Black Rifle Coffee, a veteran-owned company serving premium coffee, agreed to go public via SPAC merger with SilverBox Engaged Merger I, a special purpose acquisition company, in a $1.7bn deal.
“From the time I was a one-man operation in my garage with nothing more than a 1-pound roaster, I wanted to use coffee as a means of bringing people together around the common idea of honoring those who serve this great nation. We founded Black Rifle Coffee to serve the highest quality coffee while supporting Veterans and their families. As a company founded and led by Veterans, serving these communities drives everything we do. I’m so proud to join with the SBEA team and have the confidence of investors such as Engaged Capital. They’re completely in support of our mission and they’ve aligned their financial interests with our Company’s performance. This combination will provide the capital BRCC needs to grow, serve great coffee, and move us closer to our goal of hiring 10k Veterans as we open more stores nationwide,” Evan Hafer, Black Rifle Coffee CEO and Founder.
Black Rifle Coffee is advised by BDT & Co, William Blair & Co, Kirkland & Ellis, ICR and TrailRunner. SilverBox Engaged Merger is advised by Citigroup, D.A. Davidson & Co, Deutsche Bank, Guggenheim Partners, Raymond James, Telsey Advisory Group, Truist Bank, Paul Hastings and MKA Communications.
Dell Technologies, an American multinational technology company, completed the spin-off of its 81% stake in VMware, an American cloud computing and virtualization technology company, in a $9.7bn deal.
"By spinning off VMware, we expect to drive additional growth opportunities for Dell Technologies as well as VMware, and unlock significant value for stakeholders. Both companies will remain important partners, providing Dell Technologies with a differentiated advantage in how we bring solutions to customers. At the same time, Dell Technologies will continue to modernize its core infrastructure and PC businesses and embrace new opportunities through an open ecosystem to grow in hybrid and private cloud, edge and telecom," Michael Dell, Dell Technologies Chairman and CEO.
VMware was advised by JP Morgan and Sard Verbinnen & Co. Dell Technologies was advised by Barclays, Citigroup, Gibson Dunn & Crutcher, Simpson Thacher & Bartlett, Wachtell Lipton Rosen & Katz and Brunswick Group.
The Blackstone Group completed the acquisition of the life insurance business of Allstate, an American insurance company, for $2.8bn.
"Allstate is deploying capital out of lower growth and return businesses while continuing to execute our strategy to grow market share in personal property-liability and expand protection solutions for customers. Customers will be protected using non-proprietary life insurance products, as is currently done for annuities. Deployable capital will increase, and the transaction also provides increased transparency to the industry-leading returns of our core protection businesses," Tom Wilson, Allstate Chair, President and CEO.
Blackstone was advised by Credit Suisse, Morgan Stanley and Debevoise & Plimpton. Allstate was advised by Ardea Partners, JP Morgan, Lazard and Willkie Farr & Gallagher.
RBC Bearings, an international manufacturer of precision bearings and components, completed the acquisition of DODGE Mechanical Power Transmission unit from ABB, a robotics company, for $2.9bn.
"The combination will enhance RBC Bearings' capabilities, footprint, and customer base while increasing our access to DODGE's attractive end markets. Our businesses are highly complementary, with DODGE bringing new offerings, new end markets, and more scale to the combined organization. The combined company will have an attractive position in the Aerospace, Defense and Industrial markets with a diversified client base and expansive geographic footprint. We look forward to welcoming DODGE's talented team to RBC Bearings," Dr. Michael J. Hartnett, RBC Chairman, President and CEO.
RBC Bearings was advised by Goldman Sachs, Goodwin Procter, Kirkland & Ellis and Alpha IR. Debt financing was provided by Goldman Sachs. Debt providers were advised by Latham & Watkins. ABB was advised by JP Morgan, Kirkland & Ellis and Skadden Arps Slate Meagher & Flom.
Chesapeake Energy, an independent exploration and production company, completed the acquisition of Blackstone-backed Vine Energy, an energy company focused on the development of natural gas properties in the over-pressured stacked Haynesville and Mid-Bossier shale plays in Northwest Louisiana, for $2.2bn.
"This transaction strengthens Chesapeake's competitive position, meaningfully increasing our free cash flow outlook and deepening our inventory of premium gas locations, while preserving the strength of our balance sheet. By consolidating the Haynesville, Chesapeake has the scale and operating expertise to quickly become the dominant supplier of responsibly sourced gas to premium markets in the Gulf Coast and abroad," Mike Wichterich, Chesapeake Board Chairman and Interim CEO.
Vine Energy was advised by Citigroup, Houlihan Lokey and Kirkland & Ellis. Financial advisors were advised by Sullivan & Cromwell. Chesapeake was advised by JP Morgan, Latham & Watkins, Richards Layton and Finger and DrivePath. Blackstone was advised by Weil Gotshal and Manges.
Hyatt, a hospitality company, completed the acquisition of Apple Leisure Group, an American travel and hospitality conglomerate, from KKR and KSL Capital, a private equity firm specializing in travel and leisure enterprises, for $2.7bn.
"Combining Hyatt's deep expertise and global brand footprint with ALG's strong resort brands, operating capabilities and robust development plans will elevate our differentiated position and create a leader in luxury leisure travel," Alejandro Reynal, Apple Leisure Group CEO.
Apple Leisure Group was advised by PJT Partners and Simpson Thacher & Bartlett. Hyatt was advised by BDT & Co, JP Morgan, Latham & Watkins and Sard Verbinnen & Co. Debt financing was provided by JP Morgan. KSL was advised by Credit Suisse and Deutsche Bank.
Bonanza Creek Energy, a Colorado-based exploration and production company, completed the merger with Extraction Oil & Gas, a Denver-based independent energy company, in a $2.6bn deal.
"Successful E&P operators will be those who place a priority on disciplined capital deployment, deliver operational and cost excellence, maintain a relentless focus on shareholder value, and have governance standards that are aligned with the times. Bonanza Creek and Extraction each bring a demonstrated commitment to these principles, as well as shared organizational and community values. Together, as Civitas, we will embody an E&P business model ideally suited to deliver for all of our stakeholders," Eric Greager, Bonanza Creek President and CEO.
Extraction Oil & Gas was advised by Petrie Partners Securities and Kirkland & Ellis. Bonanza Creek was advised by JP Morgan and Vinson & Elkins. JP Morgan was advised by Davis Polk & Wardwell. Kimmeridge was advised by Kekst CNC.
The Blackstone Group completed the acquisition of a 9.9% stake in the Life & Retirement business of American International Group, a global insurance organization, for $2.2bn.
"Today's announcement is an important milestone for AIG. Establishing a cornerstone partnership on several fronts with such a highly regarded organization as Blackstone validates the strength of our market-leading Life & Retirement business and provides it with additional growth opportunities, provides AIG with flexibility as we continue to work to separate Life & Retirement from AIG, and results in significant new capital for AIG to deploy to support our capital management priorities," Peter Zaffino, AIG President and Chief Executive Officer.
Blackstone was advised by Goldman Sachs, Simpson Thacher & Bartlett and Skadden Arps Slate Meagher & Flom. AIG was advised by Evercore, JP Morgan, Debevoise & Plimpton and Wachtell Lipton Rosen & Katz.
DuPont, a provider of chemicals and allied products, agreed to acquire Rogers, a global technology company that specializes in engineered materials that enable high performance and high reliability in EV/HEV, wireless infrastructure, automotive safety and portable electronics, for $5.2bn.
“Rogers is a results-driven organization with excellent technical expertise and deep customer relationships that align well with DuPont’s leading innovation and applied material science capabilities. The combination of Rogers with our Electronics & Industrial business further strengthens our market-leading portfolio and ability to bring new solutions to exciting end markets. We look forward to welcoming Rogers’ employees and working together to deliver essential innovations that help our customers and company grow,” Ed Breen, DuPont Executive Chairman and CEO.
Rogers is advised by JP Morgan, Covington & Burling and Hinckley Allen & Snyder. DuPont is advised by Evercore, Goldman Sachs and Skadden Arps Slate Meagher & Flom.
Materion, a provider of high-performing advanced materials, completed the acquisition of the electronic materials portfolio of H.C. Starck, a provider of technology metals, for $380m.
"HCS-Electronic Materials is a highly strategic and transformative acquisition that builds on our strong position in the semiconductor industry and supports our goals of driving above-market growth, expanding margins, and delivering consistent double-digit EPS growth," Jugal Vijayvargiya, Materion President and CEO.
Materion was advised by JP Morgan and Jones Day. JP Morgan was advised by Cravath Swaine & Moore. H.C. Starck was advised by Robert W Baird.
Bain Capital led a $200m funding round in When I Work, a job scheduling and timesheet platform, with participation from Arthur Ventures.
The company says that the strategic funding — which brings its total raised to $224m — will enable When I Work to expand its product suite as it pursues new merger and acquisition opportunities.
When I Work was advised by Piper Sandler, Orrick Herrington & Sutcliffe and Maccabee. Bain Capital was advised by Kirkland & Ellis and Stanton PRM.
IDB Bank, an American multinational private bank, and Lido Advisors, a wealth advisory firm, agreed to form joint venture. Financial terms were not disclosed.
"We are excited to partner with Lido Advisors, who share our 'It's Personal' DNA and are as passionate about serving clients as we are. This is an exceptional opportunity to complement our leading banking solutions with a suite of superior wealth management products and services as we further develop the value proposition we offer our clients," Ziv Biron, IDB President and CEO.
Lido Advisors is advised by Renaissance Companies, Akin Gump Strauss Hauer & Feld and Maven Communications. IDB Bank is advised by Raymond James and Debevoise & Plimpton.
EagleTree Capital, a private equity fund, agreed to acquire Lignetics, the largest consumer-focused wood pellet manufacturer in the US, from Taglich Private Equity and Mill Road Capital, two investment firms. Financial terms were not disclosed.
"We are delighted to add Lignetics to EagleTree's portfolio and to partner with Brett Jordan and the outstanding management team at Lignetics. Lignetics has built a market-leading position in the consumer wood pellet industry, upcycling over 2m tons of wood waste per year into sustainable, all-natural products. We are confident the company is well-positioned to capitalize on attractive tailwinds in the residential pellet heating, pellet grilling and wood-based pet litter markets. We believe the next phase of Lignetics' growth will deliver substantial value to its customers, partners and employees, and we look forward to supporting their tremendous momentum," George L. Majoros, EagleTree Managing Partner.
Lignetics is advised by Moss Adams, Raymond James, Dentons and Citrus Public Relations. EagleTree is advised by Alvarez & Marsal, Jones Day and Sard Verbinnen & Co.
ArcBest, a supply chain logistics company, completed the acquisition of MoLo Solutions, a Chicago-based truckload freight brokerage, for $235m.
"We are pleased to add MoLo's significant capabilities and talent to our truckload brokerage offering, allowing us to better meet the critical needs of our customers, deliver comprehensive supply chain solutions and accelerate our company's continued growth. Since its founding four years ago, MoLo has built a strong foundation and reputation for excellence based on trusted customer and carrier relationships, as well as a proven ability to offer unsurpassed service. Since we began discussing a possible transaction several months ago, it became clear what a great fit MoLo was with ArcBest," Judy R. McReynolds, ArcBest Chairman, President and CEO.
MoLo Solutions was advised by JP Morgan and Eversheds Sutherland. ArcBest was advised by Stephens, Vinson & Elkins and Joele Frank.
CAI Capital, a Vancouver-based private equity firm, agreed to invest in Midwestern Electric, an infrastructure services provider with a particular focus on providing specialty electrical services. Financial terms were not disclosed.
"We are thrilled to be partnering with CAI as they have a successful history of helping owner-led businesses like ours take the next step in their evolution. With CAI as our partner, we believe we are extremely well-positioned to capitalize on the multiple growth avenues available to MWE," Ryan Rentschler, MWE President.
CAI Capital is advised by PricewaterhouseCoopers, Marsh, NovationHR, Kroll, Perkins Coie and Golder Associates. Debt financing is provided by CIBC World Markets.
American Eagle Outfitters, an American lifestyle, clothing, and accessories retailer, agreed to acquire Quiet Logistics, a third-party logistics company headquartered in Devens, Massachusetts, for $350m.
"We continue to be extremely pleased with the pace of our business and are executing well against our Real Power. Real Growth. plan. An important pillar of our strategy is transforming our supply chain to create greater agility, speed and diversification. Our vision is to create an on-demand, hyper-scaled operations platform that enables brand success. Quiet Logistics has provided significant benefits to AEO over the past year and we are leveraging our healthy cash position to ensure ongoing advantages. Also, as we continue to expand these services to other brands and retailers, we believe the business will scale, generating incremental value for our shareholders," Jay Schottenstein, AEO Executive Chairman and CEO.
American Eagle Outfitters is advised by Centerview Partners, Dentons, Wachtell Lipton Rosen & Katz and Kekst CNC.
PatientPop, a provider of practice growth technology, completed the merger with Kareo, a cloud-based clinical and financial software provider. Financial terms were not disclosed.
“Patients today expect a seamless, digital experience from healthcare like they have in every other aspect of their lives. But unfortunately, not all doctors have been able to keep pace with these expectations like other industries have.That’s why we’re so excited to join forces with PatientPop to help doctors grow their practices online and deliver a modern experience,” Dan Rodrigues, Kareo CEO and Founder.
Kareo was advised by JP Morgan, Fenwick & West and Westwicke. Patientpop was advised by Cooley.
Farmers National Banc, a one-bank holding company, completed the acquisition of Cortland Bancorp, a bank holding company operating through Cortland Savings and Banking, for $124m.
"We have known and competed with Cortland for a long time and this acquisition will further solidify our market share in Trumbull and Mahoning Counties as well as expand our presence in the greater Cleveland area furthering our strategy of building local scale throughout Northeast Ohio," Kevin Helmick, Farmers National Banc President and CEO.
Cortland Bancorp was advised by Piper Sandler and Grady & Associates. Farmers National was advised by Raymond James and Vorys Sater Seymour & Pease.
First Internet Bancorp, the parent company of First Internet Bank, agreed to acquire First Century Bancorp, a full-service community bank, for $80m.
"The acquisition of First Century is an important opportunity for our organization. First, it aligns with our strategy of operating unique and scalable businesses with nationwide platforms. Second, it allows us to continue to diversify and grow our revenue streams in a capital-efficient manner. And, importantly, First Century's success in the HOA business grants us access to a very attractive deposit base, with opportunity to expand," David Becker, First Internet Chairman and CEO.
First Century Bancorp is advised by Janney Montgomery Scott and Troutman Pepper. First Internet is advised by Keefe Bruyette & Woods and SmithAmundsen.
Hunter Point Capital, an independent investment firm, completed the investment in MidOcean Partners, a premier New York-based alternative asset manager. Financial terms were not disclosed.
"As our first partnership, MidOcean exemplifies the type of firm with which we seek to invest. We look forward to bringing our expertise and resources to add momentum across MidOcean's strategies," Avi Kalichstein, HPC CEO.
MidOcean Partners is advised by Gasthalter & Co. HPC is advised by Houlihan Lokey and Prosek Partners.
LHC Group, a national provider of in-home healthcare services, completed the acquisition of the home health, hospice and therapy assets in 22 states from HCA Healthcare, an American for-profit operator of health care facilities, and Brookdale Health Care Services Venture, a provider of post-acute care services. Financial terms were not disclosed.
"In short, this agreement creates an abundance of opportunity for LHC Group to positively impact more lives through the delivery of quality healthcare in cooperation with our new colleagues from Brookdale Health Care Services," Keith Myers, LHC Group Chairman and CEO.
LHC was advised by SVB Leerink and Alston & Bird. HCA was advised by Debevoise & Plimpton.
Altaris Capital Partners, an investment firm, agreed to acquire Meridian Medical Technologies, a provider of emergency response and health security solutions, from Pfizer, an American multinational pharmaceutical and biotechnology corporation. Financial terms were not disclosed.
Meridian's product portfolio includes critical medical countermeasures that are supplied to the United States Department of Defense, Emergency Medical Services and Homeland Security. Meridian has more than 750 employees and facilities in St. Louis, MO and Columbia, MD.
Pfizer is advised by Wachtell Lipton Rosen & Katz. Altaris is advised by Bass Berry & Sims.
Generac, a global designer and manufacturer of energy technology solutions and other power products, agreed to acquire ecobee, a provider of sustainable smart home solutions, for $770m.
"ecobee's solutions are an important addition to Generac's extensive residential energy technology portfolio. Residential HVAC systems represent the largest energy-consuming device in the home today and ecobee's smart thermostats and sensors offer the most intelligent way to balance comfort with conservation. In addition, the ability to combine ecobee's cutting-edge technologies with Generac's power generation, energy storage and energy management devices will allow us to create a clean, efficient, and reliable home energy ecosystem that will not only save homeowners money, but also help grid operators meet the challenges of an electrical grid under enormous stress by providing solutions to better balance supply and demand," Aaron Jagdfeld, Generac President and CEO.
ecobee is advised by Bank of America.
Z Capital-backed CTM Group, a vending machine supplier, completed the acquisition of 39 directly operated entertainment locations from NAMCO USA, the premier manufacturer of coin-operated arcade games and ticket redemption games. Financial terms were not disclosed.
"We are pleased to acquire this portfolio of entertainment locations, which are located in attractive, high-traffic sites and enable CTM to extend our footprint and broaden our installed base. With the closing of the transaction, we look forward to continuing to drive growth across our highly-scalable, managed service platform," David Bishop, CTM CEO.
Z Capital is advised by Joele Frank.
CrowdStrike, a provider of cloud-delivered endpoint and workload protection, agreed to acquire SecureCircle, a SaaS-based cybersecurity services provider. Financial terms were not disclosed.
"Data loss prevention has suffered from a lack of innovation and legacy tools have completely failed to live up to the promise of preventing breaches. At the same time, the endpoint has become the focal point for how data is accessed, used, shared and stored. CrowdStrike will be setting a new standard for endpoint-based data protection by connecting Zero Trust enforcement to the device, the user identity and, with this acquisition, the data users are accessing and using," George Kurtz, CrowdStrike CEO.
CrowdStrike is advised by Davis Polk & Wardwell.
Arsenal Capital Partners, a private equity firm specializing in building healthcare businesses, agreed to acquire Guidemark Health, a healthcare marketing communications, training, and medical education agency. Financial terms were not disclosed.
"We are thrilled to join a rapidly growing organization with a complementary mission and vision to our own. Together, we will provide a leading strategic and full service communication offering for healthcare clients with the highest quality insights, evidence, advice, and support needed to realize their ambitions and maximize the value of their products. This is an important step for everyone at Guidemark, and we couldn't be more excited to be a part of this world-class organization," Michael Parisi, Guidemark CEO.
Arsenal Capital is advised by Cello Health.
Cendyn, a provider of cloud-based software and eCommerce services for the hospitality industry, agreed to merge with Pegasus, a provider of revenue and distribution solutions for the hospitality industry. Financial terms were not disclosed.
"We're incredibly excited about this combination with Pegasus. As our industry recovers from the pandemic, the merging of these companies brings scale and stability to our customers, offering hoteliers a vertically integrated technology platform that enables them to deliver on a broad range of hospitality needs. A seamless integration between these solutions solidifies our commitment to personalizing and optimizing the guest journey as well as empowering hoteliers to maximize their direct booking channel," Tim Sullivan, Cendyn CEO and President.
FTV Capital, a private equity investment firm based in San Francisco, completed the investment in Vagaro, a cloud-based business management platform for beauty, fitness and wellness businesses, at a $1bn valuation.
"We are thrilled with Vagaro's success over the last three years, as the company has continued to capture market share by putting customers first and delivering innovative, affordable products that help business owners foster sustainable growth," Robert Anderson, FTV Capital Partner.
Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, agreed to acquire Tuthill Pump Group, the gear and rotary piston pump unit of Tuthill, a privately held global manufacturer of industrial goods, for $85m.
"This is the second business we have purchased from Tuthill and I'm excited to welcome another Tuthill team to the Ingersoll Rand family. With an IRX-driven playbook in place, I'm confident the integration of the Pump Group will be as seamless and successful as the prior transaction, and will help extend our portfolio of mission critical, high margin pumping solutions within PST. This transaction aligns with our M&A focused capital allocation strategy, meets our strategic and financial criteria, and we expect it to deliver meaningful shareholder value through synergy realization, including a mid-single digit Adjusted EBITDA purchase multiple by year three of ownership," Vicente Reynal, Ingersoll Rand President and CEO.
Tiger Global, an investment firm, led a $600m Series D funding round in Nuro, an autonomous vehicle company. Other investors include Baillie Gifford, Fidelity, Gaorong Capital, Google, Kroger, SoftBank Vision Fund 1, T. Rowe Price and Woven Capital.
“We’re thrilled to have the backing of these prominent investors and world class companies, and honored that they support our vision of improving communities and revitalizing local commerce. We believe this investment will allow us to accelerate our commercialization strategy and better everyday life with Nuro’s technology,” Dave Ferguson, Nuro Co-Founder and President.
HIG Capital-backed USALCO, a provider of high-quality specialty chemicals used in water and wastewater treatment, completed the merger with Arsenal Capital-backed G2O Technologies, a provider of specialty chemicals for the water, wastewater treatment and industrial manufacturing markets. Financial terms were not disclosed.
"This merger marks an exciting milestone for our customers, employees, and stakeholders who depend on our services. Our complementary products and broader geographic reach will allow us to offer an expanded set of solutions that help improve our customers' water treatment processes and protect our water resources," Ken Gayer, USALCO CEO.
Investcorp, a provider and manager of alternative investment products, agreed to invest in Artemis Real Estate Partners, a real estate agency in Bethesda. Financial terms were not disclosed.
Artemis will use the capital from the sale to expand its existing business of investing in US real estate debt and equity through joint ventures and direct investments.
Rivian seeks $53bn plus IPO valuation.
Rivian Automotive, which is backed by Amazon.com, is targeting a valuation of more than $53bn for its US debut, making the electric vehicle manufacturer potentially almost as valuable as rival Honda Motor,
Reuters reported.
Rivian has yet to sell any significant volume of its electric vans or trucks, yet it could likely be valued higher than Ferrari, although less than Honda, General Motors or its backer Ford Motor.
Walden Catalyst Ventures raises $550m for a new fund. (FS)
Walden Catalyst Ventures, an early-stage venture capital firm dedicated to deep-tech investments focused on data and AI across the US, Europe and Israel, announced the closing of its inaugural fund at over $550m, surpassing its original target of $400m. Investors in the fund included institutional LPs, as well as the CEOs of some of the world's largest tech corporations.
"Walden Catalyst fills a critical gap in the venture ecosystem. Over the past 20 years, there has been a steady flight of capital away from deep-tech—those science- and tech-related breakthroughs on which world-changing businesses are built. While many traditional VC firms have chosen to focus on consumer and enterprise software ideas, every member of the Walden Catalyst team has stayed true to the deep-tech category," Walden Catalyst.
