AMERICAS
Clayton Dubilier & Rice, a private equity firm, agreed to acquire and merge label solutions companies Fort Dearborn and Multi-Color from private equity firms Advent International and Platinum Equity. Financial terms were not disclosed.
"We see strong strategic logic and promising value creation potential in bringing these two leading label manufacturers together. We look forward to working with the combined company's leadership team to help drive innovation and enhance its offering to a highly discerning customer base around the world. We see numerous opportunities to drive operational scale, achieve sustained growth, and we believe our expertise can help position the combined company for success well into the future," Nate Sleeper, Clayton Dubilier & Rice CEO.
Multi-Color is advised by Latham & Watkins. Fort Dearborn is advised by Citigroup, Goldman Sachs and Kirkland & Ellis. Clayton Dubilier & Rice is advised by Bank of America, Barclays, Credit Suisse, Deutsche Bank, RBC Capital Markets, UBS, Wells Fargo Securities and Debevoise & Plimpton. Debt financing is provided by Bank of America, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, RBC Capital Markets, UBS and Wells Fargo Securities.
AvePoint, a data management solutions provider for the Microsoft cloud, went public via a SPAC merger with Apex Technology Acquisition, a special purpose acquisition company, in a $2bn deal. Existing AvePoint shareholders own approximately 72% of the combined company, which is expected to have approximately $252m of cash on the balance sheet. Sixth Street, a global investment firm, continues as a shareholder in the combined company. Additionally, the combined company benefited from $140m in proceeds from a group of institutional investors participating in the transaction through a committed private investment.
“We are thrilled to partner with AvePoint to help thousands of customers protect and manage their Microsoft cloud investments; Microsoft cloud is sweeping through the world’s enterprises. AvePoint is well-positioned to take advantage of this. Of over 200 public cloud companies, AvePoint is one of only five with 2020 estimated revenue in the $150m range, 2020 estimated year-over-year growth above 25%, and 2020 estimated EBIT Margin over 10%," Jeff Epstein, Apex CEO.
AvePoint was advised by Citigroup, Cowen & Company, Evercore, Goldman Sachs and Cooley. Apex Technology Acquisition was advised by Cantor Fitzgerald, Citigroup, Evercore, Goldman Sachs, William Blair & Co, Ellenoff Grossman & Schole, Latham & Watkins and Zeno Group. Financial advisors are advised by Goodwin Procter.
MSG Networks shareholders can proceed with a vote next week on a proposed merger with Madison Square Garden Entertainment after a judge rejected an investor request to delay attempts by billionaire James Dolan to consolidate his family’s interest in the companies.
Delaware Chancery Court Judge Kathaleen McCormick ruled that MSG’s board did what was necessary to protect shareholders as part of the deal. The judge said in her ruling she moved quickly to decide the issue “given the proximity of the shareholder vote,"
Bloomberg reported.
MSG Networks is advised by LionTree Advisors, Morgan Stanley and Davis Polk & Wardwell. Financial advisors are advised by Latham & Watkins. Madison Square is advised by JP Morgan, Moelis & Co, PJT Partners, The Raine Group, Debevoise & Plimpton, Sullivan & Cromwell and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton and Paul Weiss Rifkind Wharton & Garrison.
Genstar Capital, a private equity firm, completed the acquisition of a majority stake in Vector Solutions, a provider of industry-focused software solutions, from Golden Gate Capital, a private equity firm. The transaction includes an investment from Insight Partners. Financial terms were not disclosed.
“Vector’s mission to serve everyday heroes is strengthened by support and backing from leading firms like Genstar, Golden Gate Capital and Insight Partners. This transaction is not only incredible validation of the strong company we have built, but it allows us to continue on our strategic path to deliver intelligent software solutions, unlock data for actionable insights, and expand the positive impact our solutions have on our markets and the communities they serve," Marc Scheipe, Vector Solutions CEO.
Vector Solutions was advised by Robert W Baird, William Blair & Co, Nob Hill, Paul Weiss Rifkind Wharton & Garrison and Trenam-Kemker. Insight Partners was advised by Berenson & Co, Stifel and Willkie Farr & Gallagher. Genstar Capital was advised by Kirkland & Ellis and Chris Tofalli Public Relations. Golden Gate Capital was advised by Sard Verbinnen & Co.
EQT and Goldman Sachs Asset Management, an asset management unit of GS, agreed to acquire Parexel, a global clinical research organization focused on the development and delivery of innovative new therapies to advance patient, from Pamplona, a specialist investment manager, for $8.5bn.
"Our investment in Parexel reflects EQT’s thematic focus on the life sciences industry, as well as our commitment to partner with businesses that have a positive impact on society. We are excited to partner with Goldman Sachs for the next stage of Parexel’s journey, and to back Jamie, who prior to his role at Parexel had been a long-time senior advisor to EQT, as well as the rest of the Parexel team," Eric Liu, EQT Partner and Global Co-Head of Healthcare.
Parexel is advised by Evercore, Kirkland & Ellis and Real Chemistry. EQT is advised by Goldman Sachs, Jefferies & Company, Simpson Thacher & Bartlett and Kekst CNC. Pamplona is advised by TB Cardew.
Sharecare, a digital health company, went public via a SPAC merger with Falcon Capital Acquisition, a special purpose acquisition company, in a $3.9bn deal. Investors, led by Koch, Baron Capital Group, Eldridge, Woodline Partners, and strategic partner, Digital Alpha, have committed $425m in a PIPE.
"Sharecare is the leader in digital health engagement and the only platform empowering people to navigate, activate, and connect with their doctor, insurance company, and employer benefits all in one app, unifying the disparate elements of each person's well-being journey. We look forward to this next phase as a public company and are laser-focused on simplifying the overall health experience, improving outcomes, and reducing cost on behalf of individuals, communities, and organizations everywhere," Jeff Arnold, Sharecare Founder, Chairman and CEO.
Sharecare was advised by BTIG, Canaccord Genuity, JP Morgan, Morgan Stanley, King & Spalding and ICR. Falcon Capital Acquisition was advised by Goldman Sachs and White & Case.
CAE, a high technology company, completed the acquisition of the Military Training business of L3Harris Technologies, an agile global aerospace and defense technology innovator, for $1.05bn.
"The proposed acquisition represents a significant value creation opportunity for all CAE stakeholders. It accelerates our growth strategy in Defence and Security and is highly complementary to our core military training business, broadening our position in the United States," Marc Parent, CAE President and CEO.
CAE was advised by Goldman Sachs, RBC Capital Markets, DLA Piper, Norton Rose Fulbright and Sard Verbinnen & Co. L3Harris was advised by Morgan Stanley and Sullivan & Cromwell.
Arch Capital Group, a private equity firm, completed the acquisition of Watford Holdings, a property and casualty insurance and reinsurance company, for $700m. Warburg Pincus and Kelso & Co invested in the transaction.
“We are excited to complete this transaction, which will now allow our partners and Arch to move forward with the next chapter for Watford. We believe that the market conditions are ideal for us to develop the franchise and execute a strategy for Watford’s long-term success. I want to thank the teams on all sides for their dedication to successfully completing this transaction," Maamoun Rajeh, Arch Chairman and CEO.
Watford Holdings was advised by Morgan Stanley and Clifford Chance. Warburg Pincus was advised by Wachtell Lipton Rosen & Katz. Kelso & Co was advised by Debevoise & Plimpton. Arch Capital was advised by Goldman Sachs and Cahill Gordon & Reindel. Goldman Sachs was advised by Sullivan & Cromwell.
HCA Healthcare, a provider of health care services, completed the acquisition of an 80% stake in Brookdale Health Care Services, a provider of patient-centered care, from Brookdale Senior Living, which operates independent living, assisted living, and dementia-care communities and continuing care retirement centers, for $400m. Brookdale retains a 20% equity interest in the venture with HCA Healthcare.
"I am delighted that we have completed the transaction with HCA Healthcare and started a new partnership opportunity with one of our nation's leading healthcare organizations. This transaction strengthens Brookdale's financial position, continues providing our residents with access to high quality services, and provides meaningful growth opportunities for BHS," Lucinda Baier, Brookdale's President and CEO.
HCA Healthcare was advised by Truist Bank, Waller Helms Advisors and Debevoise & Plimpton. Brookdale was advised by Bank of America and Bass Berry & Sims.
Fortress Investment-backed SPB Hospitality, an operator and franchisor of steakhouses, pizza and craft brewery restaurants, agreed to acquire J. Alexander's Holdings, an operating of 47 upscale restaurants, for $220m.
"We are honored to acquire these storied brands and look forward to welcoming this experienced team into the SPB family. This acquisition advances our vision to become the industry leader and a pioneer of hospitality, while developing our portfolio of brands and delivering best-in-class returns, one great restaurant at a time," Jim Mazany, SPB Hospitality CEO.
J. Alexander's Holdings is advised by Piper Sandler and Bass Berry & Sims. SPB Hospitality is advised by Configure Partners, JP Morgan and Hunton Andrews Kurth.
EQT, a private equity firm, agreed to acquire Cypress Creek Renewables, a solar and storage energy company, from private equity firm HPS Investment Partners and Temasek. Financial terms were not disclosed.
"Cypress Creek Renewables is thrilled to have EQT backing our talented team and multi-year growth plan, centered on our mission of powering a sustainable future, one project at a time. With EQT, we will accelerate our sustainable growth in developing the highest-value solar and storage energy projects, providing best-in-class O&M services for ourselves and our customers, and expanding our fleet of operating assets," Sarah Slusser, Cypress Creek CEO.
Cypress Creek is advised by Morgan Stanley and Kirkland & Ellis. EQT is advised by Barclays, Simpson Thacher & Bartlett and Kekst CNC.
Blackstone agreed to acquire Certified Collectibles Group, a provider of expert, impartial and tech-enabled services that add value and liquidity to collectibles, at c. $500m valuation.
“As thematic investors, we look for exceptional entrepreneurial teams succeeding in growing markets, and CCG is a great example. We have been closely following the rise of the global physical and digital collectibles industry for several years and we were drawn to CCG because of their leadership role in the categories that they serve, and Blackstone’s ability to grow the platform through both organic and inorganic initiatives. We look forward to working together to help the company continue and even accelerate its impressive growth trajectory," C. C. Melvin Ike, Blackstone Principal.
CCG is advised by Goldman Sachs and Duane Morris. Blackstone is advised by Weil Gotshal and Manges. Debt financing is provided by Golub Capital. Golub Capital is advised by Simpson Thacher & Bartlett.
Santander, a diverse retail and commercial bank, offered to acquire the remaining 19.76% stake in its US consumer unit for $2.4bn.
“Our proposal is subject to the approval of the Company’s Board of Directors and the negotiation and execution of mutually acceptable definitive transaction documentation. We understand that a special committee of independent and disinterested directors of the Company’s Board of Directors will consider our Proposal and make a recommendation to the Board,” Timothy Ryan, Santander Chairman.
Santander is advised by JP Morgan, Piper Sandler, Covington & Burling and Wachtell Lipton Rosen & Katz.
Primerica, a provider of financial services to middle-income families, completed the acquisition of an 80% stake in e-TeleQuote, a company providing business consulting services on a contract and fee basis, from The Resource Group, a business transformation services organization that specializes in the area of non-payroll spend management, for $480m. Primerica will purchase the remaining 20% stake over a period of up to four years.
“The synergies created by this acquisition will allow Primerica’s life insurance-licensed independent sales representatives to serve clients’ financial needs more fully throughout their lifecycle. e-TeleQuote’s specialized technology platform and dynamic sales centers align perfectly with Primerica’s powerful distribution capabilities, allowing us to deliver additional value to our clients, sales representatives, employees, and stockholders," Glenn Williams, Primerica CEO.
e-TeleQuote was advised by JP Morgan and Orrick Herrington & Sutcliffe. Primerica was advised by Goldman Sachs and Sidley Austin.
Liberty Tax, a nationwide tax return preparation and related services firm, and LoanMe, a tech-enabled consumer and small business lender, went public via a SPAC merger with NextPoint Acquisition, a publicly traded special purpose acquisition corporation, in a $354m deal.
"In just over a year from establishing this SPAC, we have closed two acquisitions that immediately create a financial services company with scale and opportunities for synergistic growth. With a management team and board comprised of proven executives and operators across the financial services, digital and retail sectors, we have very quickly created an organization that is set to impact how financial services are delivered to North America consumers and small businesses," Andy Neuberger, NextPoint Chairman.
NextPoint Acquisition was advised by Canaccord Genuity, Jefferies & Company, Blake Cassels & Graydon and Brown Rudnick.
Lightspeed, a one-stop commerce platform, completed the acquisition of NuORDER, a digital commerce company, for c. $213m.
"By joining forces with Ecwid and NuORDER, Lightspeed becomes the common thread uniting merchants, suppliers and consumers, a transformation we believe will enable innovative retailers to adapt to the new world of commerce. As economies reopen and business creation accelerates, we hope to embolden entrepreneurs with the tools they need to simplify their operations and scale their ambitions," Dax Dasilva, Lightspeed Founder and CEO.
NuORDER was advised by Paul Weiss Rifkind Wharton & Garrison. Lightspeed was advised by RBC Capital Markets, Morgan Lewis & Bockius and Zeno Group.
Sun Life, an international financial services organization, completed the acquisition of PinnacleCare, a US medical intelligence and health-care navigation provider, for $85m.
"We are beyond excited to join Sun Life and work with their talented, insightful team to help drive better patient outcomes and reach more people with our advisory services. Our team's empathetic and compassionate approach helps guide people through a very difficult time in their lives. It's always an honor and privilege to help people when they need it most. We're also very pleased to start offering our health advisory services in May to our new Sun Life family in the US," Miles J. Varn, PinnacleCare CEO.
PinnacleCare was advised by George Cohen Communications, Venable and Keefe Bruyette & Woods. Sun Life was advised by Skadden Arps Slate Meagher & Flom.
Accel-KKR completed the acquisition of Navis, a provider of operational technologies and services, from Cargotec, a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution, for $448m.
"With the addition of Navis to the AKKR portfolio, we're building on a strong foundation and extending capabilities to deliver greater value and more actionable insights for supply chain stakeholders," Park Durrett, Accel-KKR Managing Director.
Navis was advised by Affect. Cargotec was advised by Citigroup and Reinhart Boerner Van Deuren.
ICL, a multi-national manufacturing concern that develops, produces and markets fertilizers, metals and other special-purpose chemical products, completed the acquisition of South American plant nutrition business from Compass Minerals, a global provider of essential minerals, for $402m.
“We’re delighted to have this business join our crop nutrition portfolio and to welcome its team and its customers to ICL. This acquisition, together with our recent acquisition of Fertiláqua in Brazil and our existing specialty plant nutrition business there, positions ICL as the leading specialty plant nutrition company in Brazil, one of the world’s fastest growing agriculture markets. This step will also significantly expand ICL’s product portfolio and profitability, while providing further seasonal balance between the Northern and Southern hemispheres, and allow us to deliver the critical mass we have been seeking in Brazil,” said Raviv Zoller, President and CEO of ICL.
ICL was advised by Bank of America and Scherf Communications. Compass Minerals was advised by JP Morgan.
Tekni-Plex, a globally-integrated company focused on developing and manufacturing products for a wide variety of end markets, including medical, pharmaceutical, food, beverage, personal care, household and industrial, agreed to acquire Grupo Phoenix, a packaging company. Financial terms were not disclosed.
"Grupo Phoenix adds a broad suite of capabilities to our Consumer Products business. The acquisition enhances our ability to keep food fresher and longer with sustainable packaging solutions. We are excited to welcome Grupo Phoenix and its innovative products and people to the Tekni-Plex family," Brenda Chamulak, Tekni-Plex President and CEO.
Grupo Phoenix is advised by Moelis & Co and Simpson Thacher & Bartlett. Tekni-Plex is advised by Ropes & Gray.
SoftBank Latin America Fund led a $200m Series B funding round in Mercado Bitcoin, a Brazilian cryptocurrency exchange.
Mercado Bitcoin will use the funds to increase its scale, expand its offerings and invest in infrastructure to meet the soaring demand for crypto in the region.
“Mercado Bitcoin and its sister companies have demonstrated both innovation and leadership in the space. As we’ve developed a scalable market infrastructure, we have become the most trusted crypto brand in Brazil. This unique positioning has allowed us to capitalize on the surging interest in cryptocurrencies in both Brazil and Latin America more broadly, resulting in the significant expansion of our market share in the past year and paving the way for continued growth," Gustavo Chamati, Mercado Bitcoin Co-Founder and Board Member.
Mercado Bitcoin was advised by JP Morgan, Pub Comunica and Reblonde.
MFA Financial, a real estate investment trust, completed the acquisition of Lima One Capital, a real estate company offering flip loan, rental loan, and rehab loan services. Financial terms were not disclosed.
"We are pleased to acquire the Lima One platform and to welcome the entire Lima One team to MFA. Our partnership with Lima One has been a core element of launching and growing our BPL investment strategy and completion of this transaction will significantly enhance our combined presence and ability to deploy capital into the BPL sector," Craig Knutson, MFA CEO.
Lima One was advised by Piper Sandler. MFA Financial was advised by Abernathy MacGregor Group.
General Atlantic led a $1.5bn Series A funding round in Articulate Global, a software solutions provider to ed-tech firms. Additional investors include Blackstone and ICONIQ.
“We strategically selected General Atlantic, Blackstone, and ICONIQ Growth as investors for their combined strengths, including deep operational expertise, proven experience growing cloud-based SaaS companies, and an extensive network of resources to help us scale rapidly. Moreover, all three partners support our passionate commitment to building a human-centered organization," Lucy Suros, Articulate President.
Articulate was advised by LionTree Advisors.
MSA Safety, a company engaged in the development, manufacture and supply of safety products, completed the acquisition of Bacharach, a provider of heating, ventilation, air-conditioning and refrigeration services, from FFL Partners, a private equity firm, for $337m.
"We're very excited to officially welcome Bacharach to the MSA family. Many industries today are placing significant focus on monitoring and managing the usage of refrigerants for safety, environmental and efficiency purposes. With a leading gas detection portfolio, Bacharach provides MSA with access to attractive end markets, while aligning well with our mission and our product and manufacturing expertise," Nish Vartanian, MSA Chairman, President and CEO.
Bacharach was advised by Houlihan Lokey.
JSL, a Brazilian logistics company, agreed to acquire Tegma Gestao Logistica, a freights and logistics, for $196m.
The transaction has a strong strategic rationale due to the creation of an even more robust and diversified business, with the ability to offer new services to the same customers and diversify Tegma's operations, resulting in the creation of substantial value for the companies, their respective shareholders, customers, employees, independent truck drivers and the Brazilian logistics industry.
JSL is advised by Spinelli Advogados.
Thoma Bravo-backed Barracuda Networks, a provider of security, networking and storage products, agreed to acquire SKOUT Cybersecurity, a provider of cybersecurity services. Financial terms were not disclosed.
"The addition of SKOUT enables Barracuda's MSP partners to deploy security solutions across their environments, connecting their data feeds into a unified, 24x7 operation for swift analysis and response," Brian Babineau, Barracuda Senior Vice President and General Manager.
Evergreen Services Group, a family of managed IT businesses, completed the acquisition of Telco Experts, a telecommunication services provider. Financial terms were not disclosed.
"Eric and Adam have built an incredible business in Telco Experts by focusing on customer service and building a great team. We look forward to supporting Telco Experts’ continued growth and commitment to its customers, channel partners and team. We have enjoyed working with Eric and Adam since our first interaction and we’re excited to expand on what they have built," Jeff Totten, Evergreen CEO.
Day Pitney, a full-service law firm, completed the merger with Howland Evangelista Kohlenberg, a dedicated Trusts & Estates boutique law firm. Financial terms were not disclosed.
"When the opportunity came about to bring Howland Evangelista Kohlenberg onto our team we knew it would be a great fit in terms of the strategic values of our firm, practice areas, culture and geography. Renée and Max created the preeminent trusts and estates firm in Rhode Island, and we are delighted to be able to call them and their entire team Day Pitney colleagues," Thomas D. Goldberg, Day Pitney Managing Partner.
Arklyz Group, a fast-growing powerhouse in the arena of sports, athleisure and workwear, agreed to acquire The Athletes Foot, a sneaker & streetwear chain, from INTERSPORT International, a sporting goods retailer. Financial terms were not disclosed.
"Building on the successful partnership between IIC and Intersocks, we are very much looking forward to this new chapter of our co-operation," Param Singh, Arklyz Owner & CEO.
Mullen Group, a logistics provider, completed the acquisition of R.S. Harris Transport, a provider of open deck transportation. Financial terms were not disclosed.
"This acquisition reinforces what we have articulated to shareholders for some time – we will always invest in opportunities that strengthen our existing Business Units. Harris has an established name in the Canadian trucking industry with a solid reputation for customer service as well as being a formidable competitor. Today I am pleased to announce that we have acquired another good Canadian company. Over the next few months, we will work with the customers and employees to transition the business of Harris into the Gardewine Group of Companies, the best way to realize synergies," Murray K. Mullen, Mullen Group Chairman and CEO.
US LBM, a distributor of specialty building materials, completed the acquisition of Brand Vaughan Lumber, a building product provider. Financial terms were not disclosed.
"This partnership will allow us to continue to grow and create new opportunities for our valued team members and customers, building on our message of 'Strength Lies Within'," Jon Vaughan, Brand Vaughan Lumber President and General Manager.
Mesquite Energy weighs the sale of some Eagle Ford assets.
Mesquite Energy, an oil and natural gas exploration and production company, is planning a sale of its Catarina Ranch assets in the Eagle Ford region of South Texas,
Reuters reported.
Divestiture of the assets, spread over 100k acres, could be a prelude to a sale of the company. Several oil producers have exited the Eagle Ford region to concentrate on the neighboring Permian basin as they focus on the most profitable locations.
Brazil expects a dealmaking boom led by energy, retail, healthcare.
Brazilian companies are striking mammoth share offerings and M&A deals, as Latin America's biggest economy recovers from the Covid pandemic with expected full-year GDP growth of 5%, potentially further lifting sectors from energy to healthcare,
Reuters reported.
M&A volume grew eightfold in the first half of 2021 from the same period a year earlier, to $56.8bn, while share offerings totaled $15.3bn, up 55%.
Robinhood files for IPO.
Robinhood, an American financial services company, filed for an initial public offering. The company intends to list on the NASDAQ under the symbol “HOOD.”
The company counted 18m users with funded accounts at the end of March, more than double a year earlier. Revenue in the first quarter of 2021 more than quadrupled to $522m. The daily average number of cryptocurrency trades on Robinhood expanded by a factor of 14, and net value of cryptocurrencies held in Robinhood users’ accounts rose to $11.6bn from $481m.
WCG Clinical files for a US IPO. (FS)
GIC-backed WCG Clinical, a regulatory and ethical review services provider for human research, filed for an initial public offering on Nasdaq and revealed a jump in its quarterly revenue.
Its revenue jumped by a third to $138m in the three months ended March 31. Net loss came in at $21m from $30m last year.
Goldman Sachs, Morgan Stanley and Bank of America are among the underwriters for WCG's IPO.
Grupo St Marche considers a $159m IPO. (FS)
L Catterton-backed Grupo St Marche, a Brazilian supermarket chain, has chosen banks for a potential initial public offering that could raise as much as $159m,
Bloomberg reported.
The company is working with Banco Santander Brasil, Banco Itau BBA and Banco BTG Pactual for a possible listing on Brazil’s local exchange. Talks are still in the early stages and the company could end up scrapping the transaction altogether.
Brookfield-backed Clarios International files for an IPO. (FS)
Brookfield-backed Clarios International, a manufacturer of automobile parts, files for a $100m initial public offering.
Listing plans for Clarios come two years after Brookfield won an auction to acquire the company from Johnson Controls International for $13bn.
Dole plans US IPO.
Dole, a fruit and vegetable producer, filed paperwork with regulators for an initial public offering in the US, seeking to pay down debt and cover merger costs.
Riskified files for US IPO. (FS)
General Atlantic and Fidelity Management & Research-backed Riskified, a provider of software as a service fraud and chargeback prevention technology, filed for an initial public offering in the United States.
The company did not reveal the price range and the number of shares it plans to sell. Its revenue jumped 30% to $170m for the year ended December 31, 2020, but it recorded a net loss of $11m.
General Atlantic collects $3bn to extend ownership of four portfolio companies. (FS)
General Atlantic, a growth investor that made early bets on Alibaba Group Holding and Priceline.com, has collected $3bn for a fund that gives the firm more time and money to develop four companies it has backed.
The company plans to support follow-on investments in the four companies: reinsurance intermediary Howden Group Holdings, commodities market research provider Argus Media, Mexican pharmaceutical company Laboratorios Sanfer, and online marketing services company Red Ventures,
WSJ reported.
“We’ve always asked, there must be a better way for us to continue holding our best investments for a very, very long period of time. With the development of this new source of capital, we may have found a very powerful tool for our investors,” Bill Ford, General Atlantic’s Chairman and CEO.
EMEA
The London Stock Exchange Group is confident the integration of its $27bn deal for Refinitiv, a data and analytics company, will pay off for the bourse despite recent challenges, Chief Executive David Schwimmer said.
The LSE's acquisition of Refinitiv turned the exchange into the second largest financial data company after Bloomberg,
Reuters reported.
"We're in a strong financial position. We remain confident in achieving financial targets that we set out when we announced the transaction," David Schwimmer.
Refinitiv was advised by Canson Capital Partners, Evercore, Jefferies & Company, Corrs Chambers Westgarth, Osler Hoskin & Harcourt, Simpson Thacher & Bartlett and Eterna Partners. London Stock Exchange was advised by RBC Capital Markets, Oliver Wyman, Barclays, Goldman Sachs, Morgan Stanley, Robey Warshaw, Blake Cassels & Graydon, Freshfields Bruckhaus Deringer and Teneo. Financial advisors were advised by Herbert Smith Freehills. CPPIB was advised by Weil Gotshal and Manges. Thomson Reuters was advised by Allen & Overy.
Reuters reported that Nvidia's proposed $40bn acquisition of Arm would better support the creation of UK technology jobs than the SoftBank Group unit becoming a standalone public company once again.
"We contemplated an IPO but determined that the pressure to deliver short-term revenue growth and profitability would suffocate our ability to invest, expand, move fast and innovate. Combining with Nvidia will give us the scale, resources and agility needed to maximize the opportunities ahead," Simon Segars, Arm CEO.
Arm is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. SoftBank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
A consortium of PE investors including Fortress Investment Group, Canada Pension Plan Investment Board and Koch Real Estate Investments, agreed to acquire Wm Morrison Supermarkets, a supermarket chain operator, for $8.7bn.
“We believe in making long-term investments focused on providing strong management teams with the necessary flexibility and support to execute their strategy in a sustainable and value enhancing manner. We fully recognise Morrisons’ rich history and the very important role Morrisons plays for colleagues, customers, members of the Morrisons Pension Schemes, local communities, partner suppliers and farmers. We are committed to being good stewards of Morrisons to best serve its stakeholder groups, and the wider British public, for the long term," Joshua A. Pack, Fortress Managing Partner.
Morrison is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Fortress is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew.
Brazilian auto parts company Tupy agreed to scale back its acquisition of Italy's Teksid to resolve US antitrust concerns that the deal could lead to higher prices for heavy-duty vehicles,
Reuters reported.
Under the deal, which was announced in December 2019, Fiat Chrysler (FCA) agreed to sell its Teksid cast-iron automotive components business to Tupy for an enterprise value of $249m.
Tupy will still acquire Teksid's operations in Brazil and Portugal but will refrain from purchasing the Mexican operations, the Justice Department said.
Tupy is advised by PricewaterhouseCoopers, Morgan Stanley, Cleary Gottlieb Steen & Hamilton, Ulhoa Canto Rezende e Guerra Advogados and Community Group. Debt Financing is provided by JP Morgan. FCA is advised by Mattos Filho and Sullivan & Cromwell.
Private equity firm Bain Capital and Cinven completed the acquisition of specialty ingredients business from Lonza, a producer of organic fine chemicals, biocides, active ingredients, and biotechnology products, for $4.7bn.
"Since announcing our intention to divest the Specialty Ingredients business, we have made significant progress in consolidating our new structure and identity and refining our focus as a pure-play partner to the healthcare industry. As the divestment of the Specialty Ingredients business completes, at Lonza we have an opportunity to consolidate our identity and redouble our focus on long-term growth while delivering value for our customers, employees and shareholders," Albert M. Baehny, Lonza Chairman.
PSP Investments was advised by Linklaters and FTI Consulting. Bain Capital was advised by Community Group. Lonza was advised by Bank of America and UBS.
Basalt Infrastructure Partners, a private equity firm, to acquire Unilode Aviation Solutions, a fleet management and equipment services provider, from EQT. Financial terms were not disclosed.
“We are very excited at the opportunity to acquire Unilode, and believe that it is a great addition to Basalt III. It will provide complementary diversification to the rest of the portfolio underpinned by its strong contracted revenues but with further growth opportunities. We recognise the key role that the company plays in assisting its customers drive efficiency and reduce their carbon footprint and we look forward to supporting the management team in continuing to deliver its core operational and sustainable service," John Hanna, Basalt Co-Head of Europe.
Basalt Infrastructure is advised by Jefferies & Company and Baker McKenzie. EQT is advised by Bar & Karrer and Deutsche Bank.
Burrus Group, an insurance agency, agreed to merge with Siaci Saint Honore, an independent French insurance broker. Financial terms were not disclosed.
Ontario Teachers’ Pension Plan Board will lead the investor consortium and acquire a 30% stake in the combined group, becoming the largest institutional shareholder. Bpifrance and Cathay Capital will acquire a 10% and 5% stake respectively.
“We share common values and a wealth of opportunities. This merger will generate new possibilities and the implementation of ambitious growth plans built on large business synergies,” Pierre Donnersberg, Siaci Saint Honore CEO.
OTPPB is advised by Kekst CNC and Citigroup. Siaci Saint Honore is advised by Havas Paris.
Summa Equity, a private equity firm, completed the acquisition of a majority stake in myneva, a software developer. Financial terms were not disclosed.
"Summa Equity is the ideal partner for myneva, due to our shared belief in the power of technology to drive real social change, and our commitment to solving some of the biggest challenges facing society. We have utmost confidence that Summa will help us to make an even greater impact in the years to come, through its industry expertise, and experience of working with sustainable and socially conscious businesses," Hartmut Clausen, myneva CEO.
myneva was advised by Ehrenberg 360. Summa Equity was advised by Scripsy.
Apollo Global Management, a private equity firm, agreed to acquire a 24.9% stake in Motive Partners, a specialist private equity firm focused on financial technology investments. Financial terms were not disclosed.
"Rob and the Motive teams’ exceptional financial technology expertise and network will significantly enhance our efforts to expand and improve technology capabilities throughout our entire platform-broadening distribution across new and existing channels and developing new product offerings for our asset management and retirement services businesses. Innovation is core to Apollo’s growth strategy and this partnership underscores our goal to be at the forefront of technological innovation in our industry," Marc Rowan, Apollo CEO.
Essity, hygiene and health company, completed the acquisition of a 75% stake in ABIGO Medical, which wholesales and distributes prescription drugs, proprietary drugs, and toiletries for $69m.
"The acquisition is a good strategic fit for Essity and strengthens the innovation capacity of our Medical Solutions business. ABIGO Medical has leading innovations in advanced wound care that reduce the spread of bacteria without increasing resistance to antibiotics," Magnus Groth, Essity President and CEO.
Deutsche Telekom to sell T-Mobile Netherlands for $5.3bn.
Deutsche Telekom has started selling its T-Mobile Netherlands subsidiary, a mobile phone company, which could be valued at around $5.3bn,
Bloomberg reported.
The company is working with Morgan Stanley and has sent out information on the business to potential bidders. It has asked for first-round offers to be submitted this month.
Revolut considers new fundraising.
Revolut, a financial technology company, is in talks with SoftBank's Vision Fund 2 about fundraising that could value it at well over $30bn.
Sky News reported that SoftBank's Vision Fund 2 is one of a small number of investors which Revolut and its advisers have asked to submit offers in recent weeks for an investment of between $750m and $1bn.
The deal would instantly transform Revolut into one of the most valuable fintech companies ever launched in Europe if completed.
BC Partners explores options for CeramTec. (FS)
BC Partners, a British international investment firm, has started exploring options for CeramTec, a German technical-ceramics maker, after receiving approaches from rival private equity funds,
Bloomberg reported.
The buyout firm is in the early stages of studying possibilities, including a sale or initial public offering of CeramTec. A deal could value the business at $4.1bn or more.
Mediaset evaluates options to kick off cross-border consolidation.
Mediaset, an Italian-based mass media company, has several options to embark on a long-held project to pursue cross-border consolidation and is currently talking to various potential partners,
Reuters reported.
Mediaset approved moving its legal base to the Netherlands to press on with long-delayed plans to expand overseas and fend off rising competition in the sector.
Mediaset could also consider an offer for British TV broadcaster Channel 4 if it were put up for sale and freed from its public service obligations.
Apollo plans to launch a SPAC in Amsterdam. (FS)
Apollo Global Management is considering launching a blank-cheque firm in Amsterdam in the first such vehicle led by an alternative asset manager to go public in Europe,
Reuters reported.
Apollo is looking to raise about $473m from a new special purpose acquisition company which is expected to go public after the summer.
The US buyout fund appointed Credit Suisse and JP Morgan.
GSK rejects Elliott's demands for board change, consumer sale.
GlaxoSmithKline, a British multinational pharmaceutical company, rejected Elliott's demands that the company change its board and sell its consumer healthcare arm after separating it from its pharma business, a day after strongly worded proposals from the activist investor,
Reuters reported.
"The Board strongly believes Emma Walmsley is the right leader of New GSK and fully supports the actions being taken by her and the management team," GSK.
Gupta clashes with aide over tussle for GFG aluminum unit. (FS)
Sanjeev Gupta has fallen out with one of his top aides over the sale of his company’s aluminum assets,
Bloomberg reported.
The clash with Jay Hambro, Gupta’s GFG Alliance CIO, has reopened the competition for the aluminum unit, which includes Europe’s largest aluminum smelter at Dunkirk, France.
Hambro has provoked Gupta by backing a bid from US private equity group American Industrial Partners. Now Gupta is considering offers from several others, including commodity traders Glencore and Trafigura Group.
Syngenta seeks to raise $10bn in Shanghai IPO.
Syngenta Group, a global provider of agricultural science and technology, seeks to raise $10bn in Shanghai IPO that could become the world’s largest initial public offering this year.
Syngenta intends to list on Shanghai’s Nasdaq-style Star Board. The company plans to sell as many as 2.79bn new shares in the IPO, equivalent to a 20% stake.
Hepsiburada's IPO on Nasdaq hits $3.9bn value.
Hepsiburada.com, an advanced e-commerce operations infrastructure in Turkey, was valued at $3.9bn in its initial public offering on Nasdaq, the first such listing on the exchange by a Turkish firm.
The company sold shares at $12 apiece and intends to use the proceeds to offer additional services such as booking flights and money transfers.
Bridgepoint plans a £2bn London IPO.
Bridgepoint plans to raise around £300m ($415m) through the initial public offering to fund expansion into real estate and infrastructure investments in the middle market.
The IPO plan follows that of another partnership, Mischcon de Reya, which is also planning to raise new funds on the stock market for expansion and to give a broader range of staff the chance to own a share in the business.
JP Morgan and Morgan Stanley are acting as joint global coordinators, with JP Morgan as sole sponsor and BNP Paribas, Citi, and Merrill Lynch as joint bookrunners. Bridgepoint is advised by Moelis.
Greenvolt seeks valuation of up to $687m in IPO.
GreenVolt, a Portuguese biomass energy firm, seeks a valuation between €543m ($644m) and €581m ($689m) with the listing of up to 25.2% of its shares planned on July 13.
Greenvolt, which is fully owned by Portuguese pulp producer Altri, intends to raise up to €206m through a stock market listing to fund its expansion, including in European solar parks and wind farms,
Reuters reported.
Oxford Nanopore to use "anti-takeover" shares in future IPO.
Oxford Nanopore, a UK-based company that is developing and selling nanopore sequencing products, can use its “anti-takeover” structure in future IPOs to dodge foreign bidders and become a national champion.
This week, the company applied for shareholder approval to give CEO Gordon Sangela “limited anti-takeover shares” so that it could refuse hostile takeovers. These shares will expire after three years and no other voting rights will be granted,
FT reported.
Padenga Holdings plans a Zimbabwe IPO.
Padenga Holdings, a crocodilian skins and meat producer, received shareholder approval to list on Zimbabwe’s new bourse, which trades exclusively in US dollars.
"The company will list on the Victoria Falls Exchange, or VFEX, on July 9 after delisting from the main bourse in the capital," Oliver Kamundimu, Padenga CFO.
Eurazeo nears a close of its third growth fund at about $1.42bn hard cap. (FS)
Eurazeo is nearing a close of its third growth fund at about $1.42bn hard cap, but the Paris-based asset manager is already plotting the fund’s successor,
WSJ reported.
The firm aims to return to the market with its fourth growth fund early next year.
Nordic Capital raises €1.2bn for its debut mid-market fund. (FS)
Nordic Capital, a private equity fund focus on investments primarily in Northern Europe, raises €1.2bn ($1.4bn) for its debut mid-market fund. The fund had an initial target of €750m ($890m).
“Nordic has been doing one thing since our inception, and our funds are going up in size. What we’re seeing is a very interesting opportunity set in the mid-market for our sector strategy,” Kristoffer Melinder, Nordic Capital Managing Partner.
Unigestion deployed 40% of Unigestion Direct II fund.
Unigestion, an investment management company, has already deployed over 40% of its second direct private equity fund after closing at over €600m ($711m).
“We have built a strong track record of investing in small and mid-market companies over the past 20 years, targeting businesses that are often below the radar of other investors. This is a specialised skill and we are delighted to have achieved our goals with the fundraise for UDII. The quality of the portfolio that we have already built for UDII is testament to our ability to source highly attractive deals in this environment," Christophe de Dardel, Unigestion Head of Private Equity.
Mubadala to invest $414m in African private equity funds. (FS)
Mubadala, an Emirati state-owned holding company, and Bpifrance, a French state-owned investment bank, agreed to invest $414m in African private equity funds.
The companies intend to make joint investments in top-tier African private equity and venture capital funds, with a focus on high-growth African startups, SMEs and mid-caps.
APAC
Private equity firms Faering Capital, Sequoia Capital and IIFL Alternate Asset Managers, led a $200m funding round in Digit Insurance, an insurtech startup.
The funding comes at a time when risk investors are aggressively seeking a piece of India’s burgeoning online insurance industry, which is gaining from the transition to a digitized economy.
Partners Group, a private equity firm, agreed to acquire a 24.9% stake in Apex International, an integrated logistics solutions provider. Financial terms were not disclosed.
"Apex is a leading player in the China cross-border freight forwarding market, with a growing international presence and significant potential for further expansion. We have long admired the Company and its management team and are excited to be able to contribute to its future growth. Similarly, we are delighted to partner with Kuehne+Nagel, one of the world's longest-established logistics companies, blending private equity with leading logistics industry expertise," Marcel Erni, Partners Group Co-Founder.
Manulife in talks to take over a full control of Chinese JV.
Manulife Financial, a Canadian multinational insurance company, is considering the acquisition of full control of its mutual fund joint venture in China to expand in one of the world's fastest-growing wealth markets,
Bloomberg reported.
The insurer is in talks to acquire the 51% stake being sold by partner Teda Investment Holding. The stake would cost at least $272m, according to an auction statement.
Telenor evaluates options for Myanmar operation.
Telenor, a Norwegian majority state-owned multinational telecommunications company, is considering options for its operations in Myanmar due to the country's deteriorating business and security situation.
Telenor wrote off the value of its Myanmar unit in May, booking a loss of $752m after its mobile business remained severely restricted following the February 1 military coup.
Telenor was exploring a Myanmar unit sale and Citi had been hired to sell the business, with non-binding bids due in the coming weeks, Reuters reported.
Haier Group and Xiaomi plan to join Alibaba Group in a bailout of Suning.com.
Two home appliances and consumer electronics companies Haier Group and Xiaomi are among investors considering joining Alibaba Group Holding in a mega bailout of cash-strapped Suning.com, a non-government retailer in China,
Bloomberg reported.
Midea Group, TCL Technology Group and Yuyue Group are also considering the acquisition of a stake in the retail arm of Chinese billionaire Zhang Jindong’s Suning empire. They could be joining Alibaba and the government of China’s eastern Jiangsu province, which are nearing a deal for an interest in Suning.com.
Cleantech Solar Energy promoters in talks to sell a majority stake.
The promoters of Cleantech Solar Energy intend to sell their majority stake in the green energy firm backed by Royal Dutch Shell,
DealStreetAsia reported.
Standard Chartered has been hired to find a buyer for the potential deal that could rank among the largest so far in India’s solar rooftop space.
China unveils a new cyber probe after Didi's IPO.
Didi Global, a Chinese vehicle for hire company, tumbled after China said it’s starting a cybersecurity review of the ride-hailing company just two days after it pulled off one of the biggest US stock market debuts of the past decade.
The move is to prevent data security risks, safeguard national security and protect public interest,
Bloomberg reported. Didi has halted new user registrations during the probe. The company, which only started trading on Wednesday in New York after an initial public offering, fell 7% to $15.26.
Kakao Pay plans to raise $1.4bn in IPO.
Kakao Pay, a mobile payment and digital wallet service provider, is planning to raise as much as $1.4bn in an initial public offering in Seoul.
The company will sell 17m new shares at $60 to $87 apiece. At the top of the range, its market capitalization could exceed $11bn. The firm is scheduled to debut on August 12.
Zomato gets Sebi approval for $1.1bn IPO.
Zomato, an Indian multinational restaurant aggregator and food delivery company, has received approval from the Securities and Exchange Board of India for a $1.1bn initial public offering,
DealStreatAsia reported.
The IPO is likely to value the online food aggregator at close to $9bn. Zomato has stated that its plans to use a majority of the proceeds for organic and inorganic growth.
NTPC plans an IPO for its renewables unit.
NTPC, an Indian government-owned electric utility company, plans an IPO for its renewables unit to help fund a $34bn clean energy expansion.
The New Delhi-based producer wants to list its NTPC Renewable Energy unit in the next fiscal year, which begins in April 2022,
Bloomberg reported.
Cars24 in talks to raise about $250m in new funding round. (FS)
Cars24, a homegrown used-vehicle platform, is in talks to raise $200-$250m in new financing from existing investors, including DST Global, at a valuation of up to $2bn. Other investors including Moore Capital Management may also join the round,
DealStreetAsia reported.
Cars24 was valued at over $1bn after it raised $200n in its Series E round in November last year. The round was led by DST Global, with participation from existing investors including Exor Seeds, Unbound, and Moore Strategic Ventures.
Arrail files for Hong Kong IPO.
Arrail Group, a dental service provider, is conspiring listing on the Hong Kong Exchange, the latest in a line of healthcare companies seeking to tap the city's buzzing equity fundraising market.
The company plans to use the bulk of proceeds from its offering to open new hospitals and clinics in large cities in China.
