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AMERICAS
JD Sports Fashion, an omnichannel retailer of sports fashion brands, completed the acquisition of Hibbett, an athletic-inspired fashion retailer, for $1.1bn.
"The completion of our acquisition of Hibbett is an important strategic milestone for us in North America and we look forward to working with its experienced management team to deliver on our growth plans in the largest sportswear market in the world. Strategically, this acquisition enhances our presence within North America and achieves our objective of strengthening our existing community concepts: Shoe Palace on the West Coast and DTLR on the East Coast. Hibbett's footprint is highly and fully complementary," Régis Schultz, JD Sports Fashion CEO.
Standard General-backed The Queen Casino & Entertainment, a company operating casinos and gaming points, agreed to merge with Bally's, a gambling, betting, and interactive entertainment company, in a $4.6bn deal.
"Our team is well positioned to continue to execute on our initiatives to drive growth across all our segments including in our International Interactive business, North America Interactive and our Casinos & Resorts ("C&R") segments, while proceeding with our development pipeline, including construction of our permanent casino resort in Chicago, for which we recently announced a comprehensive financing plan. The addition of four complementary properties through this merger to our existing 15 domestic casino properties will add further geographic and market diversity to our portfolio. With QC&E's development pipeline recently completed or already well underway, we see a path toward additional revenue and EBITDAR growth and value accretion as those projects are completed in 2025. We look forward to bringing our ultimate vision to bear and to working closely with the Standard General team to execute on that vision," Robeson Reeves, Bally's CEO.
The Queen Casino & Entertainment is advised by Citizens M&A, Fried Frank Harris Shriver & Jacobson, and Richards Layton and Finger. Bally's is advised by Macquarie Group, Nixon Peabody, Potter Anderson & Corroon, Sullivan & Cromwell, and JCIR (led by Joseph Jaffoni).
KKR, an American global investment company, and Dragoneer Investment Group, an investment firm, agreed to acquire Instructure, an educational technology company, for $4.8bn.
"Given its unique positioning at the center of academic life, Instructure has a distinct opportunity to be a true end-to-end partner to students, teachers and administrators. Instructure has evolved into an expansive platform focused on delivering strong student outcomes under Thoma Bravo's stewardship. We look forward to working with Steve and the Instructure management team to accelerate growth and continue scaling its global portfolio of products," Webster Chua, KKR Partner.
Instructure is advised by JP Morgan, Macquarie Group and Kirkland & Ellis. KKR is advised by Moelis & Co, Morgan Stanley, UBS and Simpson Thacher & Bartlett.
Brightstar-backed Astrion, a mission support and advanced engineering services provider, agreed to acquire Axient, a specialized engineering solutions provider. Financial terms were not disclosed.
"At Astrion, our mission extends beyond today. We are committed to the extraordinary and making our nation more resilient for future generations. Axient's specialized capabilities, talented employees and robust customer base make it a highly complementary fit with Astrion. Together, we will deliver elevated solutions for military and civilian agencies, delivering Results with Impact to critical global challenges," Dave Zolet, Astrion CEO.
Axient is advised by KippsDeSanto & Co, Stone Key Partners, Morrison & Foerster and Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman). Astrion is advised by JP Morgan, Jefferies & Company and Kirkland & Ellis.
Sofidel America, a tissue paper producer, agreed to acquire the tissue business of Clearwater Paper, a pulp and paper product manufacturer, for $1.06bn.
“We are pleased to have reached this agreement with Sofidel, which we believe positions Clearwater Paper for its next chapter of growth and value creation. Clearwater Paper is transforming into a premier paper supplier in North America. Upon completion of this transaction, we intend to deleverage our balance sheet while scaling and diversifying our paperboard business to meet the needs of our customers. We look forward to delivering innovative and sustainable products to our converter customers while generating strong returns for our shareholders,” Arsen Kitch, Clearwater Paper President and CEO.
Clearwater Paper is advised by Goldman Sachs, Pillsbury Winthrop Shaw Pittman, Joele Frank (led by Eric Brielmann) and Solebury Trout (led by Sloan Bohlen). Sofidel America is advised by Lazard and Cleary Gottlieb Steen & Hamilton.
KKR, a global investment firm, completed the acquisition of Marmic Fire & Safety, a regulation-mandated fire equipment inspection, testing and maintenance services provider, from HGGC, an American middle-market private equity firm. Financial terms were not disclosed.
“Marmic’s growth is a testament to the talent and dedication of our team. We are thrilled to begin working with KKR, which shares our belief in the power of our employee-centric culture and supports our ambition for building a scaled fire safety services platform that strives to provide reliable, expert service to our customers. I see tremendous potential for Marmic in this next phase of its journey,” Greg Bochicchio, Marmic Fire & Safety CEO.
Marmic Fire & Safety was advised by Lincoln International, Robert W Baird, and Kirkland & Ellis. KKR was advised by Houlihan Lokey, Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison (led by Eric Wedel, Matthew Leist and Caroline Epstein).
ChoiceOne Bank, a West Michigan-based community banking corporation, agreed to merge with Fentura Financial, a bank holding and financial services company, in a $180m deal.
"We are thrilled to announce the proposed combination of two 125+ year old community banks. Fentura is a well-run institution and a natural geographical extension for ChoiceOne. This transaction will allow ChoiceOne to strengthen its presence in the suburbs of Detroit while adding the markets of Flint and Saginaw. We remain committed to our local Michigan communities, and this transaction will enhance that commitment," Kelly Potes, ChoiceOne CEO.
ChoiceOne Bank is advised by Hovde Group and Dickinson Wright. Fentura Financial is advised by Janney Montgomery Scott and Warner Norcross & Judd.
Avance Investment Management, an investment firm, completed the investment in Alchemy Technology Group, an IT advisory, consulting, and reseller firm. Financial terms were not disclosed.
"This marks an exciting milestone for Alchemy. Our high-quality, differentiated offerings and exceptional delivery and sales teams have enabled us to establish a track record of growth and success while building a strong reputation with our customers and vendors. Avance's partnership positions Alchemy to further capture a number of exciting growth opportunities ahead," Mike Quirin, Alchemy Co-Founder and Chief Revenue Officer.
Avance Investment Management was advised by Guggenheim Partners and Joele Frank (led by Woomi Yun and Jonathan Keehner). Alchemy Technology Group was advised by Houlihan Lokey.
Mr. Cooper Group, the largest non-bank mortgage servicer in the US, agreed to acquire the residential mortgage servicing business of New York Community Bancorp-backed Flagstar Bank, an American commercial bank, for $1.4bn.
"The Flagstar mortgage servicing platform is well-respected throughout the industry, which we believe is reflected in the premium we received. While the mortgage servicing business has made significant contributions to the Bank, we also recognize the inherent financial and operational risk in a volatile interest rate environment, along with increased regulatory oversight for such businesses," Joseph M. Otting, New York Community Bancorp Chairman, President, and CEO.
New York Community Bancorp is advised by Jefferies & Company.
Mimecast, an IT security company, agreed to acquire Code42, an American cybersecurity software company. Financial terms were not disclosed.
“Employee collaboration is at the heart of successful organizations today. Protecting organizations from data exfiltration requires enhanced visibility into risky user activities across email, collaboration platforms, web, cloud, and more. By joining forces with Mimecast, we can help customers quickly detect and respond to threats across their expansive digital environments,” Joe Payne, Code42 President & CEO.
Code42 is advised by Piper Sandler.
Sonepar, an electrical products distributor, agreed to acquire Echo Electric Supply, an independent wholesale electrical distributor. Financial terms were not disclosed.
“I’m enormously proud of Echo Electric’s track record as an independent distributor. Sonepar’s approach of combining global resources with a local strategy tailored to the market was important in our decision to join their well-respected organization. We feel Sonepar is a great cultural and strategic fit. I’m deeply appreciative of our employees’ hard work and dedication over the years and look forward to this new chapter for us,” Mitch Lane, Echo Electric CEO.
Sequoia Capital, an American venture capital firm, led a $150m Series C round in Vanta, a trust management platform, with participation from Goldman Sachs Alternatives, JP Morgan, Atlassian Ventures, Craft Ventures, CrowdStrike Ventures, HubSpot Ventures, Workday Ventures and Y Combinator.
“Under Christina’s leadership, Vanta has grown into a special and enduring company. Now the clear market leader in trust management, Vanta has accelerated upmarket, launched innovative AI features, and delighted many thousands of customers along the way. Sequoia led Vanta’s Series A more than three years ago, and we are equally excited to lead Vanta’s Series C today. We look forward to helping them build a legendary security and compliance company for many years ahead,” Andrew Reed, Sequoia Capital Partner.
ATS, an automation solutions provider, completed the acquisition of Paxiom, a provider of primary, secondary, and end-of-line packaging machines in the food and beverage, cannabis, and pharmaceutical industries. Financial terms were not disclosed.
“With a dynamic product mix and a growing global footprint, Paxiom will be a great addition to ATS. As we seek to expand our presence in regulated markets, such as food and beverage and life sciences, the strong reputation and sophisticated offerings that Paxiom brings to market will provide both organic and synergistic opportunities for growth with an accretive margin profile,” Andrew Hider, ATS Chief Executive Officer.
Blackstone eyes private credit expansion. (FS)
Blackstone is intensifying its focus on international credit opportunities, and is aiming to grow its portfolio to include a wider range of debt, including local-currency investments.
Blackstone is targeting the private investment-grade credit market, which includes asset-backed financing beyond corporate debt, and is estimated to be worth between $25tn and $50tn. “We see substantial growth potential in Europe and Asia. Our goal is to ensure we achieve the same scale and diversity globally as we have in the US,” Gilles Dellaert, Blackstone Global Head of Credit and Insurance.
Barings leads $200m senior debt financing for Kian Capital Partners’ recapitalization of SPATCO.
Barings, an investment manager, announced it has served as lead senior agent to provide $200m in committed senior debt financing to support Kian Capital Partners’ sale of SPATCO Energy Solutions into a single-asset continuation fund investment vehicle managed by Kian.
This transaction expands Barings’ $32.78bn Global Private Finance platform, which leverages a deep bench of more than 80 investment professionals and a 30-year track record of providing financing solutions to sponsors while generating attractive risk-adjusted returns for investors.
D2 Asset Management announces launch of investment firm with more than $1bn in AUM. (FS)
D2 Asset Management announced its launch as a global investment firm specializing in credit, hybrid, and special situation investments across real assets, specialty finance, and structured credit.
The firm, founded by industry veterans Ben and Luke Doramus, commences operations with more than $1bn in assets under management and is evaluating a host of compelling investment opportunities and strategies.
Latam Airlines Group shareholders raise $456m in US IPO.
A group of Latam Airlines Group shareholders raised $456m in an initial public offering of American depositary shares, Bloomberg reported.
The shareholders in the Santiago-based airline sold 19m ADS Tuesday for $24 each. Each ADS represents 2k of Latam’s common shares, which trade on the Chilean Stock Exchange.
Select Medical unit Concentra raises $529m in US IPO.
Select Medical Holdings Corp.’s occupational health services provider Concentra raised $529m in an initial public offering, pricing its shares toward the bottom a marketed range, Bloomberg reported.
Concentra Group Holdings Parent sold 22.5m shares Wednesday for $23.50 apiece after marketing them for $23 to $26 each. The IPO is expected to close on July 26, 2024, subject to the satisfaction or waiver of customary closing conditions.
Agellus Capital closes inaugural fund at $400m. (FS)
Agellus Capital, a lower middle-market private equity firm, announced the final close of its debut fund, Agellus Capital Private Equity Fund I, with total limited partner capital commitments of $400m.
The Fund received commitments from a diverse global investor base including endowments and foundations, global financial institutions, insurance companies, family offices, sovereign wealth funds, and several founders, executives, and other professionals.
Adams Street Partners names Global Head of Wealth. (FS, People)
Adams Street Partners, a private markets investment firm with more than $59bn in AUM, has appointed Chief Operating Officer Jim Walker as its Global Head of Wealth.
Walker served as COO of Adams Street for nearly seven years, prior to which he worked at Morgan Stanley, Credit Suisse and Merrill Lynch. In his new role, Walker will lead the firm’s growth in the wealth management space, with an emphasis on developing and scaling products and services for financial advisors and their clients.
EMEA
Kering, a French multinational holding company which develops a worldwide brand portfolio of luxury, sport and lifestyle brands, completed the acquisition of 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.
Kering was advised by Chiomenti (led by Umberto Borzi) and Gide Loyrette Nouel (led by Frédéric Nouel). Blackstone Property Partners was advised by Kryalos SGR, BNP Paribas, Barclays, Eastdil Secured, JP Morgan, PricewaterhouseCoopers, Mediobanca, RBC Capital Markets, SMBC Nikko Securities, PedersoliGattai and Simpson Thacher & Bartlett.
Private equity firms Cobepa and Inflexion completed the investment in Easyfairs, a pan-European event company. Easyfairs founder Eric Everard is reinvesting alongside Cobepa and Inflexion. Financial terms were not disclosed.
“We are very pleased to accompany Easyfairs in its next phase of growth. The company has established itself as a clear leader in its industry and is ideally positioned to continue and accelerate its growth through organic and inorganic initiatives,” Aurélien Delavallée, Cobepa Managing Director.
Helmerich & Payne, a petroleum contract drilling company engaged in oil and gas well drilling and related services, agreed to acquire KCA Deutag, a provider of drilling and engineering contractor services with a focus on onshore and offshore worldwide, for $1.97bn.
"This announcement represents a significant milestone in the strategic transformation journey of KCA Deutag and delivers benefits to all stakeholders: our employees, customers, shareholders and the communities where we live and work. We look forward to joining H&P, combining the strengths of our people together with our geographical footprint, to create an organization with an unrivalled global network, service capability and technology offering. The size, scale and financial strength of the combined organization will provide a stable foundation for long-term growth and diversification to safeguard a sustainable and prosperous future for our people. With similar customer-centric cultures, focused on safety and delivering incident-free, quality services and innovative technology, we will leverage H&Ps operational processes and practices to accelerate efficiencies and optimize operational excellence for our customers. Once completed, this transaction is expected to deliver multiple growth opportunities for our people and customers while facilitating value realization for our investors," Joseph Elkhoury, KCA Deutag CEO.
IAG’s planned €400m ($434m) takeover of Air Europa is on the verge of collapse for the second time after European Union officials pushed back on concessions aimed at clearing the deal, Bloomberg reported.
EU watchdogs are skeptical that an offer from IAG to open up certain short and long-haul routes to rivals fixes their anticompetitive concerns.
Hologic, a United States medical technology company primarily focused on women's health, completed the acquisition of Endomagnetics, a medical device manufacturer, for $310m.
"We are thrilled to complete the acquisition of Endomag and are looking forward to working with our new colleagues to increase access to their innovative technologies, which complement and diversify our expanding interventional breast health portfolio. With our shared commitment to advancing women's health globally, we are excited to improve outcomes for patients and, together with our customers, redefine the standard of care for breast cancer intervention," Erik Anderson, Hologic President.
Accenture, an American multinational professional services company, agreed to acquire Camelot Management Consultants, an international management and technology consulting firm. Financial terms were not disclosed.
“We have been providing management and technology consulting services for nearly three decades and have become a leading SAP partner with clients in a wide range of industries. Accenture’s global scale and service portfolio will enable us to bring innovative ideas and solutions to clients while creating exciting development opportunities for our people. Together, we will address the key market demand and build lasting value for our clients,” Libor Kotlik, Camelot Management Consultants Managing Partner.
Apollo, an American asset management firm, agreed to acquire Evri, a parcel delivery company, from Advent International, an American global private equity firm. Financial terms were not disclosed.
“We are incredibly proud of the transformative changes that have enabled Evri to efficiently scale while maintaining our focus on on-time delivery and an environmentally responsible model. We want to thank the team at Advent for their partnership over the past five years and providing the business with a strong foundation for continued expansion. In this next chapter we are excited to partner with the Apollo team to execute on the compelling growth opportunities we see ahead,” Martijn de Lange, Evri CEO.
Apollo is advised by Sidley Austin.
TotalEnergies, a French multinational integrated oil and gas company, agreed to acquire a 50% stake in OranjeWind, a 795 MW offshore wind farm under development, from RWE, a multinational renewable energy company. Financial terms were not disclosed.
“The Netherlands is one of our strategic core markets to grow our green portfolio. In TotalEnergies I am delighted to have a strong partner at our side with whom we can realize our first offshore wind project in the Netherlands and at the same time unlock the full system integration of OranjeWind. Together, we will provide a blueprint for the Dutch energy system of the future, designed to tackle the challenges of intermittent wind generation and flexible energy demand. As key players in the Dutch energy market, we are both committed to helping the Netherlands meet its decarbonization targets,” Sven Utermöhlen, RWE Offshore Wind CEO.
Edison, Snam to announce storage deal.
EDF's Italian unit Edison and gas grid operator Snam are expected to announce a deal on gas storage assets with a base price of nearly €600m ($651m), Reuters reported.
The preliminary deal will also include price adjustments that could bring the final price paid by Snam over €600m depending on some future developments including the outcome of an arbitration on one of the assets. Large gas storage facilities allow a country to build a buffer to face potential consumption peaks during the winter.
Benetton scion considers sale of Italian eye care firm Sifi. (FS)
The private equity firm led by Benetton family scion Alessandro Benetton is considering a sale of Italian eye-care firm Sifi after backing the business for almost a decade, Bloomberg reported.
21 Invest is working with Mediobanca and Evercore as it prepares to gauge interest in the company, which was founded in 1935 by two pharmacists in Sicily. It is considering launching a sale process after the summer, targeting larger health-care companies as well as private equity firms.
Porsche in talks with creditors over Varta deal.
Varta's creditors including RBC BlueBay Asset Management are in talks with Porsche to join forces on a restructuring deal for the embattled battery maker, Bloomberg reported.
The creditor group, which also includes Blantyre Capital, Deutsche Bank and Hayfin Capital Management, is seeking to find a compromise with the luxury sportscar maker after proposing an alternative plan last week.
Middle East's Hades Financial raises $1.6bn for crossover fund. (FS)
Hades Financial Private Capital Group, a global asset manager headquartered in Riyadh, has closed a crossover fund at $1.6bn as it looks to invest in North America, Europe, and the APAC markets, DealStreetAsia reported.
"We are thrilled to announce the closing of the fund, and it is a significant milestone for HFPCG. We believe that our expertise in both private and public markets will ensure that HFPCG remains at the forefront of investment opportunities across multiple sectors," Feroz Al Fakeih, HFPCG Co-CEO.
APAC
Seraya Partners-backed Cyan Renewables, an offshore vessel portfolio company, completed the acquisition of MMA Offshore, a provider of marine and subsea services, for $702m.
“The acquisition of MMA is a significant milestone for our future as a leader in the renewable energy space. This move strengthens our position in the Asia-Pacific region and solidifies our leadership in the offshore wind industry and energy transition. This acquisition brings extensive maritime services expertise and a strong operational presence in key markets such as Australia and the broader APAC region,” Lee Keng Lin, Cyan Renewables CEO.
Mankind Pharma is frontrunner in Bharat Serums bid.
Mankind Pharma is emerging as the frontrunner to acquire Bharat Serums & Vaccines in a deal that could value the target company at around $1.5bn, Bloomberg reported.
Mankind Pharma, which has brands including Manforce Condoms and Prega News pregnancy tests, is in advanced talks to buy a controlling stake in Bharat Serums from Advent International. An announcement could come as soon as the next few weeks.
China court weighs restructure bid from Jiangsu Delong creditor.
A creditor of Jiangsu Delong Nickel Industry, one of the world’s largest stainless steel producers, has told a Chinese court the business controlled by legendary businessman Dai Guofang and his family needs to be restructured, Bloomberg reported.
A local court in Xiangshui County, Jiangsu province, is studying the application from the local state-owned builder, along with another three cases targeting the company’s affiliates. The court will decide whether to accept and hear them, which involve a large number of creditors and complicated legal relationships.
IFC proposes $60m investment for Mongolian conglomerate MCS. (FS)
International Finance Corporation (IFC), a member of the World Bank Group, is considering an investment of up to $60m in MCS, the largest private sector group in Mongolia, DealStreetAsia reported.
The proposed investment is a corporate loan whose proceeds will be specifically used for construction of a 24-storey commercial building in Ulaanbaatar and agricultural and meat production operations at Metagro, a fully owned subsidiary of MCS.
Nvidia partner SMC raising $950m to tap AI server boom.
Singapore data center upstart Sustainable Metal Cloud is raising about $950m in fresh funds, seeking to tap the global artificial intelligence boom to spur its growth, Bloomberg reported.
The company, an affiliate of Australia’s Firmus Technologies, is finalizing an initial equity round of about $400m. The six-year-old firm is also in the process of raising $550m in debt.
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