GHO Capital to acquire Genesis Research. (FS)
GHO Capital, an investor in global healthcare, agreed to acquire Genesis Research, a provider of tech-enabled Real-World Evidence and Health Economics and Outcomes Research services. Financial terms were not disclosed.
“We are extremely excited by this partnership and the opportunity to pursue our strategic priorities as well as scale our holistic, cross-functional engagement. GHO is a strong partner with healthcare expertise to accelerate our growth and expand our global footprint, which will in turn strengthen the capabilities across the sector leading to better healthcare outcomes. We’d also like to thank our first equity partner, Rallyday, for supporting our inspired vision,” Frank A. Corvino, Genesis Research CEO.
Genesis is advised by Piper Sandler, Berg Hill Greenleaf Ruscitti, A. Lavin Communications and RSM International. GHO Capital is advised by CIL Management Consultants, CRS Insurance, Alvarez & Marsal, Ropes & Gray, Instinctif Partners and Deloitte.
Investors Bancorp, announced that stockholders of the company approved the planned $3.5bn acquisition by Citizens Financial Group, at a special meeting of the company's stockholders held earlier today. The transaction is expected to close in the first half of 2022, subject to the receipt of required regulatory approvals and other customary closing conditions.
"We are very pleased to have received overwhelming stockholder support for the planned merger with Citizens. Our customers, colleagues, communities and stockholders will benefit from Citizens' scale, capabilities and commitment to excellence," Kevin Cummings, Investors Bancorp Chairman and CEO.
Investors Bancorp is advised by Keefe Bruyette & Woods, Lazard, Piper Sandler and Luse Gorman. Citizens Financial Group is advised by Morgan Stanley and Sullivan & Cromwell. Morgan Stanley is advised by Debevoise & Plimpton.
AEA Investors, a private equity firm, completed the acquisition of Hero Digital, a customer experience-led digital transformation company, from CI Capital, a private equity firm. Financial terms were not disclosed.
"CI Capital is proud to have collaborated with Dave Kilimnik and the Hero team during the company's extraordinary growth and transformation over the past five years. The Hero team has done an incredible job at rapidly scaling the company while maintaining an unwavering commitment to its clients and its employees. We look forward to watching what Dave and his team will accomplish in this next phase," Joost Thesseling, CI Capital Managing Director.
Hero Digital was advised by Canaccord Genuity, Paul Weiss Rifkind Wharton & Garrison and Joele Frank. AEA Investors was advised by Guggenheim Partners,
Houlihan Lokey and Fried Frank Harris Shriver & Jacobson. CI Capital was advised by Kekst CNC.
Bain Capital Private Equity to acquire a majority stake in InnovaCare Health. (FS)
Bain Capital Private Equity, an equity investment manager, agreed to acquire a majority stake in InnovaCare Health, an integrated and value-based healthcare services provider. Financial terms were not disclosed.
“Rick and his talented team have done an impressive job building InnovaCare into a leader at the forefront of improving healthcare delivery and have a proven track record of coordinating care and positively impacting the lives of patients, physicians and communities through innovative, value-based care,” Chris Gordon, Bain Capital Private Equity Managing Director.
InnovaCare is advised by JP Morgan, Kirkland & Ellis and PwC. Bain Capital is advised by Ropes & Gray, KPMG, Benefit Street Partners and Stanton PRM.
Echo Global Logistics, a provider of technology-enabled transportation and supply chain management services, announced that its stockholders approved the proposed $1.3bn acquisition by The Jordan Company, a private equity firm.
"I'm thrilled to partner with TJC as they bring significant expertise and industry experience to enable Echo to further accelerate our success in the market. In addition, having an experienced financial partner, with resources to fund continued growth, will result in a more rapid expansion of Echo's supply chain capabilities, including all of the automation planned to enable both our people and our digital freight marketplace," Doug Waggoner, Echo CEO.
Echo Global is advised by Morgan Stanley and Winston & Strawn. The Jordan Company is advised by Citigroup and Kirkland & Ellis. Debt financing is provided by Citigroup and Credit Suisse.
Hearthside Food, a manufacturer and producer of pastries and small foods, agreed to acquire Weston Foods ambient bakery business, a pastry manufacturer of George Weston Foods, for $293m.
"With the agreement to sell the ambient segment to Hearthside and our previously announced sale of the fresh and frozen businesses, we have two high-quality buyers that are well-positioned to carry on the proud legacy of the Weston Foods business. With the sale of the entire bakery business, George Weston will be focused on its market-leading Retail and Real Estate businesses going forward," Galen G. Weston, George Weston Chairman and CEO.
Hearthside is advised by Ropes & Gray and Stikeman Elliott. George Weston is advised by CIBC World Markets, Houlihan Lokey, Mayer Brown and Torys.
California approves Verizon-TracFone $6.9bn deal.
The California Public Utilities Commission approved Verizon Communications' $6.9bn proposed acquisition of TracFone Wireless after the companies agreed to some additional consumer protection conditions, Reuters reported.
The deal was previously approved by the Justice Department and is awaiting approval by the Federal Communications Commission, which has been reviewing the deal.
Verizon is advised by Credit Suisse, Debevoise & Plimpton, Jones Day and Von Wobeser y Sierra. America Movil is advised by Cleary Gottlieb Steen & Hamilton.
CJ ENM, a Korean entertainment company, agreed to acquire an 80% stake in Endeavor Content, a content studio, from Endeavor Group Holdings, a global sports and entertainment company, for $775m.
"We are thrilled for this next chapter as we seek to unlock even greater value for talent and our producer partners. With the addition of CJ ENM, our mission to empower creators and foster an inclusive environment that promotes diverse content on a global scale only grows stronger," Graham Taylor and Chris Rice, Endeavor Content co-CEOs.
Endeavor Content is advised by The Raine Group, Latham & Watkins and Brunswick Group. CJ ENM is advised by JP Morgan and O'Melveny & Myers.
Pacira BioSciences, a pharmaceutical company, completed the acquisition of Flexion Therapeutics, a biopharmaceutical company, for $630m including debt.
“This combination with Pacira offers Flexion stakeholders excellent prospects for value creation, particularly as the contingent value rights provide the opportunity to continue to benefit from the ongoing success of Flexion’s products and programs. I’d like to thank all of our employees - past and present - for their extraordinary commitment and superb contributions that have translated into ZILRETTA, a medicine that matters, getting to increasing numbers of patients in need and to a pipeline of potentially transformative medicines,” Michael Clayman, Flexion Co-Founder and CEO.
Flexion Therapeutics was advised by Goldman Sachs, Lazard and Cooley. Pacira Biosciences was advised by JP Morgan and Perkins Coie.
Oak View Group, a venue development company, completed the acquisition of Spectra, a venue management and hospitality provider. Financial terms were not disclosed.
"This merger brings together two dynamic leaders in the live events industry with complementary capabilities that will deliver a broad array of services to our clients. OVG's core competencies in arena development and corporate sponsorships, coupled with Spectra's leadership in food and beverage services will create a full-service live events company that will deliver a compelling and highly competitive set of offerings that meet our clients' evolving needs. I look forward to collaborating with the talented team at Spectra and bringing together our two organizations to create something truly unique," Tim Leiweke, OVG CEO.
Spectra was advised by Moelis & Co, Davis Polk & Wardwell and Sard Verbinnen & Co. Oak View Group was advised by UBS and Kirkland & Ellis.
HPS Investment Partners, a private equity firm, agreed to acquire a minority stake in Madison Dearborn Partners-backed Ankura Consulting Group, a management consulting firm, in a $1.5bn deal.
"This new investment from HPS, alongside the continued commitment and support from MDP, demonstrates the strength and performance of our business and the abundance of opportunity and runway ahead of us. While our growth story, to date, is remarkable, we believe we are now positioned to accelerate our growth, creating even greater opportunities for our colleagues, and broadening the scope and end-to-end execution of services and solutions we provide to our clients around the world," Kevin Lavin, Ankura CEO.
Ankura is advised by Jefferies & Company, William Blair & Co and Davis Polk & Wardwell. HPS Investment is advised by Latham & Watkins.
Cressey & Company led an investment fund in Trella Health. (FS)
Cressey & Company, a private investment firm, led an investment in Trella Health, a source of healthcare growth insights and performance analytics data. Financial terms were not disclosed. Addition investor include Panoramic Ventures, a venture capital firm.
“It’s really exciting for us to attract and partner with one of the leading healthcare investors in the country. And it’s a true testament to the significant impact we’re making in the healthcare industry and for the customers we serve. This is a huge milestone in the accelerated growth of our business. It will enable us to further invest in our innovative products, strategic acquisitions, data capabilities and our amazing team that allows us to bring actionable insights to more healthcare organizations,” J. Scott Tapp, Trella President and CEO.
Trella was advised by Brentwood Capital Markets, Nelson Mullins Riley & Scarborough and Trevelino/Keller. Cressey was advised by Ropes & Gray.
GB Group, a digital location, identity, and identity fraud software manufacturer, agreed to acquire Acuant, an identity verification and KYC/AML compliance provider, for $736m.
"This is an exciting day for Acuant. We are very proud of everything that Acuant has achieved to date – building a world-class technology portfolio and a strong market position across multiple sectors. There is still significant opportunity ahead and joining the GBG family is the best way for us to capitalise on those opportunities. Our customer, technology and geographical mix are complementary and culturally we are aligned in our mission, vision, and how we invest in our people and look after our customers. We are very much looking forward to working together in the years ahead," Yossi Zekri, Acuant CEO.
GB Group is advised by Jefferies & Company, Peel Hunt and Tulchan Communications.
Workday to acquire VNDLY for $510m.
Workday, a provider of enterprise cloud applications, agreed to acquire VNDLY, a cloud-based platform, for $510m.
“As organizations expand the definition of their workforce to meet growing business and talent demands, they need solutions that provide a holistic view of all worker types -- including contingent workers -- so they can better plan for and meet the great opportunity in front of them. VNDLY is at the forefront of the vendor management industry with an innovative and intuitive approach. The powerful combination of our technologies and talent will help customers better manage their evolving workforce dynamics, helping them keep pace with today’s changing world of work,” Pete Schlampp, Workday Chief Strategy Officer.
Workday is advised by Bank of America and Orrick Herrington & Sutcliffe. VNDLY is advised by Taft Stettinius & Hollister.
PSG and Silversmith led a $425m investment in Formstack. (FS)
PSG and Silversmith, two private equity firms, led a $425m investment in Formstack, a workplace productivity platform.
"We've spent the past 15 years helping organizations accelerate work and unlock more of their workforces with no-code productivity solutions, but never has the need for our platform been more apparent. Customers across nearly all industries are using Formstack to build for their immediate needs—digitizing and automating business processes—and also scaling with Formstack to help meet their larger, multi-year digital transformation needs. The momentum we're seeing continues to validate our belief that the key to digital transformation success is all about empowering non-technical employees with no-code workflow automation solutions," Chris Byers, Formstack CEO.
PSG was advised by Aeris Partners and Weil Gotshal an Manges. Silversmith was advised by Kirkland & Ellis.
Cast & Crew to acquire TEAM from TorQuest. (FS)
Cast & Crew, a provider of mission-critical software and technology-driven services, agreed to acquire TEAM, a payroll and production management solutions company, from TorQuest, a private equity fund. Financial terms were not disclosed.
"The TEAM Companies and Cast & Crew make an incredible combination. We each provide solutions to many of the advertising and entertainment industries' most critical challenges and do so in complementary ways for diversified segments of entertainment production. Their strength in the advertising, live events, and music industries has been the result of unwavering commitment to serving and innovating for their customers. By joining forces, we are bringing together the talent, technology, and expertise that will benefit each of our respective customers and enable the next generation of solutions for the next chapters of growth and transformation in our industry," John Berkley, Cast & Crew CEO.
Cast & Crew is advised by Latham & Watkins. TEAM is advised by Houlihan Lokey and Torys.
Reliance Worldwide, an Australian-owned publicly listed company which designs, manufactures and supplies water flow and control products and solutions, completed the acquisition of EZ-FLO International, a manufacturer and distributor of plumbing supplies, for $325m.
"The EZ-FLO Eastman legacy is one of growth through entrepreneurship, quality, relentless customer service, and brands our customers trust. In joining RWC, we're aligning with a likeminded partner to further accelerate growth and expand our capabilities to benefit our customers and the trade as a whole throughout North America and Latin America," Paul Wilson, EZ-FLO President.
EZ-FLO was advised by Bank of America. Reliance Worldwide was advised by GRACosway.
AAON, a manufacturer of HVAC products, agreed to acquire BasX Solutions, a manufacturer of data center cooling solutions, cleanroom systems, custom HVAC systems and modular solutions, for $200m.
“Upon closing this acquisition, we will continue to advance our long-term strategy of focusing on innovative, semi-custom and custom, energy efficient HVAC solutions for nonresidential applications. BasX will provide AAON with an immediate presence in the high-growth data center and cleanroom markets, both of which the Company has historically had minimal exposure. The growth and profitability fundamentals of these new markets are very compelling for AAON," Gary Fields, AAON President and CEO.
AAON is advised by JP Morgan and Wells Fargo Securities.
New Mountain Capital, a private equity firm, completed the acquisition of a majority stake in Cumming Group, a construction management firm. Financial terms were not disclosed.
"We look forward to partnering with Cumming as the Company continues its history of delivering differentiated, best-in-class project and cost management solutions to its clients. Led by a world-class team that brings decades of industry expertise, we see many avenues for growth ahead, and look forward to building upon the team’s impressive current trajectory with additional investment in organic and acquisition initiatives," Harris Kealey, New Mountain Capital Managing Director.
New Mountain Capital was advised by Abernathy MacGregor Group. Cumming Group was advised by Jefferies & Company.
TriArtisan to acquire the remaining stake in EnergySolutions from ECP. (FS)
TriArtisan, a private equity firm, agreed to acquire the remaining stake in EnergySolutions, a processor of low level waste, from ECP, a private equity firm. Financial terms were not disclosed.
“We are very pleased to increase our investment in EnergySolutions in support of Ken and his management team. Our incremental investment is intended to provide the Company long term stability of ownership and reflects our belief that EnergySolutions is uniquely positioned to take advantage of the rapidly growing nuclear utility, commercial and government waste management and decommissioning markets,” Gerald Cromack, TriArtisan Co-Founding Partner.
TriArtisan is advised by Ropes & Gray. EnergySolutions is advised by Latham & Watkins.
US Senator Elizabeth Warren urged Securities and Exchange Commission chairman Gary Gensler to investigate a planned merger between former US President Donald Trump's social media company and Gigital World Acquisition, a blank-check firm for potential violations of securities laws,
Reuters reported.
"The reports about DWAC and Trump Media and Technology Group appear to be a textbook example of a SPAC misleading shareholders and the public about materially important information," Elizabeth Warren.
DWAC is advised by EF Hutton.
Treasury Americas, a winemaker, completed the acquisition of Frank Family Vineyards, a Vintners, for $315m.
“The acquisition of Frank Family Vineyards represents an outstanding addition to the Treasury Americas brand portfolio and is another important step towards our ambition of becoming the premium wine market leader in the Americas," Ben Dollard, Treasury Americas President.
Frank Family Vineyards was advised by Houlihan Lokey.
Dragoneer and General Atlantic led a $150m investment in Arco Platform. (FS)
Dragoneer, an investment firm, and General Atlantic, a private equity firm, led a $150m investment in Arco Platform a technology company in the education sector.
“We are excited to have Dragoneer and General Atlantic as investors and valuable future partners to our company. We see clear value creation arising from these partnerships, as we will benefit from their global investment experience in high-growth companies, while taking advantage of a better funding profile to support our growth strategy,” Ari de Sá Neto, Arco CEO and Founder.
Arco is advised by JP Morgan.
General Atlantic, Coatue and Moore Strategic Ventures led a $1.4bn Series A funding round in Sierra Space. (FS)
General Atlantic, Coatue and Moore Strategic Ventures, three private equity firms, led a $1.4bn Series A funding round in Sierra Space, a commercial space company. Additional investors include BlackRock and AE Industrial Partners.
“We are building the next generation of space transportation systems and in-space infrastructures and destinations that will enable humanity to build and sustain thriving civilizations beyond Earth. Equally as important, Sierra Space is building the next platform for business. Space provides a unique environment that will enable new breakthroughs in critical areas such as pharmaceuticals, semiconductors, fiber optics and energy that will directly enhance our life on Earth,” Tom Vice, Sierra Space CEO.
Sisecam to acquire a 60% stake in Ciner Resources from Ciner Group for $450m.
Sisecam, a glass manufacturer, agreed to acquire a 60% stake in Ciner Resources, a natural soda ash producer, from Ciner Group, holding company for Ciner Resources, for $450m.
“With the extra capacity … we are expected to be one of the most powerful players in the natural sodium carbonate field, which we believe will be one of the sectors of the future,” Ahmet Kirman, Sisecam President.
Envoy Solutions, a diversified distribution company, agreed to acquire Johnston Paper, a manufacturer of paper products. Financial terms were not disclosed.
"I'm grateful Johnston will be joining Envoy Solutions on our journey to build a national platform. I'm looking forward to working with Mike May, Tom Lewis, and the great team they have put together. As we strategically target the Northeast region, we look forward to providing an unmatched level of service and support to thousands of customers in one of the most populated regions of the country. As we expand our geographic reach across the US, we'll continue to leverage the winning capabilities that brought us together," Mark M. Fisher, Envoy Solutions CEO.
Bain Capital and Hellman & Friedman near a $17bn Athenahealth buyout. (FS)
Private-equity firms Bain Capital and Hellman & Friedman are close to a deal to acquire healthcare technology company Athenahealth for about $17bn including debt.
The deal for Athenahealth, which provides cloud-based software to healthcare organizations, could be finalized in the coming days.
The private equity firm Veritas Capital and the hedge fund Elliott Management took Athenahealth private four years ago, months after former chief executive Jonathan Bush resigned in the aftermath of revelations about his personal life.
Prime Blockchain is in talks to merge with 10X SPAC in a $1.5bn deal.
Prime Blockchain, a Bitcoin mining and infrastructure firm, is in talks to merge with special purpose acquisition company 10X Capital Venture Acquisition II.
The SPAC is seeking to raise at least $150m through a so-called private investment in public equity, or PIPE, to support the transaction, which is set to take Prime Blockchain public and value the combined entity at roughly $1.5bn. Terms aren’t finalized and could still change, and it’s possible that talks fall apart.
Cinven might invest in Nitel at a $700m valuation. (FS)
Private-equity firm Cinven has agreed to make a significant investment in technology services provider Nitel,
Bloomberg reported.
While terms of the transaction weren’t disclosed, the deal values the company at about $700m. A representative for Cinven declined to comment on the valuation.
Sun Life targets Asia for M&A.
Sun Life Financial, after shelling out almost $4bn in the past two years to build up its US and asset-management businesses, is now poised to focus its dealmaking on Asia.
Chief Executive Officer Kevin Strain, who took the reins in August, said that Asia’s growing middle class and the company’s goals for increasing earnings in the region by 15% a year make it a more likely target for acquisitions in the years ahead. The comments come about two weeks after the Toronto-based life insurer and asset manager unveiled a four-point strategy that enshrines dealmaking as a key pillar of its plans,
Bloomberg reported.
"There’s probably slightly more opportunities in Asia from an M&A standpoint than there are in the other markets. o I would say that Asia is definitely a focus, but I wouldn’t say that it would be at the detriment of the other pillars." Kevin Strain, Sun Life CEO.
Lone Star weighs offer for SPX Flow. (FS)
Lone Star Funds, a private equity firm, is considering a bid for industrial pump and valve maker SPX Flow.
The Dallas-based firm is preparing to submit a bid this month for SPX Flow. Other bidders could emerge, they added. SPX Flow is currently running a strategic review of the company, working with Morgan Stanley, after rejecting in July a $3.59bn takeover bid by Ingersoll Rand.
Yunhong International announces plans to dissolve.
Special-purpose acquisition company Yunhong International said in a regulatory filing on Friday it plans to liquidate the company.
The blank-check company, run by former investment banker Patrick Orlando, said it intends to dissolve and liquidate and will redeem all of its outstanding shares at $10.31 per share. The company cited its inability to consummate an initial business within the deadline stipulated as per the company’s regulations,
Reuters reported.
Palihapitiya sells down his SoFi's position.
Chamath Palihapitiya, Founder and CEO of Social Capital, has sold down around 15% of his position in US online lending company SoFi Technologies,
Reuters reported.
The sale was to build up cash reserves and fund recent investments in companies such as battery materials firm Mitra Chem, fintech startup Spectral Finance and blockchain infrastructure company Syndica.
Casa Mazatlan to break Mexico's IPO drought in February.
Tenedora de Acciones, which operates stores under the name Casa Mazatlan, a Mexican pawn shop operator, said it plans to carry out the first initial public offering in the Latin American nation for 16 months.
Casa Mazatlan, will offer ordinary shares in February. It didn’t say how much it expects to raise.
Punto Casa de Bolsa and Intercam are bookrunners.
Primer Sazze closes $127m second fund. (FS)
Primer Sazze Partners, a San Jose-based venture capital firm, raised $127m for its second fund to invest in startups founded by Korean entrepreneurs in Asia and North America.
The second fund will invest in early-stage startups, from pre-seed to Series A. Initial ticket size will range between $500k and $3m and follow-up checks.
