AMERICAS
Clayton Dubilier & Rice, a private equity firm, agreed to acquire the remaining 51% stake in Cornerstone Building Brands, a building materials products provider, for $3bn deal.
"We believe this transaction provides substantial value for our shareholders while also accelerating Cornerstone Building Brands' aspiration to become a premier exterior building solutions company," Rose Lee, Cornerstone Building Brands President and CEO.
Clayton Dubilier & Rice is advised by Kirkland & Ellis, Debevoise & Plimpton, UBS, Societe Generale, RBC Capital Markets, Natixis Partners, Jefferies & Company, Goldman Sachs, Barclays and BNP Paribas. Debt financing is provided by Apollo Global Management, BNP Paribas, Barclays, Blackstone, Deutsche Bank, Goldman Sachs, Jefferies & Company, Natixis Partners, RBC Capital Markets, Societe Generale, UBS and US Bank. Cornerstone is advised by Sullivan & Cromwell, Wachtell Lipton Rosen & Katz and Centerview Partners.
Vectrus, a provider of critical mission support for our customers' toughest operational challenges, to merger with Vertex, a firm engaged in the aviation maintenance, worldwide contractor logistics support, systems engineering and integration and specialized onsite mission execution, in a $2.1bn deal. Vertex shareholders will own approximately 62% of the combined company, while Vectrus shareholders will own approximately 38%.
"The combination of Vectrus and Vertex will create a stronger, more diversified company and one of the leading providers of critical mission solutions and support to defense clients globally. This highly strategic transaction builds on both companies' accomplishments over the last several years and significantly accelerates our ability to deliver converged solutions while providing enhanced value for our shareholders and other stakeholders," Chuck Prow, Vectrus CEO.
Vectrus is advised by Ernst & Young, Goldman Sachs, Covington & Burling, Skadden Arps Slate Meagher & Flom, Joele Frank and Wolf Den Associates. Vertex is advised by Evercore, RBC Capital Markets, Baker Botts, Jones Day, Ropes & Gray and Fairmont Consulting.
ProFrac, a oilfield services company, completed the acquisition of FTS International, a pure-play hydraulic fracturing service company, for $408m.
"The Board and executive leadership team have carefully evaluated a range of strategic alternatives focused on maximizing value and determined that this cash offer from ProFrac, which provides immediate and certain value at an attractive price, is in the best interest of all stockholders. This transaction is the result of a thoughtful analysis of FTSI’s best long-term position for stockholders. At the same time, our Board recognizes industry dynamics remain fluid and believes that the 45-day ‘go-shop’ provides us the optimal structure to execute this transaction. I’m confident this combination will create a stronger organization to successfully compete in our rapidly evolving industry," Eugene Davis, FTS International Chairman of the Board.
ProFrac was advised by JP Morgan, Piper Sandler and Vinson & Elkins. Financial advisors were advised by Brown Rudnick. FTS was advised by Ducera Partners, Davis Polk & Wardwell and Abernathy MacGregor Group. Ducera Partners was advised by Morrison & Foerster.
M&T Bank, a financial holding company, announced receipt of regulatory approval from the Board of Governors of the Federal Reserve System to complete the previously announced acquisition of People's United Financial, a financial holding company headquartered in Bridgeport. The transaction has also received approval from both the New York State Department of Financial Services and the Connecticut Department of Banking. No further regulatory approvals are required. The merger is expected to be completed in accordance with the law and the agreement.
The merger was unanimously approved by the board of directors of each company. Shareholders at both M&T and People's United approved the transaction on May 25, 2021 at their respective special meetings.
M&T Bank is advised by Lazard, Sullivan & Cromwell and Brunswick Group. Lazard is advised by Cravath Swaine & Moore. People's United is advised by JP Morgan, Keefe Bruyette & Woods and Simpson Thacher & Bartlett.
Whiting Petroleum, an independent oil and gas company, agreed to merge with Oasis Petroleum, an independent exploration and production company, in a $6bn deal.
"The combination will bring together two excellent operators with complementary and high-quality assets to create a leader in the Williston Basin, poised for significant and resilient cash flow generation. Over the last year, both companies have executed a series of deliberate strategic transactions, reducing costs and establishing a leading framework for ESG and return of capital. The combination of the two companies, together with the ongoing momentum from these strategic actions, will accelerate our efforts and ideally position the combined company to generate strong free cash flow, execute a focused strategy and enhance the return of capital," Danny Brown, Oasis CEO.
Oasis is advised by RBC Capital Markets, Tudor Pickering Holt and Vinson & Elkins. Whiting is advised by Citigroup and Kirkland & Ellis.
One Equity Partners, a middle market private equity firm, completed the acquisition of Norit Activated Carbon, a global manufacturer of activated carbon for purification solutions, from Cabot, a global specialty chemicals and performance materials company, for $111m.
“Norit has been a leading player in the activated carbon space for over 100 years, and we feel fortunate for the opportunity to partner with the Norit team on this next phase of the company’s growth and development," Joe Huffsmith, One Equity Partners Managing Director.
One Equity Partners was advised by KPMG, Latham & Watkins and Stanton PRM. Debt financing was provided by PNC Bank. Cabot was advised by Credit Suisse.
Solace Capital, a lower-middle market private equity firm, completed the acquisition of Sun Mountain Sports, a producer of golf equipment and apparel. Financial terms were not disclosed.
"Sun Mountain is widely recognized as the standard in golf bags, push carts and outerwear due its superior product quality and commitment to innovation. Under Rick’s ownership, the Company has built a stellar reputation for excellence, and we see attractive opportunities to grow the business and bring its wide range of products to as many golfers as possible. We look forward to working alongside Sun Mountain’s highly-experienced, long-tenured management team and talented employees to continue to provide solutions for golfers and steward the Company in its next phase," Brett Wyard, Solace Managing Partner.
Sun Mountain was advised by Three Ocean Partners, Herrick & Feinstein and Sublime Public Relations. Solace Capital was advised by O'Melveny & Myers and Gasthalter & Co.
Limelight, a provider of edge enabled web applications and content delivery solutions, agreed to acquire Edgecast, a provider of edge security, content delivery and video services, from Yahoo, a global Internet services provider, Apollo, a private equity firm, and Verizon Communications, an American multinational telecommunications conglomerate, for $300m.
"By uniting Limelight and Edgecast, we are building a powerful application, content and video edge enabled solutions company that delivers improved customer performance, productivity and security for the outcome buyer," Bob Lyons, Limelight CEO.
Limelight is advised by Goldman Sachs, Goodwin Procter and Joele Frank. Apollo is advised by Evercore and Paul Weiss Rifkind Wharton & Garrison.
AEA, a private investment firm, and Abu Dhabi Investment Authority, a fund manager, completed the acquisition of AmeriVet, an operator of veterinary clinics, from Imperial Capital. Financial terms were not disclosed.
"I want to thank Imperial Capital for being outstanding partners who helped us to realize the success our joint venture partnership model could enjoy in the veterinary industry. Our team is very excited about the opportunities that lie ahead for our partnership with AEA," Thomas Thill, AmeriVet CEO.
AmeriVet was advised by Jefferies & Company. AEA was advised by William Blair & Co and Joele Frank.
Stock Yards Bank & Trust, a commercial bank, completed the acquisition of Commonwealth Bank & Trust, a provider of banking services, for $153m.
“The mutual admiration and collaboration between these two banks goes back many years. This acquisition brings us together to create a premier financial institution, unlike anything that this region has ever seen. I truly believe this will be transformational for our Commonwealth Bank customers and the communities we serve," John W. Key, Commonwealth Bank President and CEO.
Commonwealth Bank was advised by Keefe Bruyette & Woods.
Pritzker Private, a private equity firm, agreed to acquire Bardstown Bourbon Company, an innovative distiller, producer and bottler of premium Kentucky bourbon and rye whiskey brands. Financial terms were not disclosed.
“Bardstown Bourbon is redefining the bourbon industry. Our devotion to quality, custom distillation and innovations in blending, combined with a unique, modern Kentucky Bourbon Trail experience, have built a leading position in this high-growth category. We are thrilled to partner with Pritzker Private Capital to grow this company’s distilling, bottling and brand capacity to its greatest potential. The PPC team shares our commitment to a culture focused on innovation and teamwork. Together we will build on the legacy of our founder Peter Loftin and take this great company to the next level," Mark Erwin, Bardstown President and CEO.
Pritzker Private is advised by Abernathy MacGregor Group.
AHEAD, a provider of enterprise cloud services, agreed to acquire vCORE Technology Partners, a developer of software technology solutions and provider of IT managed services. Financial terms were not disclosed.
“The addition of vCORE to the AHEAD family solidifies our position as a premier provider of digital business platforms in the US. Together, we’ll better meet the end-to-end needs of our enterprise clients and help them accelerate their transformations to more agile and innovative cloud-native businesses," Daniel Adamany, AHEAD Founder and CEO.
AHEAD is advised by Walker Sands Communications.
Sequoia Capital, a venture capital firm, led a $110m Series C funding round in Apollo.io, a developer of a scalable revenue engine and account-based sales platform, with participation from Tribe Capital, Nexus Venture Partners and NewView Capital.
“Apollo.io simplifies the convoluted and manual processes of sales prospecting—ultimately, making smart, data-driven GTM simple and accessible to all. Tim and the Apollo team have built a product-led tool that is beloved by thousands of customers. We couldn’t be more excited to partner with Apollo on their journey to help every company reach its full potential," Sonya Huang, Sequoia Partner.
HIG Capital-backed Vantage Specialty Chemicals, a vertically-integrated provider of naturally derived ingredients, completed the acquisition of Jeen International, a privately held global supplier for the personal care, cosmetic, flavor & fragrance, and pharmaceutical markets. Financial terms were not disclosed.
"We are highly impressed with JEEN's close customer relationships reinforced by its innovation, creativity and responsiveness. Our team has long admired JEEN's solutions-based approach to rapidly develop tailor-made blends meeting its customers' requirements. In addition, the acquisition of JEEN fits squarely within our strategy to expand Vantage's capabilities in personal care and food ingredients, which now represent over two-thirds of Vantage's business," Steve Doktycz, Vantage CEO.
Deloitte, a professional services firm, completed the acquisition of BIAS, a cloud consulting firm. Financial terms were not disclosed.
"Organizations are looking to use the cloud to drive secure, data-driven innovation and advance key business initiatives. The combination of the Deloitte and BIAS Corporation professionals will allow us to help clients with end-to-end Oracle cloud transformation services as well companies who are interested in Oracle cloud migration services," Don Schmidt, Deloitte Consulting Managing Director.
Gamestop chairman Cohen discloses stake in Bed Bath & Beyond.
RC Ventures, an investment firm started by Ryan Cohen disclosed a large stake in Bed Bath & Beyond and is pushing the company to explore selling itself, Bloomberg reported.
The 9.8% stake puts Cohen among the retailer’s five biggest shareholders. Cohen, also a co-founder of pet supply retailer Chewy, urged Bed Bath & Beyond to spin off or sell its baby products business. He said it should also evaluate a sale of the entire company to a well-capitalized buyer.
Carl Icahn is said to sell remaining Occidental stake after 3 years.
Billionaire activist investor Carl Icahn sold his remaining stake Occidental Petroleum after the company’s shares surged along with oil prices, Bloomberg reported.
Icahn informed Occidental’s board of the sale in a letter Sunday.
As recently as August, Icahn held a 6.94% stake in the Houston-based oil explorer. Last week he reported in a regulatory filing that his stake had dropped to 3.44%, worth about $1.6bn.
Fairfax weighs selling stake in IIFL Wealth Management. (FS)
Fairfax Financial Holdings, a Canadian investment firm run by Prem Watsa, is exploring the sale of its stake in Indian financial firm IIFL Wealth Management, Bloomberg reported.
The Toronto-based firm is in early-stage talks with potential bidders for the stakes. Other major shareholders including General Atlantic could also consider joining Fairfax in selling their own stakes.
Intel’s self-driving car unit Mobileye files for IPO.
Intel said it’s Mobileye self-driving car business has filed confidentially for an IPO, Bloomberg reported.
The chipmaker announced plans for an IPO of Mobileye late last year, signaling its intent to capitalize on an investment in a burgeoning industry. Intel has said it will remain the majority owner after the transaction.
In a filing with the US Securities and Exchange Commission, Intel said the number of shares offered and the price hasn’t been determined yet and that the IPO will occur after the SEC completes its review process.
HarbourVest Partners closes eighth Europe, APAC fund at over $1.6bn. (FS)
US-based private markets asset manager HarbourVest Partners has held a final close of its HIPEP IX Fund, a vehicle that will invest in Europe and the Asia-Pacific, at over $1.6bn.
The fund close surpassed its target of $1.25bn, HarbourVest said in a statement.
HarbourVest Partners is a private equity fund of funds and one of the world’s largest private equity investment managers globally. It invests in all types of private equity funds, including venture capital and leveraged buyout funds, aside from directly in operating companies.
Gaming-focused venture firm Griffin raises $750m fund. (FS)
Griffin Gaming Partners says that it has closed a new $750m venture fund, Bloomberg reported.
The firm, based in Los Angeles and San Francisco, focuses exclusively on gaming-related investments and now has more than $1bn in assets under management.
Griffin was founded by gaming industry veterans Peter Levin, Phil Sanderson and Nick Tuosto. LionTree, where Tuosto also works as an investment banker, is a strategic partner to the fund. Meg Whitman, the former chief executive officer of Hewlett-Packard and EBay, serves as an adviser to Griffin.
Apollo Global has explored launching sports private equity fund. (FS)
Apollo Global Management has explored launching a stand-alone sports private equity fund.
Apollo is one of the world’s largest private equity funds, with $455bn assets under management. Executives at the firm have discussed a new fund that would focus on the sports industry—including technology and media—while staying open to taking stakes in professional teams.
EMEA
Macquarie, an Australian multinational independent investment bank and financial services company, British Columbia Investment, an investment management services provider, and MEAG, an investment management company, agreed to acquire Reden Solar, a solar power plants developer, from private equity firms InfraVia and Eurazeo for €2.5bn.
"We have been extremely pleased to accompany Reden Solar during this development phase. This success proves our strategy right based on a strong sector conviction on renewable energy, an excellent management team and a disciplined buy-and-build approach. We have provided the group with a comprehensive set of resources that have paved the way for Reden Solar's transformation into a fully integrated platform and a leading European independent solar power producer. The group is now focused on large and stable high growth markets, with a strong track-record and a sizable pipeline. We are convinced that this Macquarie led consortium will continue the development of Reden Solar with the management team," Vincent Levita, InfraVia Founder and CEO.
InfraVia is advised by Baringa Partners, Citigroup, Ernst & Young, Nomura, Weil Gotshal and Manges, Enertis and Rina.
Accel-KKR completed the investment in Masabi. (FS)
Accel-KKR, a technology-focused private equity firm, completed the investment in Masabi, a developer of a mobile ticketing and innovative fare collection platform, with participation from Shell and Smedvig Capital. Financial terms were not disclosed.
“The past few years have seen a revolution in transport ticketing and payments technology, and Masabi has consistently been at the forefront, time-after-time delivering ground-breaking firsts which have shaped the industry. This significant investment will help us build on our market-leading technical and geographic foundations, to accelerate company growth and make it easier for more passengers around the globe to safely and quickly access public transport. We’re delighted to welcome Accel-KKR’s support and look forward to working with them to take our growth to the next level," Brian Zanghi, Masabi CEO.
Masabi was advised by CKS Finance and Shoosmiths.
Quadion to acquire Primasil Silicones.
Quadion, a firm that manufactures plastic and rubber products, agreed to acquire Primasil Silicones, a custom silicone rubber compounder, mixer and manufacturer specializing in the medical, HVAC and specialty industrial end markets. Financial terms were not disclosed.
"Primasil's custom material formulation, mixing and molding expertise will complement Minnesota Rubber and Plastic’s renowned materials science and molding capabilities. It will also provide a wide variety of new solutions for our clients. We have a long history of successfully serving our customers in Europe, and the addition of a highly technical production presence in the UK and Czech Republic will allow us to take our local capabilities to the next level," Jay Ward, Minnesota Rubber and Plastics CEO.
Spectris ends $2.4bn pursuit of Oxford Instruments amid Ukraine crisis.
British electrical engineering firm Spectris had ended talks regarding a possible bid worth $2.4bn for Oxford Instruments, due to global economic uncertainties caused by Russia's invasion of Ukraine, Reuters reported.
Shares in Oxford Instruments, a nanotechnology tools and services provider, plummeted nearly 22% on the news.
The Russia-Ukraine conflict has sparked a high degree of uncertainty in the global economy, with most countries cutting off trade ties with Russia and multiple companies suspending operations there.
DoorDash considered takeover of Deliveroo.
US food delivery company DoorDash considered a takeover bid for London-based Deliveroo but the two sides failed to reach an agreement, Bloomberg reported.
America’s biggest meal-delivery service mulled a bid to further its plan to expand in Europe and met with Deliveroo over the summer. A tie up would have created a food-delivery company with $5.2bn in sales.
Shares of French food group Danone fall after it closes Ukraine plant, suspends Russia investments.
Shares in Danone fell 3% on Monday after the French food group said it was suspending investments in Russia and had closed one of its two factories in Ukraine, following Russia's invasion of the country, Reuters reported.
However, the world's largest yoghurt maker, which announced the measures on Sunday, said it would continue to sell dairy and baby food in Russia, its third largest market after France and Spain.
As Russia avoids energy sanctions, oil majors flee but TotalEnergies stays.
France's TotalEnergies cuts a lonely figure hanging onto its Russian investments during a mass exodus of western oil majors from the country after its invasion of Ukraine, even though no sanctions have forced such divestments, Reuters reported.
"For existing assets, the company says it will respect European sanctions whatever the consequences. But for the moment, there are no sanctions on energy," TotalEnergies.
Investors face deep losses on $170bn in Russian assets. (FS)
As Russia’s troops superior on Ukraine’s two largest cities, a BlackRock portfolio supervisor made a commerce that appeared like a discount, FT reported.
London-listed Polymetal shed greater than a 3rd of its worth on February 24, the day Vladimir Putin launched an invasion of Ukraine.
BlackRock scooped up $16m price of shares within the Russian gold miner and distributed them into 4 pure sources funds. The guess didn’t work out. The shares have tumbled round 70% for the reason that shut of buying and selling on February 25 as traders ditch Russian belongings. Polymetal has been ejected from the FTSE 100 index.
Saudi Arabia’s first movie chain plans landmark IPO.
A Saudi Arabian firm is seeking to become the first movie chain to list in the kingdom and has hired the investment banking arm of Banque Saudi Fransi as an adviser, Bloomberg reported.
Muvi Cinemas expects to be valued at as much as $800m in the direct listing. The chain may list on the smaller Nomu market as soon as this month.
APAC
Pacific Century and Thiel Capital-backed Bridgetown 2, a SPAC, announced that the business combination with PropertyGuru in a $1.35bn deal with an additional investment from KKR, TPG and REA Group and including investors in PIPE - Baillie Gifford, Naya, REA Group, and Akaris Global Partners, is expected to close on or around March 17, 2022.
Bridgetown 2 shareholders as of February 3, 2022, the record date for the extraordinary general meeting, are reminded that they are entitled to vote their shares either in person, remotely or by proxy card in advance to ensure that their shares will be represented at the meeting.
PropertyGuru is advised by Bank of America, Allen & Gledhill, Latham & Watkins and Sard Verbinnen & Co. Bank of Americas is advised by Sullivan & Cromwell. TPG is advised by Cleary Gottlieb Steen & Hamilton. KKR is advised by WongPartnership. Bridgetown 2 is advised by Bank of America, Citigroup, KKR Credit, TPG Capital, Rajah & Tann and Skadden Arps Slate Meagher & Flom.
AGL Energy, a firm engaged in buying and selling of gas and electricity and related products and services, has rejected a revised unsolicited, preliminary, non-binding indication of interest from a consortium led by Brookfield Asset Management to acquire 100% of the shares in AGL Energy for $8.25 per share.
The AGL Energy Board considers that the revised unsolicited proposal is still well below both the fair value of the company on a change of control basis and relative to the expected value of the proposed demerger, and therefore is not in the best interests of AGL Energy shareholders.
AGL Energy is advised by Goldman Sachs, Macquarie Group and Herbert Smith Freehills.
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