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AMERICAS
Cisco, a software-defined networking, cloud, and security solutions provider, agreed to acquire Accedian, a performance analytics and end user experience solutions provider, from Bridge Growth Partners, a technology investment firm. Financial terms were not disclosed.
“We are very proud of the incredible transformation that Dion and the Accedian team has accomplished to become a global leader in network and application performance monitoring. At Bridge Growth, we strive to work closely with exceptional management teams to create lasting strategic value, with the goal to find the right home for our companies on behalf of all stakeholders. We look forward to Cisco implementing its vision to the benefit of all its customers,” Tom Manley, Bridge Growth Partners Partner.
Ember Infrastructure, a private equity platform delivering capital solutions, completed the acquisition of a majority stake in Ground/Water Treatment & Technology, a provider of commercial water treatment services. Financial terms were not disclosed.
"GWTT, with Ember as a financial partner, now has the capability to grow all segments of our business, including expansion into new geographic markets. With a partner like Ember, the opportunities for GWTT and our employees increase significantly, and we could not be more excited about the path ahead," Rich Worthington, GWTT President.
Ground/Water was advised by Winston & Strawn and Raymond James (led by Brendan Tierney and Clancey Crowley). Ember Infrastructure was advised by Greenberg Traurig.
CVC Capital, a private equity firm, agreed to acquire Delly’s, a food distribution company, from Patria Investments, an alternative asset manager. Financial terms were not disclosed.
“Delly’s is a great example of diligent execution across each pillar of Patria’s investment approach, including sector selection, consolidation strategy and operational value creation. We are very pleased to complete this chapter of growth into a market leader in Brazil and return capital for Private Equity Fund V, and also excited to partner with CVC to further expand Delly’s into a leading regional player," Ricardo Scavazza, Patria Managing Partner and CEO.
Patria is advised by Citigroup.
Accenture, professional services company, agreed to acquire Anser Advisory, an advisory and management company for infrastructure projects in the United States. Financial terms were not disclosed.
“This acquisition positions Accenture as a key player in the tremendous investment that is taking place to modernize North America's infrastructure in a sustainable manner. Combining Anser Advisory’s experience with our digital technology expertise is a game-changing transformation for infrastructure projects," Jimmy Etheredge, Accenture North America CEO.
Accenture is advised by JP Morgan.
Thermo Fisher Scientific, a serving science company, completed the acquisition of MarqMetrix, a developer of Raman-based spectroscopy solutions for in-line measurement. Financial terms were not disclosed.
“The acquisition of MarqMetrix is an excellent strategic fit for Thermo Fisher and adds highly complementary Raman-based in-line PAT to Thermo Fisher’s portfolio. MarqMetrix will add expanded and differentiated capabilities to Thermo Fisher’s leading portfolio of analytical solutions to address customer requirements for real-time measurement and process control of critical manufacturing process parameters that affect quality. We look forward to welcoming the MarqMetrix team to Thermo Fisher," Miguel Faustino, Thermo Fisher President.
MarqMetrix was advised by BMO Capital Markets.
Alta Fox Capital, an alternative asset management firm, completed the investment in Flexion, a gaming software developer. Financial terms were not disclosed.
"It is great to have such an experienced and long term investor onboard. We look forward to working with the team at Alta Fox Capital," Jens Lauritzson, Flexion Mobile CEO.
The Valcourt Group, a commercial restoration, waterproofing, and window cleaning services provider, agreed to acquire Clearview Building Services, a window cleaning and pressure washing services company. Financial terms were not disclosed.
"There is significant opportunity for growth, centralization, and expansion in the building services industry. By bringing together Clearview's knowledge of customer needs with the combined expertise of The Valcourt Group and our shared commitment to offering excellent service, safety, and family culture, we envision becoming a more complete exterior envelope provider for our customers," Joey Corley, Clearview Building Services General Manager.
The group backed by India's Vikram Solar to invest $1.5bn in new US factories.
A new venture backed by Indian solar panel maker Vikram Solar said it will invest up to $1.5bn in the US solar energy supply chain, beginning with a factory in Colorado next year, Reuters reported.
The newly formed company, VSK Energy, aims to leverage India's extensive solar manufacturing know-how in the US push to build a clean energy manufacturing sector to compete with China.
Textron seeks fuel systems unit sale at $1bn.
Textron, the manufacturer of Bell helicopters and Cessna jets, has revived efforts it ended four years ago to sell a business that makes fuel tanks for cars and is worth in excess of $1bn, Reuters reported.
The fuel systems business faces headwinds as the car industry pivots from combustion to electric engines. Textron has been focusing on its aviation business, making investments such as the $238m acquisition of electric aircraft maker Pipistrel in 2022.
Fortress Investment Group may acquire $225m bankrupt Vice Media. (FS)
A group of buyers including Fortress Investment Group is set to take over Vice Media after bidding $225m for the bankrupt company, Reuters reported.
While multiple bidders put in offers to acquire Vice, only Fortress' bid was deemed "qualified", which added that a bankruptcy auction for the company scheduled for June 22, 2023 will be called off.
Bankrupt SVB Financial still exploring options for venture capital arm. (FS)
Bankrupt SVB Financial Group said it is continuing to evaluate strategic alternatives for SVB Capital, its venture capital and credit investment arm, as well as other assets and investments, Reuters reported.
Wellington closes forth fund at $2.6bn. (FS)
Wellington Management held the final close of its fourth private late-stage growth strategy, Wellington Hadley Harbor IV, with $2.6bn in capital commitments and over $200m in co-investment capacity to invest alongside the fund.
The fund seeks to invest in late-stage private companies seeking capital to sustain or accelerate growth prior to a potential IPO or sale.
Aldine closes $276m Fund IV. (FS)
Aldine Capital Partners, a Chicago-based private investment firm providing junior capital financing to lower middle market companies, announced the closing of its fourth fund, Aldine Capital Fund IV. The fund is structured as a small business investment company licensed by the US Small Business Administration. Fund IV had a final closing at $276m of total capital, bringing Aldine's total commitments over its four funds to $775+ million.
"We are honored to partner once again with our outstanding base of returning limited partners. We are also pleased to welcome several new limited partners into the fund. Our new and existing investors include a diverse group of banks, family offices, insurance companies, individuals, and capital from the Small Business Administration," Michael Revord, Aldine Managing Partner.
Stone-Goff Partners closes Fund IV at $175m. (FS)
Stone-Goff Partners, a growth-oriented private equity firm focused on tech-driven B2B service companies, announced the final closing of Stone-Goff Partners IV at $175m, reflecting significant increases in commitments from SGP's existing investor base as well new institutional investors.
"Our emphasis on partnering with founder-led businesses in the lower middle market has been and will remain at the core of what has made us successful. We're extremely grateful for the support of both existing and new investors and are excited to continue to deploy capital in companies at the intersection of services and technology," Laurens Goff, Stone-Goff Co-Founder and Managing Partner.
Ex-Splunk CEO joins $2bn cloud startup. (People)
Cloud networking provider Aviatrix Systems has a new chairman and chief executive officer: former Splunk CEO Doug Merritt, Bloomberg reported.
Aviatrix was valued at $2bn by investors in 2021. Since then, the market for cloud computing has been upended. Many cloud customers are delaying or cutting back on spending overall, eating into the revenue of companies like Aviatrix. At the same time, businesses continue to shift their applications to the cloud.
EMEA
Soho Square, an investment firm, completed the investment in xDesign, a digital consultancy. Financial terms were not disclosed.
“To date, we’ve been a fiercely independent organisation, a fact that has enabled us to provide a truly award-winning experience for our clients and our talented team of people. In Soho Square, we now have an investor - and more importantly - a partner, that will help us amplify our mission to create a truly human-centric digital consultancy on a much bigger scale whilst maintaining the independent mindset that’s made us successful. We believe that technology itself can only take you so far, it’s the people behind our business that really make the difference for the clients we collaborate with - setting us apart from our competitors," Euan Andrews, xDesign Founder and CEO.
xDesign was advised by Addleshaw Goddard and Deloitte. Soho Square was advised by Kepler Communications (led by Charlotte Balbirnie).
Bain Capital to acquire a 20% stake in IMS Nanofabrication, a high-tech company, from Intel, an American multinational corporation and technology company, for $860m.
“The advancement of lithography is critical to driving continued progress in the semiconductor industry, and mask writing plays a central role in the industry’s transition to new patterning technologies, such as high-NA EUV. Bain Capital’s investment and partnership will provide IMS with increased independence and bring strategic perspective to help accelerate the next phase of lithography technology innovation, ultimately benefitting the ecosystem as a whole,” Matt Poirier, Intel Senior Vice President.
Bain Capital is advised by Stanton PRM (led by Charlyn Lusk).
Abu Dhabi National Energy, an international energy and water company, agreed to acquire Sustainable Water Solutions, a sustainable water solutions provider. Financial terms were not disclosed.
“The strategic acquisition of SWS is an important step in TAQA’s accelerated delivery of its growth agenda, backed by our shareholders. Two years ago, we set out our growth ambitions in a 2030 strategy, and since then we have been delivering against our promises. This transaction is a logical extension of our regulated asset base into wastewater networks and treatment, which in Abu Dhabi is subject to the same structure of regulation and the same principles as our existing power and water transmission and distribution business. The new business will provide a substantial boost to our regulated asset base and associated stable long-term earnings," Jasim Husain Thabet, TAQA CEO and Managing Director.
TAQA is advised by JP Morgan.
Stirling Square Capital Partners, a pan-European mid-market private equity firm, agreed to acquire a majority stake in Infobric, a software solutions provider, from Summa Equity, a purpose-driven thematic investment firm. Financial terms were not disclosed.
“We are delighted to invest in Infobric alongside its ambitious management team who have built a software leader in the build phase of the construction value chain. We look forward to bringing our experience in the ConTech sector to support the business to accelerate its impressive growth trajectory including enabling further international growth and expanding the software offering,” Henrik Lif, Stirling Square Partner.
Stirling Square Capital Partners is advised by FGS Global (led by Chris Sibbald).
Advent International, a global private equity firm, completed the investment in Parfums de Marly, a perfume company, and Initio Parfums Privés, an exclusive French fragrance brand. Financial terms were not disclosed.
“We are delighted to have acquired a majority shareholding in Parfums de Marly and INITIO Parfums Privés – two iconic and distinctive brands with creative, exciting fragrances at their heart. Under Julien Sprecher’s visionary guidance, the Group has established itself as a leader in niche luxury fragrance, and we see a considerable opportunity to accelerate its growth and penetration in key global markets,” Ranjan Sen, Advent International Managing Partner.
Germany's Covestro rejects takeover proposal from ADNOC.
German plastics and chemicals maker Covestro has rejected an initial takeover proposal from Abu Dhabi National Oil, saying the offer was too low, Reuters reported.
ADNOC had approached Covestro with a takeover proposal worth more than $11bn.
Intelsat, SES end talks to form $10bn satellite giant.
Satellite services provider Intelsat and satellite telecommunications network provider SES have ended talks on a merger that would have created a satellite giant to help fend off growing competition as the industry consolidates, Bloomberg reported.
Discussions on a potential combination have ceased. A transaction could have valued the combined business at more than $10bn including debt.
Deutsche Bank opens to more M&A after surprise Numis deal.
"Growing organically is the prime way but if we have opportunities like with Numis, we'll see, we're not closing our eyes," Christian Sewing, Deutsche Bank CEO.
Global New Material eyes Merck's pigments arm.
Global New Material International, a Chinese colorant producer, is in talks on a potential acquisition of Merck's pigments arm, Bloomberg reported.
Hong Kong-listed Global New Material, which sells pigments under the Chesir brand name, has made a binding bid for the Merck unit. It's been discussing financing options for the potential purchase.
Dealmakers face $50bn M&A freeze amid mounting troubles.
Dealmakers brave enough to attempt big acquisitions are increasingly running into difficulties, as transactions get held up by everything from government haggling to regulatory worries, Bloomberg reported.
Chinese white goods giant Midea Group has dropped its pursuit of Electrolux, the $3.7bn maker of Frigidaire appliances. It wasn't able to fulfill demands for regulatory guarantees at a time of rising protectionism.
Ocado shares soar after reports of bid interest from tech firms.
Ocado Group shares jumped as much as 47% in London, the most in more than five years, following a Times report on "speculation of bid interest" from technology firms such as Amazon.com in the British online grocer, Bloomberg reported.
Amazon and several other tech "heavyweights" are considering the merits of a bid worth $8 per share for the company. Ocado's shares rose to as high as $6.3 on Thursday morning, before paring some of the advance.
Schott to hold IPO of medical glassware unit.
Glass company Schott plans to list its specialty medical-glassware division as soon as September, paving the way for one of the biggest German initial public offerings this year, Bloomberg reported.
The company plans to start meeting analysts about the proposed offering in July. The division manufactures vials used in mRNA vaccines like the coronavirus inoculations produced by BioNTech and Moderna, among other products.
APAC
The merger between Zee Entertainment and the Indian unit of Japan's Sony will go through, "whether or not" he is the CEO of the merged company, Reuters reported.
The India markets regulator has imposed a one-year ban on Zee Entertainment's Chairman Subhash Chandra and CEO Goenka for being actively involved in diverting company funds to the group's related entities, raising questions on the future of the Zee-Sony merger.
Carlyle to sell entire stake in India's Delhivery for at least $86m. (FS)
Private equity firm Carlyle plans to sell its entire 2.53% stake in Indian logistics firm Delhivery via its special purpose vehicle for at least $86m, DealStreetAsia reported.
Carlyle plans to sell Delhivery's shares via CA Swift Investments at a floor price of $4.7 apiece, compared with the stock's last close at $4.74.
MUFG, partners launch $1.5bn climate finance venture GAIA. (FS)
Mitsubishi UFJ Financial Group and partners, including Canada's development finance body, have launched a $1.5bn platform to help drive climate-focused investment into developing and emerging countries, DealStreetAsia reported
The new venture, dubbed GAIA, aims to blend private sector investment with concessional capital from public and philanthropic groups.
CDPQ launches $136m sustainable agri platform with CEFC. (FS)
Canada's second-largest pension fund Caisse de dépôt et placement du Québec has partnered with Australian government-owned green bank Clean Energy Finance to launch a $136m sustainable agriculture fund, DealStreetAsia reported
The platform will acquire assets managed by Gunn Agri Partners, an Australian farmland manager, over the next three years. As part of this venture, both CDPQ and CEFC will become minority shareholders in Gunn Agri Partners, which will manage the platform.
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