Centene Corp and Wellcare Health Plans agreed to sell Wellcare’s Missouri and Nebraska Medicaid plans for people with low income to Anthem, a provider of health insurance in the United States, as the companies look to close their merger $15.3bn deal. The agreement was announced in March 2019.
Goldman Sachs and Kirkland & Ellis are advising WellCare. Cleary Gottlieb Steen & Hamilton is advising Goldman Sachs. Allen & Company, Barclays, Evercore, JP Morgan and Skadden Arps Slate Meagher & Flom are advising Centene.
European Union antitrust regulators are set to open a full-scale investigation into Boeing’s $4.8bn bid for a controlling stake in Embraer’s commercial aircraft arm. The European Commission’s current review of the deal is scheduled to end on October 4.
Citigroup, Pinheiro Neto, Barbosa Mussnich & Aragao and Skadden Arps Slate Meagher & Flom are advising Embraer. Cleary Gottlieb Steen & Hamilton is advising Citigroup. Simpson Thacher & Bartlett is advising Boeing.
NorthStar Realty Europe, a real estate investment trust company, announced that its stockholders approved the proposed merger with a wholly-owned subsidiary of a fund managed by AXA Investment Managers. NRE stockholder approval was a condition to the closing of the transactions contemplated by the merger agreement. The closing of the merger remains subject to certain other customary closing conditions. The deal was announced in July.
Goodwin Procter, Goldman Sachs, Clifford Chance, Fried Frank Harris Shriver & Jacobson, Sullivan & Cromwell, Venable and Vinson & Elkins are advising NorthStar Realty. KPMG, CBRE, Deutsche Bank and DLA Piper are advising AXA.
GTCR and Golden Gate Capital invested in Cole-Parmer Instrument Company, a leading global manufacturer of peristaltic, temperature monitoring, and environmental precision equipment and related consumables. Financial terms were not disclosed.
"We are grateful to Jim Rauh and the Golden Gate Capital team for their collaboration and are very proud of the strategic and operational progress we have made. Together, we have been able to execute on numerous growth initiatives, including a deepened focus on product innovation, establishing us at the forefront of our industry. We are delighted to be renewing our successful partnership with GTCR and look forward to working with both firms, who share our vision and commitment to continuing Cole-Parmer's evolution into a diversified products company focused on the life sciences, healthcare and environmental end-markets." Bernd Brust, CEO of Cole-Parmer.
Jefferies & Company is advising Cole-Parmer. Baird, Kirkland & Ellis and Nob Hill are advising Golden Gate Capital. Latham & Watkins is advising GTCR.
Private equity firm TPG Capital canceled its agreement to buy oilfield water management company Goodnight Midstream for $930m. The parties terminated TPG’s deal to buy a majority stake in Goodnight from Tailwater Capital on July 5 because Goodnight was unable to satisfy certain closing conditions.
CORE Industrial Partners, a Chicago-based private equity firm, acquired FATHOM, an advanced manufacturer with an expertise in 3D printing and additive manufacturing. Financial terms were not disclosed.
“The acquisition of FATHOM aligns well with our previously stated intention to build a leading Industry 4.0 additive manufacturing company. From customer bases to technical expertise and additive manufacturing capabilities, MCT and FATHOM are highly synergistic, and we’re looking forward to further building out the platform through additional complementary acquisitions and continued organic growth.” Matthew Puglisi, a Partner at CORE.
Stifel is advising FATHOM. Winston & Strawn is advising CORE.
Vista Equity Partners, a leading investment firm focused on enterprise software, data, and technology-enabled businesses, invested in Acquia, the open digital experience company. Financial terms were not disclosed.
This news follows Acquia’s recent strategic acquisitions of Mautic and Cohesion which have expanded the company’s offerings to customers. It will enable Acquia to grow its presence in the digital experience platform market as it continues to innovate and serve the world’s most ambitious brands.
Goldman Sachs and Goodwin Procter are advising Acquia. Kirkland & Ellis is advising Vista Equity Partners.
PJT Partners, a global advisory-focused investment bank, and Nasdaq, a leading global provider of trading, clearing, exchange technology, listing, information and public company services, formed a joint venture to provide enhanced execution capabilities for general partner-sponsored secondary transactions built on world-class advisory services and industry-leading technology. Financial terms were not disclosed.
"This partnership is an exciting next step for Nasdaq in our focus on delivering next-generation technology to the world’s capital markets. NPM pioneered the structure and standards for private company secondary transactions, and PJT Partners is an industry leader in advising and managing secondary transactions for GPs and LPs. Together, we can apply world-leading technology to transform the market for GP-led secondary transactions.” Adena Friedman, President and Chief Executive Officer of Nasdaq.
Davis Polk & Wardwell is advising PJT Partners.
SS&C Technologies, a global provider of investment and financial services and software for the financial services and healthcare industries, agreed to acquire Algorithmics assets from IBM, an American multinational information technology company. Financial terms were not disclosed.
"The companies we serve, face a rapid pace of regulatory change and increasing need for integrated real-time and predictive analytics. The addition of Algorithmics enables us to empower clients in the global financial services industry with innovative, cloud-based solutions and premium services to help them navigate enterprise risk successfully." Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies.
Davis Polk & Wardwell is advising SS&C.
Strattam Capital, a private equity firm, invested in MHC Software, a leader in enterprise content automation and document management software solutions. Financial terms were not disclosed.
"We continue to be laser-focused on delivering solutions that allow our customers to achieve significant productivity gains. We are very excited to partner with Strattam. We share a common vision of investing in MHC to drive increased innovation for our customers. We are also thrilled to welcome Vanguard to the MHC family. Vanguard is a highly strategic acquisition that extends our reach into new ERP ecosystems and brings novel capabilities that we look forward to introducing to our existing customers." MHC Software CEO Gina Armada.
DC Advisory advised MHC Software. Madison Capital provided debt financing.
Private equity firm Bertram Capital invested in Solo Stove, a leading designer and supplier of portable, low-smoke fire pits and camping stoves. Financial terms were not disclosed.
"Solo Stove is one of the first digitally native outdoor brands to achieve critical mass. The company excels at designing products that are loved by ultralight hikers, car campers, and backyard enthusiasts alike. We see a tremendous opportunity for our in-house IT group, Bertram Labs, to augment the company's digital capabilities and help accelerate brand awareness." Ryan Craig, Partner at Bertram Capital.
Cowen advised Bertram Capital.
Inspire Brands, a multi-brand restaurant company whose portfolio includes more than 8.3k Arby's, Buffalo Wild Wings, SONIC Drive-In and Rusty Taco locations worldwide, agreed to acquire Jimmy John's, an American franchised sandwich fast-food restaurant chain. Financial terms were not disclosed.
"Jimmy John's is a great fit for the Inspire family. What started in 1983 as a sandwich shop in a converted garage in Charleston, Illinois, has grown into a national, differentiated brand with a passionate fanbase. We are excited to welcome the Jimmy John's brand to Inspire and look forward to working with their team and franchisees to help the company achieve its next stage of growth." Paul Brown, Co-Founder and Chief Executive Officer of Inspire Brands.
Phoenix Sports Partners, a sports technology and data investment fund, acquired a majority stake in Atavus Football, a football tackling analytics and certification platform. Financial terms were not disclosed.
"Atavus is a natural fit within our portfolio. Our goal at Phoenix is to find companies that are changing the game, like Atavus, and give them access to the tools and connections that will fuel their continued growth and have a lasting impact on the markets we serve." Brian Kopp, Group CEO and Partner at Phoenix.
LoCorr Funds, a leading provider of low-correlating investment strategies, acquired Steben & Company, an alternative investment innovator that launched its business in 1989. Financial terms were not disclosed.
“This is a very exciting time for our business. The acquisition of Steben & Company was a natural fit and will increase our ability to offer a growing suite of solutions to our partners, with the ultimate goal of diversifying portfolios.” Kevin Kinzie, Chief Executive Officer of LoCorr Funds.
SoftBank is expected to invest an additional $1bn into WeWork after delayed IPO. (FS)
SoftBank is planning to pump an extra $1bn or more into WeWork by renegotiating a warrant agreement struck before falling valuations delayed the US office-sharing startup's IPO,
Reuters reported.
A new deal would reduce the price per share at which SoftBank acquires WeWork stock, giving it a more significant stake in the unprofitable property group.
WillScot looking to acquire Mobile Mini.
WillScot, the largest US provider of mobile office trailers, has made an offer to acquire Mobile Mini, the biggest US provider of portable storage solutions,
Reuters reported.
WillScot has made an offer that values Mobile Mini in the mid-to-high $30s per share range and would be funded for the most part by using WillScot shares as currency.
Negotiations between the two companies are ongoing, and there is no certainty that a deal will be reached.
Lightsource BP to fund solar projects across four states in the US. (FS)
Lightsource BP announced that it has successfully raised over $140m in funding, including the tax equity investment and long-term debt financing, for a portfolio of seven utility-scale solar photovoltaic projects across the US.
"We are pleased to be working with Guardian Life and NatWest to finance this 125-megawatt portfolio of solar projects. The transaction demonstrates the quality and bankability of our developed assets, Kevin Smith, Lightsource BP CEO.
Light Wave Dental Management and CarolinasDentist come together to form a strategic partnership. (FS)
Light Wave, a portfolio company of middle-market private equity firm Alpine Investors, has formed a strategic alliance with dental group CarolinasDentist. Financial terms of the deal have not been disclosed.
"CarolinasDentist's high-quality dental practice and patient-first approach make them a highly complementary fit with Light Wave and Alpine Investors." Daniel Cohen, Alpine Investors Vice President.
Apollo to bring new leaders on board. (FS, People)
Apollo announced several leadership changes across its investing business. Matt Nord and David Sambur promoted to Co-Lead Partners of Private Equity, Olivia Wassenaar and Geoff Strong promoted to Co-Leads of Natural Resources and Dylan Foo Joins Apollo as Co-Lead of Infrastructure.
"These new appointments reflect Apollo's deep reservoir of proven investment talent and lay the foundation for the firm's next generation of leadership," Leon Black, Apollo Founder, Chairman, and CEO.
Divvy raised $43m in Series B round. (FS)
Divvy raised a $43m in Series B from investors including GIC, Lennar, Andreessen Horowitz, and Caffeinated Capital. The company is the developer of a homeownership platform that helps customers build equity as they rent.
Spire Global raised $40m in a financing round led by Bessemer Venture Partners and Qualcomm Ventures. (FS)
Spire Global, which uses proprietary satellite data to forecast weather and track ships and airplanes, raised $40m from investors including Bessemer Venture Partners and Qualcomm Ventures. The San Francisco-based company last raised $70m at a $345m valuation in 2017.
