Energy Transfer, which owns and operates one of the largest and most diversified portfolios of energy assets in the United States, completed the acquisition of Enable Midstream, which owns, operates and develops strategically located natural gas and crude oil infrastructure assets, for $7.2bn. Enable common unitholders received 0.8595 ET common units for each Enable common unit. Additionally, each outstanding Enable Series A preferred unit was exchanged for 0.0265 Series G preferred units of Energy Transfer. The transaction also included a $10m cash payment for Enable’s general partner.
The acquisition significantly strengthens Energy Transfer’s midstream and gas transportation systems by adding Enable’s natural gas gathering and processing assets.
Enable Midstream was advised by Goldman Sachs, Intrepid Partners, Richards Layton and Finger, Vinson & Elkins and Joele Frank. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton and Gibson Dunn & Crutcher. Energy Transfer Partners was advised by Citigroup, JP Morgan, RBC Capital Markets and Latham & Watkins. Financial advisors were advised by White & Case. OGE Energy was advised by Lazard, Cravath Swaine & Moore, Jones Day and Sard Verbinnen & Co. Centerpoint Energy was advised by Baker Botts and Wachtell Lipton Rosen & Katz.
FAST Acquisition, a special purpose acquisition company, refused to end its merger with Fertitta Entertainment, which operates in the gaming, restaurant, hospitality and entertainment industry, after termination initiated by Fertitta was reported, saying it is invalid, Reuters reported.
Fertitta had moved to terminate the deal, first agreed in February. Fertitta's delay in delivering its financial statements caused the deal not to be closed by the termination date, said FAST. Hence, it has no right to end the merger agreement unilaterally.
FAST is advised by Morrow Sodali Global, Citigroup, UBS, White & Case, Winston & Strawn and Hiltzik Strategies. Fertitta is advised by Jefferies & Company, Latham & Watkins and Dancie Perugini Ware. Financial advisors are advised by Goodwin Procter and Skadden Arps Slate Meagher & Flom.
Hillrom shareholders have voted to approve the acquisition by Baxter International at a special meeting. Hillrom shareholders voted overwhelmingly in favor of the transaction.
"The strong support of our investors over the years and in today's shareholder vote is an important validation of our vision of Advancing Connected Care, and we are proud of the significant shareholder value creation that has occurred due to Hillrom's transformation," John Groetelaars, Hillrom President and CEO.
Hillrom is advised by Bank of America, Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank. Baxter is advised by Citigroup, JP Morgan, Perella Weinberg Partners and Sullivan & Cromwell. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson and Cravath Swaine & Moore.
CBRE Acquisition Holdings, a special purpose acquisition company, and Altus Power, a clean electrification company, announced that the minimum cash condition to their proposed business combination in a $1.58bn deal has been satisfied. The deal includes a $275m PIPE from CBRE Group, Blackstone Credit, ValueAct Capital and Liberty Mutual Investments.
The parties are on track to consummate the business combination following CBRE’s special meeting of stockholders, which is to be held on December 6, 2021.
Altus is advised by Citigroup, Fifth Third Bancorp, Ropes & Gray and ICR. CBRE is advised by Duff & Phelps, JP Morgan, Morgan Stanley, Potter Anderson & Corroon and Simpson Thacher & Bartlett. Financial advisors are advised by Skadden Arps Slate Meagher & Flom.
GigCapital4, a special purposes acquisition company, and BigBear.ai, a provider of artificial intelligence, machine learning, cloud-based big data analytics, and cyber engineering solutions, announced that at the Special Meeting of GigCapital4's stockholders shareholders voted to approve the proposed business combination between GigCapital4 and BigBear.ai.
Based shareholder approval and subject to the satisfaction or waiver of certain other closing conditions, the business combination is expected to be consummated on or about December 7, 2021.
BigBear is advised by Grant Thornton, William Blair & Co, Kirkland & Ellis and Reevemark. GigCapital4 is advised by Burr Pilger Mayer, BMO Capital Markets, Banco BPM, Oppenheimer & Co, DLA Piper and ICR.
Planet Labs, a provider of daily data and insights about the earth, announced that its proposed $2.8bn business combination with dMY Technology Group, a special purpose acquisition company, was approved by dMY’s stockholders at its special meeting.
Transaction include investors in PIPE consist of BlackRock, Koch Strategic Platforms, TIME Ventures and existing investor Google.
"We are excited to announce the approval of this transaction and look forward to using this capital to continue driving innovation in Earth data and analytics to solve some of the world’s most pressing problems as a public company. Our forthcoming status as a public benefit corporation once we are listed emphasizes this commitment," Will Marshall, Planet Co-Founder and CEO.
Planet is advised by Goldman Sachs, Latham & Watkins and Sard Verbinnen & Co. dMY Technology is advised by Goldman Sachs, Morgan Stanley, Needham & Co, White & Case and ICR.
PNM Resources, a company that generates, transmits and distributes electricity, and Iberdrola-backed AVANGRID, a US based diversified energy and utility company that provides clean energy, answered open questions at a news conference about their proposed merger. They addressed concerns heard at the New Mexico Public Regulation Commission. Joining PNM Resources and AVANGRID were elected officials and organizations representing customers and business representing tens of thousands of New Mexicans.
"Culturally, we have always stressed the highest levels of ethics and accountability in everything we do. Philosophically, we manage our utilities on the basis of local management and control." He added, "Iberdrola has been named one of the most ethical companies in the world for the last seven consecutive years," Bob Kump, Deputy CEO of AVANGRID.
PNM Resources is advised by Evercore and Troutman Pepper. AVANGRID is advised by BNP Paribas, Morgan Stanley, Garrigues, Latham & Watkins and FTI Consulting. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson.
Fortive, an American diversified industrial technology conglomerate company, agreed to acquire Provation, a provider of software and SaaS-based clinical productivity and workflow automation solutions, from Clearlake, a private equity firm, for $1.43bn.
"This is a very exciting day in the history of Provation. The strategic transformation and journey we've gone through in the past couple of years, with the guidance of Clearlake, has been tremendous and set us up for continued growth. We are exceptionally proud and grateful to Clearlake for the work we've done together. We have an amazing customer base and as we continue to focus on serving them, Fortive will be the perfect home for us. Fortive's commitment to culture, growth, and operational discipline will allow us to continue delivering on our Purpose: to empower Providers to deliver quality healthcare for all," Daniel Hamburger, Provation CEO.
Provation is advised by Credit Suisse, William Blair & Co and Sidley Austin. Fortive is advised by Evercore and Kirkland & Ellis. Clearlake is advised by Jefferies & Company and Lambert & Co.
The Great American Outdoors Group, a parent company of Bass Pro Shops, Cabela's, White River Marine Group and a collection of nature-based resorts, terminated the $790m acquisition of Sportsman's Warehouse, an American outdoor sporting goods retailer.
The deal was terminated on December 3, 2021, after Federal Trade Commission's feedback that led the companies to believe they would not receive clearance to close the deal.
BuzzFeed, a tech-powered media company for digital content and commerce for millennial and Gen Z audiences, will receive just about 6%, or $16.2m of the proceeds after shareholders of the 890 Fifth Avenue Partners, a special purpose acquisition company, redeemed a majority of their shares.
The merger with 890 Fifth Avenue Partners was originally projected to bring $288m for the company, with the participation of Redwood Capital Management, CrossingBridge Advisors, Cohanzick Management, and Silver Rock Financial.
BuzzFeed is advised by Bank of America, Fenwick & West and Blueshirt Group. 890 Fifth Avenue Partners is advised by Cowen & Company, Craig-Hallum Capital Group, Akin Gump Strauss Hauer & Feld and BraunHagey & Borden.
United Bankshares, a financial holding company, completed the acquisition of Community Bankers Trust, a single bank holding company, for $303m.
"We are extremely pleased to have Community Bankers Trust joining United. We have been looking forward to the opportunity to broaden our footprint throughout Virginia and Maryland, and this transaction will allow us to enhance our presence in some of the most desirable banking markets in the nation," Richard M. Adams, United Bankshares Chairman and CEO.
United Bankshares was advised by Performance Trust Capital Partners and Bowles Rice. Community Bankers Trust was advised by Piper Sandler and Williams Mullen.
Invesco-Alert 360, a manufacturer of security systems, agreed to merge with My Alarm Center, an alarm monitoring services provider. Financial terms were not disclosed.
"Our first focus has always been on the customer. We believe the combined company will be better able to serve existing and future customers through increased investments in sales, marketing, and innovation. I am very excited to work alongside such a dedicated team of employees in order to make the combined company into a truly transformational industry competitor," Richard Ginsburg, Alert 360 President and CEO.
My Alarm Center is advised by Greenhill & Co, Raymond James and Ropes & Gray. Alert 360 is advised by Houlihan Lokey and Gibson Dunn & Crutcher. Debt financing is provided by Pathlight Capital.
Kohlberg & Company, a private equity firm, agreed to acquire a majority stake in Trinity Life Sciences, a life sciences commercialization solutions provider. Financial terms were not disclosed.
“We are thrilled to partner with Kohlberg through our next chapter of growth as we continue to empower the life sciences industry to deliver life-changing therapies to patients. Kohlberg will help us strategically grow. You will see a greater emphasis on optimizing our global reach, introducing technology that our clients can easily leverage into their own current systems, and a continued focus on actionable data that fuels all our innovative products and services," David Fitzhenry, Trinity Life Sciences CEO.
Trinity Life Sciences is advised by Jefferies & Company, SVB Leerink and Kirkland & Ellis. Kohlberg is advised by Centerview Partners and Ropes & Gray.
Sixth Street Partners, a private equity firm, completed a minority investment in Aquiline Capital-backed Fullsteam Holdings, a payments technology and vertical software company. Financial terms were not disclosed.
"We believe the future of payments delivery is with integrated software. We're at the cutting edge of integrated payments processing and with the full support of Aquiline, and now Sixth Street, we are excited to continue to drive better solutions for our growing base of small and mid-sized business customers that are the life blood of our economy," Michael Lawler, Fullsteam CEO.
Fullsteam Holdings was advised by Goldman Sachs, Raymond James and Prosek Partners. Sixth Street was advised by Cleary Gottlieb Steen & Hamilton. Aquiline Capital was advised by Willkie Farr & Gallagher.
Carlyle, a global investment firm, completed the acquisition of a minority stake in Resonetics, a pioneer in advanced engineering and manufacturing solutions for the life sciences industry, from Sverica Capital Management and GTCR. Financial terms were not disclosed.
"Our business has advanced significantly over the past four years, as we've expanded our production capacity, grown our facility footprint and built greater scale. We have enjoyed the outstanding partnership with GTCR as we've built Resonetics and are excited to be partnering with GTCR and Carlyle in this next chapter as we continue to grow our business and enhance our product capabilities to better serve our customers," Tom Burns, Resonetics CEO.
Resonetics was advised by Piper Sandler and Kirkland & Ellis. Carlyle was advised by Barclays and Debevoise & Plimpton. GTCR was advised by The Harbinger Group.
Husqvarna Group, a Swedish manufacturer of outdoor power products, completed the acquisition of Orbit Irrigation, a provider of watering equipment, from Platinum Equity, a private equity firm, for $480m.
"Orbit's success is the result of a strong partnership with the company's leadership team and a lot of hard work by dedicated employees at every level of the organization. We deployed the full range of Platinum's M&A and operational toolkit in service of transforming the company into an industry leader, and we are proud of everything the company has accomplished," Jacob Kotzubei, Platinum Equity Partner.
Husqvarna Group was advised by Jones Day. Platinum Equity was advised by Moelis & Co, William Blair & Co and Gibson Dunn & Crutcher.
Shoe Carnival, a retailer of footwear and accessories, completed the acquisition of Shoe Station, a retailer of shoes for $67m.
“We are excited to welcome Shoe Station to the Shoe Carnival team. Coming on the heels of our best quarter of our best year in our 43-year history, this deal accelerates our journey toward becoming a multi-billion dollar retailer in the years ahead," Mark Worden, Shoe Carnival President and CEO.
Shoe Carnival was advised by Faegre Drinker Biddle & Reath, Jefferies & Company, KPMG and Weber Shandwick.
Further Global Capital Management, a private equity firm, completed an investment in E78 Partners, a financial services provider. Financial terms were not disclosed.
"That's what makes Further Global such an ideal fit for us; they share our culture and ambition in every regard, and we feel privileged to move forward with them. Our exceptional team has achieved great success in the past few years, and with Further Global as our partner, we are better positioned than ever to introduce our unique business model to the broader private equity industry and accelerate our growth through M&A," John Signa, E78 Partners Founder and CEO.
E78 Partners was advised by Houlihan Lokey and Katten Muchin Rosenman. Further Global was advised by Kirkland & Ellis. Debt financing was provided by Churchill Asset Management.
Valley National Bancorp, a regional bank holding company, completed the acquisition of Westchester Bank Holding, the largest independent commercially focused bank headquartered in Westchester County, in a $210m deal.
"We are thrilled about our new partnership with Valley and the opportunities for growth that it will provide for our employees and customers. The infrastructure and culture that has been built at Valley over the past few years will enable our customers to access a robust product offering while still receiving access to the local decision making and exceptional service they have become accustomed to at The Westchester Bank," John Tolomer, Westchester President and CEO.
Westchester Bank was advised by Raymond James and Goodwin Procter. Valley National was advised by Covington & Burling.
AIP-backed ADDMAN Engineering, an industrial services provider, completed the acquisition of Domaille Engineering, a production technology solutions provider. Financial terms were not disclosed.
"At our core, we are manufacturing experts and view additive manufacturing as another important tool to meet the demands of the future. We are proud to have what I consider the best people and the best technology available anywhere in the world. Together, we are uniquely positioned to serve not only the aerospace and defense market but also commercial space, energy, and industrial customers," Al Haase, Domaille CEO.
Domaille Engineering was advised by Lincoln International and Ropes & Gray. ADDMAN Engineering was advised by Fredrikson & Byron.
White Cap Supply Holdings, a provider of concrete accessories and chemicals, completed the acquisition of Ram Tool Construction Supply, a construction supply distribution company. Financial terms were not disclosed.
"This combination will increase our products, services, and locations to enhance our customer convenience and experience, while bringing together two incredible teams of knowledgeable professionals focused on delivering exceptional customer service," Alan Sollenberger, White Cap President.
Ram Tools was advised by Nelson Mullins Riley & Scarborough. White Cap was advised by Debevoise & Plimpton.
Optimizely, a digital experience platform, agreed to acquire Welcome, a software solutions provider. Financial terms were not disclosed.
"We believe a world-class customer experience starts with an outstanding marketer experience. By combining Welcome’s campaign planning, content production and asset management capabilities with Optimizely’s existing breadth of digital experience solutions, we empower marketers to rapidly launch campaigns and control the optimization of every digital touchpoint which results in growth for the business," Alex Atzberger, Optimizely CEO.
Welcome is advised by GCA Altium. Optimizelyis advised by PAN Communications.
Becton Dickinson, a medical technology company, completed the acquisition of Venclose, a provider of solutions for the treatment of chronic venous insufficiency. Financial terms were not disclosed.
"Our acquisition of Venclose will enable us to offer a more robust portfolio of solutions to physicians who are treating the full range of venous conditions. The Venclos RF Ablation System strategically complements our category-leading portfolio of venous disease technologies and aligns with our focus on innovations that provide transformative solutions to improve outcomes for chronic disease and enable the transition into new care settings," Paddy O'Brien, Becton Dickinson President.
Venclose was advised by JP Morgan.
Blackstone agreed to acquire Irth Solutions, a software services provider. Financial terms were not disclosed.
“Irth is well-positioned to benefit from the tailwinds impacting each of the company’s end-markets. Irth can be a key partner for electric utilities, telecom companies and energy infrastructure operators as they improve and expand operations, while reducing environmental impacts. We look forward to working with Brad and his team to capitalize on these trends," Kush Patel, Blackstone Managing Director.
Irth Solutions is advised by Ropes & Gray.
Stone Point Capital, a private equity firm, completed the acquisition of a majority stake in Businessolver, a benefits technology and services company. Financial terms were not disclosed.
"We're excited about the long-term opportunities within the HR and employee benefits industries and are thrilled to be partnering with Jon and the Businessolver team. We look forward to sharing our longstanding experience in the industry to help accelerate Businessolver's growth, while they maintain their deep roots in the HR community. We have watched Businessolver grow and deliver for years and are excited to be part of the cutting-edge benefits innovation that they bring to the industry," Chuck Davis, Stone Point CEO.
Stone Capital was advised by Simpson Thacher & Bartlett.
Windjammer Capital, a national private equity investment firm, completed the acquisition of Paragon Energy Solutions, a nuclear energy facilities provider, from Argosy Private Equity. Financial terms were not disclosed.
"Argosy has been an incredible, trusted partner and much of my success and Paragon's success is due to Keven Shanahan and Lane Wiggers. Paragon and my former company, AP Services, used Argosy's VAM tools to help us develop our strategic plan which drove higher revenue, operational excellence and financial performance. Keven and Lane have not only been great partners, but great friends and have made the journey both fun and profitable for everyone," Doug VanTassell, Paragon Energy Solutions CEO.
Discount Tire, an independent retailer of tires and wheels, agreed to acquire Tire Rack, an independent tire tester and consumer-direct source for tires, wheels and performance accessories. Financial terms are not disclosed.
"We have for many years admired one another from afar, each pushing the industry forward to meet customers where they are most confident shopping for tires and wheels. We could not be more excited about adding Tire Rack's operations and its excellent team led by Mike Joines, who I've come to know well. This accelerates our omnichannel strategy, provides a broader distribution network and a platform to enhance our B2B and fleet capabilities. Quite simply, we are better together," Dean Muglia, Discount Tire CEO.
Penske Truck Leasing, a global transportation services provider, agreed to acquire DeCarolis Truck Rental, a commercial truck leasing, rental, service and repair company. Financial terms are not disclosed.
"DeCarolis Truck Rental is a well-respected name in the region and we are excited about the opportunity to join our businesses. We look forward to working closely with DeCarolis customers and associates to integrate the business into the Penske brand," Art Vallely, Penske Truck Leasing President.
