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AMERICAS
Sweat Oak, a Delaware limited liability company, completed the acquisition of Whole Earth Brands, a food company enabling healthier lifestyles through premium plant-based sweeteners, flavor enhancers and other foods, for $209m.
“Following a comprehensive review of strategic alternatives, we are pleased to announce this transaction today, which we believe to be in the best interest of all our shareholders, providing them with the most compelling outcome in terms of maximizing value while offering immediate liquidity at a significant premium. From the beginning of this process, the Special Committee’s top priority has been to deliver an optimal outcome for all our shareholders, customers, and employees, and we believe we have achieved that with this transaction. We look forward to working with the Sweet Oak team to ensure a smooth and timely closing," Irwin D. Simon, Whole Earth Brands Executive Chairman.
Whole Earth Brands was advised by Jefferies & Company, DLA Piper (led by Christopher Giordano) and ICR. Financial advisors were advised by Covington & Burling (led by Stephen A. Infante). Sweat Oak was advised by Citigroup, Greenberg Traurig and Collected Strategies (led by Ed Hammond). Financial advisors were advised by Alston & Bird (led by Stuart Rogers). Debt financing was provided by Fortress Investment Group and Silver Point Capital. Debt providers were advised by White & Case (led by David Ridley, Eric Klar, and Vincenzo Lucibello).
Apax Partners, a British private equity firm, agreed to acquire the remaining 38.81% stake in Thoughtworks, a global technology company, for $630m.
“We appreciate the Special Committee’s comprehensive evaluation of the Apax Funds’ offer and are confident that this transaction provides immediate and fair value to Thoughtworks minority stockholders. Apax has been a longstanding strategic partner for Thoughtworks. With their continued support, we plan to make the necessary long-term investments and advance our vision of being a stronger, strategic partner for our clients,” Mike Sutcliff, Thoughtworks CEO.
Veritas Capital, a private equity firm, agreed to acquire the digital banking business of NCR Voyix, a digital commerce solutions provider, for $2.55bn.
“We believe that Veritas, as a leading technology investor, is the ideal owner of our digital banking business, as they will continue to invest in market-leading products and solutions to meet the needs of our valued financial institution customers. This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers,” David Wilkinson, NCR Voyix CEO.
Veritas Capital is advised by Evercore, Gibson Dunn & Crutcher and Prosek Partners. NCR Voyix is advised by Goldman Sachs and King & Spalding. Goldman Sach is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Bernhard Capital Partners, a private equity firm, agreed to acquire New Mexico Gas Company, a utility company, from Emera, an international energy and services company, for $1.25bn.
"This transaction strengthens Emera's balance sheet, supports our ambitious capital plan and reinforces our strategic decision to optimize our portfolio and reallocate capital to our highest growth markets to drive long-term value for our shareholders. New Mexico Gas is a strong regulated utility with a customer-focused team. We're proud of the work we have done together over the past eight years to drive customer growth and enable more than $800m in strategic capital investments to expand and maintain a safe, reliable system that will serve New Mexicans for decades to come," Scott Balfour, Emera President and CEO.
The Jordan Company, a private equity firm, agreed to acquire a majority stake in USALCO, a water treatment solutions provider, from HIG Capital, a global alternative investment firm. Financial terms were not disclosed.
“HIG has been an exceptional partner to USALCO and instrumental in helping us transform USALCO into the market leader we are today. HIG supported significant investments across USALCO, which strengthened our ability to provide differentiated solutions and service levels to our customers. This management team is just getting started and couldn’t be more enthusiastic about our new partnership with TJC as we execute on our next phase of growth,” Kenneth Gayer, USALCO CEO.
USALCO is advised by Bank of America, Citigroup and King & Spalding. The Jordan Company is advised by Kirkland & Ellis. Debt financing is provided by Goldman Sachs.
Cementos Progreso, a building materials firm, agreed to acquire the Dominican Republic business of Cemex, a Mexican multinational building materials company, for $950m.
“This transaction advances us significantly in our portfolio rebalancing strategy which is focused on reducing our exposure in Emerging Markets and redeploying capital into growth investments in priority markets, primarily the US,” Fernando A. Gonzalez, Cemex CEO.
Cementos Progreso is advised by Citigroup. Cemex is advised by JP Morgan and Lazard.
IXL Learning, a provider of a diverse set of products and services that help learners develop skills in math, literacy, language, and more, agreed to acquire Carson Dellosa Education, a provider of educational materials, including interactive digital resources. Financial terms were not disclosed.
"We are delighted to be joining forces with such a well-known and respected leader in education. Reinforcing essential skills with tactile materials broadens learning opportunities and empowers children to thrive. By combining our strengths, we can offer a more holistic approach to education that makes learning fun wherever it happens," Kelly Stone Geer, Carson Dellosa Education CEO.
IXL Learning is advised by Evercore and Latham & Watkins.
Orlando Health, a healthcare company, agreed to acquire a 70% stake in Brookwood Baptist Health, a hospital network operator, from Tenet Healthcare, a diversified healthcare services company, for $910m.
“We are honored to further Brookwood Baptist Health’s mission of extending the healing ministry of Christ. There is a need and opportunity for a private, not-for-profit healthcare system in this market. We believe this is a new day in healthcare for our organizations and look forward to making Brookwood Baptist the best healthcare system in Alabama,” David Strong, Orlando Health President and CEO.
Orlando Health is advised by Citigroup.
Wellington Management, an investment management company, led a $250m Series D round in Abnormal Security, an email security company that protects enterprises and organizations from targeted email attacks, with participation from Greylock Partners, Menlo Ventures, Insight Partners and CrowdStrike Falcon Fund.
"We are relentless in fulfilling our mission of protecting humans with AI, and we've earned the trust of our customers by providing the best product in human behavior security. This funding allows us to further invest in our human behavior AI platform to protect more people across their everyday applications, while enabling customers to accelerate their AI initiatives with autonomous AI solutions," Evan Reiser, Abnormal Security CEO and Co-Founder.
Owner Resource Group-backed Standard Iron, a provider of custom metal fabrication solutions to OEMs and contractors, completed the acquisition of Helgesen Industries, a custom hydraulic reservoir manufacturer. Financial terms were not disclosed.
"We are excited to join the Standard Iron organization. In addition to a great historic relationship and strong organizational cultural fit, our team was drawn to the commercial fit of the organizations and the impact of the enhancements we can offer our customers in terms of products and service. Together, the combined organization will have a leading geographic footprint and specialized capabilities to offer to our OEM partners," Tom Marshall, Helgesen Industries Managing Partner.
Mueller Industries, an industrial manufacturer that specializes in copper and copper alloy manufacturing, completed the acquisition of Elkhart Products, a building materials company offering plumbing and copper fitting products. Financial terms were not disclosed.
"We expect the addition of EPC to significantly accelerate the recovery of our Covington, Tennessee -based copper fittings business, which was substantially impacted by a tornado in March 2023. The acquisition will expand and complement our current business, while also providing redundant capabilities in the manufacturing of solder fittings," Greg Christopher, Mueller Industries CEO.
Hims to buy a compounding pharmacy to make weight-loss drugs.
Hims & Hers Health plans to buy a compounding pharmacy to make knockoff weight-loss drugs, doubling down on one of the hottest markets in health care as questions swirl about its long-term potential, Bloomberg reported.
Hims said in a filing it agreed in July to pay about $31m in cash and stock for a US-based compounding pharmacy, which can make copycat versions of the weight-loss drugs and other medicines. Hims declined to disclose the name of the facility. The company started selling versions of Novo Nordisk’s blockbuster drugs made by a different compounding pharmacy in May.
Saudi wealth fund PIF pumps another $1.5bn into EV maker Lucid. (FS)
Lucid Group said its largest shareholder, Saudi Arabia’s Public Investment Fund, will inject up to $1.5bn in cash, as the electric vehicle maker looks to ramp up production of a new SUV, DealStreetAsia reported.
The EV maker’s shares jumped about 6% in extended trading after closing down 3.9% in the regular session. The deal comes just ahead of Lucid‘s planned production of its much-awaited Gravity SUV later this year and keeps the EV maker sufficiently funded till the fourth quarter of 2025.
Patria Investments launches new LatAm-focused private credit platform. (FS)
Patria Investments, a global alternative asset manager active in private equity, infrastructure, credit, public equities, real estate and global private markets, has launched a new private credit strategy focused on Latin America.
The new private credit platform combines Patria’s expertise in alternative assets in Latin America and Moneda’s credit investment franchise experience structuring private credit transactions to offer creative and innovative financing solutions to corporates across the region.
Wells Fargo hires PJT banker Kevin Healey for health-care M&A. (People)
Wells Fargo has hired investment banker Kevin Healey as a managing director in its global mergers and acquisitions group focused on health-care deals, Bloomberg reported.
Healey, who most recently worked at PJT Partners, will be based in New York when he joins Wells Fargo after a period of garden leave. He’ll report to Jeff Hogan, Wells Fargo’s global head of M&A.
EMEA
UK's Hargreaves Lansdown on August 5, gave a consortium led by CVC Advisers and the Abu Dhabi Investment Authority until August 9 to make a firm offer for the British investment platform, Reuters reported.
The company, co-founded by Peter Hargreaves, is preparing to sign off on a $6.9bn takeover if the group of investors table a formal offer. The delay in the deadline reflects the ongoing complexity of the negotiations for this significant acquisition.
Cinven, a private equity firm, agreed to acquire a majority stake in Vitamin Well, a protein bars and sport and health beverages producer. Financial terms were not disclosed.
“With Bridgepoint as a partner, we have strengthened our presence in our core market, the Nordic region, and expanded our international presence. We look forward to continuing our journey with both Bridgepoint and Cinven as we further expand our presence globally. With their continued support, we are confident in our ability to innovate, grow and develop, bringing our premium products to even more health-conscious consumers around the world," Jonas Pettersson, Vitamin Well CEO and Co-Founder.
Fuller, Smith & Turner, a premium pub and hotel operator, completed the acquisition of Lovely Pubs, a pub operator, for £23m ($29m).
“I’m delighted to be announcing the acquisition of Lovely Pubs. These seven outstanding sites are a perfect fit with our existing estate both in terms of their premium operational style and their geographical location. We are looking forward to welcoming these pubs, and their teams, to the Fuller’s family,” Simon Emeny, Fuller, Smith & Turner CEO.
Fuller, Smith & Turner was advised by Instinctif Partners (led by Justine Warren).
Britain's competition watchdog said on August 6 that it has provisionally approved the deal for T&L Sugars to buy Tereos UK & Ireland's retail sugar business, Reuters reported.
T&L Sugars, which refines and distributes packaged sugar across supermarkets in the UK, bought Tereos' consumer facing operations in the UK and a distribution facility in West Yorkshire in November 2023. The Competition and Markets Authority referred the deal to an in-depth probe in March after the regulator found that the transaction could result in higher sugar prices for UK shoppers.
Nedbank weighs deals and buybacks to use $2.4bn cash pile.
Nedbank Group is weighing acquisitions and share buybacks to deploy part of its ZAR45.3bn ($2.4bn) cash pile, Bloomberg reported.
The South African lender last year spent ZAR5bn ($270m) on share repurchases and acquired Eqstra Investment Holdings Nedbank’s Common Equity Tier 1 capital ratio — a key measure of financial strength — remained at 13.3% as of June, above the 12% target set by the board.
APAC
Helport, an AI technology company, went public via SPAC merger with Tristar Acquisition, a special purpose acquisition company, in a $350m deal.
“Helport is unique in its technology and ability to revolutionize the contact center and customer service industries. As a public company, Helport expects that it will have the platform to fully advance its vision, achieve financial progress and expand its footprint and position in the market. We are excited about the future and continuing to work alongside Guanghai and the entire management team in its public phase,” Xiaoma (Sherman) Lu, Tristar CEO.
Helport was advised by Hunter Taubman Fischer & Li, Ogier, and Reed Smith (led by Johnny Lim). Tristar Acquisition was advised by Ellenoff Grossman & Schole (led by Barry I. Grossman), Ogier, and Rajah & Tann.
Singapore ministers addressed concerns about Allianz's plan to buy a majority stake in Income Insurance, saying it would be held to account on its commitments and that the potential deal isn’t expected to adversely impact competition in the sector, Bloomberg reported.
Europe’s biggest insurer plans to buy at least 51% of Income Insurance from NTUC Enterprise Co-operative to strengthen its presence in Asia. The proposed SGD2.2bn ($1.7bn) transaction has drawn a firestorm of comments since it was announced last month, including from veteran Singaporean diplomat Tommy Koh and the former chief executive officer of both Income Insurance and NTUC Enterprise, Tan Suee Chieh.
Income Insurance is advised by Morgan Stanley. Allianz is advised by JP Morgan. JP Morgan is advised by White & Case (led by Matthias Kiesewetter).
Kirin raised its tender offer price for Fancl by 4.1% and extended its deadline for the bid to August 28, a concession to some investors who were concerned that the offer had undervalued the skincare brand, Bloomberg reported.
The brewer, which is looking to reduce its reliance on beverages, made a bid in June to acquire two-thirds of Fancl that it doesn't already own and had extended the deadline once. The new proposal calls for buying out the smaller company for about JPY230bn ($1.5bn) at JPY2800 ($18.5) a share.
Fancl is advised by UBS. Kirin is advised by Nomura.
Gunvor Group, a multinational energy commodities trading company, agreed to acquire a 50% stake in Total PARCO Pakistan, a Pakistani oil marketing company, from TotalEnergies, a French multinational integrated energy and petroleum company. Financial terms were not disclosed.
The new entity will continue its retail business under the existing Total Parco brand, and its lubricants business under the Total brand for five years in Pakistan.
Telkom Indonesia taps Goldman and Mandiri to seek strategic investor for data centre business.
Indonesia's state-owned communication giant Telkom Indonesia has appointed Goldman Sachs and Mandiri Sekuritas to help it find a strategic investor for its data centre business, Reuters reported.
Goldman Sachs is the global financial advisor for the project and Mandiri Sekuritas is the lead advisor, Telkom's Senior Vice President of Corporate Communication and Investor Relation Ahmad Reza said.
Macquarie nears final close of $730m Korean infrastructure fund. (FS)
Macquarie Asset Management is set to close its latest South Korea-focused private equity infrastructure fund at over KRW1tn ($730m) around the third quarter of this year, DealStreetAsia reported.
The fund, part of the Macquarie Korea Opportunities Fund series, aims to continue the same investment mandate as its predecessors, focusing on infrastructure projects in South Korea. The vehicle reportedly achieved its first close at KRW200bn ($147m) in July last year.
9Basil Group hits final close of second private equity fund. (FS)
9Basil Group, a value-focused alternative investment firm, has completed the final close of its second private equity fund, DealStreetAsia reported.
Financial details of the corpus raised for the second fund remain undisclosed. After distributing over $35m this year, the firm’s assets under management have grown to over $300m. Investors include high net-worth individuals, family offices, and institutional investors from Asia-Pacific and Europe.
India's Pantomath bags $119m commitments for Fund II to back pre-IPO firms. (FS)
India Inflection Opportunity Trust, managed by Pantomath Capital Management, said it has raised INR10bn ($119m) for its second fund Bharat Value Fund of INR20bn ($238m) to back pre-IPO companies in India, DealStreetAsia reported.
The firm said that the INR20bn ($238m) includes a greenshoe option of INR10bn ($119m) and received commitments of INR1bn ($12m) so far. BVF aims to capitalise on pre-IPO investment opportunities in Indian growth-stage enterprises.
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