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AMERICAS
Linqto, a developer of an investment platform to identify, evaluate, invest, and trade securities in unicorn companies, agreed to go public via a SPAC merger with Blockchain Coinvestors Acquisition I, a special purpose acquisition company, in a $700m deal.
"This merger represents a significant milestone in Linqto's journey towards growth and innovation in the private investing space. We are excited about the opportunities it brings to further enhance our platform and provide even greater value to our investors. Our focus remains steadfast on driving growth and expanding opportunities in the private markets," Joe Endoso, Linqto CEO.
Linqto is advised by Lowenstein Sandler and 5W Public Relations (led by Gabriella Velez). Blockchain Coinvestors Acquisition I is advised by Seward & Kissel and Peaks Strategies (led by Matt Yemma).
Baldwin Richardson, a custom ingredients manufacturer for the food and beverage industry, completed the acquisition of Pennsauken Packing, a packaging solutions provider. Financial terms were not disclosed.
"This acquisition strengthens our position as a leader in the aseptic beverage space. We're able to provide customers with the innovation and operational excellence they've come to expect from Baldwin Richardson Foods, blended with exceptional talent, world-class assets, enhanced capabilities, and capacity of the Pennsauken site to allow our customers to achieve their vision of long-term growth," Cara Hughes, Baldwin Richardson Vice President of Customer and Community.
Baldwin Richardson was advised by BMO Capital Markets, Levenfeld Pearlstein and Ropes & Gray.
Arcosa, a provider of infrastructure-related products and solutions, completed the acquisition of Ameron Pole Products, a manufacturer of highly engineered, premium concrete and steel poles for a broad range of infrastructure applications, from NOV, a company that delivers technology-driven solutions to empower the global energy industry, for $180m.
"We are pleased to welcome Ameron and its experienced management team to the Arcosa family. Ameron expands our product offerings in traffic and telecom structures and establishes our foothold in the attractive concrete and steel lighting pole market. This transaction accelerates the long-term growth profile of our Engineered Structures segment, while underscoring our disciplined acquisition strategy. Supported by robust cash flow, we continue to seek attractively-priced, complementary acquisitions that strengthen our position in Arcosa’s higher growth end markets," Antonio Carrillo, Arcosa President and Chief Executive Officer.
Arcosa was advised by Weil Gotshal and Manges (led by Rick Frye) and Advisiry Partners (led by David Gold).
Surge Ventures, a new SaaS venture studio focused on the financial services and wealth management industries, completed the acquisition of Kovair Software, a software company that develops integrated application lifestyle management solutions for its clients. Financial terms were not disclosed.
"With this venture, we aim to tackle the problem of data management in the wealth management industry and to offer products that dramatically improve operational efficiency, data flow, and security across software applications, for wealth management firms, addressing the industry's demand for secure and unified data integration solutions. Surge Ventures will leverage Kovair's Omnibus platform to offer an unparalleled solution that simplifies complex integrations and empowers wealth management professionals with enhanced data-first capabilities," Sid Yenamandra, Surge Ventures, Founder, CEO and Managing Partner.
Surge Ventures was advised by Haven Tower Group (led by Mitch Manning).
Global Partners, an energy supply company, completed the acquisition of four liquid energy terminals from Gulf Oil, an oil company, for $212m.
“This acquisition further delivers on our commitment to strategic growth and our ability to identify and capitalize on assets that leverage our growing network,” Eric Slifka, Global President and Chief Executive Officer.
Hancock Prospecting, a mining firm, completed the acquisition of a 5.3% stake in MP Materials, a rare-earths producer, for $212m.
A deal between Lynas and the Las Vegas-headquartered MP would have brought together the two biggest rare earths miners outside of China, which has a stranglehold on the market for the precious materials that are used in industrial magnets, electric vehicles and defence technology.
Battery Ventures-backed LI-COR Environmental, a company that makes highly engineered instrumentation systems for environmental research, agriculture, and drug discovery, completed the acquisition of Onset, a developer of temperature loggers as well as a provider of applications that are used to monitor water conditions. Financial terms were not disclosed.
"LI-COR solutions measure greenhouse gases in real time for emissions monitoring, agriculture, and environmental protection to provide answers about climate change. Historically the work of researchers, greenhouse gas measurements have become interesting for companies around the world who need to understand their emissions or validate their ability to sequester carbon. The addition of Onset to LI-COR Environmental will help us meet this growing need, not only for measuring greenhouse gases, but also for more comprehensive environmental monitoring," Tom Reslewic, LI-COR CEO.
Factor89, a specialized private equity firm, agreed to acquire Master Magnetics, an online store for magnets for B2B and B2C companies like automotive, construction, design, and agriculture. Financial terms were not disclosed.
"For 48 years, Master Magnetics has committed to delivering exceptional products and has built a strong customer base. Factor89's strategic approach and resources will enable the company to scale operations and innovate further to meet the market's evolving needs," Jennifer Brown, Master Magnetics CEO.
BMO’s energy banker sees room for Canadian oil megadeals.
A US-style megadeal is possible in Canada’s oil patch as investors increasingly seek large, low-cost producers, though the pressures that pushed Exxon Mobil and Chevron to pursue blockbuster takeovers aren’t as strong north of the border, Bloomberg reported.
Investors would likely support mergers between major Canadian oil and gas producers that increased scale and improved cost efficiencies — and Canadian companies are in a position to do such deals, said Brad Wells, BMO Capital Market Head of Energy.
NYSE executive says ‘handful’ of AI startups are exploring IPOs.
Several artificial intelligence startups are looking into the process of going public, as the market for tech listings gains steam, Bloomberg reported.
“I’d say that the majority of the companies that are truly pure-play, AI-focused are still mostly financing themselves in the private markets. But we have seen a handful of companies that are at least exploring going through the process,” Michael Harris, NYSE Gobal Head of Capital Markets.
EMEA
Verdane, a specialist growth investment firm, completed the acquisition of a majority stake in Corlytics, a company specialising in regulatory intelligence, content and automated policy compliance and attestation. Financial terms were not disclosed.
“Corlytics has successfully progressed in developing new products to further improve our value proposition to Tier 1e clients globally. This investment from Verdane ensures the continued growing market leadership for Corlytics. We look forward to partnering with the Verdane team and with their experience and expertise, we expect to accelerate organic growth and augment that with M&A activity," John Byrne, Corlytics Founder and CEO.
Corlytics was advised by BDO, Liberty Corporate Finance, Robert W Baird (led by Justin Prichard) and Dentons. Verdane was advised by PricewaterhouseCoopers, McKinsey & Company, Trinity Square, Burness Paull and Deloitte.
Public Power, an electric power company in Greece, completed the acquisition of Kotsovolos, a electrical and electronics retailers in Greece, from Currys, an electrical retailer and aftercare service provider operating in the United Kingdom and Ireland, for £175m ($213m).
"The sale of Kotsovolos is an excellent outcome for Currys' shareholders. It further strengthens the Group, while we continue to get the Nordics back on track and keep up the UK&I's encouraging momentum. We continue to progress well on both," Alex Baldock, Currys Chief Executive.
British Airways owner IAG is set to get an EU antitrust warning about its bid to secure full control of Air Europa after its remedies failed to address EU antitrust concerns, Reuters reported.
EU antitrust regulators have not sought feedback from rivals and customers on remedies submitted by IAG in late February, indicating that these are insufficient to address their concerns. The European Commission, which acts as the EU's competition enforcer, is due to issue a statement of objections to IAG around the end of April, setting out specific concerns that could lead to a veto of the deal if not addressed.
Golden Matrix Group, a developer, licensor and global operator of online gaming and eCommerce platforms, completed the acquisition of MeridianBet Group, a sports betting and gaming group, for $300m.
“This is a momentous occasion, and one that we believe will result in a fundamental, as well as a transformational, change for our rapidly growing company. The consolidated businesses are expected to deliver significant increases in both revenues and profitability; and we believe we are now well-positioned to continue our growth trajectory and deliver incremental value to all our stakeholders," Brian Goodman, Golden Matrix Chief Executive Officer.
Hy24, an investment platform focused on clean hydrogen infrastructure, led a €200m ($218m) round in HysetCo, a hydrogen mobility start-up that is positioned both on the development of hydrogen refuelling stations and on the fleet, with participation from Eiffel Investment Group and Raise.
"The success of this fundraising closely of €200m marks the start of a new era for HysetCo. An era where we will accelerate our expansion in France and Europe to contribute even more actively in a transition towards a concrete, rapid and efficient decarbonized society, and improve air quality. We are enthusiastic and proud of Hy24's trust, historical shareholders and co-investors associated in this operation, which validates our mission and our ambition, and allows us to amplify our capacity to deploy mobility hydrogen on a large scale. This key step is historic, for all of our employees, of our customers and our partners engaged in the development of our sector," Loïc Voisin, HysetCo President.
ECI, a growth focused private equity group, completed the investment in Apiary Capital-backed TAG, a high-touch travel management company. Financial terms were not disclosed.
"Today is a fantastic milestone in our evolution, as we proudly announce the investment by ECI. With our entertainment and corporate clientele and the incredible TAG team, we are very confident that this partnership will deliver a host of new benefits and opportunities as we’re poised to elevate our standards even further, ensuring unparalleled service for our clients as we continue to shape the future of entertainment and high-end corporate travel management," Jens Penny, TAG CEO.
Apiary Capital was advised by Rothschild & Co.
Stada said to talk to buyout firms in €8bn sale. (FS)
Stada Arzneimittel has begun talking to potential buyers as the German generic-drug maker’s owners pursue a possible sale that could value the company at about €8bn ($8.7bn), Bloomberg reported.
The early-stage suitors include Clayton Dubilier & Rice, CVC Capital and KKR. Other firms looking at the business include GTCR, Canada Pension Plan Investment Board, Asia-based investment firm Hillhouse, Nordic Capital and Koch Industries.
Italgas has made €4-5bn offer for 2i Rete Gas, Corriere said.
Italy's Italgas, Europe's biggest gas distributor, has made a preliminary offer worth €4-5bn ($4.3-5.4bn) for its main domestic rival 2i Rete Gas, Reuters reported.
The deal would raise some antitrust issues, but that they could be addressed through the sale of assets.
FNAC Darty to seek M&A targets as debt level improves.
FNAC Darty, the cultural and leisure products retailer whose largest shareholder is billionaire Daniel Kretinsky, is looking at potential acquisitions as its debt levels move closer to targets, Bloomberg reported.
The French company, which operates in 13 countries, is replacing €650m ($706m) of bonds due in 2024 and 2026 with the proceeds of a new bond transaction maturing in 2029, as well as around €100m ($109m) of its own cash. The company’s net debt ratio improved last year to 1.8 times earnings before interest taxes, depreciation and amortization compared with 2 times at the end of 2022.
Grifols to refinance debt due in 2025 via sales of notes, Shanghai RAAS stake.
The company said it will use the $1.8bn it expects to raise from the sale of the Shanghai RAAS stake in the first half of this year and the proceeds of the new secured notes to pay unsecured ones due in 2025.
Sabadell feels no pressure from British M&A activity to sell TSB.
Spanish bank Sabadell is under no pressure to sell its British TSB business, despite recent UK sector consolidation, Reuters reported.
"The commitment to TSB is indefinite, so we have nothing on the horizon. Virgin Money was valued at 0.6 times its book (value) by Nationwide and though we don't think it is highly valued, at least it has put a floor on the valuation of TSB and we have seen a noticeable reduction in questions about TSB in the investment community," Gonzalez Bueno, Sabadell CEO.
Italy confident of finding partners for Monte dei Paschi in 2024.
Italy trusts it will be able to strike alliances for bailed-out bank Monte dei Paschi di Siena this year, Reuters reported.
After rescuing MPS in 2017 and gaining an initial 68% stake, Rome has cut it in recent months to just below 27% through two successive market placements. "The government is confident 2024 will be a good year to find strategic partners for Monte dei Paschi," said Economy Minister Giancarlo Giorgetti.
Fosun’s Luz Saude to go ahead with IPO plan.
Luz Saude, the Portuguese hospital operator ultimately controlled by China’s Fosun International, plans to go ahead with what may be Portugal’s first initial public offering in three years, Bloomberg reported.
The offering to institutional investors will consist of newly issued ordinary shares, expected to raise gross proceeds of about €100m ($109m) for Luz Saude, and existing shares held by parent firm Fidelidade.
Russian IPOs get a boost as regulator unlocks pension cash. (FS)
The revival of Russia’s IPO market is set to accelerate as authorities plan to give pension funds the green light to invest in smaller deals, Bloomberg reported
Initial public offerings may double this year to over $862m, according to estimates from Russian investment firm Aigenis, and could further increase if the pension rules are loosened.
APAC
National Investment and Infrastructure Fund, a government owned company which maintains infrastructure investments funds, completed the $200m investment in iBUS, a digital infrastructure solutions company in India.
“Bharat is one of the fastest growing economies in the world and is poised for a digital revolution. Digital infrastructure is critical to our country’s growth and with a 60% YoY growth, iBus is geared up to participate and contribute to the Bharat story. We were looking for the right investment partner and with NIIF we found partners who are completely aligned with our vision. iBUS can deliver at scale and we are here to transform connectivity in the country at scale, speed, and the right value," Ram Sellaratnam, iBUS CEO.
NIIF was advised by Adfactors PR.
Warburg Pincus, a private equity firm, completed the investment in Appasamy Associates, a manufacturer of ophthalmic equipment and devices. Financial terms were not disclosed.
“We are witnessing a period of strong growth for the Indian healthcare sector, particularly ophthalmology, and we expect to see significant opportunities in both the domestic and export markets. As Appasamy progresses into this new era of expansion, we are excited to partner with Warburg Pincus given the firm’s global expertise in healthcare and its long-term business-building focus in India,” Senthil Kumar, Appasamy Associates CEO.
GIP Australia Fund II announces $2.6bn final closing. (FS)
Global Infrastructure Partners, an infrastructure investor, announced that the GIP Australia Fund II has completed fundraising with aggregate committed capital of $2.6bn, at the upper end of the target $2.0– $2.6bn range.
“GIP has deep experience in, and a strong track record of, investing across Australia. Australia has always been an important market for GIP and our Australia Fund Platforms are an important and natural extension of our global reach. We are excited by this successful fundraise, as we believe our team’s expertise and in-depth sector knowledge, combined with their ability to leverage GIP’s best-in-class infrastructure investing capabilities, will allow us to deliver on our investment objectives,” Bayo Ogunlesi, Global Infrastructure Partners Chairman and CEO.
Cornerstone launches $200m second fund. (FS)
Cornerstone Ventures, a Mumbai-headquartered venture capital firm, has launched its second investment vehicle, targeting a corpus of $200m. The amount includes a green-shoe option, DealStreetAsia reported.
The firm, founded by former Reliance executives Rajiv Vaishnav and Abhishek Prasad, Cornerstone Ventures follows a multi-stage strategy and plans to invest capital in the range of $5-15m in B2B tech startups from the new fund.
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