HIG Capital acquired BioVectra, a contract development and manufacturing organization, from Mallinckrodt, a global biopharmaceutical company, for approximately $250m, including fixed consideration of $175m, comprised of an upfront payment of $135m and a long-term note for $40m.
"We are excited to support BioVectra's exceptional leadership and highly dedicated employees. BioVectra demonstrates a tremendous ability to generate robust organic growth and utilizes a broad set of technical capabilities to deliver outstanding service and quality. They are completing major capital expenditure programs to significantly expand capacity and the company is well-positioned to capitalize on growing demand for their services." Mike Gallagher, Managing Director at HIG Capital.
Wells Fargo Securities and McDermott Will & Emery advised HIG Capital. Goldman Sachs, Latham & Watkins and Kekst CNC advised Mallinckrodt.
Private equity firm L Squared Capital Partners acquired Space Electronics, a leading provider of mass properties and electronic testing solutions. Financial terms were not disclosed.
“The Space Electronics team has built deep customer relationships by providing world-class precision measurement solutions used in mission-critical applications across the Aerospace & Defense sector,” said Sean Barrette, Partner of L Squared. “L Squared’s long term capital base and execution of our M&A strategy will allow Raptor Scientific to assemble a growing portfolio of precision testing and measurement products and solutions that will add more value to the Company’s customer base over time.”
Harris Williams & Co and Ice Miller advised Space Electronics. Vedder Price advised L Squared Capital.
Spartan Motors, the North American leader in specialty vehicle manufacturing and assembly for the commercial and retail vehicle industries, acquired Royal Truck Body, a leading, California-based designer, manufacturer, and installer of service truck bodies and accessories. Financial terms were not disclosed.
"This is an exciting day for Spartan," said Daryl Adams, President and Chief Executive Officer of Spartan Motors. "Our acquisition of Royal Truck Body marks the continued execution of our strategic plan and delivers on the promise of nationwide expansion to the benefit of our customers, suppliers, team members, and our shareholders."
Donnelly Penman & Partners and Varnum advised Spartan Motors.
Bowlero, the world’s largest owner and operator of bowling centers, acquired Professional Bowlers Association, the pinnacle of professional bowling since 1958. Financial terms were not disclosed.
“The PBA is rich with history and home to the top players in the sport, with thousands of members and millions of fans throughout the world,” said Bowlero Corp Chief Customer Officer Colie Edison. “This acquisition is about leveraging resources to give the PBA Tour the support and funding it deserves, building value for dedicated members nationwide, and expanding the brand’s overall visibility.”
Houlihan Lokey advised PBA.
KKR acquired a majority stake in Burning Glass, the world’s leading real-time labor market data source, from Providence Strategic Growth, an affiliate of Providence Equity Partners. Financial terms were not disclosed.
“By harnessing real-time labor market data, Burning Glass predicts the jobs and skills workers will need in the future, equipping educators, companies and governments with the tools necessary to meet this challenge and contribute meaningful progress toward these goals. We are proud to be investing in Burning Glass to meet this imperative,” said Robert Antablin, Co-Head of KKR Global Impact.
Cox Automotive, a global automotive services company, invested $350m in Rivian, an American automaker and automotive technology company. This partnership marks Rivian’s third investment announcement of 2019, following a $700m investment round in February led by Amazon, and in April, a $500m investment from Ford Motor Company.
“We are excited by Rivian’s unique approach to building an electrified future and to be part of the positive impact its products will bring to our roads and the world around us,” said Sandy Schwartz, president of Cox Automotive. “This investment complements Cox Automotive’s own commitment to environmental change through our Cox Conserves efforts.”
Acuity Brands, a lighting and building management firm headquartered in Atlanta, acquired The Luminaires Group, a leading provider of specification-grade luminaires for commercial, institutional, hospitality and municipal markets. Financial terms were not disclosed.
Vernon J. Nagel, Chairman and Chief Executive Officer of Acuity Brands, commented, "We are very pleased to welcome the great team at The Luminaires Group to the Acuity Brands family. The addition of their strong brands to our lighting portfolio reinforces our commitment to bringing superior architectural solutions to our vast customer base. Acuity Brands will bring its connected, smart lighting expertise to the TLG brands through our leading and innovative drivers, controls and networking systems, which when combined with our existing complementary lighting brands, will provide our customers with an extensive catalog of customizable solutions for the specification community for applications of various sizes and complexities requiring innovative approaches, great design and optimum performance.”
Esdec, a leading global rooftop solar mounting solutions provider, acquired IronRidge and Quick Mount, two leaders in the design, engineering and manufacturing of solar mounting and racking hardware for the US residential and commercial markets. Financial terms were not disclosed.
“IronRidge and Quick Mount PV are both well-known and well-respected brands with reputations for innovation, quality and customer service,” said Stijn Vos, CEO of Esdec. “They have played a key role in scaling the US solar industry to where it is today, and our investment adds the capital depth and R&D capabilities needed for them to lead the industry’s next massive phase of growth. We welcome IronRidge and Quick Mount PV to the Esdec family and look forward to working with them.”
Avalon Ventures and COI Pharmaceuticals sold Sitari Pharmaceuticals, a developer of a novel treatment for celiac disease, to GlaxoSmithKline, a British multinational pharmaceutical company. Financial terms were not disclosed.
“Over the last six years, GSK and Avalon have pioneered a unique biotech funding model designed to identify novel targets from top-tier academic labs and translate cutting-edge discoveries into promising clinical candidates,” said John Lepore, SVP, Research, GSK. “Bringing the Sitari TG2 program into GSK is strongly aligned with our research focus on genetically-associated targets and immune-driven disease. The current standard of care for celiac disease is strict adherence to a gluten-free diet, but a significant number of patients still experience gastrointestinal symptoms and disease progression. TG2 inhibition could represent a new hope for celiac disease patients.”
Arthur J. Gallagher, a US-based global insurance brokerage and risk management services firm, acquired Serna Insurance Agency, which offers private client, personal lines and commercial insurance products and services to clients throughout the state of Texas and surrounding states. Financial terms were not disclosed.
"Personal lines is an important strategic initiative for Gallagher, and Serna's reputation as a high-quality personal lines agency across Texas is a natural fit with our strategy," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "I am very pleased to welcome Pete, Martha and their associates to our growing global team."
Alphabet ponders buying Nutanix for up to $9bn.
Alphabet, Google’s parent company, is interested in buying Nutanix, a cloud computing software company that sells what it calls hyper-converged infrastructure appliances and software-defined storage, in a deal valued at up to $9bn.
A potential acquisition could benefit Nutanix, as the company has been witnessing sales slowdown due to salesforce-related issues and a transition to a subscription model.
Mirae-led consortium to buy Anbang's US hotel portfolio. (RE)
A consortium led by South Korea’s Mirae Asset Global Investments agreed to buy a portfolio of 15 US hotels from China’s Anbang Insurance Group for around KRW6.7tn ($4.5bn).
The portfolio includes the Westin St. Francis in San Francisco, the Loews Santa Monica Beach Hotel, the JW Marriott Essex House in New York and the Four Seasons in Jackson Hole, Wyoming.
SoftBank looking to invest in Latin America venture capital funds. (FS)
SoftBank is in talks with venture capital firms in Latin America to invest in their funds, a move likely to speed up spending of a $5bn regional venture capital fund. At least two venture capital investors have already received SoftBank resources: Brazilian firm Valor Capital and Argentina’s Kaszek Ventures, which recently announced it had raised $600m in fresh capital and has invested in 70 Latin American startups.
