AMERICAS
Aurora Capital Partners agreed to acquire FMG Suite, a provider of cloud-based marketing automation software for financial services professionals, from K1 Investment Management, an investment firm focusing on high-growth enterprise software companies. Financial terms were not disclosed.
"We are thrilled to partner with FMG Suite. FMG Suite is an ideal fit with our investment strategy, demonstrating outstanding market leadership, stability, and growth potential. Scott White and his team fit naturally with our culture given their commitment to excellence, transparency, and personal growth, and we are delighted to partner with them for FMG Suite's next chapter," Rob Fraser, Aurora Partner.
FMG Suite is advised by Lincoln International and Morris Manning & Martin. Aurora is advised by Harris Williams & Co and Gibson Dunn & Crutcher.
Apax Partners agreed to invest $550m in KAR Global, a global vehicle remarketing and technology solutions provider. The investment was done with participation by Periphas Capital.
"KAR is an internationally recognized leader in wholesale remarketing with a strong track record of innovation. The company’s market leading digital platforms and investments in data analytics uniquely position them to thrive in the new digital normal. We look forward to partnering with KAR’s progressive and entrepreneurial management team to transform their industry and drive long-term value for all stockholders," Roy Mackenzie, Apax Partner.
KAR Global is advised by JP Morgan and Skadden Arps Slate Meagher & Flom. Periphas Capital is advised by Wachtell Lipton Rosen & Katz. Apax Partners is advised by Goldman Sachs and Simpson Thacher & Bartlett.
Diversified Gas & Oil, the US-based owner and operator of natural gas, natural gas liquids, and oil wells as well as midstream assets, completed the acquisition of certain upstream and related infrastructure assets of EQT, a company engaged in hydrocarbon exploration and pipeline transport, for $145m.
"This transaction further solidifies the strong relationship we share with EQT that dates back to 2018 when we completed a $575m purchase of similar Appalachian assets. Our teams work exceptionally well together, and we look forward to future opportunities to partner again. Today's acquisition builds on the significant momentum we've generated this year and continues to validate the large opportunity set of accretive gas and oil-producing assets available in this market. As in the past, we now turn our attention to seamlessly integrating the assets into our existing portfolio, eager to capitalize on the embedded upside from the 13 non-producing wells by restoring them to production and further leveraging the scale and geographic density of our operation to reduce costs while also improving production from the other wells," Rusty Hutson, Diversified Gas & Oil CEO.
Diversified Gas & Oil was advised by Credit Suisse, Mirabaud Securities, Stifel, Cenkos Securities and Buchanan.
Qualigen, a privately-held company focused on the development and commercialization of novel therapeutic products for the treatment of cancer and infectious diseases, completed the merger with Ritter Pharmaceuticals, which develops novel therapeutic products that modulate the human gut microbiome to treat gastrointestinal diseases, in an all-stock deal.
"The time is right for us to take advantage of our core science and regulatory experience from our diagnostic business and expand into promising cancer therapeutic drugs and devices. With this transaction and our key knowledge in cancer and infectious disease, we look forward to progressing our clinical development programs," Michael S. Poirier, President, Qualigen President, CEO and Chairman.
Ritter Pharmaceuticals was advised by Alliance Global Partners and Reed Smith. Qualigen was advised by GreenBlock Capital and Stradling Yocca Carlson & Rauth.
Panasonic, a Japanese multinational consumer electronics corporation, agreed to acquire a 20% stake in Blue Yonder, an American software and consultancy company, at a $5.5bn valuation. New Mountain Capital and funds managed by Blackstone will continue to be majority shareholders in Blue Yonder.
"I am excited about this collaboration to realize our joint vision for digital supply chain — where Blue Yonder's platform synchronizes with Panasonic's edge offerings to deliver more autonomous, successful business outcomes for retailers, manufacturers and logistics providers. We look forward to working within our Joint Venture in Japan to deliver tremendous customer value," Girish Rishi, Blue Yonder CEO.
Blue Yonder is advised by Simpson Thacher & Bartlett.
iA Financial Group, a Canadian insurance company, agreed to acquire Innovative Aftermarket Systems, a marketer, administrator, and underwriter of vehicle protection products, from Genstar Capital, a private equity firm. Financial terms were not disclosed.
"IAS has been an incredibly successful long-term investment for us since our acquisition in 2011. We are pleased with the evolution of IAS into one of the leading automotive warranty platform businesses. IAS' leadership under our ownership, first Bob Corbin and then Patrick Brown, delivered organic growth, strategic acquisitions, additional product lines, and best-in-class technology solutions. We want to thank Patrick, Bob and the entire IAS team for their efforts that led to this successful outcome," Ryan Clark, Genstar President and Managing Director.
Genstar is advised by Chris Tofalli.
Premier, a healthcare improvement company, completed the acquisition of a minority stake in Prestige Ameritech, a manufacturer of face masks, including N95 respirators and surgical masks. Financial terms were not disclosed.
"As Covid-19 proves, the United States is almost completely at the mercy of foreign nations for vital supplies. Diverse and on-shore manufacturing of critical healthcare products is clearly a national security issue. With this agreement, we have long-term, multi-year commitments that give us certainty and allow us to dedicate our resources to increase production. Not only does that help us today with Covid-19, but long-term commitments also create economies of scale for when we return to business as usual," Dan Reese, Prestige Ameritech Co-Founder and CEO.
Regeneron to buy back $5bn stake from Sanofi.
Regeneron, an American biotechnology company, agreed to repurchase $5bn of its stock from Sanofi, a French multinational pharmaceutical company. Regeneron said that Sanofi also intends to sell c. 12.8m shares, a holding worth more than $7bn based on Friday's closing price. That will mark the greatest public equity offering in the heath-care industry on record, Bloomberg reported.
The announcement is part of Chief Executive Officer Paul Hudson's revamped strategy. The drugmaker said in December that it would end its pursuit for new diabetes and heart disease medicines, helping save more than $2bn, and focus on lucrative areas such as oncology. The deal will boost Sanofi's capital for acquisitions to $50bn.
"We believe the proceeds from this transaction will help further our ability to execute on our strategy to drive innovation and growth," Paul Hudson, Sanofi Chief Executive Officer.
Sanofi is advised by Weil Gotshal and Manges.
Petrobras considers divesting Braskem stake by the end of the year.
Brazil's Petrobras could sell its stake in petrochemical firm Braskem by the end of 2020, the head of the state-run oil company said.
"We think it's feasible by the end of this year, and if not, by the beginning of next year, to sell that stake," Roberto Castello Branco, Petrobras CEO.
JDE Peet's seeks to raise $2.5bn in IPO.
JDE Peet's IPO drew massive investor interest as books opened on Tuesday, in an early indication of robust demand for an issue that aims to raise $2.5bn and revive a moribund IPO market.
Books were covered in excess of the full offer size within hours of opening, a bookrunner said, at an indicative price range of $32-35 per share, valuing the company at up to $17.5bn.
JDE, owner of brands including Peet's Coffee, Douwe Egberts, and Jacobs, said the IPO has attracted investors including George Soros' Quantum Partners and trading on Euronext Amsterdam will start on June 3.
Warner Music considers $1.8bn Nasdaq IPO.
Warner Music Group is aiming to sell up to $1.8bn in stock in its US IPO, potentially the largest New York IPO so far in 2020, as the market for new shares rebounds after the Covid-19 pandemic put many debuts on hold.
Warner Music, the world's third-largest recording label and home to artists including Cardi B, Ed Sheeran and Bruno Mars, set a price target of $23-$26 per share for 70m Class A shares. At the top end of the range, the IPO would value Warner Music at $13.3bn.
Aquiline Capital raises $2bn for fourth private equity fund. (FS)
PE News reported that Aquiline Capital Partners, which invests in financial services and technology, closed its fourth private equity fund with more than $2bn in commitments. The Aquiline Financial Services Fund IV exceeded its target of $1.5bn.
"Today's dynamic market conditions are creating significant disruptions across financial services, technology and healthcare that we believe will present compelling investment opportunities for us," Jeff Greenberg, Aquiline Chairman and CEO.
The Sterling Group looks to raise $1.75bn for fifth flagship fund. (FS)
Mid-market Texas buyout house The Sterling Group filed to raise up to $1.75bn for its fifth flagship fund. Limited partners that pledged to back the pool include New York State Teachers’ Retirement System, which is investing up to $200m, and Illinois Municipal Retirement Fund, which is investing up to $60m.
Along with NYSTRS, LPs in Fund IV included Canada Pension Plan Investment Board, Pennsylvania State Employees’ Retirement System and State of Wisconsin Investment Board.
Rallyday Partners raises $153m for debut fund. (FS)
Rallyday Partners, a new private equity firm focused on lower mid-market deals, closed its debut fund slightly above the $150m target, despite facing particularly difficult conditions for first-time fund managers, WSJ reported.
The firm held a second and final close on Rallyday Partners Fund I LP at $153m in a six-month fundraising process that ended in late March.
EMEA
KKR & Co agreed to acquire a majority stake in Etche France, a private real estate company which owns and operates assets across France in the logistics, light industrial and office sectors, from BMF Group, a French real estate company. Financial terms were not disclosed.
"This transaction with KKR is not only a great opportunity for Etche but also a recognition of the quality of work delivered by our team. It will give us the chance to broaden our horizons. Etche will remain a nimble company with the financial strength and expertise of a major one. This deal began while Jean-Pierre Raynal was still amongst us and he would be delighted with this outcome," Léon Baruc, Etche CEO.
Etche France is advised by CE2C Expertise & Conseil, Durant des Aulnois and Kramer Levin Naftalis & Frankel. KKR is advised by Accuracy, Gide Loyrette Nouel, Norton Rose Fulbright, Wargny Katz, Adding Value Conseils and Finsbury. BMF is advised by Bredin Prat.
Waterland Private Equity completed the investment in IMC Group, an integrated medhealth communication group. Financial terms were not disclosed.
"We are delighted to announce our partnership with IMC. Shairose and her talented team have delivered incredible growth over the past three years building on their strong reputation, deep scientific capabilities and customer relationships. IMC has a clear vision for the next phase of growth; digital solutions and acquisitions will play an important part and we will shortly be announcing some more exciting news in this regard," Dominic Graham, Waterland Private Equity Senior Investment Manager.
Waterland Private Equity was advised by Candesic, Marsh, Clearwater, PricewaterhouseCoopers and DWF.
Merck, an American multinational pharmaceutical company, known as MSD outside the US, agreed to acquire Themis Bioscience, an international biotech company. Financial terms were not disclosed.
Closing of the transaction is subject to the expiration or earlier termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, merger control clearance in Austria, and other customary conditions.
"Building on the pioneering work of the Institut Pasteur, the Themis team has established specialized expertise that complements MSD's own capabilities in the discovery, development, manufacturing and global distribution of vaccines. We are eager to combine our strengths both to develop an effective Covid-19 vaccine in the near term and to build a pandemic preparedness capability directed toward emerging agents that pose a future epidemic threat," Dr. Roger M. Perlmutter, MSD President of Research & Development.
HSBC Holdings agreed to acquire full control in HSBC Trinkaus & Burkhardt, its German financial services company, from Landesbank Baden-Wuerttemberg, a universal bank. Financial terms were not disclosed.
The bank will acquire an 18.66% stake in HSBC Trinkaus & Burkhardt and will hold 99.33% of the registered share capital after the deal closes.
Nissan and Renault delay merger plans.
Renault and Nissan shelved plans to push towards the full merger former leader Carlos Ghosn craved and will instead fix their troubled alliance to try to recover from the coronavirus pandemic, Reuters reported.
Nissan has long resisted Renault's proposals for a full-blown merger as executives felt the French carmaker was not paying its fair share for the engineering work it did in Japan, sowing discord that some feared could wreck the partnership.
Siemens plans to keep 45% in Siemens Energy after the spin-off.
Siemens is planning to keep a 45% stake in its energy business which the German engineering group wants to spin-off later this year, Reuters reported. Siemens plans to give its owners one Siemens Energy share for every two shares they hold in Siemens.
Siemens is considering to hold 35.1% of the Siemens Energy shares directly with a view of reducing that stake within 12-18 months, while Siemens' pension unit will keep 9.9%. Siemens will take three seats on Siemens Energy's 20-member supervisory board, which will be headed by outgoing Chief Executive Joe Kaeser.
Toulouse football club in takeover talks with RedBird Capital Partners. (FS)
The owner of relegated Ligue 1 football club Toulouse is in talks with American investment firm RedBird Capital Partners to sell an 85% stake in the French side. Toulouse was relegated to Ligue 2 after finishing bottom of the table when the Ligue 1 season was stopped last month amid the Covid-19 crisis.
"I am convinced that RedBird Capital Partners has the skills and resources to help Toulouse Football Club return to the elite of French football," Olivier Sadran, Toulouse President and Owner.
South Africa Energy Fund considers buying Sasol assets. (FS)
Central Energy Fund, South Africa's state-owned, is considering buying assets that have been put on the block by fuel and chemical maker Sasol as it seeks to restore itself to profitability.
The CEF needs to put an end to the losses at its units, including oil company PetroSA, which made its last profit in 2013 and lost $838m in the year through March 2015.
UBS to create a venture capital fund. (FS)
UBS Group is setting aside hundreds of millions of dollars of its own money to invest in fintech companies, joining peers in financing startups that are upending traditional banking.
The Swiss wealth manager is planning a corporate venture capital fund to make investments between $10m and $20m in dozens of companies, Bloomberg reported.
Yoo Capital announced first close of $487m-targeting UK real estate fund. (FS)
Yoo Capital, a UK real estate investment house, hit the first close for its £400m ($487m)-targeting sophomore investment fund. The firm said it has access to £200m ($243m) of capital, including moderate leverage, through the close of Yoo Capital Fund II.
Fund II was launched in Q3 last year off the back of Yoo Capital Fund I's £1.3bn ($1.6bn) investment into Olympia, in partnership with a series of blue-chip institutional investors. The latest vehicle is the first in a series of funds launched by a collaboration between Yoo Capital and Astarte Capital Partners, a global institutional investor specializing in identifying and building best-in-class asset management businesses in the real assets space. Fund II will target leisure, healthcare and life sciences real estate assets, predominantly in Central London.
APAC
Reuters reported that Japanese beer maker Asahi is set to borrow $11bn from Sumitomo Mitsui to pay for its acquisition of Anheuser-Busch InBev's Australian subsidiary.
Asahi said in a statement it had signed a contract on Monday for the loan from SMBC. The deal for the AB InBev subsidiary, Carlton & United Breweries, is set to close on June 1.
Asahi is advised by Ernst & Young, PricewaterhouseCoopers, Nomura, Rothschild & Co and Allen & Overy. AB InBev is advised by Lazard, Freshfields Bruckhaus Deringer, Gilbert + Tobin and Gladstone Place Partners.
Warburg Pincus agreed to acquire an additional 18% stake in ARA Asset Management, a real estate fund management company. Financial terms were not disclosed.
"Alongside our fellow shareholders, we are pleased to have supported and contributed to ARA's significant growth over the past few years. The substantial increase in our shareholding in ARA demonstrates our strong confidence in its scalable business model and John's visionary leadership," Jeffrey Perlman, Warburg Pincus Managing Director and Head of Southeast Asia.
ITC, an Indian multinational conglomerate company headquartered in Kolkata, agreed to acquire Sunrise Foods, a manufacturer of ground spices, blended spices, instant food mixes and a host of other food products. Financial terms were not disclosed.
The proposed acquisition will augment the company's product portfolio and is aligned to ITC's aspiration to significantly scale up its Spices business and expand its footprint across the country. The deep consumer connect and distribution strength of SFPL in the focus markets, together with synergies arising out of the sourcing and supply chain capabilities of the company's Agri-Business and its pan-India distribution network, will provide significant value creation opportunities for the company.
Asian private equity firm ShawKwei & Partners agreed to invest in International Cosmetic Suppliers, a provider of cosmetic, beauty and skincare packaging headquartered in Hong Kong. Financial terms were not disclosed.
"Over the last 30 years, Sue has built ICS into a highly respected cosmetic packaging supplier supporting many of today's global brands. We will be working with Sue to pursue strategic acquisitions in Asia, US and Europe to increase the depth and breadth of ICS' already extensive capabilities and customer offerings," Kyle Shaw, ShawKwei Founder.
Daimler considers a $480m investment in Farasis' IPO.
Daimler seeks to invest in Farasis Energy's planned $480m IPO on China's Nasdaq-like STAR, aiming to ensure a stable supply of batteries from the Chinese firm as it ramps up electric vehicle production, Reuters reported.
The float, which is slated for the current quarter, could value the company at up to $4.2bn. The two firms struck a deal last year for Farasis to supply Daimler with lithium-ion battery cells and Farasis is building a factory in Germany.
Thai government cuts Thai Airways stake to below 51%.
The Thai government lowered its equity ownership in Thai Airways International to below 51% by selling a 3.2% stake, a regulatory filing showed, as part of the rehabilitation process for the troubled national carrier.
The Thai Finance Ministry offloaded 69.2m shares to a mutual fund run by state-owned Krung Thai Bank. The sale reduced the Thai government stake in Thai Airways to 47.86% from 51.03%, ending the airline’s status as a state-owned enterprise.
IL&FS seeks buyers for 26% stake in ONGC Tripura Power.
Infrastructure Leasing & Financial Services group sought expressions of interest from potential buyers to sell its entire 26% stake in gas-based power plant ONGC Tripura Power Company. The proposed sale is part of IL&FS' ongoing asset monetization plan.
The proposed transaction will be managed by investment banking firms Arpwood Capital and JM Financial. The last date for submitting the formal interest is June 8.
Alfanar considers divesting half of its Indian wind power assets.
Saudi Arabia's Alfanar Group is looking to sell half of its 600MW wind power projects in India in what is likely to rank among the largest wind energy deals in India.
"This move will benefit all power companies, including central public sector enterprise gencos and transmission companies, independent power producers and renewable generators," India Ratings and Research.
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