AMERICAS
Franchise Group, an operator of franchised and franchisable businesses, agreed to acquire Pet Supplies Plus, an omnichannel retail chain and franchisor of pet supplies and services, from Sentinel Capital Partners, a private equity firm, for $700m.
“We are extremely pleased with PSP’s significant expansion and successful integration of new franchisees into its system. PSP is the #1 pet franchisor in the US in an attractive, growing market driven by loyal consumers passionate about pet ownership. We were honoured to work with PSP’s highly committed and talented management team who have superbly positioned the company for continued growth," Marc Buan, Sentinel Principal.
Pet Supplies Plus is advised by Piper Sandler, Robert W Baird and Kramer Levin Naftalis & Frankel. Franchise Group is advised by B. Riley FBR and Willkie Farr & Gallagher. Debt financing is provided by B. Riley FBR, Citizens Bank, Credit Suisse and JP Morgan.
EQT Partners agreed to acquire Exeter Property, a real estate investment management firm, for $1.9bn. The transaction is subject to customary closing conditions, including anti-trust and certain fund investor clearances, with completion expected to take place in the second quarter of 2021.
“Scaling EQT’s real estate platform has been a key priority for EQT Real Assets. The combination of Exeter and EQT’s existing real estate business is highly complementary and creates a leader in thematic value-add real estate investments, allowing EQT to scale up local execution while also adding a prolific single asset deal platform. Exeter is a hidden gem with very strong performance due to a clear operational mindset. We believe this is synergistic for both parties, with EQT able to bring multiple benefits to the Exeter business with the strength of our industry and client relationships and our future-proofed operating platform," Lennart Blecher, EQT Head of Real Assets and Deputy Managing Partner.
EQT is advised by JP Morgan, Kirkland & Ellis and Vinge. Exeter is advised by Berkshire Global Advisors and Goodwin Proctor.
Enerplus, an independent North American oil and gas exploration and production company, agreed to acquire Bruin E&P, an exploration and production company, for $465m.
"This acquisition demonstrates our disciplined returns-oriented focus and commitment to value creation for our shareholders. With immediately adjacent acreage offering strong operational synergies, Bruin's assets are highly complementary to our existing tier 1 position in the Bakken and will enable us to accelerate free cash flow growth and further support our focus on providing long term sustainable shareholder returns," Ian C. Dundas, Enerplus President and CEO.
Enerplus is advised by Stifel, TD Securities, Tudor Pickering Holt, Blake Cassels & Graydon and Vinson & Elkins.
Marriott Vacations Worldwide, a company operating hotels, agreed to acquire Welk Resorts, a portfolio of vacation resorts, for $430m.
"It is bittersweet after 57 wonderful years of memories and accomplishments to be welcoming a new owner for Welk Resorts. We are confident in MVW and its shared commitment to excellence. Our board and family recognized that its vision, resources and globally-recognized brand ensure the best long-term future for our valued team members and Owners," Jon Fredricks, Welk Resorts President and CEO.
MVW is advised by JP Morgan and BakerHostetler. Welk Resorts ia dvised by Hogan Lovells, Baker Tilly and Bank of America Merrill Lynch.
TFI International to acquire UPS Freight for $800m.
TFI International, a Canadian transport and logistics company, agreed to acquire UPS Freight, a company that delivers packages and documents, for $800m. The transaction is expected to close during the second quarter of 2021.
“We’re excited about the future and the opportunities this creates for both UPS and UPS Freight as part of TFI International. The agreement allows UPS to be even more laser-focused on the core parts of our business that drive the greatest value for our customers," Carol Tomé, UPS CEO.
UPS is advised by Goldman Sachs and King & Spalding.
Climate Adaptive Infrastructure, an infrastructure investment firm, and Trilantic North America, a global private equity firm, completed the acquisition of a minority stake in Intersect Power, a developer of utility-scale renewable energy, for $127m.
"We are pleased to be founding investors in Intersect Power, a company defining the future of renewable infrastructure with remarkable connectivity between capital markets, supply chains, greenfield development, and innovative technologies. Intersect Power's deep bench of senior executives are experts at strategically deploying capital across low-carbon infrastructure assets. Additionally, we look forward to Intersect Power's expansion into green hydrogen, another critical component for global decarbonization," Bill Green, CAI Founder and Managing Partner.
Intersect Power was advised by Orrick Herrington & Sutcliffe. Bidders were advised by Latham & Watkins.
Clearlake Capital and TA Associates-backed Ivanti, a company which automates IT and security operations, agreed to acquire Cherwell Software, a company designing, developing, and producing prepackaged computer software. Financial terms were not disclosed.
"The addition of Cherwell's product suite and talented employees solidifies Ivanti's market position as a leader in the large and growing IT service management market, complementing its strong position in unified endpoint management and zero-trust security markets, as well as provides innovative solutions for the attractive enterprise service management market. We are excited to support the Ivanti team in yet another strategic transaction as they continue creating value through M&A and executing their world-class operational playbook," Behdad Eghbali, Clearlake Founder and Managing Partner.
Clearlake Capital is advise by Lambert & Co. Ivanti is advised Avista PR.
Independent Insurance Group, a holding company that operates as a general insurance company, agreed to acquire Sterling National Life Insurance, an insurance firm, from SILAC Insurance, a life insurance company. Financial terms were not disclosed.
"This acquisition is a key element of our broader strategy to continually enhance our overall business profile. Building upon the strong foundation we have created to date, Sterling National brings us licenses in the majority of states across the US, further expanding our footprint, market presence and diversification potential," George Luecke, Independent Group President and Chief Strategy Officer.
Independent Insurance Group is advised by Willkie Farr & Gallagher and Fletcher Financial.
T. Rowe Price, a global investment management firm, and Oberndorf Enterprises, a company providing financial services, completed a $300m investment in IAC-backed Vimeo, a video sharing site.
“As the world embraces video like never before, Vimeo is in an incredibly strong position to help more businesses take advantage of this powerful medium. We have built an industry-leading solution that the market needs, and we intend to move swiftly to bring our professional-quality tools to millions more users," Anjali Sud, Vimeo CEO.
IAC Interactive is advised by Wachtell Lipton Rosen & Katz.
Reveal, a global provider of the leading AI-powered eDiscovery platform, completed the merger with Brainspace, a global provider of visual analytics for eDiscovery and investigations. K1 Investment Management, an investment firm focused on high-growth enterprise software companies, has invested over $200m in the combined organization.
“Backed by K1, Reveal’s merger with Brainspace has set into motion the next phase of AI innovation in the practice of law. Fueled by some of the world’s most powerful AI technology and underpinned by the Reveal review platform, we are ushering in a new era of automation in legal technology,” Wendell Jisa, Reveal Founder & CEO.
Reveal was advised by LW PR.
BlackRock and RA Capital Management, a multi-stage investment manager, led a $100m Series C round in TScan Therapeutics, a biopharmaceutical company focused on the development of T-cell receptor engineered T-cell therapies in oncology. Existing investors including founding investor Longwood Fund, 6 Dimensions Capital, Bessemer Venture Partners, GV, Novartis Venture Fund and Pitango HealthTech also participated in the round.
“This funding will enable TScan to progress its first two TCR-T cell assets into the clinic in 2021, with three additional programs to enter the clinic in 2022. I’m excited to welcome this new syndicate of distinguished healthcare investors to TScan. Recently, we have identified over 40 novel cancer targets from clinically active TCRs for development of multiplexed TCR-T cell therapies as part of our solid tumor program. Our goal is to continue to build a bank of clinically-active TCRs throughout 2021 to help patients win their fight against cancer," David Southwell, TScan CEO.
TScan was advised by Argot Partners.
The Mendota Group, a private equity form, completed the acquisition of Innovative Fluid Handling Group, a company operating oil and gas field properties. Financial terms were not disclosed.
"The Madison Street Capital team gave us the opportunity to market and sell our company at a time when our business was changing rapidly, and we really needed the help. Barry Peterson and his team put together an impressive documentation of our story and took the time to walk us step by step through the process right up to closing. He kept the process on track through all the challenges while providing invaluable guidance along the way. All in all, the Madison Street Capital group was instrumental in bringing the right partner to the table and helping us complete the transaction," Jim King, IFH CEO.
Innovative Fluid Handling was advised by Madison Street Capital.
Fidelity Management & Research, an American multinational financial services corporation, led a $115m financial round in Kardium, a provider of medical devices, with participation from T. Rowe Price Group, an American publicly owned global investment management firm.
“We are tremendously excited to have Fidelity Management & Research Company join Kardium as a major investor, along with the T. Rowe Price funds. Their enthusiasm and support reflect the incredible success we have achieved with the Globe System and the potential we have to dramatically improve the treatment of atrial fibrillation for millions of patients worldwide. This financial backing now allows us to accelerate commercial sales in Europe and begin the FDA study for the Globe System,” Kevin Chaplin, Kardium CEO.
Clairvest-backed NovaSource Power Services, a provider of operations and maintenance services for off-grid to utility-scale projects, agreed to merge with SunSystem Technology, a solar operations and maintenance and asset management company. Financial terms were not disclosed.
"Over the last 10 years SST has set the standard for the solar industry in servicing distributed generation, EV charging and storage systems. Their innovative and agile approach has created the clear market leader with significant scale and robust national coverage. Bringing the groups together, with Derek as the leader of NovaSource's Distributed Generation (DG) O&M, will provide asset owners with a highly differentiated and compelling service solution for their rapidly evolving needs," Jack Bennett, NovaSource CEO.
Lazard-backed SPAC aims to raise $500m in an IPO.
Lazard Growth Acquisition, a blank-check firm backed by investment bank Lazard, aims to raise $500m in a US IPO. The company stated that it would sell 50m units, made up of shares and warrants, at $10 apiece, Reuters reported.
The special purpose acquisition company saw attractive investment opportunities in the healthcare, technology, energy transition, financial and consumer sectors.
Goldman Sachs-backed ON24 seeks a $2.2bn valuation in IPO.
Goldman Sachs-backed ON24, a webinar marketing platform, aims for a valuation of c.$2.2bn in IPO, as it looks to cash in on the continued investor desire for tech listings.
ON24 will sell about 8.6m shares priced between $45 and $50 apiece, looking to raise $430m.
Hain Celestial considers divesting its organic baby food brand.
Hain Celestial Group, an American food company, is weighing a sale of its "Earth's Best" organic baby food brand in a deal that could fetch at least $200m, Bloomberg reported.
The company is working with an adviser to seek a buyer for the brand. It will soon reach out to prospective bidders to gauge their interest. Potential disposal comes as Hain Celestial revamps its brand portfolio.
AMC Entertainment raises $917m of new equity and debt capital.
AMC Entertainment, an American movie theater chain that was on the verge of bankruptcy, has raised $917m of new equity and debt capital.
The $917m comprises of $506m from the issuance of 164.7m new common shares, along with securing of $100m of additional first-lien debt and the simultaneous issuance of 22m new common shares to convert $100m of second-lien debt into equity.
"Today, the sun is shining on AMC. Any talk of an imminent bankruptcy for AMC is completely off the table," Adam Aron, AMC CEO.
Cordiant Capital to launch a $410m digital infrastructure investment trust. (FS)
Cordiant Capital, a fund manager, aims to raise $410m for a digital infrastructure investment trust. The investment manager will issue up to 300m ordinary shares at $1.36 each through an initial placing and offer for subscription and will issue subscription shares for nil value to IPO investors subscribing for ordinary shares based on one subscription share for every eight ordinary shares subscribed.
Cordiant Digital Infrastructure will mainly invest in operating digital infrastructure assets, focusing on data centers, mobile telecommunications/broadcast towers and fiber-optic network assets, primarily located in the UK, the EEA, the United States of America and Canada.
Telus International aims for $7bn valuation in IPO.
Telus International, a subsidiary of wireless carrier Telus, intends to raise $833m in its IPO, which would give the Vancouver-based company a valuation of c.$7bn, Reuters reported.
Telus International plans to list its shares on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol "TIXT".
The company plans to offer 33.33m shares in its IPO and has set a price range of between $23 and $25 per share.
Wheels Up considers going public via a SPAC deal.
Wheels Up Partners, an aviation company, is in talks to go public via a merger with Aspirational Consumer Lifestyle, a blank-check acquisition company, in a deal that could value Wheels Up at more than $2bn, Reuters reported.
Aspirational Consumer Lifestyle has engaged with potential investors to buy into a private investment in public equity, or PIPE, transaction to raise additional funding for the deal to invest in Wheels Up.
Thrive Capital looks to raise $2bn across two new funds. (FS)
Thrive Capital, a venture capital investment firm, is raising about $2bn for a pair of early-stage and growth funds. It made filings related to Thrive Capital Partners VII and Thrive Capital Partners VII Growth with Delaware on January 12.
Thrive Capital targets investments in the internet and software sectors.
eQ XIII US raises $131m at first closing. (FS)
eQ Asset Management, an asset management company, raised $131m for eQ PE XIII US at the fund's first closing. The previous US fund, eQ PE XI US, raised $113m at its first closing in 2019. eQ PE XIII US will resume fundraising throughout spring 2021, with a final closing scheduled for June 2021, PE Insights reported.
Special Investment Fund eQ PE XIII US will commit to private equity funds investing in unlisted lower middle market companies located in the United States and Canada. The portfolio will include 12-15 mainly sector-specific funds, investing in more than 150 companies diversified across several sectors and states.
EMEA
Subversive Real Estate Acquisition REIT, a blank-check company, agreed to acquire InterCure, the Israeli cannabis producer, for $300m.
“While Israel has had a medical regime like in Canada, it’s never had a well-funded global player until now. Canndoc’s strong balance sheet and access to Israel’s advanced research into cannabis-based medicine will position it to capitalize on the expected legalization of recreational cannabis in Israel this year or in 2022," Michael Auerbach, Subversive Founder.
SVX is advised by Canaccord Genuity, Cowen, Goodmans, Paul Hastings and Balter, Guth, Aloni. InterCure is advised by DTKG&G.
QTerminals, a Qatari commercial port operating company, completed the acquisition of Port Akdeniz, which operates Port Akdeniz-Antalya in Turkey, from Global Ports Holding, an independent cruise port operator, for $140m.
"Port Akdeniz has played a pivotal role in the successful development of the Group over the years. However, it is now time for Port Akdeniz's stewardship to pass to an organisation that I believe will prove to be an ideal home for the port and the employees in the years ahead. The sale of Port Akdeniz effectively completes a key strategic ambition of the Group, creating a pure play cruise port operator. While this occurs during a period of unprecedented uncertainty for the global tourism industry, I firmly believe that the long-term fundamentals that make the cruise port industry such an exciting structural growth industry remain firmly in place," Mehmet Kutman, Global Ports Holding's Chairman and Co-Founder.
QTerminals was advised by PwC and Clyde & Co. GPH was advised by Goldman Sachs.
Cellnex Netherlands, a Dutch telecommunications service provider, agreed to merge with T-Mobile Infra, a Dutch mobile communications infrastructure subsidiary of Deutsche Telekom, a German telecommunications company, in a $303m deal.
“The agreement with Cellnex underlines the high value of passive mobile infrastructure. We are creating a leading tower company in the Netherlands, which should unlock synergies and accelerate our 5G rollout," Tim Hottges, Deutsche Telekom CEO.
Deutsche Telekom is advised by Citigroup.
Liberty Steel increases offer for Thyssenkrupp steel unit.
Liberty Steel, a European steelmaker, had submitted an updated offer for German conglomerate Thyssenkrupp’s steel division.
The move comes about three months after Liberty Steel made a non-binding indicative bid for the unit, which Thyssenkrupp has put on the block as part of a bigger group restructuring, Reuters reported.
“This is an important step for Liberty demonstrating our binding commitment to the combination of the two businesses. Due diligence and our discussions with Thyssenkrupp have so far confirmed that a potential combination of Thyssenkrupp Steel Europe and Liberty Steel is the right answer from an economic, social, and environmental perspective," Liberty Steel.
Simes is advised by Hering Schuppener.
IFM Global Infrastructure Fund to launch a €5.1bn tender offer for a 22.69% stake in Naturgy Energy. (FS)
IFM Global Infrastructure Fund is set to launch a €5.1bn ($6.2bn) tender offer for a 22.69% stake in Naturgy Energy, a global gas and electric utility company.
The company is looking to expand its presence in the fast-growing renewable energy generation sector. Two major shareholders, Rioja Acquisition and GIP III Canary 1, which own a total of 41.4% in Naturgy, have decided not to hand over their shares, but will vote to give the fund the right to appoint members of Naturgy’s board.
Oakley Capital, a mid-market private equity company, agreed to acquire a minority stake in Idealista, an online real estate marketplace, from EQT Partners for $213m.
"Following our successful track record in the online real estate classifieds market, we believe that Idealista has significant potential to further consolidate its market-leading position in Southern Europe. We look forward to working with EQT and Idealista's high-quality management team, and together supporting the business in this next stage of growth," Peter Dubens, Oakley Managing Partner.
Hikma considers acquiring Egypt and Tunisia business of GSK.
Hikma Pharmaceuticals, a British multinational pharmaceutical company, considers acquiring pharmaceutical and consumer commercialization and manufacturing business in Egypt and pharmaceutical business in Tunisia from GSK, a British international pharmaceutical company. Financial terms were not disclosed.
Hikma expects to conduct a due diligence exercise, the results of which will form the basis for further discussions with GSK in connection with the proposed transaction.
Hikma is advised by Teneo.
Moonpig seeks a valuation of more than $1.6bn from London IPO. (FS)
Moonpig Group, an online greetings card retailer, intends to raise $576m from an IPO, in a deal that would value it at as much as $1.6bn.
The company is pricing its shares at a range of $0.42 to $0.47 to raise between $528m and $577m, the figures flagged by the company when it confirmed plans to list in January.
Funds and accounts managed by BlackRock and Dragoneer Global Fund II have each entered into cornerstone agreements with Moonpig to subscribe for $109m and $68m of shares, respectively.
JD Sports Fashion plans a £400m share sale to support its deals war chest.
JD Sports Fashion, a British sports-fashion retail company, wieghs a £400m ($547m) share sale as it eyes further opportunities to expand in a global retail industry shaken by the impact of the coronavirus pandemic, Sky News reported.
If it gets the green light, the funds would be used to bolster a takeover war chest depleted by last month's £491m ($681m) acquisition of Shoe Palace, a US athletic footwear and apparel retail chain.
Carlyle-backed Atotech aims to raise $751m in US IPO. (FS)
Carlyle Group-backed Atotech, a specialty chemicals group, is aiming to raise $751m in its US IPO, potentially valuing the company at $4bn.
The chemicals firm intends to sell about 34.1m shares at a price of between $19 and $22 apiece. Approximately 4.9m of these shares are being sold by the selling stockholders.
Liverpool FC's SPAC deal falls apart. (FS)
Talks for a deal between the ownership group behind Liverpool FC and the Boston Red Sox and RedBall, a blank-cheque company led by Moneyball executive Billy Beane, fell apart, FT reported.
Instead, Fenway Sports Group, the ownership vehicle for both clubs controlled by billionaire John Henry, was in discussions to sell a minority stake to RedBird Capital, a private investment firm founded by former Goldman Sachs veteran Gerry Cardinale.
The private transaction would probably result in a lower valuation for Fenway than the $8bn floated for a potential acquisition by RedBall.
APAC
The Carlyle Group, a private equity firm, increases offer for Japan Asia Group, an energy and environment services firm, to $463m doubling the per share element and topping the value of a bid.
The global fund is now offering to pay $11.56 per share, double the original terms of a management buyout launched last November, along with a cash payment.
Aspex Management led a $200m funding round in Klook. (FS)
Aspex Management, an investment fund focused on Asia Pacific, led a $200m funding round in Klook, a provider of online travel booking services. Additional investors include Sequoia Capital, Softbank Vision Fund 1, Matrix Partners China, and Boyu Capital.
"Despite a challenging 2020, we have shown our mettle, turning challenges into growth opportunities with agility and constant innovation. We've observed over the past year that consumers have a pent-up desire to explore and enjoy themselves, despite international travel being paused. Instead, they are turning inwards - exploring new and unique experiences right in their backyard. This new capital further strengthens our leading position to take us from defense to offense, as domestic tourism becomes ubiquitous and international travel gradually returns," Ethan Lin, Klook CEO and Co-Founder.
Fortuna Capital, an investment firm, led a $154 Series A funding round in MEMSIC Semiconductor, a manufacturer of semiconductor components. Additional investor include Yunfeng Capital, Olympus Capital-backed Asia Environmental Partners and Yangtze River Industry Fund.
The new financing will be used to finance the construction of MEMSIC’s production base and R&D of key technologies. MEMSIC offers products to Samsung, Google and domestic brands including OPPO, Vivo, and Lenovo.
Shares in Evergrande surge 60% on capital injection. (FS)
Evergrande EV, an electric-car unit of Evergrande Group, agreed to sell a good 950m new shares at $3.5 each, representing a discount of 9% compared to the last traded price of $3.8 per share.
The company has raised capital equivalent to around $3.35bn by selling shares to six China-based investors, including Greenwoods Global Investment, a collaborative investment firm, and the founder and chairman of China Gas Holdings, a Chinese natural gas company.
The company will use the new capital to prepare further investments in research and development and NEV vehicles' production. The company also plans to pay off debt.
Indonesia's new sovereign wealth fund attracts a $10bn commitment. (FS)
Indonesia received investment commitments of up to $10bn from global firms for its ambitious sovereign wealth fund, ahead of its launch expected this year.
The Indonesia Investment Authority aims to attract foreign funds as co-investors, unlike other sovereign wealth funds set up by more developed countries to manage oil revenues or foreign exchange reserves.
APG, Macquarie, CDPQ and GIC showed interest in the Indonesia Investment Authority.
Qiming closes RMB Fund VI at $440m. (FS)
Qiming Venture Partners, a venture capital firm, announced the final closing of its RMB-denominated Fund VI at $440m.
The China-based venture capital seeks to make investments in early- and-growth-stage healthcare and TMT startups.
Ant IPO might continue once issues are resolved.
Ant Group, a payments provider, could resume its plans for an IPO once problems are resolved, China's central bank chief said, giving some relief to global investors seeking signs on what the future holds for the world's largest fintech giant, Bloomberg reported.
People's Bank of China Governor Yi Gang stated that relevant agencies are still investigating issues related to monopolies at billionaire Jack Ma's Ant Group, adding that the matters were complicated and some risks were related to consumer privacy. To resolve the problems, regulators need a clear legal framework.
"I would say that this is a process and also once the problem solved, it will go back to the track to continue consideration according to law," Yi Gang, People's Bank of China Governor.
Patrick Grove files for $250m SPAC. (FS)
Patrick Grove, the founder of Catcha Group, an international internet group, is the latest figure to seek capital through a blank-check firm.
Catcha Investment, a special purpose acquisition company, filed to raise $250m through an initial public offering on the New York Stock Exchange. Catcha's blank-check firm will target technology, digital media, and fintech companies across the Asia-Pacific, particularly in Southeast Asia and Australia.
TA Associates appoints SVP in Hong Kong. (FS, People)
TA Associates, a global growth private equity firm, appointed Chris An as a Senior Vice President in the firm's Hong Kong office. An will focus on investments in companies in the Asia-Pacific region.
"We are very pleased to welcome Chris to TA Associates. With his deal sourcing, due diligence, financial modeling and deal structuring experience, we are confident Chris will prove a valuable addition to our team. We will leverage his deep knowledge of the Korean market as we seek investment opportunities in that region and across Asia-Pacific," Edward F Sippel, TA Associates Head of Asia Pacific and a Managing Director and Co-head of Asia operations.
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