Immunome, a biotechnology company with a growing pipeline of cancer immunotherapies fueled by the human immune system, completed the merger with Morphimmune, a biotechnology company focused on developing targeted oncology therapeutics, in a $125m deal.
“This merger is an essential step in establishing a preeminent oncology company. We believe that we are well positioned to advance our current oncology pipeline into the clinic, build upon the pipeline through our technology platform and proprietary toolbox, and expand our portfolio through strategic transactions focused on clinical and preclinical assets,” Clay Siegall, Morphimmune President and CEO.
Vantiva, a global technology company, agreed to acquire the Home Networks division of CommScope, an American network infrastructure provider, for up to $118m.
"This planned strategic acquisition represents a unique transformative opportunity for Vantiva. It will enable us to reinforce Vantiva's Connected Home operations, accelerate our innovation roadmap and expand into new markets through additional commercial partnerships. From a financial perspective, the acquisition of Home Networks will substantially increase the scale of our business while also generating synergies, which will significantly strengthen our free cash flow generation potential. This will result in a value-enhancing transaction benefiting all stakeholders, including end-consumers, customers, employees, shareholders and lenders. Subject to various approvals, we will be thrilled to welcome CommScope as a shareholder in Vantiva and our new colleagues joining us from CommScope Home Networks," Luis Martinez-Amago, Vantiva CEO.
Vantiva is advised by d'Angelin & Co, Bryan Cave Leighton Paisner, Faegre Drinker Biddle & Reath, Image Sept and Thatcher+Co. CommScope is advised by Evercore. Evercore is advised by Paul Weiss Rifkind Wharton & Garrison.
Jeff Leerink, SVB Securities' CEO and Founder, and The Baupost Group, a hedge fund, completed the acquisition of SVB Securities, the investment banking business of SVB Financial Group, a financial services holding company, for $100m.
"This transaction is a significant milestone in SVB Financial Group's strategic alternatives process. The Restructuring Committee and its advisors conducted a disciplined and independent process intended to maximize the value of the business for SVB Financial Group stakeholders. We are confident that the transaction led by the investment bank's current management team will preserve and enhance the value of the business," Bill Kosturos, SVB Financial Group Chief Restructuring Officer.
GTCR, a private equity firm, completed the acquisition of the commercial business of ADT, a company that provides residential, small and large business electronic security, fire protection, and other related alarm monitoring services, for $1.6bn.
"Everon has a longstanding reputation for excellence in service and we look forward to continuing that legacy through strategic M&A, investing in technology to support innovation, and expanding Everon's portfolio of best-in-class solutions," Tom Ehrhart, GTCR Principal.
Bruker, a manufacturer of scientific instruments, completed the acquisition of PhenomeX, a cell biology company, for $108m.
“We are excited to welcome PhenomeX to Bruker. PhenomeX’s differentiated research tools are highly valued by customers in the attractive growth markets of antibody development, cell line development, cell and gene therapy, and many more. Also, PhenomeX’s platforms are highly complementary to our existing cellular and sub-cellular analysis tools including our high-performance CellScape™ spatial biology platform,” Mark R. Munch, Bruker President.
PhenomeX was advised by William Blair & Co, Freshfields Bruckhaus Deringer (led by
Damien R. Zoubek) and Joele Frank (led by
Eric Brielmann). Bruker was advised by Perella Weinberg Partners and Morgan Lewis & Bockius (led by
Robert Dickey).
Kellanova, a producer of cereal and a producer of convenience foods, completed the demerger of its North American cereal and plant-based foods businesses. Financial terms were not disclosed.
"With the completion of the separation, Kellanova has entered a new era with a new name and a new ambition. We are starting from a position of strength that is rooted in a century-old legacy as we embark on a journey to achieve our vision of becoming the world's best performing snacks-led powerhouse," Steve Cahillane, Kellanova Chairman and CEO.
Eli Lilly, an American pharmaceutical company headquartered in Indianapolis, agreed to acquire POINT Biopharma, a radiopharmaceutical company, for $1.4bn.
"The combination of POINT's team, infrastructure and capabilities with Lilly's global resources and experience could significantly accelerate the discovery, development and global access to radiopharmaceuticals. I look forward to a future where patients all over the world can benefit from the new cancer treatment options made possible by the joining of our two companies today," Joe McCann, POINT CEO.
POINT Biopharma is advised by Centerview Partners and Skadden Arps Slate Meagher & Flom (led by
Graham Robinson and
Chadé Severin). Eli Lilly is advised by Goldman Sachs and Kirkland & Ellis.
Expro, a provider of energy services, completed the acquisition of PRT Offshore, an oil field equipment supplier, for $106m.
"Expro is committed to investing in innovation and technology to differentiate our services and solutions offering. This strategic acquisition is exciting for both Expro and PRT Offshore as we strengthen and expand our subsea well access technology offering and continue to deliver value to our customers across the life of their wells." Michael Jardon, Expro Chief Executive Officer.
PRT Offshore was advised by Evercore. Expro was advised by RBC Capital Markets, Womble Bond Dickinson and Joele Frank.
iA Financial, an insurance and wealth management company, agreed to acquire Vericity, an insurance company, for $170m.
"This is an exciting transaction that we believe offers compelling value for all of our stockholders and reflects the strength of our business. We look forward to accelerating our strategic advancement within iA as we further grow the eFinancial platform, the business overall, and create new opportunities for our people and the franchise,” James Hohmann, Vericity CEO.
Vericity is advised by Raymond James and Skadden Arps Slate Meagher & Flom. iA Financial is advised by RBC Capital Markets.
Arlington Capital Partners, a private equity firm, completed the acquisition of Avenu Insights & Analytics, a provider of analytics and administrative solutions, from Mill Point Capital, a private equity firm. Financial terms were not disclosed.
“Avenu offers an attractive platform from which to build upon given their robust product offering and strong leadership position in the highly fragmented state and local government markets. The Company’s software maximizes revenue without raising taxes, simplifies government processes and meaningfully reduces costs, while providing greater transparency and an improved experience for citizens. We are excited to partner with Paul Colangelo and the broader Avenu leadership team as we further invest in and grow the business,” Michael Lustbader, Arlington Capital Managing Partner.
Arlington Capital Partners was advised by Sheppard Mullin Richter & Hampton. Avenu Insights & Analytics was advised by Lincoln Churchill Advisors.
SunMed, a medical device manufacturer, completed the acquisition of the respiratory health business of Avanos Medical, a medical technology company making clinical medical devices. Financial terms were not disclosed.
“We’re thrilled to complete this exciting milestone in AirLife’s evolution as we strengthen our leadership as a premier, completely dedicated consumable breathing products company. We are especially pleased to welcome the exceptional team that has driven the success of these market leading brands to our company. As some of the most trusted closed suction and endotracheal consumables used to treat patients in critical care, this addition to AirLife unlocks new opportunities to accelerate our growth, serve more healthcare practitioners and drive innovation across our comprehensive portfolio of leading brands,” Hank Struik, AirLife CEO.
MSCI, a provider of investment decision support tools to investment institutions worldwide, completed the acquisition of the remaining 66% stake in Burgiss, a global provider of investment decision support tools for private capital, for $697m.
“We are thrilled to complete this acquisition. By making Burgiss part of our integrated franchise, MSCI will dramatically expand and strengthen our solutions across client segments. In the process, we will help promote greater transparency for investors in private assets," Henry Fernandez, MSCI Chairman and CEO.
Rockwell Automation, a company dedicated to industrial automation and digital transformation, completed the acquisition of Clearpath Robotics, an autonomous robotics company for industrial applications. Financial terms were not disclosed.
“We are delighted to welcome the Clearpath Robotics and OTTO Motors teams to Rockwell. This acquisition marks a turning point for our customers around the world. Rockwell is simplifying and transforming the difficult yet critical function of material handling throughout the manufacturing plant with an end-to-end production logistics solution. Production logistics is key to optimizing operations across an entire facility and bringing the Connected Enterprise to life,” Blake Moret, Rockwell Automation Chairman and CEO.
Rockwell Automation was advised by Goldman Sachs.
Pritzker Private Capital, a private equity firm, completed the acquisition of Sugar Foods, a food company. Financial terms were not disclosed.
“Sugar Foods is a top provider of the essential ingredients of menu items that customers are demanding. The company is led by a strong team, and we continue to be impressed by its robust capabilities and track record of successful product innovations. We look forward to partnering with the Sugar Foods team through the company’s next chapter, as they capitalize on compelling growth opportunities, pursue strategic add-on acquisitions and further cement the company’s position as a partner of choice to its customers,” Chris Trick, Investment Partner PPC.
PPC was advised by H/Advisors Abernathy (led by
Dan Scorpio).
Atlas Holdings, a private equity firm, completed the acquisition of the Herff Jones graduation business of Varsity Brands, an apparel company. Financial terms were not disclosed.
"We are excited to be adding Herff Jones to Atlas' growing family of great manufacturing and distribution businesses. Our team has partnered with the Leadership Teams of non-core former divisions of larger corporations, strengthening and growing them into focused, thriving, independent businesses. We see tremendous opportunity with Herff Jones and we have extensive experience serving education partners through other current Atlas companies. We are confident that we are the right partner for Herff Jones as it enters the next chapter of its storied history serving students," Michael Sher, Atlas Partner.
Varsity Brands was advised by Jefferies & Company.
Bloomberg, a privately held financial, software, data, and media company, completed the acquisition of Broadway Technology, a high-performance financial trading solutions and consulting services company. Financial terms were not disclosed.
"We are excited to welcome the entire Broadway team to Bloomberg. This acquisition enables us to deliver innovative multi-asset solutions that have a meaningful impact on an increasingly electronified, sophisticated, and interconnected fixed income market. We remain committed to investing in our business, and capitalizing on opportunities that enable us to provide clients with solutions that deliver cross-asset interoperability and enhance the value of Bloomberg's products and services to our community," Ben Macdonald, Bloomberg Global Head of Enterprise Products.
PNC Bank buys a $16.6bn capital commitment portfolio from Signature Bridge Bank.
PNC Financial Services, an American bank holding company and financial services corporation based in Pittsburgh, bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6bn in an agreement with the Federal Deposit Insurance as receiver,
Reuters reported.
The portfolio comprises fund subscription credit lines extended to private equity firms to help manage liquidity and bridge financing for investments and includes $9bn of funded loans.
Bain Capital considers US LBM sale at $7bn. (FS)
Bain Capital is considering a sale of a minority stake in US LBM that could value the building materials group at about $7bn or more, including debt,
Bloomberg reported.
The company is working with an adviser to run an auction process for a 49% stake. The stake is likely to interest other private equity firms.
Vista mulls $2.5bn sale of Quickbase. (FS)
Vista Equity Partners is exploring a sale of software maker Quickbase that may value the software company at more than $2.5bn, including debt,
Bloomberg reported.
The technology-focused investment firm is working with an adviser to solicit interest in the Boston-based company. No final decision has been made and Vista could opt to hold onto the business.
Bill Ackman interested in a deal to take Elon Musk's X public. (FS)
Bill Ackman said that he would be interested in a deal to take Elon Musk's X public with his investment vehicle but hasn't spoken to Musk or the company about it yet,
Bloomberg reported.
Ackman said he's a backer of X already through a small $10m investment through his firm's foundation.
Regent Properties launches $500m credit platform.
Regent Properties, a vertically integrated real estate investment management and development firm, announced the launch of a $500m credit platform that aims to offer an innovative capital solution building upon the firm's already deep expertise across the commercial real estate sector.
"This move into credit is a natural extension of Regent's commercial real estate investment and development strategies. We understand these assets and our target markets intimately and have already established what we believe is a robust pipeline of opportunities given our existing and extensive network and reputation in the industry. We expect our first several credit transactions to close over the next several quarters," Eric Fleiss, Regent Properties CEO.
Krispy Kreme looks to sell Insomnia Cookies unit.
Doughnut company and coffeehouse chain Krispy Kreme is exploring options for its Insomnia Cookies unit including a sale, as it renews its focus on its main business of selling doughnuts,
Reuters reported.
The move comes at a time when several US packaged food companies, including
Campbell Soup and
JM Smucker, have struck deals to revamp their brand portfolios amid fading pandemic-era growth and benefits from higher prices.
Boaz Weinstein raises bid for hedge fund Sculptor. (FS)
Boaz Weinstein's coalition has sweetened its offer for hedge fund firm Sculptor Capital Management. Weinstein's group presented a bid of around $13 a share, up from its previous $12.76 per share offer over the weekend,
Reuters reported.
Blackstone's $67bn real estate fund sees withdrawal requests decline. (FS)
Investor requests to pull money out of Blackstone's $67bn real estate trust eased to the lowest in almost a year,
Bloomberg reported.
Blackstone Real Estate Income Trust is making some headway in resolving its backlog. In September, investors sought to pull out $2.1bn, or 28% less than what they requested to withdraw in August. Withdrawal requests were the lowest since October 2022.
Brookfield raises $12bn for flagship private equity fund. (FS)
Brookfield Asset Management raised $12bn for its largest ever private equity fund, boosting its financial firepower after a period of heavy spending,
Bloomberg reported.
The Canadian investment firm has committed $3.5bn of its own money to the BCP VI vehicle, with the remainder coming from investors including pension plans, sovereign wealth funds and family offices.
Kelso closes fund XI at $3.25bn. (FS)
Kelso, a private equity firm specializing in middle market investing, announced the closing of Kelso Investment Associates XI and affiliated funds. Fund XI closed with aggregate capital commitments of $3.25bn, surpassing the original target.
"We are deeply grateful for the support from investors, as well as for the work by our employees and management team partners who contribute to delivering our consistent performance. We are excited to deploy Fund XI utilizing our disciplined strategy of investing in strong middle market businesses where we see opportunities to accelerate growth," Chris Collins and Frank Loverro, Kelso Co-CEOs.
Kelso was advised by Debevoise & Plimpton.
7wireVentures launches $217+m growth & opportunity fund. (FS)
7wireVentures, a digital health venture capital firms, announced the successful completion of a $217m growth & opportunity "GO" fund, its largest to date.
The new capital will support later stage investments in high-potential companies from existing portfolios as well as new opportunities. The closing of the $217m GO fund brings the firm's AUM to over $500m.
Visa launches $100m venture fund for generative AI startups. (FS)
Payments processor Visa launched a $100m venture fund for generative artificial intelligence startups, joining a list of investors who have flocked to the sector this year,
Reuters reported.
"While much of generative AI so far has been focused on tasks and content creation, this technology... will also meaningfully change commerce in ways we need to understand," Jack Forestell, Visa Chief Product and Strategy Officer.
