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AMERICAS
KKR, an alternative asset manager focusing on private equity, fixed income, and capital markets, agreed to acquire CIRCOR International, a manufacturer of highly engineered, complex and severe environment products that serve the long-term, for $1.6bn.
“CIRCOR stands out as an innovative and trusted solution provider, manufacturing mission-critical flow control products for industrials, aerospace and defense customers. We believe the Company is in a strong position to grow and benefit from the attractive tailwinds in those markets. We look forward to working closely with Tony and his talented team to drive further growth and value through new product development, aftermarket expansion, strategic acquisitions and allowing all CIRCOR employees to have the opportunity to participate in the benefits of ownership of the Company,” Josh Weisenbeck, KKR Partner.
CIRCOR International is advised by Evercore, JP Morgan, Ropes & Gray, and Sharon Merrill Associates. KKR is advised by Citibank and Kirkland & Ellis.
SPX Technologies, a supplier of highly engineered infrastructure equipment and technologies, completed the acquisition of ASPEQ Heating Group, an electrical heating solutions provider, from Industrial Growth Partners, a specialist private investment partnership, for $418m.
"We are delighted to be joining SPX Technologies' electrical heating team. Bringing together SPX Technologies' marketing and channel infrastructure and business system with ASPEQ's technology, and strong product development and application expertise creates numerous opportunities for employees, customers, and shareholders. I personally look forward to working with the SPX Technologies team to build an even stronger, more valuable platform," Dave Smith, ASPEQ President and CEO.
Iron Path Capital, a private equity firm focused on lower-middle market investments, agreed to acquire the Glycolic Acid business of The Chemours Company, a global chemistry company, for $137m.
"Creating a better world through the power of our chemistry requires a clear focus on where to play and how to win. While our goal is to position every one of our businesses for growth, over the past several months it became clear that PureTech Scientific and Iron Path Capital may be best positioned to take Glycolic Acid to the next level. We're incredibly proud and appreciative of our Glycolic Acid team and wish them all the best in this exciting next chapter," Mark Newman, Chemours President and CEO.
Iron Path Capital is advised by McDermott Will & Emery. Chemours is advised by Grace Matthews and Spilman Thomas & Battle.
Neuberger Berman, a private, independent, employee-owned investment manager, completed the investment in Mavis Tire Express Services, one of the largest independent tire and service providers in the United States. Financial terms were not disclosed.
"We are excited to partner with management, as well as existing investors BayPine, TSG, and Golden Gate Capital to support Mavis's continued growth. We have long admired the company and believe Mavis's demonstrated track record of high-quality service will continue to be valued by customers in the years to come," J.T. Munch, Neuberger Berman Managing Director.
Neuberger Berman was advised by Latham & Watkins.
Republic Services, a provider of environmental services, completed the acquisition of the Colorado and New Mexico operations of GFL Environmental, a waste management company with headquarters in Toronto. Financial terms were not disclosed.
"These divestitures complete our portfolio rationalization plan. We believe our network of assets and market selection position us for high quality, organic profitability growth and we remain focused on our M&A strategy of densifying our existing footprint across Canada and the United States through our robust acquisition pipeline," Patrick Dovigi, GFL Founder and CEO.
Auxo Investment Partners, a private investment firm, completed the acquisition of Avon Machining, a Shelby Township, Michigan-based precision manufacturer of complex machining solutions, including high-precision gears, transmission parts, bearings, housings, and axle shafts for the construction, mining, agriculture, industrial, electrical vehicle, chemical, oil and gas, and defense industries. Financial terms were not disclosed.
"We are excited to join forces with Auxo Investment Partners. With their resources and commitment to growth, we will continue to build on Avon Machining's legacy of quality, innovation, and customer satisfaction, while expanding our capabilities and offerings," Chad Fietsam, Avon Machining CEO.
Subway auction end in sight with Roark, Advent circling. (FS)
The auction for Subway is expected to come to a head in about a month, with about a half-dozen parties still vying for the sandwich chain, including private equity firms Roark Capital Group and London-based TDR Capital, Bloomberg reported.
Advent International is working with Goldman Sachs Group's asset management arm on a bid while Sycamore Partners is also in the mix. Bain Capital and TPG have dropped out of the process.
Centerview partner Emlen Fischer leaves for startup Factorial. (FS, People)
Centerview Partners investment banker Emlen Fischer has departed the investment bank to join solid-state battery startup Factorial Energy. Fischer, who had been a partner at Centerview, will be Factorial's CEO and CBO.
Fischer joined Centerview in 2010 and was a founding member of the firm’s tech practice in Palo Alto, California. Earlier in his career, he worked at JP Morgan. Throughout his career, he’s been involved in more than $250bn worth of deals, including assignments advising companies such as Qualcomm, Seagate Technology and Cognizant Technology Solutions.
Incoming Twitter CEO hires executive from NBCUniversal. (People)
Former NBCUniversal executive Joe Benarroch joined Twitter on Monday, in a role focusing on business operations. Benarroch said in an email that he was looking forward to working with the company's team to "build Twitter 2.0 together."
Benarroch is being appointed following the departure of a number of executives. Twitter's head of trust and safety, Ella Irwin has resigned from the social media company. Also, the head of brand safety and ad quality, A.J. Brown, has decided to leave.
EMEA
UBS expects to complete its acquisition of Credit Suisse as early as June 12, creating a new powerhouse in European banking and ending weeks of uncertainty for the lenders’ more than 100k employees. UBS shares were 1.22% higher in early trade Monday, while Credit Suisse shares were up 1.89%.
The deal’s completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and other remaining closing conditions.
Credit Suisse is advised by Centerview Partners (led by Blair Effron), Rothschild & Co (led by Cyril de Mont-Marin), Cleary Gottlieb Steen & Hamilton (led by David Lopez), Homburger (led by Claude Lambert, Benjamin Leisinger and Daniel Daeniker), Sullivan & Cromwell (led by Mitchell S. Eitel) and Community Group (led by Auro Palomba). UBS is advised by JP Morgan, Morgan Stanley, UBS, Bar & Karrer (led by Rolf Watter), Davis Polk & Wardwell (led by Evan Rosen, Luigi L. De Ghenghi and Marc O. Williams), Freshfields Bruckhaus Deringer (led by Michael Raffan and Jennifer Bethlehem) and Community Group (led by Marco Rubino).
Goldman Sachs Asset Management, a provider of institutional and individual investors with investment and advisory solutions, agreed to acquire Froy, a supplier of vessel services such as wellboat and sea freight, from Salmar for $600m.
“We are excited to invest in Frøy, as one of the leading companies providing mission-critical transportation and support infrastructure to the aquaculture industry. Wellboats and service vessels are vital to enabling best-in-class farming practices and Frøy is at the forefront of driving sustainability. We look forward to partnering with Frøy and its management team, employees and long-standing customers in supporting long-term growth and value creation,” Tavis Cannell, GSAM Global Co-Head of Infrastructure.
Goldman Sachs Asset Management is advised by Nordea Bank, RBC Capital Markets, Goldman Sachs, Linklaters, and Thommessen. Froy is advised by DNB Bank and Advokatfirmaet BA-HR.
Barnes, a global industrial and aerospace manufacturer and service provider, agreed to acquire MB Aerospace, a provider of precision aero-engine component manufacturing and repair services, for $740m.
"The acquisition of MB Aerospace, the largest in Barnes' history, is a transformational opportunity that is a significant catalyst for our already world-class aerospace business. MB is an exceptional strategic fit for us with highly complementary program focus, global operations, technical capabilities, and product offerings. Like Barnes Aerospace, MB possesses a history and culture of operational and technical excellence through a skilled workforce, and global footprint that will help us drive productivity across the combined entity," Thomas J. Hook, Barnes President and CEO.
MB Aerospace is advised by Goldman Sachs, RBC Capital Markets and Simpson Thacher & Bartlett. Barnes is advised by Bank of America and Wachtell Lipton Rosen & Katz (led by Benjamin M. Roth). Debt financing is provided by Bank of America.
Lonza, a global manufacturing partner to the pharmaceutical, biotech and nutraceutical markets, completed the acquisition of Synaffix, a biotechnology company, for €160m.
"On our mission to bring Synaffix's ADC technologies to patients, we are excited to become part of Lonza and thus, through strong and immediate synergies, ensure a robust technology and manufacturing platform for our licensees as they progress into the late stage clinical and commercial development phase. We can now also leverage the potential offered by Lonza to fast-track technology innovations in bioconjugates beyond cytotoxic ADCs. We look forward to working closely with our colleagues at Lonza for the continued enablement of promising potential medicines for patients in need," Peter van de Sande, Synaffix CEO.
Synaffix was advised by William Blair & Co, Goodwin Procter (led by Andrew Harrow and Malcolm Bates) and NautaDutilh. Lonza was advised by Bird & Bird.
Novo Nordisk, a Danish drug developer, offered to acquire Biocorp, a French medical device designer, for $165m.
"We are delighted by the potential to join Novo Nordisk, a leading global healthcare company. This potential combination rewards our efforts, begun five years ago, to digitalize the treatment and monitoring of chronic patients, with the constant aim of easing their daily lives. Our teams are enthusiastic about pursuing this public health mission, which will be intensified by the strength of Novo Nordisk's global presence," Eric Dessertenne, Biocorp CEO.
Biocorp is advised by Stifel, McDermott Will & Emery and Ulysse Communication (led by Bruno Arabian and Nicolas Daniels). Novo Nordisk is advised by Lazard and Bird & Bird.
Augment Investments, an investment company, failed to acquire Mondi Syktyvkar, a pulp, packaging paper and uncoated fine paper mill, from Mondi, a multinational packaging and paper comapny, for RUB95bn ($1.2bn).
The decision follows recent discussions with Augment on its lack of progress in gaining the necessary approvals to complete this transaction.
Temasek, a global investment company headquartered in Singapore, led a €255m ($273m) funding round in ITM Isotope Technologies Munich, a radiopharmaceutical biotech company, with participation from BlackRock, Qatar Investment Authority, Nextech, ATHOS and Carbyne.
"ITM is a leading radiopharmaceutical company with an advanced proprietary pipeline and has established itself as the major radioisotope supplier globally. This financing supports our objective to serve a broad patient population by ensuring a consistent supply of radionuclides and radiopharmaceuticals to meet the growing demand of medical professionals and our partners across the pharmaceutical, healthcare and research sectors globally," Udo J. Vetter, ITM Chairman of the Supervisory Board.
AXA IM, AXA's alternative investment subsidiary, agreed to acquire the Bry-sur-Marne film studio, one of the largest French filming complexes for cinema and television series, for $160m.
AXA IM Alts specifies that this is its first transaction in the booming sector of series and film production, but has the ambition to significantly develop its platform of studio real estate assets. The studio sector is characterized by a shortage of suitable space, accentuated by land constraints in and around major European cities and municipalities, as well as rising energy and construction costs.
SE7 Partners, a consortium led by Methven, Edward Warrick and American billionaire Joshua Friedman, agreed to acquire Charlton Athletic, a professional football club founded in 1905, from Thomas Sandgaard. Financial terms were not disclosed.
“A deal has been agreed and a share purchase agreement has been signed by Thomas Sandgaard and SE7 Partners. We’ll now work with SE7 Partners and the EFL to meet the league requirements, which is a process that can take some time," Peter Storrie, Charlton Athletic CEO.
CVC Capital Partners looking to acquire Center Parcs from Brookfield Property Partners for £4bn. (FS)
CVC Capital Partners, a private equity and investment advisory firm that invests in retail, construction, consumer, and others, is mulling a deal to acquire Center Parcs, a short-break holiday company which operates five holiday villages in the United Kingdom, from Brookfield Property Partners for up to £4bn ($5bn).
Center Parcs has seen a strong rebound in its performance since the disruption of the Covid-19 pandemic. It is one of the most famous brands in the British leisure industry, drawing millions of visitors annually to its five UK sites and the latest addition to its portfolio, at Longford Forest in Ireland. Run by Martin Dalby, its chief executive for more than 20 years, Center Parcs' shareholders have received hundreds of millions of pounds in dividends since Brookfield bought the business.
Brookfield Property Partners is advised by Bank of America, Barclays, and Eastdil Secured.
Asos got $1.74bn deal approach last year.
Asos, a British online fashion and cosmetic retailer, received a takeover approach from Turkish online retailer Trendyol in December. The proposed deal would have valued the online fashion retailer’s shares at between £10 ($12) and £12 ($15) each. A deal at that price would value the company’s shares at between £1.2bn ($1.5bn) and £1.4bn ($1.75bn).
Trendyol, who was working with advisers from Morgan Stanley on the deal, approached Anders Holch Povlsen, the clothes retailer’s largest shareholder, to see if he would be interested in participating.
Richard Buxton retires from Jupiter after a four-decade career. (FS, People)
Richard Buxton, one of the City's best-known stock-pickers, is leaving Jupiter at the end of August — a move which will see him also retire from fund management.
Buxton, who joined Jupiter following the FTSE 250 asset manager's acquisition of Merian Global Investors in 2020, will hand over responsibility of his £585m ($728m) UK Alpha fund to Ed Meier and Errol Francis.
“While I am looking forward to pursuing other interests, not least my passion for the arts, I have always said that investing is ‘in my blood.’ I feel extraordinarily lucky to have been able to pursue a career in a field that has always held such a fascination for me, and to have done so surrounded by some exceptionally talented colleagues,” Richard Buxton.
ZCG-backed Universal Marine Medical Supply International, a global provider of pharmaceutical and medical solutions to the maritime industry, agreed to merge with Marine Pharma, a Singapore-based medical supplier. Financial terms were not disclosed.
"Through this merger, we are pleased to solidify our presence in such an important international market, as we continue to reinforce Unimed's position as the only truly global company within the highly-niche pharmaceutical and medical solutions sector for the maritime industry," Alan Kessman, Unimed CEO.
Z Capital is advised by Joele Frank (led by Tim Ragones).
WSP Global, one of the largest professional services firms in the world, completed the acquisition of Calibre, a diversified professional service, construction and maintenance specialist. Financial terms were not disclosed.
"We are eager to leverage the full potential of our combined teams and work together to support mining clients with strong ESG commitments. We have the opportunity to play a pivotal role at a time when mining companies are making bold commitments towards decarbonizing their operations and infrastructure, while providing the critical minerals required for the green transition," Alexandre L'Heureux, WSP President and CEO.
Brookfield India REIT appoints bankers, targets July for $400m raising. (FS)
Brookfield India Real Estate Investment Trust, the Indian REIT of one of the world's largest alternative asset groups Brookfield, has appointed eight investment banks for its planned equity raising of around $400m, and is targeting the deal's closure by July, Reuters reported.
The trust told India's stock exchanges last month that it planned to raise up to $425m for a recently announced $1.4bn acquisition of 6.5m square feet of Indian offices with Singapore's GIC. It gave no details of a timeline or how it would raise the funds.
Redox looks to raise $280m in Australia IPO.
Australian chemical distribution firm Redox and a group of its shareholders are seeking to raise as much as $280m in an initial public offering, potentially setting up Australia's largest listing this year, Bloomberg reported.
The IPO will consist of 60% new shares and 40% existing shares, the documents show. The sellers include members of the founding Coneliano family.
Byju’s targets tutoring unit IPO in 2024 as financial woes mount.
Byju’s seeks to have the stock-market debut of its tutoring unit next year, later than it had previously envisaged as the Indian education-technology company struggles with financial challenges.
The initial public offering of Aakash Educational Services is set to take place in the middle of next year. Byju’s had previously targeted the IPO for August-September this year.
An IPO of Aakash would provide Byju’s with much-needed cash. The once high-flying company led by former teacher Byju Raveendran has been trying to strike a deal with creditors to restructure a $1.2bn loan, after the decline of the pandemic-era boom in online tutoring dealt a blow to its finances.
Philippines AirAsia looking to revive IPO plans.
The Philippines unit of AirAsia owner Capital A is looking at an initial public offering next year, reviving a fundraising plan hatched in 2015 but shelved numerous times because of market volatility.
"We definitely need to raise some capital and that is one of the strongest options that we have," Tony Fernandes, Capital A CEO.
AirAsia will continue to make fares competitive and pursue new destinations despite threats of recession in developed nations. The low-cost airline, which started Philippine operations in 2012, was looking at raising up to $250m in 2018.
GLP China's REIT raises $261m, expands war chest for acquiring logistics facilities. (FS)
GLP China, the China arm of Singapore-based real estate investment group GLP, announced on Monday that its real estate investment trust has raised about CNY1.85bn ($261m) in a rights offering to bankroll expansion plans.
China-focused CICC GLP Warehouse Logistics Close-End Infrastructure Fund issued as many as 438m shares at about CNY4.23 ($0.6) apiece. It will use the proceeds to acquire three logistics facilities across Shandong Province, Guangdong Province, and the municipality of Chongqing in eastern, southern, and southwestern China, respectively.
US pension fund Montana BOI commits $110m to two Asia funds. (FS)
Montana Board of Investments, a public pension fund based in Helena, Montana, made two commitments worth a total of $110m to two Asia funds, Axiom Asia and OCP Asia, Deal Street Asia reported.
The US pension fund has committed $60m to Axiom Asia Fund 7 and another $50m to OCP Asia Fund.
Barclays PB makes senior appointments in Singapore. (People)
Barclays Private Bank has strengthened its presence in Asia by moving two senior bankers from its London office to Singapore.
Tom Road, who has worked for Barclays Private Bank in London for the past 13 years covering ultra-high-net-worth and global family offices, relocated to Singapore to take up the new role as its deputy head. The British universal bank has also appointed Wengmun Loh as the head of dealing and derivatives of Barclays Private Bank in Singapore. Loh has been with Barclays since 2008, and was most recently the head of UK Direct Access for Barclays Private Bank in London.
"These new appointments will strengthen our presence here and allow us to further meet the investment and banking needs of family offices and UHNW clients in the region," Jean-Christophe Gerard, Barclays CEO.
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