EMEA
Anta-led consortium is set to acquire Amer Sports in a $5.2bn deal. (FS)
Finland’s Amer Sports is close to signing a €4.6bn ($5.2bn) deal to be taken over by a consortium led by China’s Anta Sports.
Under the deal, Anta would take 58% of Amer Sports. Other investors in the consortium include Chinese private equity firm Fountainvest Partners, which would receive 21%, and Canadian billionaire Chip Wilson, founder of yoga apparel company Lululemon Athletica, who would take a 21% stake. Chinese internet and gaming giant Tencent is also part of the consortium as an investor in a Fountainvest investment vehicle.
Amer Sports is being advised by Goldman Sachs. Anta Sports Products and Fountainvest Partners are being advised by Citigroup.
Euromoney Institutional Investor, the global business information and events group, acquired 100% of the equity of The Deal, comprising BoardEx and The Deal, from its parent company, TheStreet.
The Deal is a trusted source of data, news, and intelligence on mergers and acquisitions, activist investing, private equity and restructuring. Its digital subscription product is one of the market-leading brands in deal-driven knowledge across the US. Its data, particularly on the individuals involved in a transaction, provide further depth to the relationship mapping output of the BoardEx platform.
The combined products have a consistent track record of growth in revenue and EBITDA over recent years, and this trend is expected to continue. In the twelve months to 30 September 2018, The Deal's unaudited revenue was $25m. Revenues are derived predominantly from selling subscriptions which have high renewal rates.
FTI Consulting acted as PR advisor.
Nordic Credit Partners Fund III issues additional loan shares for SEK200m.
Nordic Credit Partners Fund III AB has issued additional loans share for SEK200m ($22.4m) of the nominal value.
"With this done, we welcome many new co-investors in the fund and are also looking forward to expanded mandates from existing investors. " NCP III Chairman, Björn Wolrath.
Together with the SEK 550m ($62m) loan shares granted previously, the issued capital of NCP III now amounts to a total of SEK 750m ($84m).
AMERICAS
One Equity backed Inside Secure acquired Verimatrix for $152m.
Publicly traded Inside Secure SA is acquiring fellow digital-security company Verimatrix Inc. in a roughly $152m deal backed by private-equity firm One Equity Partners.
Inside Secure, of Aix-en-Provence, France, in a news release said the combined business would have generated $119m of pro forma adjusted revenue and $21.5m of earnings before interest, taxes, depreciation, and amortisation in 2017.
Tom Munro, Verimatrix CEO: "This transaction allows a great combination of technologies and expertise, bringing two well-respected market players together. It's exciting to create a company with such a clear focus, a global presence, and a depth of expertise in the applications of security and analytics across critical market segments."
Private equity firm KKR has led a $100m investment in Cross River Bank, a community bank that powers some of the most well known financial technology startups in the United States.
Chinese FinTech conglomerate CreditEase, LionTree Partners and existing investors Andreessen Horowitz, Battery Ventures and Ribbit Capital, also joined the equity round.
Cross River will use the cash to grow its team and continue to invest in compliance infrastructure, the bank’s founder and Chief Executive Gilles Gade said in an interview.
An affiliate of private investment firm Sun Capital Partners has signed a definitive agreement to acquire the drive technologies businesses of Regal Beloit Corporation. The acquired businesses design, engineer and assemble technology-enabled, high-performance motor control solutions for industrial applications. Financial terms of the deal were not disclosed.
Marc Leder, Sun Capital Partners Co-CEO “We see enormous potential in these businesses, and will provide the support and resources needed to grow them into a successful, stand-alone company.”
Ironwood Capital’s portfolio company NSA Industries has acquired Metal Tronics, located in Georgetown, Massachusetts. Metal Tronics is a provider of precision metal fabrication and CNC machining solutions. Financial terms were not disclosed.
"One year ago, when Ironwood Capital originally invested in NSA, the company's plan was to continue expansion and diversification efforts through organic growth and strategic acquisitions." Ironwood Capital Managing Director Alex Levental.
Nexstar attracts interest for stations included in Tribune deal.
Nexstar Media Group is already attracting interest from private equity firms and rival media companies for a group of television stations that it’s promised to sell as part of its acquisition of Tribune Media.
Cerberus Capital Management and Apollo Global Management, as well as regional broadcasters EW Scripps, Gray Television, Meredith, and Tegna, are circling the stations, which could fetch as much as $1bn.
A formal sale process is likely to start in coming weeks, and the auction is expected to be completed by the time Nexstar’s merger with Tribune is slated to close in the third quarter of 2019.
Perry Sook, Nexstar Chief Executive Officer, said he’d already had interest from four potential buyers within a couple of hours of announcing its $4.1bn deal to buy Tribune on December 3.
US State regulator rejected the sale of Avista to Canada's Hydro One.
A Washington state regulator rejected Canadian electric utility Hydro One's proposed acquisition of rival Avista, saying the deal would not adequately protect Avista or its customers from political and financial risk.
Hydro One proposed to buy Avista for C$6.7bn ($5bn) in 2017 as it sought to expand into the US Northwest.
“Provincial government interference in Hydro One’s affairs, the risk of which has been shown by events to be significant, could result in direct or indirect harm to Avista if it were acquired by Hydro One,” the commission said.
Vistria wins the auction for Frontenac’s Behavioral Health Group.
Frontenac has agreed to sell Behavioral Health Group to fellow Chicago private equity shop Vistria Group. The financial terms were not disclosed. The transaction is poised to close in 2019.
Race Winning Brands, Inc., a portfolio company of Kinderhook Industries is pleased to announce the acquisition of Giannone Performance Products, Inc. (MGP Connecting Rods), a premium manufacturer of high-performance aluminum connecting rods. MGP represents the fifth add-on acquisition for Race Winning Brands. Financial terms were not disclosed.
“We continue pursuing our vision of leading racers to victory with the best engine parts in the market, MGP is further investment in our expansion to adjacent categories.” Brian Reese, Race Winning Brands CEO.
Wynnchurch Capital acquired Buchanan Rubber.
Wynnchurch Capital has completed the acquisition of Buchanan Rubber Ltd. Financial terms were not disclosed.
Buchanan will be part of a growing distribution platform that includes Anderson Metals and Midland Metal Mfg. The platform is a leading North American distributor of valves, fittings, hoses, couplings, and related products to a variety of end-markets.
Vince Hodes, Wynnchurch Capital CEO: “With the addition of Buchanan, we gain access to the Canadian market and drive continued scale in the industrial, energy, water, and infrastructure sectors. In addition, we can now offer our customers new products with a full line of hose and couplings as we continue to enhance our value proposition and execute on our growth strategy.”
APAC
AION Capital Partners, the joint venture between global PE fund Apollo Global Management and domestic fund ICICI Venture, is acquiring InterGlobe Technologies, a leading IT & back-office arm of travel major InterGlobe Enterprises, for $230m. IGT provides services in the entire spectrum of travel, transportation and hospitality domain globally.
The deal that got signed on Wednesday is expected to be announced later this week.
IGT is expected to post revenue of $150m with an EBITDA margin of 18% in FY19.
Moelis and Avendus are the advisers in the transaction.
Afinum and Invision team up for Ledlenser deal.
Afinum Management and Invision Private Equity have jointly acquired Solingen-based flashlight manufacturer Ledlenser. Afinum is the lead investor and majority shareholder, while Invision and the management team have taken a minority stake. Financial terms were not disclosed.
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