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Top Highlights
Leonard Green & Partners, an American private equity investment firm, completed the acquisition of the remaining 33% stake in Mister Car Wash, a conveyorized car wash operator in the United States, for $1bn, according to press releases.
Mister Car Wash was advised by Bank of America, Centerview Partners (led by Michael Dabney), Latham & Watkins (led by Paul Kukish, Andrew Elken, and Michael Vardanian) and Morris Nichols Arsht & Tunnell. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim) and Wilson Sonsini Goodrich & Rosati (led by Douglas K. Schnell). LGP was advised by Jefferies & Company and Simpson Thacher & Bartlett (led by Michael Kaplan), according to press releases and MergerLinks data.
Analog Devices, a designer and manufacturer of analog, mixed signal, and DSP integrated circuits, agreed to acquire Empower Semiconductor, a semiconductor company focused on developing innovative on-chip power management architectures, for $1.5bn, according to press releases.
Analog Devices is advised by PJT Partners and Wachtell Lipton Rosen & Katz (led by Mark Gordon and Jenna E. Levine). Empower Semiconductor is advised by Barclays and Goodwin Procter, according to press releases and MergerLinks data.
Bregal Sagemount and Ardian, global private equity firms, agreed to invest in Ennov, a Paris-based provider of end-to-end regulatory, quality, and clinical software solutions for life sciences and healthcare companies, according to press releases. Financial terms were not disclosed.
Ennov is advised by Veil Jourde. Sagemount is advised by Goodwin Procter. Ardian is advised by Proskauer Rose and Headland Consultancy, according to press releases.
AMERICAS
SpaceX plans acquisition of Cursor following IPO. ( Bloomberg)
Ometto considers acquiring Cosan farmland assets instead of funding Raízen. ( Bloomberg)
Deep Fission launches US IPO for advanced nuclear reactor business. ( Press Release)
EMEA
KKR and ECP weigh increasing offer for DCC. ( Bloomberg)
South Africa’s PIC in talks to acquire Balwin Properties stake. ( Bloomberg)
Averi targets Johannesburg listing through reverse merger with Mantengu. ( Bloomberg)
NDS plans to cut stake in Renk ahead of IPO. ( Bloomberg)
Estithmar taps Rothschild for potential Qatar healthcare IPO. ( Bloomberg)
APAC
Nikkon weighs going private as US funds prepare bids. (Bloomberg)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
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AMERICAS
Bank First, a Manitowoc-based community bank, agreed to acquire Peoples Bank, a Wausau-based state-chartered bank, for $203m, according to press releases.
Bank First is advised by Piper Sandler and Alston & Bird. Peoples Bank is advised by Raymond James and Boardman & Clark, according to press releases.
Envirotech Vehicles, a provider of zero-emission electric vehicles in the United States, agreed to merge with AZIO AI, a developer of next-generation artificial intelligence infrastructure and power-integrated data center solutions, in a $750m deal, according to press releases.
AZIO AI is advised by Phoenix MGMT & Consulting.
Yellow Wood Partners-backed Dr. Scholl's, a footwear and orthopedic foot care brand, completed the acquisition of VKTRY, an athletic performance brand specializing in premium carbon fiber insoles and footwear innovation, according to press releases. Financial terms were not disclosed.
Sony Pictures Television, an American television production and distribution studio, completed the acquisition of a majority stake in 32 Flavors, a reality television production company, according to press releases. Financial terms were not disclosed.
32 Flavors was advised by Willkie Farr & Gallagher (led by Steve Hurdle and Tilda Shin), according to press releases.
New Mountain Capital-backed Grant Thornton Advisors, an independent audit and assurance, tax and advisory firm, completed the acquisition of MCA Connect, a specialized IT consulting firm and global systems integrator, according to press releases. Financial terms were not disclosed.
Mach Industries, a defense manufacturer building advanced unmanned systems for modern defense, completed the acquisition of Exquadrum, an innovator in aerospace and defense technologies, according to press releases. Financial terms were not disclosed.
HR Path, a provider of HR consulting and HRIS solutions, completed the acquisition of TEC360 People, a Mexican company specializing in HR technology and talent solutions, according to press releases. Financial terms were not disclosed.
Overmatch, BlackRock and 8090 Industries lead a $230m Series B round in Armada.
Investment companies Overmatch, BlackRock and 8090 Industries led a $230m Series B round in Armada, a modular data center builder, according to press releases.
Menlo Ventures, a venture capital firm, led a $100m Series C round in Nourish, a dietitian-led metabolic health clinic, with participation from Thrive Capital, Index Ventures, J.P. Morgan Growth Equity Partners, Maverick Ventures, Y Combinator, BoxGroup, Atomico, Daybreak, and Operator Partners, according to press releases.
SpaceX plans acquisition of Cursor following IPO. ( Bloomberg)
SpaceX is planning to acquire AI coding startup Cursor about 30 days after its expected public listing.
The company is expected to file for an IPO as soon as May 21 and could complete the acquisition in July if listing plans proceed as scheduled.
Ometto considers acquiring Cosan farmland assets instead of funding Raízen. ( Bloomberg)
Billionaire Rubens Ometto is considering buying part of the farmland portfolio owned by Radar, Cosan’s land management unit.
The move could disrupt plans for Ometto to inject fresh capital into Raízen as the group evaluates alternative funding options.
Lincoln International has raised $421m in its US IPO after pricing shares at the top of the marketed range.
The offering values the boutique investment bank at about $2.04bn, marking one of the rare recent public listings by an investment bank.
Deep Fission launches US IPO for advanced nuclear reactor business. ( Press Release)
Deep Fission has launched a public offering of 6m shares as the nuclear energy company advances plans to list on Nasdaq under the ticker “FISN”.
The company expects to price shares between $24 and $26 each and may grant underwriters an option to purchase an additional 900k shares.
EMEA
Sofina, a Dutch investment firm, led a $100m Series C round in Primer, a financial technology company that provides a unified payment infrastructure that allows merchants to connect to payment providers, payment methods, and fraud detection services through a single integration, with participation from Peak XV Partners, Balderton, Accel, ICONIQ, Tencent, and Speedinvest, according to press releases.
Primer was advised by CGS Communications (led by Chantal Swainston), according to press releases.
Stellantis, a multinational automotive manufacturing corporation, and Dongfeng, a Chinese central state-owned automobile manufacturer, agreed to form a European joint venture to perform shared sales & distribution, manufacturing, purchasing and engineering activities, according to press releases. Financial terms were not disclosed.
Radical Ventures led a $300m funding round in Decart, an artificial intelligence company, with participation from NVIDIA, Atreides Management, Valor Equity Partners, Adobe Ventures, Toyota Ventures, eBay Ventures, Sequoia Capital, Benchmark, and Zeev Ventures, according to press releases.
Kpler, a provider of global trade intelligence, completed the acquisition of CITAC, a market intelligence and consulting firm specializing in the African downstream energy sector, encompassing petroleum refining, trading, distribution, and marketing, according to press releases. Financial terms were not disclosed.
zvoove, a software and AI solution provider for the temporary staffing, private security, and cleaning industries, completed the acquisition of profitask, a specialist provider of managed payroll administration and outsourced sales services for temporary staffing companies across Germany. Financial terms were not disclosed.
KKR and ECP weigh increasing offer for DCC. ( Bloomberg)
KKR and Energy Capital Partners are considering raising their takeover offer for energy provider DCC after the company rejected a previous £58 ($79) per share bid as too low.
The private equity firms are working with advisers to evaluate a revised proposal for the Irish energy and services group.
South Africa’s PIC in talks to acquire Balwin Properties stake. ( Bloomberg)
South Africa’s Public Investment is in talks to buy out minority shareholders of Balwin Properties in an all-cash transaction.
The proposed offer values the real estate developer at about $130m.
Averi targets Johannesburg listing through reverse merger with Mantengu. ( Bloomberg)
Dubai-based Averi Finance is in talks with South African mining company Mantengu over a reverse takeover that would result in Averi listing in Johannesburg.
The transaction would see Averi contribute assets spanning oil and gas, renewable energy and digital infrastructure in exchange for a controlling 66.7% stake in the combined group.
KNDS plans to cut stake in Renk ahead of IPO. ( Bloomberg)
KNDS is seeking to sell part of its stake in German gearbox maker Renk as the Franco-German defense group prepares for its own planned IPO.
The company is offering 5.8m Renk shares at €44.95 ($52.23) each in a deal that could raise about €269m ($313m).
Estithmar taps Rothschild for potential Qatar healthcare IPO. ( Bloomberg)
Qatari conglomerate Estithmar has hired Rothschild & Co to advise on a potential IPO of healthcare subsidiary Apex Health in Doha.
The planned listing could become one of the rare IPOs on Qatar’s exchange, with Apex reporting QAR592m ($162m) in profit in 2025.
APAC
Legrand, a designer and manufacturer of electrical and digital building infrastructures, completed the acquisition of SRS Power Engineering, a Malaysia-based company specializing in the design and supply of low and medium-voltage power protection products, primarily for data centers and industrial applications, according to press releases. Financial terms were not disclosed.
Legrand was advised by TBWA Worldwide (led by Lucie Daudigny), according to press releases.
GHO Capital Partners, a UK-based specialist investor in healthcare, agreed to merge with CBC Group, a Singapore-based healthcare-dedicated asset management firm, according to press releases. Financial terms were not disclosed.
Nikkon weighs going private as US funds prepare bids. ( Bloomberg)
Nikkon is considering a take-private transaction and is preparing to launch a first round of bidding in early June.
US investment firms including Bain Capital, Warburg Pincus and Blackstone are expected to participate in the process for the Japanese logistics company.
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