EMEA
Hitachi agreed to buy Elliott's stake in Ansaldo STS for €808m ($921m).
Hitachi, a Japanese multinational conglomerate company, agreed to buy Elliott's stake in Ansaldo STS, an Italian transportation company with a global presence in the field of railway signalling and integrated transport systems for passenger traffic and freight operations. The acquisition will be made through a transaction with a total value of €808m ($921m).
Alistair Dormer, CEO of Hitachi's Railway Systems Business Units, said: "This acquisition of shares is a further key milestone towards realising our ambition of becoming a global leader in total rail solutions".
Karo Pharma is a speciality pharmaceutical company, which develops and markets products for pharmacies as well as directly to the healthcare sector. The Company was founded in 1987 and has been listed on Nasdaq Stockholm since 1998.
”The speciality pharmaceutical market will offer attractive growth opportunities going forward, both organically through introductions of new and innovative compounds to patients and inorganically through acquisitions, as a result of the continued consolidation of the pharmaceutical industry. We believe Karo Pharma is very well positioned to take advantage of this market opportunity and we are excited about the opportunity to support the company and its employees in this exciting journey”, said Åsa Riisberg, Partner at EQT Partners, Head of EQT’s global Healthcare Sector and Investment Advisor to EQT VIII.
EQT was advised by White & Case and SEB Corporate Finance.
Midlothian Capital Partners acquired HB Education Limited – the holding company for PGL and the UK’s leading outdoor education and study travel group - for £467m ($599m) from Cox & Kings, the longest established travel company in the world. This is Midlothian’s third consumer sector deal in the past two years following the £210m ($297m) acquisition of Dobbies Garden Centres from Tesco in 2016 and the £110m ($138m) purchase of Park Leisure, the holiday home operator, in 2017.
Midlothian was advised by Ernst & Young, Slaughter & May and Rothschild. Cox & Kings was advised by Axis Capital, Baird and Eversheds. Debt financing to Midlothian was provided by Ares Management, which was advised by Dechert.
Teracom Danmark is a Danish broadcasting tower infrastructure operator, previously owned by Swedish state-owned broadcasting company Teracom. Financial terms were not disclosed. The acquisition is at the core of the Agilitas strategy of partnering with exceptional managers to acquire defensible companies that operate in regulated environments.
Kevin Iermiin, of Agilitas, who will be joining the Board of Teracom Danmark, commented: “It has been a pleasure to work with management on identifying transformational opportunities. We are excited to support their vision to become the leading infrastructure and managed service provider of critical services in a defensible and regulated market.”
Wibit Sports is the world market leader of inflatable floating waterparks. The two company founders will continue in their co-CEOs positions and will remain in close ties with the company long-term. The transaction is expected to close in early November. Financial terms were not disclosed.
Frank Hermann, partner and director of the DACH region at Argos Wityu, said: “The founders of Wibit identified additional interesting growth areas for the diversification of the business model to supplement their core product, thus enhancing the attractiveness for customers and users. This mix of internationalisation and tapping new business areas characterises many of our investments. We are excited about jointly implementing this with the Wibit team.”
Wibit Sports was advised by King & Wood Mallesons, Steuerberatung Westerhoven, Fried Frank Harris Shriver & Jacobson and CatCap. Argos Wityu was advised by Rodl & Partner, MRH Trowe and Maconda.
Ed Broking Group is a global reinsurance, wholesale and speciality broker. Under the terms of the agreement, a subsidiary of BGC will acquire 100% of Ed which includes broking operations under the Ed brand in UK, Singapore, Hong Kong, Dubai, Miami and China, as well as its German marine broking arm, Junge. Financial terms were not disclosed.
Shaun D. Lynn, President of BGC Partners, commented on today's announcement: "We are delighted to reach an agreement to purchase Ed, a leading independent Lloyd's of London broker with a global footprint. It will be an important acquisition with respect to our strategy of building the insurance brokerage division within the Company".
NXMH, a Belgium-based investment company, has acquired digital currency exchange Bitstamp in an all-cash deal. Financial terms were not disclosed.
Bitstamp is the largest digital currency exchange in the European Union by volume, with a turnover of $100m per day. “The vibrant industry last year sparked potential interest from buyers to make a footprint in the industry. We started to get approached by buyers in the middle of last year,” said Bitstamp CEO Nejc Kodrič.
One Rock Capital-backed Robertshaw acquired CastFutura from Star Capital.
One Rock Capital-backed Robertshaw, a global engineering and manufacturing company focused on controls and solutions for residential white goods and commercial appliances, acquired CastFutura S.p.A., a leading provider of combustion, safety and ignition products for cooking and heating applications, from Star Capital. Financial terms were not disclosed.
"As part of Robertshaw's growth strategy, the acquisition of CastFutura expands our cooking presence in Europe, South America and the Middle East and reinforces Robertshaw's commitment to our customers and to the markets that we serve," said Mark L. Balcunas, CEO and President of Robertshaw.
CastFutura was advised by Accinni Cartolano & Associati and William Blair. Robertshaw was advised by Hogan Lovells.
Glennmont acquired a 16.8MW French wind project.
Glennmont Partners is to acquire Project Goudelancourt, a 16.8 MW wind farm located in Northern France. The wind farm was developed and is currently under construction by Enertrag, a leading German developer that has installed over 660 wind turbines.
The transaction marks the first acquisition of Glennmont’s Clean Energy Fund III, its third clean energy dedicated vehicle. With funds raised under this new vehicle, Glennmont is seeking to develop a diversified portfolio of renewable energy projects that includes wind, solar and biomass across different geographies, which delivers sustainable returns for its investors.
DLA Piper acted as the legal advisor for the transaction, while Everoze acted as the technical advisor for Glennmont. Herbert Smith Freehills acted as the legal advisor for ENERTRAG.
VC-backed Themis announced IPO price range.
Themis Bioscience, an Austrian company backed by a consortium of venture capital investors, is set to list on Euronext Amsterdam on 9 November with an offering price of €9.70-11.60 per share ($11.05-13.2). The company is offering up to a total of 3,608,247 ordinary shares. The IPO, led by NIBC Bank N.V. and Stifel Nicolaus Europe Limited with Erste Group Bank AGa as co-bookrunner, consists of a public offering to retail investors in the Netherlands and private placements to institutional and eligible investors in other countries.
Themis believes that its proprietary vaccine manufacturing technology allows significantly shortened development cycles from design to cGMP manufacturing.
Terra Firma eyes buyout of office provider Spaces.
IWG, the world’s largest serviced office provider, has held talks with Guy Hands’ Terra Firma about a potential spin-off of Spaces, the company’s answer to the fast-growing US brand WeWork. Spaces was founded in Amsterdam and acquired by London-listed IWG, then known as Regus, in 2015.
While the discussed price was “too high”, Terra Firma is still interested in bidding for Spaces. Takeover Panel rules prevent it from making another offer before February 6.
Wagamama noodle group nears sale to The Restaurant Group.
The Restaurant Group, owner of the Frankie & Benny’s and Chiquito chains, is in advanced talks to buy Wagamama, the London-based noodle eatery. The bid from Restaurant Group has overtaken earlier offers from private equity groups, including KKR and L Catterton.
Duke Street, the private equity group that acquired Wagamama in 2011 for about £215m, and Hutton Collins, co-owners of the chain, are seeking as much as £750m, people with direct knowledge of the talks said. The Restaurant Group offer price remained unclear. If successful, the deal would be one of the largest sales of a casual dining chain since the sale of Pret A Manger for £1.5bn earlier this year.
AMERICAS
Capital Constellation, a provider of catalytic investment capital to investor entrepreneurs, announced a strategic investment with Motive Partners, an investment firm for technology businesses that power the financial services sector. Financial terms were not disclosed.
The Motive investment continues Constellation’s strategy of backing investor entrepreneurs and catalysing the creation of the next generation of promising private equity and alternative investment firms. By providing strategic and financial support, alongside a substantial, stable capital base, Constellation seeks to align with rising alternative asset managers and generate consistent, long-term returns for its members. Motive is Constellation’s third investment in 2018.
Permira closed the acquisition of Synamedia from Cisco.
Synamedia is a global provider of video solutions, which was sold by Cisco System, an American multinational technology conglomerate headquartered in San Jose, California. Financial terms were not disclosed.
“While we are in a golden age of TV, our customers face challenges including the rising cost of content, soaring piracy levels, and the impact of large OTT challengers on the market. As an independent entity focused on this sector, we will help our customers optimise their current infrastructure and capitalise on OTT and IP distribution to expand consumer choice and convenience, secure their income and generate new revenue streams,” said Yves Padrines, CEO of Synamedia.
Permira was advised by Clifford Chance, Fried Frank Harris Shriver & Jacobson and Bank of America Merrill Lynch.
Council Capital partnered with CNNH.
CNNH stands for The Center for Neurological and Neurodevelopmental Health and The Clinical Research Center of New Jersey, which provides neurology-led medical assessment, testing, and treatment for children and adolescents with neurological, developmental, learning, and neuropsychological issues. Financial terms were not disclosed.
Eric Keen, General Partner at Council Capital, says: “CNNH has an innovative and effective Specialty Care Medical Home model to offer comprehensive care and support services for children and adolescents with neurological, neurobehavioral, learning and/or developmental issues. In addition to supporting CNNH’s current operations, we are focused on expanding this comprehensive care strategy to a wider array of patient populations and locations. We look forward to supporting the CNNH team in their current mission while also working to further develop and build the organisation to support further growth.”
PE-backed Xponential Fitness acquired Pure Barre from L Catterton.
Snapdragon-backed Xponential Fitness, the curator of the best brands across every vertical in the boutique fitness industry, acquired Pure Barre, a Denver-based operator of fitness studios, from L Catterton. Financial terms were not disclosed.
As part of the transaction, L Catterton, which invested in Pure Barre in 2015, will contribute its investment into the acquisition. Pure Barre joins six other successful Xponential Fitness brands including Club Pilates, CycleBar, StretchLab, Row House, AKT and Yoga Six.
"Pure Barre has built a passionate community through its consistent delivery of a premium barre experience for over 15 years," said Mark Grabowski, Managing Partner of Snapdragon. "We look forward to partnering with the Pure Barre franchise owners to expand the community domestically and internationally with the support of the Xponential Fitness infrastructure."
General Atlantic and ProSieben acquired eHarmony.
General Atlantic and ProSieben, a European mass media company, based in Germany, acquired eHarmony, a US online dating site. Terms were not disclosed.
The transaction follows through on ProSieben’s push to diversify away from its core commercial TV franchise, where ad revenues are flat and the sector is being disrupted by streaming platforms like Netflix. The Munich-based broadcaster bought eHarmony via its newly created Nucom division, in which investor General Atlantic took a 24.9% stake in February of 2018.
Holley Performance Products is a market leader in branded performance products for automotive enthusiasts. No financial terms were disclosed. Holley will be combined with Driven Performance Brands, a platform acquired by Sentinel in 2015.
“Holley is a strong, consumer-focused company with a portfolio of powerful brands and a meaningful edge in engineering and technology,” said Jim Coady, a partner at Sentinel. “Holley operates in the large, highly fragmented, and steadily growing automotive enthusiast market. Led by a deeply-involved and experienced management team, Holley has a proven ability to integrate add-on businesses successfully and leads the industry when it comes to product innovation. We believe that Holley and Driven are extremely complementary in terms of culture, brands, and capabilities. Combining Holley and Driven creates the largest and most diversified business in the industry.”
Charlesbank-backed Rockport completed the acquisition of Reef Holdings.
Charlesbank-backed Rockport, a men’s and women’s footwear manufacturer, completed the acquisition of Reef Holdings, a producer of beach sport and casual sandals, from VF Corporation, one of the world’s largest apparel, footwear and accessories companies. Terms of the agreement were not disclosed.
Reef will operate as an independent global brand under The Rockport Group and will maintain its Carlsbad, California, headquarters. Charlesbank recently acquired Rockport, bringing in industry veteran Gregg Ribatt to head the established footwear company.
Ribatt said, “Reef is a powerful brand with deep authenticity and an incredibly loyal customer base. We are excited to work with the strong leadership team that has been guiding Reef through its brand evolution and resurgence. We believe in the team’s growth plans across consumer, product and geographic expansion.”
VF Corporation was advised by PJ SOLOMON and Davis Polk & Wardwell.
SpaceFund launched space security token.
The world’s first space security token has been announced at the Zurich Crypto Summit, by SpaceFund Inc, a Texas-based venture capital firm focussed on using new blockchain technology to fund ‘frontier enabling’ space startups.
“SpaceFund’s goal is to support the development and profitability of amazing new space startups around the world,” says Rick Tumlinson, founding partner of SpaceFund. “With Jeff Bezos, Elon Musk, and others investing billions into a space economic infrastructure, a revolution is underway in space. We want to allow more visionary people to get involved, to support the entrepreneurs opening space to humanity, and to share in the wealth it will create. This offering is both a giant leap and a first step in that direction.”
To ensure compliance and manage transactions, SpaceFund has partnered with Abacus to handle the issuance and ongoing administration of its security token.
APAC
Navitas rebuffed a $1.4bn offer from BGH.
According to Reuters, Australian adult education provider Navitas Ltd on Monday rebuffed an A$1.97bn ($1.4bn) approach from its founder and a private equity firm, leaving some investors concerned the tactic may not generate a better deal.
The Perth-based company, which makes money teaching English to migrants, has been seen by analysts as vulnerable to shifting political tides as an immigration crackdown under U.S. President Donald Trump weighs on enrolments. By dismissing that approach and declining the suitors access to its financial records the company has raised investor doubts that the informal approach will result in a binding and compelling bid.
Ashurst provided legal advice to Navitas.
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