Private equity firms GTCR and Reverence Capital Partners agreed to acquire the asset management unit of Wells Fargo, a financial services company, for $2.1bn.
"We are thrilled to work with Nico and the team at WFAM, and we have tremendous conviction in the caliber and capabilities of the management professionals and leadership team. The organization is poised to provide further innovation in the investment marketplace while continuing to deliver high-quality products to its clients. The team, underpinned by its diversity, client-orientation, and collaborative culture, has delivered strong performance, and we will work to reinforce these values and sustain this performance. Along with our partners at Reverence Capital, we are committed to the long-term success of the organization," Collin Roche, GTCR Managing Director.
GTCR and Reverence Capital Partners are advised by Broadhaven Capital Partners, Perella Weinberg Partners, RBC Capital Markets, UBS, Kirkland & Ellis and Gladstone Place Partners. Wells Fargo is advised by Wells Fargo Securities and Skadden Arps Slate Meagher & Flom.
Estée Lauder, a cosmetics firm, agreed to acquire a 47% stake in DECIEM Beauty Group, a beauty brands holding company, for $1bn. The acquisition will raise Estée Lauder's stake from 29% to 76%. The transaction is expected to close in the quarter ending June 30, 2021.
"Over the last four years, we have built a truly special long-term partnership with the incredible DECIEM team, and we are excited for what the future holds. DECIEM is an exceptional company. Nicola and her team have built and cultivated authentic brands with highly effective, must-have products using a vertically integrated model, and have fostered a uniquely transparent and engaging communication style. The company's hero products, desirable innovation, and digital- and consumer-first high-touch approach have been instrumental to its success," Fabrizio Freda, Estée Lauder President and CEO.
DECIEM is advised by Baylor Klein, Blake Cassels & Graydon, Farris, Fasken and Gowling WLG. Estée Lauder is advised by Perella Weinberg Partners, Lowenstein Sandler and Osler Hoskin & Harcourt.
Quikrete Holdings, a privately owned family business, agreed to acquire Forterra, a manufacturer of water and drainage pipe and products, for $2.7bn. Lone Star, which owns approximately 53% of the company's outstanding shares of common stock, approved the transaction by written consent.
"Forterra and Quikrete are an ideal strategic fit, and this combination is a natural next step for our company, enabling us to better serve our customers across the company on their concrete projects from start to finish. We are excited to grow our capabilities in the potable water distribution market through Forterra's well-respected US Pipe business. We are excited to welcome the Forterra team and bring our two great companies together," Will Magill, Quikrete Holdings CEO.
Forterra is advised by Citigroup, Gibson Dunn & Crutcher, Kirkland & Ellis and Joele Frank. Quikrete is advised by Goldman Sachs, King & Spalding and Troutman Pepper. Debt financing is provided by Wells Fargo Securities.
Evercel, a holding company, completed the acquisition of ZAGG, a consumer electronics manufacturer, for $133m.
"We are pleased with the value this transaction delivers to our stockholders and believe this is a positive development for all of our stakeholders. We look forward to continuing to serve our customers through exceptional products and continued industry-leading innovation. We are optimistic about our continued growth and the support that will be provided by Evercel," Chris Ahern, ZAGG CEO.
ZAGG was advised by Bank of America Merrill Lynch, Latham & Watkins and ICR. Bank of America Merrill Lynch was advised by Fried Frank Harris Shriver & Jacobson. Evercel was advised by Grant Thornton, Lincoln International, Oppenheimer & Co and Morgan Lewis & Bockius.
Churchill Capital IV, a special purpose acquisition company, agreed to merge with Lucid Motors, an American automotive company specializing in electric cars, in an $11.8bn deal. The transaction includes a PIPE investment anchored by PIF, BlackRock, Fidelity Management & Research, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital Management.
"CCIV believes that Lucid's superior and proven technology backed by clear demand for a sustainable EV make Lucid a highly attractive investment for Churchill Capital Corp IV shareholders, many of whom have an increased focus on sustainability. We are pleased to partner with Peter and the rest of Lucid's leadership team as it delivers the highly anticipated Lucid Air to market later this year, promising significant disruption to the EV market and creating thousands of jobs across the US," Michael Klein, CCIV Chairman and CEO.
Lucid Motors is advised by Citigroup, Davis Polk & Wardwell and Brunswick Group. CCIV is advised by Bank of America Merrill Lynch, Guggenheim Partners, Weil Gotshal and Manges and Gladstone Place Partners.
First Mid Bancshares, a $4.5bn community-focused organization that provides a full suite of financial services, completed the merger with LINCO Bancshares, a Missouri state-chartered depository trust company, in a $145m deal.
"Providence has a long history of providing excellent service to the communities it serves and we are looking forward to combining forces and providing even more financial solutions for customers and communities. We have consistently shared our strategic intent to diversify our geographic footprint and this merger expands our presence in the Mid-Missouri and St. Louis Metro markets. In addition to St. Louis, Providence has deep relationships in Columbia, where it is headquartered, and in the Jefferson City and Osage Beach markets. It has also successfully operated outside of Missouri in the high performing and growth markets of Grapevine, Texas and through its loan production office in Indianapolis, Indiana," Joe Dively, First Mid Chairman and CEO.
LINCO Bancshares was advised by Keefe Bruyette & Woods, Stifel and Stinson. First Mid was advised by Piper Sandler and Schiff Hardin.
Novo, a life science investor, agreed to acquire Altasciences, a fully-integrated, early drug development services platform, from private equity firm Audax. Financial terms were not disclosed.
"This is an exciting day for Altasciences. We are very pleased to be partnering with Novo Holdings in the next phase of our exciting journey, given their exceptional reputation, track record, and broad portfolio of high-growth healthcare companies. We look forward to continuing our ambitious growth plans and commitment to providing clients with value-added services that offer a new paradigm of drug development outsourcing," Chris Perkin, Altasciences CEO.
Altasciences is advised by Edgemont Partners, Harris Williams & Co, Rothschild & Co and Kirkland & Ellis. Novo is advised by Goodwin Procter.
Oak Hill Capital, a New York-based middle-market private equity firm, agreed to invest in American Veterinary Group, which owns and manages a network of veterinary hospitals. Financial terms were not disclosed.
"AVG has established itself as a partner of choice for veterinary doctors in the highly attractive South & Southeast US markets. We are excited to partner with the AVG team and work together to accelerate this differentiated platform," Nico Theofanidis, Oak Hill Principal.
American Veterinary Group is advised by Harris Williams & Co and McGuireWoods. Oak Hill Capital is advised by William Blair & Co, Paul Weiss Rifkind Wharton & Garrison and Kekst CNC.
Goldman Sachs Asset Management agreed to invest in Arlington Capital Partners, a middle-market private equity firm. Financial terms were not disclosed.
"Arlington Capital Partners has built a world-class private equity platform, delivering differentiated value to its investors for over two decades. Arlington's expertise within their core sectors affords them a reputation within those industries that creates a true competitive advantage and has enabled them to deliver industry-leading results for their investors. We are eager to expand our relationship with Arlington through this investment and look forward to leveraging our firm's experience and expertise to accelerate Arlington's next phase of growth in line with its strategic objectives," Christian von Schimmelmann, Goldman Sachs Asset Management Co-Head.
Arlington Capital Partners is advised by Evercore and Kirkland & Ellis. Goldman Sachs Asset Management is advised by Fried Frank Harris Shriver & Jacobson.
ArcLight Capital Partners, a private equity firm, agreed to acquire a 25% stake in Natural Gas Pipeline Company of America, a natural gas pipeline which brings gas from the Texas Permian Basin and Gulf of Mexico into the Chicago area, from Kinder Morgan, one of the largest energy infrastructure companies in North America, and Brookfield, a global infrastructure company, for $830m.
"Kinder Morgan and Brookfield Infrastructure are pleased to welcome ArcLight into the NGPL joint venture. We believe this investment shows the value of natural gas infrastructure both today and in the decades to come," Tom Martin, Kinder Morgan Natural Gas Pipelines President.
ArcLight Capital Partners is advised by Barclays. Natural Gas Pipeline Company of America is advised by RBC Capital Markets.
Global investment firm KKR agreed to acquire a majority stake in the Chilean wholesale fiber-optic network of Telefonica, a global telecommunications company, for $1bn.
"We are excited to be working with Telefónica to create the first-ever open-access wholesale fiber network in Chile. This will create competition where none exists today, helping Chilean families, companies, and the economy recover and grow in the digital economy," Waldemar Szlezak, KKR Senior Leader.
Continental, a German multinational automotive parts manufacturing company, completed the acquisition of a minority stake in Recogni, a vision-oriented AI platform for autonomous vehicles. Financial terms were not disclosed.
"Without faster chips, there will be no networking, no automation and no autonomous driving. Through our own research in the area of new chip designs, our strategic partnerships with large chip manufacturers such as NVIDIA and our investment in Recogni, we are taking the first step toward meeting the future need for highly specialized processors for sensor modules and control units for our powerful, high-performance vehicle computers," Frank Petznick, Continental Head of the Advanced Driver Assistance Systems business unit.
LLR Partners completed the investment in Salute Mission Critical, which specializes in utilizing highly trained American military veterans to deploy, manage & decommission data centers worldwide. Financial terms were not disclosed.
"As our partner, LLR will not only provide the capital but also the experience helping businesses like ours continue to scale operations, teams and processes. This will enable Salute to capture more of this quickly growing market opportunity. I look forward to collaborating with the LLR team as we continue to enhance our ability to serve Salute's leading customer base," Jason Okroy, Salute CEO.
Solotech, an audiovisual and entertainment technology firm, agreed to acquire Morris Light & Sound, an audiovisual equipment firm. Financial terms were not disclosed.
"The Morris Light & Sound and InteRise brands will be strong additions to the Solotech family, perfectly complementing our corporate goals and expanding our capabilities as well as our footprint in the United States. With this acquisition, the increased reach of Solotech as a leader in audiovisual and entertainment technology will reinforce our positioning as an industry innovator," Martin Tremblay, Solotech President and CEO.
Tiger Global led a $200m Series E round in Highspot, a natively-built sales enablement platform, with participation from ICONIQ Growth, Madrona Venture Group, OpenView, Salesforce Ventures, Sapphire Ventures and Shasta Ventures.
"Sales enablement is about more than sales. It connects everyone from marketing and sales to post-sales in delivering a unified buying experience that wins, retains and expands customer relationships. Scaling your go-to-market strategy is a complex process with a large gap between strategy and action. We close this gap. Our single, unified platform improves sales performance by turning strategy into successful execution," Robert Wahbe, Highspot CEO.
Adam Neumann nears settlement with SoftBank. (FS)
WSJ reported that WeWork co-founder and former Chief Executive Adam Neumann is in advanced talks to settle a high-profile legal fight with SoftBank Group by agreeing to a nearly $500m cut in his payout from the shared-office-space company's new owner, a move that would help clear the way for WeWork's second attempt at a public listing.
According to terms being discussed, SoftBank would spend roughly $1.5bn to buy the shares of early WeWork investors and employees, including nearly $500m to purchase shares from Mr. Neumann—in both cases about half of what it originally agreed to.
BNDES sells stake in Vale.
BNDES, a Brazilian development bank, closed out its stake in Vale, a producer and distributor of iron ore, pellets, manganese, alloys, gold, nickel, and copper, selling 189m shares and raising around $2bn, Reuters reported.
The sale of the 3.6% stake in the miner comes as BNDES seeks to exit its position in various companies as part of a broader government divestment plan.
Carlyle aims to raise $130bn while ‘thinking bigger’. (FS)
The Carlyle Group, a global investment firm, is embarking on a multi-year plan to supercharge growth and raise more than $130bn, Bloomberg reported.
Carlyle aims to hit its $130bn fundraising target by 2024. That money is expected to be drawn from existing groups like global credit and private equity. Carlyle is expected to begin raising money for a new flagship buyout fund this year.
“We are thinking bigger, performing better and moving faster to position Carlyle to deliver higher returns for our shareholders. We have tremendous confidence in this strategic plan and hope all of our stakeholders appreciate our commitment to transparency as we evolve and build the firm," Kewsong Lee, Carlyle CEO.
Elliott-backed blank-check firms file for $1.5bn IPOs. (FS)
Two blank-check companies, backed by billionaire Paul Singer’s hedge fund Elliott International, filed for IPOs of up to $1.5bn, Reuters reported.
Elliott Opportunity I aims to raise up to $1bn, while Elliott Opportunity II is looking to raise up to $500m. Elliott International invests in various securities types and has also engaged in activist-style bets on SoftBank Group, Marathon Petroleum, and Twitter in the past.
Credit Suisse, Citigroup, and UBS are the underwriters for both the IPOs.
Oatly confidentially files for US IPO.
Oatly, a vegan food and drink maker backed by celebrity entrepreneurs Oprah Winfrey and Jay-Z, confidentially filed for an IPO in the US, Bloomberg reported.
Oatly is seeking a valuation of around $10bn in the listing. Last year, the company raised $200m in funding from backers, including Blackstone Group and Winfrey. The funding round valued Oatly at roughly $2bn.
Aspirational Consumer Lifestyle II files for $300m IPO. (FS)
Aspirational Consumer Lifestyle II, a blank check company, filed for a $300m IPO. Each unit has an offering price of $10 and consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share for $11.5 per share, subject to adjustment as provided herein, and only whole warrants are exercisable.
The SPAC would target businesses with premium consumer brands and is led by Ravi Thakran, L Catterton Head of Asia, who also serves as chairman and managing partner of Turmeric Capital, an investment platform.
Credit Suisse is an underwriter for the offering.
Peterson Private Equity closes a $225m fund. (FS)
Peterson Private Equity, a provider of investment management services, closed a $225m fund focused on investing $10m-25m behind entrepreneurs and management teams in profitable and growth-oriented businesses. With the close of Fund IX, Peterson Private Equity intends to make approximately 10-12 investments.
“We strive to be the partner of choice for business owners who are solving for more than just capital. We look to help companies reach important inflection points in becoming an enduring business, often as the first source of institutional capital," Brett Stohlton, Peterson Private Equity Operating Partner.
Ardian, a private investment house, agreed to acquire a 60% stake in Jakala, a marketing technology company. Financial terms were not disclosed.
"With Ardian's support, Jakala will have the financial resources and support necessary to accelerate its growth strategy in Italy and abroad notably through build-ups. In line with its investment philosophy based on the full support of entrepreneurs to support the growth of companies with great potential and create value for all stakeholders, has decided to further support Jakala, a leader in the martech sector which is expanding internationally thanks to the acceleration of the data and digital transformation process," Ardian.
Jakala is advised by New Deal Advisors, Mediobanca and Gatti Pavesi Bianchi. Ardian is advised by KPMG, Roland Berger, Arma Partners, Vitale & Co, Gattai Minoli Agostinelli & Partners, Giovannelli e Associati, Gitti and Partners and Headland Consultancy.
Gores Holdings V, a special purpose acquisition company sponsored by an affiliate of The Gores Group, agreed to merge with the metal packaging business of Ardagh Group, a global supplier of infinitely-recyclable metal beverage and glass packaging, in a $3.4bn deal.
"Ardagh Metal Packaging is benefiting from long-term megatrends, including sustainability and changing consumer preferences. The business has grown significantly since our acquisition of the metal beverage packaging business in 2016 and we have a clear roadmap that we believe will lead us to more than double adjusted EBITDA by 2024, as we invest in support of our customers' growth. We are delighted to partner with Gores Holdings V to create a NYSE-listed pure-play beverage can business of scale with impeccable ESG credentials, and we intend to remain a committed, long-term majority shareholder of AMP as it continues its growth journey," Paul Coulson, Ardagh Chairman and CEO.
Gores is advised by Deutsche Bank, Morgan Stanley, Loyens & Loeff and Weil Gotshal and Manges. Ardagh Group is advised by Citigroup and Shearman & Sterling.
Aéma Groupe, a French mutual insurer, agreed to acquire Aviva France from Aviva, a British multinational insurance company, for €3.2bn ($3.9bn).
"The sale of Aviva France is a very significant milestone in the delivery of our strategy. It is an excellent outcome for shareholders, customers, employees and distributors. The transaction will increase Aviva's financial strength, remove significant volatility and bring real focus to the Group," Amanda Blanc, Aviva CEO.
Lugard Road Capital, the US-based alternative asset manager, agreed to invest $73m in Investcorp-backed Ageras Group, a provider of recurring revenue-driven accountancy software.
"Ageras has established a market-leading and best-in-class product offering that is optimally positioned for international expansion and the rising demand for automated business tools. Investcorp has a fantastic track record of growing founder-owned companies in the technology space, and its global presence and extensive network has supported our growth to date. This latest financing round will support our ongoing commitment to scaling the Ageras brand and bringing our software offering to new customers across the globe. We look forward to continuing the Ageras story in the years to come," Rico Andersen, Ageras CEO.
Canva, a graphic design platform, agreed to acquire Smartmockups, an online mockup generator, and Kaleido, an AI image processing company. Financial terms were not disclosed.
"Together, both Smartmockups and Kaleido will contribute to Canva's growing ecosystem of apps and integrations, introducing a range of new and innovative visual design tools while bolstering those you already know and love," Canva.
Siparex, a private equity investment group, and Capza, a capital market company, agreed to acquire Winncare, a medical equipment manufacturer, from IDI, a private investment company. Financial terms were not disclosed.
Thanks to the support of Siparex, which will become the majority investor, and Capza, Winncare will implement an ambitious organic and external growth plan through the development of cross-selling initiatives and geographic expansion, mainly in Europe.
Valtech, a global business transformation agency, agreed to acquire Radon Creative, a renowned creative agency. Financial terms were not disclosed.
"We have always strived to create holistic brand experiences and until now we have been able to deliver on one side of that coin. The merger with Valtech enables us to broaden our creative universe by combining our cutting-edge expertise in creative communication with the business-focused digital experiences where Valtech is best in class and operates at an entirely different scale globally," Sofia Kocken, Radon Creative CEO.
Apollo and GIP bid for $10bn Aramco pipeline stake. (FS)
Apollo Global and Global Infrastructure Partners are amongst suitors bidding for a c.$10bn stake in Saudi Aramco's oil pipelines.
Brookfield Asset Management, BlackRock, sovereign wealth fund China Investment and Beijing-backed Silk Road Fund also made non-binding offers. Pension funds in Abu Dhabi and Saudi Arabia have separately submitted opening bids.
Aramco is studying the proposals before deciding which companies will be invited to make binding offers.
DFL to kick off private equity stake sale. (FS)
Germany’s elite soccer body will invite bids for a minority stake in its overseas media rights. The DFL sporting organization could contact as many as 30 bidders interested in investing in Bundesliga International, a professional association football league, as soon as this week, Bloomberg reported.
Advent International and BC Partners are two private equity firms that have already reached out to Bundesliga International about purchasing a stake. Other bidders could include Bain Capital, CVC Capital Partners, General Atlantic and KKR.
“There is sure to be a lot of interest. This is a well run league from a fiscal perspective, but you would ask whether more could be done to make it a more international product," Doug Harmer, Sports Advisory Partner.
Liberty Global targets deals in Ireland and Poland.
Liberty Global, a converged video, broadband and communications company, is targeting deals in Ireland and Poland by the end of the year, as it prepares to merge Virgin Media with O2, FT reported.
Mike Fries, Liberty Global CEO, raised the possibility that Liberty Global could float its joint venture with Vodafone in the Netherlands within the next 24 months. The company, however, has turned its immediate attention to its cable-only assets in Ireland and Poland.
Northern Data eyes US listing.
Northern Data, a Bitcoin mine operator, plans a US listing that could raise as much as $500m, Bloomberg reported.
The sale of new shares, which could go ahead later this year, will boost shareholder base as well as its global profile. Northern Data’s shareholders include Cryptology Asset, the investment company backed by German entrepreneur Christian Angermayer and Mike Novogratz and Block.One.
Northern Data is advised by Credit Suisse.
Aydem Holding looks to cash in with plan for unit’s IPO.
Aydem Holding, a producer and distributor of electric energy, filed for an IPO of its renewable-electricity producer. Aydem Holding is expecting to raise around $300m in an offering that could value the unit at as much as $1.5bn, Bloomberg reported.
Aydem Holding is advised by Goldman Sachs, JP Morgan and Citigroup.
Babbel and ParshipMeet consider Germany IPO.
German companies Babbel, a language app, and ParshipMeet, a dating platform, are considering listings on the stock exchange in Frankfurt as businesses across Europe rush to take advantage of rising valuations and stock prices, Bloomberg reported.
Lesson Nine, which operates the subscription-based language and e-learning platform Babbel, has invited advisers to pitch for roles on a possible IPO. ProSiebenSat.1 Media, ParshipMeet owner, is working with advisers on a potential IPO of the business.
Chorus Capital closed its fourth fund with $1.4bn commitments. (FS)
Chorus Capital, an alternative credit manager, specialized in risk-sharing transactions with the bank, concluded fundraising for Chorus Capital Credit Fund IV. The firm gathered $1.4bn of capital commitments.
The fund received strong support from existing limited partners, new investors represent about 70% of its capital commitments.
Tikehau Capital raises more than $1.2bn for private equity energy transitions. (FS)
Tikehau Capital, asset management and investment company, completed fundraising for its T2 investment strategy focused on energy transition with over $1.2bn in commitments.
T2 Energy Transition Fund is a global growth private equity vehicle singularly committed to fighting climate change. The fund provides growth equity to European SMEs that directly help lower GHG emissions.
GL Ventures, a venture capital firm, and Temasek, a Singaporean holding company, led a $230m Series C funding round in Clover Biopharmaceuticals, a global clinical-stage biotechnology company. The round was joined by Oceanpine Capital, OrbiMed and Delos Capital.
CPE led a $123m Series B+ round in Wangjiahuan, a Meituan-backed Chinese agritech start-up, with participation from Paul Run Holding and Ziming Capital.
With the fresh funds, the firm will improve its online infrastructure including its SaaS platform to digitalize purchasing processes and to improve delivery.
edotco sale stalls after Myanmar coup.
Axiata Group, a Malaysian wireless carrier, postponed talks to sell a stake in its edotco Group, a tower unit, after a military coup in Myanmar triggered concerns over heightened investment risks, Bloomberg reported.
The telecommunication company was in discussions with potential investors to sell a partial stake in a special purpose vehicle that holds its shares in edotco for more than $500m. The Malaysian telecom company could still resume talks over the edotco stake once the situation in Myanmar stabilizes.
Dream11 eyes $300m funding. (FS)
Dream Sports, which owns Dream11, a sports technology company, is in talks with several investors, including Falcon Edge-backed Alpha Wave Incubation, to raise $300m in a fresh funding round. The funding is expected to value the company at $4bn, DealStreetAsia reported.
Existing investors, including Tencent Holdings, Kalaari Capital, and Multiples Alternate Asset Management are looking to exit the company via a secondary sale of shares.
One Championship explores US SPAC deal.
One Championship, an Asian mixed martial arts firm, considers options, including seeking a listing in the US via a merger with a SPAC, Bloomberg reported.
One Championship is backed by investors including Sequoia Capital, Temasek Holdings and GIC. The company, whose valuation is more than $1bn, could also raise capital via other routes, including an IPO or seeking funds privately.
The Singaporean sports media company picked Credit Suisse and Goldman Sachs to help prepare for the potential listing.
Tuhu considers US IPO.
Tuhu, a Chinese car maintenance service start–up, is considering a US IPO this year, after raising $400m from a funding round earlier this month, DealStreetAsia reported.
Investment banks have been pitching to the company in recent weeks for the potential IPO. The company will likely opt for a US stock listing as there is more liquidity and more comparable companies trading on US exchanges.
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.