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AMERICAS
Private equity firms Francisco Partners and TPG agreed to acquire New Relic, a US-based Web tracking and analytics company, for $6.5bn.
"Ever since our founding over 15 years ago, New Relic has created and delivered groundbreaking innovations, with a maniacal focus on delivering a leading observability platform to help our customers deliver better software faster. We are pleased to partner with Francisco Partners and TPG, who are committed to continuing to build upon New Relic's strong foundation and achieve its full potential," Lew Cirne, New Relic Founder and Executive Chairman.
New Relic is advised by Qatalyst Partners, Freshfields Bruckhaus Deringer and Latham & Watkins (led by Tad Freese and Mark Bekheit). Francisco Partners and TPG are advised by Goldman Sachs, JP Morgan, Moelis & Co, Morgan Stanley, Davis Polk & Wardwell (led by Oliver Smith and Darren M. Schweiger), Kirkland & Ellis, Paul Hastings and Sloane & Company (led by Whit Clay).
Bobbie Baby, an organic pediatric nutrition company, completed the acquisition of Nature's One, a pediatric nutrition company, from Juggernaut Capital Partners, a private equity investor primarily in the consumer and healthcare sectors, and Jay Highman. Financial terms were not disclosed.
"Nature's One is a true pioneer in the pediatric nutrition space. Juggernaut partnered with founder, Jay Highman, to accelerate product development and vertical integration initiatives. Over the past five years, the company completed the first FDA-approved clinical feeding study of an organic infant formula and designed and constructed the first newly built infant formula facility in the US in 35 years. It has been a pleasure to partner with Jay and his team. We believe the combination with Bobbie cements the organization as a continued disruptor and a next-generation industry leader. We are proud to continue as a meaningful shareholder in the go-forward company," John Shulman, Juggernaut Founder and Managing Partner.
Nature's One was advised by CG Sawaya Partners and Morgan Lewis & Bockius. Bobbie was advised by Perella Weinberg Partners and Goodwin Procter.
The RMR Group, an alternative asset management company, agreed to acquire CARROLL Multifamily Platform, a vertically integrated multifamily platform, for $80m.
"We are excited to announce the strategic acquisition of CARROLL, a leading vertically integrated multifamily housing platform. This transaction will further diversify and expand the reach of RMR, augmenting RMR's already considerable scale with differentiated operational expertise in a favored commercial real estate sector. Importantly, the CARROLL platform is uniquely positioned to continue benefitting from favorable demographic tailwinds in high-growth Sunbelt markets. Additionally, this acquisition will advance RMR's private capital growth strategy with high-quality global institutional investors and drive continued growth across the combined platform with the potential to make in excess of $3bn of additional multifamily investments. We look forward to welcoming the CARROLL team to RMR at closing and supporting CARROLL's continued growth and expanding its operations as part of RMR," Adam Portnoy, The RMR Group President and CEO.
CARROLL Multifamily Platform is advised by UBS and King & Spalding. RMR is advised by CenterCap Group and Skadden Arps Slate Meagher & Flom (led by Faiz Ahmad).
Titanium Transportation Group, a provider of asset-based transportation and logistics services, completed the acquisition of Crane Transport, a transportation company that provides dry vans, refrigerate, and logistics services, for $53m.
"Today's announcement is further evidence of Titanium executing on its strategic plan and continuing to build a strong foundation for future growth in North America. The addition of Crane Transport's full truckload business is highly synergistic within our existing network, immediately adding capacity and valuable new customer relationships. The Acquisition will allow us to expand our presence across the United States through our new strategically located terminals in Georgia and Alabama, expanding our service offerings and enabling us to offer a wide range of services including end-to-end supply chain and freight management solutions to our existing customers," Ted Daniel, Titanium Transportation Group CEO.
Titanium Transportation Group was advised by LodeRock Advisors (led by James Bowen).
Glencore, a Swiss multinational commodity trading and mining company, agreed to acquire the remaining 56.25% in the MARA Project, a copper project, from Pan American, a mining company based in Canada, for $475m.
The Project was first formed through the integration of the Minera Alumbrera plant and mining infrastructure and Agua Rica project in a joint venture between Yamana Gold, Glencore and Newmont in December 2020.
Aegion, a provider of infrastructure maintenance, rehabilitation and technology-enabled water solutions, agreed to acquire Portland Utilities Construction, a preferred underground utility contractor in the Southeast and Texas. Financial terms were not disclosed.
"The addition of Portland Utilities bolsters our ability to deliver additional specialized services to customers in Tennessee and beyond. We value PUCC's legacy in the industry and are excited to leverage their capabilities and grow together," Rob Tullman, Aegion President and CEO.
Fastmarkets, a cross-commodity price reporting agency, agreed to acquire Hardwood Market Report, a price reporting agency offering prices and news on sawn North American and tropical hardwoods. Financial terms were not disclosed.
"I am excited to welcome the customers and team from Hardwood Market Report to Fastmarkets. Hardwood Market Report is a business built on trust and credibility in providing transparency for the markets it serves. At Fastmarkets, we have built our business on these pillars, and we believe this will be an exciting opportunity to provide the hardwood industry with new products and services," Raju Daswani, Fastmarkets CEO.
Laurentian Bank's shares fall after media report that potential top bidders bowed out.
Laurentian Bank of Canada's shares fell 9% after a newspaper reported that the Montreal-based bank was struggling to find an acquirer and that Canada's top banks - Bank of Nova Scotia and Toronto-Dominion Bank - had backed out of the race, Reuters reported.
The reported move comes weeks after Laurentian, Canada's ninth-largest bank, said it was reviewing strategic options. The deadline for the first bid was set for the end of the month. Scotiabank was viewed as a potential and motivated bidder owing to its desire to expand in the Quebec market, while TD could look to expand at home as it sits on excess capital after its failed deal attempt south of the border.
Flutter, Fox to close betting platform FOX Bet.
Online betting firm Flutter and broadcaster Fox will close US sports betting platform FOX Bet.
Flutter, the world's largest online betting company, owns the Fanduel brand in the US and has said that FOX Bet contributed less than 3% to its revenue of £2.6bn ($3.3bn) in the fast growing US market last year, Reuters reported.
Alimentation Couche-Tard announces agreement to repurchase more than 10m common shares. (FS)
Alimentation Couche-Tard entered into a private agreement with Caisse de dépôt et placement du Québec for the repurchase for cancellation of more than 10m common shares of Couche-Tard held by CDPQ at a price of CAD64.69 ($48.83) per share, for a total consideration of approximately CAD700m ($528m).
The repurchase price represents a discount of 3% to the closing price of the shares on the Toronto Stock Exchange on July 28, 2023, and will be paid using Couche-Tard's cash on hand as well as proceeds raised through its US Commercial Paper Program. The repurchase will be made in connection with the periodic portfolio rebalancing of CDPQ. Once the repurchase is completed, CDPQ will hold approximately 41.5m shares, representing approximately 4.3% of Couche-Tard's total shares outstanding.
Third Eye Capital appoints President and COO. (FS, People)
Third Eye Capital, a Canada-based provider of asset-based financing solutions to underserved or overlooked companies, has appointed David Steele as President and Chief Operating Officer, effective 15 August 2023.
Previously, Steele served as the Canadian President and CEO of Russell Investments, a global investment firm, where he successfully led and executed the strategic direction of the Canadian business. During his tenure, Steele spearheaded expansion through new distribution partners and product growth, including new alternative investment solutions.
EMEA
Apax Partners, a global private equity advisory firm, and Fremman Capital, a private equity firm in London, agreed to invest in Palex Medical, a provider of medical technology solutions for healthcare professionals. Financial terms were not disclosed.
"We couldn't be happier to be partnering with Xavier and the wider Palex team, along with Fremman Capital. We have long identified the healthcare distribution sector as an ideal intersection between Apax's deep expertise in MedTech and strong track record of investment in distribution-focused businesses. Throughout our engagement, it became immediately clear to us that Palex is a stand-out operator with the potential to establish itself as a pan-European leader. Palex has consistently outperformed over decades, with an unrivaled reputation and offering, and we look forward to building on this success to date, leveraging our experience and insights to help the team accelerate growth and execute on our joint vision for the future," Frank Ehmer, Apax Partner.
Palex Medical is advised by Deloitte, Bank of America and Dextra Corporate. Apax is advised by Credit Suisse, Jefferies & Company, Garrigues and Sullivan & Cromwell. Fremman Capital is advised by Perez Llorca and Uria Menendez.
BDT & MSD Partners, a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors, agreed to invest in IMA Group, a provider of automatic packaging machines. Financial terms were not disclosed.
"This investment from BDT & MSD Partners will enable IMA to start a new phase of growth and position us to play a leadership role in the transition to sustainable packaging materials. Our customers are focused on minimizing their environmental impact, and we are committed to providing a new generation of reliable and innovative packaging solutions. We believe BDT & MSD's long-term view and deep expertise in supporting family enterprises makes it an ideal partner to help us reach these goals and accelerate global growth, including in the US market," Alberto Vacchi, IMA Chairman and CEO.
IMA is advised by Bank of America, Mediobanca, Studio Poggi & Associati, White & Case and Facchini Rossi Michelutti. BDT & MSD is advised by Chiomenti. BC Partners is advised by JP Morgan and Kirkland & Ellis.
Epiris, a private equity firm, agreed to acquire Pure Cremation, a provider of prepaid funeral plans in the UK. Financial terms were not disclosed.
"Pure is a real innovator. It is built on a determination to offer a simple, respectful alternative to a traditional funeral and so operates to the very highest standards with great care taken at every stage of the process. The opportunity now for us is to take Pure to the next level in terms of scale and growth by bringing new experience and expertise into the business; we are excited to have partnered with Dean on this transaction and are looking forward to working with him and the Pure team to do just that," Owen Wilson, Epiris Partner.
Epiris is advised by PricewaterhouseCoopers, Capstone Partners, Palladium Capital Advisors, RPS Group, Mayer Brown, Greenbrook (led by Peter Hewer) and Endava.
One Rock Capital Partners, a private equity firm, agreed to acquire Constantia Flexibles, a manufacturer of consumer and pharmaceutical flexible packaging, from Wendel, a family-held investment company, for €1.1bn ($1.2bn).
"In recent years under Wendel's ownership, Constantia Flexibles transformed its business performance, developed an innovative pipeline of more sustainable products and completed multiple acquisitions. With diverse geographic and end market presence, the Company is well-positioned to continue expanding its suite of packaging solutions amidst regulatory developments and a changing climate, and we look forward to partnering with One Rock during this next chapter," Pim Vervaat, Constantia CEO.
Constantia Flexibles is advised by Evercore and Willkie Farr & Gallagher.
One Rock Capital Partners is advised by JP Morgan, Latham & Watkins, and Prosek Partners (led by Julia Kaufman).
MiddleGround Capital, a private equity firm that makes control investments in middle market B2B industrial and specialty distribution companies globally, completed the acquisition of Xtrac, a manufacturer and supplier of high performance transmissions for top-level professional motorsport and specialist high performance automotive applications. Financial terms were not disclosed.
"Xtrac represents an opportunity to partner with the leading provider of high-performance transmission systems for the specialized motorsport and automotive markets. We believe that under Adrian's leadership, Xtrac is well-positioned for long-term growth and leading the future transition of the motorsport and high-performance automotive industry to hybrid and EV drivetrains by delivering innovative products in a sustainable manner," John Stewart, MiddleGround Founding Partner.
MiddleGround Capital was advised by Lincoln International, Clifford Chance, Dukas Linden Public Relations (led by Doug Allen), and Alvarez & Marsal. Xtrac was advised by Palmer Public (led by Robert Palmer).
Elos Medtech, a development and manufacturing partner for medical devices, agreed to acquire Klingel Medical Group, a manufacturer of metal products for medical technology, from IK Partners, a European private equity firm, for €370m ($408m).
"We are thrilled about this strategic move as we see a remarkable alignment of values and culture between our two companies, paving the way for a highly-advantageous and successful collaboration. We are excited at the prospect of having increased visibility in the US as part of this agreement." Ralf Petrawitz, Klingel Co-CEO.
France's TDF explores fibre unit sales for upwards of €1bn. (FS)
French telecoms firm TDF is studying options for its fibre business, including a sale, in a deal that could value the fibre unit upwards of €1bn ($1.1bn), Reuters reported.
TDF, backed by Canada's Brookfield Asset Management, among others, has drafted bankers at BNP Paribas to start the sale process in October.
Bootmaker Dr Martens gains on report of stake building by an activist investor. (FS)
Shares in Britain's Dr Martens were trading up about 5% after Sky News reported that activist fund manager Sparta Capital had accumulated stock worth tens of millions of pounds in the bootmaker.
The report said that Sparta, launched by Franck Tuil, a former Elliott Management executive, has been engaging with the company's board in an attempt to improve its financial and operating performance, Reuters reported.
Glendower Capital raises $5.8bn for the fifth global secondary PE fund. (FS)
Glendower Capital, CVC’s secondaries platform, has held the final close of its fifth global secondary private equity fund, Glendower Capital Secondary Opportunities Fund V, with aggregate capital commitments of $5.8bn.
Glendower operates in the private equity secondaries mid-market, targeting buyout fund investments managed by high-quality GPs. The fundraise concluded at the hard cap and represents the next stage of growth for Glendower’s two-pronged strategy in private equity secondaries, which provides balanced exposure to portfolio sales by LP investors as well as GP-led transactions.
Warburg Pincus taps Evercore chairman for the European leadership role. (FS, People)
Buyout giant Warburg Pincus has appointed Andrew Sibbald, the chairman of Evercore Partners' London-based business, as a Managing Director and the private equity firm's new Co-Head of Europe alongside Berlin-based René Obermann.
Sibbald succeeds Adarsh Sarma, who will remain a Managing Director and Partner with the firm, focusing on his existing portfolio. Jim Neary, Co-Head of US Private Equity, will work closely with Sibbald, Obermann, and the European team to support the firm's global strategy, portfolio management, and new investments.
APAC
VinFast, a private automotive company, is targeting a US public listing in August by completing a merger with a blank-check company, valuing the Vietnamese carmaker at $23bn.
The US Securities and Exchange Commission has declared VinFast’s registration statement effective for a proposed combination with Black Spade Acquisition, the electric-car maker. Shareholders of Black Spade will vote on the transaction on 10 August, setting the stage for VinFast to start trading within days.
VinFast is advised by Chardan and Latham & Watkins (led by Sharon Lau and Noah Carr). Black Spade Acquisition is advised by Jones Trading and Davis Polk & Wardwell (led by James C. Lin).
Repairify, a provider of remote automotive repair solutions, and Capricorn Society, a cooperative supporting the automotive industry, agreed to form a joint venture. Financial terms were not disclosed.
"Repairify is excited to enter this strategic joint venture with Capricorn. We see a huge opportunity to support Australian and New Zealand repairers as global technology evolves. We are keen to introduce our proposition to the market. Capricorn is the ideal choice for this venture due to their unparalleled position in the marketplaces in Australia and New Zealand. We're highly confident that the combination of Repairify products and services and the Capricorn network will rapidly accelerate the distribution of the right technology to ensure that the market can undertake and complete complex vehicle repairs," Cris Hollingsworth, Repairify Global Holdings President.
Walmart buys out $1.4bn Tiger Global stake in India's Flipkart. (FS)
Walmart has paid $1.4bn to buy out hedge fund Tiger Global's investment in its Indian e-commerce firm Flipkart and acquired private equity firm Accel's remaining 1% stake in the company as well. Walmart bought the shares from Tiger Global recently, valuing the Indian company at about $35bn, Reuters reported.
This is down from a near-$38bn valuation which Flipkart had attained in 2021. The US retailer bought a 77% stake in Flipkart for about $16bn in 2018. Accel's stake sale in Flipkart was reported by the Economic Times newspaper. The report did not say how much Walmart paid for the stake.
StanChart and Ant Group to partner in green finance, global fund management.
China's Ant Group and Standard Chartered will work together in green finance and global fund management, broadening their existing partnership, Reuters reported.
The deal is the first high-profile tie-up between Ant and a major foreign bank since authorities cancelled a planned mega-IPO by the fintech giant in 2020. StanChart will help Ant build "an industry-leading global liquidity and foreign exchange management structure," they said in a joint statement.
OCBC’s Great Eastern is in talks to buy MetLife Malaysian arm.
Singapore insurer Great Eastern Holdings is in talks to buy MetLife's Malaysian venture.
The subsidiary of Oversea-Chinese Banking is conducting due diligence on AmMetLife Insurance and seeking regulatory approval to clinch the deal. A transaction could value AmMetLife, which the US company jointly owns with Kuala Lumpur-listed AMMB Holdings, at $250m to $300m.
Hong Kong removes the requirement to flag China's risk in listing applications.
Hong Kong's stock exchange will no longer require companies to spell out China-related business risks in listing applications, in a move that aligns the city more closely with disclosure changes ordered by Beijing, Reuters reported.
In its latest revision to listing rules, the bourse repealed a whole section focusing on risks from China's policies and its business and legal environment.
Warburg Pincus hires Goldman’s Murata for Asia Real Estate. (FS, People)
Warburg Pincus, a private equity firm, is hiring Goldman Sachs Group veteran Takashi Murata as co-head of Asia real estate to bolster its business in the region and build out its private equity and real estate investments in Japan.
Murata, 49, will join the company early next year to co-lead the Asia real estate operation with Warburg Pincus veteran Ellen Ng, who was previously head of China real estate. This is the firm’s first Asia appointment following the promotion of Jeff Perlman, the former head of Southeast Asia and Asia-Pacific real estate, to the president.
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