AMERICAS
Brookfield Asset Management agreed to invest $260m in Superior Plus, a Canadian-based company that engages in the energy distribution, speciality and chemicals business.
"Acquisitions are becoming increasingly attractive as fewer competing buyers are pursuing growth at the current time. We are excited to partner with Brookfield on the execution of our strategy. Our differentiated business platform, combined with the improved financial strength and enhanced liquidity resulting from the Brookfield Investment, positions Superior to become the leading consolidator in the US propane industry, which we view as a highly opportunistic environment," Luc Desjardins, Superior President and CEO.
Superior Plus is advised by CIBC World Markets and Torys. Brookfield is advised by Kirkland & Ellis and Goodmans.
APX Operating Company, a privately held company with six family entertainment centres and two water parks located in California, Florida, and New Jersey, completed the acquisition of Apex Parks Group, an operator of amusement parks and family entertainment centres. Financial terms were not disclosed.
"We are well-positioned to invest in and grow our business for years to come. I look forward to hitting the ground running as my new colleagues and I work to provide outstanding experiences for our guests, with a focus on ensuring the health and safety of our guests, team members, and the communities in which we operate. APX has a bright future ahead and our team is excited to welcome families and friends to our premier entertainment parks," Tim Murphy, APX CEO.
APX was advised by Evans Marketing Partners and Sard Verbinnen & Co.
Kinderhook-backed Capital Waste Services, a waste management services provider, completed the acquisition of Priority-1 Residential, a municipal collection company in Ridgeville, SC. Financial terms were not disclosed.
"Priority-1 is a premier service provider in the region with long-standing relationships with municipalities. In addition, Clint has an extensive knowledge of the market, given his fifteen-year history of operations. We are eager to continue growing the business and expand the company's collection capabilities to reach commercial and roll-off customers within the broader Charleston market," Matt Parker, CWS CEO.
Kinderhook was advised by Kirkland & Ellis. Debt financing was provided by Comerica Bank.
Brynwood Partners, an operationally-focused private equity firm, agreed to acquire the Buitoni refrigerated pasta, sauces and cheese brand from Nestle for $115m.
"We are delighted to announce the formation of Buitoni Food Company. We are thrilled to add the famous Buitoni brand and its delicious pastas, sauces and cheeses to our investment portfolio. Buitoni has a rich history and Italian heritage that has delighted consumers for over 100 years. The Danville, VA facility will enable us to quickly invest in new culinary and eating trends so that we can build on the strong foundation of current Buitoni offerings. We look forward to innovating and growing the Buitoni brand as more consumers seek out high-quality meals that can be easily prepared at home," Henk Hartong III, Brynwood Partners Chairman and CEO.
Brynwood Partners is advised by Holland & Knight.
The Hilb Group, a middle-market insurance company, completed the acquisition of Freedom Insurance Center, a property and casualty full–service agency that focuses mostly on homeowners and auto policies for individuals in the state of Florida. Financial terms were not disclosed.
"FIC is a strong fit with our growth strategy with proven capabilities in personal insurance that will expand the scope of our solutions in Florida. I am pleased to welcome the FIC team to THG," Ricky Spiro, THG CEO.
Gemspring-backed Therma Holdings, a mechanical, electrical, plumbing and controls services company, completed the acquisition of Gilbert, a provider of mechanical, electrical, plumbing, controls and fire protection services. Financial terms were not disclosed.
"Gilbert is a terrific addition to the Therma family. Their full-suite of mechanical and electrical solutions in mission-critical environments is a great offering fit, and their design expertise and customer focus is a perfect cultural fit. We're looking forward to partnering with the entire Gilbert team to continue to grow the business in the Twin Cities market," Jeff Sprau, Therma CEO.
Apollo Global Management and Blackstone executives in talks to acquire New York Mets. (FS)
Josh Harris of Apollo Global Management and David Blitzer of Blackstone held discussions to acquire the New York Mets with the Wilpon family, FT reported. The talks are at an early stage and may not lead to a deal, with a number of rival suitors interested in acquiring the club.
A deal by the Wall Street financiers to buy the Mets would add a baseball team to a portfolio that already boasts professional basketball, ice hockey, and English Premier League investments.
Cirque du Soleil receives $1.2bn buyout offer from lenders.
Cirque du Soleil, the cash-strapped circus, forced in March by the coronavirus pandemic to shutter dozens of shows in cities worldwide, got a proposal from creditors to inject $300m into business under a bankruptcy restructuring that also would convert the company’s $900m in debt into a 100% ownership stake. Creditors may partner with its co-founder, NY Post reported.
Under the terms of the proposal, the lenders will rehire nearly 4.7k circus workers, who were summarily fired in March, and will maintain the company’s headquarters in Montreal.
Royalty Pharma seeks to raise $2bn in IPO. (FS)
Royalty Pharma, a New York-based company that buys pharmaceutical royalty interests and helps fund new treatments, is seeking to raise up to $2bn in an IPO.
The company revealed plans to offer 70m shares at $25 to $28 apiece in a listing on the Nasdaq under the symbol RPRX. Royalty Pharma's backers include Adage Capital Management and Quilvest Private Equity.
Vroom raised $468m in US IPO. (FS)
Vroom, an online used car seller, raised $468m in its US IPO, as IPOs market picks up momentum after the Covid-19 pandemic placed many debuts on hold. Vroom priced its IPO at $22, above the initially marketed range of $18 to $20, valuing the company, which is backed by funds such as T Rowe Price Associates and L Catterton, at $2.5bn. The company sold 21.25m shares compared with the earlier plan of 18.8m shares.
Vroom, which had filed for an IPO last month, reported a more than twofold rise in sales at its e-commerce business in the first quarter of 2020 as the virus outbreak and stay-at-home orders stoked a surge in online shopping.
SoftBank-backed Lemonade files for IPO. (FS)
Lemonade, an online home insurance provider backed by SoftBank Group, filed for a US IPO, listing the size of the offering at $100m.
Lemonade said its goal is to harness technology and social impact to be "the world's most loved insurance company." Lemonade is the latest of SoftBank's portfolio companies to brace for the public market after the spectacular failure of WeWork's IPO attempt last year.
Akouos files for $100m IPO. (FS)
Akouos, a genetic medicine company, eyes a $100m IPO on Nasdaq amid a near invulnerable market for public-seeking biotechs.
This comes just three months after it grabbed a $105m Series B funding round from 5AM Ventures, New Enterprise Associates, Novartis Venture Fund and Partners Innovation Fund as well as new participants Cowen Healthcare Investments, Polaris and Pivotal bioVenture Partners, which led the round.
InstarAGF raised $1.2bn for second infrastructure fund. (FS)
Asset management company InstarAGF's second North America fund exceeded its $1bn fundraising target by 20%. The private capital management firm said its InstarAGF Essential Infrastructure Fund II received $1.2bn worth of capital commitments from new and existing institutional and high net worth investors across Canada, Europe, the US, the Middle East and Asia.
The predecessor InstarAGF Essential Infrastructure Fund I closed in 2017 with $552m in commitments.
Rotunda collects over $123m for second fund. (FS)
Rotunda Capital Partners raised over $123m for its Rotunda Capital Partners Fund II, while initially aiming to raise $175m.
The private equity fund is managed by Washington, DC and Chicago-based firm - Rotunda Capital Partners, which targets lower-middle market companies in the logistics, value-added distribution, business services and specialty finance sectors.
Lachy Groom seeks to raise up to $100m. (FS)
Lachy Groom, a former teenage startups pioneer who went on to become an early employee of Stripe, is out raising up to $100m for a new venture capital fund.
His firm LGF previously raised at least $48m for its debut fundraise, a seed-stage investment vehicle. Groom had already hit the headlines as a serial entrepreneur before he was 18, having launched his first tech company at 13 years old.
EMEA
Elanco Animal Health, a global animal health company, announced that the European Commission granted approval for the pending acquisition of Bayer's animal health business. Elanco continues to progress toward a mid-year closing, anticipated August 3, 2020.
"Approval from the European Commission is an important milestone toward the completion of our acquisition of Bayer Animal Health. As the transaction edges closer to fruition, we look forward to turning our full attention to delivering innovation and an expanded portfolio of solutions for farmers, veterinarians and pet owners across the globe," Jeff Simmons, Elanco President and CEO.
Elanco is advised by Duff & Phelps, Goldman Sachs, Hengeler Mueller and Paul Weiss Rifkind Wharton & Garrison. Duff & Phelps is advised by Davis Polk & Wardwell. Bayer is advised by Bank of America Merrill Lynch, Credit Suisse, Linklaters, PricewaterhouseCoopers, Sullivan & Cromwell and Finsbury.
Italy's antitrust authority may require Intesa Sanpaolo to make greater concessions than intended to gain approval for its takeover of smaller rival UBI Banca, Reuters reported.
Citing a document by the competition authority, the watchdog had written to all parties involved after an initial investigation to say the planned tie-up would strengthen Intesa's dominant position on several markets, stating that "the acquisition cannot be approved as proposed."
Intesa is advised by Equita SIM, JP Morgan, Mediobanca, Morgan Stanley, UBS and Pedersoli Studio Legale.
AllianceBernstein, a global asset management firm which holds around a 1.25% stake in MasMovil, stated that the takeover offer for the Spanish telecoms company from KKR, Cinven and Providence was too low and asked the board to seek better terms or rival bids, Reuters reported. AllianceBernstein said that the takeover proposal substantially undervalued the company.
"We have expressed our concerns to the company's board asking them to seek better terms, including potentially from other bidders," AllianceBernstein.
Simultaneously, Blackrock and other investors built stakes in the Spanish telecom operator in the days after the filing of a formal bid on June 1.
Providence is advised by Weil Gotshal and Manges and Freshfields Bruckhaus Deringer. KKR and Cinven are advised by Freshfields Bruckhaus Deringer.
Private equity firms Evergreen Capital and Siris Capital completed a $1bn investment in Travelport Worldwide, a travel technology company.
"Covid-19 and the governmental response to the pandemic has had a negative impact on the travel industry, including our business, and we appreciate the increased support from Siris and Evergreen as we work to get through this challenging time," Greg Webb, Travelport CEO.
Siris Capital is advised by Abernathy MacGregor Group.
Malcolm Walker, the founder of Iceland Foods, and Tarsem Dhaliwal, CEO of Iceland Foods, agreed to acquire a 63% stake in Iceland Foods, a British supermarket chain, for $146m, taking full ownership of the company.
"It is particularly satisfying to turn this new page in Iceland's history just before the 50th anniversary of the opening of our first shop on November 18, 1970. Having started the business in partnership with a friend, I am delighted to have come full circle and own what are now more than 1k stores with another good friend in 2020," Malcolm Walker, Iceland Foods Founder.
Lufthansa's Austrian arm receives $508m government bailout.
Austria is granting Lufthansa's Austrian Airlines unit a €450m ($508m) bailout that will protect Vienna as a transit hub and safeguard the flag carrier's 7k jobs. The deal comprises €300m ($338m) in loans by a banking consortium, 90% of which will be guaranteed by the state, and €150m ($169m) in grants, Reuters reported.
The deal includes a 10-year guarantee that Vienna will grow in proportion to the Lufthansa group's other hubs, so that it is not disadvantaged to rivals such as Munich in Germany or Zurich in Switzerland.
Occidental considers divesting stakes in Mideast assets to reduce debt.
Occidental Petroleum is reviewing options for its Middle Eastern assets as it seeks ways to reduce its debt pile, Bloomberg reported.
Houston-based Occidental is considering reducing its stakes in oil and natural gas fields in Oman. Its holdings in the Gulf sultanate could be valued at more than $1bn.
APAC
Reuters reported that Hyundai Development wants new terms for its acquisition of Asiana Airlines after the carrier's already heavy debt burden increased by some $3.8bn.
It also called on Asiana's state-funded creditors to provide support to the long-troubled airline, which must now also contend with the coronavirus pandemic's crippling impact on travel demand.
Zijin Mining, a Chinese gold, copper and non-ferrous metals producer and refiner, agreed to acquire a 50.1% stake in Tibet Julong Copper, a copper mining company, for $548m.
"As the Rongmucuola Copper and Polymetallic Mine will share the same mining pit and processing plant with the Qulong Copper and Polymetallic Mine, its investment before production commencement has already been included in the Qulong Copper and Polymetallic Mine," Zijin Mining.
Arcland Sakamoto, a provider of home improvement products, agreed to acquire a 53% stake in LIXIL Viva, an operator of home center chain stores, from LIXIL Group, a Japanese manufacturer of building materials and housing equipment, for $524m.
"We are very pleased to have reached this agreement with Arcland Sakamoto and LIXIL VIVA, and believe this will be a positive development for all three parties. This transaction also allows us to strengthen our financial position and further focus our resources on driving synergies across our core businesses. Although LIXIL VIVA has operated independently, the dissolution of any capital relationship will also allow us to further enhance relations with other home retail operators," Kinya Seto, LIXIL Group CEO.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of CA Insurance Brokers, a mid-market insurance broker specialized in commercial transportation, construction, earthmoving and professional risks. Financial terms were not disclosed.
"Through this acquisition, CA Insurance Brokers gains access to a range of new markets and client product offerings, while we expand Gallagher's presence and capabilities in the Brisbane market. I am very pleased to welcome Andrew and his associates to our team," J. Patrick Gallagher, Jr., Arthur J. Gallagher Chairman, President and CEO.
Legend Capital and IDG Capital led a $283m Series B round for Beijing Eswin Computing Technology, a Chinese startup that supplies semiconductor design and solutions. Riverhead Capital Investment Management, Lighthouse Capital, and state-backed Haining City and Zhejiang Province also participated in the round.
Eswin said it would spend the fresh capital on research and development, manufacturing, and recruitment.
Hong Kong government to lead $5bn rescue package for Cathay Pacific.
Cathay Pacific Airways announced a recapitalization plan worth $5bn led by the Hong Kong government to help it overcome the coronavirus pandemic.
The government will acquire $2.5bn of preference shares giving it a 6% stake, $250m of warrants and will provide a $1bn bridging loan, Cathay said. The government will also have the right to two observers at board meetings.
Fudan-Zhangjiang seeks $151m STAR Market IPO. (FS)
CDH Investments-backed Shanghai Fudan-Zhangjiang Bio-Pharmaceutical, a manufacturer of medical products, plans to raise as much as $151m in an IPO on the Nasdaq-style STAR Market of the Shanghai Stock Exchange.
The company, which is now listed on the Main Board of the Hong Kong Stock Exchange, is offering up to 120m shares at a price of $1.26 apiece. Fudan-Zhangjiang kicked off its online roadshow for the IPO on Friday.
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