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AMERICAS
Generali, an insurance services provider, agreed to acquire Conning, an asset management company, from Cathay Life, an insurance broker. Financial terms were not disclosed.
"Through the acquisition of Conning and the long-term partnership with Cathay Life, we will enhance our asset management capabilities, strengthen our footprint in the key US and Asian markets, and create a platform to deliver on our broader asset management strategic ambitions in order to maximize value for all stakeholders, including Generali's insurance business. This compelling opportunity is fully consistent with the strategic and financial objectives of our 'Lifetime Partner 24: Driving Growth' strategic plan, with the continued development of our asset management franchise," Philippe Donnet, Generali Group CEO.
Conning is advised by Broadhaven Capital Partners, Morgan Lewis & Bockius, Norton Rose Fulbright and Stanton PRM. Generali is advised by Ardea Partners, Bank of America and Linklaters. Ardea Partners is advised by Sullivan & Cromwell.
Knight-Swift Transportation, a freight transportation company, completed the acquisition of U.S. Xpress Enterprises, a truckload carrier, for $808m.
"We are grateful for the efforts of so many who worked diligently to bring about such a significant transaction in the truckload industry. As we have engaged with more of the U.S. Xpress organization since the announcement, we have even more confidence that our combined efforts will lead to the achievement of the profitability targets we communicated. Our cross-functional synergy teams made up of leaders from Knight, Swift, and U.S. Xpress are off to a great start collaborating on plans to share best practices, improve operations and leverage economies of scale – and now they have the green light to fully engage," Dave Jackson, Knight-Swift CEO.
U.S. Xpress Enterprises was advised by JP Morgan, Holland & Hart, King & Spalding (led by Erik Belenky and Keith Townsend) and Joele Frank (led by Dan Moore and Jim Golden). JP Morgan was advised by Simpson Thacher & Bartlett (led by Jakob Rendtorff). Knight-Swift was advised by Fried Frank Harris Shriver & Jacobson and Scudder Law Firm.
Amazon's $1.7bn acquisition of robot vacuum cleaner maker iRobot may reduce competition and strengthen Amazon's position as an online marketplace provider, EU antitrust regulators warned on July 6, Reuters reported.
The European Commission opened a full-scale investigation and will decide by November 15 whether to clear or block the deal.
Cox Communications, a digital cable television provider, telecommunications and home automation services, completed the acquisition of Unite Private Networks, a commercial fiber provider, from Ridgemont Equity Partners, a private equity firm. Financial terms were not disclosed.
"We'll draw upon the successes of Segra and UPN, in addition to the rich history and values of Cox as we form our new fiber infrastructure company. Bringing Segra and UPN together into a standalone fiber platform will enhance our ability to serve our customers with an expanded footprint and greater network capacity," Mark Greatrex, Cox Communications President.
UPN was advised by Dentons and Morgan Lewis & Bockius. Cox Communications was advised by Evercore and Eversheds Sutherland. Ridgemont was advised by Bank Street Group and Alston & Bird.
Labcorp, a life sciences company, completed the spin-off of Fortrea, the clinical development business of Labcorp. Financial terms were not disclosed.
"I want to thank our teams for their tireless work in creating two strong, independent companies through the Fortrea spin. The transaction is intended to better meet customer needs, enable appropriate value-creating investments and unlock shareholder value. Moving forward, Labcorp is well positioned to deliver on our mission to improve health and improve lives," Adam Schechter, Labcorp Chairman and CEO.
Labcorp was advised by Barclays, Evercore, Goldman Sachs, Hogan Lovells and Jones Day.
Ardian, a private equity firm, agreed to acquire a 50% stake in Mexico Infrastructure Partners-backed MXT Holdings, a telecommunications infrastructure company. Financial terms were not disclosed.
"MXT is Ardian's first direct investment in Mexico, continuing our opportunistic approach in Latin America and complementing our overall Americas Strategy. Its growing economy and dynamic telecommunications market gives us confidence in our ability to deliver strong risk-adjusted returns to our investors," Stefano Mion, Ardian Co-Head of Infrastructure.
MXT Holdings is advised by BTG Pactual, Banco Bilbao Vizcaya Argentaria (BBVA) and Greenberg Traurig. Ardian is advised by Rothschild & Co and Galicia Abogados.
RaceTrac, an operator of chain of gasoline service stations, agreed to acquire Gulf Oil, a fuel distribution network. Financial terms were not disclosed.
"This exciting acquisition continues our history of growth, expanding RaceTrac's family of companies to nearly 40 states across the continental US and Puerto Rico. Gulf is a trusted national brand that has been innovating and evolving for over 100 years, combining quality petroleum products with outstanding service. We look forward to continuing to expand the Gulf legacy," Max McBrayer, RaceTrac CEO.
Gulf Oil is advised by Barclays and Latham & Watkins. RaceTrac is advised by Wells Fargo Securities and Kilpatrick Townsend.
MC Bank & Trust, a Louisiana-chartered bank, agreed to acquire Heritage Bank of St. Tammany, a federally chartered savings bank. Financial terms were not disclosed.
"We are pleased to announce that we are partnering with Heritage Bank to expand our presence in St. Tammany Parish. As local Louisiana banks, we share similar core values and a relationship-centric approach to serving the communities that we are fortunate to be a part of. This transaction is a very natural and contiguous expansion of our current footprint," Chris LeBato, M C Bank CEO.
Heritage Bank is advised by Raymond James and Luse Gorman. M C Bank is advised by National Capital and Fenimore Kay Harrison & Ford.
Lindsay Goldberg, a private equity firm, completed an investment in Lightwave Dental, a dental services provider. Financial terms were not disclosed.
"By partnering with Lindsay Goldberg, we will continue to build the platform of choice for entrepreneurial dentists and their support teams so they can continue to provide the highest quality patient care in our communities," Justin Jory, Lightwave Founder and CEO.
Lightwave Dental was advised by Houlihan Lokey, Goodwin Procter and Holland & Knight. Lindsay Goldberg was advised by McDermott Will & Emery.
Olympus Partners, a private equity firm, completed the acquisition of MEI Rigging & Crating, a provider of rigging and machinery moving, millwrighting, industrial storage and equipment crating, from Dorilton Capital, a private investment firm. Financial terms were not disclosed.
"MEI has built a national platform in a niche industrial services space that has been highly fragmented to date. This scale uniquely positions MEI to take advantage of several long-term industry tailwinds," Dave Cardenas, Olympus Managing Partner.
Olympus was advised by Kirkland & Ellis (led by Jim Faley and Matt Whited). Dorilton Capital was advised by Lazard and Gibson Dunn & Crutcher.
Artemis Capital Partners, a private equity firm, completed the acquisition of SightLine Applications, a developer of image processing electronics and software products. Financial terms were not disclosed.
"We are delighted to partner with Steve Olson and Jordan Holt, and the entire SightLine team, as we embark on the next phase of SightLine's growth. As an established market leader in edge video processing with a talented team and blue-chip customers, we believe SightLine is well positioned to benefit from the anticipated growth in unmanned real-time applications in defense and commercial markets. We could not be more excited about the future of SightLine," Euan Milne, Artemis Principal.
SightLine was advised by Philpott Ball & Werner and Perkins Coie. Artemis was advised by Mintz Levin.
WM Partners, a middle-market private equity firm, completed the acquisition of Allergy Research Group, an allergy-oriented, hypoallergenic nutritional supplement company, from Kikkoman, a Japanese food manufacturer. Financial terms were not disclosed.
"We are thrilled to work with ARG, which is well-positioned to continue gaining market share in the fast-growing healthcare practitioner channel and where through our operational toolkit across marketing, product innovation, sales, operations, finance, we can help optimize and grow the company as well as strengthen its footprint," Eli Minski, WM Partners Senior Vice President.
WM Partners was advised by King & Spalding. Kikkoman was advised by Rothschild & Co (led by Jimmy Bonneau).
Blackstone completed an investment in Lazeo, a provider of non-invasive aesthetic medicine. Financial terms were not disclosed.
"We are thrilled and honoured to partner with Blackstone for the next phase of our growth journey. Blackstone shares in our vision to make Lazeo into a European champion in aesthetic medicine, and we look forward to working together to build on our significant success to date," Dimitri Sillam, Lazeo Co-Founder and CEO.
Robinhood, an American financial services company, completed the acquisition of X1, a credit card platform company, for $95m.
"This acquisition will bring us closer towards our goal of serving the entirety of our customers' critical financial needs. Together with X1, Robinhood will now be able to offer our customers access to credit," Vlad Tenev, Robinhood Co-Founder and CEO.
Robinhood was advised by JP Morgan.
Mitsubishi Heavy Industries, an industrial group, agreed to acquire Concentric, a provider of industrial power solutions. Financial terms were not disclosed.
"We are delighted to add Concentric to our growing portfolio for Smart Infrastructure Solutions. Combining MHI's technology capabilities with an experienced national service provider immediately benefits facilities across North America, and provides us with a platform to serve the globe. All facilities from data centers to logistics and manufacturing factories must be able to maintain sustainable, uninterruptible power in order to remain competitive in the 21st century," Hitoshi Kaguchi, MHI Senior Executive Vice President.
Imperial Dade, a distributor of foodservice packaging supplies and janitorial supplies, completed the acquisition of Atlantis Packaging, a full service distributor of packaging products. Financial terms were not disclosed.
"Atlantis is a leading industrial distributor in Southern California and has an excellent commitment to its customers, which makes it a great addition to the Imperial Dade platform," Robert Tillis, Imperial Dade Chairman.
Tuition.io, an education assistance benefits platform, completed the acquisition of the tuition manager business from John Wiley & Sons, a multinational publishing company. Financial terms were not disclosed.
"This acquisition of Wiley's Tuition Manager business is a threshold moment for Tuition.io. It re-enforces our leadership position in the market, while continuing to assist a growing number of employers to offer innovative and highly compelling education assistance benefits that are integral to attracting, retaining and upskilling the modern workforce," Scott Thompson, Tuition.io CEO.
Blackstone, TPG vie for Standish Management. (FS)
Buyout houses including Blackstone and TPG are evaluating competing bids for Standish Management, a US fund administrator, in a deal that may value the company at as much as $1.7bn.
Standish Management, has been working with advisers at Morgan Stanley to bring in a private equity backer. Blackstone and TPG are reviewing whether to proceed with firm offers after an initial round of bids. Rival deal house THL Partners has also shown interest in the company, Reuters reported.
Charlie Ergen seeks to merge DISH, EchoStar.
Charlie Ergen, who is chairman of both DISH Network and EchoStar, is reportedly looking to merge the two businesses.
Both companies are said to have appointed advisors. Any marriage between the two would create a number of headaches. Top of the list is DISH's debt burden, currently about $22bn. EchoStar has minimal debt.
Altria-backed Cronos explores sale.
Altria Group-backed Cronos Group, a Canadian cannabis producer, confirmed it is in talks with potential buyers to explore a sale of the company.
Cronos is working with a financial adviser to handle expressions of interest in a deal from other companies, including US-based peer Curaleaf Holdings, Reuters reported.
Bed Bath & Beyond ends auction for Buy Buy Baby stores.
Bankrupt retailer Bed Bath & Beyond has ended its efforts to find a buyer for its entire Buy Buy Baby business, and it will instead seek U.S. court approval for a more limited sale of Buy Buy Baby's intellectual property assets.
Bed Bath & Beyond had declared Dream On Me as lead bidder for the brand's intellectual property on June 29, but had continued to seek buyers who would take over the entire Buy Buy Baby business. But no bidder offered a higher or better bid than Dream on Me's proposal, so Bed Bath & Beyond canceled an auction, Reuters reported.
EMEA
YouGov, an international market research and data analytics group, agreed to acquire the consumer panel business of GfK, a market research company, for €315m ($344m).
"We are delighted to be acquiring one of the leaders in European household purchase data and to be welcoming their employees into the YouGov fold. The business' approach to data collection and their geographic coverage are highly complementary to YouGov and we are fortunate to have been in a position to make this acquisition, which brings exciting future growth opportunities. We believe this transaction will support YouGov's stated ambition of becoming the world's #1 market research company," Stephan Shakespeare, YouGov Chairman and CEO.
YouGov is advised by Berenberg, Citigroup, KPMG, Morgan Stanley (led by Dominique Cahu), Numis Securities, DLA Piper and FTI Consulting. GFK is advised by Jones Day.
Coloplast, a manufacturer of medical devices, agreed to acquire Kerecis, a biotechnology company pioneering the use of fish skin, for $1.3bn.
"At Coloplast, we are committed to securing long-term growth drivers through organic and inorganic opportunities. With the acquisition of Kerecis we obtain a differentiated product offering and strong commercial US infrastructure, allowing us to expand into the fast-growing biologics wound care segment and at the same time expand our position in the US. We believe that Kerecis is an emerging category leader, well positioned to continue outgrowing the market over the long-term. I am excited to welcome Kerecis into the family and together build a truly global wound care franchise with a unique offering, to the benefit of the many patients in need of wound treatment," Kristian Villumsen, Coloplast President and CEO.
Kerecis is advised by JP Morgan. Coloplast is advised by Danske Bank, FIH Partners, Nordea Bank, PricewaterhouseCoopers and Kromann Reumert.
The Hilti Group, a construction group, agreed to acquire 4PS Group, an IT consulting firm. Financial terms were not disclosed.
"We are looking forward to joining forces with Hilti. Like Hilti, we understand our customers' challenges and offer direct advice and support in implementing our innovative software solutions. It is an important next step to be able to take a leading role in the European market," Johan Bakker, 4PS Group Director Sales & Marketing.
4PS Group is advised by ING Bank and De Brauw Blackstone Westbroek (led by Lennard Keijzer). Hilti is advised by Clifford Chance.
Affinity Partners, a private equity firm, led a €207m ($227m) series F round in EGYM, a fitness technology company, with participation from Mayfair Equity Partners and Bayern Kapital.
"We are delighted that our new partner Affinity Partners shares our vision to digitalize the entire fitness industry. We want to be the platform that makes fitness clubs leading players in the transformation of the world's largest market of all - the healthcare market - from repair to prevention. This includes modern, safe and effective training programs and data usage to improve training quality and documentation of training success. Corporate health plays a prominent role in achieving this goal. With the new growth capital, we will massively expand EGYM Wellpass to help employers strengthen the wellbeing of their workforces through exercise at thousands of high-quality fitness clubs. The Wellpass program is also an important incentive for companies in the increasing struggle to attract and retain employees. And for fitness and health facilities, EGYM Wellpass is a strong partner so they don't miss out on the billion-dollar trend of workplace health management," Philipp Roesch-Schlanderer, EGYM Co-Founder and CEO.
EGYM was advised by PJT Partners.
CVC Capital-backed Stock Spirits, an alcohol beverage company, agreed to acquire Borco-Marken-Import Matthiesen, a producer and marketer of spirit. Financial terms were not disclosed.
"Borco has been a trusted and respected player in Germany and Austria for many years. The acquisition of Borco will be important step in our Western Europe expansion. Borco will benefit from better development opportunities including access to Stock's extended spirits portfolio. Stock Spirits will gain access to the German market, one of the largest and most dynamic spirits market throughout Europe," Jean-Christophe Coutures, Stock Spirits CEO.
Borco is advised by Hengeler Mueller.
Omnicom, a global marketing and corporate communications company, to acquire Grabarz & Partner, a creative agency. Financial terms were not disclosed.
"We're thrilled to add one of the most creative agencies in Germany to our roster and to lean into its stellar reputation in one of Europe's most important economic regions for our clients. Our shared vision for creative excellence is what drew us to them, and we look forward to the impact they'll make as part of Omnicom. We welcome the entire Grabarz & Partner team to the group," John Wren, Omnicom Chairman and CEO.
Rothschild family buys 8.2m shares of Paris-listed investment bank.
Concordia said it had acquired all the shares it was permitted to acquire of Rothschild & Co, paving the way for the Rothschild family's holding company to open an offer to take the investment bank private. Concordia said it bought 8.18m shares of Rothschild at $50.8 per share.
The opening of an offer to delist the bank will take place following a clearance decision from the French market regulator AMF. The Rothschild family said in February it was seeking to take the bank private, Reuters reported.
Ion Group wins ECB approval for a stake in Cassa di Risparmio di Volterra.
The European Central Bank has approved Ion Group's request to buy a major stake in a small Italian bank, allowing the services group owned by tycoon Andrea Pignataro to acquire a "special interest" in the banking industry for the first time.
Ion received permission to acquire a stake in Cassa di Risparmio di Volterra earlier this month. Ion can now buy up to 32% of the bank and plans to remain a minority shareholder. Investors or companies wishing to acquire stakes above certain thresholds in a European bank must obtain approval from the ECB, which oversees institutions in the region. Among the supervisory authority's criteria is whether the buyer has a good reputation and continued financial strength, Bloomberg reported.
E&, Orange said to weigh bids for 45% stake in Ethio Telecom.
Emirates Telecommunications, and France's Orange are exploring bids for a 45% stake in Ethiopia's state-controlled telecom operator.
E& and Orange have been separately speaking with advisers to weigh offers for the holding in Ethio. Deliberations are at an early stage and the Ethiopian government hasn't announced a timetable for the sale.
The African country has been exploring selling a stake in Ethio, on and off, for the past few years, though an initial process was disrupted by a civil war between the government and leaders of the dissident Tigray People's Liberation Front. After a peace accord late last year, the government revived the process, Bloomberg reported.
L Catterton-backed Birkenstock considers IPO at $6bn plus value. (FS)
L Catterton-backed Birkenstock, the iconic German sandal maker, is considering strategic options including an initial public offering. Birkenstock could be valued at more than $6bn.
The firm is working with advisers including Goldman Sachs and JP Morgan on a potential listing in the US. An IPO could happen this year or next year. Deliberations are ongoing and L Catterton could decide against any deal.
A transaction would come more than two years after the private equity firm and the family investment company of billionaire Bernard Arnault acquired a majority stake in Birkenstock, valuing the company at $4.9bn, Bloomberg reported.
ThyssenKrupp's Nucera valued at $3.27bn in IPO.
Hydrogen firm Thyssenkrupp Nucera added $488m in market capitalization in its Frankfurt market debut on Friday, in what marks Germany's largest initial public offering so far this year, Reuters reported.
In an encouraging sign for Europe's capital markets, which were hit by market volatility in the first half of 2023, the shares rose as much as 23.4% from their issue price of $22. They closed at $26, giving the joint venture between Germany's Thyssenkrupp and Italy's De Nora a $3.27bn market value. Both companies will remain shareholders in Nucera, with Thyssenkrupp owning 50.2% and De Nora 25.9%, down from a pre-IPO ownership split of 66% and 34%.
"The IPO is the start of an exciting new phase in our company's history. Nucera would help accelerate the adoption of green hydrogen," Werner Ponikwar, Thyssenkrupp Nucera CEO.
APAC
Vietnamese electric-vehicle maker VinFast plans to list its shares on the Nasdaq Global Select Market during the third quarter after merging with a special purpose acquisition company.
VinFast and Black Spade Acquisition will discuss and decide whether to list VinFast on the New York Stock Exchange or Nasdaq and will announce more information about the listing at the appropriate time, Bloomberg reported.
VinFast is advised by Chardan and Latham & Watkins. Black Spade is advised by Jones Trading and Davis Polk & Wardwell.
42XFund, a private equity firm, led a $108m Series D round in eFishery, an agtech company, with participation from G42, Kumpulan Wang Persaraan, ResponsAbility Investments, 500 Global, Temasek, SoftBank Vision Fund II and Northstar Group.
eFishery plans to use the funds to expand in Indonesia and India before pursuing an initial public offering in the US or Indonesia in two years.
A consortium of investors led a $170m Series B funding round in Telexistence, a robotic technology manufacturer, with participation from Monoful Venture Partners, KDDI, Airbus Ventures, SoftBank, Foxconn Co-GP Fund and Globis Capital Partners.
"With the proud backing of our new partners SBG and Foxconn, TX increases its commitment to accelerate the rapid expansion of its existing robot operations and drive the development of robots with human-level versatility, which is the goal of anyone involved in robotics. With this latest funding, we aim to amplify our search for top, diverse talent to enhance our global capabilities at scale." Tomioka added, "Regardless of nationality, age, or length of tenure, TX believes that there are countless opportunities for individuals with demonstrated skills to thrive, and in fact, current team members hail from 25 different countries. TX adheres to the organizational principle of providing compensation, including salaries and stock options, that is commensurate with performance to the greatest extent possible, "Jin Tomioka, Telexistence CEO.
Bain & Co, a management consulting firm, offered to acquire Rainmaking APAC, a venture-building and start-up development studio. Financial terms were not disclosed.
"The region, especially Singapore, is a thriving innovation hub that has continued to attract talent and multinational companies to set up new businesses. Building new engines of growth will continue to be a top priority for our clients. Our Next℠ offering has delivered strong results in innovation and business-building for our clients, and our acquisition of Rainmaking APAC marks the next critical step in scaling our Innovation & Design (I&D) capabilities to create market-leading results for clients," Satish Shankar, Bain Managing Partner of Asia Pacific.
Vedanta, a multinational mining company, agreed to acquire the semiconductor and display businesses from Twin Star Technologies, a holding company of Vedanta. Financial terms were not disclosed.
"The acquisition will be effected by way of a share transfer at face value of Twin Star Technologies' semiconductor and display SPVs. TSTL is a wholly owned subsidiary of Volcan Investments, the ultimate holding company of Vedanta Limited," Vedanta.
Vedanta in talks to take over Foxconn chip JV from holding company.
India's metals-to-oil conglomerate Vedanta Group is in talks that it would take over from its holding company the ownership of a joint venture with Taiwan's Foxconn that was set up to make semiconductors.
Vedanta also said it would also take over a display glass manufacturing venture from Volcan Investments, Vedanta's holding company.
Volcan and Foxconn signed a pact last year to invest $19.5bn to set up semiconductor and display production plants in the state of Gujarat in west India to tap into the country's plans to become an electronics major, Reuters reported.
Goldman Sachs-backed ClinChoice is said to consider a $1bn Hong Kong IPO.
ClinChoice, a clinical trial services provider backed by Goldman Sachs, is considering a Hong Kong initial public offering as soon as next year.
The company is working with China International Capital and Morgan Stanley on preparations for the potential listing. A first-time share sale could raise a few hundred million dollars, valuing the business at about $1bn, Bloomberg reported.
Viva mulls over $250m IPO in 2024.
Philippines-based media and entertainment company Viva Communications, is mulling an IPO of its holding company Viva Holdings in 2024 to raise at least $250m.
The share sale could value the group at $1bn, said Vincent del Rosario, president of Viva Communications. The company may also opt to list its subsidiaries instead of the holding company. The company has engaged BDO Capital and Investment as the underwriters in the IPO, DealStreetAsia reported.
Nusantara Sejahtera Raya seeks up to $159m in IPO.
Nusantara Sejahtera Raya, the operator of Indonesia's largest movie theater chain Cinema XXI, seeks up to $159m in an initial public offering to expand operations.
The company will offer as much as 8.34bn. Shareholders Harkatjaya Bumipersada and Adi Pratama Nusantara plan to sell a 10% stake via private placement at listing date. JP Morgan, UBS, Indo Premier Sekuritas and Mandiri Sekuritas are underwriters, Bloomberg reported.
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