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AMERICAS
Admiral Acquisition, a publicly-listed acquisition vehicle, completed the acquisition of Acuren, a North American provider of critical asset integrity services, from American Securities, a private equity firm, for $1.85bn.
"We are thrilled to embark on this new chapter as a public company, strengthened by the addition of our newly appointed board of directors led by Sir Martin E. Franklin and Robert A.E. Franklin. This transaction marks a significant milestone in our journey, enhancing our ability to drive growth within the TIC industry. Our robust capital structure and strategic vision position us to seize new opportunities and continue our trajectory of success," Talman Pizzey, Acuren CEO.
KKR, an American global investment company, completed the acquisition of a majority stake in Avantus, a developer of large utility-scale solar and solar-plus-storage projects. Financial terms were not disclosed.
“This announcement is a ringing endorsement of our proven team at Avantus, providing us the capital to advance our portfolio and develop high-performing, high-value clean energy projects. We are excited to work with KKR and our existing investor EIG to achieve our growth plans and build on our track record of delivering record-breaking clean energy solutions that will decarbonize our planet at scale,” Stephanie Perry, Avantus COO.
Antitrust enforcers looking into Alaska Air Group’s plan to buy Hawaiian will take more time to decide on the proposed $1.9bn deal, Bloomberg reported.
The Justice Department and state attorneys general now have until Aug. 15 to determine whether to try to block the tie-up or allow it to move forward. The airlines had originally sought a decision by August 5 but agreed to an extension.
Hawaiian Airlines is advised by Barclays, Wilson Sonsini Goodrich & Rosati, and Joele Frank (led by Jed Repko). Financial advisors are advised by Sullivan & Cromwell (led by Stephen M. Kotran). Alaska Airlines is advised by Bank of America (led by Steven Baronoff), PJT Partners, and O'Melveny & Myers. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton (led by Charlie Allen).
CBIZ, a financial, insurance and advisory services provider, agreed to acquire Marcum, an accounting and advisory firm, for $2.3bn.
"CBIZ and Marcum share a dedication to providing high-quality innovative professional services to our clients, and personalized, local client relationships supported by national resources. By joining forces, we will capitalize on our strengths and leverage our similar models to bring more diversified services and even greater subject matter expertise to our clients and attract new business. We both have a proven track record of growth through successful acquisitions, and we are excited to bring these two best-in-class organizations together," Jeffrey Weiner, Marcum Chairman & CEO.
CBIZ is advised by Perella Weinberg Partners and BakerHostetler. Marcum is advised by Deutsche Bank and Dechert.
CIP Real Estate, a full service real estate investment and management company, completed the acquisition of Tully Business Center of Silicon Valley, a commercial bank division of First Citizens BancShares, for $40m.
“We are excited to acquire this unique property due to its size and premium location in San Jose. With Tully Business Center, our portfolio is gaining valuable space in one of Silicon Valley’s strongest industrial use submarkets,” Eric Smyth, CIP Real Estate CEO.
Vensure, a business process outsourcing services provider, agreed to acquire Tandem HR, an HR solutions provider. Financial terms were not disclosed.
"We're thrilled to welcome Tandem HR into Vensure's wide array of brands. Their growth mentality matches our own, built on exceptional client service, leading-edge technology, and a focus on small and medium-sized business success through a complete portfolio of services that lets business owners focus on what they do best," Alex Campos, Vensure CEO.
American Industrial Partners, a private equity firm, agreed to acquire the North America Regeneration Services business of Veolia, a transnational company with activities in three main service and utility areas, for $620m.
“This disposal is in line with our policy of continuously reshaping our portfolio of assets in line with the strategic priorities of our GreenUp plan whilst maintaining a strict balance sheet discipline. The sulfuric acid regeneration business in the United States is not one of our key priorities and does not offer synergies with our core activities. Their disposal will enable us to create value and concentrate our investments on the ‘boosters’ of the GreenUp strategic plan,” Estelle Brachlianoff, Veolia Chief Executive Officer.
WoodBridge Healthcare, a a nonprofit organization dedicated to enhancing patient-centered care in urban and rural communities, agreed to acquire Regional Hospital, Moses Taylor Hospital, and Wilkes-Barre General Hospital from CHS, a provider of general hospital healthcare services, for $120m.
The transaction is expected to close in the fourth quarter of this year, subject to customary regulatory approvals and closing conditions. The hospitals included in this transaction are among the additional potential divestitures discussed on the Company’s second quarter 2024 earnings call.
Lincoln Electric, an American multinational and global manufacturer of welding products, completed the acquisition of Vanair, a privately held, Michigan City, Indiana-based, manufacturer of mobile power solutions serving the US service truck market. Financial terms were not disclosed.
“We are pleased to welcome the Vanair team to Lincoln Electric. Vanair is renowned for their leading high-quality manufacturing, innovation, and engineering expertise in the fast-growing maintenance and repair service truck market. By joining together, Lincoln Electric will capitalize on this channel opportunity to accelerate growth and broaden our technology platform for long-term value creation,” Steven B. Hedlund, Lincoln Electric President and Chief Executive Officer.
Pagaya, a global technology company delivering AI-driven product solutions for the financial ecosystem, agreed to acquire Theorem, a consumer credit funds manager. Financial terms were not disclosed.
“We are very excited about Theorem and its amazing employees becoming a part of Pagaya. I have known the team for several years. As we have seen network volume and institutional investor demand grow exponentially, I believe that their institutional fund management expertise will sharpen Pagaya’s already market-leading capabilities. In addition, Theorem will have access to the Pagaya network’s unique investment sourcing flow, and Pagaya will be able to fully take advantage of the impressive machine learning investment technology that underlies Theorem’s private credit investment platform,” Gal Krubiner, Pagaya CEO.
Blackstone in bid to acquire shopping center owner Retail Opportunity. (FS)
Private equity firm Blackstone is in early-stage talks to acquire Retail Opportunity Investments, which owns US shopping centers and has a market value of close to $2bn, Reuters reported.
Blackstone's interest comes after ROIC's shares lost more than 10% of their value in the last 12 months, underperforming some other real estate investment trusts. The buyout firm's approach indicates it sees values in ROIC's properties, which mainly house supermarkets and drugstores.
Eurazeo considers sale of $1bn software firm Elemica. (FS)
Eurazeo is considering a sale of Elemica in a deal that could value the supply-chain software provider at more than $1bn, Bloomberg reported.
The private equity firm has held initial discussions with potential advisers on the possible divestment. Deliberations are at an early stage and Eurazeo could decide to hold the asset.
Vista Outdoor explores sale of sporting gear unit in strategic review.
Vista Outdoor, which is in the process of selling its ammunition unit, said on July 30 it was open to selling its outdoor sporting gear business and expecting an increased bid for the whole company from MNC Capital, Reuters reported.
Vista expects investment firm MNC to raise its existing $3.2bn buyout offer in "short order". The company had rejected that bid saying it undervalued its sporting gear unit, Revelyst.
Ares and HPS secure $3bn debt for Carlyle’s Baxter kidney-care unit bid. (FS)
A consortium of direct lenders, including Ares Management and HPS Investment Partners, is arranging a $3bn credit facility to support Carlyle Group’s potential acquisition of Baxter International’s Vantive kidney-care division.
The financing package consists of a $2.5bn unitranche loan and a $450m revolver. Oaktree Capital Management is also involved in providing part of the financing, while there is also a provision in the agreement allowing smaller lenders to take positions post-signing.
Credit firm Crestline considers strategic options including sale. (FS)
Crestline, an alternative asset manager based in Fort Worth, Texas, which had more than $18bn in assets under management at the end of last year and specialises in credit and opportunistic investments, is exploring strategic options, including a possible sale.
The report cites sources familiar with the matter as confirming that the firm, which was founded in 1997, is working with an adviser to gauge interest from potential buyers.
Oil refiner CVR Energy continues to explore strategic transactions.
The CEO of US oil refiner CVR Energy on July 30 said the Sugar Land, Texas, company is exploring strategic transactions in refining, Reuters reported.
The Carl Icahn-controlled company has placed a bid in the US court-auction of a Citgo Petroleum parent that is expected to lead to new ownership of the seventh-largest US refiner by volume.
Specialty Building Products is said to seek $750m in IPO.
Jordan-backed Specialty Building Products is seeking to raise as much as $750m in an initial public offering and has filed confidentially with the US Securities and Exchange Commission, Bloomberg reported.
The Duluth, Georgia-based distributor of products used in home construction is working with advisers on its revived plan. SBP, which withdrew a previous registration in February 2023, aims to launch the offering as soon as in the fourth quarter.
Ares breaks private credit record with new $34bn fund. (FS)
Ares Management has amassed nearly $34bn for its latest direct lending fund, the largest fundraise ever in the burgeoning private credit market, Bloomberg reported.
Ares Senior Direct Lending Fund III raised about $15bn in equity commitments, above its $10bn target. The fund’s total capital is more than double that sum when including leverage and separately managed accounts, according to Mitch Goldstein, co-head of the firm’s credit group.
Nomura hires Rothschild, Perella Alum for consumer dealmaking. (People)
Former Rothschild banker Reza Vahabzadeh joined Nomura as a managing director focused on consumer dealmaking, primarily in the food sector, Bloomberg reported.
Vahabzadeh, who’s based in New York, started this week and reports to Lisa Stein, who heads consumer and retail investment banking.
Boeing names aerospace veteran Kelly Ortberg CEO to steer turnaround. (People)
Boeing on July 31 named aerospace industry veteran Kelly Ortberg as its new President and CEO after a months-long search, tasking the former Rockwell Collins executive with the monumental job of turning around the struggling planemaker, Reuters reported.
Ortberg, 64, will start on Aug. 8 and face a multitude of issues, including reviving jet production and rebuilding trust with regulators, the industry and the flying public. Shares rose 2.9% before the bell.
Johnson Controls says CEO to retire, names new director after talks with Elliott. (FS, People)
Johnson Controls said on July 31 that CEO George Oliver will retire and the building solutions provider appointed Patrick Decker as a director to its board following talks with activist investor Elliott Investment, Reuters reported.
Elliott has built a more than $1bn stake in Johnson Controls. This move is part of the company's efforts to streamline its business, including divesting its portfolio of heating, ventilation, and air conditioning assets.
SAB BIO appoints Lucy To as Chief Financial Officer. (People)
SAB Biotherapeutics, a clinical-stage biopharmaceutical company with a novel immunotherapy platform that is developing human anti-thymocyte immunoglobulin for delaying the onset or progression of type 1 diabetes, announced on July 31 that Lucy To has been named Chief Financial Officer effective August 12, 2024.
Ms.To brings over 18 years of investment banking and strategic operational expertise to SAB and will lead corporate finance, corporate strategy and approach to broader strategic business relationships at the company.
EMEA
Arctos Partners, a private investment firm, agreed to acquire Hayfin, an independent investment firm, from British Columbia Investment Management, a provider of investment management services, for €1.3bn ($1.4bn).
“This is an exciting new chapter that will support Hayfin’s ongoing growth while preserving our core identity and operational autonomy. Arctos has a best-in-class, like-minded team that recognizes the enormous opportunity available to investors in the credit markets today, and their experience only enhances our ability to serve our investors, borrowers and sponsors. Our long-standing team is grateful to BCI for the last seven years of successful collaboration, and we look forward to a continued relationship with them as an investor in our products,” Tim Flynn, Hayfin Co-Founder and Chief Executive Officer.
Hayfin is advised by Goldman Sachs, Moelis & Co, Cleary Gottlieb Steen & Hamilton, Kirkland & Ellis, Macfarlanes, and Skadden Arps Slate Meagher & Flom. BCI is advised by Weil Gotshal and Manges.
CFS Brands, a manufacturer of food service, healthcare, and cleaning products, agreed to acquire Araven, a professional hospitality products specialist from GED Capital, a private equity firm. Financial terms were not disclosed.
“Araven is a clear leader in the European foodservice market, with its products sold worldwide and a well-established reputation within the hospitality sector and among top professionals. This acquisition further enhances the value we provide to our customers by offering an even wider array of innovative, high-quality products. We are very excited to work with the Araven management team and warmly welcome all their employees to CFS Brands,” Trent Freiberg, CFS Brands CEO.
CFS Brands is advised by PricewaterhouseCoopers and Winston & Strawn. GED Capital is advised by KPMG, Rothschild & Co, Garrigues, Kreab and Roca Junyent.
General Atlantic, a global growth investor, led a $200m Series C round in Flo Health, a women's health app provider.
“Reaching unicorn status is a significant milestone for Flo and the entire femtech industry. When we started Flo, we identified a huge gap in women’s health services. Now, we’re a leader in a global movement to make women’s health a priority everywhere. We’re already helping hundreds of millions of women, and our goal is to reach 1bn women through our global pro-social program,” Dmitry Gurski, Flo Health Co-Founder and CEO.
Goldman Sachs Alternatives, an investment fund, led a $120m round in osapiens, a compliance and sustainability reporting solutions provider.
“We are thrilled to be working with Goldman Sachs. Their support is a testament to our leadership position in this highly competitive and rapidly evolving market – ESG compliance and process efficiency. We are proud to offer a single platform that helps companies around the world to navigate the complexities of ESG regulation with ease and confidence and to achieve long-term sustainability. osapiens enables them to make a positive impact not only on their P&L but also on the planet,” Alberto Zamora, osapiens Co-Founder and CEO.
Goldman Sachs Alternatives was advised by Willkie Farr & Gallagher (led by Miriam Steets).
Societe Generale, a French multinational investment bank and financial services company, agreed to acquire a 75% stake in Reed Management, an alternative asset management company founded by seasoned energy investment specialists, for €250m ($270m).
“This acquisition is a new step in the execution of the Group strategic roadmap, as part of our ambition to bolster our ESG leadership. Societe Generale aims at boosting investments to support the specific financing needs of emerging leaders which require bespoke capital to deploy their innovative energy solutions. I firmly believe in the development of this complementary investment capacity which would enrich Societe Generale’s expertise in energy, infrastructure and mobility sectors, and offer a continuum of equity and debt solutions. I am delighted that Julien Touati, a recognized professional in his field, would run REED,” Slawomir Krupa, Societe Generale Chief Executive Officer.
Top Kuwaiti Islamic banks eye deal to create $50bn lender.
Two of Kuwait’s largest Islamic lenders are considering a merger that would create a regional banking behemoth with more than $50bn in assets, Bloomberg reported.
Boubyan Bank and Gulf Bank plan to conduct due diligence and valuation studies to consider the feasibility of a combination. Shares in both lenders jumped on July 31 morning in Kuwait.
Cybersecurity firm Tenable is exploring a potential sale.
Tenable Holdings is exploring options including a potential sale after receiving takeover interest, as dealmaking in the cybersecurity sector heats up, Bloomberg reported.
The Columbia, Maryland-based security software company is working with advisers.
Astorg weighs selling IQ-EQ fund services in 2025. (FS)
Private equity firm Astorg is exploring options, including a sale, for its fund services business IQ-EQ, in a sale that could value it at more than €4bn ($4.33bn), Reuters reported.
Luxembourg-based Astorg is in talks to appoint a financial adviser in coming months, adding that IQ-EQ generates over €200m in EBITDA.
Fund manager Gaia to raise $200m for Africa in Luxembourg climate fund. (FS)
Gaia Fund Managers is raising $200m for investment in African renewable energy plants and power grids with the assistance of Apex Group, Bloomberg reported.
The money will be raised through the Gaia Africa Climate Fund which will be domiciled in Luxembourg to allow US and European investors direct access. Apex Group will act as fund administrator.
APAC
Chinese auto chip maker Black Sesame to raise $144m via Hong Kong IPO.
China’s Black Sesame International is seeking to raise up to $144m through an initial public offering on the Hong Kong stock exchange, DealStreetAsia reported.
Black Sesame is the second company seeking to go public in the city under new listing rules for specialist technology companies, after Tencent-backed QuantumPharm raised HKD987m ($126m) earlier this month.
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