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AMERICAS
Evergreen Coast, a private equity firm, and Brookfield Business Partners, a global business services and industrial company, completed the acquisition of Nielsen Holdings, a provider of marketing services, for $16bn.
"Today's announcement marks an important milestone for Nielsen. We are excited for a bright future as a private company. This transaction provides significant value to our shareholders and provides the best conditions to execute on our Nielsen ONE strategy," David Kenny, Nielsen CEO.
Nielsen Holdings was advised by Allen & Company, JP Morgan, PJT Partners, Baker McKenzie (led by Alan F. Zoccolillo), Clifford Chance, Corrs Chambers Westgarth (led by James Morley), DLA Piper and Wachtell Lipton Rosen & Katz (led by Steven A. Rosenblum and Raaj Narayan). Financial advisors were advised by Cravath Swaine & Moore (led by Allison Wein and George Schoen) and White & Case (led by Denise Cerasani). Evergreen Coast and Brookfield Business Partners were advised by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, Mizuho Securities, Nomura, Davis Polk & Wardwell (led by Leonard Kreynin and Will Pearce), De Brauw Blackstone Westbroek (led by Arne Grimme and Bernard Spoor), Gibson Dunn & Crutcher, Herbert Smith Freehills (led by Gavin Davies and Mark Bardell) and Weil Gotshal and Manges (led by Jeff White). Debt financing was provided by Ares Capital, Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, KKR Capital Markets, Mizuho Securities and Nomura.
Rentokil Initial, a pest control services provider, completed the acquisition of Terminix, a pest control products manufacturer, for $6.7bn.
"The Board of Rentokil Initial and I are delighted to recommend this transformational combination which will create the global leader in pest control and hygiene & wellbeing. Under Andy Ransom's leadership, our combined group will have a highly talented and experienced management team able to more effectively create value and enhance long-term growth. We believe the combination is a compelling opportunity for all stakeholders to participate in the value creation of the combined group." Richard Solomons, Rentokil Initial Chairman.
Vista Equity Partners, an American investment firm, agreed to acquire KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, from KKR, a investment company, and Elephant Partners, a venture capital firm, for $4.6bn.
“Today’s announcement is a testament to the success of our strategy and the strength of our incredible team. This acquisition by Vista represents the next phase of our journey. KnowBe4 has a strong record of performance, as evidenced by our market-leading platform and global customer base. Under Vista’s ownership, we will have access to additional resources and support, which will help us achieve our goals and deliver enhanced value to our customers," Stu Sjouwerman, KnowBe4 Founder, Chairman and CEO.
Cameco, one of the largest global providers of the uranium fuel, and Brookfield Renewable, a publicly traded limited partnership that owns and operates renewable power assets, agreed to acquire Westinghouse Electric Company, an American nuclear power company, from Brookfield Business Partners, a global business services and industrial company, for $7.9bn.
"This is the start of an exciting new chapter for the Westinghouse team and for nuclear power. We are grateful to BBU for its stewardship and investments that have strengthened Westinghouse's position in the nuclear power industry, and more broadly in the clean power world, for the long term. Now we are proud to join Brookfield Renewable and Cameco, reaffirming the important role played by Westinghouse and nuclear power in enabling the world's clean energy transition and energy security goals," Patrick Fragman, Westinghouse President and CEO.
Cameco is advised by CIBC World Markets, Goldman Sachs and Covington & Burling (led by Donald Ross, J. D. Weinberg and Patrick E. Manchester). Brookfield Renewable is advised by Greenhill & Co. Brookfield Business Partners is advised by BMO Capital Markets, RBC Capital Markets, Tudor Pickering Holt, Stikeman Elliott and Weil Gotshal and Manges.
Diamondback Energy, an independent oil and natural gas company headquartered in Midland, Texas, agreed to acquire FireBird Energy, a Fort Worth, Texas-based upstream oil and gas company, for $1.6bn.
"This bolt-on acquisition adds significant, high-quality inventory right in our backyard. With over 350 locations adjacent to our current Midland Basin position, this asset adds more than a decade of inventory at our anticipated development pace, including inventory that competes for capital right away in Diamondback's current development plan. Also, importantly, this transaction is accretive on all relevant 2023 and 2024 financial metrics, immediately increasing expected per share returns to our stockholders in the near-term while also improving the long-term duration of the Company's cash return profile," Travis Stice, Diamondback Chairman and CEO.
FireBird Energy is advised by Goldman Sachs, RBC Capital Markets, Akin Gump Strauss Hauer & Feld and Weil Gotshal and Manges. Diamondback Energy is advised by Kirkland & Ellis (led by Anthony Speier, Chris Heasley and Fraser Wayne).
Simon Property Group, a real estate investment trust, agreed to acquire a 50% stake in Jamestown, a global real estate investment and management firm. Financial terms were not disclosed.
"At Jamestown, our goal is to be the best mixed-use investor globally, focusing on creating innovation hubs and community centers. The partnership with Simon will help us achieve that goal and position us for our next chapter as we scale our differentiated products in an increasingly global world," Michael Phillips, Jamestown President.
Jamestown is advised by Goldman Sachs, CMS and King & Spalding. Simon Property is advised by Wells Fargo Securities and Latham & Watkins.
Tractor Supply said a federal regulator has approved its purchase of Orscheln Farm & Home, a smaller rival in the rural-lifestyle retail business, after a year and a half of negotiations and lobbying by state attorneys general.
Tractor Supply will pay $320m for the 166 stores, the largest acquisition in the company's history, WSJ reported. It will only keep 81 stores as part of an agreement with the Federal Trade Commission, which includes the sale of 12 locations to Buchheits, a small home-improvement and farm and ranch retailer, and 73 locations to Bomgaars, another small retailer in the category.
Orscheln Farm & Home is advised by Fifth Third Bancorp and Stinson. Tractor Supply is advised by Goldman Sachs and Bass Berry & Sims (led by Kris Kemp).
Godspeed Capital-backed SilverEdge, a cybersecurity, software, and intelligence solutions platform, completed the acquisition of QVine, a software company. Financial terms were not disclosed.
“We are pleased to welcome the QVine team to SilverEdge. This acquisition blends our capabilities and provides disruptive technology-enabled solutions that meet the evolving challenges of today’s security environment for the Defense and Intelligence Communities. QVine’s unique software development platform, SOAR, complements our existing SaaS capabilities, expands our service and solutions offerings, and enables us to become the cyber and technology solutions provider of choice," Robert Miller, SilverEdge CEO.
QVine was advised by G Squared Capital Partners and Miles & Stockbridge. Godspeed Capital was advised by Latham & Watkins and Gasthalter & Co.
GEODIS, a transport and logistics firm, completed the acquisition of Need It Now Delivers, a courier messenger service in NYC. Financial terms were not disclosed.
"The completion of the Need It Now Delivers acquisition will accelerate our continued growth in the US, which has become an essential market for GEODIS, as we remain committed to building a fully integrated network of transport and logistics hubs globally. This acquisition allows GEODIS to expand our offerings in a consolidating market and solidify our position as one of the world's top 10 leading logistics providers," Marie-Christine Lombard, GEODIS CEO.
Need It Now Delivers was advised by Jefferies & Company. GEODIS was advised by UBS.
Kirkbi, a private holding and investment company, agreed to acquire Brainpop, an online educational solution that makes rigorous learning experiences accessible and engaging for all students, for $875m.
“This is a company that has substance it has real know-how to engage children and make them curious and interested," Jørgen Vig Knudstorp Brainpop Chairman.
Brainpop is advised by Whiteboard Advisors.
Atlas Holdings, a diversified group of manufacturing, distribution, service and trading businesses, completed the acquisition of Crown Paper Group, an integrated mill and containerboard operation with a strategic presence in the growing markets of the Pacific Northwest and Western Canada. Financial terms were not disclosed.
"It's always an exciting day when we can welcome a great paper and packaging company to the Atlas Family of manufacturing, distribution, and logistics businesses. Atlas planted its roots in paper when we were founded with the purchase of a single corrugated medium mill in Indiana, preserving jobs and transforming operations to lay a strong foundation for future growth. Now, more than two decades later, paper, packaging and allied industries remain an important and growing sector for Atlas. We're thrilled to welcome the Crown team and excited to get to work in building an even stronger company," Tim Fazio, Atlas Co-Founder and Managing Partner.
Atlas Holdings was advised by Kekst CNC.
SageView Advisory Group, an independent RIA firm, agreed to acquire Lakeview Wealth Management, a wealth management firm. Financial terms were not disclosed.
"Welcoming Judy, Lisa and their team to SageView supports our growth strategy and expands our presence in the important Chicago-area market. Judy has more than 20 years of experience in the financial services industry and was recognized for the past three consecutive years as one of Forbes' Top Women Wealth Advisors and Best-in-State Wealth Advisors. Lisa, who joined the family practice 11 years ago, has been recognized for her leadership and passion as a finalist in 2021 and 2022 for Women in Asset Management Next-Gen Leader of the Year. Their joint experience will enhance SageView's mission of delivering best-in-class financial planning at the intersection of retirement and wealth management," Randy Long, SageView Founder and Managing Principal.
Platinum Equity-backed Unical Aviation, a provider of aircraft parts and components to the global commercial aerospace market, completed the acquisition of CAVU Component Repair, a repair station in Mesa, Arizona, from CAVU Aerospace, a provider of aircraft asset management, disassembly and recycling services. Financial terms were not disclosed.
"The acquisition of CAVU Component Repair allows us to increase our capabilities in the third-party repair sector of our business, which we believe has strong and growing potential. CAVU Aerospace is an outstanding partner and its component repair team has provided us exceptional service for many years. We are excited they are joining the Unical team and we expect a seamless transition," Sharon Green, Unical CEO.
RCM Technologies, a provider of business and technology solutions, completed the acquisition of TalentHerder, a talent acquisition services company. Financial terms were not disclosed.
“The dynamically changing labor and economic markets have posed many challenges for companies in attracting and retaining skilled talent. These challenges are particularly acute in rapidly growing organizations. TalentHerder brings a unique approach to finding high-impact talent. Chris and his team have developed a proven method and track record in filling these hard-to-find roles. With the addition of TalentHerder, RCM now offers one of the industry's most flexible, dynamic, and proven RPO programs," William Gargano, RCM Senior Vice President.
Miovision, a company that helps cities modernize their approach to traffic management, completed the acquisition of Rapid Flow, an adaptive traffic signal control provider. Financial terms were not disclosed.
“We’re excited for Rapid Flow to join the Miovision team. Not only does this add an industry-leading adaptive control product to our existing platform capabilities, but also adds the passionate team of people who developed it to Miovision’s world-class engineering team," Kurtis McBride, Miovision CEO.
Wedbush Financial Services, a privately held investment firm based in Los Angeles, agreed to invest in Velocity Trade, a global brokerage firm offering access to global OTC and exchange-listed markets. Financial terms were not disclosed.
"Our new partnership with Velocity is a major step forward in the Global vision for our firm. The unrelenting mission to provide our clients with world-class, global multi-asset services will only accelerate with the addition of Velocity's outstanding international capabilities," Gary Wedbush, Wedbush CEO.
Carlyle credit arm makes $1.5bn wager on Citrix, Nielsen buyout debt. (FS)
Carlyle Group made large bets on the buyouts of Citrix Systems and Nielsen Holdings as banks struggled to find buyers for billions of dollars of debt they agreed to provide to finance the deals.
Carlyle’s credit arm has invested around $750m in the Citrix buyout, split about evenly between the secured debt portion that banks syndicated at steep losses last month, and a preferred equity piece that was arranged at the start of the year, Bloomberg reported.
Honda to build JV US battery plant, retool Ohio plants.
Honda Motor, a manufacturer of automobiles and motorcycles and LG Energy Solution, an energy solutions provider, announced Ohio as the site of their planned $4.4bn joint-venture battery plant.
The two companies had announced the plan in August but had not settled on a US location. They are initially committing to investing $3.5bn and creating 2.2k jobs but said the overall investment is projected to reach $4.4bn, Reuters reported.
Veritas Capital closes eighth flagship fund with $10.65bn of commitments. (FS)
Veritas Capital, a technology and government investment firm, announced the successful final close of its latest flagship fund, Veritas Capital Fund VIII with $10.65bn of aggregate committed capital. Fund VIII was significantly oversubscribed, with demand exceeding its hard cap and initial target of $8.5bn. Veritas Capital Fund VII closed on $6.5bn in commitments in 2019.
“We are grateful to our global base of investors for their continued confidence, and we appreciate additional support from a number of new partners. The successful raise of Fund VIII demonstrates the enduring strength of Veritas’ differentiated team, strategy, and approach, enabling partnerships with technology and technology-enabled companies that provide critical products and services to government and commercial customers throughout the world. We look forward to pursuing a growing set of opportunities and continuing to make a positive impact across critically important areas, including healthcare, education, and national security," Ramzi Musallam, Veritas Capital Chief Executive Officer and Managing Partner.
EMEA
Taylor Maritime, an internally managed investment company, agreed to acquire Grindrod Shipping, a logistics company, for $506m.
"The proposed acquisition of Grindrod Shipping, which is expected to be NAV and earnings accretive, represents an exciting opportunity to combine the fleets of both companies to create a significant owner of medium-sized dry-bulk ships. We should benefit from economies of scale from a larger fleet of vessels and taking further advantage of the strong earnings environment we anticipate extending to at least the end of 2024 given favorable supply-demand fundamentals," Edward Buttery, TMI CEO.
Grindrod Shipping is advised by Jefferies & Company, Provenance Capital, Allen & Gledhill, ENSafrica, Fried Frank Harris Shriver & Jacobson and Capital Link (led by Nicolas Bornozis). Taylor Maritime is advised by Jefferies & Company, Evercore (led by Mark Whatley and Mark Friedman), Rand Merchant Bank and Montfort Communications.
The board of German 3D metal printing machine maker SLM Solutions Group recommended that its shareholders accept a takeover offer from Japanese camera maker Nikon, Reuters reported.
Nikon announced last month its plans to take over SLM Solutions for $607m, in a bid to become the global leader in metal additive manufacturing.
SP Plus, a provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients, completed the acquisition of K M P Associates, a software and technology provider serving aviation and commercial parking clients throughout the United States and Europe. Financial terms were not disclosed.
"We are pleased to welcome Rhodri and his team of talented software developers and revenue management and digital marketing professionals to SP+. The addition of KMP's SaaS platform further enhances and complements our existing Sphere suite of technology solutions, which provide our clients with flexible options to meet their mobility needs and optimize their parking assets, through technology-only solutions or a combination of technology and people," Jeffrey Eckerling, SP+ Chief Growth Officer.
SP Plus was advised by Skadden Arps Slate Meagher & Flom (led by Shilpi Gupta and Ani Kusheva) and Advisiry Partners.
Atomico, a European venture capital firm headquartered in London, led a $120m Series C round in Factorial HR, a Barcelona-based HR automation specialist, with participation from K Fund, GIC, Tiger Global, CRV and Creandum.
The company intends to use the funds to expand and improve its functionalities and strengthen itself in the existing markets in Spain, the United Kingdom, the United States, Germany, Italy, Portugal, France, Mexico and Brazil, open a new office in Miami, and expand into new markets worldwide.
Naturgy wants to split into two separately listed entities, with one focused on infrastructure and the other handling power generation and marketing.
Elliott in talks to back Matalan founder’s bid for discount retailer. (FS)
Investment firm Elliott Advisors is in discussions with John Hargreaves about financing his offer to regain control of the Lancashire-based chain, Sky News reported.
The feared investor which owns Waterstones is plotting to back the founder of Matalan in his efforts to wrest back control of the discount retailer.
Golding Capital Partners launches €300m energy transition fund of funds. (FS)
Golding Capital Partners is expanding its product range with the launch of Golding Energy Transition 2022, a €300m ($291m) fund which will focus on investments aimed at helping achieve the goals defined by climate agreements.
The global investment strategy of the new fund is to build a broadly diversified portfolio by the end of 2024, which will consist of around 10 funds and up to $0.2 co-investments. The focus will be on European and North American investments in solar and wind energy, energy storage technologies, and other technologies that enable and advance decarbonisation and the energy transition.
APAC
Global Infrastructure Solutions, a family of companies serving the built and social environments, agreed to acquire Hong Kong and Singapore affiliates from Arcadis, an engineering firm. Financial terms are not disclosed.
“Dave Hallam is coming over from Arcadis as Managing Director of the HK D&E business. Upon closing of the Singapore acquisition, Rene Hillig, Managing Director of the Singapore business, and his colleagues will join us from Arcadis. I welcome you all to the growing GISI family," Alex Kwan, GISI Asia CEO.
GISI is advised by Sharpe Capital Communications.
Sequoia Capital-backed Bira 91, the Indian craft beer maker, agreed to acquire The Beer Cafe, a beverage chain operator. Financial terms were not disclosed.
"Bira 91 will leverage its infrastructure, experience, and expansion capabilities to further refine The Beer Café's strong operating model and better serve its loyal and passionate base of beer enthusiasts," Bira 91.
Japan Industrial Partners-led group looking to buy Toshiba for $19bn. (FS)
The consortium of mostly domestic firms led by Japan Industrial Partners is looking to buy Toshiba for $19bn, Reuters reported.
The group, which includes Chubu Electric Power, received the right of first refusal in its bid for the Japanese conglomerate.
Chip startup defies global rout with 15% surge in Tokyo IPO.
Chip design firm Socionext jumped 15% in its Tokyo debut after completing Japan’s largest initial public offering this year, defying recent investor pessimism about global semiconductor shares.
Shares of the Yokohama-based company, which had Panasonic Holdings, Fujitsu and the Development Bank of Japan as holders prior to the listing, ended the first session at $29. They were sold at $25 each, the top of the marketed range in an IPO that was upsized to $456m due to high investor interest, Bloomberg reported.
BA Capital closes third RMB fund at $349m. (FS)
Black Ant Capital, also known as BA Capital, has closed its third RMB-denominated fund at $348.8m, DealStreetAsia reported.
Limited partners participating in the fund included private fund-of-funds, insurance institutions, industry investors and government guidance fund. The new fund started its fundraising in mid-2021 and locked its first close by the end of September last year.
Mamaearth-backer Fireside Ventures closes third fund at $225m. (FS)
Fireside Ventures, an early-stage venture fund that invests in digital-first consumer brands, announced that it has closed its third fund at $225m.
Fireside Fund III is anchored by new and existing Indian and global investors including Self-Reliant India Fund, Investment Corporation of Dubai, SBI, Premji Invest, Waterfield-Fund of Funds, ITC, Emami, Sharrp Ventures, and several startup founders, DealStreetAsia reported.
Trustar Capital secures around $210m so far for fourth RMB buyout fund. (FS)
Trustar Capital, earlier known as CITIC Capital Partners, has raised $209m so far for its fourth RMB-denominated buyout fund, DealStreetAsia reported.
The firm manages over $36bn of capital through its multi-asset class platform covering private equity, real estate, structured investment & finance.
Deutsche Bank names Asia wealth head. (People)
Deutsche Bank has named veteran Credit Suisse Group executive Jin Yee Young as head of its international private bank in Asia-Pacific.
In this new role, Young continues to be based in Singapore and will replace Lok Yim, who is stepping down from the role after six years, DealStreetAsia reported.
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