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AMERICAS
Hammerhead Resources, a Calgary-based energy company, agreed to go public via merger with Decarbonization Plus Acquisition IV, a special purpose acquisition company, in a $1bn deal.
"We believe an energy transformation is underway where conventional energy and power sources will continue to play an important role in the world energy mix for some time to come. The current global profile of both energy security and resource intermittency are demonstrating the need for continued reliance on conventional sources. We believe the energy industry has an emissions challenge, and we aim to be a leader in redefining public expectations around how companies like ours can contribute to the advancement of global net zero goals," Scott Sobie, Hammerhead Resources CEO.
Hammerhead Resources is advised by ATB Financial, CIBC World Markets, National Bank Financial, Peters & Co, Blake Cassels & Graydon, Burnet Duckworth & Palmer and Paul Weiss Rifkind Wharton & Garrison (led by Ian Hazlett and Adam M. Givertz). Decarbonization Plus Acquisition IV is advised by Kroll, Bennett Jones, Maples Group, Vinson & Elkins (led by E. Ramey Layne), Walkers and Kekst CNC (led by Daniel Yunger).
Thompson Street Capital Partners, a growth-focused private equity firm, and Endicott, an investment fund, completed the investment in MediaRadar, an adtech company. Financial terms were not disclosed.
“We are excited to bring TSCP and Endicott on as new partners in our next phase of growth. Their experience investing in information services companies and supporting growth acceleration, both organically and through acquisition, will be highly valuable as we continue to develop new ways to enhance our customers’ experience,” Todd Krizelman, MediaRadar Founder and CEO.
MediaRadar was advised by Crenshaw Communications (led by Chris Harihar) and IKONA Partners. Endicott was advised by Marketing Matters (led by Tara Slone). Thompson Street was advised by BackBay Communications.
Trilantic-backed Quickparts, a provider of on-demand manufacturing services offering custom 3D printing and traditional manufacturing capabilities, completed the acquisition of Xcentric Mold & Engineering, an innovator of on-demand digital manufacturing. Financial terms were not disclosed.
"We are very pleased to welcome the Xcentric team to the Quickparts family. As a combined company, we will offer an in-house, end-to-end solution from first prototype to short-run production. This acquisition is an important step as we continuously strive to advance Quickparts’ capabilities. With Xcentric, we will be able to offer a complete lifecycle solution that will be executed with even greater speed and certainty," Ziad Abou, Quickparts CEO.
Xcentric Mold & Engineering was advised by Stifel. Quickparts was advised by Kirkland & Ellis and Prosek Partners.
Inpixon's enterprise apps business agreed to go public via a SPAC merger with KINS Technology Group, a publicly traded special purpose acquisition company, in a $69m deal.
"We have been working on multiple strategic transactions for some time and believe this transaction will unlock significant value for stockholders. I could not be more excited about the outlook for this line of business. With this transaction, capital and operational resources will be singularly focused on the growth and profitability of this business. In addition, Inpixon shareholders will be able to benefit in the potential upside as stockholders of two public companies, each with distinct customers and product lines," Nadir Ali, Inpixon CEO.
Inpixon is advised by Mitchell Silberberg & Knupp and Crescendo Communications. KINS Technology Group is advised by Skadden Arps Slate Meagher & Flom,
Enfinity Global, a renewable energy firm, agreed to acquire 400MW of operating solar projects in the United States from Capital Dynamics, an independent global asset management firm. Financial terms were not disclosed.
"Our long-term ownership business model allows us to partner with relevant investors, stakeholders and customers, aligning capabilities that create a zero-carbon future. Our ability to deploy operational expertise across the entire renewables value chain, coupled with our international presence, translates into value creation for our investors and customers," Carlos Domenech, Enfinity Global CEO.
Capital Dynamics is advised by Barclays.
Stepan Company, a manufacturer of specialty chemicals, completed the acquisition of a surfactant business from PerformanX, a producer of surfactants and related chemistries. Financial terms were not disclosed.
"Alkoxylates are a core surfactant technology critical to Stepan's agriculture, oilfield, construction and household end use markets. We are pleased to have closed the acquisition of PerformanX and welcome PerformanX's customers to Stepan," Scott R. Behrens, Stepan Company CEO.
Aquila, a software company, agreed to acquire Neosoft, a fintech company. Financial terms were not disclosed.
“We’re delighted to forge a lasting partnership with Neosoft and become a true contributor to the Latin American fintech ecosystem. Aquila pledges to preserve Neosoft’s founding legacy and values that made them exceptional in the first place. Neosoft prides itself on technical expertise and excellent industry reputation. This is a one-of-a-kind platform acquisition that will open doors to the rest of Latin America as we seek to invest further into the region,” Daniel Lee, Aquila CEO.
Faraday Future secures financing, strikes deal with shareholder.
Electric-car startup Faraday Future Intelligent Electric secured up to $100m in new financing to fund operations after reaching a deal with one of its largest shareholders to resolve a monthslong governance dispute, WSJ reported.
The agreement comes after Faraday said last week that its company leaders were facing death threats and a misinformation campaign as they sought to raise money for the production of its first vehicle. Shares of Faraday jumped more than 37% to $1.05 a share in morning trading. The stock is still down almost 91% this year.
American, JetBlue to face off against justice department in antitrust trial.
American Airlines Group and JetBlue Airways will defend their partnership in a trial starting this week against government allegations that they are squelching competition in New York and Boston and harming consumers throughout the country, WSJ reported.
The Justice Department, along with six states and the District of Columbia, filed an antitrust lawsuit last year to block a 2020 agreement between the two airlines to sell seats on one another’s flights along certain routes, pool airport slots, coordinate schedules and share revenue from flights within the scope of the partnership in the Northeast.
CD&R’s latest PE fund collects $10bn in initial closing. (FS)
Buyout shop Clayton Dubilier & Rice has collected around $10bn in an initial closing of its latest private equity fund, raising the money in around four months, as investors funnel more of their private equity commitments to experienced managers.
The amount raised so far puts the New York firm roughly halfway toward a $20bn goal for the Clayton Dubilier & Rice Fund XII and comes as the overall fundraising market for private equity firms has grown more challenging.
Andrew Bednar appointed CEO of Perella Weinberg Partners. (FS, People)
Perella Weinberg Partners, a global independent advisory firm, announced that Peter Weinberg has informed the Board of Directors of his intention to step down from his role as CEO, effective January 1, 2023. Andrew Bednar, Co-President, has been unanimously approved by the Board as the CEO of the firm, effective January 1, 2023.
Mr. Weinberg will continue to serve as the Chairman of the Board of Directors and Chairman of the working partner committee that controls the company’s high-vote stock. He is also excited to return his focus primarily to working with clients and prospects of the firm around the world.
EMEA
Hedin Mobility Group, one of Europe's largest privately owned mobility providers, offered to acquire the remaining stake in Pendragon, the second largest motor retailer in the United Kingdom, for £303m ($329m).
The board of Pendragon is currently considering the proposal together with its financial and legal advisers. Shareholders were urged to take no action at this time. There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.
Stirling Square Capital Partners, a London-based private equity firm, agreed to acquire Eurofins Digital Testing, an IT service management company, from Eurofins Scientific, a French group of laboratories, for $220m.
“Over the last 7 years, Eurofins Digital Testing has successfully grown to become a recognised leader in its space. In order to facilitate its further development, we have decided to pass the ownership of the business to Stirling Square. We wish the team at Eurofins Digital Testing further success on their onward journey,” Gilles Martin, Eurofins CEO.
Stirling Square Capital Partners is advised by Fergus Wheeler Consulting. Eurofins Scientific is advised by Robert W Baird.
Starsight Energy, an energy-as-a-service provider, agreed to merge with SolarAfrica, a solar company. Financial terms were not disclosed.
The merger will create the first truly Pan-African renewable energy services provider which will be well positioned to serve an even wider range of clients with a comprehensive mix of renewable energy solutions.
Starsight Energy is advised by R&A Strategic Communications (led by Memory Johnstone). SolarAfrica is advised by SamJane Communications.
Energy Infrastructure Partners, a Switzerland-based infrastructure investor, agreed to acquire a 20% stake in Fluxys, a Belgium-based company, mainly acting as a natural gas transmission system operator, from CDPQ, an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. Financial terms were not disclosed.
"Together with CDPQ, Publigas has sailed a forward-looking course with Fluxys for more than ten years and we have built up a highly valued partnership. With our new partners we will vigorously pursue our strategy to help shape the green transition. While forcefully strengthening our existing partnership with Energy Infrastructure Partners, an energy specialist and leader in the global energy transition, we establish an even stronger Belgian anchoring of our activities with AG Insurance, Ethias and the Federal Holding and Investment Company," Daniël Termont, Fluxys President.
CDPQ is advised by Rothschild & Co.
One Equity Partners, a middle market private equity firm, agreed to acquire Muehlhan, a global provider of surface protection solutions catering to the marine, infrastructure and offshore wind energy industries. Financial terms were not disclosed.
"We believe that OEP will accelerate our growth strategy of providing industrial services to the three core industries: wind energy, marine and infrastructure, extending our geographic reach and broadening our service portfolio. OEP has a long track record of driving their investments forward, especially through strategic add-on acquisitions," Stefan Müller-Arends, Muehlhan CEO.
One Equity Partners is advised by Stanton PRM.
Audax Private Equity-backed Trexon, a provider of unique connectivity solutions, completed the acquisition of Intelliconnect, a supplier of RF connectors, adapters, and cable assemblies. Financial terms were not disclosed.
"After nearly 20 years of success and growth, we recognized that to reach the next level of excellence, Intelliconnect needed to be part of a bigger, financially strong group which has the same aspirations, goals, and vision that we do. We are confident that Trexon is the perfect partner. Their strong track record in acquiring good businesses and making them better whilst investing and supporting their existing teams is one of the key reasons that we chose them as our acquirer," Roy Phillips, Intelliconnect Founder.
LXi REIT, a real estate investment trust, failed to acquire 18 stores in southern England from Sainsbury's, a chain of supermarkets, for $531m.
"LXi REIT has this morning announced that given current stock market volatility it is not proceeding with the share issue that would have part-funded the transaction. Hence we are no longer in discussions to sell these stores to LXi REIT," Sainsbury's.
Bruin Capital and Quadrant Private Equity-backed TGI Sport, a multiple-discipline sports infrastructure, technology and media rights company, completed the acquisition of Sportseen, a specialist sales organisation. Financial terms were not disclosed.
"We are very pleased to have Chris, Vasco, and the Sportseen team join the family. They are well-respected leaders who were ahead of the industry on the emerging opportunities in digital, LED, and perimeter advertising. They bring yet another best-in-class capability to our new virtual advertising practice, and our rights acquisition and LED businesses will also benefit greatly with additional resources and expertise," Martin Jolly, TGI Sport CEO.
Dubai school operator Eyes stake sale at $6bn value. (FS)
The owners of GEMS Education, one of the world’s largest private school operators, are exploring options including the sale of a controlling stake in the business, Bloomberg reported.
Buyout firm CVC Capital Partners and founder Sunny Varkey may sell their stakes in the Dubai-based school operator in a deal that could value the business at as much as $6bn.
Funding Circle and Bayview Asset Management form new lending partnership. (FS)
Funding Circle, one of the UK’s largest small business lending platforms, and Bayview Asset Management, an investment management firm headquartered in Coral Gables, Florida, has formed a new lending partnership that is targeting the provision of $798m funding to small businesses over an 18 month period.
This partnership will see Bayview support thousands of UK SMEs by leveraging Funding Circle’s technology and distribution platform. Funding Circle’s powerful credit models — driven by a decade of technology and data investment — will provide Bayview with a highly efficient and cost-effective mechanism to deploy capital to the real economy.
Unilever CEO to retire next year after rocky tenure. (People)
Chief Executive Officer Alan Jope plans to retire at the end of next year, signaling an end to what has been a challenging tenure at the helm of the maker of Dove soap and Ben & Jerry’s ice cream, WSJ reported.
The London-based consumer-goods giant said Monday that it would conduct a formal search for a successor and consider both internal and external candidates.
Adams Street appoints head of new European private credit strategy. (FS, People)
Adams Street Partners, a private markets investment firm with $50bn in assets under management, has launched its private credit platform in Europe with the appointment of James Charalambides as Partner & Head of the European Private Credit team.
Charalambides will be responsible for leading and managing the firm’s private credit-related efforts in Europe and supporting all aspects of the decision-making process – including sourcing, structuring, reviewing, and negotiating deal opportunities in this space. Charalambides will report to Bill Sacher, Partner & Head of Private Credit at Adams Street.
APAC
A KKR & Co-led group withdrew its $13bn approach for Australian hospital operator Ramsay Health Care after talks hit a stalemate, killing Australia's biggest deal of the year and sending the target's shares tumbling, Reuters reported.
The decision announced by both sides on Monday draws a line under a takeover saga that has been running since April, and underscores the volatility of dealmaking at a time of heightened disruption of capital markets and operating logistics.
A consortium led by former Berkshire Hathaway executive David Sokol and Canadian investment group Fairfax Financial raised its offer to buy the remaining shares in Atlas, the holding company that controls shipping firm Seaspan, to $1.4bn.
The cash bid increased to $15.50 from $14.45 a share, a 14.6% premium to Friday’s closing price. The shares jumped as high as $15 in premarket trading in New York.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the investment in Equalbase, an integrated development and management platform focused on the logistics sector across Asia Pacific. Financial terms were not disclosed.
"We believe the Asia Pacific region presents significant opportunities for investment in Grade A modern logistics assets as the market continues to exhibit favorable supply-demand dynamics and sustained structural tailwinds. We look forward to working closely with Equalbase’s seasoned management team on initial projects in South Korea and Malaysia, and to continuing Stonepeak’s momentum in Asia Pacific as we aim to identify additional compelling infrastructure assets and platforms across the region," Hajir Naghdy, Stonepeak Senior Managing Director and Head of Asia and the Middle East.
Sprout Solutions, an HR and payroll platform, completed the acquisition of Linnia, a process automation platform. Financial terms were not disclosed.
Users of Sprout may automate time-consuming procurement and HR activities with the aid of Linnia. Additionally, it simplifies the hiring process.
GIC, Singapore’s sovereign wealth fund, and LINE, a Tokyo-based subsidiary of Z Holdings, led a $265m Series B round in LINE MAN Wongnai, a Thailand-based food delivery startup, with participation from BRV Capital Management, PTT Oil and Retail, Bualuang Ventures and Taiwan Mobile.
With this investment, LINE MAN Wongnai has achieved a valuation of over $1bn, making it Thailand’s largest tech startup by valuation.
Indonesia’s Astra weighs options for life insurance unit.
PT Astra International is considering options for its life insurance unit including a potential sale that could value the business at as much as $500m, Bloomberg reported.
The Jakarta-listed conglomerate is working with a financial adviser on a review of PT Asuransi Jiwa Astra, also known as Astra Life. In addition to a full sale, other options under consideration include a partial sale and setting up a joint venture. A deal could also involve a so-called bancassurance partnership, in which an insurer could to sell its products in a bank’s branches and other retail channels for a set period.
Tender to sell Evergrande's Hong Kong headquarters to close on October 31. (Real Estate)
A tender sale of China Evergrande Group's headquarters in Hong Kong will close on October 31, real estate services firm Savills said, appointed by receivers to dispose of the asset, Reuters reported.
Lenders of struggling Evergrande appointed receiver Alvarez and Marsal earlier this month to seize the China Evergrande Center in Hong Kong, a Companies Registry filing showed, as the world's most indebted developer struggles to emerge from its debt crisis.
Garuda Indonesia files for Chapter 15 US bankruptcy procedure.
Flag carrier Garuda Indonesia has requested that a court in New York recognise the airline's recent debt restructuring deal in a Jakarta court, under Chapter 15 of the US Bankruptcy Code, its chief executive said on Monday, Reuters reported.
Garuda filed the Chapter 15 case late last week at a New York bankruptcy court, CEO Irfan Setiaputra said.
Saratoga-backed Indonesian hospital chain Primaya eyes IPO in Q4.
Primaya Hospital, a unit of Indonesia-listed investment firm PT Saratoga Sedaya Investama, is said to be targeting its initial public offering in the fourth quarter of 2022, a top executive of Saratoga said.
Saratoga’s investment director Devin Wirawan said healthcare is one of the firm’s focus areas and counted Primaya as the strongest entity, DealStreetAsia reported.
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