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AMERICAS
BC Partners, a private equity investment firm specializing in buyout investments, agreed to acquire a minority stake in Riddell, a designer and developer of protective sports equipment, from Fenway Partners, a direct US-based investor in mid-market businesses, for $400m.
"Riddell proudly welcomes BC Partners as advisors and investors in our business. We clearly maintain a shared vision for maximizing Riddell's role in the rapidly evolving products and services landscape within football and sports. This alignment will ultimately strengthen Riddell's service to our customers, drive increased financial performance, and deliver value for our investors, including BC Partners and Fenway Partners," Dan Arment, Riddell President and CEO.
Riddell is advised by Robert W Baird, UBS, and Lowenstein Sandler. BC Partners is advised by Three Ocean Partners, King & Spalding, and Kekst CNC (led by Daniel Yunger).
Henkel, a multinational chemical and consumer goods company, completed the acquisition of Seal For Life Industries, a provider of waterproofing, corrosion prevention, fire and heat protection, and insulation products, from Arsenal Capital, a private equity firm. Financial terms were not disclosed.
"Arsenal has enabled the transformation of Seal For Life into a unique platform of coatings solutions. The firm brought significant expertise in technologies and applications that drove a focus on where the markets are going and how we can address the long-term trends. We are grateful to the Arsenal team for their partnership and support over the last five years and are excited for the growth opportunities as we join the Henkel organization," Jeff Oravitz, Seal For Life CEO.
Seal for Life Industries was advised by JP Morgan and Kirkland & Ellis.
Henry Schein, a provider of health care solutions to office-based dental and medical practitioners, completed the acquisition of TriMed, a company developing creative and clinically relevant surgical solutions that improve treatment in both the upper and lower extremities. Financial terms were not disclosed.
“With this new partnership, Henry Schein is reinforcing our commitment to meeting the evolving needs of our customers in the orthopaedic market and providing healthcare professionals with the tools needed to deliver outstanding care to patients. By leveraging TriMed's established presence and reputation, together we will expand our product offering and provide comprehensive orthopedic solutions to our customers. We welcome our new TriMed colleagues to Team Schein, and we look forward to continued success together,” Stanley M. Bergman, Henry Schein Chairman and CEO.
TriMed was advised by Houlihan Lokey.
Saint-Gobain, a French multinational corporation, agreed to acquire The Bailey Group Companies, a metal building solutions provider, for $648m.
“As leaders in metal framing for nearly 75 years, we look forward to continuing our same quality service and support to Canadian customers alongside our long-time partner Saint-Gobain. Working together, we will enhance the experience for our customers throughout Canada, who will benefit from our combined expertise and portfolio of complete building systems and solutions. We are excited to continue the Bailey story as we start this next chapter,” Angelo Sarracini, Bailey Group CEO.
Grupo Televisa, a telecommunications corporation that operates a direct-to-home satellite pay television system, agreed to acquire the remaining stake in Sky Mexico, a provider of subscription-based TV channels, from AT&T, an American multinational telecommunications company. Financial terms were not disclosed.
"As CEO of both the Cable and Sky segments, Francisco will have the mandate of generating significant synergies and efficiencies for Televisa. We are confident this decision will allow us to strengthen Televisa's competitive and financial position," said Bernardo Gómez and Altonso de Angoitia, Televisa CEOs.
Mill Point-backed ServicePoint to acquire SmartSource, an IT staffing company. Financial terms were not disclosed.
“During the course of over 29 years, Joe and Tony have established an outstanding business renowned for delivering the highest quality services to its clients across the nation. With the addition of SmartSource to the ServicePoint platform, we will capitalize on shared resources, more opportunities and new capabilities to further grow the combined business,” Jose Bernal, ServicePoint CEO.
Alphabet weighs offer for HubSpot.
Google parent Alphabet has been talking to its advisers about the possibility of making an offer for HubSpot, an online marketing software company with a market value of $32bn, Reuters reported.
If Alphabet moves ahead with an offer, it would be a rare example of a major technology company attempting a mega deal amid heightened regulatory scrutiny of the sector under US President Joe Biden's administration.
Paramount to enter into exclusive merger talks with Skydance. (FS)
Members of Paramount Global's board agreed to enter into exclusive merger talks with Skydance Media, favoring the independent studio over a $26bn offer from private equity firm Apollo Global Management, Reuters reported.
The deal talks are more advanced than the offer from Apollo and if successful, would end Shari Redstone's control of the media empire built by her father, the late Sumner Redstone. The agreement grants Skydance 30 days of exclusive talks with Paramount.
Arctos holds final close of Arctos Sports Partners Fund II at over $4.1bn. (FS)
Arctos, a private investment firm that provides bespoke growth and liquidity solutions, to sports franchises, has held the final close of Arctos Sports Partners Fund II, with over $4.1bn in commitments including co-investment and affiliated vehicles.
The fund attracted support from a diverse group of global investors, including some of the world's leading pension funds, retirement systems, endowments, insurance companies, family offices and global wealth platforms, bringing Arctos' aggregate sports-related Assets Under Management to approximately $7bn.
Arctos was advised by Evercore and Kirkland & Ellis.
SK Capital closes fund VI at $2.95bn. (FS)
SK Capital Partners announced the final closing of SK Capital Partners VI at $2.95bn. The fund is the latest vintage of the firm's Flagship private investment strategy.
"We are grateful for the support of our investors as the firm continues its longstanding mission of building exceptional companies and delivering attractive results. SK Capital has one of the largest and longest-standing teams dedicated to the sectors in which we invest. Together with SKCP Catalyst Fund II, which raised $800m of total commitments in 2023, the firm is well-capitalized and well-positioned to continue providing capital solutions to entrepreneurs, families and corporates across all transaction sizes through our unique style of transformative control investing," Barry Siadat, SK Capital Co-Founder and Managing Director.
SK Capital was advised by UBS and Kirkland & Ellis.
Barclays, AGL launch private credit partnership backed by ADIA. (FS)
Barclays and AGL Credit Management have teamed up to make a push into the burgeoning $1.7tn private credit market with backing from the Abu Dhabi Investment Authority. ADIA committed $1bn to the first private credit fund, Bloomberg reported.
The two firms have entered into a cooperation agreement to originate private credit loans that will give AGL exclusive access to Barclays' deal flow. AGL will have a first look on every deal Barclays originates that includes a private credit option but no obligation to participate.
Quinbrook closes $600m solar+storage' continuation fund'. (FS)
Quinbrook Infrastructure Partners, a specialist global investment manager focused exclusively on the infrastructure needed for the energy transition, announced the successful closing of Quinbrook Valley of Fire Fund with $600m in capital commitments.
"This successful closing underscores Quinbrook's commitment to impactful renewable energy project development and new asset creation and its track record of pursuing strategies that seek to optimize returns for investors wanting differentiated exposure to the energy transition. The decision to pursue a GP-led secondary transaction reflects our commitment to enhancing value for our LPs, while continuing to support the development of a distinct portfolio of landmark renewables assets. We are excited to welcome such well known and respected investors to Quinbrook, including lead investor Blackstone Strategic Partners and cornerstone investor Ares Management Infrastructure Secondaries funds," Rory Quinlan, Quinbrook Co-founder and Managing Partner.
Quinbrook was advised by PJT Partners, Kirkland & Ellis and Sloane & Company.
UBS hires Citigroup veteran Feige in US ECM. (People)
UBS has hired a Citigroup veteran to co-head its equity capital markets unit in the Americas, as the Swiss bank makes a fresh push in the unit as part of a broader investment banking expansion.
Gregor Feige has joined UBS as co-head of Americas ECM, and will lead the unit alongside Brad Miller, who will take on the role in addition to his position as head of consumer and retail.
EMEA
Bank of Georgia Group, a systemically important universal bank in Georgia, completed the acquisition of Ameriabank, a universal bank in Armenia, for $304m.
"This transaction is a significant milestone for the Group and a new chapter in our strategic development. Through Ameriabank we are set to enter Armenia, one of the fastest-growing economies in the region. Ameriabank has a well-regarded and experienced management team, and I am delighted that they will stay on after the transaction is closed," Mel Carvill, Bank of Georgia Group Chairman of the Board of Directors.
Bank of Georgia Group was advised by Cavendish Corporate Finance (led by Matt Lewis), JP Morgan (led by Michael Machaj), MHP Communications (led by Reg Hoare) and Baker McKenzie. Financial advisors were advised by Travers Smith.
Carl Zeiss, a manufacturer of optical systems and optoelectronics, completed the acquisition of Dutch Ophthalmic Research Center, a retinal surgical devices manufacturer, from Eurazeo, an investment company, for €985m ($1.1bn).
"Today holds significant importance for us as we bring our teams together and turn our collective attention toward delivering breakthrough innovations and solutions for our customers. We are very excited to welcome D.O.R.C.'s team members to our ZEISS family and to begin integrating our products and practices as we work toward a brighter future together," Markus Weber, Carl Zeiss President and CEO.
Mattioli Woods-backed Maven Capital Partners, a private equity firm, completed the acquisition of Newable Ventures, a venture capital company, from Newable Capital. Financial terms were not disclosed.
"As part of the continuing evolution and growth of the Maven business we have been keen for some time to add an EIS capability to our client offering. The acquisition of Newable Ventures Limited is an important step forward in completing our objective of providing a full suite of best-in-class client products, which offer access to fast growing private company investments, often on a tax assisted basis. The recent announcement in the Government's Autumn budget statement that the EIS and Venture Capital Trust schemes will be extended through till at least 2035 ensures that these products will remain at the forefront of financial planning and portfolio diversification for investors. We look forward to welcoming the Newable team to Maven," Bill Nixon, Maven Managing Partner.
Mattioli Woods was advised by Camarco. Maven Capital Partners was advised by Singer Capital Markets (led by Tom Salvesen) and Canaccord Genuity.
Kering, a French multinational holding company which develops a worldwide brand portfolio of luxury, sport and lifestyle brands, agrred to acquire Milanese building on via Monte Napoleone 8 from Blackstone Property Partners, a real estate investment fund, for €1.3bn ($1.4bn).
This investment is part of Kering's selective real estate strategy, aimed at securing key highly desirable locations for its Houses. Kering remains focused on proactively managing its real estate portfolio with the short- to medium-term objective of retaining a stake in its prime assets alongside co-investors in dedicated vehicles.
Blackstone Property Partners is advised by JP Morgan.
Britain's antitrust watchdog said on April 4 that Spreadex's completed acquisition of sports betting rival Sporting Index's consumer-facing arm raised competition concerns and gave them time for a solution before it deepened its investigation, Reuters reported.
Last year, Spreadex bought the 'business to consumer' arm of Sporting Index from Sporting Group. The two companies provide both online fixed odds betting services and online sports spread betting services to UK-based customers.
Arcelik, a Turkish multinational household appliances manufacturer, agreed to acquire MENA operations of Whirlpool, a home appliances manufacturer. Financial terms were not disclosed.
"I am delighted to witness the successful completion of our strategic move to acquire Whirlpool's MENA operations. Arçelik is a leading global company in the home appliance industry with 55,000 employees and 45 production facilities. Soon, it will be adding a state-of-the-art factory in Egypt, which stands on the cusp of operation, ready to bring innovation and excellence to the market. With this new integration, we are inching closer to our ambition to become the number one home appliances company in the region," Akin Garzanli, Arcelik CMO.
Assurant, an insurance company, agreed to acquire iSmash, an independent tech repair brand. Financial terms were not disclosed.
“We are excited to join Assurant as it shares our passion for delivering exceptional value and service to clients and customers. Together, we have a unique opportunity to shape the future of the UK mobile industry and create lasting value for customers in need of fast, reliable, convenient, drop-in repair services,” Chris Murton, iSmash CEO.
International Paper to seek London listing if it inks deal with DS Smith.
International Paper said it would seek a secondary London listing if it buys British paper and packaging peer DS Smith and the combination could deliver at least $514m of pre-tax cost savings on an annual basis, Reuters reported.
International Paper stirred up a potential bidding war over DS Smith, making a takeover proposal that valued the UK firm at $7.24bn, or $5.23 per share.
Airbus's stratospheric drone business is open to IPO.
An Airbus unit developing high-altitude drones that offer mobile connectivity and Earth observation services could consider an initial public offering after it launches commercial operations in the coming years, WSJ reported.
Based in Farnborough just outside London, Aalto HAPS makes solar-powered, fixed-wing drones that operate above 60k feet. Known as Zephyr, these high-altitude platform stations, or HAPS, can be fitted with payloads that provide 5G connectivity as well as services such as wildfire prevention and border control.
Peel Hunt's retail IPO spin-off gets FCA approval.
UK investment bank Peel Hunt has been given the green light from regulators to spin out its RetailBook platform in a bid to get more regular investors involved in IPOs.
Retail investors have been seen as a key pillar in helping boost London's ailing capital markets, with public participation lagging behind international rivals like the US and Australia that have popularised equity investing through vehicles such as 401(k) and superannuation plans.
Adenia closes oversubscribed fifth flagship fund at $470m. (FS)
Adenia Partners, a private equity firm focused on growth opportunities in Africa, has successfully closed its fifth fund, Adenia Capital V at its $470m hard cap. The significantly oversubscribed fund attracted commitments from new and existing investors globally.
Fund V continues Adenia's long-term investment strategy of making control investments in medium-sized companies across Africa with proven business models that demonstrate ample room for operational and ESG improvements.
Spotify taps Saab executive Christian Luiga as new CFO. (People)
Spotify Technology has hired Christian Luiga as its next chief financial officer, poaching the executive from defense and security group Saab, WSJ reported.
Spotify said Luiga, who had been serving as chief financial officer and deputy chief executive of Saab since 2020, will join the music-streaming platform in the third quarter.
APAC
Resolution Life, a global life insurance group, agreed to acquire Asteron Life, a life insurance firm, from Suncorp Group, an Australian finance, insurance, and banking corporation, for $244m.
“This acquisition further demonstrates our commitment to the Australasian market and our success in growing our business in the region. It follows Resolution Life’s entry into the Australian and New Zealand markets in 2020, and our recent acquisition of AIA Australia’s Superannuation and Investments business," Tim Tez, Resolution Life CEO.
Mitsui, one of the largest general trading companies in Japan, and ROHTO Pharmaceutical, a multinational fast-moving consumer goods and OTC pharmaceutical corporation, agreed to acquire Eu Yan Sang International, an online store that specializes in traditional Chinese medicine products, from Righteous Crane, an investment company, for $594m.
Mitsui has identified "Wellness Ecosystem Creation" as one of its key strategic initiatives in the Medium-term Management Plan 2026. Through the provision of healthcare, preventive care, and solutions for pre-symptomatic conditions, as well as the supply of foods that offer health benefits, Mitsui will contribute to the qualitative enhancement of today's increasingly diverse consumer lifestyles. Mitsui will continue to support the realization of richer and brighter lives by enhancing health and well-being through its contributions in the area of preventive care and solutions for pre-symptomatic conditions.
Liberty Mills, Soorty, and Procon Engineering agreed to acquire the thermal energy assets portfolio of Engro Energy, a developer of power projects in Pakistan and beyond, for $125m.
"While we take great pride in our contributions in the energy space, it is important that we constantly reevaluate our business portfolio and optimize it to ensure that we remain focused on helping solve the most pressing issues of our time. The SPA with Liberty opens exciting opportunities for growth, innovation, and continued success for both our people and businesses," Ghias Khan, Engro President & CEO.
Blackstone plans to invest $2bln a year in India. (FS)
Blackstone will invest at least $2bn a year in India for the next five years, due to the country's fast-growing economy and booming capital markets, Reuters reported.
The US investment firm counts India among its top markets, and its third biggest by equity investments with a current holding of $30bn. It plans to target companies in areas such as healthcare, financial services and energy transition.
PAG-backed Nuvama eyes Mideast for $400m. (FS)
The asset management unit at PAG-backed Nuvama Group of India plans to tap the wealthy in the Middle East for the first time, Bloomberg reported.
The Mumbai-based firm is targeting $479m for its latest Nuvama Crossover IV fund and expects to raise at least $300m from family offices and rich individuals in the Middle Easts. The funds have a term of six years and invest in companies preparing to go public on Indian stock exchanges.
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