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AMERICAS
Hagerty, a specialty insurance services provider, went public via a SPAC merger with Aldel Financial, a special purposes acquisition company, in a $3.13bn deal. PIPE investors include insurance services providers State Farm and Markel.
"Being listed on the NYSE marks the start of an exciting new chapter in Hagerty's history. We are confident that we have sufficient capital to advance our strategy, which remains focused on investing in the company's digital user experience to support and accelerate growth in our membership base, while expanding our portfolio of engaging and exciting car-focused events and services. We believe this strategy will create rewarding new experiences for car lovers and sustainable value for our shareholders over the long term," McKeel Hagerty, Hagerty CEO.
Hagerty was advised by JP Morgan and Sidley Austin. Aldel Financial was advised by Global Leisure Partners, ThinkEquity, Jones Day, Loeb & Loeb and Mayer Brown.
First Foundation, a financial services holding company, received all required regulatory approvals for the merger with TGR Financial, a banking holding company. Subject to the satisfaction of the remaining closing conditions, the merger is expected to close on or about December 17, 2021.
TGR Financial is advised by SwanHill Capital, Truist Bank, Smith Gambrell & Russell and Smith Mackinnon. Financial advisors of TGR Financial are advised by Alston & Bird. First Foundation is advised by D.A. Davidson & Co and Sheppard Mullin Richter & Hampton.
Jack in the Box, an American fast-food restaurant chain, agreed to acquire Del Taco, an American fast food restaurant chain, for $575m. The transaction is expected to close in the first calendar quarter of 2022 and is subject to customary closing conditions.
"We are thrilled to welcome Del Taco, a beloved brand and proven regional winner, to the Jack in the Box family. This is a natural combination of two like-minded, challenger brands with outstanding growth opportunities. Together, Jack in the Box and Del Taco will benefit from a stronger financial model, gaining greater scale to invest in digital and technology capabilities, and unit growth for both brands. This acquisition fits squarely in our strategic pillars and helps us create new opportunities for the franchisees, team members and guests of both brands," Darin Harris, Jack in the Box CEO.
Del Taco is advised by Piper Sandler, McDermott Will & Emery and Allison+Partners. Jack in the Box is advised by Bank of America, Gibson Dunn & Crutcher and Joele Frank.
3i Group, a London-based international investment company, completed the acquisition of a majority stake in EC Waste, the largest vertically integrated provider of solid waste services in Puerto Rico, from Post Capital Partners, a private equity firm. Financial terms were not disclosed.
"We look forward to working with 3i to further position EC Waste as the leading, sustainable solid waste services provider in Puerto Rico. With its long-term investment horizon, 3i is the ideal partner as we look to expand our operations in support of the island’s environmental and sustainability goals," Randy Jensen, EC Waste CEO.
EC Waste was advised by BDO, KPMG, Stifel, Pietrantoni Mendez & Alvarez and Deloitte. Post Capital was advised by Winston & Strawn.
Audax Private Equity, a private equity firm, completed a majority investment in Pamlico Capital-backed Veterinary Practice Partners, a veterinary services provider. Financial terms were not disclosed.
“We are thrilled to be partnering with Audax and look forward to benefitting from their deep expertise within the healthcare and consumer industries. This partnership will allow us to meet the growing healthcare needs of our pet families, continue to expand our hospital footprint and services offered, while maintaining our deliberate focus on strong doctor relationships, premium quality pet care, and outstanding client service," John McDonough, VPP CEO.
Veterinary Practice Partners and Pamlico were advised by Cain Brothers, William Blair & Co and Alston & Bird. Audax was advised by Guggenheim Partners, Ropes & Gray and Sard Verbinnen & Co.
Berkshire Partners, a private equity firm, completed an investment in Tango Analytics, a provider of cloud-based store lifecycle management and integrated workplace management software. Financial terms were not disclosed.
"Today is a milestone moment in the evolution of Tango. In addition to their experience in investing across the technology and software ecosystems, the Berkshire team has helped companies accelerate growth strategies to the benefit of all stakeholders. This capital will play a pivotal role in unlocking the next chapter of our growth story as we seek to take Tango to the next level. We’re honored to welcome Berkshire as an investor and look forward to benefiting from the insights of their investment and portfolio support professionals," Pranav Tyagi, Tango Founder, President, and CEO.
Tango was advised by Shea & Co, Reed Smith and Tier One Partners. Berkshire Partners was advised by Ropes & Gray and Sard Verbinnen & Co.
Dye & Durham, a provider of cloud-based software and technology solutions, agreed to acquire the Financial Solutions Business from TELUS, a telecommunications company, for $500m.
"This transaction is consistent with our growth strategy, adds significant scale within our current Canadian business, and is very well suited for our proven "acquire and integrate" playbook. Additionally, this acquisition expands our capability by adding the largest non-bank payment platform in Canada, processing 140m bill and tax payments and moving an aggregated value of over $1.3tn annually, in partnership with financial institutions, billers and government agencies," Matt Proud, Dye & Durham CEO.
Dye & Durham is advised by Ares Capital, CIBC World Markets, Goodmans and LodeRock Advisors.
Nicolet Bankshares, a bank holding company, completed the acquisition of County Bancorp, a corporation and registered bank holding company, for $219m.
“Nicolet is a like-minded partner who shares our focus on people, community, and serving the customer. With the added scale and capital of Nicolet, this partnership will rapidly accelerate our ability to serve existing customers and build new relationships. I am very optimistic about where we can go as a combined company. Our similar cultures and values should lead to a smooth transition for our employees and customers. We remain committed to the markets and industries we serve, especially the dairy sector, and above all, keeping banking local," Tim Schneider, County President.
County Bancorp was advised by Stephens and Barack Ferrazzano Kirschbaum & Nagelberg. Nicolet was advised by Keefe Bruyette & Woods and Bryan Cave Leighton Paisner.
ArcLight Capital Partners, a a private equity firm, completed the acquisition of NRG Energy's 4.85 GW fossil generating assets in East and West regions for $760m.
"Generation Bridge complements the ongoing energy transition by providing dispatchable generation and will serve as a platform for the development of additional renewable energy resources. ArcLight remains highly focused on investments supporting the ongoing energy transition, including through its substantial experience in renewable energy, battery storage, and its recently announced 73 MW solar acquisition within our Infinigen renewables platform," Dan Revers, ArcLight Capital Founder and Managing Partner.
ArcLight Capital was advised by Credit Suisse and Milbank. NRG Energy was advised by Morgan Stanley.
HIG Capital, a private equity firm, completed the acquisition of Time Manufacturing Company, a designer, manufacturer, and distributor of vehicle-mounted aerial lifts, from The Sterling Group, a private equity firm. Financial terms were not disclosed.
"We are excited to enter into this new chapter with HIG as we continue to support our customers with best-in-class safety, quality and service, while providing our employees with a great place to work and grow in their careers. The resources and industry knowledge that HIG brings, combined with its proven ability to help companies grow through acquisition, will allow us to accelerate our growth plan. With this partnership, we are confident we will expand our already industry-leading position and, most importantly, continue to satisfy the needs of our customers," Curt Howell, Time Manufacturing CEO.
Time Manufacturing was advised by D.A. Davidson & Co, Robert W Baird and Willkie Farr & Gallagher.
Saint-Gobain, a manufacturing company, agreed to acquire GCP Applied Technologies, a construction products technologies company, for $2.3bn. The transaction is expected to close in the second half of 2022.
"We are thrilled for GCP to join Saint-Gobain, the ideal strategic partner to support our growth. Thanks to its global platform, significant resources as well as commercial and innovation expertise, Saint-Gobain is perfectly positioned to ensure the success of GCP's operations and people over the long term," Simon Bates, GCP President and CEO.
GCP is advised by RBC Capital Markets and Latham & Watkins.
Cortec Group, a private equity firm, completed an investment in Pink Lily, an e-commerce retailer of women’s lifestyle brands. Financial terms were not disclosed.
"We are humbled by the success of Pink Lily and the engagement we see from our customers not only as shoppers but as active followers on social media, providing us with constant feedback, insight and inspiration. We are thrilled to work with this group of private equity investors who bring a wealth of global retail experience to the table. As we enter the next phase of Pink Lily's growth, this financing will enable us to continue engaging with our customers in new and innovative ways while bringing the Pink Lily lifestyle to even greater audiences," Tori Gerbig, Pink Lily Co-Founder and CEO.
Pink Lily was advised by Harris Williams & Co. Cortec Group was advised by Jones Day.
The Chernin Group-backed Asmodee, a board games manufacturer, completed an investment in Exploding Kittens, a manufacturer of card games. Financial terms were not disclosed.
"Exploding Kittens has been a long-time partner of ours, combining amazing creativity and innovation capabilities and the ability to reach a wide audience. We are thrilled to join the Co-founders and The Chernin Group as shareholders of the business, which will enable us to strengthen our go-to-market strategy in the U.S. and more closely collaborate on game design,” Stephane Carville, Asmodee CEO.
Exploding Kittens was advised by PJT Partners. Asmodee was advised by Cicommunication.
Eco Material Technologies agreed to acquire the North American Fly Ash business from Boral, a multinational company manufacturing and supplying building and construction materials, for $755m. The transaction is subject to customary conditions precedent and completion adjustments, and is expected to complete in FY2022.
"This is a significant milestone that supports our strategy to refocus on our construction materials business in Australia. As was the case with building products in the US, Boral has owned and operated fly ash businesses in the US for some 40 years. It has been an important part of Boral's history and we recognise and value the contribution our employees and customers in North America have made to Boral over that time. This change of ownership to Eco Materials Technologies, which is focused on growing the business, will be a positive outcome for our people and customers in the Fly Ash business," Zlatko Todorcevski, Boral CEO & Managing Director.
Boral is advised by RBC Capital Markets.
The Riverside Company, a private equity firm, completed an investment in perfume store operators Premier, Intarome and Fragrance Solutions. Financial terms were not disclosed.
"I am proud to be partnering with both Fragrance Solutions and Intarome, as well as Riverside, who has an incredible track record for scaling businesses like ours. Riverside has already proven their commitment to helping us reach new heights, and with their continued support, we'll create a world class fragrance house with market-leading capabilities," Roger Rich, Premier Founder.
The Riverside Company was advised by Jones Day.
Innovo Property Group, a real estate investment and operating company, agreed to acquire 452 Fifth Avenue from Property and Building, an Israeli construction company, for $855m. The sale is expected to be completed on April 1, 2022.
Property and Building is expected to use the proceeds to boost liquidy and reduce debt as part of a plan to reinvest company dollars in Israel.
Blue Sea Capital, a private equity firm, completed the acquisition of WillowWood Global, a manufacturer of prosthetic products, from DW Healthcare Partners, a healthcare-focused private equity firm. Financial terms were not disclosed.
"Getting the opportunity to partner with a company that is over a century old and has a tremendous impact on the amputee community has been an extremely rewarding experience. Building on their long-time success, while positioning the business for future growth, gave us the opportunity to increase market share and impact more lives in a meaningful way," Aly Champsi, DWHP Managing Director.
Bain and Baring are bidding for Carlyle's VXI. (FS)
Bain Capital and Baring Private Equity Asia are among firms considering bids to acquire an outsourcing business from their private equity rival Carlyle Group, Bloomberg reported.
A sale of VXI Global Solutions, an outsourcing company, is entering the final stages and a buyer could emerge as early as in the coming weeks. Carlyle has been working with a financial adviser to find suitors for the company, which could be valued at $1.5bn to $2bn in a deal.
Engine Capital urges Kolh's to consider sale. (FS)
An activist investor is urging department-store chain Kohl's to consider a sale of the company or separation of its e-commerce business, WSJ reported.
New York-based hedge fund Engine Capital wants the retailer to examine the two alternatives to improve its lagging stock price. Engine owns a roughly 1% Kohl's stake.
CCR's share price soar after CDPQ reported seeking a stake. (FS)
Shares in Brazilian infrastructure company CCR soared after a newspaper said Canadian pension fund Caisse de depot et placement du Quebec is looking to buy conglomerate Andrade Gutierrez's stake in the firm.
CDPQ aims to potentially take the company private in the future. Two banks - Bank of America and Santander - were mandated by CDPQ for the deal.
Newbury Partners closes Fund V at $2bn. (FS)
Newbury Partners has held a final close of its fifth fund, Newbury Equity Partners V, with capital commitments of $2bn. This exceeds an original target of $1.75bn and its prior fund size of $1.447bn. The limited partner base consists of both new and existing investors.
NEP V brings the firm's assets under management to more than $6.2bn.
EMEA
EU antitrust regulators put their investigation into Nvidia's deal with ARM on hold, as they await more information.
The European Commission stopped the clock on its previous deadline on November 25. Such delays have been common since the Covid-19 pandemic as companies try to gather data from customers struggling with lockdown restrictions and staff shortages, Reuters reported.
ARM is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. SoftBank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors of SoftBank are advised by White & Case.
BenevolentAI, a clinical-stage AI drug discovery company, agreed to go public via a SPAC merger with Odyssey Acquisition in a $1.7bn deal. The transaction includes a c.$152m PIPE from Temasek, AstraZeneca, Ally Bridge Group and Invus. The transaction is expected to close in Q1 2022.
"The combination with Odyssey will allow us to scale our vision and ambition of uniting purposeful technology and cutting-edge science to discover life-changing medicines," Joanna Shields, BenevolentAI CEO.
BenevolentAI is advised by Goldman Sachs, Latham & Watkins, NautaDutilh, Stibbe and Brunswick Group. Odyssey is advised by Accuracy, Oliver Wyman, JP Morgan, Zaoui & Co, Elvinger Hoss Prussen, Skadden Arps Slate Meagher & Flom and Arsene Taxand. Goldman Sachs and JP Morgan are advised by Linklaters.
CSC, a provider of business, legal, tax, and digital brand services, agreed to acquire Intertrust, a publicly-traded international trust and corporate management company, for c.$2bn.
"We believe this offer is in the interests of shareholders and provides a near term opportunity to crystallise value. In CSC we have found a long-term partner that is highly complementary to us, given its strong position in the United States and complementary service offerings. As a result, we will be able to offer a wider breath of services to our clients in even more geographical locations. The combination will enable us to strengthen our position as a leading tech-enabled Corporate and Fund Services provider and accelerate our transformation by expediting digitalisation initiatives," Shankar Iyer, Intertrust CEO.
Intertrust is advised by Deutsche Bank, Goldman Sachs, Rothschild & Co, De Brauw Blackstone Westbroek and Jan Louis Burggraaf. CSC is advised by Jefferies & Company, Wells Fargo Securities, Houthoff and Skadden Arps Slate Meagher & Flom.
3i Infrastructure, an infrastructure investment company, agreed to acquire a 92% stake in SRL Traffic Systems, a traffic light manufacturer and hirer, for $253m.
"SRL is an attractive core-plus infrastructure business and is well-suited to 3i Infrastructure's strategy of investing in asset-intensive companies. The business has a strong position through its extensive depot network and market-leading reputation," Richard Laing, 3i Infrastructure Chairman.
3i is advised by DC Advisory. LDC is advised by CIL Management Consultants, Dealspan, Houlihan Lokey, DLA Piper, Ernst & Young and Pinsent Masons.
FCDE, a private equity firm, agreed to acquire Bertin Technologies, a provider of technology solutions, from CNIM, a technology company, and Equitis Gestion, a private equity firm. Financial terms were not disclosed.
"Bertin Technologies has transformed over the last years towards an industrial business model. More than half of the group’s turnover is generated by equipments and systems which did not exist five years ago. We are the heirs of the founder Jean Bertin and share his core values around Innovation, Excellence, Team Spirit and Courage. Thanks to the partnership with FCDE, we will be able to independently pursue our developpement around our core activities, whilst remaining very agile to gain new market positions," Bruno Vallayer, Bertin Technologies CEO.
FCDE is advised by White & Case. CNIM is advised by Rothschild & Co.
London Stock Exchange Group agreed to acquire Quantile, a provider of portfolio, margin and capital optimisation and compression services, for £274m ($363m). The acquisition is expected to close in 2022, subject to antitrust and other regulatory approvals.
"I am delighted with this agreement to become part of LSEG. Quantile and LSEG share many of the same values, including a culture of innovation and a focus on delivering market leading services. I look forward to working with Daniel and the team to accelerate our growth and to continue to deliver efficiencies and portfolio optimisation for our customers and the wider OTC derivatives marketplace," Andrew Williams, Quantile CEO.
LSEG is advised by Evercore.
Private equity firms PAI Partners and Ontario Teachers’ Pension Plan Board, agreed to acquire Veonet, an ophthalmological clinics operator, from Nordic Capital, a private equity firm. Financial terms were not disclosed.
Veonet built a strong foundation with Nordic Capital and looks forward to continuing its journey and creating even better outcomes for its patients and even more opportunities for its employees.
Nordic Capital is advised by JP Morgan.
S IMMO, a real estate investment company, agreed to acquire an additional 10% share in IMMOFINANZ, a commercial real-estate company, for $320m.
"The price per IMMOFINANZ share offered by CPI for control is not adequate. We as a major shareholder will therefore not tender into this offer. Against the background of CPI having already acquired a large stake in IMMOFINANZ the expansion of our currently 14.2% stake in IMMOFINANZ is for the time being the best way to enhance and protect the value of S IMMO and its share. We continue to believe that ultimately the unwinding of the cross shareholding between IMMOFINANZ and S IMMO is warranted," Bruno Ettenauer, S IMMO CEO.
Cadence Growth Capital, a private equity fund, led a $200m funding round in everphone, a telecommunications equipment supplier. The round was joined by Deutsche Telekom, AlleyCorp and Signals Venture Capital.
The fresh capital will be used to expand activities in acquiring new business customers. Additionally, the money will go towards further internationalization, increasing personnel, product development, and the growth of the active device fleet, which already numbers over 100k devices.
Sanne Group, an asset management company, completed the acquisition of the fund administration business of PraxisIFM Group, a financial services provider, for £54m ($71m).
"Today marks the start of a new era for PraxisIFM, presenting the opportunity to leverage our strong reputation as a trusted partner and the deep skills and experience that exist across our international team. As we move into our 50th anniversary year, our increased focus on private wealth and corporate service clients, coupled with the ability to invest in our people and technology, provides a sound foundation from which to accelerate our growth. It also better equips us to meet the ever-changing needs of our clients by delivering new and innovative solutions," Iain Torrens, PraxisIFM Chairman.
Discovery in talks with BT Sport to halt DAZN sale.
Discovery, a US media group, is in talks over a deal to partner with BT Sport, in a move that would hijack the British television network's $794m sale to sports streaming service DAZN, FT reported.
Discovery, which owns the Eurosport channels, has offered to create a joint venture with UK telecoms group BT, in a new effort that would create a powerful participant in British sports broadcasting.
Uber discusses with Careem about outside investment.
Uber Technologies is in talks with the management of its Middle East unit Careem to bring outside investors into the business, Reuters reported.
Careem's ownership structure following the planned investment was not immediately clear, yet Uber would remain a shareholder while giving Careem's management greater decision-making power over its strategy.
VT5 plans IPO for Switzerland's first SPAC. (FS)
Blank check firm VT5 Acquisition is launching an initial public offering on the SIX Swiss Exchange in Switzerland's first special purpose acquisition company deal, Reuters reported.
SPACs can be listed and traded on Switzerland's exchange from December 6. VT5 plans to buy one or more businesses within 24 months of listing.
APAC
Private equity investors GIC and Charter Hall, agreed to acquire 50 Marcus Clarke, an office building, for $235m.
“We are pleased to acquire this iconic office building in Canberra’s CBD with Charter Hall, a leading market player with strong experience in the Canberra market. This acquisition will add to the diversification of GIC’s office portfolio across key cities in the Australian market where GIC has been investing in for many years. With the opening of our Sydney office, we look forward to supporting the management of this asset and to generate more value-add with partners, such as Charter Hall," Lee Kok Sun, GIC CIO.
50 Marcus Clarke is advised by CBRE.
Lone Star hoping to sell Sino Gas for $1bn. (FS)
Lone Star Funds is considering a sale of its Chinese gas company Sino Gas & Energy. The Dallas-based private equity firm is working with a financial adviser on the potential transaction. The owner is seeking about $1bn for the company.
Lone Star has started sounding out prospective buyers, including other Chinese energy companies.
Toshiba walks away from potential buyout offers. (FS)
Japanese multinational conglomerate Toshiba walked away from potential private equity buyout offers at a substantial premium, as well as advanced talks for a minority stake from Canada's Brookfield, Reuters reported.
Toshiba's decision to not pursue either course and instead focus on a plan to split itself in three, has widened the gulf between the conglomerate and a number of its hedge fund investors.
"We are communicating with shareholders explaining the separation plan we announced on November 12 as well as listening to their opinions. We will continue our communications with various stakeholders," Toshiba.
Hero Electric targets new fund at $200m to $300m.
India's electric two-wheeler maker Hero Electric is evaluating plans to raise fresh capital as demand soars in a booming EV market, six months after closing the first part of its Series B funding round.
This time around, Hero Electric is targeting a bigger amount and are exploring options to raise up to $200m or anywhere between $200m and $300m. The proceeds will go towards capacity building, product development and marketing costs.
SenseTime hopes to raise up to $767m in IPO.
Chinese artificial intelligence startup SenseTime Group is looking to raise up to $767m in its Hong Kong initial public offering, DealStreetAsia reported.
The deal launched on Monday for the company to sell 1.5bn primary shares at round $0.5 each. Eight cornerstone investors have signed up for the IPO and subscribed for $450m, or 58.6% of the deal, ahead of its launch.
Goldman Sachs, Morgan Stanley and more are bidding to participate in MapmyIndia's IPO. (FS)
Goldman Sachs and Morgan Stanley are among institutional investors bidding to participate in the initial public offering of Indian digital-map provider MapmyIndia, Bloomberg reported.
Mutual funds of India's HDFC, State Bank of India, Aditya Birla Group and ICICI Bank are also bidding to become so-called anchor investors in the IPO. MapmyIndia, officially C.E. Info Systems, said it's raising as much as $138m by selling shares at $13 to $14 apiece.
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