AMERICAS
Siemens Healthineers, a medical equipment manufacturer, is on track to complete the $16.4bn takeover of Varian, a radiation oncology treatments and software manufacturer, in the first half of the year. There are only a few approvals outstanding after authorities in the US and EU already gave the green light, Reuters reported.
Siemens Healthineers is advised by JP Morgan, UBS, Latham & Watkins, Brunswick Group, and FTI Consulting. Deft financing is provided by JP Morgan and UBS. Debt providers are advised by Clifford Chance, Freshfields Bruckhaus Deringer, and Hengeler Mueller. Varian is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz, and Joele Frank.
Coherent, a manufacturer and distributor of various laser-based photonic products, will enter a $7bn merger agreement with II-VI, a manufacturer of optical materials and semiconductors. Coherent rejected optical fiber firm Lumentum's buyout offer and is set to pay a $218m termination fee.
Under the terms of Coherent's merger agreement with II-VI, each share of Coherent common stock will be exchanged for $220 in cash and 0.91 of a share of II-VI common stock. The transaction is subject to approval by the stockholders of Coherent and II-VI, receipt of US and foreign regulatory approvals and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2021.
Coherent is advised by Bank of America Merrill Lynch, Credit Suisse, Skadden Arps Slate Meagher & Flom, and Brunswick Group. Financial advisors are advised by Cravath Swaine & Moore. II-VI is advised by Allen & Company, JP Morgan, K&L Gates, Wachtell Lipton Rosen & Katz, and Sard Verbinnen & Co.
Flynn Restaurant Group and Wendy’s International completed the acquisition of NPC International for $801m.
Flynn Restaurant Group, the largest restaurant franchisee in the US, and Wendy’s International, a restaurant company, completed the acquisition of NPC International, the largest franchisee of both Pizza Hut and Wendy’s as well as the second largest restaurant franchisee overall in the US, for $801m.
"Flynn Restaurant Group has built our business over the last twenty plus years by focusing on managing superior operations with great teams of people at premier restaurant concepts. The Pizza Hut and Wendy’s restaurants we have agreed to acquire from NPC align perfectly with this strategy, and we’re confident that our new team members will fit right in at Flynn Restaurant Group," Greg Flynn, Flynn Restaurant Group Founder, Chairman and CEO.
NPC International was advised by A&G Group, AlixPartners, Cypress Group, Greenhill & Co, Houlihan Lokey, Gibson Dunn & Crutcher, McDermott Will & Emery, Weil Gotshal and Manges, Brunswick Group, and Sard Verbinnen & Co. Flynn Restaurant was advised by Davis Wright Tremaine and Kirkland & Ellis. Wendy’s International was advised by Jefferies & Company and Cleary Gottlieb Steen & Hamilton.
TP ICAP, a stock brokering services provider, completed the acquisition of Liquidnet Holdings, a diversified financial services provider, for $700m.
"Completing the acquisition of Liquidnet is an important milestone for TP ICAP. Bringing together two highly complementary businesses transforms our growth prospects by materially accelerating the execution of our strategy. Our focus now is on the swift integration of Liquidnet and realizing the compelling opportunities to drive higher revenues and returns to shareholders," Nicolas Breteau, TP ICAP CEO.
Liquidnet Holdings was advised by JP Morgan and Sullivan & Cromwell. TP ICAP was advised by HSBC, Peel Hunt, Bank of America Merrill Lynch, Allen & Overy and Maitland. Debt financing was provided by HSBC.
Investment firms Blackstone Group and Atairos agreed to invest in GeoComply, a provider of geolocation and compliance technology. Financial terms were not disclosed.
"GeoComply continues to innovate and provide its clients with a first-class, mission-critical service. We are excited to partner with Anna, David and the entire GeoComply management team, and we look forward to leveraging our experience to help the company continue to scale and expand into new verticals," Alex Evans, Atairos Partner.
GeoComply is advised by Deutsche Bank, CMS and Sheppard Mullin Richter & Hampton. Atairos is advised by Davis Polk & Wardwell, Duane Morris and Sard Verbinnen & Co. Blackstone is advised by Deloitte, The Raine Group and Paul Weiss Rifkind Wharton & Garrison.
Clearlake Capital and Insight Partners-backed Appriss Health, a provider of cloud-based care coordination software and analytics solutions, agreed to acquire PatientPing, a care coordination data and software provider. Financial terms were not disclosed.
"This combination is transformational for patient care. PatientPing's mission since its founding has been to connect providers to seamlessly coordinate and significantly improve patient outcomes while lowering the cost of care. Our combined networks will connect providers across all care settings so they can work together better to improve clinical episodes and care transitions for the millions of patients that interact with the nations' healthcare providers," Jay Desai, PatientPing CEO.
PatientPing is advised by Deutsche Bank, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian and SVM PR. Appriss Health is advised by District Capital Partners, Evercore, Willkie Farr & Gallagher and Amendola Communications. Clearlake is advised by Lambert & Co.
Redwire, a company providing mission-critical space solutions and components for space architecture, agreed to go public via a SPAC merger with Genesis Park Acquisition, a special purposes acquisition company, in a $615m deal. Additional investors include Senvest Management and Crescent Park Management. AE Industrial Partners will remain a significant shareholder in Redwire.
"As an innovative space infrastructure leader, Redwire is set to power a new age of space travel, exploration and commerce. With this transaction, Redwire will have even greater opportunities to drive growth and value by delivering tailored, responsive solutions for its growing customer base across the public and private sectors," Kirk Konert, AE Industrial Partner.
Genesis Park is advised by Greenhill & Co, KPMG, Sheppard Mullin Richter & Hampton, and Willkie Farr & Gallagher. Redwire is advised by Jefferies & Company, Kirkland & Ellis, and Reevemark.
Tailwater Capital-backed Tall Oak Midstream II, a full suite midstream provider serving customers in the Mid-Continent, agreed to acquire Redcliff Midstream, a provider of gas gathering, treating and processing services, from Canyon Midstream Partners, an independent midstream company. Financial terms were not disclosed.
"Redcliff Midstream's complementary network of high-quality assets and its diverse customer base are a perfect fit for Tall Oak as we continue to grow our footprint and service offerings in the region. We are thrilled with how quickly our partnership with the Tailwater team has presented new opportunities, and we look forward to continuing to work together to grow our business while maintaining best-in-class service for our customers," Max Myers, Tall Oak CFO.
Tall Oak is advised by Locke Lord and Saxum. Tailwater Capital is advised by Joele Frank. Canyon Midstream Partners is advised by Piper Sandler, DLA Piper, Porter Hedges and Vinson & Elkins.
Noble Corporation, an offshore drilling contractor, agreed to merge with Pacific Drilling, a company offering ultra-deepwater drilling services to the oil and natural gas production industry. The transaction is subject to customary closing conditions and is expected to be completed in April 2021.
As part of the transaction, Pacific Drilling's equity holders will receive 16.6m shares of Noble, or approximately 24.9% of the outstanding shares of Noble at closing.
"The acquisition of Pacific Drilling will enhance our position in the ultra-deepwater market through the addition of its technologically-advanced ultra-deepwater drillships, which are highly complementary to Noble's existing fleet. The combination brings together two companies who share a common culture prioritizing safety and operational excellence. Additionally, the acquisition expands and further solidifies our relationship with certain key customers, facilitates re-entry into both the West African and Mexican regions, and strengthens our presence in the US Gulf of Mexico," Robert Eifler, Noble President and CEO.
Noble is advised by DNB Bank, Ducera Partners, and Kirkland & Ellis. Pacific Drilling is advised by Houlihan Lokey and Akin Gump Strauss Hauer & Feld.
Private equity firm MSD Partners agreed to invest in Woolpert, a geospatial, architecture, engineering and services firm. Financial terms were not disclosed.
"Woolpert fits seamlessly with MSD Partners' strategy of partnering with talented management teams and investing in companies which are stable, well-positioned in attractive markets, and poised for continued growth. The company has demonstrated excellent organic growth and been an active acquiror of strategically complementary firms," Kevin Brown, MSD Partners Co-Head of Private Capital Group.
Woolpert is advised by Houlihan Lokey and Lincoln International. MSD Partners is advised by Kirkland & Ellis and Kekst CNC. Long Point Capital is advised by Ropes & Gray.
Dot Holdings-backed OmniCable, a redistributor of wire and cable, electrical products, and value-added services, agreed to acquire Houston Wire & Cable, a wholesaler of wire and cable to the electricity distribution market, for $91m.
“HWCC, Vertex and OmniCable are highly respected suppliers in their respective markets serving electrical and industrial distributors throughout the US and Canada. This merger creates an outstanding combination of leading businesses that will be well positioned to provide increased value and customer service to its redistributor partners," James L. Pokluda III, HWCC President & CEO.
HWCC is advised by Johnson Rice & Company, William Blair & Co, and
Schiff Hardin. OmniCable is advised by Lewis Rice.
Avista Capital, a private equity firm, is set to invest in eMolecules, a novel and fast-growing e-procurement platform for high-value chemicals and bioreagents. Financial terms were not disclosed.
"As pharma companies seek to simplify their supply chains and accelerate speed to market, eMolecules helps expedite drug discovery programs by reducing the barriers, time and costs associated with acquiring important research chemicals and biologic products. Avista is excited to support the growth potential eMolecules has demonstrated among its existing base of blue chip pharma customers, as well as its expansion into other biopharma and academic customers. Additionally, we see significant runway for the eMolecules business model in a number of critically important product areas," Sriram Venkataraman, Avista Capital Partner.
eMolecules is advised by Robert W Baird and Paul Hastings. Avista Capital is advised by Ropes & Gray and Kekst CNC.
E. Gluck, an American watch manufacturer, agreed to invest in WITHit, a Las Vegas-based wearable technology accessories designer and manufacturer. Financial terms were not disclosed.
"In WITHit, E. Gluck Corporation has found a younger version of itself. A company driven and guided by its core values and a relentless dedication to customer satisfaction. We are excited on a corporate level to be joining forces and even more so, to having these incredible individuals joining our EGC family," Bobbie Weichselbaum, E. Gluck CEO.
WITHit is advised by Consensus Advisors and Strategic Law Partners. E. Gluck is advised by East Wind Advisors and Vinson & Elkins.
Private equity firm Dunes Point Capital agreed to acquire Hy-Tek Material Handling and WorldSource Integration, providers of material handling automation solutions. Financial terms were not disclosed.
The companies will be combined to form Hy-Tek Holdings, which will have eight facilities in the United States and employ over 500 people.
Dunes Point is advised by Alvarez & Marsal and Ropes & Gray. Debt financing is provided by M&T Bank.
Kinderhook-backed Repairify, a provider of remote diagnostic solutions and services to the collision industry, agreed to acquire Red EU and Red Autocentres, distributors of aftermarket electronic devices designed to run diagnostic tests and calibration services on automotive electrical systems. Financial terms were not disclosed.
"The merger between Red and Repairify will provide tremendous value and benefits to all our of our Red global customers. Red customers will benefit from having access to a complete portfolio of world-class tools, products, and services rapidly being integrated under the Repairify global solutions platform," Martin Brown, Red EU CEO.
Repairify is advised by Kirkland & Ellis and Mishcon de Reya.
Private equity firm Arcline Investment Management agreed to invest in PDC Machines, a manufacturer of specialty gas compression systems. Financial terms were not disclosed.
"As a family-owned business, choosing the right partner, not just a partner, to support us through our next stage of growth was of the utmost importance. Arcline shares our core values of humility, collaboration, and a growth mindset, as well as a passion for supporting the future of clean energy, making them an ideal partner for the PDC family. The future couldn't be brighter for PDC," Kareem Afzal, PDC CEO.
Arcline Investment Management is advised by Piper Sandler and Joele Frank.
Energy company Validus Energy agreed to acquire the Eagle Ford assets from Ovintiv, one of the largest producers of oil, condensate and natural gas in North America, for $880m.
"Today's Eagle Ford announcement continues our track record of unlocking value from non-core assets. Proceeds will significantly accelerate the achievement of our debt reduction target and allow us to pay off near-term debt maturities with cash on hand. Our 2021 outlook is strong and we expect to generate significant free cash flow for the fourth consecutive year," Doug Suttles, Ovintiv CEO.
Ovintiv is advised by Citigroup.
S4 Capital-backed MediaMonks, a creative digital production company, agreed to merge with Jam3, a Toronto-based design and experience agency. Financial terms were not disclosed.
"We are delighted to welcome the Jam3 team to S4Capital. Data-driven, Creativity is at the heart of our offering and Jam3's reputation, talent and client base is second to none. Jam3 is another key step in our seizing the next decade and converting clients at scale to our new, unitary model," Martin Sorrell, S4 Capital Executive Chairman.
S4 Capital is advised by Powerscourt.
White Cap, a one-stop-shop providing concrete accessories and chemicals, agreed to acquire National Concrete Accessories, a manufacturer and distributor of concrete accessories and construction supplies. Financial terms were not disclosed.
"We are looking forward to expanding our presence and offerings in Canada thanks to the many strengths of the NCA team. The depth of products, services, and knowledge that NCA brings in concrete forming and accessories complements Brafasco's specialty in fasteners, tools, and safety products, and BWC's portfolio of building envelope, concrete accessories, masonry, and geotechnical products," John Stegeman, White Cap CEO.
National Concrete Accessories is advised by Houlihan Lokey.
NexPhase Capital-backed KnowFully Learning Group, a provider of continuing professional education, exam preparation courses and digital learning solutions, agreed to acquire The Rx Consultant, a subscription-based provider of pharmaceutical news. Financial terms were not disclosed.
"We are looking forward to joining the KnowFully family of brands and leveraging its extensive resources to continue to provide excellent, timely and useful content to healthcare professionals. We know that existing customers of both companies will benefit from our combined offerings, as well as the innovations we will be able to make as a result of our work together," Terry Baker, The Rx Consultant Founder and Chief Editor.
NexPhase Capital is advised by Joele Frank.
Knox Lane-backed Fingerpaint, a full-service health and wellness marketing agency, completed the investment in Leaderboard Branding, a global naming and branding business. Financial terms were not disclosed.
"Brannon and his team have built a best-in-class business that aligns with Fingerpaint's people-first values and mission, and we are pleased to welcome Leaderboard Branding to the Fingerpaint family. Partnering with Leaderboard Branding is an investment in our never-ending commitment to continue adding services to meet the needs of our clients, allowing us to continue building out a world-class company within the healthcare marketing industry," Ed Mitzen, Fingerpaint Founder.
Knox Lane is advised by Joele Frank.
KKR & Co led a $200m funding round in Feedzai, a data science company that prevents, detects, and remediates fraud risk for financial institutions, with participation from Sapphire Ventures and Citi Ventures.
"This investment assures the cutting-edge technology we're known for, along with our expertise in fraud prevention and anti-money laundering, will continue and expand and develop well into the future," Feedzai.
KKR is advised by Milltown Partners.
Mubadala Capital, an investment company, agreed to acquire RLAM refinery, a Brazilian oil refinery, from Petrobras, a state-owned Brazilian multinational corporation in the petroleum industry, for $1.65bn.
The sale of the refinery must still be approved by Brazil’s Administrative Council for Economic Defense.
Mettler-Toledo, a multinational manufacturer of scales and analytical instruments, agreed to acquire PendoTECH, a company offering technology for GMP manufacturing & process development of biopharmaceuticals, for $205m.
"The combination of our Process Analytics and PendoTECH products and technologies creates one of the most comprehensive sensor offerings in the bioprocess market today. The outlook for the bioprocessing market is excellent, and we see attractive opportunities to cross-sell and expand PendoTECH's global reach. Customers will also benefit from using various sensors with harmonized interfaces and expanded integration capabilities," Olivier Filliol, Mettler-Toledo President and CEO.
US Sugar, a privately owned agricultural business, agreed to acquire Imperial Sugar Company, a major US sugar producer and marketer based in Sugar Land, Texas, from Louis Dreyfus, a global merchant firm. Financial terms were not disclosed.
"Imperial Sugar has a strong company heritage and looks forward to joining the US Sugar family. I am confident that the move will create production, logistics and supply chain synergies and efficiencies that will benefit both companies and our customers, as we continue to bring them the quality products and brands they know and expect," Mike Gorrell, Imperial Sugar President and CEO.
Silver Lake, Blackstone, Fidelity Investments, Neuberger Berman, Thrive Capital and Major League Baseball led a $320m funding round in Fanatics, a licensed sports merchandise retailer.
The new funds will be used to expand the company's model to design and distribute exclusive licensed merchandise. It also plans on international expansion and to pursue mergers and acquisitions.
Capital One led a $170m Series F round in Hopper, the provider of a travel booking app, with participation from GS Growth, Inovia Capital, WestCap Group, and Citi Ventures.
Hopper has announced that it's partnering with Capital One to create a customer booking portal for Capital One cardholders. It will also use the new financing to launch Hopper Cloud, a B2B initiative.
Casdin Capital and Redmile Group led a $125m funding round in AbSci, a synthetic biology company, with participation from Fidelity Management and Research Company, D1 Capital Partners, Perceptive Advisors, aMoon Edge, Irving Investors, and ArrowMark Partners.
"We are thrilled to have such a well-respected group of life sciences investors who share our vision of transforming the way drugs are created. As we unlock access to novel biologies and therapeutic modalities, and work with our partners to create exciting new medicines, we are continuing to innovate and expand the scope of what we can accomplish and the impact we can have to improve human health," Sean McClain, AbSci Founder and CEO.
News, a global diversified media and information services company, agreed to acquire Investor's Business Daily, a provider of proprietary stock screens, comparative performance ratings, and unique commentary, from O'Neil Capital, a private fund management company. Financial terms were not disclosed.
"The decision to divest IBD was a difficult one. I believe IBD's analytic and research capabilities are best-in-class for the retail investor. IBD has a healthy profit margin and a growing subscriber base, the result of entrepreneurial strategies it deployed to capitalize on the shifting landscape of the investment, media, and fintech marketplaces. In adding IBD's unique technical and analytical capabilities to News Corp's already formidable portfolio of media properties, we believe this transaction will greatly benefit both companies," Scott O'Neil, O'Neil Capital CEO.
High Level Marketing, a website and digital marketing agency, agreed to merge with Bell Media, a radio broadcaster. Financial terms were not disclosed.
The combined company will widen its geographical reach and further cement itself as a market leader in the website and digital marketing industry.
"This expansion presents a momentous opportunity to invest further in proprietary technology, offer a wider array of services to our clients and escalate growth potential nationally for our organization and the businesses we serve. I'm thrilled for our team, our customers and for the future of this organization. By bringing together Bell Media and High Level Marketing, we'll be positioned to make significant strides as we pursue our purpose to inspire our customers and help them achieve their goals," Scott Bell, Bell Media Founder and CEO.
Televisa in deal talks with Univision.
Grupo Televisa, a Mexican broadcaster, is in talks about the possibility of a combination of “certain content assets” with Univision, a Spanish-language US broadcaster. Televisa also denied being in talks about an entire company merger with Univision, in which it owns a 36% stake, Reuters reported.
“We are not in discussions regarding a merger between Grupo Televisa and Univision Communications. The companies have sought to find ways to work more closely together over the past several years in an effort to broaden their longstanding successful partnership,” Televisa.
Apollo Global-backed Spartan Acquisition IV looks to raise $400m in an IPO. (FS)
Apollo Global-backed Spartan Acquisition IV, a special purpose acquisition vehicle, plans to riase $400m through an IPO by selling 40m units, composed of shares and warrants, priced at $10 per unit on the Nasdaq Capital Market.
Apollo Global has raised hundreds of millions of dollars through multiple blank-check companies to date, with some of its SPACs already landing deals.
Spartan Acquisition IV is advised by Goldman Sachs, Citigroup, Credit Suisse, JP Morgan, Barclays, RBC Capital Markets, Vinson & Elkins, Walkers, and Cooley.
BYTE Acquisition announced the closing of its $300m IPO.
BYTE Acquisition, a special purpose acquisition company, announced the closing of its initial public offering of 30m units at a price of $10.00 per unit, resulting in gross proceeds of $400m. The units began trading on The Nasdaq Capital Market on March 19, 2021, under the ticker symbol "BYTSU".
Each unit issued in the offering consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share for $11.50 per share. Once the securities comprising the units commence separate trading, the Class A ordinary shares and warrants are expected to be respectively listed on Nasdaq under the symbols “BYTS” and “BYTSW”.
Greenbriar Equity closes fund V at $1.68bn. (FS)
Greenbriar Equity Group, a private equity firm, announced the final closing of its Greenbriar Equity Fund V, with total capital commitments of $1.68bn. Fund V represents the firm's largest fund to date, receiving strong support from both existing investors as well as a broad base of globally diverse and highly regarded new investors across the US, Europe and Asia. Fund V was significantly oversubscribed, successfully completing the fundraise above its $1bn target after launching in the fourth quarter last year
"We are grateful for the support we have received from so many well-regarded institutional investors. It is a recognition of our team's long-term success together, our distinct culture and our consistent and focused strategy. Fund V will continue with the same strategy and approach that has driven our success to date, a focus on growing market leading companies in sectors and situations where we can accelerate growth and add tangible value as we seek to deliver strong returns for our investors," Noah Roy, Greenbriar Managing Partner.
Greenbriar was advised by Evercore and Kirkland & Ellis.
Maverix nears close of its $500m fund. (FS)
Maverix, a venture capital firm founded by OMERS Ventures founder and former CEO John Ruffolo, is about to close its $500m fund, backed by LPs including BMO, CIBC and Mattamy Asset Management, as well as two large pension funds that have yet to be disclosed. The fund is planning to invest up to $100m per deal.
John Ruffolo’s new firm has raised $500m for legacy companies that are investing in technological transformation. The former OMERS Ventures CEO said the fund aims to fill a gap in the Canadian investment space that sits between venture capital and buyout private equity. Rather than back tech firms encroaching on traditional sectors, Maverix is looking to invest in legacy companies themselves.
“We determined that the real demand was in those growth companies that are not technology companies that are seeking substantive capital. They don’t want to go public and they don’t want a controlled buyout transaction. There’s nobody on the private equity side that will do minority investing," John Ruffolo.
Orangewood Partners raises more than $300m. (FS)
Orangewood Partners, a private equity firm, announced the successful close of Orangewood Fund II, with more than $200m in equity commitments as well as approximately $100m in equity across other vehicles.
The fund’s strategy is consistent with Orangewood’s approach of investing in North American private and public companies with $5m to $25m+ of EBITDA through control and structured minority investments in its core sectors, which are largely uncorrelated to economic cycles. The fund’s investor base is comprised of a state pension plan, endowments, insurance companies, asset managers, fund-of-funds, high-net worth individuals and family offices, and other institutions.
EMEA
Hillhouse Capital, an Asia-focused private equity firm, agreed to acquire the Domestic Appliances business of Philips, a Dutch multinational conglomerate corporation, for $5.2bn.
"I am pleased that in Hillhouse Capital we have found a new home for the Domestic Appliances business to further expand on its market leadership, strong brand and pipeline of new innovations. This transaction concludes our major divestments. Going forward, our focus is on extending our leadership in health technology and continuing our transformation into a solutions company supporting professional healthcare customers achieve the Quadruple Aim and consumers with their personal health," Frans van Houten, Philips CEO.
Hillhouse Capital is advised by Ernst & Young and Linklaters. Philips is advised by Deloitte, Goldman Sachs, JP Morgan and De Brauw Blackstone Westbroek.
Apax, an independent global firm focused solely on long-term investments, agreed to acquire Rodenstock, a global provider of high-quality ophthalmic lenses, from Compass Partners, a private equity firm. Financial terms were not disclosed.
“Rodenstock fits perfectly with the Apax Funds’ healthcare strategy of investing in innovative companies with a differentiated customer proposition and the potential to achieve stand-out growth. Under Anders’ management, Rodenstock’s strategic refocus has already translated into strong performance in 2019 and 2020, despite the Covid-19 pandemic, creating a robust foundation for future success," Steven Dyson, Apax Partner and Co-Head of Healthcare.
Apax is advised by PricewaterhouseCoopers and Linklaters. Compass Partners is advised by Jefferies & Company, PricewaterhouseCoopers, Dickson Minto, and Sidley Austin.
Insight Partners, a private equity firm, agreed to invest $350m in IAD Group, a real estate agents network, joining investors IK Investment Partners, Five Arrows Principal Investments and Naxicap Partners.
"Insight has invested in new, disruptive businesses in the broader real estate ecosystem and we are excited to welcome iad to that group. This experience combined with our ScaleUp operational focus will help iad continue to grow and expand its footprint both within and outside France," Deven Parekh, Insight Partners Managing Director.
IAD Group is advised by JP Morgan. IK Investment Partners is advised by Willkie Farr & Gallagher and Maitland.
TDR Capital, a UK-based private equity firm, agreed to invest in BPP, a provider of professional and vocational education. Financial terms were not disclosed.
"We are excited to work with Graham and his team and support the excellent work they are doing. We believe there are compelling opportunities to build on their strengths in the face of growing demand for high-quality education courses and training programs," Jon Rosen, TDR Partner.
TDR Capital is advised by Houlihan Lokey and Tulchan Communications.
KPN, a Dutch landline and mobile telecommunications company, and APG, a Dutch pension investment company, agreed to form an €880m ($1bn) joint venture to further accelerate the rollout of fiber and lead the digitalization of the Netherlands.
"This strategic partnership with APG marks a next step in the acceleration of our fiber rollout in the Netherlands and shows we can act quickly on opportunities in the Dutch market. It is an attractive transaction, creating additional value for all stakeholders. Through this JV we further accelerate the fiber rollout and bring forward the long tail in smaller villages and business parks. It ensures almost nationwide fiber coverage by 2026. Together with 5G, our state-of-the-art fiber network creates the most modern and powerful network, supporting the Netherlands well into the 21st century," Joost Farwerck, KPN CEO.
APG is advised by Barclays.
PGNiG, a Polish state-controlled oil and gas company, agreed to acquire INEOS E&P Norge, which holds interests in 22 licenses on the Norwegian Continental Shelf, for $615m.
The hydrocarbon resources to be acquired by the PGNiG Group amount to 117m barrels of oil equivalent, and will increase PGNiG's Norwegian resources by approximately 55%.
PGNiG is advised by Rothschild & Co.
Helios Towers, a UK-based telecommunications company agreed to acquire the passive infrastructure operating companies in Madagascar and Malawi of Airtel Africa Group, a provider of telecommunications and mobile money services, for $124m.
"We are delighted to announce these acquisitions which, alongside the previously announced entry into Senegal, means we will deliver on our 2025 ambition to increase our operational presence to at least eight markets well ahead of schedule and represents a significant step towards our target of 12k+ sites," Kash Pandya, Helios Towers CEO.
Helios Towers is advised by Vinson & Elkins.
Cognizant, an American multinational technology company that provides business consulting, agreed to acquire ESG Mobility, a digital automotive engineering R&D provider. Financial terms were not disclosed.
"The automotive industry is undergoing a fundamental shift, embracing new mobility concepts that rely heavily on software, connectivity and artificial intelligence. Our priority is providing clients with the capabilities they need to compete as modern digital businesses, and ESG Mobility is a natural complement to our existing connected mobility offerings and global delivery model. This acquisition will empower our clients to innovate more quickly in shaping the future of transportation. We look forward to welcoming ESG Mobility's talented team to Cognizant," Malcolm Frank, Cognizant President of Digital Business and Technology.
Sovcombank to acquire Vostochny Bank from Baring Vostok and Finvision. (FS)
Sovcombank, a universal bank, agreed to acquire Vostochny Bank, a Russian financial company, from Baring Vostok, a private equity investment firm, and Finvision. Financial terms were not disclosed.
Sovcombank expects the deal to close within a few weeks of being approved by the central bank and the Federal Antimonopoly Service, and that it expects to integrate Voctochny over 12 to 18 months.
SGD Pharma explores a $1.2bn strategic option. (FS)
SGD Pharma, a supplier of Covid-19 vaccine vials and other healthcare packages made of glass, is exploring options incluing a sale for more than $1.2bn.
Its owner, China Jianyin Investment, has asked Bank of America Merrill Lynch to look for a potential buyer of the business, which has core earnings of about $118m and could be valued at 10-12 times that. Alternatively, JIC could opt to keep SGD and have it consolidate the market in Europe or Asia, or help it expand into new segments like pre-filled syringes.
The business is being marketed to buyout firms including PAI, Ardian, Eurazeo, CVC and Cinven. The first-round offers are expected next month, Reuters reported.
Bertelsmann's BMG and KKR team up to acquire the music rights of Mick Fleetwood. (FS)
Music publisher BMG is teaming up with private equity house KKR to acquire music rights, following on from its recent deal to acquire the back catalogue of British rock musician Mick Fleetwood, Reuters reported.
The alliance seeks to capitalise on the boom in music streaming that has given retirement gifts to veteran singer-songwriters like Bob Dylan and Neil Young, enabling them to sell a share of royalties to specialist investors.
“BMG and KKR can jointly pursue opportunities for acquisitions of major catalogues of music rights from now on. Together with KKR, we are ideally positioned to make attractive offers to rights owners," Thomas Rabe, Bertelsmann CEO.
Macquarie bid for Ital Gas Storage falls short. (FS)
Private equity firm Macquarie's $1.2bn bid for Ital Gas, Italy’s biggest independent gas storage facility, failed to win over owner Morgan Stanley Infrastructure Partners.
In November, Macquarie entered exclusive talks to buy Ital Gas Storage from Morgan Stanley Infrastructure Partners which owns 92.5% of the asset. Morgan Stanley would now take time to consider its options and whether to launch another sales process, Reuters reported.
EQT to launch the sale of Getec in Q3. (FS)
EQT is preparing to launch the sale of its German energy services firm Getec in the third quarter, and has mandated an investment bank to oversee the processhas mandated an investment bank to oversee the process.
EQT, which bought a 60% stake in Getec in 2016, is working with Morgan Stanley on the sale.
Deliveroo investors raise concerns ahead of London IPO.
Investors and riders are raising concerns about the way Deliveroo Holdings treats its couriers in the run up to the company’s initial public offering next week, highlighting a key issue for the startup as gig economy workers lobby to secure more protections from the platforms that rely on them, Bloomberg reported.
Aberdeen Standard Investments and Aviva Investors, two of the UK’s biggest asset managers, said they won’t be participating in the IPO. The investors said they’re concerned that the company’s treatment of its riders doesn’t align with socially responsible investing practices. Some riders agree, with hundreds of couriers expected to refuse to make deliveries when the startup begins trading next week.
Club Brugge shelves IPO.
Club Brugge, a Belgian soccer team, postponed its initial public offering in Brussels, citing market conditions. The national champions were to have listed on Euronext Brussels at the end of March in an initial public offering valuing the club at up to $304m.
“We have chosen to postpone Club’s flotation given the current market conditions. Of course we think this is a shame, but we look to the future with an open mind,” Bart Verhaeghe, Bruges Chairman.
Armada closes Armada Fund V at $248m to invest in debt and equity in Northern European growth companies. (FS)
Armada, a private equity firm announced the final closing of its fifth fund, Armada Fund V at $248m hardcap. The fund invests in growing and profitable businesses in Northern Europe and acts as financing partner to company owners and financial sponsors.
The fund received commitments from a diverse base of European institutional investors, including private and public pension funds, insurance companies, fund-of-funds, government agencies and institutions. The fund size exceeded its original target size.
Armada was Elm Capital and Borenius.
APAC
Country Garden Services, a residential property managers company, offered to acquire Sichuan Languang Justbon Services, a property management firm, for HK$5.9bn ($760m).
Sichuan Languang Justbon Services will be delisted on completion of the transaction.
Sichuan Languang Justbon Services is advised by Gram Capital and Huatai Financial. Country Garden Services is advised by JP Morgan. JP Morgan is advised by Kirkland & Ellis.
Invesco Developing Markets Fund, a long-term fund, led a $155m Series C funding round in Brii Biosciences, a biotechnology company. Additional investors include GIC, Lake Bleu Capital and three current investors.
“Since our founding in 2018, Brii Bio has made tremendous progress toward our mission to accelerate the development and delivery of breakthrough medicines through partnerships and our own insight in highly differentiated medicine discovery. As we work to address some of the world’s biggest public health issues and disease burdens, we are pleased and honored to have the support of investors who share our mission to discover, develop and deliver innovative treatments for patients not only in China, but throughout the world," Zhi Hong, Brii Bio CEO.
Quadria Capital, a healthcare investment firm, completed the investment in PT Medikaloka Hermina, a private hospital group in Indonesia. Financial terms were not disclosed.
“Hermina represents a great opportunity for Quadria to work with the leading hospital network in Indonesia. The management team and the medical professionals in Hermina have done a tremendous job in building a market dominant platform. We look forward to bringing our network and expertise to transform Hermina into Indonesia’s largest multi-specialty care network," Amit Varma, Quadria Capital Managing Partner and Co-Founder.
Hitachi narrows down bidders for its $6.4bn metal units. (FS)
Hitachi narrowed down the bidders for its $6.4bn Hitachi Metals to two groups, one of which includes KKR. KKR is teaming with government-backed Japan Investment to buy Hitachi Metals, which makes components for cars and industrial equipment,
Carlyle Group, Bain Capital and KKR were among potential bidders. Hitachi is planning to sell a 53% stake in Hitachi Metals.
Blackstone to acquire eight hotels from Kintetsu. (FS, RE)
The Blackstone Group agreed to acquire eight hotels from Kintetsu Group Holdings, a Japanese railway holding company. Financial terms were not disclosed.
Kintetsu said it would continue to operate the hotels, which have a book value of $385m. The deal was spurred by cost-cutting during the Covid-19 pandemic.
China Evergrande-backed FCB Group weighs a $20bn IPO. (FS)
China Evergrande-backed FCB Group, an online home and car sales platform, weighs an initial public offering in the US as soon as the fourth quarter.
The portal, currently valued at about $20bn, has separately reached out to prospective investors for a pre-IPO funding round. FCB Group is working with advisers including Bank of America Merrill Lynch and CLSA.
Sunseap Group mulls a $445m IPO.
Sunseap Group, a renewable energy firm, is weighing an initial public offering in Singapore, that could raise as much as $445m. Sunseap aims to list as soon as the end of this year.
Deliberations are still ongoing and details such as size and timing could change. Any deal will help give a boost to the Singapore IPO market, which has only hosted one new listing this year.
Cimory weighs a $300m IPO.
Cimory Group, a dairy products company, is considering an initial public offering in Jakarta as soon as this year. The offering could raise about $300m, which could be the country’s largest IPO since 2019.
The Indonesian company is working with advisers on the planned share sale. Details of Cimory’s offering could still change as deliberations continue. The company has been exploring a few strategic fundraising avenues to support its future growth.
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