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AMERICAS
Cleveland-Cliffs, an American steel manufacturer specialized in the mining, beneficiation, and pelletizing of iron ore, completed the acquisition of Stelco, a Canadian steel company, for $2.5bn.
“Cliffs, led by industry leader Lourenco Goncalves, has made it clear both in words and in practice, that they share many of the core values that have led to Stelco’s recent success, and I am confident that the strong legacy of Stelco, our partners and our employees are in very good and strong hands going forward," Alan Kestenbaum, Stelco Chairman and CEO.
1440 Foods, a portfolio of sports and active nutrition brands, completed the acquisition of FITCRUNCH, a protein bar brand. Financial terms were not disclosed.
“We are thrilled to join the 1440 Foods platform and to bring together two talented teams with deep experience in the nutrition category, retail, branding, and manufacturing. FITCRUNCH and 1440 products enjoy industry-leading loyalty, and combining our portfolios and innovation capabilities will help reach more consumers on more occasions and in more channels. I look forward to leading the company through its next chapter of growth," Patrick Cornacchiulo, FITCRUNCH CEO.
FITCRUNCH was advised by KeyBanc Capital Markets, Piper Sandler and Finn Dixon & Herling. 1440 Foods was advised by KPMG, William Blair & Co, Ropes & Gray and Stanton PRM. Debt financing was provided by BNP Paribas, Deutsche Bank, Jefferies & Company and Macquarie Group.
Almaviva, a private Italian digital innovation group, completed the acquisition of Iteris, a technology ecosystem for smart mobility infrastructure management, for $335m.
“We are thrilled to join Almaviva’s portfolio of leading digital innovation companies. While our ownership has changed, our commitment to our customers and the way we serve them has not. Leveraging Almaviva’s global network and deep expertise in transportation and other sectors, we now have access to exciting new resources to continue to build on our proven ClearMobility platform, expand our offerings and accelerate innovation. We look forward to continuing to pioneer digital mobility solutions, providing customers a broader portfolio of solutions, and enhancing value for our stakeholders in North America and around the world," Joe Bergera, Iteris President and CEO.
Iteris was advised by Morgan Stanley, Latham & Watkins and FGS Global. Morgan Stanley was advised by Paul Weiss Rifkind Wharton & Garrison. Almaviva was advised by Ernst & Young, Goldman Sachs, King & Spalding, Legance, Linklaters and Barabino & Partners.
American Industrial Partners, a private equity firm, completed the acquisition of the Grain & Protein business of AGCO, an American agricultural machinery manufacturer, for $700m.
"Grain & Protein Technologies is a critically important business to the future of the global food supply. With decades of industrial manufacturing expertise and a track record of success building large-scale, global operations, Jacob is the right leader for the Company to ensure it fully capitalizes on its unique market position as the go-to partner for large-scale agriculture worldwide," Eric Baroyan, AIP Partner.
American Industrial Partners was advised by Santander, Chiomenti, Sidley Austin and Wolf Theiss. Debt financing was provided by Santander. AGCO was advised by Morgan Stanley, Rabobank and Simpson Thacher & Bartlett.
EPAM Systems, a digital transformation services and product engineering company, completed the acquisition of NEORIS, a Miami-headquartered global advanced technology consultancy, from Advent International, a private equity firm, and Cemex, a global construction materials company. Financial terms were not disclosed.
“NEORIS’ commitment to engineering quality, innovation, and strong level of client engagement, combined with their deep expertise across our key industry segments, makes them the best partner for us. This combination will significantly strengthen our presence in LATAM while we continue to enhance our differentiated delivery capabilities across Europe, India and APAC,” Arkadiy Dobkin, EPAM Systems CEO & President.
NEORIS was advised by Canaccord Genuity, Creel Garcia-Cuellar Aiza y Enriquez, DLA Piper, Freshfields Bruckhaus Deringer, Martínez Quintero Mendoza Gonzáles Laguado & De la Rosa, Perez Llorca and Simpson Thacher & Bartlett (led by Juan Naveira and Todd Crider). EPAM Systems was advised by Orrick Herrington & Sutcliffe (led by Matthew Gemello and Spencer Cohen).
Sofidel America, a tissue paper producer, completed the acquisition of the tissue business of Clearwater Paper, a pulp and paper product manufacturer, for $1.06bn.
"This transaction makes Sofidel the fourth largest tissue paper manufacturer in North America, and strengthens its leadership in the Private Label sector, a market that is growing further. A step that brings the goal of having equivalent revenues on both sides of the Atlantic Ocean much closer. A crucial acquisition for the future of Sofidel as a whole," Luigi Lazzareschi, Sofidel CEO.
Corporación Multi Inversiones, a family-owned multilatina corporation, agreed to acquire a majority stake in Del Real Foods, a Hispanic refrigerated foods company, from Palladium Equity Partners, a private equity firm. Financial terms were not disclosed.
"During our time together with Palladium, Del Real has experienced substantial growth and transformation, solidifying our market position. We're thrilled to enter this new chapter with CMI, which brings exceptional opportunities for Del Real Foods. By leveraging CMI's strengths, we're confident we can deliver even greater value to our consumers and further empower our employees," Michael Axelrod, Del Real Foods CEO.
Del Real Foods is advised by Houlihan Lokey, Piper Sandler, Greenberg Traurig and Power Digital. CMI is advised by Ernst & Young and Hunton Andrews Kurth. Palladium Equity Partners is advised by Kekst CNC.
Dai-ichi Life-backed Protective Life, a financial service holding company, completed the acquisition of ShelterPoint, a life Insurance company, from Eos Partners, an alternative investment firm. Financial terms were not disclosed.
“As a leader in the employee benefits space with a strong commitment to customer service, ShelterPoint stood out as a great business for Protective to add to our already diversified product mix. We welcome ShelterPoint’s teammates to the Protective family and look forward to continuing ShelterPoint’s great customer care to its more than two million customers,” Rich Bielen, Protective President and CEO.
ShelterPoint was advised by Goldman Sachs, Houlihan Lokey, Katten Muchin Rosenman and Winston & Strawn. Protective was advised by Fenchurch Advisory Partners, Kirkland & Ellis (led by Kimberly Meng Han and Rajab S. Abbassi) and Maynard Nexsen.
Phibro Animal Health, an animal health and mineral nutrition company, completed the acquisition of the medicated feed additive product portfolio of Zoetis, a producer of medicine and vaccinations for pets and livestock, from $350m.
“Adding this new lineup of medicated feed additives and water-soluble products across cattle, swine and poultry will complement and expand Phibro’s species and product portfolios, helping customers meet the highest standards of animal care, prevent disease, and enhance nutrition around the world. These products fit Phibro’s core competencies and capabilities while complementing our current lineup of vaccines, nutritional specialties and mineral nutrition,” Jack C. Bendheim, Phibro Animal Health Chairman, President and CEO.
Phibro Animal Health was advised by Citigroup, Chiomenti (led by Salvo Arena) and Kirkland & Ellis. Zoetis was advised by Guggenheim Partners and Wachtell Lipton Rosen & Katz (led by Meng Lu and Igor Kirman).
BC Partners, a private equity firm, agreed to acquire Runway Growth Capital, a provider of growth loans to both venture and non-venture-backed companies. Financial terms were not disclosed.
"David and the team at Runway have built one of the most well-respected platforms across growth and venture lending. Their solutions are sought after by fast growing companies, and we look forward to building on their momentum. As a virtue of being part of the BC Partners Credit platform, we see many compelling opportunities for Runway to generate additional origination activities, optimize its capital structure and create value for investors and borrowers. Likewise, the acquisition is quite strategic for BC Partners Credit, as we expand our offerings through a robust suite of financing solutions to all stakeholders. We will continue to accelerate our growth trajectory, establishing BC Partners Credit as a best-in-class, fully diversified credit manager, serving a multi-trillion-dollar market with strong tailwinds," Ted Goldthorpe, BC Partners Head of Credit.
Runway Growth Capital is advised by Oppenheimer & Co, Eversheds Sutherland, Wachtell Lipton Rosen & Katz and Prosek Partners. BC Partners is advised by Simpson Thacher & Bartlett and Kekst CNC.
CBIZ, a financial, insurance and advisory services provider, completed the acquisition of Marcum, an accounting and advisory firm, for $2.3bn.
"We are pleased to have successfully closed the acquisition of Marcum, which represents a major milestone and new chapter for CBIZ, our people and our shareholders. Now, with over 10k team members, we will offer our clients an enhanced breadth of services and depth of expertise unmatched in our industries all aimed at helping them grow their business. With even deeper subject matter expertise, industry resources, service lines and insights, we can provide actionable advice and new and innovative data-driven products and solutions. We are excited to welcome the Marcum team to CBIZ and look forward to a bright future together," Jerry Grisko, CBIZ President and CEO.
Marcum was advised by Deutsche Bank and Dechert. CBIZ was advised by Perella Weinberg Partners and BakerHostetler. Perella Weinberg Partners was advised by Cravath Swaine & Moore.
Progress, a provider of AI-powered infrastructure software, completed the acquisition of ShareFile, a secure content collaboration, file sharing and sync software provider, from Cloud Software Group, an enterprise software company, for $875m.
“Businesses today need to enhance their effectiveness in serving customers, while continuously streamlining their operations to drive efficiency, security and compliance,” Yogesh Gupta, Progress CEO.
Progress was advised by Citigroup and DLA Piper. Citigroup was advised by White & Case. Cloud Software was advised by Barclays, Jefferies & Company and Kirkland & Ellis.
Francisco Partners, a global investment firm, completed the investment in Evite, a digital platform for bringing people together. Financial terms were not disclosed.
“We are excited to partner with David on the next phase of Evite’s growth journey. David has done an exceptional job of evolving Evite under his leadership by reinventing the brand and upleveling the product experience by really focusing on the needs of Evite’s users,” Alan Ni, Francisco Partners Partner and Nick LaGrandeur, Francisco Partners Vice President.
Evite was advised by Rothschild & Co, Cooley and Jennifer Bett. Francisco Partners was advised by Kirkland & Ellis and Sloane & Company (led by Whit Clay).
Commercial Bank of California, a full-service bank and diversified financial services company, completed the acquisition of Community Bank of the Bay, a commercial bank, for $119m.
"We are delighted to announce the completion of this transformative transaction, and to welcome the clients and team members of Community Bank of the Bay to the CBC family. The combination of our two institutions creates a unique banking franchise with a renewed commitment to supporting the communities we serve, and that commitment can only grow stronger as we move forward together," Ash Patel, Commercial Bank of California Chairman, CEO and President.
CBB was advised by Janney Montgomery Scott and Spierer Woodward Corbalis & Goldberg. CBC was advised by Raymond James, Husch Blackwell and Parcon.
ATSG, an IT managed services provider, completed the acquisition of Evolve IP, a cloud services provider. Financial terms were not disclosed.
"Evolve IP offers an innovative, market-leading suite of desktop-as-a-service, cloud-communications, and contact center solutions. Combined with ATSG's infrastructure-centric managed services, we will strengthen our collective position in the market and provide better outcomes for our combined base of customers. By combining with Evolve IP, not only are we combining our collective expertise, culture, and services, we're also positioning ATSG to emerge as one of the largest privately-owned managed services platforms with an ability to drive value for all of our stakeholders," Russ Reeder, ATSG CEO.
Evolve IP was advised by Rothschild & Co and Choate Hall & Stewart. ATSG was advised by Guggenheim Partners, Morgan Lewis & Bockius and ICR.
Cinven-backed Envu, an environmental science company, completed the acquisition of the global specialty solutions business from FMC, a global agricultural sciences company, for $350m.
"The successful sale of our GSS business to Envu marks an important milestone for FMC. This transaction enables us to further sharpen our focus on our core agricultural business while ensuring the GSS business and employees have the right partner in Envu to support their continued growth and success. We look forward to our ongoing collaboration with Envu to ensure a smooth transition and drive innovation in the non-crop market,” Pierre Brondeau, FMC Chairman and CEO.
Envu was advised by Barclays and Baker McKenzie. FMC was advised by Bank of America and McCarter & English.
Mid Penn Bancorp, the parent company of Mid Penn Bank, a full-service commercial bank, agreed to acquire William Penn Bancorporation, the holding company for William Penn Bank that provides retail and commercial banking products, for $127m.
“We are excited to welcome the William Penn shareholders, customers and employees to Mid Penn. As longstanding community banks headquartered in Pennsylvania, both Mid Penn and William Penn have grown to know and respect each other’s operating philosophy, dedication to providing best-in-class customer service and commitment to the communities in which we operate. This merger will bolster Mid Penn’s presence in the attractive greater Philadelphia metro area market, aligning with our strategic plan of disciplined growth in the southeastern region of Pennsylvania and the southern region of New Jersey. Together, we look forward to joining the two companies to expand our footprint and, in turn, enhance our ability to deliver for our customers, communities and shareholders,” Rory G. Ritrievi, Mid Penn Chair, President and CEO.
Mid Penn is advised by Keefe Bruyette & Woods, Stephens and Pillar Aught. Keefe Bruyette & Woods is advised by Kilpatrick Townsend.
Thryv, a software company, completed the acquisition of Keap, a private company that offers an e-mail marketing and sales platform for small businesses, including products to manage customers, customer relationship management, marketing, and e-commerce, for $80m.
“By joining forces with Keap, we are taking a significant step forward in our mission to fuel small business success. We are very impressed with Keap’s dedicated team and product suite and are excited to bring an expanded, integrated set of marketing and sales solutions to our growing subscriber base, helping them compete and win across the glob,” Joe Walsh, Thryv Chairman and CEO.
Keap was advised by AXOM Partners and Snell & Wilmer. Thryv was advised by RBC Capital Markets and Akin Gump Strauss Hauer & Feld.
CoStar Group, a provider of online real estate marketplaces, completed the acquisition of Visual Lease, a software platform for integrated lease management, accounting, and reporting, from Spectrum Equity and Growth Street, two private equity firms. Financial terms were not disclosed.
“By combining CoStar Group’s industry expertise with Visual Lease’s diverse customer base, deep lease portfolio management expertise, and leading sustainability solutions, we are well positioned to offer a more comprehensive service offering and continue growing both nationally and internationally. I am excited to work with the talented team at Visual Lease to accelerate our growth, expand our offerings, and further enhance how we serve our customers. CoStar Group is always focused on innovation and sourcing ideas and solutions from the best in the industry. Welcoming Visual Lease to CoStar Group is a significant milestone in our journey, opening new opportunities for both our clients and employees moving forward,” Andy Florance, CoStar Group Founder and CEO.
BNY Mellon, a global financial services company, completed the acquisition of Archer, a technology-enabled service provider that helps investment managers deliver solutions aligned with investor needs. Financial terms were not disclosed.
"Today's asset and wealth managers have a strong desire to create multi-asset solutions across a variety of products, along with direct indexing and tax optimized portfolios, to meet the needs of their distribution partners and investors. As a new addition to the BNY platform, Archer's expertise, capabilities and scale will be leveraged across all of BNY to help even more clients drive long-term growth for their businesses," Bryan Dori, Archer President and CEO.
Archer was advised by Raymond James and DLA Piper. BNY Mellon was advised by Bank of America and Sullivan & Cromwell.
Mr. Cooper Group, the largest non-bank mortgage servicer in the US, completed the acquisition of the residential mortgage servicing business of New York Community Bancorp-backed Flagstar Bank, an American commercial bank, for $1.4bn.
“This acquisition demonstrates our ability to deliver full-service solutions to financial institutions and other clients, helping them manage their balance sheet and legacy and ongoing operations to achieve their strategic goals. We welcome Flagstar’s customers, clients, and team members to Mr. Cooper and expect to fully integrate operations onto our platform during early 2025,” Jay Bray, Mr. Cooper Chairman and CEO.
Mr. Cooper was advised by Wachtell Lipton Rosen & Katz (led by Mark F. Veblen). Flagstar Bank was advised by Hunton Andrews Kurth. New York Community Bancorp was advised by Jefferies & Company.
Rhone Energies, a consortium between oil and commodities trader Trafigura and Entara, completed the acquisition of Fos-Sur-Mer refinery from ExxonMobil, an international petroleum and petrochemical company, for $130m.
“We are delighted that the acquisition process has been successfully finalised. We are grateful for the open and constructive discussions over the past few months with both local and national authorities and are proud to welcome the refinery’s workforce to Rhône Energies. With this acquisition we join an impressive industrial ecosystem in Fos-sur-Mer where we aim to build upon the strong track record of operational excellence by developing capabilities to lead the refinery through the energy transition, while maintaining our strong commitment to meeting the energy demands of the region," Nicholas Myerson, Rhône Energies CEO.
Rhone Energies was advised by Teneo. Entara was advised by Latham & Watkins. ExxonMobil was advised by A&O Shearman.
Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, led a $318m Series C round in BETA Technologies, an electric aerospace company, with participation from Fidelity Management & Research Company and TPG Rise Climate.
“At QIA, we seek out companies that are well-positioned to become category leaders by addressing critical challenges with innovative solutions. BETA is a leader in the electric aviation market and our participation in this funding round is fully aligned with QIA’s efforts to invest in the companies that are making the energy transition a reality," Mohammed Al-Sowaidi, QIA Chief Investment Officer for Americas.
BETA Technologies was advised by Goldman Sachs and Kirkland & Ellis.
MDU Resources Group, a construction materials and services business, completed the spin off of Everus Construction Group, an electrical and mechanical construction services provider. Financial terms were not disclosed.
“Today marks an exciting milestone in Everus’ history, which would not have been possible without the hard work and dedication of our highly skilled team members across the country. We remain focused on our mission of safely Building America’s Future as one of the largest specialty construction services providers in the US and are well-positioned to benefit from several powerful market drivers and industry megatrends, including data center growth, grid modernization and high-tech reshoring. Our proven leadership team is committed to executing on our 4EVER strategy, and we are ready to implement our disciplined capital allocation initiatives as a stand-alone company to drive sustained, profitable growth and long-term value for our shareholders," Jeffrey S. Thiede, Everus President and CEO.
MDU Resources Group was advised by JP Morgan and Wachtell Lipton Rosen & Katz.
Fiserv, a provider of payments and financial services technology solutions, led a $150m funding round in Melio, an accounts payable and receivable platform for small and medium businesses, with participation from Shopify Ventures, Capital One Ventures, Accel, Bessemer, Coatue, Frontline Ventures, General Catalyst, Latitude and Thrive Capital.
“Through our partnership with Melio, CashFlow Central is designed to create significant value for financial institutions and their business clients or members. We are excited to leverage our unique position at the intersection of financial institutions and businesses to deliver a comprehensive, integrated experience that enables our clients to compete and grow their portfolios with this important segment of their communities,” John Gibbons, Fiserv Head of Financial Institutions Group.
Middleby, a commercial and residential cooking and industrial process equipment company, completed the acquisition of JC Ford, a manufacturer of tortilla production equipment systems. Financial terms were not disclosed.
“We have targeted the snack food category as an attractive growing market for our Food Processing Group. The acquisition of JC Ford complements our existing product offerings, significantly strengthening our presence in this faster growing category. The company has developed innovative solutions that have been quickly accepted as the industry standard, allowing customers to automate production lines with a low cost of ownership. JC Ford has highly recognizable customers with a strong base of recurring revenue,” Tim FitzGerald, Middleby CEO.
Middleby was advised by Skadden Arps Slate Meagher & Flom (led by Shilpi Gupta).
Broadridge Financial Solutions, a provider of investor communications and technology solutions, completed the acquisition of the securities industry services platform of Kyndryl, an American multinational information technology infrastructure services provider. Financial terms were not disclosed.
"The partnership with Kyndryl and the acquisition of the SIS business further underscore Broadridge's long-standing commitment to being a leading technology provider to Canadian financial services firms. The combination of the SIS technology business and Kyndryl managed services with our industry-leading Broadridge Wealth Platform will further accelerate our ability to bring innovation to Canada and meet the increasingly complex needs of Canadian firms," Karin Kirkwood, Broadridge President.
Broadridge Financial Solutions was advised by RBC Capital Markets.
GardaWorld Security, a security and patrolling services provider, completed the acquisition of Stealth Monitoring, a provider of remote live real-time video surveillance security camera monitoring, helping businesses with security solutions. Financial terms were not disclosed.
"With decades of experience in mobile and fixed video monitoring, we see Stealth Monitoring as a highly complementary business to our existing global champion businesses and as an opportunity to establish an unrivaled North American leadership in mobile and fixed video monitoring. We look forward to teaming up with the ambitious experts and operators at Stealth Monitoring who share our entrepreneurial, growth-oriented mindset, laser focus on value creation and desire to innovate and reshape industries," Stephan Crétier, GardaWorld Founder, President and CEO.
GardaWorld Security was advised by Simpson Thacher & Bartlett.
General Atlantic, a global growth investor, led a $500m Series E round in Insider, an AI-native omnichannel experience and customer engagement platform.
“The MarTech industry is benefitting from a secular shift levered to ongoing tailwinds, including the proliferation of data traffic and channels, the growing importance of first-party data, and evolving customer expectations regarding personalized experiences across channels. Insider has successfully positioned itself as a leading and dynamic innovator in the B2B SaaS space and delivers tangible ROI to its customers. We believe the company is well placed to capture a greater share of the $15+bn total addressable market, as businesses race to upgrade their marketing strategies around the world in need of higher marketing efficiency and effectiveness,” Sascha Guenther, General Atlantic Managing Director and Head of DACH.
Global Partners, an energy supply company, completed the acquisition of an East Providence liquid energy terminal from ExxonMobil, an oil and gas company. Financial terms were not disclosed.
"The acquisition of the East Providence terminal aligns perfectly with our strategic goals. The additional operational capabilities and supply optionality, along with the potential for real estate development, further deliver our commitment to strategic growth by diversifying our portfolio and capitalizing on assets that leverage our integrated network," Eric Slifka, Global Partners President and CEO.
Shore Capital, Silver Lake in talks over $8.6bn pet care deal. (FS)
Private equity firm Shore Capital Partners is in talks to partner with Silver Lake to combine two veterinary groups through an $8.6bn deal.
Shore is working to merge portfolio companies Southern Veterinary Partners and Mission Veterinary Partners and recapitalize the combined entity with an investment from California-based Silver Lake. The two private equity firms would co-own the combined entity and together contribute about $4bn of fresh equity to the company, Reuters reported.
HSBC, Barclays and StanChart jostle for US banking riches.
Britain's big global lenders HSBC, Barclays and Standard Chartered are vying to tap into a boom in US commercial banking as corporate America seeks expertise for international expansion plans.
At stake is a growing pool of US commercial banking revenues, which reached $429bn in 2023 from $310bn in 2019, helped by a strong US economy and a boost to margins from higher interest rates. European banks collectively share less than 7% of those revenues, but see good growth opportunities regardless of who wins the election on November 5, driven by global trade flows, Reuters reported.
Comcast taps Morgan Stanly to advise on a potential cable network spinoff.
Comcast is working with investment bank Morgan Stanley to evaluate options for its cable networks, after announcing this week it’s considering divesting the business.
Morgan Stanley is helping Comcast, a cable provider and media company, study scenarios for the networks. Comcast owns cable networks including MSNBC, CNBC, E! and Bravo, among others. It hasn’t specified which ones might be split off, and it could still decide to keep them. Comcast President Mike Cavanagh said that the media conglomerate has been deliberating whether to separate its cable networks into a new company that would go to shareholders, Bloomberg reported.
Buffett buys more Sirius XM as Berkshire’s stake climbs to 33%.
Berkshire Hathaway continued to add to its large stake in SiriusXM, the satellite radio company, buying 2.2m shares for about $60m in recent days, according to a Form 4 filing with the Securities and Exchange Commission.
Berkshire now holds 112.5m shares, or 33.2% of Sirius XM worth $3bn. Berkshire bought the shares on Tuesday, Wednesday, and Thursday and paid an average price of about $27 a share.
Berkshire has significantly added to its stake this year through purchases of Liberty Sirius XM, a tracking stock for Liberty Media , and additional buys following the merger of Sirius XM and the tracking stock in early September, Bloomberg reported.
Wellpath prepares bankruptcy filing. (FS)
Wellpath Holdings, one of the largest providers of health-care services to prisons and jails across the US, is preparing to file for bankruptcy after struggling with an elevated debt load and high labor costs.
The company, owned by HIG Capital, failed to repay a credit facility that expired on October 1 and deferred interest payments on its other debt after entering a forbearance agreement with lenders, according to Moody’s Ratings. The credit grader said it views the actions as a default, Live Mint reported.
Avenue Capital seeking a buyer for Impact fund. (FS)
Avenue Capital Group is seeking a buyer for its impact investing business after one of the biggest US public pension funds lost interest in the portfolio.
The $12.2bn investment firm run by billionaire Marc Lasry is considering a sale after the New York State Common Retirement Fund, which had been the anchor investor in its first Sustainable Solutions Fund, declined to participate in a second fund under the same strategy. If Avenue fails to find a buyer, it may explore winding down the fund and dismissing employees, Bloomberg reported.
ATL Partners weighs a potential sale of Global Critical Logistics. (FS)
Private equity firm ATL Partners is considering a possible sale of Global Critical Logistics, which provides freight forwarding and logistics to live entertainment events such as music tours.
The buyout firm is in the early stages of working with an adviser to prepare for a potential exit. It could start a sale process as soon as the first half of next year. Deliberations are still preliminary, and details of the potential transaction could change or ATL could decide to keep the business for longer, Bloomberg reported.
Hearthside Food mulls creditor takeover in bankruptcy.
Hearthside Food Solutions’ private equity owners are preparing to hand control to creditors, potentially as part of a bankruptcy filing.
The snack maker, which has been running out of room to repay its buyout debt after years of poor earnings, is in talks with creditors over a deal that would be carried out either in Chapter 11 or outside of the courtroom. No final decision has been made and negotiations are continuing. Hearthside has about $2bn of debt due May of 2025, and has to repay what it borrowed from a credit facility next month, Bloomberg reported.
Exxon in advanced talks to sell Argentina shale oil assets to Pluspetrol.
Exxon Mobil is in advanced talks to sell most of its assets in Argentina’s Vaca Muerta shale patch to Pluspetrol.
The province of Neuquen, where the assets are located, has yet to sign off on the deal. Exxon’s Vaca Muerta oil assets — in particular a tract called Bajo del Choique-La Invernada — have been highly sought-after by Argentine drillers. Exxon owns the assets with minority partner QatarEnergy.
Exxon is exiting the Vaca Muerta to focus efforts elsewhere, including Guyana, even as momentum in the formation accelerates under the business-friendly government of President Javier Milei. Milei is ending the cap on the price of oil traded domestically to bring it in line with exports, while pipeline build-outs are boosting capacity for crude shipments, Bloomberg reported.
Apotex hires banks to prepare for IPO.
Canadian generic drug manufacturer Apotex is making plans for a potential initial public offering next year.
RBC Capital Markets, Jefferies and TD Securities are advisers for the deal. No decisions have been made yet on exact timing or size, and more banks may be added to the lineup later, Bloomberg reported.
EMEA
Standard Motor Products, an automotive parts manufacturer, completed the acquisition of Nissens, an aftermarket engine cooling and air conditioning products manufacturer, from Axcel, a private equity company, for $390m.
"We are very pleased to announce the closing of the Nissens acquisition. With this combination, we create an aftermarket leader in North America and Europe across our key product categories. The strength of Nissens' leadership team and overall cultural fit will allow for immediate collaboration on opportunities for growth through cross-selling as well as bi-directional synergies with significant savings potential. We welcome Nissens and its employees to the SMP family," Eric Sills, Standard Motor Products Chairman and CEO.
Nissens was advised by Deloitte, Jefferies & Company, PricewaterhouseCoopers and Gorrissen Federspiel (led by Tobias Linde). Standard Motor Products was advised by JP Morgan, Hughes Hubbard & Reed (led by Scott Naturman and Ken Lefkowitz), Plesner and Wolf Theiss.
ECI Partners, a growth-focused mid-market private equity firm, completed an investment in Independent Governance Group, a provider of professional pensions trusteeship and governance services. Financial terms were not disclosed.
“We were attracted by IGG’s fantastic track record of delivering award-winning pension services with excellent client retention, delivered by a highly skilled team. We’re looking forward to working with the IGG team on the next stage of the company’s growth, building on its phenomenal achievements so far. The company provides a strong organic growth opportunity due to growing demand for trustee and governance services as the pension regulatory environment continues to grow in complexity, and we also anticipate acquisitions to further boost growth," Michael Butler, ECI Partners Partner.
Independent Governance Group was advised by KPMG, Liberty Corporate Finance, PricewaterhouseCoopers, Eversheds Sutherland and Gateley. ECI Partners was advised by Alvarez & Marsal, PricewaterhouseCoopers and Squire Patton Boggs. Debt financing was provided by Clearwater and Crescent Credit.
Barclays, a British multinational universal bank, completed the acquisition of the retail banking business of Tesco Bank, a British retail bank, for £600m ($775m).
"This acquisition is an important step in increasing our investment in the UK. We look forward to collaborating with Tesco Group on delivering Tesco-branded financial services. We are delighted to welcome all transferring Tesco Bank employees and customers to Barclays," C.S. Venkatakrishnan, Barclays CEO.
Barclays was advised by Barclays, Slaughter & May and Brunswick Group. Tesco Bank was advised by Citigroup, Goldman Sachs and Freshfields Bruckhaus Deringer.
AshbyCapital, a private equity firm, completed the acquisition of 50% stake in Charterhouse Place, the owner of The JJ Mack Building, from Helical, a real estate company, in a £139m ($179m) deal.
"We are delighted to have completed the purchase of our partner's 50% share in The JJ Mack Building to add another market leading office asset to our uniquely high quality long term central London portfolio. With only one 20k sq ft floor remaining to let, the transaction marks the conclusion of this highly successful partnership with Helical and we look forward to further joint projects in the future," Peter Ferrari, AshbyCapital CEO.
Helical was advised by FTI Consulting.
nCino, a financial technology company headquartered in Wilmington, North Carolina, agreed to acquire FullCircl, a B2B SaaS company, for $135m.
"We have been working with the nCino team for several years, and the close alignment in both organisations across vision, culture, customers, product and market opportunity have contributed to this exciting acquisition making perfect sense. We both serve regulated industries who walk a tightrope between a strict operating rulebook and a mandate to deliver growth and shareholder value, all while providing a seamless client experience. This marks a significant new chapter for FullCircl as we become part of nCino," Andrew Yates, FullCircl CEO and Cofounder.
FullCircl is advised by Fox Williams. nCino is advised by Sidley Austin (led by Adam Runcorn).
JTC, a provider of fund administration services, completed the acquisition of Buck UK and European share plan administration and trustee businesses from Arthur J. Gallagher, a global insurance brokerage and risk management services firm. Financial terms were not disclosed.
"This acquisition is exciting for us as share plan services are closely aligned with our own shared ownership philosophy, which has been at the heart of JTC's culture since 1998. We believe that our passion for shared ownership, combined with the 25-year track record of our Employer Solutions business, continues to cement our position as a market leader. The JTC Employer Solutions business continues to grow strongly, and we are pleased to be able to further expand our employee share plan offering," Nigel Le Quesne, JTC CEO.
JTC was advised by Camarco.
Drilling Tools International, an oilfield services company, agreed to acquire Titan Tools Services, a downhole tool rental company. Financial terms were not disclosed.
"This strategic acquisition aligns perfectly with our global growth strategy. Titan's strong presence in the UK North Sea, Europe and Africa will allow us to better serve our international customers. By combining our expertise in downhole drilling tools with Titan's commitment to service and support, we'll be able to offer a more comprehensive suite of solutions to the oil and gas and geothermal drilling industries worldwide," Wayne Prejean, Drilling Tools International CEO.
Drilling Tools International is advised by Winston & Strawn.
Aon, a global professional services firm, agreed to acquire Griffiths & Armour, an insurance broker. Financial terms were not disclosed.
"As we continue to go further, faster to help our clients navigate growing uncertainty and volatility, we are looking forward to welcoming Griffiths & Armour to Aon. Our complementary capabilities and cultures will create unmatched client and colleague experiences across the UK and Ireland and contribute to our global 3x3 Plan to accelerate our Aon United strategy," Greg Case, Aon CEO.
Saudi Arabia nears deal to take over $4bn Olam unit. (FS)
Olam announced that it received a non-binding indicative offer from the Saudi Agricultural and Livestock Investment Company for its stake in its Olam Agri business. The deal could value the business unit at $4bn.
In a bourse announcement, Olam Group stated that it is currently reviewing and discussing a potential sale of its stake in the Olam Agri business. However, it emphasised that no definitive terms or formal agreements have been reached yet, and there is no certainty that the sale will proceed. The Saudi firm already owns just over a third of of Olam Agri, which it bought for $1.24bn in 2022. Salic is a unit of the Public Investment Fund and aims to achieve food security for the kingdom, investing domestically and overseas, Bloomberg reported.
KKR exploring investment in Thames Water share plan. (FS)
KKR is in talks with troubled British utility Thames Water and its advisers about participating in a £3bn ($3.88bn) share sale which forms part of a wider recapitalisation plan.
The utility, Britain's biggest water supplier, said in October it had lined up a financing lifeline of up to £3bn with some of its creditors in a deal which if approved will help it survive for another year at least. KKR is among a small number of investors studying Thames Water's finances with a view to supporting a rescue share sale. KKR's decision hinges on a final determination by water regulator Ofwat which is due by January at the latest, Reuters reported.
Thyssenkrupp has Plan B for steel if Kretinsky deal should fail.
Thyssenkrupp, is focused on a 50:50 steel joint venture with Czech billionaire Daniel Kretinsky but will seek talks with other steelmakers should that deal falter, as the ailing conglomerate is sketching out a potential plan B for the unit.
The conglomerate's new finance chief Jens Schulte, in the job since June, said he was optimistic regarding talks with Kretinsky's EPCG about raising its stake in Thyssenkrupp's steel division to 50% from 20%.
Flagging potential alternatives should also reassure investors that Thyssenkrupp's plans to sell steel not solely hinge on Kretinsky after previous attempts to sell the division have failed several times in recent years, Reuters reported.
Tesco intends to return $903m via additional share buyback.
Tesco, Britain's biggest supermarket group, said it intended to return £700m ($903m) to shareholders through an incremental share buyback, as it had completed its banking operations sale to Barclays, Reuters reported.
The new programme is expected to start after the completion of the current £1bn ($1.2bn) share buyback, Tesco said.
Mubadala and KKR among groups that have held talks with UK data firm 9fin. (FS)
Firms including Abu Dhabi’s Mubadala Capital and private equity giant KKR have held talks to invest in UK corporate debt research start-up 9fin, in a deal that would value the privately held company at around $500m.
An investment would mark the latest in a flurry of high-profile transactions for businesses that provide information on niche areas of financial markets. No final agreement has been reached and may be weeks away, FT reported.
Apollo-backed Autodoc picks banks for its $11bn IPO attempt. (FS)
German online car-parts dealer Autodoc has picked banks to help arrange a potential Frankfurt initial public offering, several years after its previous attempt.
The company selected Barclays, Citi, Deutsche Bank and Jefferies to lead the share sale, which could take place next year. Its valuation in an IPO could be lower than the €10bn ($11bn) it was seeking in 2021. Deliberations are ongoing and details of the potential offering could still change, Bloomberg reported.
Stada is said to add Deutsche Bank, Goldman Sachs to help lead the $11bn IPO. (FS)
Stada Arzneimittel's private equity owners have expanded the lineup to help lead a potential initial public offering of the German generic drugmaker.
Deutsche Bank and Goldman Sachs have been added as global coordinators, joining JP Morgan and Morgan Stanley in helping to arrange the possible share sale, the people said. Analyst meetings to prepare for the IPO are slated to start next week.
Bain Capital and Cinven, the buyout firms that own Stada, have shifted their focus to an IPO after negotiations over a sale of the business to rival investment firm GTCR cooled, Bloomberg reported.
APAC
EQT Partners, a global investment firm, completed the acquisition of PageUp, a human-resources and talent software company, from Battery Ventures, a private equity firm. Financial terms were not disclosed.
The deal will enable PageUp to leverage EQT’s deep expertise in scaling high-growth global technology businesses to capture greater opportunities in the talent management software space, accelerate its international expansion, and enhance product innovation.
PageUp was advised by William Blair & Co. EQT Partners was advised by Barclays, Barrenjoey Capital Partners and Ropes & Gray.
A. O. Smith, a water technology company, completed the acquisition of Pureit, a water purification company, from Unilever, a consumer goods company, for $120m.
"Pureit complements our premium brands in the market and their strength in e-commerce will allow us to expand our presence in that channel. This acquisition aligns with our strategy of adding scale and enhances our premium water treatment product portfolio and distribution footprint,” Kevin J. Wheeler, A. O. Smith Chairman and CEO.
Unilever was advised by AZB & Partners.
Rio Tinto, a British metal and mining company, completed the acquisition of the remaining 20.64% stake in New Zealand Aluminium Smelters, a provider of aluminum smelting services, from Sumitomo Chemical, a chemical company. Financial terms were not disclosed.
“We are pleased the acquisition of SCC's stake in NZAS has now been finalised. This step, along with recently signed electricity arrangements to secure the future of the Tiwai Point smelter, reinforces our long-term commitment to New Zealand,” Armando Torres, Rio Tinto Aluminium Pacific Operations Managing Director.
GoerTek is said to pick banks for its $300m HK IPO.
AirPods maker GoerTek has picked banks to work on the planned Hong Kong initial public offering of its semiconductor unit Goertek Microelectronics.
GoerTek is working with China International Capital, China Merchants Bank International, China Securities International and UBS on the listing, which could happen as soon as next year and raise at least $300m. Deliberations are ongoing and details of the offering such as size and timing could change, Bloomberg reported.
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