Illumina, a US life sciences company, anticipated an order from EU antitrust enforcers to keep recently acquired Grail as a separate company while waiting for regulatory clearance of the deal, Reuters
The company said it would discuss certain changes suggested by the European Commission in the coming days. The EU competition enforcer had earlier on Monday said it plans to impose interim measures against the company for closing the deal prematurely but did not provide details.
Grail was advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co. Illumina was advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Financial advisors were advised by Freshfields Bruckhaus Deringer. Debt financing was provided by Goldman Sachs.
StepStone Group, a global private markets investment firm, completed the acquisition of Greenspring Associates, a venture capital and growth equity platform, for $725m.
"Joining forces with Greenspring allows StepStone to scale our venture capital and growth equity capabilities, further broadening the menu of private equity solutions as we seek to build the highest-quality portfolios for our clients. We are pleased to welcome Greenspring Founder and Managing General Partner Ashton Newhall, Managing General Partner Jim Lim, and the entire Greenspring team as the newest members of the StepStone team. We believe that the Greenspring team has built the best venture capital and growth equity platform within private markets. Just as important, they promote a culture of trust and integrity that directly aligns with our values," Scott Hart, StepStone Co-CEO.
Greenspring Associates was advised by Morgan Stanley, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian and Proskauer Rose. StepStone was advised by JP Morgan, Gibson Dunn & Crutcher and ICR.
Ardian, a French investment firm, completed the acquisition of majority stake in Florida Food Products, a company that specializes in the creation and manufacturing of fruit and vegetable juice concentrates, from MidOcean Partners, an American private equity firm, at a $1bn valuation.
“What we do at the end of the day is we enable food companies to deliver food to consumers that they’re demanding,” Jim Holdrieth, Florida Food Products CEO.
Ardian was advised by Evercore, Houlihan Lokey, JP Morgan, Weil Gotshal and Manges and The Neibart Group. MidOcean Partners was advised by Houlihan Lokey, Gibson Dunn & Crutcher and Gasthalter & Co.
Walgreens Boots Alliance, a pharmacy-led health and beauty retail company, agreed to acquire a majority stake in Shields Health Solutions, a specialty pharmacy integrator and accelerator, from Welsh, Carson, Anderson & Stowe, a private equity firm, for $970m.
"Shields pioneered the integrated, health system specialty pharmacy approach that has quickly gained traction in the industry. In doing so, we have consistently delivered exceptional growth and value through a model that research shows leads to better outcomes and quality of life. WBA’s further investment in Shields is a validation of our proven growth strategy, and we are pleased they will be an even more powerful driver in helping us to broaden and deepen our differentiated model. We will remain focused on driving improved clinical and economic outcomes for our stakeholders: our valued health system partners, our patients most in-need, and our care-focused and talented team," Lee Cooper, Shields Health Solutions CEO.
Shields Health is advised by Centerview Partners, Goodwin Procter, K&L Gates and Ropes & Gray. Walgreens Boots Alliance is advised by Reed Smith, Sidley Austin and Weil Gotshal and Manges.
ConocoPhillips, an American multinational corporation engaged in hydrocarbon exploration, agreed to acquire the Permian business of Royal Dutch Shell, an Anglo-Dutch multinational oil and gas company, for $9.5bn.
"We were presented with a unique opportunity to add premium assets at a value that meets our strict cost of supply framework and brings financial and operational metrics that are highly accretive to our multi-year plan. Our financial strength allowed us to structure a competitive offer for this transaction and we are very excited to enhance our position in one of the best basins in the world with the addition of Shell's high-quality assets and talented workforce. The transaction will be funded from available cash while still retaining a significant level of cash on the balance sheet for general purposes. Our underlying business drivers will be stronger and the expanded cash flows derived from this transaction mean shareholders will benefit from higher returns of capital consistent with our commitment to return of capital of at least 30% of cash from operations," Ryan Lance, ConocoPhillips Chairman and CEO.
ConocoPhillips is advised by Goldman Sachs and Baker Botts. Royal Dutch Shell is advised by Morgan Stanley, Tudor Pickering Holt and Norton Rose Fulbright.
Transfix, a digital freight platform, agreed to go public via merger with G Squared Ascend I, a special purpose acquisition company sponsored by affiliates of G Squared, in a $1.1bn deal.
"We are thrilled to be partnering with G Squared on this significant milestone. They have been incredible partners who share our excitement about the opportunity ahead, and who bring invaluable expertise in and knowledge of our rapidly growing sector. With this transaction, Transfix is well-positioned to accelerate growth and innovation to drive our impact at scale. We are at the beginning of a new era for the freight industry," Lily Shen, Transfix CEO and President.
Transfix is advised by JP Morgan, Latham & Watkins, McCarter & English and O'Melveny & Myers. G Squared is advised by UBS and Goodwin Procter.
Pacific Biosciences, a provider of high-quality, long-read sequencing platforms, completed the acquisition of Omniome, a San Diego-based company developing a highly differentiated, proprietary short-read sequencing platform capable of delivering high accuracy, for $800m.
"The team at Omniome has spent several years developing a new and differentiated sequencing chemistry, Sequencing by Binding. We developed this chemistry because clinical applications require a level of accuracy that is difficult to achieve with current sequencing technologies. SBB has fundamental advantages over other technologies and the potential to deliver higher sensitivity at a lower cost to unlock new markets," Richard Shen, Omniome President.
Omniome was advised by Jefferies & Company and Cooley. Pacific Biosciences was advised by Cowen & Company, Centerview Partners and Wilson Sonsini Goodrich & Rosati.
Ganfeng Lithium, one of the largest producers of lithium, is unlikely to match a competing offer for Millennial Lithium, a battery manufacturer and technology company, Bloomberg
The lithium producer is not keen to enter a bidding war for Vancouver-based Millennial. Contemporary Amperex Technology is the unnamed suitor behind a $296m offer.
Millennial Lithium is advised by Credit Suisse, Sprott Resource Lending and Dentons. Ganfeng Lithium is advised by Gowling WLG.
Investment companies Searchlight Capital Partners and British Columbia Investment Management agreed to invest in Adams Outdoor Advertising, the fourth largest, and largest privately-held, out-of-home media operator in the United States. Financial terms were not disclosed.
"We are excited to work with Kevin Gleason, his management team and Searchlight to support the company's growth. Our investment in Adams aligns with BCI's long-term investment approach of investing in stable industries that provide compelling risk-adjusted returns for our pension plan and insurance fund clients," Dave Hong, BCI Senior Managing Director, Private Equity.
Adams Outdoor Advertising is advised by PJ Solomon and Kaplan Strangis & Kaplan. Searchlight Capital Partners is advised by Barclays, Latham & Watkins and Prosek Partners. British Columbia Investment Management is advised by Weil Gotshal and Manges.
Audax Private Equity, an alternative investment manager, completed the investment in GCX Mounting Solutions, a provider of healthcare-focused, mission-critical equipment mounting and mobility solutions. Financial terms were not disclosed.
"We are very excited to be part of the Audax family and look forward to benefiting from their established history within the healthcare and medical device sector. The Audax model is a great fit for GCX. Our customers, suppliers, and employees stand to benefit greatly from this partnership. This enables the next stage of growth for the organization through investment in customers, products, channel, and merger & acquisition opportunities, all while retaining our core values and commitment to quality, service, and innovation," Del France, GCX CEO.
GCX Mounting Solutions was advised by William Blair & Co and Orrick Herrington & Sutcliffe. Audax was advised by Robert W Baird, Stifel, Ropes & Gray and Sard Verbinnen & Co.
F5 Networks, a provider of application services, agreed to acquire Threat Stack, a provider of cloud security and workload protection, for $68m.
"Applications are the backbone of today's modern businesses, and protecting them is mission critical for our customers. Threat Stack brings technology and talent that will strengthen F5's security capabilities and further our adaptive applications vision with broader cloud observability and actionable security insights for customers," Haiyan Song, F5 EVP of Security.
Threat Stack was advised by Boston Meridian Partners and Choate Hall & Stewart. F5 Networks was advised by Foros and Skadden Arps Slate Meagher & Flom.
Allied Universal, a global security and facility services company, agreed to acquire MSA Security, a provider of comprehensive threat protection solutions, from GreyLion Capital, a middle-market private equity firm. Financial terms were not disclosed.
"The acquisition of MSA Security will not only expand our K9 program on a local and national level but will also increase our security resources around the world. For more than 30 years, MSA Security has achieved success through its strong customer relationships, expertise and reliable service. This acquisition aligns perfectly with our strategic goals for identifying strong and high-performing companies that offer vast services and are continuing to grow," Steve Jones, Allied Universal Global Chairman and CEO.
MSA Security is advised by Robert W Baird and Latham & Watkins. Allied Universal is advised by Sheppard Mullin Richter & Hampton and Vorticom Public Relations.
BlackRock Long Term Private Capital, an innovative private equity strategy focused on investing in high-quality businesses and value creation, completed the acquisition of a majority stake in Summit Companies, a fire and life safety service and installation company, from CI Capital, a North American private equity investment firm. Financial terms were not disclosed.
"We are excited to partner with the Summit team to continue building out a national platform designed to deliver the industry's most comprehensive set of fire and life safety services to both local and regional customers and national accounts. This investment capitalizes on the need for an end-to-end solutions provider as safety continues to be a critical regulatory focus for companies across industries. We look forward to advancing Summit's strong growth momentum following CI Capital's ownership over the past four years," Colm Lanigan, LTPC Head of Americas.
Summit Companies was advised by Truist Bank and Paul Weiss Rifkind Wharton & Garrison. BlackRock was advised by Simpson Thacher & Bartlett. CI Capital was advised by Kekst CNC.
US Bancorp, the parent company of US Bank National Association, agreed to acquire MUFG Union Bank, a full-service bank, from Mitsubishi UFJ, a financial services group, for $8bn.
“The acquisition of MUFG Union Bank underscores our commitment to strengthen and grow our business on the West Coast, make investments to serve customers and local communities and enhance competition in the financial services industry. With MUFG Union Bank, we will increase access to state-of-the-art financial products while maintaining US Bank’s strong track record of putting its customers and communities first. We are also committed to maintaining both organizations’ excellent records of serving low-income communities and supporting minority-led institutions,” Andy Cecere, US Bancorp Chairman, President and CEO.
US Bancorp is advised by Goldman Sachs, Simpson Thacher & Bartlett and Brunswick Group. Mitsubishi UFJ Financial Group is advised by Bank of America.
American Securities, a private equity firm, agreed to acquire Swinerton Renewable Energy, a solar contractor, from Swinerton, a commercial construction company that provides services in the United States. Financial terms were not disclosed.
"We are thrilled to be working with the SOLV Energy team as they transition to becoming an independent company. SOLV Energy has a long history of outstanding customer service and we look forward to supporting the Company as it helps accelerate the United States' transition to solar energy," Michael Sand, American Securities Managing Director.
American Securities is advised by Weil Gotshal and Manges. Swinerton is advised by Lazard and Farella Braun + Martel.
Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies, led a $100m Series F round in IVX Health, a national provider of outpatient infusion centers.
"IVX Health is disrupting a distinct and rapidly growing healthcare vertical – biologic infusion and injection therapy – in unique ways that are driving tangible efficiencies for the US healthcare system as a whole. We are excited to play a strategic, supporting role in fueling IVX Health's next phase of growth as it enters new markets and collaborates with other providers in the healthcare ecosystem to drive value while continuing to redefine the care experience for its patients and referring providers," Mark Taber, Great Hill Partners Managing Director.
IVX Health is advised by Evercore. Great Hill is advised by LionTree Advisors and Sard Verbinnen & Co.
ArrowMark Partners led a $250m Series B round in SmartLabs, a Boston-based Laboratory-as-a-Service firm, with participation from Winslow Capital Management, Onex Falcon, Conversion Venture Capital and Breed's Hill Capital.
The funding will fuel the company's accelerated growth, with a plan to scale operations to 2m square feet within five years. In addition, SmartLabs announced the launch of the fourth version of its proprietary laboratory operations system (SmartLabs OS) which was first pioneered and introduced in 2016.
SmartLabs was advised by MacDougall.
CI Capital Partners, a New York-based private equity firm, agreed to invest in The Cadmus Group, a multi-disciplinary professional services firm that serves government agencies, electric and natural gas utilities, and commercial clients. Financial terms were not disclosed.
"We are excited to invest in Cadmus and support its outstanding team as we work together to continue building the Company organically and through strategic acquisitions. With exceptional offerings and strong, blue-chip client relationships, Cadmus has become a market leader, providing unmatched expertise to governments, utilities, and other commercial clients on their most pressing issues. With its prior investments in Anteon International and A-T Solutions, CI Capital has extensive experience investing in the government services sector and we see enormous potential in Cadmus. The Cadmus team's mission of addressing the important issues of sustainability, decarbonization, and public health is well-aligned with our values. We look forward to supporting Cadmus as it expands the depth and breadth of its services in the U.S. and Europe," William Swayne, CI Capital Managing Director.
CI Capital Partners is advised by Kekst CNC.
Arthur J. Gallagher, a US-based global insurance brokerage and risk management services firm, agreed to acquire Files Agribusiness, a full service independent insurance agency. Financial terms were not disclosed.
"The Files Agribusiness team will strengthen our agribusiness capabilities and expand our geographic reach in the Federal Crop Insurance space," J. Patrick Gallagher, Jr., Arthur J. Gallagher & Co Chairman, President and CEO.
Fivetran, a provider of automated data integration, agreed to acquire HVR, a provider of enterprise data replication technology, for $700m.
The combination of Fivetran and HVR complementary technologies will accelerate Fivetran's mission to make access to data as simple and reliable as electricity. The acquisition strengthens Fivetran's market position as one of the data integration leaders for all industries and all customer types. The combined capabilities of Fivetran and HVR will enable modern analytics for the world's most business-critical data without compromising security, performance or ease of use.
AGS Health, an analytics-driven, technology-enabled revenue cycle management company, completed the acquisition of EZDI, a provider of AI-based clinical documentation and medical coding technology. Financial terms were not disclosed.
"EZDI's technology assists clinical staff by predicting appropriate medical codes and identifying missed documentation, which makes for a more efficient process and better outcomes," Patrice Wolfe, AGS Health CEO.
Turnspire Capital Partners, a private equity firm, agreed to acquire Spectra Premium Industries, a North American provider of automotive parts design, engineering, manufacturing, and distribution for the aftermarket as well as for original equipment. Financial terms were not disclosed.
"Spectra's best-in-class engineering, and North American manufacturing and distribution capabilities position the Company as a supplier of choice to attractive automotive, commercial vehicle and industrial markets. The Turnspire acquisition will result in a strong balance sheet through the elimination of significant prior liabilities. Further, Spectra will benefit from our commitment to manufacturing excellence and access to significant strategic, operational and financial resources. We are excited to work with Spectra's management team to build on the Company's legacy of innovation and achieve profitable growth," Ilya Koffman, Turnspire Capital Partners Managing Partner.
Weinberg Capital Group, a Cleveland, OH-based family office, agreed to acquire Drake Waterfowl Systems, a provider of hunting, fishing, and casual apparel. Financial terms were not disclosed.
"We are very excited and proud to have the opportunity to partner with WCG to take our brands to the next level while remaining true to the core values that got the company to where it is today. Success in the outdoor industry starts and ends with relationships and being easy to do business with, a philosophy shared by WCG," John Woodard, Drake CEO.
Boston Scientific, a manufacturer of medical devices, agreed to acquire Devoro Medical, a developer of the WOLF Thrombectomy platform, for $337m.
"Clot management remains a core focus of our business, and upon commercialization, this highly differentiated technology will complement and expand our offerings to a full suite of interventional strategies for thromboemboli, which also includes the EkoSonic™ Endovascular System (EKOS) and the AngioJet™ Thrombectomy System," Jeff Mirviss, Boston Scientific Executive Vice President.
Canal + Group, a French television compan, completed the acquisition of a 70% stake in SPI International, a global media company operating 72 TV channels. Financial terms were not disclosed.
“We have set ourselves the goal of reaching a minimum of 30m subscribers by 2025, and SPI International will certainly be a key asset in achieving this ambition,” Maxime Saada, Canal+ Group CEO.
Google to buy Manhattan’s St. John’s Terminal for $2.1bn. (RE)
Google is cementing its status in New York City, and a commitment to in-person work, with plans to purchase a Manhattan office building for $2.1bn, Bloomberg
The company, whose parent is Alphabet, has already been leasing St. John’s Terminal on the far west side, and the decision to exercise an option to buy the site builds on plans to invest more than $250m this year in its New York real estate, Ruth Porat Alphabet CFO said.
Ambipar Environment plans $561m IPO.
Ambipar Environment, a unit of Brazilian waste management and emergency response company Ambipar Group, plans to raise roughly BRL3bn ($561m) in its initial public offering. The company will sell 168.4m new shares, but it may increase that by 15% with overallotments, Reuters
Ambipar Environment intends to use the proceeds mainly to fund acquisitions in Brazil and abroad. Since its IPO last year, Ambipar Group has been expanding its waste management unit through acquisitions and new services.
Freshworks hikes IPO target after stronger investor demand.
Freshworks, a software provider, is raising the price for its initial public offering after stronger-than-anticipated demand from investors.
The Silicon Valley software startup has increased its price range for shares to $32 to $34. That would raise as much as $969m, Bloomberg
Xplor files confidentially for US IPO. (FS)
Advent International-backed Xplor Technologies, a payments company, confidentially filed for an initial public offering.
The Atlanta-based firm has submitted IPO documents to the US Securities and Exchange Commission, Bloomberg
Toast raises IPO range.
Toast, a company that helps restaurants handle payments, raised the price range for its pending initial public offering.
The Boston-based company now plans to sell 21.7m shares at $34 to $36. That’s up from the $30 to $33 apiece it had initially targeted, Bloomberg
Rubicon Technology Partners looks to raise $2bn for its new fund. (FS)
Rubicon Technology Partners, an operationally focused private equity firm, is seeking $2bn for its fourth flagship fund. The vehicle will focus on enterprise software companies. The Boulder-based firm closed its third namesake fund at $1.2bn in 2020.
Rubicon is among a handful of tech-focused firms who are deploying at a
quick pace and coming back to market sooner than has been traditional in
private equity. Thoma Bravo is another firm that has come back to market
relatively quickly with its main fund and smaller pools.
LLCP closes third lower-middle-market fund at $1.4bn. (FS)
Los Angeles-based Levine Leichtman Capital Partners, an established middle-market private equity firm, closed its third lower-middle-market fund at $1.4bn. LMM III will target US-based lower-middle-market companies with less than $50m in revenue.
The new vehicle is more than double the size of its predecessor, which closed at $615m in 2016. LLCP typically backs companies in sectors like business services, education and engineered products.
Addition set to raise $1.3bn for its new fund. (FS)
Addition, a venture firm launched by former Tiger Global Management investor Lee Fixel in 2019, is raising its third fund, WSJ
Mr. Fixel had raised one of the largest debut funds in venture capital history when he collected $1.3bn for Addition One last year. He quickly followed with Addition Two of the same size.
Blumberg Capital raises $225m. (FS)
Blumberg Capital, an early-stage venture capital firm that partners with entrepreneurs to innovate and build technology companies, raised $225m for its fifth flagship fund, which will be used to back companies developing AI, big data and other tech.
The vehicle surpasses its predecessor, which closed on $206m in 2017. The early-stage VC firm specializes in leading seed and Series A rounds, with investments ranging from $500k to $5m. Blumberg is based in San Francisco, with operations in Tel Aviv, Miami and New York.
Warburg Pincus appoints SAP executive to advise on tech deal spree. (FS, People)
Warburg Pincus, an investment firm, appointed SAP executive Brian Duffy as a senior adviser in its technology team as it bets on the digital transformation of its portfolio companies while also scouting for new tech targets.
Warburg Pincus, known as a “growth investor” as it deploys cash to support companies that offer strong earnings potential in industries that have profited from the Covid-19 pandemic, has heavily invested in the telecoms, media and technology sector since the start of the pandemic and will rely on Duffy’s expertise to identify new investment opportunities globally.