A Cornell Capital-led consortium agreed to acquire Innovations in Nutrition + Wellness, a provider of contract manufacturing, product development and formulation using an automated process, from Rosewood Private Investments, a private equity firm. Financial terms were not disclosed.
"The transaction with Bee Health represents another value-additive acquisition for INW and will significantly expand INW's total addressable market to establish a strong foothold in the fast-growing UK and European market. Using our global network, we look forward to working with the entire team at INW and Bee Health, and are excited to support the combined company's continued success and expansion across North America and Europe," Justine Cheng, Cornell Capital Partner.
INW is advised by Guggenheim Partners and Foley & Lardner. Cornell Capital is advised by Citizens Bank, Jefferies, KKR Capital Markets, UBS, Weil Gotshal and Manges and Joele Frank.
Highgate Hotels, a company providing management services on a contract or fee basis, completed the acquisition of the hospitality portfolios of Colony Capital, an American international investment firm, for $2.7bn.
"We are excited to continue working with the Colony team in executing on this unique transaction. Despite the unprecedented disruption in hospitality over the past six months, we remain bullish on the long-term secular trends in our industry, and look forward to partnering with the many employees, franchisors, lenders, and other important stakeholders across these portfolios as we work towards a successful recovery," Mahmood Khimji, Highgate Co-Founder and Managing Principal.
Highgate Hotels was advised by Latham & Watkins and Engel & Zimmermann. Colony Capital was advised by Bank of America Merrill Lynch, Moelis & Co, Willkie Farr & Gallagher and Joele Frank.
Vista Equity Partners, a global investment firm, agreed to invest in TripleLift, one of the largest advertising technology platforms in the world. Financial terms were not disclosed.
"We have developed into a leader in the advertising technology space and are excited about our next chapter. When looking for an investment partner, we placed a premium on a deep understanding of ad tech and a willingness to lean into developing our portfolio of innovative, high-growth products. Vista is that partner," Eric Berry, TripleLift CEO.
TripleLift is advised by Centerview Partners, Goodwin Procter and Reitler Kailas and Rosenblatt. Vista is advised by JP Morgan and Kirkland & Ellis.
SomaLogic, a proteomics technology company, agreed to go public via merger with CM Life Sciences II, a special purpose acquisition company sponsored by affiliates of Casdin Capital and Corvex Management, in a $1.2bn deal.
The transaction includes a fully committed PIPE of $375m from Casdin Capital, Corvex Management, Janus Henderson Investors, SoftBank, T.Rowe Price, ARK Invest, Farallon Capital, Perceptive Advisors, Morgan Stanley, Illumina and Novartis Pharma.
"This is a powerful business combination for SomaLogic that will bring significant capital and intellectual resources to propel the next chapter of the company's growth," Roy Smythe, SomaLogic CEO.
SomaLogic is advised by Cowen & Company, JP Morgan and Reed Smith. CM Life Sciences II is advised by Jefferies & Company and White & Case.
Wilton Re, a provider of in force and reinsurance solutions in the North American life insurance industry, agreed to acquire Allstate Life Insurance Company of New York, a life insurance unit of Allstate, for $220m.
"This transaction has minimal impact on our strategy of increasing market share in personal property-liability and expanding protection solutions for customers. Wilton Re is a trusted name with a history of excellent customer service and expert management of life insurance and annuity portfolios, so ALNY customers will be well protected," Mario Rizzo, Allstate CFO.
Wilton Re is advised by Kirkland & Ellis. Allstate is advised by Ardea Partners, JP Morgan and Willkie Farr & Gallagher.
Canapi Ventures led a $130m Series D round in Notarize, an on-demand remote electronic notary services provider, with participation from CapitalG, Citi Ventures, Wells Fargo, True Bridge Partners, Camber Creek, Ludlow Ventures, Second Century Ventures, and Fifth Wall Ventures.
Notarize will use the new financing to innovate and expand the platform and product, broaden business across key industries, and scale to serve enterprises of all sizes, including many of the Fortune 500. Notarize also plans to double down on hiring in the next year.
8th Avenue Food & Provisions, a consumer products holding company, agreed to acquire Ronzoni, a dry pasta brand, from Riviana Foods, a processor, marketer and distributor of branded and private label rice products. Financial terms were not disclosed.
"We are looking forward to welcoming the Ronzoni brand to our team, a pioneer and leader in the pasta category. With its highly on-trend, versatile product offering, state-of-the-art facility, and impressive customer base, Ronzoni has a strong foundation from which to build on its leading market presence. Together with the Ronzoni team, we look forward to driving further growth and scale by delivering innovative products to all our loyal customers," Scott McNair, 8th Avenue CEO.
ELEVEN SPORTS, a sports platform, agreed to acquire Team Whistle, a global sports media company. Financial terms were not disclosed.
"We have long recognised the opportunities for partnership between Team Whistle and the wider Aser portfolio. By welcoming Team Whistle into the ELEVEN Group, we are bringing together two media companies who have a track record of building strong and innovative sports media businesses in Europe, Asia and North America. We will also be adding transformative new scale and capabilities to ELEVEN. Together, we look forward to delivering on our goal of creating a global destination for LIVE and on-demand sports content for audiences everywhere to enjoy," Andrea Radrizzani, ELEVEN Founder.
ELEVEN is advised by Bank of America Merrill Lynch.
News Corp, a media and information services company, agreed to acquire the books and media segment of Houghton Mifflin Harcourt, a publisher of textbooks, instructional technology materials, assessments, reference works, and fiction and non-fiction for both young readers and adults, for $349m.
"There is a resurgence in reading and listening to books, and we believe the brilliant HMH Books & Media backlist and first-rate frontlist have an enduring and increasing value. Timeless writing is a timely source of revenue and the potential to create highly profitable audio and video works flourishes with each passing digital day,” Robert Thomson, News Corp Chief Executive.
AMETEK, a global manufacturer of electronic instruments and electromechanical devices, completed the acquisition of Magnetrol, a provider of level and flow control solutions, Crank Software, a provider of embedded graphical user interface software, and EGS Automation, an automation solutions provider, for $270m.
"We are pleased to welcome the Magnetrol, Crank Software and EGS teams to AMETEK. Each of these businesses provide AMETEK with unique capabilities which strategically expand our presence in attractive growth areas. We continue to strengthen our portfolio through the acquisition of market-leading businesses with innovative, advanced technology solutions. We are pleased with this recent acquisition activity and continue to manage an active deal pipeline with exciting opportunities for growth," David A. Zapico, AMETEK Chairman and Chief Executive Officer.
Allianz X and Acrew Capital led a $118m Series C round in Pie Insurance, an insurtech specializing in workers' comp insurance for small businesses, with participation from Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings.
"Pie is fundamentally transforming the commercial property and casualty insurance market in the US. Using pioneering technology, Pie has revolutionized the customer experience, ensuring that a previously-lengthy process has become more efficient for everyone involved. The company has enormous growth potential far beyond its current core business. For Allianz, there are plenty of opportunities for cooperation with Pie, for example, in the joint development and sale of insurance solutions. We also see collaboration potential with some of our other B2B portfolio companies," Nazim Cetin, Allianz X CEO.
Grindr's US security review disclosures contradicted statements made to others.
They told the Committee on Foreign Investment in the United States that James Lu, a Chinese-American businessman who is now Grindr’s chairman, had no previous business relationship with a key adviser to the seller, a man named Ding’an Fei. Fei, a former private equity executive, was acting as an adviser to Beijing Kunlun Tech, Grindr’s owner at the time, on the deal.
Riverside Partners raises new fund to take on seven fund V portfolio businesses. (FS)
Mid-sized private equity firm Riverside Partners launched a new fund to take over portfolio businesses from its fifth flagship fund, which it closed in 2012. Neuberger Berman and RCP Advisors have supported the Continuation Fund, which has raised $532m in commitments in less than six months.
“We are excited to close the Continuation Fund for Riverside Fund V, which will give us additional capital and time to pursue further growth opportunities for the portfolio in order to generate additional returns for our investors," David Belluck, Riverside General Partner.
Nomad Foods, a frozen foods company, agreed to acquire the frozen food business group of Fortenova, a company operating in retail, food production and agriculture, for $725m.
“The acquisition of FFBG reinforces Nomad’s European frozen food leadership while strategically expanding our portfolio into attractive new markets and creating an exciting new category adjacency in ice cream. Like Birds Eye, Findus and iglo, Ledo and Frikom are institutions in their respective markets with strong consumer awareness and #1 market share. Similar to Nomad, FFBG is singularly focused on frozen food, a fantastic category that is aligned with consumer trends including convenience and sustainability. We plan to leverage our combined pan-European scale, commercial expertise and passion for frozen food while harnessing the unique local characteristics and traditions of FFBG’s brands,” Stéfan Descheemaeker, Nomad Foods CEO.
Nomad Foods is advised by Morgan Stanley, BDK Advokati, Divjak Topic & Bahtijarevic, Norton Rose Fulbright, Gladstone Place Partners and ICR. Fortenova is advised by Citigroup, KPMG, VTB Bank, Akin Gump Strauss Hauer & Feld, Bogdanovic, Dolicki & Partners Law Firm, Isailovic & Partners Law Firm and Maric & Co Law Firm.
Cazoo, an online car retailer, is set to go public via a merger with AJAX I, a SPAC, in a $7bn deal. The transaction includes up to $805m of AJAX cash in trust and an $800m PIPE led by the AJAX sponsors and D1 Capital Partners and joined by new and existing investors including Altimeter, BlackRock, Morgan Stanley and Fidelity, Marcho Partners, Mubadala Capital, Pelham Capital, Senator Investment Group and Spruce House Partnership. The AJAX sponsor team, led by Dan Och, and including Glenn Fuhrman, Steve Ells, Jim McKelvey, Kevin Systrom and Anne Wojcicki have personally committed $200m to the PIPE. Cazoo’s existing shareholders will hold c. 79% of the shares of the combined company on closing.
“This announcement is another major milestone in our continued drive to transform the way people buy cars across Europe. We have created the most comprehensive and fully integrated offering in the largest retail sector which currently has very low digital penetration. This deal will provide us with almost $1bn of further funds to fuel our growth and I am delighted to be partnering with Dan and his team at AJAX to rapidly expand and deliver the best car buying experience to consumers across Europe," Alex Chesterman OBE, Cazoo Founder & CEO.
Cazoo is advised by Credit Suisse, Goldman Sachs, Numis Securities, Freshfields Bruckhaus Deringer, ICR and Brunswick Group. AJAX 1 is advised by Citigroup, Goldman Sachs, JP Morgan, PJT Partners, Kirkland & Ellis and Gagnier Communications.
Broadridge Financial Solutions, a public corporate services company, agreed to acquire Itiviti, a provider of trading and connectivity technology to the capital markets industry, from private equity firm Nordic Capital for €2.1bn ($2.5bn).
"The acquisition of Itiviti enhances Broadridge's position as a global Fintech leader. By extending our capabilities into the front office and deepening our multi-asset class solutions, Itiviti significantly strengthens our Capital Markets franchise and better enables Broadridge to help financial institutions adapt to a rapidly evolving marketplace. Itiviti's well-developed footprint in APAC and EMEA will increase our scale outside North America and strengthen our ability to serve our global clients," Tim Gokey, Broadridge CEO.
Broadridge Financial Solutions is advised by Houlihan Lokey, JP Morgan, Cahill Gordon & Reindel, Covington & Burling, Roschier Attorneys and Squire Patton Boggs. Nordic Capital is advised by PricewaterhouseCoopers, Oliver Wyman, Credit Suisse, Morgan Stanley and Dechert.
Sofina Foods, a Canadian multi-protein producer, agreed to acquire Eight Fifty Food Group, a multi-protein food group, from private equity firm CapVest Partners. Financial terms were not disclosed.
"We've created a leading European multi-protein business through a combination of strategic investment in our core asset base and complementary acquisitions of fantastic national champions. Eight Fifty delivers best-in-class products to our customers and consumers and we are all very proud of what Di Walker and her team have achieved over the last four years. We're confident that Eight Fifty will continue to flourish under Sofina Food's ownership," Jason Rodrigues, CapVest Partner.
Sofina Foods is advised by PricewaterhouseCoopers, Rabobank, Scotiabank, Stikeman Elliott and Taylor Wessing. CapVest Partners is advised by KPMG, JP Morgan, Jefferies & Company, Rothschild & Co, Walker Morris and Willkie Farr & Gallagher.
Carlyle Aviation, a commercial aviation investment and servicing arm of Carlyle, agreed to acquire Fly Leasing, an aircraft leasing investment company, from BBAM, Fly's manager and servicer, for $2.4bn.
"This transaction represents strong value for FLY shareholders at a time when airlines are facing an extremely difficult environment and smaller aircraft lessors are disadvantaged in the debt markets. After a thorough review and evaluation of its options, FLY's Board of Directors enthusiastically recommends this transaction to its shareholders," Colm Barrington, FLY CEO.
Fly Leasing is advised by Goldman Sachs, Clifford Chance, Conyers Dill & Pearman and Gibson Dunn & Crutcher. Carlyle Aviation is advised by RBC Capital Markets, Milbank and Wakefield Quin. BBAM is advised by Kirkland & Ellis.
Apollo Global Management completed the $591m investment in SAZKA Entertainment, a newly-established 100% wholly-owned subsidiary of KKCG, a private investment group.
"The company has a very successful track record of organic and inorganic growth and we believe this investment, coupled with our sector expertise and relationships, will help the management team achieve their strategic growth plans in Europe and around the globe," James Kim, Apollo Partner and European Co-Head of Hybrid Value.
SAZKA was advised by JP Morgan, Clifford Chance and Lenz & Staehelin. Apollo was advised by Baker McKenzie, Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison.
Italy's Credito Valtellinese, an Italian bank based in Sondrio, rejected as inadequate the price that Credit Agricole Italia plans to pay to buy out shareholders in the regional bank, saying an increase of at least 23% would be warranted. The offer, made in November 2020, values Creval at $875m.
The bank, headquartered in the industrial Lombardy region, said the offer did not reflect its high capital buffers and successful efforts to cut costs and impaired debts.
Creval advised by Intermonte and Mediobanca. Credit Agricole is advised by Credit Agricole, JP Morgan, BonelliErede and Cleary Gottlieb Steen & Hamilton.
PTT Exploration and Production, a national petroleum exploration and production company, completed the acquisition of a 20% stake in Oman's Block 61, a gas developments in the Middle East, from BP, an oil and petrochemicals company, for $2.6bn.
"The investment in Block 61 is aligned with PTTEP's direction of growth, focusing on highly prolific areas, and supports our strategy towards gas value chain investments as gas produced from the block will boost availability of gas supply for Oman LNG. This successful acquisition will further strengthen PTTEP's foothold in Oman in the long run and pave the way for future investments in the Middle East," Phongsthorn Thavisin, PTTEP CEO.
PTTEP was advised by JP Morgan. BP was advised by Norton Rose Fulbright.
Vantage Towers, a towers company in Europe, completed the acquisition of the remaining 38% stake in Wind Hellas, now known as Vantage Towers Greece, the largest tower infrastructure company in Greece, for €288m ($341m).
"Today we are executing the full acquisition of Vantage Towers Greece, the largest tower operator in the country. With significant commitments from two of the leading Greek mobile operators, Greece is one of our biggest and most important markets to contribute to better connectivity and a sustainable digitalization of Europe," Vivek Badrinath, Vantage Towers CEO.
DCG, Northzone and White Star Capital-backed Safello, a Swedish fintech firm, completed the acquisition of Bitcoin.se, an educational portal on cryptocurrencies. Financial terms were not disclosed.
"David has been a strong advocate for the Swedish cryptocurrency market. In the past, he led the court case that set the regulatory framework for cryptocurrencies on VAT for the EU, an effort Safello at the time sponsored. Our collaboration has extended over the years and we share the values and objectives of David and Bitcoin.se. We are excited for David to continue his journey together with Safello," Frank Schuil, Safello CEO.
CPPIB-backed Renewable Power Capital, a renewable energy investment platform, is set to form a joint venture with Benbros Solar, a Spanish photovoltaic developer. The joint venture will be structured as 50:50 deal. Financial terms were not disclosed.
“This partnership with RPC presents us with a fantastic opportunity for growth. We have been leaders in Spanish-based solar for some time and the region in which we operate is a well-known market for subsidy-free financing. Our expertise and RPC’s flexible mandate position us as the partner of choice for developers in the region," Rafael Benjumea, Benbros CEO.
Renewable Power Capital is advised by Finsbury Glover Hering.
Accenture, an Irish multinational company selling consulting and processing services, agreed to acquire Cygni, a cloud native full-stack development firm. Financial terms were not disclosed.
"Ever since Cygni was founded, we have had the vision to be the best place to work for highly skilled and ambitious software developers, which has been the foundation of our success. Now, it is time for the next chapter in our history. By joining Accenture, our people will get the opportunity to continue to grow even more as an integral part of Accenture Cloud First. Solving huge and challenging problems for local and global clients will create even more opportunities for our people to build their skills and experience," Jon Persson, Cygni Founder and CEO.
The European Commission announced that it has decided to approve the acquisition of joint control of fintech company Capveriant by CDC, a French public financial institution, and Deutsche Pfandbriefbank, a German specialist lender.
"The success of Capveriant is based on technical excellence and customer focus. We look forward to working with our partner Banque des Territoires to further develop this pan-European venture. We are convinced that Capveriant can play a significant role to improve the efficiency of the markets for public sector finance in Germany,
France and other countries," Andreas Arndt, Deutsche Pfandbriefbank CEO.
Mubadala Investment Company agreed to invest in Rodenstock, a manufacturer of premium ophthalmic lenses, as a minority investor alongside funds advised by Apax. Financial terms were not disclosed.
"Mubadala will work in partnership with Apax to support the Rodenstock management team's vision of accelerating the company's growth through innovation, commercial execution and digitization, whilst continuing to deliver the highest level of service to clients and partners," Mina Hamoodi, Mubadala Senior Vice President of Life Sciences.
Coatue Management, DST Global and Tencent led a $290m Series B round in Gorillas, a Berlin-based on-demand delivery startup, with participation from Green Oaks, Fifth Wall and Dragoneer and Atlantic Food Labs.
"We have a simple goal: to change the game in the grocery retail market, which has been slow to implement new and speedier technological solutions. By effortlessly enabling immediate access to fresh and healthy food at retail prices, we essentially simplify the process of doing groceries," says Kağan Sümer, Gorillas Founder and CEO.
KD Pharma, a pharmaceutical and nutraceutical products developer, agreed to acquire the manufacturing assets of Rohner, a Switzerland-based custom manufacturer of active pharmaceutical ingredients. Financial terms were not disclosed.
“Rohner was known for its unique chemical processes and technological capabilities, enabling it to manufacture difficult, multi-step pharmaceutical intermediates and APIs. This is a natural fit with our strategy to create health solutions and provide value to customers by utilizing a unique toolbox of technologies,” Oscar Groet, KD Pharma Group CEO.
GIC buys 2.5% stake in Cellnex from Edizione. (FS)
Singapore wealth fund GIC agreed to buy a 2.5% stake in Europe’s largest mobile phone towers operator Cellnex from Edizione, the Benetton family’s investment firm, Reuters reported. Through the acquistion, worth €542m ($638m), GIC would raise its stake in Cellnex to 8.07% from a previous 5.57%.
Edizione, Cellnex’s largest shareholder with a 13.02% stake, said it also agreed to sell an additional 0.98% stake in Cellnex to other three unnamed investors. The transactions were unveiled as Cellnex prepares a €7bn ($8.2bn) capital increase to fund an acquisition in France.
Deliveroo narrows price range ahead of London IPO.
Food delivery group Deliveroo has narrowed the price range on its IPO, ensuring its order books were fully covered for what will be London’s biggest IPO in a decade, Reuters reported.
The London-based company, founded by boss William Shu in 2013, could be valued at up to £7.85bn ($10.85bn) in its stock market debut on March 31. The listing is set to be London’s biggest IPO since Glencore in May 2011 and also the biggest tech float on the London Stock Exchange, dwarfing The Hut Group last year.
Deliveroo narrowed its price range on Monday to between £3.9 ($5.3) and £4.1 ($5.6) per share, indicating a valuation of between £7.6bn ($10.4bn) and £7.85bn ($10.7bn), excluding shares offered as part of an over-allotment issue.
India Grid Trust, India's first listed power sector infrastructure investment trust, completed the acquisition of NER-II Transmission, a power transmission project, from Sterlite Power, a global developer of electric power transmission infrastructure and electric utilities solutions, for $616m.
"We are excited with acquisition of NER-II which is one of the largest acquisitions in Indian power transmission sector in India. NER-II fits well with our strategy of focusing on operating assets with long-term cash flows and minimal counterparty risk," Harsh Shah, IndiGrid CEO.
IndiGrid was advised by PricewaterhouseCoopers, Cyril Amarchand Mangaldas, J. Sagar Associates and L&T - Sargent & Lundy. Debt financing was provided by Axis Bank, Bank of Maharashtra, Federal Bank, ICICI Bank, Standard Chartered Bank and Union Bank.
Applied Materials, a material engineering solutions provider, terminated the $3.5bn acquisition of Kokusai Electric, a company providing high-productivity batch processing systems and services for memory, foundry and logic customers, from KKR due to lack of regulatory approval in China. It will pay the $154m termination fee to KKR.
“While we are disappointed that the transaction will not be completed, Applied Materials’ future outlook has never been better. Our innovations are accelerating our customers’ roadmaps and we have outstanding opportunities to extend our technology leadership, drive profitable growth and deliver attractive cash returns to shareholders,” Gary Dickerson, Applied Materials President and CEO.
An investors consortium agreed to acquire a 10% stake in Fangchebao, an online real estate, and automobile marketplace, from Evergrande, a property developer, for $2.1bn. Investors include investment vehicles and investment firms like JMC Capital, Anatole Investment and CITIC Capital.
The group intends to apply the proceeds from the sale of the Fangchebao shares for the group’s general corporate use and the proceeds from the issuance of the new Fangchebao shares for the business development and general corporate use of the Fangchebao.
Nexon disclosed stakes in Hasbro, Bandai Namco and Konami.
Nexon, a Japanese gaming firm, disclosed stakes worth $874m in companies including Hasbro, Bandai Namco, Konami and Sega Sammy as part of a plan to take stakes in entertainment companies. The investments were made in 2020.
"We believe companies with strong, well-managed global IP are often overlooked and undervalued in a market that is narrowly focused on introductions of new IP. These investments reflect our respect for management teams that create and grow global properties over a period of years and decades. We believe that each has potential to capitalize on the secular shift from linear formats to interactive entertainment," Owen Mahoney, Nexon President and CEO.
Didi is raising money for self-driving unit at $6bn value.
Ride-hailing giant Didi Chuxing is raising new funds for its self-driving unit as China’s answer to Uber attempts to supercharge growth beyond its core businesses ahead of an anticipated initial public offering this year, Bloombergreported.
Didi Autonomous Driving is planning to raise as much as $500m at a valuation of roughly $6bn. The new proceeds will help Didi speed up mass production of driverless vehicles and invest in technologies like artificial intelligence chips. Plans for the latest fundraising could still change as considerations are at an early stage.
Tokyo Stock Exchange revives ambitions to lure Asian IPOs.
The Tokyo Stock Exchange is reviving its ambitions to become a magnet for Asian technology companies after approving an initial public offering by a high-profile startup from Taiwan.
Appier received the green light to list on TSE's startup-focused Mothers board and is scheduled to make its trading debut on March 30. Established in 2012 and led by CEO Yu Chih-han, Appier sells software that helps companies target online shoppers by crunching data using artificial intelligence.
Appier has operations in 15 markets and reported revenue of $84m in 2020, a 27% increase over the previous year.
Warburg Pincus set to raise $1.5bn for Asia real estate fund. (FS)
Private equity major Warburg Pincus is laying the groundwork for a $1.5bn capital raise under its first fund dedicated to real estate investments in Asia, DealStreetAsia reported.
The new vehicle signals more deals on the way from Warburg Pincus, which has been among the most active international fund managers in Asia’s real estate markets with approximately $6bn invested in 35 real estate ventures and platforms around the region.
Samsung Securities of South Korea was listed as the placement agent for the private venture.
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