AMERICAS
Freeman Spogli, a private equity firm, completed the acquisition of a minority stake in SkyKnight Capital-backed WhiteWater Express Car Wash, a car wash operator. Financial terms were not disclosed.
"We are excited to partner with Freeman Spogli as WhiteWater continues to execute on its multi-pronged, multi-regional growth strategy. Freeman Spogli's extensive experience in successfully building consumer brands and scaling multi-unit businesses will bolster our strategy to densify existing markets while pursuing thoughtful new market expansion," Steve Mathis, WhiteWater Express Co-Founder and CEO.
WhiteWater Express was advised by Harris Williams & Co and Holland & Knight. Freeman Spogli was advised by JP Morgan and Gibson Dunn & Crutcher. Debt financing was provided by Crescent Capital Partners, Goldman Sachs and New Mountain Finance Corporation.
BPOC, a healthcare investor, completed an investment in Alliance Physical Therapy Partners, a provider of physical therapy services. Financial terms were not disclosed.
"We are incredibly excited to partner with BPOC as we enter our next stage of growth. Alliance was founded with the mission to become the leading physical therapy network in the country by delivering superior, quality and compassionate services to our patients. Together, we believe this partnership will allow for the continued expansion of high-quality patient services as we grow a community of exceptional physical therapy practices," Richard Leaver, Alliance CEO.
Alliance Physical was advised by Cain Brothers and McGuireWoods. BPOC was advised by Houlihan Lokey, Kirkland & Ellis and Prosek Partners.
American Industrial Partners, a private equity firm, completed the acquisition of RelaDyne, a distributor of packaged and bulk oils, lubricants, fuels, diesel exhaust fluid and reliability services, from Audax Private Equity, a private equity firm. Financial terms were not disclosed.
"We are extremely excited to partner with CEO, Larry Stoddard, and the entire RelaDyne team. The Company has experienced remarkable growth since its formation in 2010, and together we will work to execute on our operating agenda and support future M&A," Joel Rotroff, AIP Partner.
RelaDyne was advised by Robert W Baird, Stephens and Kirkland & Ellis. AIP was advised by BMO Capital Markets and Jones Day.
Endicott Growth Equity Partners, a private equity firm, completed the acquisition of a majority stake in credit risk services providers Information Clearinghouse and Market Service. Financial terms were not disclosed.
"We chose to partner with Endicott because of their deep data and analytics expertise, relevant operational experience, and partnership approach. Our team has built a strong, growing business over several decades and we are now poised to scale up. Endicott understands our opportunities and challenges well, and our entire management team is excited to work with them to accelerate our growth plan and deliver exceptional value to our clients," Lawrence Sarf, Information Clearinghouse and Market Service Founder and CEO.
Endicott was advised by Houlihan Lokey and Chiesa Shahinian & Giantomasi. Information Clearinghouse was advised by Raymond James and Schwartz Sladkus Reich Greenberg Atlas.
Genstar Capital, a private equity firm, completed a minority investment in Inside Real Estate, a real estate software company. Financial terms were not disclosed.
“We are very excited to announce the addition of Genstar Capital as a financial partner, alongside our long-time partner, Lovell Minnick Partners. It’s more important than ever for brokerages to have best-in-class technology solutions that are seamlessly integrated, drive profitable growth and help them create customers for life. We take our responsibility as a tech partner very seriously and know our financial partners back this strategy 100%. We’re here to build the best technology in real estate and bring together the resources needed to help our customers thrive," Joe Skousen, Inside Real Estate CEO.
Inside Real Estate was advised by Jefferies & Company and Morgan Lewis & Bockius. Genstar Capital was advised by Kirkland & Ellis.
Meta (ex. Facebook) appeales Britain's ruling that it must sell Giphy, an animated images platform. The company says that the evidence does not support the finding that the deal is a threat to its rivals or could impact competition in display advertising, Reuters reported.
Previously, Competition and Markets Authority said the deal in which Facebook had acquired Giphy for $400m, must be unwound and Giphy sold as a going concern.
Giphy was advised by JP Morgan and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Meta (ex. Facebook) was advised by Latham & Watkins.
Ardian and MidOcean-backed Florida Food Products, an international agribusiness, completed the acquisition of Comax Flavors, a provider of clean label flavor solutions focused on the beverage and nutrition markets. Financial terms were not disclosed.
"We are thrilled to welcome Comax to the FFP family, and to partner with the Calabretta family. Comax has built an impressive portfolio of natural flavors, which we intend to augment with FFP’s industry leading extraction, drying, and fermentation capabilities. Our acquisition of Comax represents our first major investment of the Ardian and MidOcean partnership and accelerates our objective of becoming the industry’s largest independent provider of natural ingredients," Jim Holdrieth, FFP CEO.
Florida Food Products was advised by Houlihan Lokey and Weil Gotshal and Manges.
DMC Global, a metalworking business, completed the acquisition of a 60% stake Arcadia, a US supplier of architectural building products, for $283m.
This is an exciting transaction for Arcadia, its employees and our customers. We look forward to DMC’s support as we expand Arcadia’s capacity and increase its position in the commercial and high-end residential architectural products markets. I am confident this will be an outstanding partnership that will provide long-term benefits to Arcadia, DMC, and our stakeholders," Jim Schladen, Arcadia CEO.
Arcadia was advised by Houlihan Lokey.
OEConnection, an original equipment manufacturer distribution network, agreed to merge with Overall Parts Solutions, a supply-chain management solutions provider. Financial terms were not disclosed.
“OEC and OPS stand united in a joint mission to keep our world up and running by collaborating with industry partners to drive innovation and efficiency throughout the entire repair lifecycle. There are no immediate changes to our respective offerings resulting from this merger,” Nick Bossinakis, Overall Parts Solutions CEO.
Overall Parts is advised by Houlihan Lokey.
Glory Global Solutions, a cash technology solutions provider, completed the acquisition of Revolution Retail Systems, a designer and manufacturer of automated cash management and recycling technology globally. Financial terms were not disclosed.
“We believe that this acquisition by Glory comes at the perfect time. Revolution and Glory complement each other in so many strategic and operational areas, as well as placing significant value on our people, culture and history," Mark Levenick, Revolution Retail Systems President & CEO.
Revolution Retail was advised by Houlihan Lokey.
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.
Linden next year plans to run a secondaries process that would move Smile Brands into a continuation fund, providing it with more time and capital to manage, and ride, Smile Doctors' growth.
Smile Doctors is advised by Houlihan Lokey.
Oracle agreed to acquire Federos, a software developer. Financial terms were not disclosed.
"The acquisition extends Oracle Communications’ application portfolio by adding AI-optimized assurance, analytics, and automation solutions to manage the availability and performance of critical networks and systems. This expands Oracle’s ability to deliver end-to-end network and service assurance, enabling communication service providers and enterprises to increase operational efficiency while significantly lowering costs and reducing customer churn," Jason Rutherford, Oracle Senior Vice President and General Manager.
Federos is advised by Raymond James.
Jana Partners discloses stake in Mercury Systems, pushes for potential sale. (FS)
Activist investor Jana Partners on Thursday disclosed an about 6.6% stake in Mercury Systems and said it would push the defense technology firm to consider options for its business, including a potential sale.
The activist investor said that it plans to have talks with the company's management regarding the composition of the board and compensation practices. Jana, which has built a reputation for working collaboratively and behind the scenes with target companies since Barry Rosenstein founded the firm two decades ago, Reuters reported.
TD Bank oh deal hunt to pursue US growth.
Toronto-Dominion Bank is leading the charge of cash-rich Canadian banks seeking to make a foray in the United States and find growth away from their home turf where the Big Six banks already control nearly 90% of the market, Reuters reported.
Billions of dollars of excess cash amassed during a nearly two-year moratorium on capital redistributions that was only lifted last month, and share prices close to record highs have given Canadian banks an acquisition currency to bet on the exit and downsizings of several European and international banks.
Vale weighs bid for a stake in Anglo American's iron mine.
Vale, the world’s second-largest iron ore producer, is considering acquiring a stake in Anglo American's huge Minas-Rio project in Brazil.
Preliminary talks that started last year so far haven’t advanced enough to be presented to the companies’ boards and may not result in a deal. Vale is considering buying a 30% to 40% stake in the project, or even a controlling interest, Bloomberg reported.
A deal would help Vale fulfill its goal of increasing annual production capacity to 400m tn, enabling it to dilute costs and recover the title of world’s No. 1 iron-ore producer.
Snyk explores a 2022 IPO.
Cybersecurity startup Snyk is making preparations for an initial public offering that could happen as early as next year. The company is expected to target a market value greater than its last valuation of $8.6bn from September.
Snyk is speaking to banks and aiming for listing as soon as mid-2022. Snyk’s plans aren’t finalized and details could still change.
Affinity Partners raises $3bn in committed funding. (FS)
Jared Kushner's global investment firm, Affinity Partners, has raised more than $3bn in committed funding from international investors.
Kushner plans to invest in American and Israeli companies that are looking for international expansion opportunities in India, Africa, the Middle East and other parts of Asia. Kushner expects to continue fund-raising efforts for the next few months to close these and add potential additional commitments.
Information on specific investors was not disclosed, but Affinity was targeting American institutions and foreign investment institutions, including sovereign wealth funds and high net worth individuals, Reuters reported.
EMEA
Apollo Global, a private equity firm, agreed to acquire Miller Homes Group, a home builder in the UK, from Bridgepoint, a private equity firm, for £1.2bn ($1.6bn).
“We are delighted that the Apollo Funds are acquiring Miller Homes. The Company’s reputation for exceptional customer service and high-quality homes has differentiated it as a respected leading homebuilder. Miller Homes has a strong presence in suburban locations that continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute on their growth strategy," Alex Humphreys, Apollo Partner.
Miller Homes is advised by DLA Piper and TB Cardew. Apollo Global is advised by Barclays, HSBC and Sidley Austin. Bridgepoint is advised by Moelis & Co, Rothschild & Co and Travers Smith.
Titan Trust Bank, a financial service provider, agreed to acquire a 89.39% in Union Bank of Nigeria, a banking services provider, from bank holding companies Union Global Partners and Atlas Mara. Financial terms were not disclosed.
“The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector. The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers," Tunde Lemo, Titan Trust Bank Chairman.
Union Bank of Nigeria is advised by Rothschild & Co, Banwo & Ighodalo and White & Case. Titan Trust Bank is advised by Citigroup, PricewaterhouseCoopers, Drew & Napier, G Elias & Co and Norton Rose Fulbright.
Optical equipment manufacturers EssilorLuxottica and GrandVision, agreed to acquire 142 EyeWish stores and 35 GrandOptical stores from optical companies ORIG BENE and Michael Pachleitner Group. Financial terms were not disclosed.
This follows the commitments agreed upon with the European Commission on 23 March 2021, as part of the acquisition of GrandVision by EssilorLuxottica. The agreement between EssilorLuxottica, GrandVision and MPG also provides for transitional agreements to support the business continuity of the divested perimeters following the implementation of the transaction.
GrandVision and EssilorLuxottica are advised by Lazard, Mediobanca, BonelliErede, De Brauw Blackstone Westbroek, Linklaters, Stibbe and Sullivan & Cromwell. Orig Bene is advised by Loyens & Loeff.
Enel, an integrated electricity and gas distributions company, and Intesa Sanpaolo, a banking and financial services provider, to acquire a 70% stake in Mooney Group, a payment services operator with an extensive proximity network, from CVC Capital, a private equity firm, for $1.1bn. Intesa Sanpaolo, which already owns 30% of Mooney, and Enel will each hold 50% in the company.
"This acquisition represents a good growth opportunity for us in the fintech space that is a good complement of the Enel Group’s new industrial vision, with digital payments being increasingly utilized on power bills as well as on advanced, ‘beyond commodity’ services, such as electric mobility. With digital payments we can meet customer convenience and flexibility needs, in line with our client-centric approach. We are looking forward to cooperating with our new partner, Intesa Sanpaolo, with a view to offer an ever-wider array of services and continue to meet the growing needs of our customers in an increasingly effective way," Francesco Starace, Enel CEO and General Manager.
CVC Capital is advised by PricewaterhouseCoopers, Roland Berger, Goldman Sachs, Morgan Stanley, Rothschild & Co, Facchini Rossi Michelutti and Latham & Watkins.
Retail and real estate holding companies Central Group and Signa Holding, agreed to acquire Selfridges Group, a leading luxury retail group, from the Weston family, for $5.4bn.
“The acquisition of Selfridges Group by Central and Signa is testament to the successful realisation of my father’s vision for an iconic group of beautiful, truly experiential, department stores. Creative thinking has been at the heart of everything we did together for nearly twenty years and sustainability is deeply embedded in the business. I am proud to pass the baton to the new owners who are family businesses that take a long-term view. I know they will fully embrace that vision and continue to empower our incredible team to take the Group from strength to strength," Alannah Weston, Selfridges Group Chairman.
Selfridges is advised by Credit Suisse and Allen & Overy. Signa is advised by Citigroup, Retail Capital Partners, Pinsent Masons and Skadden Arps Slate Meagher & Flom.
Carlyle Aviation Partners, a multi-strategy institutional investment manager and a subsidiary of The Carlyle Group, agreed to acquire AMCK Aviation, a global aircraft leasing company, from CK Asset, a property developer, for $4.3bn.
"We are pleased to acquire AMCK’s attractive portfolio, comprised of primarily narrowbody aircraft whose lessee counterparties have performed well in the COVID operating environment. This transaction will help us enhance our capabilities for airline customers and all of our investors across the Carlyle Aviation platform," William Hoffman, Carlyle Aviation Partners Chairman.
Carlyle is advised by Goldman Sachs, Kirkland & Ellis and Milbank.
Karo Pharma, a portfolio of everyday healthcare products and services provider, agreed to acquire E45 Brand, a skincare expert in dry and itchy skin and treatment for eczema, psoriasis, from Reckitt, a British multinational consumer goods company, for $268m.
"We are pleased to add another synergistic brand acquisition to Karo’s portfolio. E45 is a unique brand, which is trusted by consumers and represents quality and consistency. The brand will strengthen our platform in the UK market, as well as within the dermatology category, fully aligned with our strategy. Further, we will look to fuel the brand's growth via increased A&P and via injecting e-commerce capabilities recently accessed via the Sylphar transaction," Christoffer Lorenzen, Karo CEO.
Karo Pharma is advised by Centerview Partners.
Telefónica, a multinational telecommunication company, agreed to acquire Geprom, a software developer. Financial terms were not disclosed.
“We have always believed that the success of the digital transformation of the Industry lies in working from the need of the factory to the technology together with the talent of the people. Being part of Telefónica Tech will allow us to accompany clients towards the Smart Factory with more capabilities and services, by combining our expertise in Industry with its extensive value proposition and experience in said sector in areas such as connectivity, communications and infrastructures, key services to ensure the digital transformation of the industry," Darío Cesena, Geprom CEO.
Telefónica is advised by AZ Capital.
BNP Paribas and State Street are vying to acquire BBVA's custody business.
BNP Paribas and US firm State Street are planning to acquire the custody business of Spanish lender BBVA and have made indicative bids for the unit as they battle to build scale.
BBVA launched the sale of the unit during the summer and is working to draw a shortlist of bidders to be admitted to the final stages of the auction early next year.
The sale, valued at about $566m, has also drawn interest from Credit Agricole, Royal Bank of Canada and BNY Mellon. Madrid-based Cecabank has also come forward with an offer, Reuters reported.
Real Zaragoza football club in sales talks with investor group. (FS)
Cesar Alierta, a former chairman of Telefonica, is in talks to sell his controlling stake in the Spanish soccer club Real Zaragoza.
Sevilla-based investment firm Odemira Capital is teaming up with US investment firm Prospects Sports Solutions to buy Alierta’s stake in the second division team.
Odemira has signed a letter of intent with the Alierta family, which owns 51% in the club. The process is in the due diligence stage and Odemira expects to close the deal in January, Bloomberg reported.
Ares Management, an American global alternative investment manager, to acquire PrivateMarketsCo, an infrastructure debt platform, from AMP Capital, a private equity firm, for $307m.
"We are pleased to announce this acquisition of a highly complementary infrastructure debt platform. We believe that this strategic combination will further propel our infrastructure investment capabilities and expand our global footprint," Michael Arougheti, Ares CEO and President.
PrivateMarketsCo is advised by Broadhaven Capital Partners and Nixon Peabody. Ares Management is advised by Morgan Stanley, DLA Piper, Kirkland & Ellis, Brunswick Group and Citadel Magnus.
HSBC, a British multinational investment bank and financial services holding company, agreed to acquire L&T Investment Management, an investment manager, from L&T Finance Holdings, a well-diversified non-banking financial company, for $425m.
"This transaction enhances the strength of our business in India and reinforces our status as one of Asia’s leading wealth managers. Combining LTIM with our existing Indian asset management business gives us the scale, reach and capabilities to capture some of the 15-20% annual asset management market growth expected in India over the next five years," Noel Quinn, HSBC Group CEO.
L&T Finance Holdings is advised by Citigroup, JP Morgan, Cyril Amarchand Mangaldas, Ketchum Sampark and PricewaterhouseCoopers.
Two Goldman Sachs-backed holding companies Nogizaka and Aether completed the acquisition of a 43% stake in ENEOS-backed NIPPO, a provider of construction services, for $1.8bn.
NIPPO offers ample potential for synergy effects through its leading technical expertise in the pavement and construction businesses, collaboration in the development of recyclable asphalt modifiers, and its paving systems for solar power generation, all of which have potential applications in community services business as described in the long-term vision.
ENEOS was advised by Goldman Sachs and Sullivan & Cromwell.
CICT, a real estate investment trust, to acquire a 50% stake in 101-103 Miller Street and Greenwood Plaza in North Sydney Central Business District for $303m.
"We are pleased to acquire a 50% interest in 101 Miller Street and Greenwood Plaza, which is one of the most prominent integrated developments with a Premium Grade office tower and high quality retail in North Sydney CBD. The Proposed Acquisition marks another step forward in CICT’s portfolio reconstitution journey to drive sustainable growth and diversify income sources through accretive acquisitions and recycling capital to higher yielding assets," Tony Tan, CEO of CICT.
Daimler cuts stake in BYD.
Daimler will slash its stake in the Denza electric-car joint venture with China’s BYD Auto Industry following years of weak sales for the brand, Bloomberg reported.
BYD will own 90% of the business and Daimler 10% after an equity transfer the companies plan to complete in mid-2022. The 50-50 joint venture was started in March 2012.
“Daimler and BYD remain dedicated to their successful long-term partnership. The Denza brand will introduce new models next year and seek further growth opportunities," Daimler.
China to tighten foreign IPOs, may ban some on natural security concerns.
China plans to tighten scrutiny of domestic firms’ overseas share sales and ban those whose listing could pose a national security threat.
All Chinese companies seeking initial public offerings and additional share sales abroad would have to register with the China Securities Regulatory Commission, Bloomberg reported.
Under the proposals, firms whose overseas listings could threaten national security are barred from share sales, and companies whose activities raise cybersecurity concerns would go through security reviews.
Alibaba-backed RoboSense picks JP Morgan for its $1bn IPO.
Alibaba-backed RoboSense, a developer of sensor technologies used on self-driving cars, plans to work with JP Morgan on its $1bn proposed Hong Kong initial public offering.
Deliberations are ongoing and details such as timing and fundraising size could change.
Zhihu said to mull Hong Kong IPO.
Chinese question-and-answer website Zhihu which went public in the US in March this year, is said to be considering another initial public offering in Hong Kong.
The Beijing-based company plans to submit documents for its share offerings in Hong Kong in January.
Miniso weighs Hong Kong listing next year.
Miniso Group Holding, a Chinese budget household and consumer goods retailer whose stock is already traded in New York, is considering a second listing in Hong Kong next year.
The firm is working with Bank of America and UBS Group on the proposed share sale. Miniso could raise a few hundred million dollars in Hong Kong. Deliberations are at an early stage, and details such as fundraising size and timing could change.
MUFG to launch $300m fund to back late-stage startups. (FS)
Mitsubishi UFJ Financial Group will launch a new $300m fund to offer debt financing to late-stage tech startups in the Asia-Pacific region, as Japan’s largest lender seeks to tap opportunities in growing economies.
The move comes amid a fundraising frenzy in Asia as the number of unicorns, or privately held startups with a valuation of more than $1bn. The new debt fund will be created early next year through Mars Growth Capital, a Singapore-based joint venture between MUFG and Israeli financial tech firm Liquidity Capital.
MUFG will make a $300m capital commitment to Mars, which will provide debt financing to startups in later stages of growth including unicorns. If the investee firms eventually choose to go public, MUFG plans to support their initial public offerings with its US alliance partner Morgan Stanley, DealStreetAsia reported.
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