AMERICAS
Clearlake Capital Group, a private investment firm, agreed to acquire Endurance International Group, a provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online, for $3bn.
"The Endurance family of brands has built a leading position in the large and growing cloud hosting, domain, and digital marketing software space. We look forward to partnering with this talented team and supporting its long-term strategic plan to drive growth through its focus on customer value," Behdad Eghbali, Clearlake Co-Founder and Managing Partner, and James Pade, Clearlake Partner.
Endurance is advised by Centerview Partners, Goldman Sachs and WilmerHale. Clearlake is advised by Lazard, Rothschild & Co, Kirkland & Ellis, Sidley Austin and Lambert & Co. Debt financing was provided by Bank of America Merrill Lynch, Deutsche Bank, JP Morgan and UBS.
Leonard Green & Partners, a private equity investment firm, agreed to acquire Service Logic, an independent provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, from Warburg Pincus. Financial terms were not disclosed.
"Our investment philosophy is to partner with world-class management teams to support market-leading companies with multiple ways to grow. Service Logic exemplifies this market leadership in the commercial HVAC services space, making it an ideal fit. We are excited to partner with Craig and the entire Service Logic team in supporting the next phase of the Company's growth," Chris McCollum, Leonard Green & Partners Partner.
Service Logic is advised by Harris Williams & Co, Moelis & Co and Kirkland & Ellis. Leonard Green & Partners is advised by Latham & Watkins. Debt for a transaction is provided by Antares Capital, Crescent Capital Partners, JP Morgan and Morgan Stanley.
Aeva, a provider of comprehensive perception solutions developed on Silicon Photonics for mass-scale applications in automotive, consumer electronics, consumer health, industrial and security markets, is set to go public via $2.1bn merger with InterPrivate Acquisition, a special-purpose acquisition company.
“From the beginning our vision has been to create a fundamentally new sensing system to enable perception across all devices. This milestone accelerates our journey toward delivering the next paradigm in perception to mass market applications, not just in automotive but consumer and beyond,” Soroush Salehian, Aeva Co-founder and CEO.
InterPrivate Acquisition is advised by Morgan Stanley and Greenberg Traurig. Aeva is advised by Credit Suisse, and Latham & Watkins. Financial advisors are advised by Davis Polk & Wardwell.
NorthEdge-backed Catalis, a UK-based independent game company, completed the acquisition of IronOak Games, an independent games developer. Financial terms were not disclosed.
"We are really looking forward to working alongside the IronOak team to expand the For The King IP. This acquisition, again supported by Vespa Capital and NorthEdge, is another sign of our commitment to continued growth. As a fast growing, ambitious publisher Curve is looking at more acquisitions and encouraging developers that might want to work with us to reach out," Dominic Wheatley, Catalis Group Chief Executive.
Catalis was advised by DWF, Miller Thomson and Grant Thornton. IronOak was advised by Branham & Company and Voyer Law.
Macquarie Capital and GCM Grosvenor, two private equity firms, agreed to acquire Alaska Communications, a full-service telecommunications provider in Alaska, for $300m.
TAR Holdings, which owns approximately 8.8% of the outstanding shares of Alaska Communications common stock, has entered into a voting agreement with Macquarie and GCM, among other things, to vote in favor of the merger.
"After carefully evaluating Macquarie Capital’s and GCM’s offer, we are confident that this transaction is in the best interest of Alaska Communications and its stockholders. Macquarie Capital has a proven track record of delivering large and complex transactions globally on accelerated timelines, and GCM’s Labor Impact Fund provides strategy driven capital that we expect will generate real value for our customers and the Alaska Communications workforce," David W. Karp, Alaska Communications Chairman of the Board of Directors.
Alaska Communications is advised by B. Riley FBR and Sidley Austin. GCM Grosvenor is advised by Morgan Lewis & Bockius. Macquarie Capital is advised by Goodwin Procter.
Cerberus Capital Management, an American private equity firm, agreed to acquire Dorel Industries, a Quebec-based bicycle and children's product maker, for $354m. The proposed transaction will be subject to shareholder, regulatory and court approvals, including approval by a majority of votes cast by Dorel’s minority shareholders.
"Dorel has granted the buyer group exclusivity through November 10, 2020, to complete negotiations and enter into a definitive transaction agreement between Dorel and the buyer group," Cerberus Capital Management.
Dorel Industries is advised by BMO Capital Markets. Cerberus Capital Management is advised by TD Securities and McCarthy Tetrault.
Avon Rubber, a British company that specialises in the engineering and manufacturing of respiratory protection equipment for the military, completed the acquisition of Team Wendy, a US supplier of exceptional head protection systems for military, law enforcement, search and rescue, and adventure markets, for $130m.
"The acquisition of Team Wendy is another important strategic step in the transformation of Avon Rubber into a leading provider of life-critical personal protection systems. Team Wendy is a high-quality business with complementary liner and retention system technologies and established positions in Rest of World Military and First Responder helmet markets. Bringing Team Wendy into the same family with our existing Helmets & Armor business establishes Avon Protection as a global leader in Military and First Responder helmets, with an enhanced and broader product portfolio with stronger capabilities and routes to market," Paul McDonald, Avon CEO.
Avon Rubber was advised by Evercore, William Blair & Co and MHP Communications.
Ocado, the online grocery platform and solutions provider, agreed to acquire Kindred Systems, a provider of information technology security solutions, for $262m, and Haddington Dynamics, an advanced research and development company, for $25m.
"We have achieved very strong growth with our retail e-commerce fulfilment customers over the last 3 years, and the unique challenges presented in grocery fulfilment will bring an even richer learning environment, further expanding on both our technology and market solutions set. Benefitting from Ocado's excellence in research, technology, product development and partnering will give Kindred Systems the opportunity to continue to grow and stay at the forefront of AI and machine learning automation and workforce collaboration," Marin Tchakarov, Kindred Systems CEO.
Kindred is advised by Tulchan Communications. Ocado is advised by Davis Polk & Wardwell.
Private equity firms Advent International and Great Hill Partners agreed to invest in RxBenefits, a provider of pharmacy plans, expert advice, superior service, and guaranteed rates. Financial terms were not disclosed.
The pending recapitalization is set to value the Birmingham, Alabama, company north of $1bn. The two Boston-headquartered firms' respective stakes upon completion of the deal are unclear.
RxBenefits is advised by Barclays and TripleTree.
Coupa Software, a provider of Business Spend Management solutions, completed the acquisition of LLamasoft, a company in AI-powered supply chain design and planning, for $1.5bn.
"LLamasoft's deep supply chain expertise and sophisticated data science and modeling capabilities, combined with the roughly $2trn of cumulative transactional spend data we have in Coupa, will empower businesses with the intelligence needed to pivot on a dime. Together, we will deliver a more powerful Business Spend Management platform to help organizations everywhere maximize the value of every dollar they spend in a smarter, simpler, and safer way," Rob Bernshteyn, Coupa Chairman and CEO.
LLamasoft was advised by Kirkland & Ellis.
Curtiss-Wright, an American, global diversified product manufacturer and service provider for the commercial, industrial, defense, and energy markets, completed the acquisition of Pacific Star Communications, a provider of tactical communications solutions for battlefield network management, for $400m.
The acquisition supports Curtiss-Wright’s financial objectives for long-term profitable growth and strong free cash flow generation. PacStar is expected to generate sales in excess of $120m in 2020 and is expected to yield significant opportunities for revenue growth.
Curtiss-Wright was advised by Reed Smith.
Perenco, an independent Anglo-French oil and gas company, completed the acquisition of a remaining 51% stake in Mexican operations of Petrofac, a provider of oilfield services to the international oil and gas industry, for $276m.
The uncertainty surrounding the Mexican Energy Reform programme and the outcome of other events is expected to result in a material non-cash impairment charge to be recognized at December 31, 2020. This exceptional impairment charge will take into account management's assessment of the fair value of future consideration receivable.
Petrofac was advised by Tulchan Communications.
Foreside Financial Group, a provider of governance, risk management, and compliance service and technology, completed the acquisition of Integrated Compliance Solutions Group, a regulatory compliance services firm serving the asset management industry in the US and Africa, with an emphasis on private funds and emerging managers. Financial terms were not disclosed.
"When assessing any of the acquisitions we've made, quality of client service and industry expertise are top considerations. ICSGroup fulfills these ideals, and we're excited to have the opportunity to work alongside them. From a strategic standpoint, this acquisition puts us in a great position, despite the unprecedented times in which we're operating, to continue executing on our overall growth strategy across client types," Dave Whitaker, Foreside President.
Foreside was advised by BackBay Communications.
Huron Consulting, a global professional services firm, completed the acquisition of ForceIQ, a certified Salesforce Industries partner. Financial terms were not disclosed.
"Businesses are being forced to rethink how they engage with their customers and reassess how they get work done as a result of the disruption in today’s economic environment. This acquisition accelerates Huron’s commitment to helping our clients better compete in disruptive and highly competitive markets," James H. Roth, Huron CEO.
Huron Consulting was advised by Skadden Arps Slate Meagher & Flom.
Mubadala Investment led a $700m funding round in REEF Technology, a technology company that plans to transform static parking facilities into thriving mobility and dynamic logistic hubs. SoftBank Vision Fund, UBS Asset Management and Target Global also participated in the round.
“We are excited for this next stage of growth and are committed to continue learning, listening and working with our communities to reimagine urban real estate into localized and networked infrastructure that entrepreneurs and cities can use to deliver goods and services sustainably and directly to our neighborhoods. By working together, we can reimagine and rebuild our urban spaces for people, not just cars, and help our cities become more sustainable and inclusive centers of community and opportunity,” Ari Ojalvo, REEF CEO.
British American Tobacco, a British multinational company that manufactures and sells cigarettes, tobacco and other nicotine products, completed the acquisition of nicotine-pouch business of Dryft Sciences, a provider of innovative nicotine alternatives to traditional tobacco products. Financial terms were not disclosed.
"Today's announcement underscores our societal commitment to accelerate our transformation and build A Better Tomorrow. Our multi-category strategy is key to our transformation. The addition of Dryft to our US Velo brand is a major step forward, further enhancing our successful vaping and oral portfolio," Jack Bowles, BAT CEO.
Southland Industries, a provider of MEP building systems solutions, completed the acquisition of Burns Mechanical, a mechanical contractor based in the greater Philadelphia region. Financial terms were not disclosed.
“Philadelphia fits within our Mid-Atlantic Division’s current footprint and is nearly adjacent to the Washington DC/Baltimore market. Being this close to each other will allow for close collaboration and will allow Burns to leverage Southland’s capabilities,” Ted Lynch, Ph.D., Southland Industries CEO.
Homestead Capital raised $596m for Fund III. (FS)
Homestead Capital, a private equity firm investing in farmland in the United States, has held a final close of its third fund, Homestead Capital USA Farmland Fund III, with $596m in capital commitments. With these additional commitments, the firm has surpassed $1bn in AUM across its three funds.
"We are grateful for the support and opportunity to invest on behalf of our broad range of returning and new investors. We are humbled by our limited partners' confidence in us as investors. Fund III represents an endorsement of our ability to drive positive investment outcomes and act as long-term stewards of our limited partners' capital," Dan Little, Homestead Co-Founder and Co-CEO.
GGV Capital raised up to $2.5bn across the latest trio of fundraising vehicles. (FS)
GGV Capital, a private equity investor, could collect up to $2.5bn across its trio of new fundraises. GGV was eyeing $1.2bn for its core GGV Capital VIII fund, and $300m for a related Plus Fund to provide extra capital to Fund VIII portfolio businesses.
It was also eyeing up to $500m for its third seed-stage Discovery Fund, which cited documents from the Rhode Island State Investment Commission. But the firm could go another $500m higher across the funds according to its latest securities filings for the vehicles.
Petrichor Healthcare Capital Management Fund raised $410m. (FS)
A team of former OrbiMed Advisors investment professionals have raised $410m for the final close of their debut Petrichor Healthcare Capital Management fund. The fundraise was boosted by a debut investment from Archean Capital Partners, a joint venture between Veritable and Moelis Asset Management.
"As a spin-out, Petrichor was an ideal partner for Moelis and Archean, which were fundamental to the success we’ve had with the fundraise. We could not be more excited about the team we have built. Patrick Lally, Michael Beecham, and I previously worked together, and this high level of continuity has given us and our partners considerable confidence in our strategy," Tadd Wesse, Petrichor Founder and Managing Partner.
Blackstone to acquire Corporate Office Properties Trust for $300m. (FS, RE)
Blackstone Group is investing in a group of US data centers as more consumers shift to the internet during the pandemic, Bloomberg reported.
A unit of the private equity giant is acquiring a roughly 90% interest in the real estate for eight single-tenant centers in Northern Virginia, announcing a joint venture with Maryland-based Corporate Office Properties Trust. The sites are valued at nearly $300m and span 1.3m square feet.
Co-founder of GSO and former JC Flowers executive to form Hunter Point Capital. (People)
Bennett Goodman, the co-founder of Blackstone's $125bn GSO credit platform, has teamed up with former JC Flowers managing director Avi Kalichstein to form Hunter Point Capital, which will target stakes in mid-market alternative asset managers, which has formed a strategic partnership with a group of leading global investment entities associated with Jacob Rothschild.
Goodman and Kalichstein are joined by former Carlyle global head of investor relations Michael Arpey, who becomes a president at the firm, and KKR’s former Asia head of client and partner group Rex Chung, AltAssets reported.
EMEA
Veolia undertakes to make a public takeover bid for the entire share capital of Suez at a price of €18 ($21) per share as soon as the Board of Directors of Suez issues an opinion in favor of this proposal and deactivates the inalienability mechanism applicable to the water business in France.
"We are convinced that we will manage to persuade the Board of Directors of Suez, either in its current form or, failing that, after a General Meeting, of the relevance of our proposal. For this reason, we wish to further clarify our timetable and to undertake to make our bid as soon as the Board of Directors issues a favorable opinion. In summary: the only thing preventing all Suez shareholders from benefiting from a public takeover bid at €18 ($21) per share is the opposition from the Board of Directors of Suez in its current form," Antoine Frérot, Veolia's Chairman and CEO.
Veolia is advised by Bank of America Merrill Lynch, Citigroup, Credit Agricole, Deutsche Bank, HSBC, Morgan Stanley, Messier Maris & Associes, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes and Xavier Boucobza. Suez is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co and Brunswick Group.
Nvidia's $40bn deal for Arm, a British semiconductor and software design company, is facing fresh problems in China, after it emerged that the disaffected head of Arm's local joint venture controls almost 17% of the unit, FT reported.
Company registration documents show that Allen Wu, Arm China chief executive, assumed control of a key investment firm in November last year, and now controls four out of six of Arm China's shareholders. Two of the companies controlled by Mr Wu have filed lawsuits in Shenzhen to protest that he was wrongfully dismissed by Arm and its main partner in the joint venture, the private equity firm Hopu, in June.
Arm is advised by Hogan Lovells. NVIDIA is advised by Morgan Stanley, Cleary Gottlieb Steen & Hamilton and Latham & Watkins. SoftBank is advised by Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co.
Waterfall, an investment adviser, agreed to acquire Alternative Credit Investments, a closed-ended investment company, for $825m.
"We are very pleased to announce this acquisition with the unanimous recommendation of the Board of ACI. As an experienced asset manager in the structured credit market, we believe that the acquisition represents an attractive opportunity to secure a portfolio of assets that fits with our existing investment strategy while seeking to provide ACI Shareholders with certain and timely liquidity at an attractive price," Patrick Lo, Waterfall Partner.
Waterfall is advised by Numis Securities, Latham & Watkins and Garfield Advisory. ACI is advised by Liberum Capital, Smith Square Partners, Stephenson Harwood and Brunswick Group.
PerkinElmer, a multinational listed corporation headquartered in the United States, agreed to acquire Horizon Discovery, a UK gene editing and gene modulation company, for $383m.
"One of the key fundamentals for molecular research and drug discovery is being able to knock down a gene or function and explore the results to discover actionable insights and new clinical trial candidates faster. We're excited to team up with Horizon to not only add CRISPR and RNAi capabilities into our existing portfolio, but also to leverage our combined screening and applied genomics solutions to help propel the next phase of cell and gene research for precision medicine. PerkinElmer leads with science and creates total solutions to bring today's leading innovations together for our customers, while also working at the cutting edge of what's next," Prahlad Singh, PhD, PerkinElmer President and CEO.
Horizon Discovery is advised by Evercore, Covington & Burling and Consilium Strategic Communications. PerkinElmer is advised by Numis Securities and Hogan Lovells.
Neste, an oil refining and marketing company, agreed to acquire a Rotterdam-based refinery from Bunge, a company which is involved in sourcing, processing and supplying oilseed and grain products and ingredients, for $300m.
"This transaction supports our long-term strategy in value-added oils and oilseeds-based ingredients by enabling us to further enhance our footprint in an innovative and sustainable way," Greg Heckman, Bunge's Chief Executive Officer.
Bunge is advised by De Brauw Blackstone Westbroek, NautaDutilh and Shearman & Sterling.
Mubadala, an Abu Dhabi-based sovereign investment company, agreed to acquire a stake in Group 42, an Abu Dhabi-based artificial intelligence and cloud computing company, via the integration of Injazat and Khazna Data Centers. Financial terms were not disclosed.
“We believe Injazat and Khazna’s respective expertise in end-to-end digital and data center solutions will significantly expand and enhance our product and service offering for our clients, and we welcome them into our ecosystem. These are two great technology entities, and this agreement reflects G42’s continuous effort to deliver cutting-edge, AI-enabled solutions to the region. Equally, we are looking forward to the expertise Mubadala brings to our organization, having founded and grown not only these two thriving companies, but also other complementary businesses,” Peng Xiao, Group 42 CEO.
G4S rejects bid from Allied Universal.
G4S, a British multinational security services company, rejected a takeover proposal from Allied Universal Security Services, a US provider of security products and services, with the British guarding company now at the center of a potential tussle between two suitors.
Allied Universal on October 28 tabled a "highly conditional indicative offer" of at least $2.74 per share, subject to due diligence. The board rejected the proposal on the grounds it "significantly undervalues G4S and its prospects," Bloomberg reported.
Ghana Parliament to review Gold Royalties IPO.
Ghanaian President Nana Akufo-Addo will seek a second parliamentary review of a gold-royalty fund after a probe raised concerns about its advisers and valuation.
The finance ministry and the Attorney General will also do a review of the transaction advisers and other key areas of concern in the structuring of the fund, which had its $500m IPO suspended last month.
The share sale was scheduled to start in September to take advantage of record gold prices. The fund would be structured to pay dividends from the government’s income from gold operations after listing in London and on the domestic stock exchange.
BP nears sale of Thomas Lau’s firm. (RE)
BP is nearing a deal to sell its London headquarters to a firm controlled by Thomas Lau, brother of Hong Kong property billionaire Joseph Lau. The deal would be the first big real estate acquisition in the UK for Lifestyle International, whose chairman and largest shareholder is Thomas Lau. His brother Joseph is already a major investor in London property through his development company Chinese Estates.
The oil giant is in advanced talks to sell the office building in historic St. James's Square to a company backed by Lifestyle International Holdings, Bloomberg reported. The Hong Kong department store operator has offered about £235m ($305m) for the property.
APAC
The Competition Commission of India has approved the $606m acquisition of Bharti AXA General Insurance, a joint venture between Bharti Enterprises and Axa business Group that operates in India and offers general insurance products to retail and commercial clients, by Indian insurer ICICI Lombard General Insuranc.
Following the CCI approval, ICICI Lombard and Bharti AXA are likely to create an integration committee to advance the merger process. The parties will be seeking regulatory approvals from the Securities and Exchange Board of India, Reserve Bank of India, the Indian Insurance Regulatory and Development Authority, the National Company Law Tribunal, and others for the closing of the deal.
Microsoft, GIC and Emtek Group, an Indonesian technology, telecommunication and media conglomerate, agreed to invest in Bukalapak, an Indonesian online marketplace, in a $100m deal.
The deal takes Bukalapak closer to its target of raising $200m to bankroll an online expansion. The company is in discussions with other potential investors to secure additional capital.
Ant's record IPO delayed in Shanghai and Hong Kong Stock exchanges.
China called a sudden halt to the world's biggest IPO, casting uncertainty over the future of financial-technology giant Ant Group and delivering an extraordinary rebuke to its controlling shareholder, Jack Ma, WSJ reported.
The Shanghai Stock Exchange suspended Ant's blockbuster IPO, a day after four regulatory agencies summoned Mr Ma and the company's top two executives to a closed-door meeting.
Bain Capital joins race to acquire Piramal Glass. (FS)
Bain Capital has joined the race to acquire a controlling stake in Piramal Glass Private, an Indian glass packaging company providing packaging for pharmaceutical and perfume industry, for up to $900m.
DealStreetAsia reported that Bain Capital's offer which came over the weekend is higher than rival Blackstone's group binding bid which has offered close to $790m for the company.
The transaction, when its goes though, will mark another stake divestment by Piramal group which is looking to shore up the capital base of its real estate, pharma and financial services businesses through stake sales in non-core businesses.
Alibaba-backed AutoX in talks with investors for funding.
AutoX, Chinese autonomous vehicle startup backed by Alibaba Group Holding, is in talks with prospective investors to fund fleet expansion and development and prepares for tests in four more cities, Reuters reported.
AutoX, also backed by Dongfeng Motor Group and SAIC Motor, offers robotaxi services in a Shanghai district. It now plans to build up test fleets in Beijing, western Chongqing and two other cities. The four-year-old firm is also in talks with prospective investors to fund fleet expansion and development.
Seven & i to divest up to 300 gas stations after acquiring Speedway.
Japan’s Seven & i Holdings, parent of the 7-Eleven convenience store chain, is aiming to sell as many as 300 gas stations following its deal to acquire Marathon Petroleum for $21bn, Reuters reported.
Seven & i is working with investment bank Nomura to solicit buyers. Seven & i said in August it expected net proceeds of $1bn, without disclosing how many stations it would sell.
TDR Capital, the private equity firm that owns British petrol station operator EG Group and lost out to Seven & i in the race for Speedway, plans to make an offer for the gas stations.
Meituan considers the second listing in China.
Meituan is considering a second listing in China as soon as next year after its Hong Kong shares more than quadrupled in the two years since its debut, Bloomberg reported.
The world’s largest meal delivery service has held initial discussions with advisers for the potential share sale in China. Meituan is weighing ChiNext, a Nasdaq-style board under the Shenzhen Stock Exchange, among possible listing venues in China.
Meituan, backed by Tencent, raised about $4.2bn in its Hong Kong IPO in 2018. The stock has since jumped more than 300% after the company turned profitable and demand for takeout service bounced back from a pandemic-induced disruption. Meituan has a market value of about $224.6bn.
Duddell Street Acquisition closed a $175m IPO.
Duddell Street Acquisition closed its IPO of 17.5m units at a price of $10 per unit. The units began trading on the Nasdaq on October 29, 2020. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at $11.5 per share.
The company was formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Although the company's efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on global companies in telecom, media and technology, healthcare, fintech and consumer sectors with compelling Asian growth potential.
|
