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AMERICAS
First Community Bankshares, the parent company of First Community Bank, agreed to acquire and merge with Abingdon, VA-based Highlands Bankshares, the parent company of Highlands Union Bank, in a $91m deal.
Bryan Booher, Interim CEO and President of Highlands, commented, "First Community will be an excellent partner when it comes to culture, commitment to customer satisfaction, and involvement in our local communities. Our customers will have access to a broader product offering and branch network while continuing to receive service that exceeds their expectations. Our employees will join a familiar culture and our shareholders will enjoy the benefits of being part of a high-performing $2.8bn asset franchise."
Stephens and Nelson Mullins Riley & Scarborough advised Highlands Bankshares. Banks Street Partners, Bowles Rice, Fox Rothschild and Pitman Law advised First Community Bankshares.
Royal Vopak, a Dutch company that stores and handles various oil, chemicals, edible oils and natural gas-related products, acquired a 49% stake in Sociedad Portuaria el Cayao, an LNG import facility in Colombia. Financial terms were not disclosed.
Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak, said “We are very much looking forward to this partnership with Promigas and to enter into the growing Colombian LNG market. This is another growth step in our LNG portfolio and it fits very well in our ambitions to grow and diversify our service offering in LNG.”
De Brauw Blackstone Westbroek advised Royal Vopak. BNP Paribas advised the sellers.
Hatch, which offers comprehensive services to the mining and metals, energy—oil and gas and power—and infrastructure sectors, acquired Calgary-based Upside Engineering, an oil and energy company. Financial terms were not disclosed.
"Together, we will take on and solve the toughest oil and gas challenges, from consultancy and feasibility through to operations, to serve the entire value chain," said Hatch's Chairman and CEO John Bianchini. "We look forward to bringing positive change to the oil and gas industry by leveraging Hatch's unique blend of technology and process excellence in upstream and downstream oil and gas, combined with Upside Engineering's proven track record of delivering midstream projects."
CIBC and Blake Cassels & Graydon advised Upside Engineering.
Toll Brothers, the nation's leading builder of luxury homes, acquired Sabal Homes, one of the top private homebuilding companies in South Carolina. Financial terms were not disclosed.
Douglas C. Yearley, Jr., Toll Brothers' chairman and chief executive officer, stated: "We are thrilled to be joining with Sabal Homes, whose teams will enable us to continue to expand our operations in the Southeast. Charleston, Myrtle Beach, and Greenville are vibrant Top-50 housing markets with favorable demographics and strong population growth. Consistent with our recent acquisition of Sharp Residential in Atlanta, Sabal's diverse product mix, including homes for first-time, move-up and move-down buyers, will support our strategy of broadening the range of product lines and price points we are offering."
Zelman Partners advised Sabal Homes.
EyeCare Partners, a network of full-scope medical optometry and ophthalmology practices, completed the acquisition of Nationwide Vision, a full-service vision care provider. Financial terms were not disclosed.
The acquisition continues to strengthen ECP’s network of free-standing optometric offices in fast-growing regional markets.
“Nationwide is exceptionally well respected in Arizona and Florida, where its premier eye health services, consistent value and a broad assortment of fashionable eyewear are experiencing strong demand from existing and new customers.” Kelly McCrann, CEO, EyeCare Partners.
Alston & Bird advised EyeCare Partners.
ANSYS, the global leader and innovator of engineering simulation software, entered into a definitive agreement to acquire Livermore Software Technology, the premier provider of explicit dynamics and other advanced finite element analysis technology for $775m, of which 60% will be paid in cash, and 40% will be paid through the issuance of ANSYS common stock to the current owners of LSTC.
"As an ANSYS partner for nearly 25 years, I am excited to formally join ANSYS and contribute to their place as the leader in engineering simulations. ANSYS is the perfect home for LSTC's world-class team of scientists, mathematicians, and engineers to continue advancing state-of-the-art, scalable and fully coupled, multiphysics computations. The ANSYS Workbench platform provides its customers with access to a uniquely broad portfolio of simulation technologies packaged into a user-friendly interface that is the envy of the industry. I expect that the combination of Workbench and LS-DYNA will expand our user base by at least an order of magnitude. Here at LSTC, nothing makes all of us happier than when our research enables more customers to imagine, design, and implement ambitious projects that were previously impossible." John O. Hallquist, founder, and CEO, LSTC.
Alamo Group acquired Morbark, a leading manufacturer of equipment and aftermarket parts for forestry, tree maintenance, biomass, land management and recycling markets. Total consideration for the purchase is c.$352m subject to certain adjustments. The acquisition, which is expected to close in the fourth quarter of 2019, is subject to a number of conditions, including the receipt of regulatory approvals and other pre-closing requirements.
Morbark products include a broad range of tree chippers, grinders, flails and debarkers along with stump grinders, mulchers and brush cutters plus related aftermarket spare and wear parts.
"Morbark is a well-run, profitable, and growing company in a sector that has been steadily improving. Their products expand and complement our range of vegetation maintenance equipment in an adjacent market." Ron Robinson, Alamo Group's President and Chief Executive Officer.
Rambus, a premier silicon IP and chip provider, agreed to acquire Silicon IP and Secure Protocols business of Verimatrix, a content security company, for $65m.
With the proposed acquisition, the world-class embedded security teams, products, and expertise from Verimatrix and Rambus will combine to create the industry's most comprehensive portfolio of silicon-proven security IP and chip provisioning solutions.
ADT, a leading provider of security and automation solutions across the United States and Canada, acquired Systems Group, one of the largest providers of commercial fire alarm detection, installation, inspection, and maintenance services in Colorado, and Fusion Fire Protection, which serves the fire sprinkler systems needs of customers in Baltimore, Washington, DC and Northern Virginia. Financial terms were not disclosed.
"Systems Group in Denver and Fusion Fire Protection in Maryland represent the very best of the best in the fire alarm, fire sprinkler, and life safety arena, and illustrate our consistent dedication to best serve the needs of our mid-market, national and large-scale commercial customers," said Dan Bresingham, Executive Vice President, ADT Commercial.
Conagra Brands, one of North America's leading branded food companies, agreed to sell Direct Store Delivery Snacks business to Utz Quality Foods, the largest family‐managed, privately held, salty snack company in the United States. Financial terms were not disclosed.
"We are excited about the opportunity to add these important brands and capabilities to our portfolio," said Dylan Lissette, chief executive officer of Utz. "These brands bring a strong consumer following and unique craft heritage. Their distribution and manufacturing capabilities, along with their customer relationships, enhance our ability to further grow our brand portfolio further west."
The ExecuSearch Group, a recruitment firm and portfolio company of New Heritage Capital, agreed to acquire TechLink, which offers consulting, direct placement, project solutions, and screening services for information technology positions. Financial terms were not disclosed.
The acquisition of TechLink adds significant scale to its fast-growing technology line of business and further strengthens The Execu|Search Group’s leadership position in the hard-to-penetrate tri-state area.
“Partnering with The Execu|Search Group is a great opportunity for our people and our customers. The Execu|Search Group has a culture and mindset that aligns well with ours, and I am excited to see what we can do together.” Thomas Potenza, CEO, TechLink.
Blackstone closed its new real estate fund at $20.5bn. (FS)
Blackstone Group announced the final close of its latest global real estate fund, Blackstone Real Estate Partners IX at $20.5bn of total capital commitments.
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate, said, "This fundraise reflects the excellent relationships we have with our limited partners given the strong results the BREP funds have generated for them since 1991. We are grateful to our investors for their ongoing support and look forward to putting this capital to work on their behalf."
Viacom emerges as front-runner for Miramax stake.
Viacom, an American multinational mass media conglomerate with interests primarily in film and television, emerged as the front-runner to buy a stake in Miramax, a Qatari-owned American entertainment company.
Another bidder, Lions Gate Entertainment, dropped out of the process to focus on its core business, though it's possible the company could come back. Talks are ongoing and there's no guarantee a deal will be reached. The parties have discussed a price in the nine-figure range, or at least $100m.
GE looking to divest part of its stake in Baker Hughes.
General Electric is looking to divest part of its stake in Baker Hughes, an oil and gas company. GE wants to shrink its stake to 38.4% from 50.4% at June-end and aims to raise $2.7bn in the process.
"Combined net proceeds of the offering and the repurchase will be approximately $2.7bn, or approximately $3bn assuming full exercise of the underwriters' option to purchase additional shares in the offering," GE said in a statement.
SmileDirectClub prices IPO at $23 per share.
SmileDirectClub, a teledentistry company, priced its initial public offering at $23 per share, above its target range of $19-$22. The startup joins the wave of loss-making companies such as The We Company and Postmates, planning to launch their IPOs, hoping that August's bout of stock market volatility will subside this month.
SmileDirectClub said it intends to use the IPO proceeds towards redeeming LLC units from its pre-IPO investors and fund a dividend to them and also pay bonuses and funding-related tax obligations.
Peloton Interactive looking to raise up to $1.3bn in IPO.
Peloton Interactive, the fitness startup known for on-demand workout programs on its exercise bikes, is looking to raise $1.3bn in its upcoming IPO. The company aims to list 46m share at a $26-29 per share price.
Peloton said it plans to use funds from the offering to run its operations, invest in marketing and acquire new technologies.
Trifacta raised $100m in the recent funding round. (FS)
Trifacta, a privately owned software company headquartered in San Francisco, raised $100m in funding. New Trifacta investors who were part of the funding round include Telstra Ventures, Energy Impact Partners, Japanese mobile operator NTT Docomo, BMW I Ventures, and Dutch bank ABN AMRO.
EMEA
Reuters reported that AMS already has a list of potential strategic buyers for Osram’s digital business it could talk to if it succeeds in purchasing the German lighting group. AMS wants to take over the much bigger leader in automotive lighting to create a heavyweight in sensor solutions and photonics and has said that if it were successful, it would look for a buyer for Osram’s digital business.
“We do have a list of potential strategic buyers for Osram’s digital business,” Alexander Everke, Chief Executive, AMS.
Lazard, Perella Weinberg Partners, Freshfields Bruckhaus Deringer, and Gleiss Lutz are advising Osram. PwC, Bank of America Merrill Lynch, HSBC, UBS, Herbst Kinsky, Linklaters, Schellenberg Wittmer, and Brunswick Group are advising AMS. Credit Suisse, Goldman Sachs, JP Morgan, Macquarie Group, Kirkland & Ellis, Camarco and FTI are advising Bain and Carlyle.
Reuters reported that activist investor Active Ownership Capital had joined the ranks of shareholders that oppose Sunrise Communications’ planned CHF6.3bn ($6.4bn) takeover of Liberty Global’s UPC Swiss cable operator.
“We think the transaction is CHF2-2.5bn ($2-2.5bn) too expensive. Sunrise should massively renegotiate with Liberty or even better drop the deal,” Florian Schuhbauer, AOC, founding partner.
PwC, Deutsche Bank, Morgan Stanley, UBS, Latham & Watkins, Meyerlustenberger Lachenal, Slaughter & May, Deloitte, NautaDutilh, and Lenz & Staehelin are advising Sunrise. Credit Suisse, JP Morgan, Lion Tree Advisors, and Shearman & Sterling are advising Liberty Global.
FT reported that the Hong Kong bourse’s audacious £32bn ($39.5bn) bid for the London Stock Exchange faces rejection amid doubts about political risk and deal structure. The LSE said it was committed to its blockbuster deal, the $27bn acquisition of data and trading group Refinitiv. It is leaning towards rejecting the Hong Kong approach.
Moelis & Co and Headland Consultancy are advising Hong Kong Exchanges and Clearing.
Lucid Group, a portfolio company of private equity investor LDC and a specialist in healthcare communications, has acquired healthcare consultancy Healthcare 21. Financial terms were not disclosed.
Both Lucid Group and HealthCare21 clients will experience significant benefits from this new relationship with direct access to diverse, more substantial teams, editorial expertise, an immediate larger footprint in the North West of the UK.
“This is a perfect match and builds on Lucid’s leadership position in medical communication. We have developed a reputation for excellent strategic consultancy, impactful med comms, digital excellence, and creative execution. HealthCare21 brings further scientific and editorial expertise to increase our offering to our clients and bring more opportunities for our teams. With a strong cultural alignment, HealthCare21’s talent and capability will be instrumental in enhancing our audience reach and engagement, helping transform lives. This brings us ever closer to our vision of changing patients’ lives through communication.” Dennis O’Brien, Lucid, Co-founder and CEO.
PALI Group, a meat wholesaler, acquired Netherlands-based Wijnen Meat, a leading player in the processing of pork. Financial terms were not disclosed.
With this deal, PALI Group is strengthening its position in the pork production chain. The combination will offer customers of both companies a wider assortment and more options for specific deliveries.
AAK, a leading provider of value-adding vegetable oils & fats, acquired Soya International, a UK-based company which focuses on the sourcing, processing and distribution of non-GMO semi-specialty and specialty lecithins. Financial terms were not disclosed.
"Lecithin is a key ingredient for many customers within our core segments, especially Chocolate & Confectionery Fats and Bakery, but also Dairy, Special Nutrition, and Personal Care," says Johan Westman, AAK President and CEO. "By expanding our portfolio with this value-adding ingredient, we will further enhance our co-development capabilities and be able to create even better solutions in close collaboration with our customers globally."
Total Specific Solutions, which provides IT consulting and database management services, acquired TECHNIDATA, a French medical software company. Financial terms were not disclosed.
Han Knooren, Group CEO at TSS: “TECHNIDATA is a French VMS (Vertical Market Software) company with an outstanding track record, leading internationally in its field. We value its focus on the specific needs in a highly regulated and quality sensitive industry. While most VMS companies only cover the national market, TECHNIDATA has a global footprint covering Western Europe, North America, and Asia. We can learn from their practices and approaches to developing internationally demand-driven software. And we can share our insights and learnings with the TECHNIDATA team on running successful VMS companies. Also, as TECHNIDATA is our fourth acquisition this year in France following Félix Informatique, Metamicro, and the Salvia Group, we further strengthen our position in France, which has now become the second home market for TSS next to the Netherlands."
CAPZA, a private investment platform focusing on small and midcaps, acquired a minority stake in Audensiel, a consulting company specialized in technological innovation and digital transformation. Financial terms were not disclosed.
“We are proud to welcome CAPZA as a strategic partner for Audensiel as we ramp up the development of the company in France and abroad. We seek to maintain strong organic growth and roll out in new sectors (insurance, luxury goods, and automated payment systems in particular) while undertaking an ambitious acquisitions policy.” Nicolas Pacault, CEO, Audensiel.
Mevis, which designs and manufactures stamped and welded springs and metal components for leading European companies, agreed to acquire Euromeccanica Group, which operates mainly in the sheet metal forming sector. Financial terms were not disclosed.
At the base of the agreement, there is the general awareness of the need to increase the business size to support development in a global market, challenging and competitive, with essential investments in modern and innovative technologies and above all in human resources. Functional growth, diversifying market sectors and geographical areas, also useful for being better suited to managing the risk of possible crises and equally rapid restarts.
Amundi Private Equity-led consortium agreed to acquire 55% stake in Wifirst, an Internet access provider specializing in Wi‐Fi technology for €115m ($127m). Amundi Private Equity is partnering with Bpifrance and Socadif Capital Investissement to complete this transaction.
"With this partnership, we have the ambition to accelerate the growth of Wifirst, with the implementation of large-scale projects, which will allow this ETI to acquire a new dimension. Our networks and financial resources will be used to promote Wifirst developments. We are delighted to play a major role in the emergence of this leading French technology company in its markets." Romain Bled, Associate Director, Amundi.
Morrisons CEO says takeover talks are "speculation."
David Potts, CEO of Morrisons, the fourth largest chain of supermarkets in the United Kingdom, said the talks that the firm could be subject to a takeover bid is "pure speculation." Industry analysts recently have suggested that Morrisons could be a candidate for a potential takeover, possibly from an overseas private equity firm.
Neptune Energy to be ready for IPO by April 2020. (FS)
Reuters reported that Carlyle Group and CVC Capital Partners-backed oil and gas firm Neptune Energy plans to be ready for an initial public offering by April next year.
"We are planning to be ready (by April 2020), which means we are working on a number of things internally — control processes, structures to be ready — and then we will seize on an opportunity that could potentially come along in the 18-24 months that come thereafter," Chief Financial Officer Armand Lumens said.
Hidroelectrica looking to bid for CEZ and Enel's Romanian assets.
Romania's state-owned hydropower producer Hidroelectrica is looking to bid for CEZ and Enel's Romanian assets, including distribution and supply. The firm's CEO Bogdan Badea said the process had been hampered by "lack of an energy minister." Such procedures involving state-controlled entities are government-mandated in Romania.
ZF to sell a stake in Sweden's Haldex.
ZF Friedrichshafen, a German car parts maker headquartered in Friedrichshafen, is looking to sell its 20% stake in Sweden's Haldex, which specializes in the development and manufacture of intelligent all-wheel drive systems.
ZF said in a statement it was making good progress with its new strategic focus in the commercial brakes area. "As a result of this, ZF is considering options to divest its stake in Haldex AB, subject to market conditions," it said.
Helios Towers revives plans to list in London.
Reuters reported that African mobile networks operator Helios Tower revived its plans to list on the London Stock Exchange, after ditching plans for an initial public offering last year. Helios Towers plans to raise $125m through the issuance of new shares, in addition to the sale of existing shares by shareholders including the International Finance Corporation and telecom firms Millicom and Bharti Airtel.
Helios is planning a free float of at least 25% of the company, with a listing on the London Stock Exchange, and will use the proceeds for expanding its services, including possibly into new countries.
Atlas Residential deploys $1bn for first global multi-family apartment portfolio.
Atlas Residential, a global owner-operator of income-producing residential apartments in North America and The United Kingdom, will deploy $1bn to establish the first global multi-family apartment portfolio via its discretionary private opportunity fund.
Atlas CEO, Steven Ivankovich, says: "We want to blend the stability and continued growth of US multi-family assets with what we are seeing as coming sector distress in the UK with Brexit and in China with US trade war effects and government policy forcing developers to shift to rental development."
BP CEO looking to sell oil projects.
Bloomberg reported that CEO of BP, a British multinational oil and gas company, plans to sell some oil projects and curb the development of others to align its business with the Paris accord. This is the latest sign that climate concerns are starting to impact the investment decisions of the world's largest fossil fuel producers.
Angelo Gordon raised $1.3bn for Asia real estate fund. (FS)
Angelo Gordon, a global alternative investment manager based in New York, raised $1.3bn in equity commitments for its latest Asia real estate fund, AG Asia Realty Fund IV, exceeding the $1bn target.
"The Fund will aim to purchase sub-performing assets, which often require significant renovation, repositioning, and lease-up to stabilize, or pursue select development opportunities," the firm said.
APAC
Yahoo Japan agreed to acquire a majority stake Zozotown, Japan’s biggest online fashion retailer, for $3.7bn.
Yahoo Japan would launch a tender offer to buy up to a 50% stake in Zozo for ¥2620 ($24) per share. The deal offers Yahoo Japan a chance to take the lead in Japan’s online fashion space where Amazon and Rakuten have struggled to make headway, and where Zozotown controls around 50% of the market for mid- to high-end fashion.
Reuters reported that copper-gold explorer Havilah Resources said a majority of shareholders voted against a proposed A$100m ($69m) investment by GFG Alliance member OneSteel Manufacturing.
Havilah had said the funding from GFG Alliance member OneSteel Manufacturing was intended for work programs on its iron ore assets and copper prospects in the Mutooroo Copper-Cobalt District of New South Wales.
TPG Capital-owned Greencross, an Australian veterinary clinics operator, acquired Animal Referral Hospital, Australia's largest veterinary specialist and emergency pet care group. Financial terms were not disclosed.
It is a significant step in TPG's plan to consolidate Greencross' position as Australia's largest integrated customer-facing pet care company. The sites will join Greencross' more extensive network, which includes about 385 Petbarn and Greencross Vets in Australia and another 60 via its Animates joint venture in New Zealand.
AB InBev set to raise $5bn to revive Budweiser Asia IPO.
AB InBev is planning to raise $5bn to revive the IPO of Budweiser Asia, its Asian operations. AB InBev, which had aimed to raise as much as $9.8bn through an IPO of Budweiser Brewing Company APAC to help with its heavy debt burden of over $100bn, aims to re-launch the float as soon as next week.
AB InBev said in a statement that it was continuing to explore an IPO in Hong Kong of Budweiser APAC, two months after shelving the planned listing of up to $9.8bn in what would have been the largest IPO of 2019.
Pomelo Fashion raised $52m in Series C funding round. (FS)
Thailand-based fashion e-commerce startup Pomelo Fashion raised $52m in Series C funding round to fuel the expansion of its omnichannel fashion brand across Asia. Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman, Toivo Annus, Lombard Private Equity, Ambient Sound Investments OU, and The Luxembourg Company Deverel participated in the round.
David Jou, CEO of Pomelo said: "As a fashion-tech company, we are developing a proprietary catalog of innovative technologies that will allow us to unlock significant hidden value that exists in the branded fashion business today. Everywhere we look, we see opportunities for innovation to reinvent how things are done to create better products, better serve customers, and maximize omnichannel productivity and efficiency."
Quek Leng Chan and TPG win bid for hospital business of Columbia Asia. (FS)
Tycoon Tan Sri Quek Leng Chan in partnership with TPG Capital has reportedly won the bid for hospital business of Columbia Asia, one of the largest and fastest-growing healthcare companies in Asia. While the price has not been disclosed, the deal is rumored to be valued at $1.2bn.
The acquisition will mark the Hong Leong group's foray into healthcare. The conglomerate is already in banking and financial services, property development, hospitality and leisure, manufacturing and distribution, among others.
Sime Darby acquired three luxury car dealerships in Sydney.
Sime Darby, a Malaysian trading conglomerate, acquired three luxury car dealerships in Sydney for a total consideration of $77m. The three dealerships represent the BMW, MINI, Volkswagen, Jaguar and Land Rover marques.
The proposed acquisition is aligned to company's strategy of expanding in the Australian retail luxury segment and will strengthen SD Motors' presence and brand visibility in Parramatta, which is one of Sydney's most recognized automotive retail locations.
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