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AMERICAS
GHO Capital, a healthcare investment adviser, and The Vistria Group, a private equity firm, completed the acquisition of a majority stake in Alcami, a pharmaceutical contract development and manufacturing organization, from two private equity firms Madison Dearborn and Ampersand Capital. Financial terms were not disclosed.
"This is an ideal partnership in furthering Alcami’s strategic transformation, unprecedented growth rate and comprehensive service offerings valued by over 1k clients around the globe. GHO and The Vistria Group have excellent reputations for partnering with high growth companies that create value for all stakeholders. We want to thank the MDP and Ampersand teams for their strong leadership and support of Alcami over the last several years and we look forward to further scaling our offering, capacity and geographic reach with our new partners," Patrick Walsh, Alcami Chairman and CEO.
Alcami was advised by Morgan Stanley (led by Tedd Smith) and Kirkland & Ellis. The Vistria Group was advised by Res Publica Group. GHO Capital was advised by Lockton Companies, McKinsey & Company, Ares Management, Ernst & Young, Jefferies & Company, OES Capital Group, Ropes & Gray (led by Timothy Castelli and Neill Jakobe), Consilium Strategic Communications (led by Amber Fennell and Matthew Cole) and Deloitte. Madison Dearborn was advised by Abernathy MacGregor Group (led by Chuck Dohrenwend).
Antin, a private equity firm, completed the investment in two fiber-to-the-home broadband providers, Empire Access and North Penn. Financial terms were not disclosed.
"We are excited to back the Empire team in its next phase of growth. Empire is uniquely positioned to leverage its expansive fiber network to provide broadband services to underserved parts of New York and Pennsylvania. We are thrilled to have Empire join Antin's expanding North American portfolio," Kevin Genieser, Antin Senior Partner.
Antin was advised by Citizens M&A, Morgan Lewis & Bockius, Weil Gotshal and Manges (led by Jenna McBain), and Brunswick Group (led by Tristan Roquet Montegon). Debt financing was provided by Citizens M&A and Webster Bank. Empire Access was advised by Harter Secrest & Emery.
Emerson, an American multinational corporation, offered to acquire National Instruments, a testing and measurement equipment provider and integrated, software-led solutions, for $7.6bn.
"Although Emerson would have preferred to reach an agreement privately, given NI's announcement that it is undertaking a strategic review, and after refusing to work with us toward a premium cash transaction over the past eight months, we are making our interest public for the benefit of all NI shareholders. Acquiring NI is another step forward in Emerson's journey to develop a cohesive, higher growth and higher margin portfolio and build on its global automation focus. As Emerson outlined at our recent Investor Conference, we are transforming our portfolio toward higher-growth automation markets aligned with secular macro trends, which will deliver significant growth and profitability for years to come," Lal Karsanbhai, Emerson President and CEO.
Angion Biomedica, a late-stage biopharmaceutical company, agreed to merge with Elicio Therapeutics, a developer of novel immunotherapies and vaccines. Financial terms were not disclosed.
"The merger with Angion comes at an ideal time with ELI-002 now completing the dose escalation portion of Phase 1 clinical studies in patients. We believe Elicio is at the forefront of changing the tide regarding how cancers with these mutations, which account for 25% of human solid tumors, are treated. We believe this merger reflects the strength of the ELI-002 program, our pipeline, and the value-creating potential of our lymph node-targeting approach to treating cancer and other diseases by engaging lymph nodes, the 'schoolhouse' of the immune system," Robert Connelly, Elicio CEO.
Elicio Therapeutics is advised by Goulston & Storrs and Mintz Levin. Angion Biomedica is advised by Oppenheimer & Co, Cooley and LifeSci Public Relations.
SNDL, a private sector liquor and cannabis retailer, completed the acquisition of The Valens Company, a manufacturer of cannabis products with a mission to bring the benefits of cannabis to the world, for $138m.
With 555.5k square feet of cultivation and manufacturing space and 185 cannabis stores under the Spiritleaf and Value Buds banners, the combined company will offer a complete portfolio of branded products to consumers in Canada through its own supply and distribution channels.
The Valens Company was advised by Cormark Securities and Stikeman Elliott. SNDL was advised by ATB Capital Markets and McCarthy Tetrault (led by Ranjeev Dhillon and Rami Chalabi).
Calyxt, a plant-based synthetic biology company, agreed to merge with Cibus, an agricultural technology company that develops, and licenses gene edited plant traits to seed companies. Financial terms were not disclosed.
"We are excited to combine our joint wealth of experience that consolidates landmark intellectual property in agricultural gene editing including Transcription Activator-like Effector Nucleases and Oligonucleotide Directed Mutagenesis. The merger of two of the original pioneers in what has become the field of gene editing in agriculture, will enable new and expanded partnerships and opportunities to make farming more productive and to create a new generation of sustainable ingredients that are renewable and low-carbon," Greg Gocal, Cibus Co-Founder, Executive Vice President and Chief Scientific Officer.
Townebank, a company that offers a full range of banking and other financial services, completed the acquisition of Farmers Bank, a bank, for $56m.
"Our TowneBank family is humbled and excited to join hands with our long-time friends at Farmers. We believe our partnership can bring additional products and expanded services to the clients of Farmers Bank while helping our communities grow and prosper," G. Robert Aston, TowneBank Executive Chairman.
Farmers Bank was advised by Piper Sandler and Williams Mullen. Townebank was advised by Raymond James (led by Chris Choate and Brian Nestor) and Troutman Pepper.
Wind Point, an American private equity firm, completed the acquisition of Hasa, a manufacturer, and distributor of water treatment products, from GHK Capital Partners, a private equity firm. Financial terms were not disclosed.
"This exciting new partnership with Wind Point offers Hasa access to a comprehensive executive network, additional capital resources, and professional expertise, which will significantly accelerate our already impressive growth trajectory. The critical nature of our water treatment products necessitates an unwavering focus on quality and customer service. The partnership with Wind Point will further strengthen our leading manufacturing and distribution platform as we bring more products and services to existing and new markets. The entire team is very excited for this next chapter of our story," Chris Brink, Hasa CEO.
Hasa was advised by KeyBanc Capital Markets and Davis Polk & Wardwell (led by John D. Amorosi and Evan Rosen). Wind Point was advised by KPMG and Reed Smith.
PetMeds, a company delivers pet medications, products, and health services direct to the consumer at PetMeds.com, agreed to acquire PetCareRx, a supplier of pet medications, food, and supplies. Financial terms were not disclosed.
“We believe this acquisition will not only be highly beneficial to our customers but will also drive significant shareholder value over the long-term. Together, PetMeds and PetCareRx will provide a much expanded product offering and accelerated growth by capturing a larger share of customer wallet through increased basket size and order frequency within the booming $120bn annual sales US pet care market. Pet parents will benefit from expanded choice in both prescription and non-prescription medicines, and thousands of incremental products, including premium and prescription food, treats, and supplements,” Matt Hulett, PetMeds CEO and President.
MSD Partners, a long-term-oriented investment firm, completed the merger with BDT & Company, a merchant bank. Financial terms were not disclosed.
"MSD and BDT are remarkably complementary firms. We share similar cultures and approaches to investing, and we are both focused on serving strategic investors who seek to consistently compound capital over the long-term. As we were looking to expand MSD's ability to provide superior solutions to our investment partners, we saw a perfect match in BDT's capabilities and global investor base. I've had the pleasure of knowing Byron for nearly three decades, and I look forward to working alongside him to realize the potential of our combined firm for the benefit of our clients," Gregg Lemkau, MSD CEO.
Leap Therapeutics, a biotechnology company focused on developing targeted and immuno-oncology therapeutics, agreed to acquire Flame Biosciences, a privately-held biotechnology company. Financial terms were not disclosed.
"Flame conducted an extensive strategic process. It was clear that the Leap development team, with its expertise in developing DKN-01, was the ideal partner for FL-301, our preclinical assets, and the Flame shareholders," Patricia Martin, Flame Co-CEO.
Leap Therapeutics is advised by Raymond James and Argot Partners (led by Matthew DeYoung).
Spectaire, a provider of cutting-edge solutions for customers to monitor, track and meet emissions targets, agreed to go public via a SPAC merger with Perception Capital II in a $203m deal.
"Perception has sought a cutting-edge company in the industrial technology sector. We found that in Spectaire. Brian and the team of scientists from M.I.T. have done groundbreaking work. We believe that no other company is offering what they are in emissions monitoring and measurement. We expect that Spectaire will create significant value for their customers while growing revenue and becoming profitable. Perception looks forward to adding its expertise growing successful public companies to Spectaire's business and is enthusiastic about what's next for our partnership," Scott Honour, Perception Chairman.
Spectaire is advised by Latham & Watkins. Perception is advised by Skadden Arps Slate Meagher & Flom.
Helios Technologies, a provider of highly engineered motion control and electronic controls technology, agreed to acquire Schultes Precision Manufacturing, a provider of manufacturing precision machined components and assemblies. Financial terms were not disclosed.
"Schultes is an excellent bolt-on flywheel acquisition to add to our Hydraulics segment. It brings process technology and know-how that advances our ability to serve our customers with a broader product and solutions portfolio. It also expands and diversifies our markets and continues to optimize our manufacturing and operating footprint. Schultes is yet another strong standalone business with a healthy margin profile that fits perfectly into our Hydraulics business. This transaction is another milestone that further validates that we are making great progress against our augmented strategy and long-term goals," Josef Matosevic, Helios President and CEO.
Shockwave Medical, a medical device company, agreed to acquire Neovasc, a specialty medical device company, for $100m.
"The timing is ideal as there will be no distraction to our US sales organization in the near term and, as we did with C2, our coronary device, we expect to refine our commercialization approach and begin the development of international markets in advance of US approval. This transaction supports our commitment to drive growth through innovation, and we are excited for the potential to bring even more solutions to our customers and the patients they serve with the Reducer System," Doug Godshall, Shockwave President and CEO.
Animoca-backed CryptoSlam, a blockchain data analytics company, and Forkast.News, a Web3 media company, agreed to form Forkast Labs, a Web3-focused data intelligence and media platform. Financial terms were not disclosed.
"This merger comes at a pivotal moment for the crypto industry. The entire industry has been valued against volatile price movements, which has created a high degree of speculation. Trust in crypto has been eroded as a result, but we have the power to change that with this merger," Angie Lau, Forkast.News Founder.
Craft Work Capital-backed Rogers Building Solutions, a solutions provider of HVAC, mechanical, and plumbing services serving high-growth, critical end markets, completed the acquisition of Sluss+Padgett, a company in constructing and maintaining high-quality commercial mechanical, plumbing, and control systems for projects of all sizes in many market sectors. Financial terms were not disclosed.
"We are excited to partner with an organization like RBS. Sluss+Padgett and RBS share common valuesthat create a fantastic team. We are confident that our business will thrive as part of the RBS family." Jimmy Padgett, President of Sluss+Padgett, added, "This partnership will create new opportunities for our employees to serve our customers. I'm excited to lead the growth of our company into the future with the RBS team," Eric Sluss, Sluss+Padgett CEO.
Liberty Mutual considers $1bn Latin America sale.
Liberty Mutual is exploring a sale of its Latin America businesses as part of the US insurer’s divestment plans from non-core markets, Bloomberg reported.
The Boston-based firm is working with JP Morgan on the potential sale, which could fetch about $1bn. The assets include operations in Brazil, Chile, Colombia and Ecuador.
Brookfield is considering $1bn outsourcer Everise sale. (FS)
Brookfield Asset Management is considering selling technology outsourcing firm Everise for about $1bn amid interest from potential buyers, Bloomberg reported.
The Canadian investment firm has been speaking with financial advisers as it prepares a possible sale of the business.
WestView Capital raises $1bn for fifth growth equity fund. (FS)
WestView Capital Partners, a Boston-based growth equity firm, announced the closing of its fifth fund, WestView Capital Partners. Fund V was oversubscribed and closed at its target and hard cap of $1bn of limited partner commitments. WestView has now raised $2.7bn since its founding in 2004.
“We appreciate the strong support from our investors and look forward to continuing to execute on our control-agnostic investment strategy of partnering with outstanding management teams and employing flexible investment structures. We are extremely proud of the entire WestView team and the management teams we partner with who have driven the success we have achieved as a firm," Carlo von Schroeter, Rick Williams, Matt Carroll and Jonathan Hunnicutt, WestView Managing Partners.
Bellevue launches debut PE secondaries fund. (FS)
Asset management boutique Bellevue is launching its maiden investment fund focusing on the private equity secondaries market. The launch comes on the back of Bellevue's dedicated secondaries team, consisting of Chris Davies, Steven Kroese and Lars Honegger.
The fund has a global remit and is primarily active in the US and Europe with target return Bellvue describes as "comparable to primary buyout funds". Davies, Kroese and Honegger are supported by Jan Kollros, Head of Bellevue’s Private Markets unit and the CEO of its independent adbodmer subsidiary.
Stafford Capital launches its fifth infrastructure secondaries fund. (FS)
Stafford Capital Partners, a private markets investment and advisory group, has launched Stafford Infrastructure Secondaries Fund V, its fifth infrastructure secondaries fund.
"The launch of our fifth dedicated infrastructure secondaries fund is a testament to Stafford's ability to offer investors an attractive, diversified infrastructure exposure with stable yield. SISF V will provide global investors with a unique opportunity to tap into attractive risk-adjusted and consistent returns," Ingo Marten, Stafford Managing Partner.
EMEA
EQT Partners, a global investment organization, Mubadala, a sovereign investor, and Cinven, a private equity investment firm, offered to acquire va-Q-tec, a pioneer in highly efficient products and solutions in the area of thermal insulation and TempChain logistics, for c. €350m.
"Va-Q-tec's success over the past two decades has been predicated on two core principles: a strong focus on innovation and a spirit of collaboration. EQT shares these values, with its foundation in the tradition of the Wallenberg family, where responsible ownership is a key principle. In EQT, we have found an entrepreneurial and financially strong partner that has built a reputation for working together with well-positioned medium-sized companies to drive sustainable growth. In the interests of our employees, customers, and shareholders, we welcome the agreement with EQT," Joachim Kuhn, va-Q-tec Founder and CEO.
va-Q-tec is advised by ParkView Partners, Hogan Lovells (led by Michael Schlitt), and Cometis. EQT Partners is advised by UBS, Milbank and Kekst CNC (led by Roland Klein).
Arcelik, a Turkish multinational household appliances manufacturer, agreed to acquire the EMEA business of Whirlpool, an American multinational manufacturer and marketer of home appliances. Financial terms were not disclosed.
"Today's announcement marks yet another major and important milestone in our ongoing portfolio transformation. This allows us to participate in significant value creation from the repositioning of the business and cost synergies through our minority interest," Marc Bitzer, Whirlpool Chairman and CEO.
Whirlpool is advised by Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton and Latham & Watkins.
Siemens, a technology company focused on industry, infrastructure, transport, and healthcare, completed the acquisition of Vendigital, a consultancy firm, from Livingbridge, a private equity firm. Financial terms were not disclosed.
“We are excited to welcome Vendigital to our growing Siemens Advanta business. By combining our expertise and capabilities, we can provide even more value to our clients along their value chain, while fostering our business at scale in the UK,” Aymeric Sarrazin, Siemens Advanta CEO.
Vendigital was advised by Pearl Comms.
Norges Bank Investment Management, a fund manager, agreed to acquire a 49% stake in a 1.25k MW portfolio in Spain from Iberdrola, an energy utility, for $650m.
The alliance between Iberdrola and Norges Bank Investment Management joins two preferred partners in a relationship that could be extended to additional renewable energy opportunities in further markets.
Arthur J. Gallagher completed the acquisition of First Ireland Risk Management.
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of First Ireland Risk Management, an insurance agency. Financial terms were not disclosed.
"First Ireland has built a strong reputation for client excellence over 40 years, and their market expertise will further enhance our capabilities in Ireland. We are delighted to welcome Tony, Linda and their colleagues to Gallagher and look forward to working with them to further expand their client base and service offerings," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
H.I.G. Capital, a private equity and alternative assets investment firm, completed the acquisition of Classic Lifts, a UK-based lift engineering and maintenance service provider. Financial terms were not disclosed.
"We are very pleased to be joining H.I.G. as they work to build a leading technical building services group that shares our focus on customer service. This is the start of the next phase of growth for Classic as we look to continue our M&A strategy and build on customer relationships across both Classic and CPS," Keith Snow, Classic Lifts CEO.
Lufthansa nears ITA offer with pathway to 100% ownership.
Deutsche Lufthansa is close to making an offer for Italy’s ITA Airways under a deal that would likely see the German airline eventually take full ownership of the successor to Alitalia, Bloomberg reported.
After extensive stop-start talks over ITA’s fate, Lufthansa is set to finally make a preliminary bid for ITA. The German carrier is poised to take an initial 40% stake in ITA, with an option to eventually increase its shareholding to 100%.
Vivendi leaves TIM's board seat as it seeks governance changes.
Telecom Italia said its biggest shareholder Vivendi relinquished its board seat, as Italy's new government weighed options to take control of the debt-laden former phone monopolist's landline grid.
Vivendi Chief Executive Arnaud de Puyfontaine resigned from the board amid discussions in Rome over ways to create a wholesale-only Italian broadband provider.
United Internet subsidiary Ionos plans IPO in Q1.
United Internet subsidiary Ionos plans an initial public offering this quarter with a Prime Standard listing on the Frankfurt Stock Exchange.
The offered shares are expected to come from the holdings of the subsidiary's two existing shareholders, United Internet and Warburg Pincus, with United Internet to retain a majority stake after the IPO.
The Frankfurt bourse's Prime Standard listings carry higher transparency requirements than General Standard listings including that all reporting be done in English as well as German.
UBS is still hiring and in growth mode. (People)
UBS is hiring with the Swiss bank in "growth mode," Chief Executive Ralph Hamers said at the World Economic Forum in Davos.
"We are very cautious in hiring but still hiring. We are very much looking at what are some of the critical jobs that we need to fill," Ralph Hamers, UBS CEO.
Permira appoints senior adviser. (FS, People)
Private equity firm Permira has appointed Kelly Grier, who recently retired as US chair and managing partner and Americas managing partner of Ernst & Young, as a senior adviser to its global Services team.
At EY, Grier oversaw more than 81k people in 31 countries, with annual revenue of over $21bn. During her 31-year tenure with the firm she served in a variety of leadership roles before becoming US chair in 2018. At Permira, Grier will leverage her global network and experience in leadership development, risk management, financial reporting, and corporate governance, to support the firm’s investment activities and portfolio value creation.
APAC
Australia's Origin Energy has extended the exclusivity period for a Brookfield-led consortium to finalise its $10.8bn buyout bid.
The exclusivity period has been extended to January 24, upon the consortium's request. It is the second extension since the talks were first disclosed. Origin Energy did not specify a reason for the extension, which sparked concern about the fate of the bid. Its shares fell as much as 3.7% to a low of $5.1, well below the proposed offer price of $6.3 a share.
Inchcape, a retailer of premium automotive products and services, agreed to acquire a 60% stake in CATS Group of Companies, a distributor of luxury vehicles in the Philippines. Financial terms were not disclosed.
"This acquisition is a significant milestone for Inchcape in APAC and an excellent example of our Accelerate strategy in action, extending our global distribution leadership by expanding our OEM brand footprint in markets where vehicle penetration is low but expected to grow quickly. The combination of Inchcape's leading global position and digital and data capabilities means we are well placed to successfully execute our strategy to accelerate growth both organically and via industry consolidation," Ruslan Kinebas, Inchcape CEO of APAC.
Inchcape is advised by Brunswick Group (led by Kate Holgate).
Amcor, a developing and producing responsible packaging solutions provider, agreed to acquire MDK, a provider of medical device packaging. Financial terms were not disclosed.
"As Amcor continues to sharpen its focus on higher growth priority segments, the addition of MDK will enhance our already strong healthcare platform in the Asia Pacific region. MDK's talented team brings strong capabilities and a complementary product and customer portfolio. We look forward to working together to unlock value creation opportunities for customers in this fast-growing, high-value segment, which we believe will help us continue to deliver strong returns for our shareholders," Ron Delia, Amcor CEO.
Diageo, a British multinational alcoholic beverages company, agreed to acquire Di Don Papa Rum, a super-premium dark rum from the Philippines, for €438m.
"We are excited by the opportunity to bring Don Papa into the Diageo portfolio to complement our existing rums. This acquisition is in line with our strategy to acquire high growth brands with attractive margins that support premiumization and enables us to participate in the fast-growing super-premium plus segment," John Kennedy, Diageo President of Europe and India.
Tsinghua Unigroup weighs IPOs, land sales to slash debt burden.
Tsinghua Unigroup's new owners are exploring ways to stave off creditors after completing a $9bn takeover, including industrial property sales and floating fast-growing business units such as a local rival to Qualcomm, Bloomberg reported.
Executives at Unigroup have discussed initial public offerings for three subsidiaries including Unisoc, which develops 5G chips for smartphones and drones. That could lead to one of the more prominent debuts in China’s semiconductor industry, where advanced homegrown chips are scarce. Other candidates include cloud arm Unicloud.
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