AMERICAS
Koch Industries, an American multinational firm, through its private investment arm, completed the acquisition of the remaining stake in Infor, a multi-national enterprise software company, from Golden Gate Capital at an $11bn valuation.
"Koch's decision to acquire Infor is a strong endorsement of our product strategy and focus on creating innovative solutions for our customers. As a subsidiary of a $110bn + revenue company that re-invests 90% of earnings back into its businesses, we will be in the unique position to drive digital transformation in the markets we serve. We are rapidly expanding our industry-specific CloudSuites and offering customer experiences and outcomes that are well beyond what is standard in enterprise software," Kevin Samuelson, Infor CEO.
Koch Industries was advised by Citigroup, Goldman Sachs, Rothschild & Co and Jones Day. Golden Gate Capital was advised by Bank of America Merrill Lynch, Credit Suisse, Morgan Stanley, Kirkland & Ellis, Nob Hill and Sard Verbinnen & Co.
BMO Financial Group, a full-service North American-based financial services provider, completed the acquisition of Clearpool Group, which offers holistic electronic trading solutions and provides independent agency broker-dealer execution services. Financial terms were not disclosed.
"BMO Capital Markets is accelerating on our strategic priorities of delivering exceptional client-experiences, driving an innovation mindset, activating a high-performance culture and simplifying how we do business. The acquisition of Clearpool is consistent with these priorities as it gives us access to leading next-gen trading technology and a broker-dealer client base," Dan Barclay, BMO Capital CEO.
Clearpool Group was advised by Financial Technology Partners, Morgan Lewis & Bockius, Murphy & McGonigle and Stikeman Elliott. BMO Capital was advised by BMO Capital Markets, Debevoise & Plimpton and Osler Hoskin & Harcourt.
The US Bankruptcy Court approved the $433m acquisition of assets of Dean Foods Company, a producer of dairy food products, by Dairy Farmers of America, a national, farmer-owned dairy cooperative.
"Following the competitive court-supervised auction process, and with the Court's approval, we have determined a combination of bids that represent the best path forward for our stakeholders. We are confident that, under these new owners, our customers can expect the same commitment to quality and service that Dean Foods has lived up to over the years. We will continue to provide an uninterrupted supply of high-quality dairy products as we work towards completing these transactions. We appreciate the continued hard work and commitment of our Dean Foods employees throughout this process," Eric Beringause, Dean Foods President and Chief Executive Officer.
Dean Foods is advised by Alvarez & Marsal, Evercore, Davis Polk & Wardwell, Norton Rose Fulbright and Joele Frank. Dairy Farmers of America is advised by Houlihan Lokey, Bryan Cave Leighton Paisner and Latham & Watkins.
Woodward, an independent designer, manufacturer, and service provider of control systems, and Hexcel, an American public industrial materials company, announced that the companies mutually agreed to terminate their $6.4bn merger agreement.
"While we both believed from the outset, and continue to believe, in the benefits of a combined Woodward and Hexcel, we mutually concluded after careful consideration that given the significant uncertainty in the market, it would not be prudent to continue to pursue the combination and integration of our companies in a merger of equals. Although we are disappointed with this outcome, we are confident this is the right decision for our customers, our shareholders, and our employees as it allows each of us to dedicate our focus and resources toward ensuring Woodward and Hexcel each remain strong and closely connected with our customers and supply chains during these unparalleled times. We continue to be hopeful that our two companies will find opportunities to collaborate on next-generation platforms in the future for the benefit of our customers," Tom Gendron, Woodward Chairman, CEO and President, and Nick Stanage, Hexcel Chairman, CEO and President.
MaxLinear, a provider of radio frequency, analogue and mixed-signal integrated circuits for the connected home, wired and wireless infrastructure, and industrial and multimarket applications, agreed to acquire Intel's Home Gateway Platform division for $150m. The transaction is expected to close in the third quarter of 2020, subject to customary closing conditions, including regulatory approvals.
"Intel and MaxLinear have a strong track record of collaboration to deliver gateway platforms for the home, and I'm confident this will be a seamless transition for our mutual customers and employees. It will also allow Intel's Client Computing Group to focus on our vision of delivering PC platforms that power every person's greatest contribution while having no impact on Intel's Internet of Things Group or Intel's Network Platform Group," Weng Kuan Tan, Intel General Manager of the Home Gateway Platform Division and Corporate Vice President of the Client Computing Group.
MaxLinear is advised by GCA Advisors and Wilson Sonsini Goodrich & Rosati. Debt financing is provided by Mitsubishi UFJ Financial Group and Wells Fargo Securities.
Piper Sandler Companies, an American multinational independent investment bank and financial services company, completed the acquisition of The Valence Group, a global investment bank that offers M&A advisory services to companies and financial sponsors with deep expertise in chemicals, materials and related sectors. Financial terms were not disclosed.
The Valence Group will operate as Piper Sandler's new chemicals & materials group, adding yet another industry-leading advisory practice to the Piper Sandler platform. In addition, Peter Hall, one of the founders of The Valence Group, will now lead Piper Sandler's expansion of investment banking in Europe.
The Valence Group was advised by Houlihan Lokey and Dentons. Piper Sandler Companies was advised by Piper Sandler and Sullivan & Cromwell.
Bodycote, a provider of heat treatment and specialist thermal processing services, completed the acquisition of Ellison Surface Technologies, a provider of metal coating and allied services, for $200m.
"Ellison's business is one that we have long respected and is a perfect strategic fit for Bodycote's aerospace and Specialist Technologies' businesses. Ellison has been successful in winning new business in recent years and it will be very complementary to Bodycote's existing Surface Technology business," Stephen Harris, Bodycote CEO.
Ellison Surface Technologies was advised by Lazard. Bodycote was advised by Credit Suisse and FTI Consulting.
A.P. Moller - Maersk, a Danish business conglomerate with activities in the transport, logistics and energy sectors, completed the acquisition of Performance Team, a US-based warehousing, and distribution company, from Ironwood Capital, a private equity firm, for $545m.
"Company management, led by CEO Craig Kaplan, has done an outstanding job building a national distribution and transportation powerhouse. Performance Team manages over 7m square feet of warehouse space and serves over 5k customers. Our original growth thesis for this company has been more than validated in two short years. Our congratulations to Craig and his team," Roger Roche, Ironwood Capital Senior Managing Director.
DataFile Technologies, a provider of health information management solutions for hospitals, healthcare systems, and medical practices to centralize and optimize workflows, completed the merger with ScanSTAT, a medical records release and disclosure management company. Financial terms were not disclosed.
"DataFile offers an exciting opportunity for ScanSTAT to strengthen and expand its service offerings further into Document Filing, Prior Authorization and more. The combined companies will bring unparalleled levels of compliance and security while supporting the increasing regulatory challenges faced by hospitals, clinics, patients and related consumers of health information," Matt Rohs, ScanSTAT President.
Novartis terminates sale of Sandoz US portfolio to Aurobindo.
Novartis announced the mutual agreement with Aurobindo Pharma, a pharmaceutical manufacturing company headquartered in Hyderabad, to terminate the agreement to sell the Sandoz US generic oral solids and dermatology businesses to Aurobindo. This decision was taken as approval from the US Federal Trade Commission for the transaction was not obtained within anticipated timelines.
Sandoz will continue to operate its oral solids and dermatology business as part of the Sandoz US business.
Silver Lake to gather more than $16bn for buyout fund. (FS)
Silver Lake Partners is planning to gather at least $16bn from investors for its sixth flagship buyout fund, despite the coronavirus concerns, Reuters reported. The new fund, Silver Lake Partners VI, is expected to start raising capital in the second quarter, amassing between $16bn to $18bn.
Such money could allow Silver Lake to acquire companies from that got distressed by the impact of the global economic slowdown, including the target technology and media sectors.
Advent International is targeting distressed companies amid an economic slump. (FS)
Advent International is trying to take advantage of the global economic slowdown to buyout previously uncatchable global leaders, FT reported. The novel coronavirus outbreak drove share prices down, leaving many companies cash-strapped. The crisis generated opportunities to invest in which were too expensive before.
Advent is currently targeting companies that were previously highly valued but got lost some of its worth due to the global pandemic and will look for carve-out or spun-off deals. Its tactics could include buyouts, buying minority stakes in public companies or promoting mergers between companies.
EMEA
Platinum Equity completed the acquisition of Farnese Vini, an Italy-based boutique winery, from NB Renaissance Partners, a private equity fund. Financial terms were not disclosed.
"After the outstanding results reached also thanks to NBRP’s support, we believe there are significant untapped opportunities for us to growth in new markets and segments especially in emerging countries where millennials are now adopting the wine experience as a new habit. We are delighted to start this new phase of growth with Platinum Equity as new partner," Valentino Sciotti, Farnese Executive Chairman.
Platinum Equity was advised by Efeso, Estin & Co, Pearson Ham, Deloitte, Equita Corporate Finance, Fineurop Soditic, UniCredit, Latham & Watkins and PricewaterhouseCoopers. NB Renaissance Partners was advised by Ernst & Young and Gatti Pavesi Bianchi.
EU antitrust regulators said Mastercard’s plan to buy part of Scandinavian payments group Nets is a significant threat to competition in Europe based on information from six countries including Britain. The US payments group disagreed with the EU’s assessment and said it hoped to finalise the deal by the end of the second quarter.
The bid for Scandinavia’s largest payments processor is part of a wave of consolidation in the sector as credit card companies and banks look to capitalize on a growing market triggered by the switch from cash to mobile payments, according to a Reuters report.
Mastercard is advised by Bank of America Merrill Lynch, Clifford Chance and Wikborg Rein. Nets is advised by Credit Suisse, Bruun & Hjejle, Freshfields Bruckhaus Deringer and Kromann Reumert.
Rathbone Brothers, a provider of individual investment and wealth management services, completed the acquisition of the Personal Injury and Court of Protection business of Barclays Wealth. Financial terms were not disclosed.
"The Personal Injury and Court of Protection sector is an attractive specialist part of the UK Wealth Management market. The Barclays Wealth team is highly experienced and has a strong set of relationships in their sector. We're delighted that they are joining us to complement our existing specialist capability," Paul Stockton, Rathbones CEO.
Rathbones was advised by Camarco.
National Central Cooling Company, a district cooling company based in Abu Dhabi, agreed to acquire an 80% stake in the Downtown Dubai district cooling business of Emaar Properties, a real estate development company located in the United Arab Emirates, for $675m.
"This is a historic achievement for Tabreed and a truly transformational transaction for the company, accelerating our growth trajectory and consolidating our position in Dubai. Tabreed is an international powerhouse in district cooling, with over 22 years of experience, operational excellence across 83 plants and investments in six countries. This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position. We are well placed to take advantage of growth opportunities and expect our enhanced presence within the Dubai market to further enable us to reach our long-term objectives," Khaled Abdulla Al Qubaisi, National Central Cooling Company Chairman.
Vodacom, a South African mobile communications company, and Safaricom, a communications company in Kenya, completed the acquisition of M-PESA, a mobile phone-based money transfer, financing and microfinancing service, from Vodafone, a multinational telecommunications company. Financial terms were not disclosed.
"This is a significant milestone for Vodacom as it will accelerate our financial services aspirations in Africa. Our joint venture will allow Vodacom and Safaricom to drive the next generation of the M-PESA platform – an intelligent, cloud-based platform for the smartphone age. It will also help us to promote greater financial inclusion and help bridge the digital divide within the communities in which we operate," Shameel Joosub, Vodacom Group CEO.
Franz Haniel & Cie, a German family-owned investment holding company, agreed to acquire a 50.1% stake in Emma – The Sleep, an internationally operating sleep tech provider. Financial terms were not disclosed.
"With Emma, we are very pleased to have won a young, innovative and at the same time fast-growing company with many unique selling propositions for the further transformation of our portfolio," Thomas Schmidt, Haniel CEO.
Main Capital Partners-backed OBI4wan, a software company in Zaandam, Netherlands, completed the acquisition of HowAboutYou, a specialist in the field of online media monitoring software and webcare. Financial terms were not disclosed.
"The merger is the culmination of 9 years of successful cooperation within a fantastic market, in which we have built up a good position in the public market. In those years we have worked hard on our customer base and our platforms. Bringing it together now will lead to even more customer focus and more efficient processes towards customers and clients. We look forward to continuing to work together to optimally serve these customers and clients," Alexander de Ruiter, OBI4wan CEO.
Private equity firm Ufenau Capital Partners completed the acquisition of a majority stake in IKOR, a technology consultancy and integration specialist. Financial terms were not disclosed.
"The goal is to build a group of highly competent technology companies that complement each other and strengthen our position in the platform integration field. In Ufenau, we have found an experienced and reliable partner who does not lose sight of our long-term goals, even in a turbulent overall market, and who will enable us to achieve this vision," Lars Ackermann, IKOR CEO.
Collibra, which provides enterprise-wide data governance solutions, raised $113m in a Series F funding round at a post-money valuation of $2.3bn. The funding round was led by ICONIQ Capital, Index Ventures and Durable Capital Partners. Existing investors Battery Ventures, CapitalG and Dawn Capital also participated in the round.
"We are passionate about helping companies better understand, trust and benefit from their data. Collibra is dedicated to helping organizations drive data collaboration across teams, and by partnering with our new and existing investors we further strengthen our position – and the position of our customers – to unlock the value of enterprise data," Felix Van de Maele, Collibra Co-Founder and CEO.
APAC
Stark, a PVC industry firm in Bangkok, Thailand, agreed to acquire Thinh Phat Cables and Dong Viet Non-Ferrous & Plastic, two Vietnamese cable makers, for $240m.
"The overall business of the company and the target companies is similar and complement the company's core business and also enhance the competitive advantages of the group company for domestic and international markets," Stark.
Stark is advised by BDA Partners.
PLDT, a telecommunications and digital services provider, and investment firms KKR, Tencent and IFC agreed to invest $120m in Voyager Innovations, a technology company in the Philippines, focused on customer-centric emerging market platforms for digital and financial inclusion.
"In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population. This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial services becomes even more important," Orlando B. Vea, Voyager Innovations CEO and Founder.
Invesco raises $500m for the fourth Asia real estate fund. (FS)
Invesco Real Estate, the real estate arm of US-based asset manager and Grab-backer Invesco, raised an initial $500m for its fourth Asia-focused fund. Invesco Real Estate Asia Fund IV secured $380m and another $125m for a sidecar to the fund.
The fund targets core and core-plus investments across the Asia Pacific region, with a key focus on major cities in Australia, Japan, and Korea. The firm’s maiden Asia real estate fund had raised $891m when it closed in May 2017.
Ikhlas Capital expects mid-2020 fund close and rethinks $500m target. (FS)
Ikhlas Capital, a Singapore-based private equity firm, will close its inaugural fund in the middle of 2020 with the possibility of changing the target amount due to the coronavirus outbreak, DealStreetAsia reported.
Ikhlas closed the first fund at $200m mark last April. Nazir Razak, Ikhlas Capital Founding Partner and Chairman, said that the company still has cash to use.
"We can expect a lot more investment opportunities now, to help good companies survive and rebuild in the aftermath," Nazir Razak.
Credit Suisse quits Tencent-backed WeDoctor's Hong Kong IPO. (FS)
Credit Suisse stopped working on WeDoctor's IPO. The bank was leading the share sale - which planned to raise between $500m and $1bn for WeDoctor - alongside with JP Morgan and CMB International, Bloomberg reported. The IPO was expected to close until the end 2020. WeDoctor announced the company is still discovering options and has not finalized the banks for the IPO.
Prior to the Credit Suisse exit from the deal, the Swiss bank and several other underwriters were alleged for misleading statements that inflated Luckin Coffee stock price.
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