AMERICAS
AE Industrial Partners, a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets, has acquired Columbia Helicopters, a leading provider of heavy-lift rotorcraft services with extensive manufacturing and MRO capabilities. Financial terms were not disclosed.
"This is an exciting new phase of evolution for Columbia. We have always taken pride in our dedicated people and how they deliver inspired solutions to our customers. This new partnership supports our vision of growth and diversification. With AEI's support and experience, Columbia's commitment to safety and operational excellence and, above all else, our people - we are positioned for even greater success well into the future." Steve Bandy Columbia's CEO.
AEI is advised by Kirkland & Ellis, Rothschild & Co, and PricewaterhouseCoopers. Columbia is advised by Tonkon Torp and Greenhill & Co.
Arsenal Capital Partners, a specialized private equity firm investing in specialty industrials and healthcare companies, has entered into a definitive agreement to acquire a controlling interest in Revolution, a leading provider of sustainable, closed-loop plastic products serving the agricultural, consumer, and industrial markets. Financial terms were not disclosed.
A single mission drives revolution: to create sustainable plastic solutions that help preserve the environment for future generations. Through its innovative closed-loop system, Revolution markets a wide array of flexible solutions for the agricultural sector, which it then recovers, cleans and processes into a post-consumer resin.
“Building Revolution has been one of my life’s passions. I am confident that we have found a partner who will continue to uphold our values and protect the identity, reputation, customer relationships, and culture that we have built over the last 25 years. The roots of our company have been to find ways to do what others thought not possible. We have been creating closed-loop recycling systems in the agricultural sector and manufacturing other sustainable plastics with up to 97% PCR content for many years. By partnering with Arsenal, our past is just the beginning of what we can achieve across the marketplace.” Dhu Thompson, Revolution former majority owner, and Chairman.
Revolution is advised by William Blair & Co and Wachtell Lipton Rosen & Katz. Arsenal Capital is advised by Kirkland & Ellis.
Frontline Education, a leading provider of school administration software for the K-12 education community, has acquired Perennial EdTech. The acquisition is subject to certain closing conditions and is expected to close in the coming weeks. Financial terms were not disclosed.
The Perennial EdTech acquisition will bring higher value to the education community by expanding the depth and breadth of problems solved through the Frontline platform.
“The Perennial EdTech acquisition enhances our commitment to providing school administration software that empowers the K-12 community. Bringing these critical technologies together further supports education leaders in making data-driven decisions to foster continued educator growth and improved student outcomes.” Mark Gruzin, CEO of Frontline Education.
Perennial EdTech is advised by Alpine Investors and Macquarie Capital.
Mitsubishi Heavy Industries and Primetals Technologies acquired ABP Induction Systems, a global manufacturer and servicer of induction furnaces and heating systems, from CM Acquisitions, a Chicago based private equity firm. Financial terms were not disclosed.
MHI and Primetals Technologies will jointly take ABP’s shares. Future business activities will be conducted in close cooperation with and under the leadership of Primetals Technologies. The completion of the acquisition of ABP is subject to the approval of the relevant authorities and is planned to close around the end of August 2019.
“ABP’s state-of-art induction products and technology-driven culture will fit well with both shareholders. Through a closer tie-up with MHI and Primetals Technologies, ABP can pursue further growth potentials, which will also lead to a contribution to them”. Till Schreiter, ABP CEO.
GE Solar and BlackRock created a new business, Distributed Solar Development, a GE Renewable Energy Venture. The company, which will be 80% owned by a fund managed by BlackRock Real Assets and 20% owned by GE Renewable Energy, will focus on solar and storage solutions for the commercial industrial and public sectors. The new business has been incubated in GE since 2012, operating under the name GE Solar. Additional financial details were not disclosed.
“All we’ve accomplished as a small team to date has been working toward this moment, and I’m excited about what this transaction means for the next phase of our growth. Partnering with BlackRock, a leader in sustainable investment, provides the support we need to take the business to the next level and become the leader in commercial and industrial solar development.” Erik Schiemann, CEO of Distributed Solar Development.
Arcline Investment Management, a growth-oriented private equity fund with $1.5bn of capital under management, has acquired the Reciprocating Compression division of Baker Hughes, a GE company. Financial terms were not disclosed.
The Reciprocating Compression division manufactures and services mission-critical compression and engine systems that are used in a variety of applications, including the transmission of natural gas across domestic and international pipelines. The Company is the original equipment manufacturer and supplier of parts for its systems and provides overhaul and repair services to its customers.
"BHGE's Reciprocating Compression division serves the most critical infrastructure applications of its customers. We plan to aggressively invest in our long-standing, loyal employee base so that they can support every brand of our equipment operating in the field." Arcline commented.
Arcline is advised by Robert W. Baird.
Private equity firm Gauge Capital invested in Schlesinger Group, a marketing research company specializing in qualitative and quantitative research data collection services. Financial terms were not disclosed.
“Schlesinger Group has demonstrated steady growth, strong partnerships with its client base, and an enviable reputation for quality. The company and its talented leaders provide the ideal platform from which to achieve our shared vision for growth.” Tom McKelvey, Co-Founder & Managing Partner, Gauge Capital.
Ropes & Gray advised Gauge Capital.
Wealth Enhancement Group, an independent wealth management firm acquires AEPG Wealth Strategies, a registered investment advisor business. Financial terms were not disclosed.
"AEPG's exceptional track record for client service with individuals, families, and business owners is a testament to their team's ability to bring substantial value to the clients they support. Moreover, AEPG's retirement plan and employee benefits services deepen the expertise we provide to business owners via our Roundtable team of specialists and advisors. We are thrilled to bring AEPG's accomplished team aboard, and we're excited about all that we can achieve together." Jeff Dekko, Wealth Enhancement Group CEO.
AEPG Wealth Strategies was represented by DeVoe, a leading strategic advisor to RIAs, offering consulting, investment banking, and valuation services.
Urban FT Group, the industry’s leading Core FinTech provider, today announced it had acquired CFC Technology Group, a Minneapolis-based leader in merchant Remote Deposit Capture (RDC) solutions, and managed services for community banks and credit unions. Financial terms were not disclosed.
"With our acquisition of CFC, we have penetrated merchant-based banking territory and expanded our arsenal, encouraging institutions to excel beyond the ‘too big to fail’ crowd. This move has strengthened our ability to provide end-to-end digital payment solutions and has been an exceptional addition to our X35 Technology Platform.” Richard Steggall Urban FT CEO.
General Atlantic getting closer to the acquisition of beauty brand Morphe. (FS)
Private equity firm General Atlantic is expected to acquire a majority stake in Morphe in the coming weeks.
It is said that the deal that will value the maker of makeup brushes and eyeshadow palettes at more than $2bn, including debt. The investment will be used to fund Morphe's growth and potential acquisitions so it can develop into a global cosmetics brand.
All of Morphe's existing shareholders will save their stakes in the company.
Google to collaborate with LendLease to build 15k homes in Silicon Valley. (RE)
Google starts cooperation with an Australian developer LendLease to build $15bn worth of homes, offices, and retail space in Sunnyvale, San Jose, and Mountain View.
While Australian developers navigate the domestic property market's worst downturn in a generation, characterized by a drop in building approvals and tighter consumer spending, the deal is a significant boon for LendLease.
Google will partner LendLease said for the next 10 to 15 years.
Court Square Capital Management and HGGC consider Dynata's sale. (FS)
Buyout firms Court Square Capital Management and HGGC are considering the sale of Dynata, a US survey research company whose value could be over $3bn, including debt.
The sale process underscores how private equity firms are looking to cash in on demand for market data from large corporations, consultants, and investment firms.
Private equity companies are working with investment bank Evercore on an auction for the company.
Bain considers a stake in combined Zelis and RedCard. (FS)
Bain Capital is in advanced talks to buy a minority stake in a combined Zelis Healthcare, and RedCard, two health care technology companies being merged by buyout firm Parthenon Capital, Bloomberg reported.
The transaction, which could value the new company at close to $6bn, might be announced within weeks. Bain’s investment would coincide with the merger of Zelis and RedCard, they said.
Colony considers $5bn sale of warehouse business. (FS)
Colony Capital is expected to announce the sale of Colony Industrial, its warehouse operating unit.
Colony Capital, which in February announced it would conduct a strategic review as it attempts to salvage its sinking market value, is working with Eastdil Secured and Morgan Stanley for interest from potential buyers for the unit, which may fetch more than $5bn.
eBay considers assets sale.
eBay bowed to pressure from activist investors, saying it is reviewing the role and value of its StubHub and Classifieds businesses "to determine the best path forward to maximize shareholder value."
EMEA
Brussels clears Vodafone's $22bn purchase of Liberty Global's cable networks in Germany and central Europe. The deal paves the way for the British company to become Europe's most large mobile, broadband, and TV provider.
The deal is the standout move by Vodafone in its bid to become a provider of superfast broadband and pay-TV, rather than just a pure mobile provider. The strategy, launched by former CEO Vittorio Colao, is designed to increase customer spending and deepen user loyalty.
Liberty Global is advised by Goldman Sachs, CMS, Freshfields Bruckhaus Deringer, Shearman & Sterling, Citigate Dewe Rogerson, and LionTree Advisors. Vodafone Group is advised by Ernst & Young, Morgan Stanley, Robey Warshaw, UBS, Hengeler Mueller, Lakatos Koves, and Partners, Slaughter & May, CNC/JKL, and Maitland.
Stonegate Pub, a British pub company with 770 pubs and bars, offered to acquire Ei Group, the largest pub company in the UK, for £3bn ($3.7bn) in an all-cash deal. The purchase price represents a premium of approximately 38.5% to the closing price per Ei Group share on 17 July 2019.
"In 2015, we set out a new strategy. During the past four years, we have made great progress in its execution and have delivered a significant increase in value for our shareholders. The management team have done an outstanding job and the Acquisition, at a significant premium, is only possible because of the work that they have done and what has been achieved. The Acquisition delivers the future value of the strategy for our shareholders and secures an exciting future for our tenants and employees by creating the leading managed and tenanted pub company in the industry." Robert Walker, the Chairman of Ei Group.
Ei Group is advised by Deutsche Bank, Rothschild & Co, CMS, and Tulchan Communications. Stonegate is advised by Barclays, Goldman Sachs, Nomura, Kirkland & Ellis, Instinctif Partners, and Tulchan Communications.
Rabobank and KKR Infra have formed a consortium concerning the sale of energy producer Eneco. Financial terms of an offer have not been disclosed.
Rabobank, as a cooperative bank, is continually looking for opportunities in the market that enable it to provide its customers with even better service and to contribute to accelerating the energy transition. A collaboration with an organization such as Eneco that has a robust green profile fits very well with Rabobank's ambition to serve as the primary banker of the energy transition and with our mission of growing a better world together. This transaction should accelerate the energy transition in the Netherlands.
Rabobank views this consortium as a natural partner for Eneco, especially given its local presence and networks and direct contact with a large number of business and private customers. This provides a strong basis for offering joint and new customers existing and new products and services together with Eneco.
Thomson Reuters, a Canadian multinational mass media and information firm, acquired HighQ, a leading collaboration platform for the legal and regulatory market. Financial terms were not disclosed.
"Legal professionals are being disrupted by technology change and are seeking software solutions to help them improve costs and increase productivity," said Brian Peccarelli, COO, Customer Markets at Thomson Reuters and head of its Legal Professionals segment. "The acquisition of HighQ will help us meet customer needs for efficient, compliant workflow collaboration solutions, and supports our ongoing approach to providing open technologies and driving customer innovation."
Cairngorm Capital Partners, a specialist private investment firm providing equity capital and management expertise to leading UK companies acquires Fairalls (Builders’ Merchants), a family firm specializing in the manufacturing of building materials.
"Fairalls is an excellent company with a strong brand in the independent builders’ merchants market and an outstanding reputation with its customers. Geographically this partnership is highly complementary, extending our presence across the South East of England to make our group, the largest independent builders’ merchant in the region. We are delighted to welcome Fairalls to the group.” Alex Bayliss, Cairngorm Capital Managing Director.
EMC Corporate Finance, Plummer Parsons and Rix & Kay advised Fairalls. CIL Management Consultants, JLT Group, MDW Capital, PwC, Vail Williams and Gowling WLG advised Cairngorm Capital.
Israeli real estate developer Azrieli Group to acquire 20% of Compass for $135m for its first investment in the North American data centers market. Its major shareholders are the Ontario Teachers’ Pension Plan and investment fund RedBird Capital Partners.
Compass has 10 active facilities and three others under construction and development. The company, Azrieli said, generates annual net operating income of $38m and is projected to grow significantly in coming years.
“The market is growing significantly worldwide, and we believe it will serve as a growth engine in view of the considerable growth in the global market,” Eyal Henkin, Azrieli’s chief executive.
Citi and DH Capital served as financial advisors to Compass in the transaction, while RBC Capital Markets served as financial advisor to the Azrieli Group. Fried, Frank, Harris, Shriver & Jacobson and Wick Phillips served as legal counsel to Compass and its investors, while DLA Piper and Barnea Jaffa Lande & Co served as legal counsel to the Azrieli Group.
Ardian-backed Kersia, the global leader in food safety, announces the acquisition of Choisy Laboratories (Choisy), a leading developer and manufacturer of chemical, biotechnological and biosecurity hygiene solutions based in Canada, from the Trudeau family and Champlain Financial. Financial terms were not disclosed.
This transaction grows Kersia’s geographical footprint in North America, allowing the company to expand its presence in new sub-segments and to acquire new technologies; it has been completed with the support of Ardian, its majority shareholder. With this acquisition, Kersia’s network will comprise 23 plants and 1.2k employees.
“This acquisition is in line with Kersia’s growth strategy and ambition to become the world’s leading player in Food Safety solutions for the entire food chain from farm to fork. Combining the deep R&D and technological expertise of Choisy and Kersia’s teams, with the support of Ardian, grows our international footprint substantially and strengthens our offering. The complementarity between our two companies is strong, as are the common values we share. We are very pleased to welcome the Choisy team within our group.” Sebastien Bossard Kersia, CEO.
CarNext, a pan-European digital marketplace for high-quality used cars, acquires AutoManager, a technology company that has developed a propriety digital vehicle management platform, enabling seamless online vehicle remarketing. Financial terms were not disclosed.
The platform also provides CarNext.com with instant insight into all the vehicles in its marketplace, including their unique specifications. This further enables CarNext to offer its customers not just cars from their local market, but from all of the 23 European countries, CarNext operates in. Besides, the technology will enable CarNext to enhance further the services it offers to its growing network of third-party suppliers, providing them with full transparency on vehicle pricing, channel selection, and stock management.
“Becoming part of CarNext.com will enable us to continue to develop our technology platform and improve the experience for everyone in the used car value chain – whether that’s customers, suppliers, or retailers.” Maarten Bekkers, AutoManager General Manager.
Clessidra sold Roberto Cavalli to Vision Investment. (FS)
Private equity firm Clessidra sold Italian luxury fashion brand Roberto Cavalli to Vision Investment, the Dubai-based investment vehicle of billionaire Hussain Sajwani. Financial terms were not disclosed.
"Through the vibrant spirit of the authentic Roberto Cavalli brand, we intend to respond to market demand for familiar points of contact while offering our guests distinctive experiences," Hussain Sajwani said.
Private equity investment firm Alpha Private Equity acquired Italy-based AMF, a company specializing in the production of accessories for the fashion industry. Financial terms were not disclosed.
Alpha aims to implement a buy and build a strategy for AMF Snaps, which sells its components for the manufacturing of clothes and leather accessories to Burberry, Louis Vuitton, Hugo Boss, and Moncler.
Ventiga Capital Partners, a London-based investment company, acquired Retail Insight, a leading provider of store-focused retail analytics solutions, from Navis Capital Partners, a Malaysian asset manager. Financial terms were not disclosed.
Dutch optical retailer GrandVision announced approaching by EssilorLuxottica and HAL Holding for a possible transfer of HAL’s majority stake in the company to the French eyewear company.
The proposed price for the sale of HAL’s 77% stake in GrandVision would be 31$ per share. That represents a premium of about 22% to current company' s stock price.
“No agreement has yet been reached, and no assurance can be provided that these discussions will lead to such an agreement,” HAL said in a statement, confirming the talks.
Telecom Italia is considering assets sale worth around $2.2bn including a stake INWIT.
Telecom Italia, which controls 60% of INWIT, agreed with Vodafone in February to analyze the idea of combining their 22k telecom masts in Italy in a single unit.
The INWIT deal merger would involve TIM selling a small stake in the company and also a significant refinancing operation that would help TIM to draw a special dividend.
TIM is also looking at selling its data-center and consumer credit operations. The disposals should be completed by early 2020.
Takeda considering the sale of Western European drugs.
Japan's Takeda Pharmaceutical has contacted to prospective bidders for a portfolio of drugs for sale in western Europe. The purpose of this operation is trimming the company's debt following the $59bn purchase of Shire. EBITDA is about $179m, with OTC drugs accounting for about $44m.
Takeda is collaborating with JP Morgan on the process.
Renault's Chairman counts on Nissan's new board to embrace alliance.
Renault Chairman Jean-Dominique Senard is confident that alliance partner Nissan’s new board will work to reinforce their partnership after the scandal involving Carlos Ghosn, who chaired both companies.
Senard also told, that there has been no effort to renew merger talks with Fiat-Chrysler, which halted discussions last month despite making the initial approach.
Elliott influences Saga to considers options including a breakup. (FS)
Elliott Management wants Saga to explore options to boost returns for shareholders, including potentially separating its insurance and cruise businesses, Bloomberg reported.
The New York hedge fund, run by billionaire Paul Singer, disclosed earlier Wednesday that it holds 5.1% of voting rights in the company through financial instruments. Shares extended gains and rose as much as 10% in London, the most since July 4th, after details of Elliott’s strategy emerged. Saga is valued at about £516m ($640m).
TravelPerk closes series C round at $104m by adding $60m. (FS)
TravelPerk, business travel platform has closed its Series C round at $104m by adding $60m from existing investors including Kinnevik, Partners of DST Global, Target Global, Felix Capital, Sunstone, and LocalGlobe.
The investment will be used to accelerate the company’s product innovation further to give business travelers real freedom and flexibility while providing companies with control over their travel spend.
"At TravelPerk, we believe that travel is the biggest unsolved problem in business today. As a $1.3trn global market, it's staggering that businesses have been stuck for so long with a status quo defined by limited inventory, inflexible booking experiences, and lousy customer support. We have big ambitions for the next phase of our product development, which will see us quickly bring new offerings to market that don’t just see business travel catch up with consumer travel, but actually surpass it." Avi Meir, CEO, and Co-founder of TravelPerk.
Neil Woodford considers assets sale. (FS)
British fund manager Neil Woodford is planning to start the sale of his unlisted biotech investments at the end of July, reported Reuters.
The assets are expected to be sold as part of a structured auction process which could last up to three months. The firm’s administrator Link Fund Solutions has tapped boutique investment bank PJT to handle the sale, but the official mandate hasn't been signed yet.
Lars Windhorst plans Hertha Berlin listing. (FS)
Tenor has previously said it would increase investment in players for the team, empower its digital strategy, and market the club better globally. Investment firm and the club haven't confirmed the speculation.
Reach in early talks to buy certain JPI Media assets.
British media company Reach announced, it was in the early stages of discussions to buy certain assets of JPI Media, company publishing the Yorkshire Post and the Scotsman.
Banking startup N26 raises $170m at $3.5 bn valuations.
A German smartphone bank N26 has raised new funds at a valuation of $3.5bn, making the company one of Europe’s highest valued non-listed fintech firms. The Berlin-based company extended its Series D funding round by $170m to a total $470m.
All previous Series D investors including Insight Venture Partners and Singapore’s sovereign wealth fund GIC participated in the extension.
"An IPO is a scenario we can envision for the future, but I don’t expect our most recent round of financing to have been the last." Maximilian Tayenthal, N26’s Co-founder.
Voyager Air puts off $200m London IPO.
Voyager Air shelves its plans for an initial public offering on the London Stock Exchange, citing "unfavorable market conditions."
The company planned to raise up to $200m through the IPO to support its new aircraft leasing business. "The company is grateful for the support it has received from institutions in recent weeks and intends to reactivate the IPO at a later date," it said.
Kronos Bio closes $105m Series A.
Kronos Bio, a Two River portfolio company, announced it had closed a $105m Series A Preferred Stock financing.
The financing was led by Vida Ventures and Omega Funds and included participation from Nextech, Google Ventures, Perceptive Advisors, Invus and Polaris Partners.
ContractPodi raises $55m in series-B round.
ContractPodAi, a London-based startup is offering an “end-to-end” solution spanning the three main aspects of contract management: contract generation, contract repository, and third-party review is disclosing $55m in Series B funding.
The round is led by US-based Insight Partners, with participation from earlier backer Eagle Investment.
Aker Energy expects IPO in late 2019 or 2020.
Norway's Aker Energy expects a potential initial public offering to be launched late in 2019 or in 2020. The date depends on when Ghanaian authorities approve the development plan of its Pecan field.
Oeyvind Eriksen, firm's chief executive, said that Ghanaian authorities are still expected to approve its revised $4.4bn development plan for the offshore Pecan oilfield by late third-quarter of 2019, but delays cannot be ruled out.
APAC
Ebix, a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, offered to acquire Yatra Online, an Indian online travel agency, and a travel search engine, for $239m.
The $7 per share offer represents an 84% premium to Yatra Online’s Ebix will be issuing 244k convertible preferred stock, which in turn will be convertible into 5m shares of Ebix common stock.
Ebix Chairman, President, and CEO Robin Raina commented, "The acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as India’s largest and most profitable travel services company, besides being the largest enterprise financial exchange in the country. We are excited by the cross-selling opportunities that this combination provides us while further strengthening our future EbixCash IPO offering.
Citigroup and Goodwin Procter are advising Yatra. Bass Berry & Sims is advising Ebix.
Takeuchi Press Industries, a leading industrial packaging manufacturer, acquires a majority stake of 51.% in Alucon, a leading producer of aluminum containers for TBH 3.5bn ($114m).
AB InBev looking to sell $10bn worth of asset after a failed IPO.
Anheuser-Busch InBev is weighing asset sales, including its operations in Australia and South Korea, in a bid to pay down some of its $106bn in debt after a failed attempt to list its Asian business, Financial Times reported. This “Plan B” aims to raise at least $10bn.
If completed, they would help speed deleveraging at the world’s biggest brewer, the home of brands including Budweiser, Stella Artois, Leffe, and Brahma.
Didi Chuxing plans $2bn raised at $62bn valuation.
Beijing-based Didi plans to sell additional shares to raise $2bn, which should give company valuation to around $62bn.
Fundraising move by Didi, the most prominent players in China’s ride-hailing market, comes as the company continues to suffer widening losses on its balance sheet.
Last July, Didi was in talks with SoftBank and other investors to raise capital for its self-driving cars business.
Bain considers new investments in Japan with a new buyout fund. (FS)
Bain Capital is seeking to raise its first private equity fund focused solely on investing in Japan, the latest alternative asset manager to expand its push into the country.
The Boston-based firm has held early discussions with investors about the fund, which will focus on mid-sized Japanese companies, according to people with knowledge of the matter. Bain hasn’t set a fundraising target for the venture, Bloomberg reported.
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