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AMERICAS
BharCap, a private equity firm, completed the acquisition of ARMStrong, an insurance and commercial B2B receivable management firm. Financial terms were not disclosed.
“Mike Baldwin and his team have built a highly differentiated service provider for insurance companies and corporate clients. We hope to leverage our knowledge and relationships within the insurance industry to help the team continue to grow the business,” Bharath Srikrishnan, BharCap Co-Founder and Managing Partner.
BharCap was advised by Greenberg Traurig and Kirkland & Ellis. ARMStrong was advised by Lincoln International, William Blair & Co and Kirkland & Ellis.
GHK, a private equity firm, completed the acquisition of JohnsByrne, a manufacturer of premium folding carton packaging and specialty print solutions. Financial terms were not disclosed.
"We are thrilled to enter into a partnership with GHK, an organization that aligns with our vision for the future expansion of JohnsByrne, as well as our unwavering dedication to our customers, employees, and suppliers. During the past 64 years, we have been fortunate to build a client list that includes some of the most prestigious corporate brands in the country, creating memorable and distinctive packaging solutions that elevate their brand presence. Now, our new partnership with GHK will bring exciting new strategic and financial capabilities to our business. Together with GHK, we will be able to further strengthen our ability to deliver even more on our promise to ‘press the limits' of packaging innovation and performance," Corey Gustafson, JohnsByrne CEO.
GHK was advised by Mesirow Financial and Weil Gotshal and Manges. JohnsByrne was advised by Vedder Price and Deloitte.
Qualus, a company that specializes in power system engineering, turnkey project management and field services, completed the acquisition of GridBright, a grid management specialists of the utility industry. Financial terms were not disclosed.
“The addition of GridBright is transformational and significantly expands our differentiated offerings, allowing us to more meaningfully contribute to the sustainability of the nation’s critical power infrastructure and the broader energy transition. We are honored to join forces with Ali Vojdani and the GridBright team. From our first meeting, it was clear that we share common values, cultures, a focus on quality and innovation, a passion to solve the complex challenges facing the power industry, and a commitment to continue to build a best-in-class environment for our people,” Hisham Mahmoud, Qualus Chairman and CEO.
Qualus was advised by AEC Advisors. GridBright was advised by Capstone Partners.
Mitsubishi Electric, a multinational electronics and electrical equipment manufacturing company, and Denso, a global automotive components manufacturer, agreed to invest $1bn in SiC Business of Coherent, a manufacturer of optical materials and semiconductors.
"The electric vehicle market is expanding worldwide and is one of several emerging applications driving the exponential growth of SiC power devices, which offer lower energy loss, higher operating temperatures and faster switching speeds than conventional silicon power devices. The high efficiency of SiC power devices is expected to contribute significantly to global decarbonization and green transformation," Mitsubishi Electric.
Coherent is advised by Bank of America, Allen & Company, Wachtell Lipton Rosen & Katz, Covington & Burling, Sherrard German & Kelly and FGS Global (led by Ben Spicehandler and Ronald Low).
Robot Morning, a company that operates in aerospace supply chain software and automation solutions industry, completed the acquisition of Enterprise Solutions Implementation Specialists, a provider of supply chain data services. Financial terms were not disclosed.
“As the aerospace supply chains rebound from the pandemic and continue to accelerate, the ability to efficiently and safely maintain the information flow and digital threads that connect suppliers and their customers is becoming increasingly complex and mission-critical. By joining forces with ESIS, we can increase our scale and help companies improve communication with partners, safely and securely,” Emmeram Morning, Robot Morning President and Founder.
Rockbot, a multiproduct media platform that creates enhanced in-location customer experiences, completed the acquisition of Nerdy Bunny, an interactive signage and retail display solutions platform. Financial terms were not disclosed.
"The Nerdy Bunny team has been leaders in leveraging technology to enhance experiential retail environments for over a decade. From merchandising electronics to changing the way we shop, they are experts in the intersection of customers and the retail experience," Garrett Dodge, Rockbot CEO.
Rockbot is advised by Intero Digital.
Eoptic, a system integrator specializing in the rapid prototyping of niche instrumentation for complex imaging needs, completed the acquisition of Alltonomous, an end-to-end solution provider with expertise in Industrial IoT, Real-Time Location Services, and Connected Worker. Financial terms were not disclosed.
"This acquisition is a strategic imperative for us. Alltonomous' business proposition aligns seamlessly with Eoptic's portfolio of custom instrumentation, designed to integrate with cloud-based, purpose-built software solutions and solve intricate imaging challenges, making it a pivotal step forward in our growth strategy," Pano Spiliotis, Eoptic President and CEO.
AMD, an American multinational semiconductor company based in Santa Clara, agreed to acquire Nod.ai, an AI software firm. Financial terms were not disclosed.
"At Nod.ai, we are a team of engineers focused on problem-solving — quickly – and moving at pace in an industry of constant change to develop solutions for the next set of problems. Our journey as a company has cemented our role as the primary maintainer and major contributor to some of the world's most important AI repositories, including SHARK, Torch-MLIR and OpenXLA/IREE code generation technology. By joining forces with AMD, we will bring this expertise to a broader range of customers on a global scale," Anush Elangovan, Nod.ai CEO.
Truist in talks to sell insurance business for $10bn. (FS)
Truist Financial is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10bn, Reuters reported.
Door maker PGT rebuffs $1.9bn offer from Koch-backed Miter.
PGT Innovations, a US maker of vinyl and aluminum doors and windows, rebuffed a $1.9bn acquisition offer from Miter Brands, a competitor backed by Koch Industries, Reuters reported.
PGT's board of directors turned down Miter's fully-financed $33-per-share offer which it deemed inadequate. Miter is considering raising its bid to a $36 per share. PGT shares ended trading on Monday at $26.20.
EMEA
Apax Funds, a global private equity advisory firm, completed the acquisition of Bazooka Candy Brands, a portfolio of non-chocolate confectionary brands, from Tornante Company, an American privately held investment firm, and Madison Dearborn Partners, a private equity firm. Financial terms were not disclosed.
"It's rare to have the opportunity to partner with a business that can boast the success and heritage that Bazooka has, and we are excited to work with the entire team on this next chapter for the business," Nick Hartman, Apax Partner.
Bazooka Candy Brands is advised by Deutsche Bank and Kirkland & Ellis. Apax is advised by Macquarie Group, Simpson Thacher & Bartlett and Kekst CNC (led by Todd Fogarty).
Kingspan, a building materials company based in Ireland, agreed to acquire the remaining stake in Nordic Waterproofing, a supplier of waterproofing products and services for buildings and infrastructure, for SEK2.6bn ($236m).
"We have admired Nordic Waterproofing for some time due to its strong product and service offering across the Nordic region. It is a complementary geographical fit with our expanding Roofing and waterproofing division. We will continue to develop the business regionally with an enhanced range of roofing solutions. It is a great validation of the attractiveness of our offer that so far several of the Company's larger shareholders have sold their shares to Kingspan. Remaining shareholders will now receive a mandatory offer at the same level," Gene Murtagh, Kingspan CEO.
Kingspan is advised by Lazard, Cederquist and Linklaters.
Brown & Brown, an insurance brokerage firm, completed the acquisition of Kentro Capital, an insurance industry group. Financial terms were not disclosed.
“This is a pivotal milestone in the story of the Kentro Group. Coming together with Brown & Brown will serve as a business enabler and a catalyst for continued success for our Kentro colleagues, customers and capacity providers. We are very excited to join their dynamic team,” Colin Thompson, Kentro CEO.
Kentro Capital was advised by Morgan Stanley and Norton Rose Fulbright (led by Matthew Foster).
Agilea Solutions, a developer of software for HR systems, agreed to acquire Workerbee, an IT services company. Financial terms were not disclosed.
“We are thrilled to join the Agilea family and usher in a new era of innovation and growth. Today's launch of Workerbee Enterprise marks the first in a series of strategic investments for customers, specialists, and vendors alike, creating an efficient, open market for enterprise skills that benefits everyone,” Albert Cuesta Reig, Workerbee Co-founder.
StatLab, a developer and manufacturer of medical diagnostic supplies and equipment, agreed to acquire Knittel, a manufacturer of microscope slides and cover glass and provider of engineering consulting services to the broader glass manufacturing industry. Financial terms were not disclosed.
“Our decision to partner with StatLab represents a shared vision of rapid operational innovation, and we’re excited to invest into our team and operations here in Germany as well as collaborate with our US counterparts. I look forward to working with Dae, Joe, and the StatLab team to expand our footprint and increase our manufacturing capacity, delivering more value to our customers as a result,” Fabio Insalata, Knittel CEO.
Salute Mission Critical, a defence company, agreed to acquire OBMG, a provider of Mission Critical Commissioning Agents, Commissioning Managers, and QAQC Services. Financial terms were not disclosed.
"We are thrilled to welcome OBMG into the Salute family. This acquisition is a testament to our commitment to providing industry-leading support services to facilities worldwide. OBMG's deep expertise in commissioning and QA/QC complements our existing offerings, enabling us to deliver even more comprehensive solutions to our clients in Europe," Erich Sanchack, Salute Mission Critical CEO.
Naif Alrajhi Investment, an investment company, completed the acquisition of Veyron Marketing, a marketing company. Financial terms were not disclosed.
“This move sets a fresh paradigm in marketing investment, with an eye on amplifying the digital content landscape and enhancing community engagement, all while sharpening our competitive edge,” Naif Saleh Alrajhi, Naif Alrajhi Investment Chairman and CEO.
Iberdrola in talks to sell Portugal renewable stake to Norway wealth fund. (FS)
Iberdrola is in talks to sell a 49% stake in a 300-megawatt portfolio of Portuguese renewable assets to Norway’s sovereign wealth fund, Bloomberg reported.
The deal would seek to expand an existing partnership between the Bilbao-based utility and Norges Bank Investment Management, which already own assets in Spain. No final agreement has been reached and Iberdrola could still decide not to proceed with the sale
Nordic fund with $2bn cash targets bargain property deals. (FS)
Sweden’s real estate crisis is proving a boon for a fund that’s preparing to deploy more of its $1.9bn cash balance snapping up properties from desperate landlords, Bloomberg reported.
Nrep, a Nordic fund that’s part of the Urban Partners investment group, is looking to capitalize on heavily indebted firms such as Samhallsbyggnadsbolaget i Norden and Heimstaden Bostad as they race to divest properties they can no longer finance using expensive bond debt.
APAC
Australia's competition watchdog conditionally approved private equity firm Brookfield's $12bn takeover of the nation's largest energy producer, Origin Energy, Bloomberg reported.
The Australian Competition and Consumer Commission said it would wave through the Canadian investment firm's takeover, in league with EIG Global Energy Partners-backed MidOcean Energy, for the utility. The proposed deal is the third-largest in the country so far this year.
IMAX China said that its shareholders have rejected a proposal of its US-based parent to buy the remaining stake in the Hong Kong-listed company for about $124m, Reuters reported.
IMAX, which currently owns 71.6% of its Chinese subsidiary, had offered to buy IMAX China at c. $1.28 per share in July, a 49% premium to the 30-day average closing price at the time. The remaining 28.4% stake of IMAX China was valued at about $100m, as of the company's last closing price.
Morgan Stanley, Pacific Equity Partners, QIC, ICG, and Partners Infrastructure bid $500m+ for Cura Day Hospitals. (FS)
Australia’s biggest private hospital operator, Ramsay Health Care, has lobbed a first-round offer for Cura Day Hospitals, put up for sale by Citi in May.
Cura makes $40m a year at the earnings line and is slated to fetch a $500m-plus price tag for owner Frankfurt-listed healthcare giant Fresenius Medical Care.
Ramsay – which has a market value of almost $12bn and 74 hospitals and clinics around the country – submitted a non-binding indicative bid to sell-side adviser Citi earlier this month.
Bain Capital postpones Virgin Australia IPO plans. (FS)
Bain Capital has pushed back plans for a Virgin Australia Airlines initial public offering to as soon as 2024, Bloomberg reported.
The US buyout firm is no longer considering a listing for the carrier in 2023 and will monitor market conditions next year to determine the potential timing. Bain will look to end-of-year holiday travel to bolster Virgin’s earnings before a possible IPO.
Indonesian billionaire’s geothermal firm surges 25% in trading debut.
Barito Renewables Energy jumped on its first day of trading after raising IDR3.13tn ($200m) in Indonesia’s fifth-biggest initial share sale this year.
Shares of the company owned by billionaire Prajogo Pangestu finished 25% higher at IDR975 ($0.062) in Jakarta, hitting the upper limit allowed on the Indonesian stock exchange. The IPO was priced at IDR780 ($0.049), the top of its marketed range. About 4bn shares were sold in the offering that was oversubscribed by more than 135 times, Bloomberg reported.
China's Shang Qi Capital hits second close of new fund at over $575m. (FS)
Shang Qi Capital, the private equity arm of China's state-owned automobile giant SAIC Motor, has secured the second close of its new fund - Shangqi Huirong Shangcheng Yihao Industry Fund - at CNY4.2bn ($575m).
The second close comes seven months after the firm hit the first close in March this year. The fund has drawn commitments from state investors and listed firms, per the announcement, DealStreetAsia reported.
Singapore's Orion Capital Asia racks up $205m for first close of latest private credit fund. (FS)
Orion Capital Asia, a Singapore based private credit investor, has raised $205m for the first close of its latest fund, which is dedicated to direct lending opportunities in Asia Pacific.
The firm provides medium-term secured loans to mid-market businesses which have been underserved by traditional banking channels, including both private equity sponsors and local entrepreneurs, DealStreetAsia reported.
China's Legend Star closes fifth fund at over $123m. (FS)
Legend Star, the early investment and incubation arm of Legend, has closed its fifth CNY-denominated fund at over CNY900m ($123m), DealStreetAsia reported.
The new fund has roped in a slew of investors including state guidance funds, family offices, high-net-worth individuals, among others. Two-thirds of its existing limited partners re-upped in the new vehicle, per the announcement.
Australia's $131bn sovereign wealth fund chair will not seek another term. (FS, People)
The head of Australia's AUD206bn ($131bn) sovereign wealth fund had informed the Australian government he will not seek a third term, Treasurer Jim Chalmers said, as a formal recruitment process to find a successor begins.
Peter Costello, Australia's longest-serving treasurer, became the fund's chair in 2014 and was re-appointed in 2019 for another five years. His current term will end in February, Reuters reported.
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