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AMERICAS
Goldman Sachs Asset Management completed a $125m investment in Fortress Information Security, a supply chain cybersecurity provider for critical industries.
"The Goldman Sachs investment validates the hard work of our employees and clients who have brought collaborative cybersecurity to life. This growth capital infusion will empower us to accelerate the execution of our vision of resilient supply chains," Alex Santos, Fortress CEO.
Fortress Information Security was advised by DBO Partners, Foley & Lardner and Vrge Strategies. Goldman Sachs Asset Management was advised by Goldman Sachs and Goodwin Procter.
The Pritzker Organization, the family merchant bank of the Tom Pritzker family, agreed to acquire Epic Staffing Group, a diversified national provider of outsourced employment to the biopharmaceutical and healthcare industries, from Webster Equity Partners, a private equity firm. Financial terms were not disclosed.
"We are truly excited to be partnering with TPO for the next chapter of Epic's growth story. We have enjoyed outstanding organic growth, completed several successful acquisitions during our time with Webster Equity Partners, and our business has never been better positioned to help our clients across healthcare, life sciences and schools," Mark Siegel, Epic CEO.
Debt financing is provided by Truist Bank and Wells Fargo Securities. Webster Equity Partners is advised by Rothschild & Co.
Ellucian, a higher education technology solutions provider, completed the acquisition of CampusLogic, an ed-tech provider of student financial success solutions. Financial terms were not disclosed.
“Putting students first means solving for those that never get an opportunity to further their education whether for financial, social, health or other reasons. CampusLogic solutions will extend Ellucian’s capabilities to promote student wellbeing and focus on student financial success - the most pressing need of today’s higher ed students. I am thrilled to welcome CampusLogic to Ellucian. Together we will provide a more connected experience between institutions and students to improve the entire financial aid lifecycle," Laura Ipsen, Ellucian President and CEO.
CampusLogic was advised by Goldman Sachs. Ellucian was advised by Macquarie Group.
Arcline Investment Management, a private equity firm, completed the acquisition of Meritec, a designer and manufacturer of interconnect embedded systems. Financial terms were not disclosed.
"We are proud of the Company we have built through the efforts of our associates and partnership with our customers. I am confident that great things are to come through Arcline's investment in our future," John T. Venaleck, Meritec Founder.
Arcline was advised by Houlihan Lokey and Joele Frank.
Orion Advisor Solutions, a provider of transformative wealthtech solutions for fiduciary advisors, agreed to acquire Redtail Technology, a web-based client relationship management software firm. Financial terms were not disclosed.
"This acquisition presents a game-changing opportunity for growth-focused independent advisors, as it will make our robust tech stack ecosystem even more valuable. Redtail has long been a valued technology integration partner to Orion, and we share a core value of being committed to serving independent advisors," Eric Clarke, Orion Founder and CEO.
Orion is advised by Willkie Farr & Gallagher and FleishmanHillard.
Enhanced Healthcare Partners-backed Synergy Health Partners, a company which provides integrated clinical and performance management services, completed the acquisition of SoCal Anesthesia Solutions, an anesthesiology provider. Financial terms were not disclosed.
"As the go-to provider for orthopedic and general surgeon staffing solutions in the country, many hospital administrators were also asking us for an integrated anesthesia solution. So naturally, we sought out a leading provider of anesthesia services that shared our clinician-first philosophy. By partnering with Dr. Rindenau and his seasoned and passionate SoCal team, we are one step closer to realizing our shared vision of expanding access to quality healthcare to every patient, where and when they need it most," Dan Siegel, Synergy Health Partners Chief Executive Officer.
Synergy Health Partners was advised by Buzz Monkeys.
General Atlantic, a global growth equity firm, led a $100m Series C round in ThreatLocker, a global cybersecurity firm, with participation from Elephant VC and Arthur Ventures.
With the new investment, ThreatLocker will focus on accelerating product innovation to bring the power of Zero Trust security to more organizations, hiring top talent and accelerating the company's global expansion.
Norwest-backed Coretelligent, a provider of comprehensive managed IT solutions, agreed to acquire Chateaux, a technology services company. Financial terms are not disclosed.
"We would like to welcome Chateaux and their clients to the Coretelligent family. The decision to bring our firms together was born out of recognizing our shared values, our mutual dedication to providing an extraordinary customer experience, our comparable verticalized expertise, and the complementary nature of our services and solutions. This investment expands the services and solutions we can offer our collective clients by delivering full IT integration for consistent, high-quality service to drive growth and innovation and produce efficiencies," Kevin J. Routhier, Coretelligent Founder, President, and CEO.
Quench, a provider of filtered water solutions, completed the acquisition of Crescent Hills Water, a provider of point-of-use drinking water systems. Financial terms were not disclosed.
“This is a great day for our customers. Quench’s commitment to its customers is second to none and their extensive and growing product line will present exciting opportunities for the customer base of Crescent Hill Water Company. Further, the Quench team has been a thorough and trusting partner throughout this process," Terry Williams, Crescent Hills Water Owner.
Renovus Capital Partners, an investment firm, completed the acquisition of a minority stake in SolomonEdwards, a professional services firm. Financial terms were not disclosed.
“To be a platform company for Renovus is both a privilege and an honor. We’re grateful for the confidence in our past and excited for what we can build together in the future," Ed Baumstein, SolomonEdwards Founder, President, and CEO.
Icahn calls Southwest Gas move ‘desperate’ defense strategy. (FS)
Billionaire Carl Icahn is calling Southwest Gas Holdings' move to consider a sale after getting an indication of interest from a potential buyer a “desperate” defense strategy to thwart his efforts to take over the utility owner.
The incumbent board and management team aims to do “as little as possible to try to win the proxy contest while at the same maintaining full optionality to further entrench and enrich themselves,” the activist investor said Tuesday in an open letter to Southwest Gas shareholders, Bloomberg reported.
Framework Ventures raises $400m for third fund, ermarks half for web3 gaming. (FS)
Framework Ventures, one of the earliest venture firms to enter the Decentralized Finance space, announced the completed raise of “FVIII”, an oversubscribed $400m fund for investment in early-stage blockchain gaming, Web3, and DeFi startups and networks.
Approximately 50%, or $200m of FVIII will be earmarked for investments in the burgeoning blockchain gaming space. With the closing of its third fund, Framework now manages approximately $1.4bn in assets, making it one of the largest venture investment firms in the blockchain industry. 90% of Framework’s managed assets are from a small set of institutional stakeholders.
EMEA
Groupe Bruxelles Lambert, a Belgian holding company, agreed to acquire a majority stake in Sanoptis, a network of ophthalmology clinics across Germany and Switzerland, from Telemos Capital, a mid-market private equity firm. Financial terms were not disclosed.
"As a private asset in the highly-attractive healthcare sector, Sanoptis is an excellent fit with our investment strategy. Together with management, we look forward to further solidifying Sanoptis' leadership positions in its core markets as well as expanding into other European countries," Ian Gallienne, GBL CEO.
Groupe Bruxelles Lambert is advised by Ernst & Young, Bain & Co, Goldman Sachs and Kirkland & Ellis. Telemos Capital is advised by Bain & Co, Ernst & Young, Mazars Corporate Finance, Rothschild & Co, Homburger, Linklaters and Lemongrass Communication.
Avient, a global manufacturer of specialized polymer materials, agreed to acquire the protective materials business of Royal DSM, a Dutch multinational corporation active in the fields of health, nutrition and materials, for €1.4bn ($1.5bn).
"We are very pleased to have reached agreement to acquire DSM Protective Materials and lead this exceptional business into the future. We are eager to continue investing in innovation and sustainable solutions, further accelerating the remarkable impact and possibilities of the business and Dyneema® brand. To the DSM Protective Materials employees, we look forward to you joining our team, which is proudly a certified Great Place to Work®," Robert M. Patterson, Avient Chairman, President and CEO.
Royal DSM is advised by JP Morgan. Avient is advised by Jones Day. Debt financing was provided by Morgan Stanley and JP Morgan.
Storskogen, which acquires and manages well-managed and profitable small and medium-sized enterprises within the business areas of industry, trade and services in the Nordic countries, DACH and the United Kingdom, agreed to acquire a 90% stake in Danboring, a provider of directional drilling for water, sewage, electrical cables, fibre, and district heating. Financial terms were not disclosed.
"We have had a positive development during the recent years and are very pleased to bring in a new majority owner with a long-term perspective, significant financial strength and great competence. Together with Storskogen and their other companies in trenchless technologies, we look forward to taking advantage of market opportunities and continue to grow and further develop the company," Thorbjørn Risgaard, Danboring Founder.
Prevas, a technological development hub, agreed to acquire BitSim NOW, a systems projects and complex product development provider. Financial terms are not disclosed.
“This is a good and complementary addition to our ambitions to consolidate our position as a premium supplier in advanced product development. Not least, we are further strengthening our ability to take on product development projects in which we take responsibility for everything from innovation to development and then verification, testing and preparation for production," Hans-Erik Wikman, Prevas Manager.
Dufry explores combining with Benettons’ Autogrill.
Dufry, the world’s biggest duty-free operator, and the Benetton family’s Autogrill are exploring a potential combination that would create a new global leader in travel retail.
Under one potential structure being discussed, Dufry would purchase Autogrill and pay in stock. A deal would unite companies with a combined market value of $6.6bn at current levels, Bloomberg reported.
Just Eat weighs GrubHub sale in tough food delivery market.
Just Eat said it’s considering a partial or full sale of its Grubhub unit less than a year after buying it for $7.3bn, in a reversal that highlights how the end of the pandemic has turned the food delivery industry from a hot property into a struggling sector.
The Amsterdam-based company said in a statement Wednesday it’s exploring strategic actions for the US division, just as it’s losing an unusually high level of customers across its key markets, Bloomberg reported.
Asda co-owner claims value of stake has risen 20-fold as it readies Boots bid. (FS)
Asda’s private equity owner has claimed the value of its investment in the supermarket chain has soared by nearly 20 times as it gears up for a potential bid for the pharmacy chain Boots.
The London-based TDR Capital said its stake as co-owner of the grocer was now worth $1.8bn on paper, or 19.8 times its original investment, indicating that the finance group put in just over $91m of fresh cash to back the deal, Guardian reported.
Citi, HSBC set to share up to $97m in fees from DEWA IPO.
Banks including Citigroup, HSBC and Emirates NBD Bank are set to share as much as $97m in fees for working on the landmark initial public offering of Dubai’s main utility, Bloomberg reported.
Dubai Electricity & Water Authority raised $6.1bn in its IPO, the second-biggest deal this year, ushering Dubai into the ranks of the world’s top listing venues. DEWA said the government, which sold an 18% stake in the utility, would pay a 1% selling commission for the IPO, as well as a discretionary fee of up to 0.6% of the deal size.
APAC
KKR & Co offered to acquire Ramsay Health Care, an Australian multinational healthcare provider and hospital network, for $14.8bn.
Ramsay said the talks with KKR were preliminary and that the consortium could withdraw the proposal now that it was no longer confidential.
Ramsay Health Care is advised by UBS and Herbert Smith Freehills.
Samsung Biologics, a South Korean biotechnology company, completed the acquisition of the remaining 50% stake in Samsung Bioepis joint venture from Biogen, an American multinational biotechnology company based in Cambridge, for $2.3bn.
"We are thankful to Samsung Biologics for a productive collaboration since 2012. We believe biosimilars are essential to help sustain healthcare systems and represent an important value creation opportunity for Biogen," Michel Vounatsos, Biogen CEO.
Samsung Biologics was advised by Citigroup.
KE Holdings, an online and offline platform for housing transactions and services, completed the acquisition of Shengdu, a home renovation services company, for $1.2bn.
“We are excited to welcome Shengdu to join us and look forward to the strong synergies to be realized from the acquisition. We tapped into the home renovation industry in 2019 through the launch of our home renovation brand, Beiwoo, and believe the development of the industry calls for high-quality service, high-quality service providers, and standardized management and technology, which are what Shengdu and us believe in and zealously strive to achieve," Stanley Yongdong Peng, KE Holdings Chairman and CEO.
KE Holdings was advised by The Piacente Group.
Ontario Teachers' Pension Plan Board, an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian province of Ontario, agreed to invest $175m in the India road platform of KKR, a global investment firm.
"We're delighted to further our investments in high-quality Indian infrastructure and to collaborate with KKR on creating greater connectivity, and increased opportunities, for the country via an improved roads network," Bruce Crane, Ontario Teachers' Managing Director, Infrastructure, Asia-Pacific.
Hopu Investment Management, an Asian alternative asset manager, led a $160m Series C round in Layie, a global intelligent automation company, with participation from Youshan Capital, VMS Group and Lightspeed Venture Partners.
"Laiye has made great strides in expanding its success in China to Asia Pacific, the Americas and EMEA. We envision a future where all organizations and people are transformed, emboldened and made better by the power of intelligent automation. An AI-enabled digital workforce developed from Laiye's integrated intelligent automation platform will help our customers accelerate their digital transformation journey. This new round of funding will continue to fuel our relentless product innovation and triple-digit YoY revenue growth in the years to come," Guanchun Wang, Laiye Chairman and CEO.
Pantera Capital and Steadview led a $135m Series D round in CoinDCX, a crypto trading and exchange platform, with participation from Kingsway, DraperDragon, Republic, Kindred, B Capital Group, Coinbase, Polychain and Cadenza.
"The latest round by some of the largest institutional investors only reinforces the belief in India's immense potential in the crypto ecosystem. With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future," Sumit Gupta, CoinDCX CEO.
SoftBank Robotics Group, SoftBank Group's intermediate holding company responsible for its robotics business, agreed to invest in Avalon SteriTech, a provider of cleaning, disinfection and sterilization technology infrastructure for public spaces. Financial terms were not disclosed.
"We are excited to deepen our strategic partnership with SoftBank Robotics Group, the worldwide leader in robotics solutions. Since last year, we have been working closely in accelerating the adoption of smart disinfection solutions and uplifting the public health standard that transcends conventional concepts of hygiene. The investment from SoftBank Robotics will bring tremendous momentum to our global market expansion, as we continue to work hand in hand with businesses, governments, and societies to safeguard the health and well-being of millions of people around the globe," Lewis Ho, Avalon SteriTech CEO.
Buyout firm KV Asia weighs Malaysian education unit sale. (FS)
KV Asia Capital, the Southeast Asia-focused private equity firm, is considering selling its Malaysian post-secondary education group.
The buyout firm is working with a financial adviser on the potential sale of Asia Pacific Education Holdings. A deal could fetch about $350m for the group, Bloomberg reported.
Shares of Indonesia tech firm GoTo slide to IPO price level.
Shares of Indonesia's largest tech firm GoTo Gojek Tokopedia closed 5.59% lower at $0.031 per share on Wednesday, returning to its IPO price and triggering a stabilisation measure on its seventh day trading.
GoTo had risen as much as 1.67% earlier on Wednesday before erasing its gain. The firm debuted last week after raising $1.1bn in the world's fifth-largest initial public offering this year, selling only 4% of its shares, Reuters reported.
Credit Suisse China securities JV head Tim Tu steps down. (People)
Credit Suisse Group’s chief executive officer at its securities venture in China is stepping aside after less than two years on the job, becoming the second top executive at a major foreign lender in the nation to quit this month.
Tim Tu informed management that he decided to pursue other opportunities within Credit Suisse. Beijing-based Tu intends to relocate to Hong Kong, though his exact new role hasn’t been finalized, Bloomberg reported.
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