H.I.G. Capital completed the acquisition of USA DeBusk. (FS)
H.I.G. Capital, a global alternative investment firm, completed the acquisition of USA DeBusk, a national provider of mission-critical industrial cleaning and infrastructure maintenance services. Financial terms were not disclosed.
“We are excited to partner with H.I.G. to leverage their significant resources and experience to expand our capabilities and offering and continue providing high-quality, innovative solutions which deliver significant value to our customers. In partnership with H.I.G., USA DeBusk will be well-positioned to continue executing our growth strategy and vision for the Company, including deepening our presence in attractive geographies, expanding our service offering, and pursuing add-on acquisitions, while maintaining the entrepreneurial culture and dedication to our customers and employees that have defined USA DeBusk since 2012,” Andrew DeBusk, USA DeBusk CEO.
H.I.G. Capital was advised by Harris Williams & Co, Jefferies & Company, and McDermott Will & Emery. USA DeBusk was advised by Houlihan Lokey, Statesman Corporate Finance, and Holland & Knight.
Pretium completed the acquisition of BH Management Services. (FS)
Pretium, an investment firm, completed the acquisition of BH Management Services, a property management platform. Financial terms were not disclosed.
"Combining BH's multifamily portfolio with Pretium's residential platform will help us execute on our shared vision to build better communities. As an operating company of Pretium, the BH team is positioned to sustain and grow our leadership in multifamily and deliver on our important mission of creating spaces where people live and thrive," Joanna Zabriskie, BH CEO.
BH Management Services was advised by CenterCap Group and Faegre Drinker Biddle & Reath. Pretium was advised by Wells Fargo Securities, Sidley Austin, and Joele Frank (led by Erik Carlson and Lyle Weston).
CPS Energy completed the acquisition of the 1.7k MW generation portfolio from Talen Energy for $785m.
CPS Energy, a municipally owned natural gas and electric company, completed the acquisition of 1.7k MW generation portfolio from Talen Energy, a company that operates as an energy and power generation and marketing company in North America, for $785m.
“This step marks CPS Energy’s growing role as a regional energy utility, providing additional resiliency and reliability for our customers. This acquisition adds critical capacity to our generation portfolio to continue to reliably serve one of the fastest-growing regions in the nation. Our customers will benefit from these investments for decades to come," Rudy Garza, CPS Energy President & CEO.
CPS Energy was advised by JP Morgan and Dykema. Talen was advised by RBC Capital Markets and Kirkland & Ellis (led by William J. Benitez and Josh Teahen).
GI Partners completed the acquisition of DQE Communications from Duquesne Light. (FS)
GI Partners, a private equity company, completed the acquisition of DQE Communications, a telecommunications service provider, from Duquesne Light, an energy services holding company. Financial terms were not disclosed.
"Mike is a seasoned and accomplished leader in the digital infrastructure sector. His proven track record of driving transformational growth, scaling operations, and building a culture of excellence is a perfect fit for DQE's next stage of growth. We look forward to working with him and the entire DQE team," Brendan Scollans, GI Partners Managing Director.
GI Partners was advised by TD Securities, Simpson Thacher & Bartlett and Chris Tofalli Public Relations. Duquesne was advised by JP Morgan and Taft Stettinius & Hollister.
Roark Capital completed the acquisition of Subway. (FS)
Roark Capital, a private equity firm, completed the acquisition of Subway, a quick service restaurant brand. Financial terms were not disclosed.
“The entire Subway system is excited that our sale to Roark is complete. As we look to our future, our growth journey is far from over. With a continued strategic focus on delivering better food and a better guest experience, our next chapter will be the most exciting yet,” John Chidsey, Subway CEO.
Subway was advised by JP Morgan (led by Anu Aiyengar) and Sullivan & Cromwell (led by Frank Aquila and Melissa Sawyer). Roark Capital was advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison (led by Jeffrey D. Marell, Lara Solomons and Sarah Stasny).
Novartis to acquire Mariana Oncology for $1.75bn.
Novartis, a pharmaceutical company, agreed to acquire Mariana Oncology, a fully integrated biotechnology company pioneering a new era of radiopharmaceutical innovation to treat people with cancer, for $1.75bn.
“Novartis is an established leader in the commercialization of radiopharmaceuticals with a world-class team and global reach. Together, we offer a compelling combination of capabilities. In the short time since founding the company, the team at Mariana Oncology has developed a leading radiopharmaceutical discovery platform and an innovative pipeline. Our strategy has centered on overcoming the unique challenges of end-to-end radiopharmaceutical R&D and ultimately, delivery of these drugs to the bedside. Both Mariana and Novartis are committed to transforming cancer care, and together we will be in a better position to do that,” Simon Read, Mariana Oncology Founder and CEO.
Mariana Oncology is advised by Centerview Partners, Goodwin Procter, and Westwicke (led by Chris Brinzey).
INEOS completed the acquisition of the Ethylene Oxide & Derivatives business and production facility from LyondellBasell for $700m.
INEOS, a producer of ethylene and propylene based chemicals, completed the acquisition of the Ethylene Oxide & Derivatives business and production facility from LyondellBasell, a multinational chemical company, for $700m.
“We are pleased to complete this strategic acquisition in the U.S. INEOS Oxide is a leading producer in Europe and this significant step expands our Ethylene Oxide & Derivatives business into the US, which is the world’s largest market. It also complements our existing Ethanolamines production facility in Plaquemine, Louisiana. There is available land on the Bayport site for INEOS’ growth aspiration. It is an ideal location to develop our third-party business supporting customers to co-locate and integrate into an existing Ethylene Oxide & Derivatives platform. We look forward to incorporating the business, site and team of very professional and highly motivated people within the global INEOS group," Tobias Hannemann, INEOS Oxide CEO.
INEOS was advised by Media Zoo. LyondellBasell was advised by JP Morgan and King & Spalding.
ICONIQ Growth led a $169m Series E funding round in Altruist. (FS)
ICONIQ Growth, a tech focused investment firm, led a $169m Series E funding round in Altruist, the modern custodian built for RIAs, with participation from Granite Capital Management, Adams Street Partners and Sound Ventures.
“With a fully-featured and vertically integrated platform built for RIAs, Altruist is breaking through in an industry desperate for innovation. It's rare to see a new company in the custodian space nail the fundamentals while carving out a substantial customer base in a market dominated by legacy financial institutions. Jason Wenk is a serial entrepreneur who has been pushing the category forward for nearly two decades, and with Altruist, he has built one of the most trusted names with RIAs today,” Yoonkee Sull, ICONIQ Growth General Partner.
Altruist was advised by Gregory FCA (led by Sam Marinelli).
Savage completed the acquisition of Texon.
Savage, a provider of supply chain infrastructure and solutions, completed the acquisition of Texon, a midstream service provider of butane blending and energy marketing.
“With the acquisition of Texon we’re adding an excellent team with deep expertise and an outstanding reputation in the energy space. We see tons of opportunities to drive value for our Customers through our combined teams, assets and services. We’re excited to welcome the Texon team to Savage and continue to connect end-to-end supply chains," Kirk Aubry, Savage President and CEO.
Texon was advised by Evercore.
Taylor Morrison completed the acquisition of Pyatt Builders.
Taylor Morrison, a home building company, completed the acquisition of Pyatt Builders, a real estate developer. Financial terms were not disclosed.
“With affordable entry-level and move-up product series across 13 communities and 1.5k owned and controlled lots, Pyatt Builders serves the deepest pools of homebuyer demand. And, as a privately-owned builder and family business, their tight-knit and warm-hearted culture blends beautifully into ours," Sheryl Palmer, Taylor Morrison Chairman and CEO.
Taylor Morrison is advised by Paul Weiss Rifkind Wharton & Garrison.
Neptune Flood completed the acquisition of Charles River Data.
Neptune Flood, a private flood insurance company, completed the acquisition of Charles River Data, a renowned Boston-based data science consulting group. Financial terms were not disclosed.
"The integration of Charles River Data's expertise will enable us to expand our analytical capabilities, ensuring faster and more accurate flood risk assessments for our customers. This acquisition aligns perfectly with our commitment to leveraging the best technology to revolutionize insurance," Trevor Burgess, Neptune Flood CEO.
Sazerac completed the acquisition of BuzzBallz.
Sazerac, a distilled spirits company, completed the acquisition of BuzzBallz, a family-operated distillery, winery and brewery. Financial terms were not disclosed.
BuzzBallz joins Sazerac's robust, global spirits portfolio including Buffalo Trace Bourbon, Traveller Whiskey, Fireball Cinnamon Whisky, Southern Comfort, Wheatley Vodka, Meyers's Rum, White X Cognac, Paddy's Irish Whiskey, and many more. The BuzzBallz company also includes additional ready-to-drink beverages like: BIGGIES, Uptown Cocktails, Sip Sip Hooray, and Texas Craft, along with other brands.
BarkleyOKRP completed the acquisition of Adlucent from Advantage Solutions.
BarkleyOKRP, a full-service independent marketing firm, completed the acquisition of Adlucent, a digital performance marketing agency, from Advantage Solutions, a provider of sales and marketing services to consumer goods manufacturers and retailers. Financial terms were not disclosed.
“BarkleyOKRP fills the gap between holding companies and boutique shops, providing the best of both — broad capabilities led by breakthrough strategy and creative. We affectionately call it ‘big indie,’ which perfectly aligns with Adlucent’s competitive advantage in the marketplace. This acquisition of Adlucent supports our strategic vision to scale integrated media capabilities, expand our technology offering, and grow our media and data team to more than 250 experts, driving consumer engagement and ROI for our clients,” Jeff King, BarkleyOKRP CEO.
FTC to bar Pioneer ex-CEO from Exxon board as condition to deal.
EMEA
Bruker completed the acquisition of ELITech from PAI Partners for $744m. (FS)
Bruker, an international life science research and diagnostics solutions provider, completed the acquisition of ELITech, a global manufacturer of in-vitro diagnostics, from PAI Partners, a private equity firm, for $774m.
"We are very pleased to welcome ELITech to Bruker. The ELITech molecular diagnostics sample-to-answer platforms for viral infection and other esoteric MDx assays complement our MALDI Biotyper® platform for bacterial and fungal identification. The combined offerings establish Bruker as an innovative and growing infectious disease specialist in the in-vitro diagnostics (IVD) market,” Frank H. Laukien, Bruker President and CEO.
Bruker was advised by CMS (led by Jacob Siebert). PAI Partners was advised by Hogan Lovells (led by Ludovic Geneston), Greenbrook (led by James Madsen), Havas Paris (led by Sarah Duparc and Thomas Hartog), and ICR (led by Brian Ruby and Chris Gillick).
Keyloop completed the acquisition of Automotive Transformation Group.
Keyloop, a global automotive technology company, completed the acquisition of Automotive Transformation Group, a provider of automotive technology focused on omnichannel retail solutions. Financial terms were not disclosed.
“Together, Keyloop and ATG combine to create an integrated technology portfolio that more completely connects the entire consumer automotive journey, helping retailers and OEMs improve customer experience via innovative solutions,” Tom Kilroy, Keyloop CEO.
Keyloop was advised by King & Spalding and Greentarget (led by Antonia Phillips and Rachel Perry). Automotive Transformation Group was advised by Houlihan Lokey, Momentum Corporate Finance, Paul Hastings, and Taylor Wessing.
BHP CEO flies to South Africa to push $39bn takeover.
BHP Group has deployed a senior team including its chief executive officer to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American, Bloomberg reported.
The executives have already begun conversations with key stakeholders, focusing on explaining the detail of the existing $39bn proposal — currently back on the drawing board after it was rapidly rejected by its target — and its benefits.
Anglo American is advised by Centerview Partners (led by James Hartop), Goldman Sachs (led by Mark Sorrell), Morgan Stanley (led by Simon Smith) and Linklaters. BHP is advised by Barclays (led by Bruce Hart) and UBS (led by David Roberts).
Bruin Capital to acquire PlayGreen. (FS)
Bruin Capital, a private equity firm, agreed to acquire PlayGreen, a Netherlands-based holding company whose subsidiaries form one of the world’s leading natural turf management companies. Financial terms were not disclosed.
"From our first meeting with Mark and the SGL team, their strong position and reputation in the space was clear. We were extremely impressed with the SGL's R&D facility, which is truly an epicenter of innovation. Very few companies in any sector have been as prolific as SGL at creating new products and services that are truly difference-making. Plus, its data set and analytical capabilities are best in class. There's so much we can do together," Jeff Roth, Bruin Capital Partner.
Bruin Capital is advised by Simpson Thacher & Bartlett (led by Christopher Vallance). Debt financing is provided by Crescent Capital Partners (led by Christine Vanden Beukel).
Permira to acquire BioCatch from Bain Capital Tech Opportunities and Maverick Ventures for $1.3bn. (FS)
Permira, a private equity firm, agreed to acquire BioCatch, a digital fraud detection and financial crime prevention powered by behavioural biometric intelligence, from Bain Capital Tech Opportunities, a growth investing firm, and Maverick Ventures, a registered investment advisor managing private investment funds for qualified investors, for $1.3bn.
"After building a strong partnership with Permira over the last year, we are delighted to welcome them as majority shareholders. The firm's impressive experience within technology and cybersecurity, combined with their scale, global network, and our close working relationship, has been invaluable since their initial investment. We're excited to take BioCatch to the next level together. I'd also like to thank Matthew Kinsella from Maverick Ventures and Dewey Awad from Bain Capital for their support over the last four years, which has been key in helping us establish our leadership position in the market," Gadi Mazor, BioCatch CEO.
CFGI to acquire PAS Financial Advisory.
CFGI, a global accounting and business advisory firm, agreed to acquire PAS Financial Advisory, a German non-audit accounting advisory firm. Financial terms were not disclosed.
"We are thrilled to welcome PAS Financial Advisory AG to the CFGI family. This partnership marks a significant milestone in our continued commitment to expanding our global footprint and enhancing our service offerings to meet the evolving needs of our clients," Nick Nardone, CFGI Co-CEO.
Shell maintains pace of buybacks as profit beats estimates.
Shell kept up the pace of share buybacks as first-quarter profit dropped less than expected, maintaining the focus on shareholder returns that has become a hallmark of the oil majors, Bloomberg reported.
The London-based energy producer said it would repurchase $3.5bn of shares in the second quarter, matching the amount in the preceding two reporting periods. Shell has made dividends and buybacks a priority as it seeks to close the valuation gap with its US peers.
Raiffeisen says Strabag deal under careful risk assessment.
Raiffeisen Bank International's purchase of a stake in construction firm Strabag linked to a Russian tycoon remains under careful assessment for any compliance risk, Reuters reported.
The Austrian lender also suspended financial guidance for its units in Russia and Belarus after a recent European Central Bank warning to speed up exiting business in Russia.
APAC
Guzman Minerals, a supplier of industrial and chemical raw materials, completed the acquisition of Matrix Metamaterials, a chemical manufacturer, from Matrix Chemicals, a chemical company. Financial terms were not disclosed.
Matrix shall continue its focus in China and to pursue diversification of its portfolio, horizontally and vertically with mineral sands. Matrix shall further enhance its high technology materials portfolio, such as its Metal-Injection-Molding (MIM) business globally.
Guzman Minerals was advised by Deloitte, DC Advisory and Perez Llorca. Matrix Chemicals was advised by Nik Hussain & Partners.
Khosla Ventures plow $100m into blood test startup using AI. (FS)
Blood-testing company Karius raised $100m in a new funding round from investors and will use the cash to get its technology for detecting hard-to-identify infections into more hospitals, Bloomberg reported.
The funding round was led by existing investor Khosla Ventures alongside 5AM Ventures and Glide Healthcare. The company declined to give its valuation.
