AMERICAS
Oasis Petroleum, an independent exploration and petroleum company, agreed to acquire the Williston Basin assets from Diamondback Energy, an independent oil and natural gas company, for $745m. The closing of the transaction is expected to occur in July 2021, subject to customary closing conditions.
"This exciting acquisition is a great example of how Oasis is addressing the needs of tomorrow, by taking action in our new industry paradigm, today. The strategic fit of focusing capital to consolidate assets in our core area, generating significant free cash flow for the benefit of the company and its shareholders, is highlighted via this acquisition," Danny Brown, Oasis Chief Executive Officer.
Oasis is advised by JP Morgan, McDermott Will & Emery and Joele Frank. Debt financing is provided by JP Morgan and Wells Fargo Securities. Debt providers are advised by Kirkland & Ellis and Vinson & Elkins.
Booz Allen Hamilton, an American management and information technology consulting firm, agreed to acquire Liberty IT Solutions, an information technology and services firm, for $725m. The transaction is expected to close in the first quarter of FY 2022 and is subject to customary closing conditions.
"This acquisition supports our long-term strategy to drive continued growth by investing in innovative technologies and talent at scale. The addition of Liberty strengthens our unique market position as a leader in digital transformation, accelerates already robust growth in our health business and beyond, and delivers value for our people, our clients, and our shareholders," Horacio Rozanski, Booz Allen President and Chief Executive Officer.
Liberty is advised by Robert W Baird and Holland & Knight. Booz Allen is advised by PricewaterhouseCoopers, The Avascent Group, Jefferies & Company and King & Spalding.
CVC Capital Partners and Caisse de depot et placement du Quebec agreed to acquire a majority stake in BlueFocus International, a media agency, from BlueFocus Communication Group, an advertising, PR, digital marketing and communications company. Financial terms were not disclosed.
"Our partnership with CVC and CDPQ, will allow us to advance our expansion and transformation strategy. This investment in geographic and capabilities expansion and next generation technology and data offering will provide leading-edge services for our clients and unparalleled development opportunities to our talented people all around the world," Brett Marchand, BlueFocus International CEO.
BlueFocus International is advised by PJT Partners, RBC Capital Markets, Norton Rose Fulbright and Citizen Relations. CVC Capital is advised by McCarthy Tetrault and White & Case. CDPQ is advised by Fasken.
R1 RCM, a provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, agreed to acquire VisitPay, a digital payment solution provider, for $300m.
“VisitPay’s offering adds to R1’s intelligent patient access platform and underscores our drive to empower providers with a comprehensive technology solution to deliver markedly higher satisfaction and better financial outcomes,” Joe Flanagan, R1 President and CEO.
R1 RCM is advised by Centerview Partners and Winston & Strawn. VisitPay is advised by Allen & Company, Stoel Rives and Highwire PR.
One Equity Partners, a middle-market private equity firm, agreed to acquire AMECO, a full-service provider of construction equipment, scaffolding, small tools management and total site solutions, from Fluor, an engineering and construction firm, for $73m.
“We’re excited about our partnership with OEP, a firm with an excellent reputation and proven experience in building industrial services businesses into market leaders. We are looking forward to leveraging AMECO’s significant experience on construction sites and operating facilities to more broadly serve the market as we transition to an independently-operated business,” Gary Bernardez, AMECO CEO.
One Equity Partners is advised by KPMG, CMD Global Partners and Baker McKenzie. Debt financing is provided by PNC Bank. Fluor is advised by Bank of America.
The San Manuel Band of Mission Indians, an Indian tribe, agreed to acquire Palms Casino Resort, a hotel and casino, from Red Rock Resorts, a gaming, development and management company. Financial terms were not disclosed. The transaction is expected to close later in 2021, subject to the receipt of regulatory approvals and other customary closing conditions.
"Today represents an important step for the Tribe and its long-term economic diversification strategy. On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate," Ken Ramirez, San Manuel Chairman.
San Manuel is advised by Jefferies & Company, Greenberg Traurig and Latham & Watkins.
Global Payments, a provider of payment technology and software solutions, agreed to acquire Zego, a provider of resident experience management software, from Vista Equity Partners, an investment firm, for $925m. The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close by the end of the second quarter of 2021.
"This acquisition aligns perfectly with Global Payments' strategy by enhancing our position at the convergence of software and payments in one of the largest and most attractive vertical markets worldwide, where digital commerce and omni-channel trends are rapidly accelerating," Cameron Bready, Global Payments President and Chief Operating Officer.
Zego is advised by Raymond James. Global Payments is advised by Wachtell Lipton Rosen & Katz.
Francisco Partners, a private equity firm, agreed to merge TradingScreen, a provider of trading execution and order management software, and Imagine Software, a risk and compliance software platform. The combined company will be named TS Imagine and will provide a management software platform for connecting the investment management industry with a network of brokers, banks and exchanges. Financial terms were not disclosed.
"The company is uniquely positioned to address complex and time-consuming workflows in the front, middle and back offices, unifying order management, trade execution, portfolio analytics, real time risk compliance, accounting, and operations. Our investment will support the company's continued product innovation, customer focus, and strong growth," Justin Chen, Francisco Partners Principal.
Francisco Partners is advised by Keefe Bruyette & Woods and Kirkland & Ellis.
Noblis, a provider of science, technology and strategy services, completed the acquisition of McKean Defense, a life-cycle management, engineering, enterprise transformation and program management company. Financial terms were not disclosed.
"As mission-driven companies, Noblis and McKean Defense have a common purpose to enrich lives and make our nation safer with a shared passion for excellence and innovation. We are excited to welcome McKean employees to the Noblis family and look forward to combining forces to bring new and complementary solutions to address our clients' growing needs," Amr ElSawy, Noblis President and CEO.
Noblis was advised by Wolf Den Associates. McKean Defense was advised by Robert W Baird.
S4 Capital-backed MightyHive, a data and digital media consultancy company, completed the merger with Raccoon Group, a digital performance agency in Brazil. Financial terms were not disclosed.
"Brazil has sadly suffered more than most as a result of Covid and we send our best wishes and support to our colleagues, new and old, their families and everyone there. It is a crucial market for us at S4 Capital and one we have history in and love to work in, so we are delighted to welcome Andre, Tulio and their colleagues to expand our existing capabilities," Martin Sorrell, S4 Capital Executive Chairman.
S4 Capital was advised by Powerscourt.
Sole Source Capital-backed Peak-Ryzex, a provider of end-to-end supply chain services and solutions, completed the acquisition of Inovity, a business process improvement company. Financial terms were not disclosed.
"Peak-Ryzex has been an industry leader for many years, and we are thrilled to be able to offer our joined customer base an unrivaled suite of capabilities and services. I'd also like to thank Sole Source Capital for being a great partner through this transition period. Their commitment to moving with speed and certainty, operational expertise and experience in the AIDC space was apparent from day one," Jack Tinsley, Inovity President.
Sole Source Capital was advised by Mendel Communications.
AMETEK, a global manufacturer of electronic instruments and electromechanical devices, completed the acquisition of NSI-MI Technologies, a provider of radiofrequency and microwave test and measurement solutions and services, for $230m.
"NSI-MI is an outstanding acquisition and nicely complements our existing Electromagnetic Compatibility test and measurement businesses. NSI-MI's test and measurement solutions are uniquely positioned to support the continued development of advanced RF and microwave technologies for critical applications in wireless communications, satellite systems, autonomous vehicles, and defense systems," David A. Zapico, AMETEK Chairman and CEO.
CooperCompanies, a global medical device company, completed the acquisition of obp Medical, a developer of single-use, self-contained, illuminating medical devices, for $60m.
"This acquisition is a great strategic fit that builds upon CooperSurgical's strong family of OB/GYN medical devices. obp Medical's differentiated products will integrate seamlessly into our business and support our mission of advancing women's healthcare," Al White, CooperCompanies President and CEO.
BRS, a private equity firm, completed the acquisition of a majority stake in Shearwater Research, a designer and manufacturer of high-quality dive computers and rebreather electronics. Financial terms were not disclosed.
"BRS's experience and knowledge of bringing enthusiast consumer brands to a broader audience will be valuable as we seek to reach more customers with new products," Jim Hartt, Shearwater CEO.
Demandbase, a targeting and personalization platform for business-to-business companies, agreed to acquire InsideView, a software as a service company that gleans insights and relationships, and DemandMatrix, a provider of technographic data and intelligence. Financial terms were not disclosed.
"Our vision is bold. We are transforming how B2B companies go to market, helping them deliver great experiences at every stage of the account journey. This requires great data — and we now have the premium B2B data and intelligence solutions to help companies identify, understand, and engage their customers and prospects. With this move, Demandbase moves from being 'just' a leader in account-based programs to being the definitive leader in B2B go-to-market," Gabe Rogol, Demandbase CEO.
Wilsonart Engineered Surfaces, an engineered surfaces company, completed the acquisition of Flagg, a wholesale distributor to the building and remodeling industry. Financial terms were not disclosed.
"The acquisition of Flagg complements Wilsonart's company culture and greatly enhances the services we offer with four locations across Ohio, Indiana and Kentucky. We look forward to increasing Wilsonart's company-owned distribution network and being able to bring our ever-expanding portfolio of engineered surfaces to an even wider audience," Andrew Korzen, Wilsonart Vice President of Sales.
Bridge Growth Partners-backed Syniti, an enterprise data management firm, agreed to merge with Data Migration Resources, a provider of high-quality data. Financial terms were not disclosed. The combined company will operate under the Syniti name.
"Syniti represents the next generation of enterprise data management. Together, we're powerfully positioned to provide the highest levels of data quality with AI-driven solutions spanning migration and quality to master data management and metadata management. This gives our customers and partners the unique advantage of leveraging a single global provider to solve challenges throughout the data journey," Kevin Campbell, Syniti CEO.
Venture capital firms Meritech Capital and Greylock Partners led a $611m financing round in Wealthsimple, a Canadian online investment management service focused on millennials, with participation from Inovia, Sagard and Redpoint, Two Sigma Ventures, TCV, as well as individual investors including Drake, Ryan Reynolds and Michael J. Fox.
With this funding, Wealthsimple plans to expand its market position, build out its product suite, and grow its team. The company also offers automated savings and investing products and tax filing tools, and it has demonstrated a clear appetite and ability to expand its offerings to encompass even more of its customers' financials lives when committed with fresh resources to do so.
Tiger Global led a $550m funding round in Kajabi, an e-commerce platform, valuing the company at over $2bn. The round was joined by TPG, Tidemark, Owl Rock Capital and Meritech Capital.
"The addition of our new investors validates Kajabi's mission of empowering knowledge entrepreneurs who are serious about achieving success online with their business. The key to Kajabi's success in the knowledge economy is empowering our customers, knowledge entrepreneurs, with a one-stop-shop platform to create, build and grow their business and brand," Kenny Rueter, Kajabi CEO and Co-Founder.
Investment advisory firms EcoR1 Capital and Farallon Capital Management led a $110m Series B round in Affinia Therapeutics. Additional new investors participating in the round include Avidity Partners, Casdin Capital, GV, Octagon Capital, Perceptive Advisors, RA Capital Management, TCG Crossover, and Woodline Partners. Existing investors Atlas Venture, F-Prime Capital, Lonza, Mass General Brigham Ventures, and New Enterprise Associates also participated in the round.
“Gene therapies with novel vectors and regulatory elements have the potential to benefit a broad range of both rare and non-rare diseases. We are impressed with Affinia Therapeutics’ leadership team and scientific progress and are pleased to support the Company at this critical juncture as it brings forth novel gene therapies with the potential to impact a wide range of diseases, giving new hope to patients,” Caroline Stout, EcoR1 Capital Partner.
Paper Excellence considers taking Domtar private.
Paper Excellence, a Canadian paper and packaging company, explores a deal to acquire Domtar, a manufacturer, and distributor of a range of fiber-based products, Bloomberg reported.
The companies are working with advisers on a potential transaction that would take a US-listed company private, valuing Domtar's shares in the mid-$50s.
Leumi considers divesting its US bank arm.
Bank Leumi, one of Israel's largest lenders, weighs a divestment of its US bank arm, which could fetch c. $1bn, Bloomberg reported.
The bank is working with a financial adviser to find buyers for Bank Leumi USA. It also may consider an initial public offering for the unit. The plans are at an early stage and Bank Leumi may decide not to pursue the sale.
Squarespace prepares for a direct listing in New York.
Squarespace, a website publishing and online content management software company, has registered roughly 40m shares for its direct listing in New York, Reuters reported.
In a direct listing, no shares are sold in advance as opposed to an IPO. The price at debut is determined by orders coming into the stock exchange. Squarespace's shares will start trading on the New York Stock Exchange on May 19 under the ticker symbol "SQSP".
Squarespace is advised by Goldman Sachs, JP Morgan, Barclays, and RBC Capital Markets.
DLocal confidentially files for IPO valuing at $5bn. (FS)
DLocal, a payments startup, has confidentially filed for a US IPO. The company is set to be valued at more than $5bn, Bloomberg reported.
DLocal is backed by General Atlantic, Tiger Global, D1 Capital Partners, Bond and Alkeon Capital.
DLocal is advised by JP Morgan.
TSG Consumer-backed Dutch Bros Coffee plans IPO. (FS)
TSG Consumer-backed Dutch Bros Coffee, a coffee chain, is planning an IPO for this year. The company seeks a valuation at about $3bn. Dutch Bros has held discussions with potential advisers about a listing, Bloomberg reported.
At the time of the TSG transaction, Dutch Bros planned to grow to 800 shops by 2023. As of January, the company had 400 locations. Since the start of the coronavirus pandemic, many of its outlets have been operating on a drive-through only basis.
Bain Capital raises $11.8bn for North America buyout fund. (FS)
Bain Capital, a private equity company, raised $11.8bn for North America buyout fund, exceeding the $9bn target, WSJ reported.
Bain gathered $10bn from outside investors and $1.8bn from present and former employees. The fund will focus on the industrial, healthcare, business services, and finance sectors.
"We will continue to find interesting, transformational deals by leveraging our global resources and experience, our sourcing network, and vertical industry depth," John Connaughton, Bain Capital Co-Managing Partner.
Bain Capital is advised by Fried Frank Harris Shriver & Jacobson.
Berkshire Bridge Loan Investors II held a final close with $1.47bn of commitments. (FS)
Berkshire Residential, a full-service residential investment management company, closed debt fund Berkshire Bridge Loan Investors II, with $1.47bn commitments. The fund investors include 60 institutional clients worldwide and are comprised of both new and existing client relationships for the firm.
"The launch of the second fund in this series is a testament to our confidence in the strategy and has allowed Berkshire to further expand our platform and reach a diverse set of global institutional investors. The Berkshire team is very excited about the new and existing relationships that helped form the fund and we look forward to executing on their behalf," Michael Coffey, Berkshire Managing Director and Head of Capital Markets.
MiddleGround raises over $730m across three funds. (FS)
MiddleGround Capital, a private equity firm, raised more than $730m of capital across three funds, exceeding the $550m target. The company closed Middleground Partners II fund, a co-investment vehicle and the Mobility Opportunity Fund.
Fund II and the co-investment vehicle will be backing B2B companies in the industrials and specialty distribution markets and targeting deals in infrastructure and Industry 4.0. The Mobility Opportunity Fund will be focused on investments in the electrification of the powertrain, vehicle light-weighting, connected and autonomous vehicles.
New State Capital Partners closes the third fund with $450m commitments. (FS)
New State Capital Partners, a private investment firm, closed its third institutional investment fund, New State Capital Partners Fund III with $450m in total commitments.
Fund III's investors include public and private pension funds, consultants, endowments, foundations, funds of funds, and family offices.
"We are grateful to our existing and new investors for their strong interest in the New State Capital Partners team. We have plenty of capacity to pursue our core strategy: investing in great middle-market companies, thinking like entrepreneurs, backing independent sponsors, and showing up with resources for our partners," David Blechman, New State Founder and Senior Principal.
Hines launches APAC fund with $400m commitments. (FS)
Hines, a US-based real estate investment firm, launched a flagship fund for the Asia-Pacific Region, Hines Asia Property Partners, with $400m of commitments. The fund is backed by OTPPB-backed Cadillac Fairview, a real estate company, DealStreetAsia reported.
HAPP will be targeting top-tier markets in Japan, Australia, South Korea, Singapore, and Greater China and invest in logistics, office, living, retail, and select niche sectors targeting core plus returns.
Quad Partners closes the sixth fund at $388m hard cap. (FS)
Quad Partners, a lower middle-market private equity firm focused on the education industry, closed Quad Partners VI at its hard cap of $388m. The fund is backed by US and European institutional limited partners and family offices.
The fund will focus on education businesses to help them expand organically and through add-on acquisitions and invest in education technology, tech-enabled service, and site-based companies with a particular focus on owner-operated businesses.
Flexstone Partners' Global Opportunities IV raised $322m at the second close. (FS)
Flexstone Partners, a private investment firm, announced the second closing of Global Opportunities IV with $322m of commitments and has already completed three investments.
The fund is backed by Natixis and top-tier Institutional investors in Europe, Australia, and Asia. The fund will make more than 40 investments in privately-owned companies across the world alongside high conviction managers.
"We believe that Global Opportunities IV represents an attractive risk and return investment opportunity for our investors, especially in the current uncertain environment when investors continue to look for yield. Through our proprietary and systematic selection process and thanks to the quality and diversity of our deal flow, we have been able to generate top quartile private equity returns associated with low risks since we started our co-investments fund series in 2008," Eric Deram, Flexstone Partners Managing Partner.
EMEA
Sanlam, a South African financial services group, agreed to acquire a 22.8% stake in SAHAM Assurance, a provider of life and property/casualty insurance services, from Sanam Holdings and First Commercial Estate, a property management services provider, for $138m. The transaction is subject to certain conditions, including approvals from the relevant regulatory authorities to the extent required both in South Africa and Morocco.
The deal will enable Sanlam to deepen its direct presence in North and Francophone West Africa as part of Sanlam’s strategy to optimize the Pan-Africa portfolio and strengthen its position in core markets.
Sanlam is advised by Rothschild & Co, Allen & Overy, Webber Wentzel, Standard Bank of South Africa and Investec.
Victoria, an international manufacturer and distributor of innovative flooring products, completed the acquisition of Edel Group, a Netherlands-based designer, manufacturer, and distributor of artificial grass and carpets, for $60m.
"Victoria's 2017 investment in the premium artificial landscaping grass sector has been very successful and this acquisition represents an opportunity to create Europe's largest and most profitable business in the sector. The addition of production facilities benefits our customers by enabling them to source locally in Europe, avoiding inflationary and disruptive imports from the Far East. Furthermore, the outlook for this product category is positive due to growing consumer acceptance and increasing demand for sustainable products that address climate change," Philippe Hamers, Victoria CEO.
Victoria was advised by Buchanan, Peel Hunt, N+1 Singer and Berenberg.
IP Group, a British-based intellectual property business investing in technology companies, led a $269m funding round in Oxford Nanopore, a company developing and selling nanopore sequencing products. The round was joined by Temasek, Wellington Management, M&G Investments and Nikon.
“The technology developed by Oxford Nanopore is used in a wide range of scientific research applications, including further biomedical sciences, to characterize pathogens in microbiology and public health. It is used by institutional investors in society. It’s an example of how it can play an important role in accelerating the growth of a more profitable company," Jack Daniels, M&G Investments Chief Investment Officer.
IP Group was advised by Charlotte Street Partners.
CVC Capital led a $250m funding round in Acronis, a global technology company, valuing the company at $2.5bn.
Acronis will use the funds to further accelerate growth by expanding its unique portfolio of natively integrated cyber protection products. A significant portion of the investment will also be used to further enhance Acronis' go-to-market initiatives by expanding its broad partner network.
"CVC has a strong track record in cybersecurity and partnering up with successful entrepreneurs, and we are looking forward to teaming up with Serguei Beloussov and the Acronis team to accelerate the company's growth," Leif Lindback, CVC Capital Partners Senior Managing Director.
Greyhound Capital, a London-based growth equity firm, led a $160m Series D round in TravelPerk, a travel management company. Existing investors also participated, specifically: DST, Kinnevik, Target Global, Felix Capital, Spark Capital, Heartcore, LocalGlobe and Amplo.
“There is no doubt that from 2021 onwards, the average business trip will look very different to how it did in 2019. Companies are looking for more efficient ways to manage their travel and will place high value on the technology platforms that offer superior choice, flexibility, customer service and duty of care,” Ines Verschueren, Greyhound Capital Investor.
Cordiant Digital Infrastructure, an investment company, completed the acquisition of Ceske Radiokomunikace, a telecommunications company, from Macquarie Group. Financial terms were not disclosed.
"We are delighted to have acquired Ceske Radiokomunikace from Macquarie. Ceske Radiokomunikace is a national champion with an unrivalled portfolio of assets in a core European country. We are delighted to be partnering with their strong management team, its employees and other stakeholders in order to continue building Ceske Radiokomunikace as a leading digital infrastructure platform serving the broadcast, telecommunications and data centre markets," Steven Marshall, Cordiant Chairman.
Lufthansa pitches a $6.6bn capital raise to investors.
Lufthansa, a German airline company, asked shareholders for permission to raise $6.6bn in fresh capital to repair the balance sheet after the coronavirus pandemic, Bloomberg reported.
At the annual meeting Carsten Spohr, Lufthansa CEO, asked investors to allow the issuance of 2.15bn new shares. The nominal price of the stock would be $3.08 each, about one-fourth Lufthansa's current share price, though the airline is likely to issue them at a higher amount.
S4 Capital prepares for new acquisitions.
S4 Capital, a media company, considers spending a further $601m on acquisitions after the company increased its earnings forecasts thanks to a bounce in the global economy.
The digital advertising agency led by Martin Sorrell expects underlying revenues and gross earnings to rise by 30% this year after a jump in activity in the first quarter.
Trifork prepares for IPO in Copenhagen and dual-listing in Zurich.
Trifork, a Danish software firm, is considering floating on Nasdaq Copenhagen with a subsequent dual-listing on the Swiss stock exchange SIX, Reuters reported.
The IPO is expected to consist of the sale of existing shares and new shares equivalent to 5% of the existing share capital. The existing shares are being offered by GRO Holding I, Kresten Krab, and Jorn Larsen, Trifork founder and CEO.
The capital will be mainly used for acquisitions in Denmark, the Netherlands, Switzerland, and Britain, increasing its existing investments and general corporate purposes.
Trifork is advised by Carnegie Investment Bank, Credit Suisse, and Danske Bank.
APAC
American Securities, a private equity firm, completed the acquisition of CS Energy, an integrated energy firm, from Ares Management, a global alternative investment manager, and The Conti Group, a construction engineering company. Financial terms were not disclosed.
"CS Energy is extremely excited to be partnering with American Securities through our next phase of growth. Our management team and strategy will remain consistent on a go-forward basis and we are excited to continue to grow our business by continuing to execute great projects for our customers," Matthew Skidmore, CS Energy CEO.
CS Energy was advised by Cowen & Company, Lazard and Morgan Lewis & Bockius. American Securities was advised by Weil Gotshal and Manges.
51job, a provider of integrated human resource services, received an updated proposal from DCP, a private equity investment company, Ocean Link Partners, a private equity company, and Rick Yan, CEO of 51job, proposing to acquire the company for $79.05 in cash per common share.
The special committee will continue to evaluate the proposed transaction in light of the latest development.
Iris Energy weighs Australia's first SPAC merger.
Iris Energy, a bitcoin mining business, weighs proposals from blank-check firms seeking to take the Australian company public, Bloomberg reported.
The Sydney-based company has been approached by several SPACs about a deal to potentially list in the US that could raise between $300m and $500m. Iris also examines options, including a conventional or direct listing on the Australian Securities Exchange or Nasdaq.
Buhuo Ventures raises the first $100m fund via yuan-to-dollar restructuring. (FS)
Buhuo Ventures, a Beijing-based investment firm, has completed a yuan-to-dollar fund restructuring to raise its $100m venture capital fund, DealStreetAsia reported.
As part of the process to create the US dollar fund, Buhuo Ventures transferred partial stakes in four assets from its Buhuo Ventures RMB Fund I into Buhuo Venture USD Fund I. The assets include Zhongneng United, a Chinese engineering equipment rental platform; Guoquan, a supermarket chain; and New Carzone, a business-to-business-to-consumer auto aftermarket platform.
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