AMERICAS
Centene, a multi-national healthcare enterprise, completed the acquisition of Magellan Health, an American for-profit managed health care company, for $2.2bn.
"We're thrilled to bring together two businesses with complementary capabilities and a shared commitment to driving higher quality care for our members while lowering overall healthcare costs. By joining Centene under the Health Care Enterprises umbrella, we will maintain the independence necessary to ensure continued service to our third-party customers while accelerating the introduction of innovative solutions and reimagining behavioral health. I look forward to continuing to lead Magellan Health as we create exciting new opportunities for our customers and employees who will benefit from the creation of a best-in-class platform that meets our members' needs today and in the future," Kenneth J. Fasola, Magellan Health CEO.
Magellan Health was advised by Goldman Sachs, Guggenheim Partners and Weil Gotshal and Manges. Financial advisors were advised by Fried Frank Harris Shriver & Jacobson. Centene was advised by Allen & Company, Barclays, JP Morgan and Skadden Arps Slate Meagher & Flom. Financial advisors were advised by White & Case. Debt financing was provided by JP Morgan.
Apollo and Oaktree-backed ABC Technologies, a manufacturer and supplier of technical plastics and lightweightning innovations, agreed to acquire dlhBOWLES, a camera and sensor cleaning systems provider, from MPE Partners, a private equity firm, for $255m.
“The acquisition of dlhBOWLES further solidifies ABC Technologies’ leadership position in the North American washer systems market, strengthening our product portfolio to better serve our global customers and enhance the capabilities of our Fluid Management division, while improving ABC’s process automation. This acquisition will create a complete product system offering within our Fluid Management division, which we believe will be a win for our customers as well as ABC," Todd Sheppelman, ABC Technologies President and CEO.
ABC Technologies is advised by Evercore, Blake Cassels & Graydon and Paul Weiss Rifkind Wharton & Garrison. MPE Partners is advised by Robert W Baird, BakerHostetler and Bennett Jones. Apollo is advised by Goodmans and Paul Weiss Rifkind Wharton & Garrison. Oaktree is advised by Stikeman Elliott.
Private equity firms Thomas H. Lee Partners and Linden Capital Partners, agreed to invest in Smile Doctors, an orthodontics clinic chain operator. Financial terms were not disclosed.
“Along with our existing partners at Linden, we are excited about the opportunity to create new partnerships with thriving practices and continue to expand our services through this new relationship. This partnership allows our team members to remain committed to providing excellent care in our communities with all-inclusive orthodontic treatment that results in beautiful, confident smiles and genuine, unforgettable experiences," J. Hedrick, Smile Doctors CEO.
Thomas H. Lee is advised by Deloitte, Jefferies & Company, Kirkland & Ellis and Edelman. Smile Doctors is advised by Ernst & Young, Houlihan Lokey, William Blair & Co and Kirkland & Ellis.
Bain Capital-backed Dessert Holdings, a manufacturer of frozen desserts, completed the acquisition of Steven Charles — A Dessert Company, a manufacturer of frozen dessert products. Financial terms were not disclosed.
“Steven Charles has a heritage of creating and commercializing award-winning desserts and that commitment to excellence in innovation and service has fostered long-standing relationships with a number of the leading foodservice and retail operators in North America. We see an incredible opportunity to supplement these strengths to support Steven Charles’ domestic growth while also investing to expand the business globally," Paul Lapadat, Dessert Holdings CEO.
Dessert Holdings was advised by PricewaterhouseCoopers, Barclays, Ropes & Gray and Stanton PRM. Debt financing was provided by Antares Capital and Barclays. Steven Charles was advised by Houlihan Lokey and Davis Graham & Stubbs.
Ryder System, a supply chain, fleet management and logistics solutions provider, completed the acquisition of Whiplash, a provider of omnichannel fulfillment and logistics services, for $480m.
“The acquisition of Whiplash is consistent with our strategy to accelerate growth in our higher-return supply chain business. It also expands our e-commerce and omnichannel fulfillment network and reflects our continued focus on technology and innovation," Robert Sanchez, Ryder Chairman and CEO.
Ryder System was advised by Wofford Advisors, Blank Rome and Joele Frank. Whiplash was advised by JP Morgan and Paul Hastings.
WonderFi, a technology company, agreed to acquire Bitbuy, a platform for cryptocurrencies, for $206m.
"The integration of WonderFi and Bitbuy is a huge step forward in our mission of democratizing finance through easy and secure access to DeFi and crypto," Ben Samaroo, WonderFi CEO.
Bitbuy is advised by Canaccord Genuity, Chitiz Pathak and Wildeboer Dellelce. WonderFi is advised by Haywood Securities and Cassels Brock & Blackwell.
Corsair, a private equity firm targeting services, software, and payments investments, agreed to acquire a majority stake in Aurora Payments, a full-service payment solutions provider for small and medium sized businesses. Financial terms were not disclosed.
“We’re thrilled to enter this next chapter with a trusted, long-term and growth-oriented partner like Corsair. With Corsair’s proven sector expertise, significant resources and relationship-driven approach, we are confident that we will be able to accelerate the growth of our business, further enhance our solutions and go-to-market strategy and support more clients with efficient and effective payment and technology solutions," Brian Goudie, Aurora CEO.
Aurora Payments is advised by Leonis Partners and Honigman Miller Schwartz & Cohn. Corsair is advised by William Blair & Co, Simpson Thacher & Bartlett and Sard Verbinnen & Co.
Trilantic North America, a global private equity firm, completed the acquisition of Addison Group, a Chicago-based professional services firm specializing in talent solutions and consulting, from Odyssey Investment Partners, a private equity investment firm. Financial terms were not disclosed.
"Addison Group is a market-leading business in both the talent solutions and consulting markets with tremendous runway for continued growth. It has been a privilege working alongside the management team to execute on our strategic goals. We wish them continued success as they embark on the next phase of their journey," Jeffrey McKibben, Odyssey Senior Managing Principal.
Trilantic North America was advised by Prosek Partners. Odyssey Investment was advised by Gasthalter & Co. Addison Group was advised by Credit Suisse, Houlihan Lokey and Latham & Watkins.
MidOcean Partners, a middle market private equity firm, completed the acquisition of Casper’s Ice Cream, a manufacturer and supplier of branded and co-packed frozen novelty products. Financial terms were not disclosed.
“MidOcean has an impressive track record in executing transformational growth. Their partnership, expertise and industry knowledge will enable us to dedicate our focus to key areas of our strategy, such as investment in our people and organic sales growth, which will come from expanded distribution and enhanced goto-market strategy. We look forward to continue serving our customers and end consumers - existing and new - across the country," Kyle Smith, Casper’s Ice Cream CEO.
Casper’s was advised by Raymond James and Bennett Tueller Johnson & Deere. MidOcean Partners was advised by Gibson Dunn & Crutcher and Gasthalter & Co.
Altamont Capital-backed Amplity Health, a global medical and commercial partner to biopharmaceutical companies, agreed to merge with The Lynx Group, a medical communications company specializing in oncology and complex drugs. Financial terms were not disclosed.
“Medical and commercial strategies for our biopharmaceutical clients have become highly specialized, and the new entry point for commercial conversations is when clinical, medical, and specialist professionals are framing the scientific narrative and the payer/patient value proposition. Lynx engages with a unique combination of oncology and complex drug experts to create proprietary medical communications, produce topical and relevant events with their association partners, and develop high-quality scientific messages and publications that shape drug development and launch. In the past 3 years alone, Lynx has participated in 80% of all successful oncology brand launches," Michael A. Griffith, Amplity President and CEO.
Lynx is advised by Cain Brothers and Greenberg Traurig. Amplity Health is advised by SVB Leerink and Ropes & Gray.
Galderma, a Swiss pharmaceutical company, completed the acquisition of Alastin Skincare, a physician-dispensed skincare brand. Financial terms were not disclosed.
“I am so happy to officially welcome the ALASTIN team to Galderma. As a part of our integrated dermatology approach, we are continuously seeking to add products that synergize with our premium portfolio - and ALASTIN is the perfect fit. The ALASTIN brand’s proprietary and award-winning skincare technology, combined with Galderma’s world-class pipeline and innovation track record, represents an unparalleled opportunity for Galderma to better meet the needs of aesthetic professionals and patients, now and well into the future," Flemming Ørnskov, Galderma CEO.
Alastin was advised by William Blair & Co and Latham & Watkins. Galderma was advised by Ropes & Gray.
SK Capital-backed Tilley-Phoenix Group, an ingredients distributor, completed the acquisition of Callahan Chemical, a chemicals distributor. Financial terms were not disclosed.
“We are extremely pleased to complete the acquisition of Callahan Chemical, believing it represents a highly complementary business with shared values and vision as a specialty-focused distributor supported by a strong value-added service foundation. We look forward to partnering with the Callahan team as we enhance the value we bring to existing and new customers,” Jean-Paul Benveniste, Tilley-Phoenix President and CEO.
Tilley-Phoenix was advised by Klehr Harrison Harvey Branzburg and BackBay Communications. Debt financing was provided by Madison Capital.
Arbor Investments-backed Crown Bakeries, a producer of baked croissants, agreed to acquire Pleasant Prairie facility, a 200k square foot state-of-the-art baking facility, from Gold Standard Baking, a manufacturer and supplier of baked goods. Financial terms were not disclosed.
“We welcome the Pleasant Prairie facility to the Crown baking family, which will bolster our Company’s capabilities with a highly competent team of bakers. With the acquisition, we immediately expand our geographic footprint in the Midwest and Pleasant Prairie’s high-speed croissant line gives Crown much needed additional capacity in laminated dough. Growing Crown’s production capabilities and bandwidth is critical to providing best-in-class service to our customers nationwide while building redundancy and flexibility in our broader manufacturing network," Yianny Caparos, Crown Bakeries President.
Crown Bakeries is advised by Winston & Strawn. GSB is advised by Houlihan Lokey, Riveron and Kirkland & Ellis.
Clearlake Capital and Charlesbank Capital-backed symplr, a firm that designs and develops software solutions, agreed to acquire Midas, a developer of products that will be secure, able to track and dispose of powerful drugs, from Conduent, a business process services company, for $340m.
"As part of our strategy to streamline our portfolio, we consider divestitures of select businesses in order to enhance shareholder and client value. We believe this is a mutually beneficial transaction and we are focused on providing a seamless transition for our clients. We are committed to delivering robust business process solutions to all industries, including the healthcare industry," Cliff Skelton, Conduent President and CEO.
symplr is advised by Sidley Austin and Lambert & Co. Conduent is advised by Holland & Knight.
Regions Financial, a bank holding company, completed the acquisition of Clearsight Advisors, an independent investment banking firm. Financial terms were not disclosed.
"By welcoming the experience and insights of Clearsight and its exceptional team, Regions Bank is further positioned to build on the holistic, consultative approach to service that we deliver to clients seeking to build on their growth and advance their business strategies. In addition to complementing and enhancing the advisory services delivered by Regions Capital Markets, Clearsight is a tremendous cultural fit for Regions. We share Clearsight’s innovative, client-driven focus on meeting complex financial needs through deep market knowledge, strong collaboration with our business partners, and a clear emphasis on providing an optimal client experience," Joel Stephens, Regions Bank Head of Capital Markets.
Clearsight Advisors was advised by Holland & Knight. Regions was advised by Houlihan Lokey and Moore & Van Allen.
Gemspring Capital, a private equity firm, agreed to acquire Mantis Innovation, a developer and operator of an energy marketing exchange platform intended for commercial, industrial and government clients, from O2 Investment, a private equity firm. Financial terms were not disclosed.
"We see building owners seeking to shift from reactive to preventative and predictive asset management, as well as a strong desire to reduce energy consumption. Mantis’ broad suite of value-added services and tech-enabled solutions position the Company very well to support these building owners as the go-to provider of managed facility and energy services. We are delighted to partner with the Mantis team to build on their successes to date and accelerate the Company’s growth," Don Gerne, Gemspring Managing Director.
O2 Investment is advised by Houlihan Lokey and Honigman Miller Schwartz & Cohn. Mantis Innovation is advised by Walker Eisenbraun.
IRIS Software, a provider of business-critical software and services, completed the acquisition of AccountantsWorld, a developer of cloud-based payroll and accounting software. Financial terms were not disclosed.
“We are excited to welcome AccountantsWorld into the IRIS family as we continue to expand our North American presence to empower accounting firms to manage and grow their practices more efficiently and become better advisors to their clients. The AccountantsWorld founders pioneered cloud technology for accountants, and the holistic suite of cloud-based solutions they have created are an exceptional addition to our offerings. Together they help accountants transform their practices with solutions that drive automation, efficiency, and productivity, and allow them to introduce new and value-added services," Elona Mortimer-Zhika, IRIS Software CEO.
IRIS Software was advised by Rothschild & Co, Articulate Communications and Octopus Group.
TPG, a private equity investment firm, agreed to invest in Ampersand Capital-backed Confluent Medical, a provider of outsourced design and manufacturing services for the medical device industry. Financial terms were not disclosed.
“Confluent’s depth of expertise in Nitinol processing and other complex modalities, differentiated manufacturing capabilities and unique end-to-end integration have positioned the company as a trusted design and manufacturing partner to OEMs for many of the most complex implantable products. With an accomplished management team, robust pipeline, and long track record of product innovation, we believe the company is positioned to build on its market-leading reputation for quality and execution in some of the highest growth medical device end-markets," Kendall Garrison, TPG Capital Partner.
Confluent Medical is advised by JP Morgan and Goodwin Procter.
HCA Healthcare, a provider of health care services, completed the acquisition of MD Now Urgent Care, a provider of urgent care medical services, from Brentwood Associates, a private equity firm. Financial terms were not disclosed.
“The addition of MD Now Urgent Care in Florida enhances our already strong capabilities in a rapidly growing state by providing convenient outpatient care options for our patients. It also connects MD Now patients to a comprehensive statewide network of care, including acute care and specialty services should they be needed," Sam Hazen, HCA Healthcare CEO.
MD Now Urgent Care was advised by Houlihan Lokey and Kirkland & Ellis.
Thermo Fisher, a manufacturer of scientific instruments, consumables, and chemicals, completed the acquisition of PeproTech, a developer and manufacturer of recombinant proteins, for $1.85bn.
"PeproTech will be an excellent strategic fit within our biosciences business and will allow us to even better serve our pharma and biotech customers by adding new capabilities to our existing offering. In combination with our proprietary bioprocessing and cell culture technologies, this complementary transaction positions us to partner with our customers to drive the evolution of the fast-growing market for cell and gene therapies. By leveraging our commercial reach, we will be able to efficiently grow the PeproTech business and generate attractive financial results all while furthering our mission to enable our customers to make the world healthier, cleaner and safer," Marc N. Casper, Thermo Fisher Chairman, President and CEO.
PeproTech was advised by JP Morgan.
Sageview Capital, an American investment firm, led a $100m Series C funding round in Atmosphere, a firm engaged in the streaming TV entertainment. Additional investors include Valor Equity Partners, S3 Ventures and Bridge Bank.
“We were impressed with Atmosphere’s unique strategy for connecting advertisers with hyper-focused markets. We believe their capabilities will be well-received among advertisers and businesses that adopt the service. Given the company’s proven business model and strong growth, we’re excited to partner alongside Atmosphere at a stage when scaling its operation is most critical," Dean Nelson, Sageview Senior Partner.
Atmosphere was advised by BerlinRosen.
MYR Group, a specialty contractor serving the electric utility infrastructure, completed the acquisition of Powerline Plus Companies, a full-service electrical distribution construction company. Financial terms were not disclosed.
“The addition of the Powerline Plus Companies to MYR Group continues to strengthen our Transmission & Distribution segment service offerings and geographic reach, while expanding our market position as we continue to provide additional services to both new and existing customers," Rick Swartz, MYR Group President and CEO.
MYR Group was advised by Dresner.
Procter & Gamble, a firm that manufactures and markets consumer products, agreed to acquire L Catterton-backed Tula Skincare, a manufacturer of personal care products. Financial terms were not disclosed.
“When we look at our beauty strategy, we want to win in beauty in the categories we choose to play in — skin, hair and personal care, categories where the clinical performance of the products makes a difference. We want to win in the industry — in different channels and segments. Wherever we feel that there is a gap in our portfolio, then we want to close it," Markus Strobel, Procter & Gamble President of Global Skin and Personal Care.
Tula Skincare is advised by Raymond James.
Fanatics, a provider of sports merchandise, completed the acquisition of the trading cards and collectibles business from Topps, a manufacturer of chewing gum, candy, and collectibles. Financial terms were not disclosed.
“With trading cards and collectibles being a significant pillar of our long-term plans to become the leading digital sports platform, we are excited to add a leading trading cards company to build out our business. Their iconic brand, commitment to product excellence and passionate employees worldwide will allow us to immediately serve our league and players’ association partners and our fans," Michael Rubin, Fanatics CEO.
Fanatics was advised by Wachtell Lipton Rosen & Katz.
Arcline Investment-backed ChargePoint Technology, a pharmaceutical containment and aseptic processing specialist, agreed to acquire Terracon, a firm engaged in the design, development, and manufacture of single-use products and accessories for mixing, transferring, and storing fluids in the biopharma and life science markets. Financial terms were not disclosed.
"Terracon has vast technical expertise in liquid and fluid mixing, transfer, and storage with a broad portfolio of products that customers rely on for critical process applications. With its extensive product knowledge and application-engineered solutions as well as its relentless customer focus, Terracon offers leading solutions to highly regulated segments, including biopharma and ultra-pure water, along with several other high-value markets," Chris Eccles, ChargePoint CEO.
Arcline Investment is advised by Joele Frank.
Paradigm, a fund manager, and Coatue, a global investment manager, led a $300m Series C funding round in OpenSea, an operator of a peer-to-peer marketplace. Existing investors also participated.
"We have four goals for this funding: accelerate product development, significantly improve customer support and customer safety, meaningfully invest in the wider NFT and Web3 community, and grow our team," Devin Finzer, OpenSea Co-Founder and CEO.
Long Arc-backed Renaissance Alliance, an insurance agency network, completed the acquisition of two independent insurance agencies, Agency Network Exchange and United Valley Insurance Services. Financial terms were not disclosed.
“The addition of ANE and United Valley will help Renaissance deliver more value to all of our member agencies, further demonstrating our commitment to helping them grow. Our overarching strategy is focused on strengthening the capabilities of our member agencies and providing them everything they need to best serve their clients. Together we will help our members enhance their profitability while maintaining their independence," Kevin Callahan, Renaissance Alliance Chairman and CEO.
SI Systems, an IT company, completed the acquisition of Eagle Professional Resources, an IT staffing company. Financial terms were not disclosed.
"Our organizations are very complementary with shared values, culture, and performance. Together we continue our mission to be Canada's partner of choice for on-demand IT professionals. I have known the Eagle founders for over 20 years, and we have always worked together to share ideas and advice. This acquisition is a very good fit for both parties in many ways. We warmly welcome all Eagle staff and consultants into SI Systems," Derek Bullen, SI Systems CEO.
Energy investment firm Aethon plans a $6 bln Louisiana sale. (FS)
Aethon Energy Management, a US oil and gas-focused investment firm, is exploring a sale of its acreage in North Louisiana which could be valued at around $6bn, including debt, Reuters reported.
Bankers hired by Aethon reached out in the final weeks of 2021 to a small number of potential buyers to gauge initial interest in its Haynesville assets in North Louisiana. Aethon's assets in the East Texas portion of the Haynesville shale formation are not part of the process.
Brazil tycoon Tanure to bid for 100% of Alliar if controlling stake is reached. (FS)
MAM Asset Management, a Brazilian investment firm, controlled by tycoon Nelson Tanure, plans to make a public acquisition offer for 100% of medical diagnostics company Alliar if it reaches a controlling stake in the firm, Reuters reported.
Current controlling shareholders of Alliar, formally known as Centro de Imagem Diagnosticos, have agreed to sell up to 52.75% of the company to Tanure, but its bylaws determine that any investor to hold a stake of more than 50% is required to present a takeover bid for the whole firm.
Charlie Munger's Daily Journal nearly doubles stake in China's Alibaba.
Daily Journal, the publishing and technology company in which Warren Buffett's longtime business partner Charlie Munger is chairman, said it has nearly doubled its stake in Chinese e-commerce giant Alibaba Group Holding, Reuters reported.
The US company raised its holding by 99.3% to 602k sponsored American Depository Shares as of December 31, Daily Journal said in a regulatory filing, making the stake worth about $72m as of January 4.
Amazon and Stellantis partner to deploy smarter cars, cleaner vans.
Amazon.com and Stellantis will collaborate to develop cars and trucks with Amazon software in the dashboards, and deploy electric vans made by Stellantis on Amazon's delivery network, Reuters reported.
The agreements expand Amazon's efforts to get a bigger foothold in the transportation industry, and could help Stellantis close the gap with Tesla in developing vehicles with sophisticated, software-powered infotainment features that are connected to the data processing cloud.
Reddit, TPG Partners highlight crowded 2022 IPO pipeline.
TPG Partners, Reddit and Via Transportation are among the high-profile companies headlining a crowded pipeline of 2022 IPOs after a record year of issuance delivered lagging returns, Bloomberg reported.
Private-equity firm TPG set terms for an IPO that could raise a little over $1bn. The first major listing of the year will set the tone for nearly 500 other US IPOs whose prospectuses are already on file. They will test an IPO market that’s grown more discerning after last year’s returns failed to keep pace with the broader market.
EMEA
Covis Pharma, a specialty pharmaceutical company, completed the acquisition of the global rights of Eklira and Duaklir from AstraZeneca, a biopharmaceutical business, for $270m.
“The closing of the acquisition and the expansion of our business in Canada with the Novartis partnership enables Covis to offer a full continuum of best-in-class therapies for allergic rhinitis, asthma and COPD and demonstrates our ability to engage with, and be a partner of choice for, leading pharmaceutical companies. As previously announced, as a result of the acquisition and this partnership with Novartis, Covis is firmly placed as one of the top 10 respiratory companies in the world. We are excited about our growth in this therapeutic area, and maintaining access to these important therapies for patients and physicians," Michael Porter, Covis CEO.
Covis was advised by Barclays, Buchanan Ingersoll & Rooney, Fasken, Paul Weiss Rifkind Wharton & Garrison and Sidley Austin.
Investment managers T. Rowe Price and Baillie Gifford led a $200m Series C funding round in DNA Script, a biotechnology company. Additional investors include Healthcor Management, eureKARE, Irving Investors, Coatue Management, Catalio Capital Management, Fidelity Management & Research, Columbia Threadneedle Investments and Casdin Capital.
“We are thrilled to partner with this world-class group of investors, including new participants Baillie Gifford and T. Rowe Price, who collectively share our vision to increase access to oligo manufacturing to accelerate the bio-revolution. SYNTAX is the first step toward creating a new paradigm for DNA and RNA synthesis. With the support of our investors, we look forward to continuing to advance this new paradigm to solve some of our largest challenges and advance human health," Thomas Ybert, DNA Script Co-Founder and CEO.
DNA Script was advised by Alize RP and Seismic.
Sport Republic, an investment firm in the sports and entertainment industry, completed the acquisition of an 80% stake in Southampton Football Club, an English professional football club, from Gao family. Financial terms were not disclosed.
“Today we welcome a new beginning with a new ownership group. We have found partners with ambition for the future, but with a clear understanding of what Southampton stands for and the direction we must go in now. The strategy is to push forward with the plans we have had in place over the last two years, but with their support we can now do this with a renewed focus and speed. Continuity, stability, and clarity of the way forward are equally as important as the new initiatives and ideas we can now bring to the club," Martin Semmens, Southampton FC CEO.
Southampton Football Club was advised by Rothschild & Co.
Faerch, a supplier of cutting-edge, thermoformed food packaging, agreed to acquire PACCOR Group, a provider of rigid plastic packaging products, from Lindsay Goldberg, a private equity group. The transaction is subject to customary closing conditions and regulatory approval and is expected to close during the first half of 2022. Financial terms were not disclosed.
"With PACCOR becoming part of Faerch, the industry’s transition towards circularity will gain additional momentum for food packaging being recycled back into new food packaging of the same quality again and again. With PACCOR’s leading position in the Dairy sector, Faerch will be present in all major food packaging segments, allowing the much needed standardization away from non-recyclable legacy materials towards truly circular packaging solutions. A comprehensive investment program for supporting material conversion and scaling our recycling platform will be launched," Lars Gade Hansen, Faerch CEO.
Lindsay Goldberg is advised by Rothschild & Co.
Frontier Digital Ventures, a developer of online classifieds businesses, agreed to acquire Encuentra24, a developer of an online marketplace platform, from OLX, a platform for buying and selling services and goods. Financial terms were not disclosed.
Encuentra24.com is an online classifieds platform catering property, vehicle, jobs, and electronics for sale by owners and agents from Panama, Costa Rica, Nicaragua and Central American marketplace.
OLX is advised by Bar & Karrer.
Qatar Electricity and Water, a company engaged in the production of electricity, agreed to acquire the remaining 40% stake in Nebras Power, a power development and investment company, from Qatar Investment Authority, a sovereign wealth fund, for $530m.
Nebras Power is a global investment company headquartered in Doha, Qatar that is focused on long term, sustainable investment opportunities in the energy sector.
Piper Sandler, an investment bank, agreed to acquire Stamford Partners, a specialist M&A boutique offering investment banking services. Financial terms are not disclosed.
“Stamford Partners offers differentiated, best-in-class M&A advisory services tailored to the unique needs of clients in the European consumer industry. The addition is complementary to our existing consumer practice and creates significant opportunities to further expand our reach in partnership with them,” James Baker, Piper Sandler Global Co-Head of Investment Banking.
Delta Capita Group, a funding services provider, completed the acquisition of JDX Consulting, a resource augmentation and domain consulting business. Financial terms were not disclosed.
"I am delighted by the combination of JDX and Delta Capita and believe the combined firm now has the people, technology and solutions to much better address our clients' needs. There are also considerable benefits for our staff in being part of what will now be a larger and more diversified organisation," Jonathan Davies, JDX CEO.
Pan European buyout house IK Partners has agreed to tap its $1.35bn Small Cap III Fund to acquire e-commerce platform Stein. (FS)
Established in 1999, Stein runs a B2B e-commerce platform for barrier technology, municipality, construction site and facility management supplies. Its clients include construction firms, local craftsmen, municipalities and facilities management firms.
The company said it aims to further develop through new customer acquisitions and expanding product offering through the partnership with IK.
“STEIN occupies the leading position in a growing market due to the shift towards online purchasing and the Company’s strong focus on delivering the best-in-class customer service. We look forward to partnering with Stephan Otte and his team as they continue to expand the product offering and customer base while entering new markets,” Ingmar Bär, IK Partners Director.
Alpha Dhabi creates UAE's largest health provider with ADQ deal.
United Arab Emirates-based conglomerate Alpha Dhabi had created the UAE's largest healthcare provider in an agreement with Abu Dhabi state holding company ADQ, Reuters reported.
The health provider will operate through Alpha Dhabi's unit Pure Health Medical Supplies, into which will merge ADQ's Abu Dhabi Health Services and National Health Insurance Company.
APAC
GUD Holdings, an Australian automotive parts maker, completed the acquisition of AutoPacific Group, a vehicles accessories maker, from Pacific Equity Partners, a private equity firm, for $531m.
"The combination of GUD's existing businesses and APG, firmly establishes GUD as a leader in 4WD Accessories and Trailering in Australia and New Zealand," Graeme Billings, GUD Holdings Chairman.
AutoPacific Group was advised by Jefferies & Company and Allens. GUD Holdings was advised by Herbert Smith Freehills.
TPG Capital Asia, an Asian arm of TPG Capital, an American investment company, agreed to invest $360m in Fractal, a provider of artificial intelligence and advanced analytics solutions. The transaction is expected to close by the first quarter of 2022. Apax exits the investment.
"The demand for AI is surging across the enterprise. Our AI solutions and products, along with our globally recognized team of experts, empower these organizations to realize and maximize their full potential. Apax has been a great partner to us as we have worked to grow our business, providing valuable insights from their tech experience, operational leadership, and access to their unique network. As we continue to build upon this foundation, the investment from TPG will accelerate our ability to scale and meet this rising demand globally," Pranay Agrawal, Fractal Co-Founder & CEO.
Nepean Capital, a fund manager, led a $102m Series B funding round in Zupee, a skill-based casual gaming company. Additional investors include WestCap, Tomales Bay Capital, AJ Capital, Matrix Partners India and Orios Venture Partners.
The funds will be utilised for developing new products, enhancing immersive design experiences, expanding into new geographies, ramping up marketing, reach, penetration, research and innovation, and hiring top talent to further Zupee’s ambition of building a platform rich with possibilities and meaningful connections. In 2022, Zupee will continue to develop new forms of purposeful entertainment that can engage, empower and entertain the users.
Indian court halts Amazon, Future arbitration in blow to US giant.
A Delhi court has halted arbitration proceedings between Indian conglomerate Future Group and its estranged US partner Amazon.com in light of the national antitrust agency's suspension of a 2019 deal between the two sides, Reuters reported.
The decision is a setback for US e-commerce giant Amazon, which had successfully used the terms of its 2019 investment in a Future unit to block the Indian company's attempt to sell retail assets to a rival.
IMM Private Equity completes $1.2bn buyout in Korea’s top furniture brand Hanssem. (FS)
IMM Private Equity has completed its $1.2bn buyout of controlling 37.8% stake in Hanssem, the largest furniture and home furnishing company in Korea.
The deal closure comes in two months. The Korean private equity has financed the deal through $334m from its blind pool fund, $217m from Lotte Shopping, and the rest from loans.
HSBC China brokerage joint venture partner selling 39% stake. (FS)
HSBC Holdings ' China securities brokerage joint venture partner is selling most of its equity ownership, an exchange filing showed, and the bank was expected to bid for the stake, Reuters reported.
State-owned Qianhai Financial Holding, which owns 49% of HSBC Qianhai Securities, is auctioning 39% ownership of the unit with an asking price of $198m.
Asia-focused HSBC, which won Chinese regulatory approval for the joint venture in 2017, will bid for the entire 39% stake, in a bid to expand in the world's second-largest economy.
Hong Kong's airport to issue $4bn bond deal to fund third runway expansion.
Hong Kong's Airport Authority will issue a four-tranche US dollar bond to help raise funds for its third runway expansion. It is hoping to raise $4bn, Reuters reported.
The deal comprises a 5-year green bond tranche, as well as 10-, 30- and 40-year paper, the term sheet showed. All bonds are denominated in US dollars.
China's Vision Plus Capital closes third RMB fund at $315m. (FS)
Vision Plus Capital, a Chinese dual currency venture capital firm, announced that it has made the final close of its third RMB-denominated fund at $315m, DealStreetAsia reported.
Capital commitments have been derived from existing limited partners including tech firms, funds of funds and state-backed industry funds. The VC has also attracted a slew of investors namely China SME Development Fund, Hangzhou Hi-Tech Investment, Hangzhou Capital and Yuhang Financial Holdings.
Azalea Investment Management has closed its second private equity fund of funds product Altrium II on $805m. (FS)
The latest fundraise came two years from the firm’s inaugural Altrium I, which was closed on $650m.
The firm said Altrium II will allow accredited investors direct equity participation in a portfolio of PE funds across the US, Europe and Asia.
“At Azalea, we believe that PE is an attractive asset class and we have received strong interest from new investors as well as Altrium I investors. This is testament to PE’s growing popularity as investors seek to diversify their existing portfolios with longer term investments. The Altrium programme empowers investors to build up meaningful exposure to private equity and we look forward to launching more quality PE products in 2022,” Margaret Lui, Azalea CEO.
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