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AMERICAS
Vista Equity Partners, a global investment firm, agreed to acquire EngageSmart, a provider of vertically tailored customer engagement software and integrated payments solutions, for $4bn.
"We have built an amazing business by putting our customers at the center of everything we do. We continue to see attractive growth and customer retention in our vertically tailored SaaS solutions—a testament to the strength of our business model and our leading products. We believe the partnership with Vista and General Atlantic will enable us to continue investing in innovation and people to drive growth. We look forward to continuing to serve our customers and support our employees who are relentless in their pursuit of customer satisfaction," Bob Bennett, EngageSmart CEO.
Chevron, an American multinational energy corporation predominantly specializing in oil and gas, agreed to acquire Hess, an American global independent energy company involved in the exploration and production of crude oil and natural gas, for $60bn.
"This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets. Importantly, our two companies have similar values and cultures, with a focus on operating safely and with integrity, attracting and developing the best people, making positive contributions to our communities and delivering higher returns and lower carbon," Mike Wirth, Chevron Chairman and CEO.
Tevva, a technology company and truck manufacturer, failed to merge with ElectraMeccanica, a designer and assembler of electric vehicles. Financial terms were not disclosed.
The Tevva team was deeply disappointed by this abrupt decision and had no opportunity to respond to ElectraMeccanica's claims before they went public. Tevva gave full and open access at every point in the process to ElectraMeccanica's advisors and management, with full financial due diligence prior to signing the definitive agreement and senior members of the ElectraMeccanica executive team in residence for many weeks at Tevva's UK facility.
Stonepeak, an investment firm, agreed to acquire Textainer, a company that focuses on purchasing, leasing, and resale of marine cargo containers, for $7.4bn.
“This transaction has been made possible by our strong company foundation reaffirmed over the last several years, which allowed for both substantial capex growth and the strengthening of our business, further driven by our deep customer relationships,” Olivier Ghesquiere, Textainer President and Chief Executive Officer.
Textainer is advised by Bank of America and O'Melveny & Myers. Stonepeak is advised by Deutsche Bank and Simpson Thacher & Bartlett.
Ryder System, a supply chain, dedicated transportation, and fleet management solutions, agreed to acquire Impact Fulfillment Services, a company that specializes in contract packaging, contract manufacturing, and warehousing for some of the largest and best-known consumer brands. Financial terms were not disclosed.
“The acquisition of IFS supports our strategy to accelerate growth in our supply chain business, providing Ryder with new capabilities that are complementary to our existing suite of services,” Steve Sensing, Ryde President.
Ryder System is advised by Blank Rome. IFS is advised by Wofford Advisors and Paul Hastings.
Pritzker Private Capital, a private equity firm, completed the investment in Lawley, an independent insurance broker and employee benefits firm. Financial terms were not disclosed.
“For more than 75 years, Lawley has thrived and grown as a family-owned independent built on a foundation of deeply-rooted values and strong business ethics,” Bill Lawley, Jr., Lawley Principal.
Lawley was advised by Reagan Consulting. Pritzker Private Capital was advised by Waller Helms Advisors and H/Advisors Abernathy ( Blair Hennessy).
Prysm Capital, a growth equity firm, and Canapi Ventures, a venture capital firm, led a $100m Series C round in Island, a cyber startup that provides a secure web browser for the enterprise, with participation from Insight Partners, Stripes Group, Sequoia Capital, Cyberstarts and Georgian.
“We are honored that these amazing new investors, as well as our current investors, have the confidence to join and support us on the next phase of our company journey. This capital infusion will accelerate our ability to scale globally and continue to aggressively invest in R&D, customer success and geographic expansion to cover the major global buying centers. We are incredibly proud and humbled by our success to date, and look forward to driving growth together with our new partners,” Mike Fey, Island CEO and Co-founder.
Island is advised by Big Valley (led by Andy Shane)
Steve Madden, a designer and marketer of fashion footwear, accessories and apparel, completed the acquisition of Almost Famous, a designer and marketer of women's apparel, for $52m.
"We are pleased to further enhance our apparel platform with the acquisition of Almost Famous. With its expertise in junior apparel and strength in value-priced channels, Almost Famous is a strong complement to our existing Steve Madden apparel business, which is focused on contemporary styling and is primarily distributed in department stores and e-commerce retailers," Edward Rosenfeld, Steve Madden Chairman and CEO.
USI Insurance Services, a provider of risk management, employee benefit and retirement plan consulting, completed the acquisition of Cavanah Associates, an independent brokerage firm specializing in commercial and personal risk insurance programs. Financial terms were not disclosed.
"This exciting partnership establishes a new Hawaii-based presence for USI, and we are excited to welcome Jim Cavanah, Chris Laniauskas and the entire team of professionals from Cavanah Associates. We look forward to advancing Cavanah Associates' longstanding tradition of delivering innovative risk management solutions and expertise to clients leveraging the USI ONE Advantage®, a proprietary platform integrating analytics, networked resources and strategic planning to deliver customized solutions with economic impact," Chris Prentice, USI Regional CEO.
BDI Partners, a lower-middle market private investment firm, completed the acquisition of FMI Investment Partners, a private equity firm based in Raleigh, North Carolina. Financial terms were not disclosed.
"The strategy of partnering with high-quality, lower-middle market entrepreneur and family-owned private companies at FMI Investment Partners remains the core strategy of BDI Partners," Chris Burnham, FMI Investment Partners Co-Founder.
SVB Foods, a trusted contract packaging food manufacturer specializing in savory condiments like salad dressings, marinades, and sauces, completed the acquisition of Vita Specialty Foods, a food product and private labeling company. Financial terms were not disclosed.
"We are truly excited about the acquisition of Vita Specialty Foods. This opportunity allows SVB Foods to respond more effectively to market trends and consumer preferences. Our mission is to provide quality products at a fair price and to do the right thing for our customers, our employees, and our communities," Terry Hess, SVB Foods CEO.
France's TotalEnergies partners to develop wind project off US east coast.
French energy company TotalEnergies said on Monday it had partnered with Corio Generation and Rise Light & Power for the joint development of a wind project off the coast of New York and New Jersey, Reuters reported.
Corio Generation and Rise Light & Power will get a 27.7% and 16.3% stake in the Attentive Energy project respectively, with TotalEnergies receiving $420m in return. TotalEnergies will hold the remaining 56% of the project.
Celebrity-backed baby brand Hello Bello files for bankruptcy. (FS)
Baby products company Hello Bello, founded by actress Kristen Bell and actor Dax Shepard, filed for bankruptcy, Bloomberg reported.
The Los Angeles-based company, backed by private equity firm VMG Partners, listed assets and liabilities of at least $100m each in its bankruptcy petition. The filing protects the company from creditors while it works out a way to repay them.
Goldman Sachs Asset Management raises $4bn for infrastructure deals. (FS)
Goldman Sachs Asset Management has raised $4bn for a new fund to invest in infrastructure assets globally, including energy transition, transport and logistics, Reuters reported.
The fund, called West Street Infrastructure Partners IV, closed in line with its target and was backed by institutional investors, wealthy clients and bank employees, the firm said in a statement.
The fund has already committed $2.3bn to eight companies across sectors, including Synthica Energy, a developer and operator of organic renewable gas plants.
Asset manager P10 names Goldman Sachs veteran Luke Sarsfield as CEO. (People)
Asset manager P10 on Monday named Goldman Sachs veteran Luke Sarsfield as its chief executive officer, with the appointment effective immediately, Reuters reported.
Sarsfield worked with Goldman Sachs for over 23 years and was named the global co-head of its asset management business, which managed about $2.5tn in assets under his leadership, P10 said in a statement.
EMEA
Quince Therapeutics, a biotechnology company that focuses on acquiring, developing, and commercializing therapeutics, completed the acquisition of EryDel, a global late-stage biotech company aimed at developing and commercializing therapies for the treatment of rare diseases delivered by its proprietary red blood cell technology, for $510m.
“EryDel’s acquisition by Quince offers the opportunity to advance our innovative, point-of-care autologous intracellular encapsulation technology through development to commercialization and to fulfill our mission to provide the first treatment for patients living with the devastating disease of A-T. Quince’s effort will be supported by the encouraging Phase 3 data generated from EryDel’s prior international study of EryDex, which demonstrated a significant delay in disease progression in A-T patients and further supported more than 10 years of safety data. Quince is well-positioned to advance EryDel’s differentiated AIDE technology and development of our lead asset EryDex to deliver innovative treatments to patients in need," Luca Benatti, EryDel CEO.
The European Commission unconditionally cleared the acquisition by Farfetch of a 47.5% stake in YOOX NET-A-PORTER, an Italian online fashion retailer. The EC was the last regulatory authority required to provide clearance.
"Our Farfetch Platform Solutions' capabilities are perfectly tailored to the Luxury industry, and that has now been recognized by Richemont's Maisons as well as pioneering luxury e-tailer YNAP, who will all be able to elevate the digital experiences of their global customers, by leveraging Farfetch Platform Solutions," José Neves, Farfetch Founder, Chairman and CEO.
Fortive, an American industrial technology conglomerate company, agreed to acquire EA Elektro-Automatik, a supplier of high-power electronic test solutions for energy storage, mobility, hydrogen, and renewable energy applications, for $1.45bn.
"We are pleased to announce our agreement to acquire EA Elektro-Automatik to enhance our leading position in electronic test and measurement, helping to enable the global energy transition. This acquisition will further position Fortive in multi-decade, multi-industry, high growth markets, leveraging Tektronix's global franchise and the power of the Fortive Business System to create unparalleled value for customers and shareholders," James A. Lico, Fortive President and CEO.
Fortive is advised by JP Morgan, Morgan Stanley, and Freshfields Bruckhaus Deringer.
UniCredit, an international banking group, agreed to acquire a 9% stake in Alpha Bank, the second largest Greek bank by total assets, from Hellenic Financial Stability Fund, a legal entity that monitors, evaluates, manages and provides capital support to credit institutions, for €269m ($284m).
If the process with the HFSF is not completed, UniCredit has committed to purchase on market an equity stake equal to the lower of 5% or a different percentage of shares which results from UniCredit investing an aggregate pre-agreed amount over a period of 24 months.
Alpha Bank is advised by JP Morgan.
Partners Group-backed Emeria, a provider of real estate services and technologies company, completed the acquisition of Chestertons, a British estate agency chain, from Mercantile Group, a UK-based, privately funded investment company, for £100m ($121m).
While Emeria is acquiring Chestertons’ UK operations, Mercantile will remain the owner of the company’s other international operations.
CapitalSG, a Singapore-based investment and advisory firm, completed the acquisition of a majority stake in LeapFrog Investments-backed BIMA MILVIK, a global digital health and insurance company. Financial terms were not disclosed.
"BIMA MILVIK has entered a new phase of its life after a previous phase of rapid growth," Gustaf Agartson, BIMA CEO and Co-Founder.
Liwathon, a privately owned industrial investment holding company, agreed to acquire a 25% stake in the Miro refinery, the largest refinery in Germany, from Exxon Mobil, an American multinational oil and gas corporation. Financial terms were not disclosed.
The acquisition aligns seamlessly with the broader investment strategy of Liwathon Group, the parent company of Alcmene.
Roche agrees $7.1bn deal for Telavant to boost drug pipeline.
Roche plans to buy immunology company Telavant from Roivant Sciences and Pfizer for more than $7bn, as the drugmaker’s new chief executive seeks to replenish its drug pipeline, FT reported.
The Swiss company will acquire the rights to develop and manufacture Telavant’s potential drug for inflammatory bowel disease, which affects almost 8m people worldwide. It will acquire the rights to sell it in the US, where there is a $15bn market for IBD, and in Japan.
Blackstone and Permira reconsider their potential acquisition of Adevinta. (FS)
Private equity firms Blackstone and Permira are reconsidering their potential acquisition of Adevinta, an Oslo-based online classifieds company. The deal is being taken back to the investment committees of the firms for further discussion.
One of the main challenges faced by the firms is bridging the gap on price expectations with the special board committee of Adevinta independent directors that is reviewing the offer. The company's stock has surged since the private equity interest, with gains of 58% this year, giving the company a market value of $11.5bn. The investor group has not yet decided on its next steps and could still proceed with its bid.
PE-backed Power Capital Renewable Energy put up for sale. (FS)
Power Capital Renewable Energy, one of the UK’s biggest developers of solar energy and battery storage, has been put up for sale by its private equity backers with an expected post-money valuation of €400m ($424m), Bloomberg reported.
PCRE, which is backed by Omnes Capital, has retained Akereos Capital to find a buyer. The sale may involve either a majority stake or 100% of the solar energy firm.
The company has a 3.5 gigawatt portfolio of solar and battery storage assets based in Ireland and the US.
British chip champion Pragmatic lines up £200m funding injection. (FS)
A fast-growing British semiconductor manufacturer is lining up a £200m ($243m) funding injection from blue-chip backers including the asset management giant M&G, Sky News reported.
Sky News has learnt that Pragmatic Semiconductor, which produces low-cost microchips for use in products such as packaging and clothing, is close to finalising a substantial fundraising backed by Saudi Arabian money.
Prada looking at dual listing but not M&A.
Hong Kong-listed Prada is looking at a dual listing on the Milan bourse, though it is not the Italian fashion group's priority, the Chief Executive said.
A dual listing in Europe would help Prada widen its investor base, as some investment funds can only put money in European or US stocks, Reuters reported.
Andrea Guerra added that Prada had no need for M&A deals in the next 3-5 years, but would carry on with organic growth, "to have the role that belongs to us", speaking at a fashion conference.
Saudi wealth fund, Hyundai Motor agree to build auto plant. (FS)
Hyundai Motor has agreed to a deal with Saudi Arabia’s sovereign wealth fund to develop a more than $500m car assembly plant, joining electric vehicle maker Lucid Motors in producing cars in the oil-rich kingdom, Bloomberg reported.
The Korean car company will likely develop the facility at King Abdullah Economic City near Jeddah with an aim to produce 50k vehicles a year, according to Park Jiwoo, a senior manager at Hyundai’s external affairs team. The plant will be a joint venture between the Public Investment Fund, which will hold a 70% stake in the Saudi venture, and Hyundai, which will own the rest, she said.
Permira shifting Evelyn, Teraco stakes into continuation fund. (FS)
Buyout group Permira is planning to move stakes in British wealth manager Evelyn Partners and South African data centre group Teraco Data Environments into a new fund, giving investors a chance to cash out, Reuters reported.
The move to place the holdings into a so-called continuation fund is an example of how private equity firms are working to return capital to their investors, with IPO markets roiled and M&A deal flow depressed due to tough market conditions.
Adler’s €6bn debt deal scrutinized by UK appeals court.
Adler Group €6bn ($6.4bn) debt restructuring faced fresh legal scrutiny in a London court as some creditors appealed the deal that saved the embattled German real estate firm from slipping into insolvency, Bloomberg reported.
The plan, approved by a judge, was discriminatory according to dissenting creditors with debt maturing later that include DWS Group and Strategic Value Partners.
PIF-backed medical procurement firm Nupco plans Saudi IPO. (FS)
Saudi Arabia’s sovereign wealth fund is exploring an initial public offering of the kingdom’s largest medical procurement firm, Nupco, as early as next year, Bloomberg reported.
The firm has held initial discussions with advisers about the potential share sale. Details of the IPO such as size and timing are still being considered.
APAC
Reliance nears deal to buy Disney's $10bn-valued India business.
Disney is nearing a deal to sell its India operations, which it values at around $10bn, to Reliance Industries, its biggest rival in the country, rather than sell the business in parts, Reuters reported.
Disney has been exploring options to sell or find a partner for its India assets, Reuters reported in July, and has held talks with billionaires Gautam Adani and Sun TV Network-owner Kalanithi Maran as well as private equity firm Blackstone, according to various media reports.
Microsoft to spend $3.2bn in Australia as AI regulation looms.
Microsoft said it will spend AUD5bn ($3.2bn) expanding its AI and cloud computing abilities in Australia over two years as part of a wide-ranging effort that includes skills training and cyber security, Reuters reported.
The US tech giant said it would raise its computing capacity in Australia by 250%, enabling the world's No. 13 economy to meet demand for cloud computing - the practice of storing data on a separate network - which was expected to double from 2022 to 2026 as AI became more prevalent.
EV brand Beyonca signs MOU over investment with Saudi Arabian group. (FS)
Electric vehicle brand Beyonca, backed by Renault and Dongfeng Motor, said on Monday it signed a memorandum of understanding with Riyadh-based Al Faisaliah Group Holding Company to explore the possibility of an investment from the group, Reuters reported.
At the signing ceremony at Dongfeng Motor's headquarters in the central Chinese city of Wuhan, Beyonca also inked a strategic cooperation deal with QG FZE-LLC regarding investment opportunities in the Middle East.
China sovereign wealth fund buys up ETF shares in market boost. (FS)
China’s sovereign wealth fund Central Huijin Investment said it bought exchange-traded funds on Monday, as the state-run fund continues to snap up shares in the market in moves apparently aimed at boosting stocks, Bloomberg reported.
Central Huijin has bought an undisclosed amount of ETFs and vowed to keep increasing ETF holdings in future, according to a company statement, which did not give any value.
Edelweiss Alternatives raises $1bn for third special situations fund. (FS)
Edelweiss Alternatives, a unit of India’s Edelweiss Group, said it has raised $1bn for the third generation of its special situations strategy, DealStreetAsia reported.
Over the past 12 months, Edelweiss Alternatives has invested in deals worth over $400m from its third-generation fund, representing over 40% of the total amount raised to date. The investments from the fund spread across various sectors, including Roads, Steel, Paper, Hotel, Leased offices, and Real Estate.
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