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AMERICAS
Mohari Hospitality, an investment firm focused on the luxury lifestyle, agreed to acquire Tao Group Hospitality, a company specializing in restaurants, nightlife, and entertainment, from Madison Square Garden, an entertainment holding company, for $550m.
"Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality. Its global footprint of more than 80 branded locations in over 20 markets and best-in-class management infrastructure speaks to the Group's tremendous potential. We look forward to working with Noah Tepperberg, Jason Strauss and the rest of the dynamic management team to continue growing Tao Group's business," J. Allen Smith, Mohari Managing Partner.
Tao Group is advised by Ernst & Young, Goldman Sachs and Hughes Hubbard & Reed. Mohari is advised by Deloitte, Moelis & Co, Kirkland & Ellis (led by Allison Wein and David Klein), and KWT Global.
GSK, a global healthcare company, agreed to acquire BELLUS Health, a biopharmaceutical company, for $2bn.
“This acquisition recognises the value of our highly selective P2X3 antagonist camlipixant and validates the hard work and dedication of all the BELLUS employees in advancing camlipixant to date. As a leader in respiratory research for over five decades, GSK shares our commitment to bettering the lives of individuals suffering from a persistent cough and is the ideal Company to rapidly bring camlipixant to the millions suffering from refractory chronic cough around the world,” Roberto Bellini, BELLUS CEO.
Ontario Teachers’ Pension Plan, a pension fund company, completed the investment in Westland Insurance Group, an independent insurance broker. Financial terms were not disclosed.
“We’re very excited to partner with Ontario Teachers’ and BroadStreet on Westland’s future growth. Most importantly, our new partners share our values and long-term vision. This partnership provides us with the capital needed to continue investing in our business and delivering market leading insurance solutions to more Canadians. With the support of Ontario Teachers’ and BroadStreet, we’ll further expand Westland’s presence coast-to-coast and continue our journey to become Canada’s favourite insurance broker," Jamie Lyons, Westland Insurance President & CEO.
OTPP was advised by BMO Capital Markets, RBC Capital Markets, Torys and Weil Gotshal and Manges. Westland Insurance was advised by Evercore and Stikeman Elliott.
Audax Private Equity, an alternative investment manager, completed the investment in Pyramid Laboratories, a drug product contract development and manufacturing organization. Financial terms were not disclosed.
“We are excited to partner with Audax as we embark on an exciting new chapter in our growth story. Audax’ track record of partnering with founders to accelerate growth in the healthcare space will strengthen our ability to service our existing customers, build new commercial relationships, and enhance our service offerings, while maintaining our commitment to quality," Medhat Gorgy, Pyramid Founder and CEO.
Audax was advised by William Blair & Co, Ropes & Gray and FGS Global (led by Julie Rudnick). Pyramid was advised by Fairmount Partners and Troutman Pepper.
Atlas Credit Partners, an asset management firm, completed a $100m investment in SoundHound, a global company in voice artificial intelligence.
“Today’s announcement with SoundHound AI demonstrates our commitment to empowering technology leaders in their respective categories. After meeting Keyvan and the SoundHound team, the sophistication of their voice AI, robust data, and technology stack made our decision to partner natural. We believe our investment will help SoundHound AI to accelerate the pace at which they are redefining voice AI and enable them to further extend their global lead,” Drew Mallozzi, Atlas Credit Partners CIO and Managing Partner.
SoundHound is advised by Cantor Fitzgerald and Union Square Advisors. Atlas Credit Partners is advised by JMG PR.
DFW Capital-backed American Track, a provider of inspection, maintenance, repair and specialized construction services for industrial railroad infrastructure in the United States, completed the acquisition of Universal Rail Systems, a railway infrastructure service provider, from TorQuest Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to partner with the ATS team to create the newly formed North American Rail Solutions. Our combined experience, resources, and scale will enable us to provide our customers with the highest level of service throughout North America. We very much look forward to this next chapter of growth in our business," Tim McMillan, URS President and COO.
Universal Rail Systems was advised by Lazard and Northborne Partners.
Allied Industrial Partners-backed CES Power, a provider of mobile power generation, distribution and temperature control equipment, completed the acquisition of Echo Technologies Services, a telecommunications company specializing in comprehensive connectivity services. Financial terms were not disclosed.
"We are excited to welcome Jay and the entire Echo team as we continue to pursue our goal of becoming the global leader in providing full-service technology and energy solutions to the largest live events in the country. We are also proud to launch CES Technologies, which combines the complementary tech offerings of Echo and Brickworks in one software and interactive mapping platform, allowing clients and partners to have access to a full suite of connected and integrated services for real-time data and monitoring," Greg Landa, CES Power CEO.
Viemed, a company in respiratory care and technology-enabled home medical equipment services, agreed to acquire Home Medical Products, a provider of respiratory focused home medical solutions. Financial terms were not disclosed.
“We are incredibly excited to complement our strong history of organic growth by combining great teams through accretive transactions. The purchase of HMP will launch our acquisition growth initiatives with a stellar organization that has an extraordinary reputation with patients, payors, and physicians. Above all, the team at HMP shares our same driving passion for innovative patient-focused care,” Casey Hoyt, Viemed CEO.
Viemed is advised by Bristol Investor Relations (led by Glen Akselrod).
Altamont Capital Partners-backed Bishop Lifting, a provider of wire rope, slings, rigging, and related safety-critical products, completed the acquisition of General Work Products, a provider of safety-critical cordage, rope, and fall protection products. Financial terms were not disclosed.
"We look forward to partnering with Bishop to continue our strong growth trajectory and access additional customers and geographies," Mark Jeansonne, General Work Products COO.
NFI, a provider of North American supply chain solutions, completed the acquisition of SDR Distribution, a multichannel provider in custom warehousing and distribution solutions. Financial terms were not disclosed.
“We are excited to have SDR join NFI and continue our growth in the Canadian market. The SDR acquisition brings additional blue-chip fashion and retail customers to our portfolio. With the combined expertise of both NFI and SDR, customers can expand in the US with NFI’s existing footprint and access our other service offerings. We look forward to SDR’s impact on the future success of NFI,” Sid Brown, NFI CEO.
Gallatin closes fund II above target at $1.6bn. (FS)
Gallatin Point Capital closed its second fund Gallatin Point Capital Partners II with $1.6bn in capital commitments split between the fund and associated separately managed accounts, exceeding the initial target of $1.5bn.
Gallatin says the fund received strong support from existing LPs and has further diversified its investor base with capital from new institutional investors in the US, Europe and the Middle East, including sovereign wealth and public pension funds, foundations, endowments, and family offices.
Gallatin Point Capital was advised by Atlantic-Pacific Capital.
Braemont Capital secures $525m for inaugural fund. (FS)
Texas-based private investment firm Braemont Capital closed its inaugural fund Braemont Partners I with approximately $525m in total capital commitments, surpassing it initial $500m target.
Commitments to the fund were secured from a diverse set of investors, including leading family offices, executives, and entrepreneurs.
Credit Suisse's Chris McMillan Exits for Role at TAP Advisors. (People)
Credit Suisse's head of web3 investment banking Chris McMillan is leaving the firm for a role at TAP Advisors, Bloomberg reported.
New York-based McMillan is set to join TAP, a boutique investment banking and advisory firm, in coming months as managing director and as head of technology, said some of the people, all of whom requested anonymity discussing confidential information. Web3 is tech-industry jargon for internet applications tied to the blockchain, or the digital ledger that enables Bitcoin and other cryptocurrencies.
Former Latham M&A co-chair Gerstein joins PJT Partners. (People)
Mark Gerstein, a veteran dealmaker who stepped down in December from law firm Latham & Watkins after 27 years, has joined PJT Partners as global co-chair of mergers and acquisitions, Reuters reported.
"I was drawn to PJT principally because I found the culture that focuses on client success and genuine teamwork to very much mirror my experience at Latham," Mark Gerstein.
EMEA
Insight Partners, a venture capital and private equity firm, offered to acquire SignUp Software, an independent software vendor, for $229m.
"With a strong presence in Europe, SignUp has gained significant international traction in recent years, and its solutions are critical for customers across multiple industries. Insight is optimistic about the Company’s growth prospects, supported by the Company’s extensive network of partners. Insight believes it can help management build on SignUp’s already-strong foundation to serve growing customer needs for financial automation and further invest in product development," Insight Partners.
Insight Partners is advised by Mannheimer Swartling, Willkie Farr & Gallagher (led by Matthew Guercio and Erin Kinney) and Fogel & Partners. Debt financing is provided by Wells Fargo Securities and National Association of Realtors. SignUp Software is advised by Lenner & Partners and Cirio (led by Maria Arnoldsson).
OpSec Security, an investment holding company, completed the acquisition of Zacco, an intellectual property service provider. Financial terms were not disclosed.
“Together, we are starting to shape a practical vision of what a full lifecycle IP and brand solution could offer. This is an exciting opportunity to combine capabilities and make a real difference for our customers. The value now attributable to intangible assets dominates all industries, across both physical and digital domains. At the same time, operating environments are bringing new threats and complexities. So, building and protecting brand value are becoming inextricably linked, and demanding bold new approaches," Selva Selvaratnam, OpSec Security CEO.
Zacco was advised by Marks Baughan and Lundgrens. OpSec was advised by Joseph Nivaro and Proskauer Rose.
Bestway-backed Well Pharmacy, a pharmacy business, completed the acquisition of Lexon, a family-owned pharmaceutical wholesaler. Financial terms were not disclosed.
“We’re delighted to be welcoming the 1.2k strong team at Lexon and Asurex to Well and the broader Bestway family, and are excited at the chance to grow our business to support even more customers and patients than ever before," Seb Hobbs, Well Pharmacy CEO.
Lexon was advised by Rothschild & Co.
CMA CGM, a French container transportation and shipping company, offered to acquire Bolloré Logistics, the transport and logistics business unit, from Bolloré, a transportation company, for $5.5bn.
"The negotiations were in line with its long-term strategy, based on the two pillars of shipping and logistics. If a deal is reached, the acquisition would further strengthen the CMA CGM Group logistics activities," CMA CGM.
European VC deal value falls sharply in Q1. (FS)
The value and number of venture capital deals fell in Europe in the first quarter as inflation and higher interest rates dampened capital deployment and companies came under pressure to reduce costs and improve margins, Reuters reported.
The value of VC deals fell 32.1% quarter-over-quarter to $12.9bn. The number of deals fell by 19.2%.
Edison not for sale, reviewing options on gas storage, CEO says.
Energy group Edison is not for sale, the chief executive of the Italian unit of French utility EDF said, adding the value of the unit could be well above $7.9-$8.8bn, Reuters reported.
"I think the intrinsic value (of Edison) goes far beyond these figures of 7-8bn. We have sown a lot in the past on renewables, gas supply... With this year's budget, after the pandemic, I think we will see interesting numbers on the income statement that will represent the true value of the company," Nicola Monti, Edison CEO.
Veolia plans sale of French water-pipe unit.
Veolia Environnement is preparing a sale of its French water-pipe installation business as it focuses more on waste processing, plastic recycling and energy-saving services, Bloomberg reported.
The utility may seek to value the unit, known as Sade, at as much as $329m. A sale of the division, which builds and renovates water networks, would help Veolia chip away at its mounting debt.
Ynsect raises $175m for food expansion. (FS)
Insect farming startup Ynsect has secured more funding as it expands globally and looks to prioritize higher-value food for pets and humans, Bloomberg reported.
The French company closed a $175m financing round, bringing the total amount raised so far to about $625m. It's shifting away from animal feed — such as mealworms fed to fish — to high-margin pet food and food ingredients to boost profit amid soaring energy, raw materials and debt costs.
Monte Paschi open to M&A options in Italy after revamp plan.
Banca Monte dei Paschi di Siena is open to look at possible merger and acquisitions opportunities in Italy after the completion of its capital boost and a cost reduction plan, Bloomberg reported.
The world-oldest bank "could look at all the opportunities that would arise in the consolidation process of the Italian banking industry," as it is on track to reach a target of over $768m net profit in 2024, Paschi said.
Grasshopper Zurich's Chinese owner mulls sale of football team.
Grasshopper Club Zurich's Chinese owner is considering a sale of the Swiss football team, Bloomberg reported.
Jenny Wang, the wife of billionaire Fosun International founder Guo Guangchang, is working with advisers at Moelis & Co to informally gauge interest from potential buyers.
UK's Cineworld scraps planned sale of Eastern European, Israeli operations.
British cinema chain operator Cineworld has abandoned the planned sale of its businesses in Eastern Europe and Israel, saying the proposals it got did not meet the value needed by its lenders, Reuters reported.
The company's business operations in Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel, clubbed under its 'Rest of World' business, is not under bankruptcy protection and accounted for about 13% of its revenue in 2021.
Manchester United tanks on report Glazers may avoid sale with new investment.
Shares of Manchester United fell 13% after a report said the Glazer family was confident of securing an investment that would allow them to retain ownership of the British soccer club, Reuters reported.
The English soccer club's stock fell to $18.91, its lowest since late November, when the Glazers had started weighing options including new investment or a potential sale for the 20-time English champions that they bought 17 years ago for $977m.
Investec hires Potel as head of industrials M&A. (FS, People)
Anglo-South African international banking and wealth management group Investec Bank appointed Marc Potel as head of industrials M&A. He will support the growth of Investec's European M&A footprint, which has expanded from 20 to 120 people over the past five years.
Potel will oversee Investec's advisory activities on the buying and selling of companies in the industrials sector, including aerospace & defence, automotive, building products, capital goods, chemicals, industrial services and packaging.
LSEG names Satvinder Singh as head of data and analytics unit. (People)
London Stock Exchange Group said Mastercard's Satvinder Singh will join the British company as head of its data and analytics unit in July, Reuters reported.
Singh, who is the co-head for advisers at Mastercard's data & services business, has more than 28 years of experience leading global businesses in data and analytics, capital markets, post-trade services, payments, and technology.
APAC
Platinum Equity, a global investment firm, agreed to acquire Australia windows and doors business from Jeld-Wen, a manufacturer of doors and windows, for $461m.
"We are proud to have crafted a divestiture solution that delivers speed and certainty to JELD-WEN at a time when the M&A market remains challenging. We are excited about the prospects for the Australasia business. Platinum has decades of experience with corporate carve outs, helping establish standalone companies that can maximize their potential," Louis Samson, Platinum Equity Co-President.
Platinum Equity is advised by Gresham and Allens. JELD-WEN is advised by Macquarie Group and Herbert Smith Freehills.
Oshkosh, an innovator of purpose-built vehicles and equipment, completed the investment in Baraja, a startup that develops differentiated LiDAR solutions. Financial terms were not disclosed.
“We are making key strategic investments to be first to market with new features and functions that make Oshkosh products safer and more productive. By partnering with Baraja, we are active participants in the development process to enable best-in-class perception sensor solutions," John Pfeifer, Oshkosh President and CEO.
China Mobile explores acquiring HKBN.
State-owned telecom China Mobile is exploring a buyout of Hong Kong's telecoms company HKBN, which could spark a bidding war for the firm currently valued at $1bn, Reuters reported.
China Mobile in recent weeks sent a request for proposal to a small group of banks to advise on acquiring and taking-private the Hong Kong telecom provider, which offers services including broadband and Wi-Fi management.
Keppel Infrastructure Trust looks to raise $180m via equity fundraising.
Singapore-listed Keppel Infrastructure Trust is set to launch an equity funding exercise to raise at least $179m via a private placement of shares and a non-renounceable preferential offering, DealStreetAsia reported.
KIT is looking to raise around $94m from the private placement by offering between 262m and 269m preferential offering units to institutional and other investors at a price of $0.35-$0.36 per unit.
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