins (led by Charlie Carpenter and Justin T. Stolte). Hunt Oil is advised by Bracewell.
Permian Resources completed the acquisition of Delaware Basin assets from Occidental for $817m.
Permian Resources, an oil and natural gas company that engages in acquisition and development, completed the acquisition of Delaware Basin assets from Occidental, an American company engaged in hydrocarbon exploration as well as petrochemical manufacturing, for $817m.
“This acquisition is a natural fit for us given its high-return inventory and proximity to our current operated position. As the Delaware Basin’s low-cost leader, we are highly confident that our team will be able to leverage its operational expertise of the asset to significantly reduce costs and drive meaningful synergies, maximizing value for our shareholders,” Will Hickey, Permian Resources Co-CEO.
Occidental was advised by RBC Capital Markets and White & Case (led by Emery Choi and Mingda Zhao).
RLDatix, a global provider of connected healthcare operations software and services, completed the acquisition of SocialClimb, a healthcare technology company supplying patient satisfaction, reputation management and revenue growth solutions to provider groups, hospitals and health systems. Financial terms were not disclosed.
"SocialClimb introduces a new phase on our journey to delivering true, connected healthcare operations to our customers. Listening to patients' unique experiences will allow us to identify trends and empower organizations with even more holistic insights to effectively manage workforce resources and provider performance, while improving operational and financial efficiencies and advancing safer patient care," Jeff Surges, RLDatix CEO.
RLDatix was advised by Matter Communications. SocialClimb was advised by Bailey & Company.
HomeSquare, a provider of full-service home services solutions, completed the acquisition of Palace Guards, a premier residential concierge services provider. Financial terms were not disclosed.
“Palace Guards has built a strong reputation for excellence among high-end residential clients in Westchester and Fairfield Counties. HomeSquarePro shares our dedication to high standards and exceptional client service, and we are excited to join forces,” Shawn Singer, Palace Guards President.
HomeSquare was advised by Tolerance Capital.
Rogers, a communications and entertainment company, agreed to acquire a 37.5% stake in Maple Leaf Sports & Entertainment, a professional sports and commercial real estate company, from Bell, a Canadian telecommunications company, for $3.5bn.
“MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to expand our ownership of these coveted sports teams. As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy,” Tony Staffieri, Rogers President and CEO.
inHearing Technology, a hearing aids manufacturer and supplier, completed the acquisition of the hearing health business of Intricon, an international company and joint development manufacturer of micromedical components, sub-assemblies and final devices. Financial terms were not disclosed.
"We are pleased to support the hearing market through our acquisition of Intricon's hearing assets. Our continued focus on advancing audiology algorithms, firmware, and hybrid hearing-aid chips, combined with Intricon's 47 years of proven expertise, positions inHearing to deliver even more innovative and high-quality hearing solutions to the industry," XIONG Zhihui, inHearing CEO.
NYC’s expanding soccer empire sells stake to billionaire Claure.
Billionaire Marcelo Claure bought a 10% stake in the holding company of New York City FC, as the Major League Soccer team plots an expansion fueled by a planned new stadium in Queens,
Bloomberg reported.
City Football Group, which also owns English powerhouse Manchester City, will hold 80% of the parent company while Yankee Global Enterprises, owner of the New York Yankees, will have 10%. The deal values the holding company, known as City Football Group US, at around $1.5bn.
BlackRock, Microsoft to raise $30bn for AI investments. (FS)
BlackRock and Microsoft are teaming up on one of the largest efforts to date to bankroll the build-out of data warehouses and energy infrastructure behind the boom in artificial intelligence,
Bloomberg reported.
The companies, along with the United Arab Emirates’ MGX investment vehicle, will seek $30bn of private equity capital over time for the strategy, which will then leverage the money to as much as $100bn in potential investments.
Wojcicki ‘committed’ to taking 23andMe private as board quits.
23andMe co-founder and Chief Executive Officer Anne Wojcicki told employees that she remains committed to taking the genetic testing company private following the resignation of its independent board members,
Bloomberg reported.
“I continue to believe that we will be better positioned to achieve our mission and goals outside of the short-term pressures of the public markets and that taking 23andMe private will be the best opportunity for long-term success,” Wojcicki.
KKR leads $1.4bn private credit loan for USIC. (FS)
KKR’s capital markets arm led a private credit financing for USIC, which the public utility provider used to repay broadly syndicated debt,
Bloomberg reported.
The deal for USIC, which is owned by private equity firms Partners Group and Kohlberg, included a $1.4 billion term loan, alongside a delayed draw term loan and revolver.
JP Morgan in talks with Apple over Goldman credit card partnership.
JP Morgan is in talks with Apple about replacing Goldman Sachs as the tech giant's credit-card partner,
Reuters reported.
The discussions started earlier this year and have advanced in recent weeks, but any potential deal could still be months away.
JP Morgan CEO Jamie Dimon to visit Africa in growth push.
JP Morgan CEO Jamie Dimon plans to travel to Africa in mid-October in a push by the biggest US lender to expand on the continent, his first trip there in seven years,
Reuters reported.
Dimon is expected to visit Kenya, Nigeria, South Africa and Ivory Coast during the trip next month. JP Morgan already has offices in South Africa and Nigeria where it offers asset and wealth management and well as commercial and investment banking services.
Carlyle’s CEO sees three fed rate cuts this year, then a pause. (FS)
Carlyle Group boss Harvey Schwartz expects the Federal Reserve to lower interest rates three times before the end of this year, then take a pause as it assesses the impact,
Bloomberg reported.
The private equity firm still sees signs of a “vibrant economy,” Schwartz, who took over as chief executive officer at Carlyle last year. Monetary policy has worked to cool inflation, and after the expected cuts in 2024, the central bank may only need one additional reduction next year.
Silver Point closes new opportunistic credit fund at $4.6bn. (FS)
Silver Point Capital has successfully closed its latest opportunistic credit fund with $4.6bn in total commitments, surpassing its initial $4bn target, and more double the size of its predecessor, which closed in 2019 at $1.7bn.
Structured with longer lock-up periods and a drawdown format, the fund will focus on investments in market dislocations driven by economic cycles, traded credit opportunities, and restructuring or process-oriented investments. The fund operates a global mandate, allowing it to invest flexibly across various regions, market capitalisations, industries, and parts of the capital structure.
Muzinich launches up to $1bn Infrastructure Fund strategy. (FS)
US credit firm Muzinich and Orion3, an Asian alternative investment platform, have launched an infrastructure and real assets private debt strategy as they seek to tackle the sector’s global funding gap,
Bloomberg reported.
The fund strategy, which launched on September 16, secured its first $120m investment, said Andrew Tan, Muzinich’s Asia Pacific chief executive officer. Tan added that the firm is aiming to raise between $500m to $1bn for the vehicle, while targeting a net return in the low teens on a blended basis.
Activist Elliott still wants Southwest CEO gone. (FS, People)
Elliott Investment Management still wants to replace Southwest Airlines Chief Executive Officer Bob Jordan, suggesting changes the carrier has already promised aren’t enough to satisfy the activist shareholder,
Bloomberg reported.
In a Sept. 12 meeting with the Aircraft Mechanics Fraternal Association, Elliott detailed plans for Southwest without Jordan as its leader, union National President Bret Oestreich said in a memo to members. The investment firm, which is seeking a shakeup after acquiring a 10% stake in the carrier, also wants Southwest Chairman Gary Kelly to exit sooner than his planned retirement next year.
