Permira agreed to acquire Cambrex Corporation, the leading small molecule company providing drug substance, drug product and analytical services across the entire drug lifecycle, for $2.4bn. Under the terms of the merger agreement, Cambrex shareholders will receive $60 in cash for each share of Cambrex common stock, which represents a 47.1% premium to the August 6 closing stock price.
“We are excited to announce this transaction with Permira, a global private equity firm that has made significant investments in the pharma services space. This agreement is a strong endorsement of our strategy and represents significant value for our shareholders,” commented Steve Klosk, President and CEO of Cambrex. “Cambrex will continue to invest aggressively in our commitment to our global customer base, where we are constantly looking at ways to provide the broadest possible range of world-class services.”
Morgan Stanley and Kirkland & Ellis are advising Cambrex. RBC Capital Markets and Skadden Arps Slate Meagher & Flom are advising Permira.
Elliott Advisors, an American investment management firm, completed its $683m acquisition of Barnes & Noble, the largest retail bookseller in the United States. The $6.50 per share purchase price represented a 43% premium to the 10-day volume weighted average closing share price of Barnes & Noble’s common stock ended June 5, 2019. The deal was announced on June 7.
James Daunt, CEO of Barnes & Noble, said: “This is a very good day for bookselling. Barnes & Noble is the greatest of all bookstore names and will now benefit from the support of an owner committed to physical bookselling. With investment and concentration on the core principles of good bookselling, the prospects for this extraordinary company are bright. I look forward very much to working with the booksellers at Barnes & Noble, being already indebted to Len Riggio for his wisdom and grateful for the welcome and professionalism of the executive team during the acquisition process.”
Evercore, Guggenheim Securities, Skadden Arps Slate Meagher & Flom, Baker Botts and Paul Weiss Rifkind Wharton & Garrison advised Barnes & Noble. Credit Suisse and Debevoise & Plimpton advised Elliott Advisors.
Mill Rock-backed Venture Metals, which procures, processes and sells nonferrous metal for recycling and remelting purposes, acquired Versatile Processing Group, a leading industrial processor of nonferrous and other metals servicing the manufacturing, electric utility and metal recycling industries. Financial terms were not disclosed.
"We're delighted to partner with Mike Uhrick, Mark Chazanow and two talented teams to combine these highly complementary industry powerhouses," said Wayne Hale, Senior Partner of Mill Rock and Chairman of Venture Metals. "Our common vision is to establish the industry's leading provider of metal recycling solutions offering a full suite of services across geographies, end markets and metals, transforming metal into reusable resources using sustainable practices and advanced technologies."
Houlihan Lokey, Credit Suisse, Octant Partners and Milbank Tweed Hadley & McCloy advised Mill Rock. Deloitte and Locke Lord advised Venture. KeyBanc Capital Markets and Hunton Andrews Kurth advised VPG.
Avon Rubber, a British company that specializes in the engineering and manufacturing of respiratory protection equipment, acquired the ballistic-protection business of 3M, an American multinational conglomerate corporation operating in the fields of industry, worker safety, health care, and consumer goods, for $116m.
Commenting on the acquisition, Paul McDonald, Chief Executive Officer of Avon Rubber, said: "The acquisition of 3M's ballistic-protection business is an important strategic step for Avon Protection. The Business is a high-quality business, backed by proprietary technology, established contract platforms and well-invested manufacturing operations. The combination of the Business and Avon Protection will significantly strengthen our technology and our personal protection product offering to an enlarged customer base, thereby accelerating the long-term growth prospects for the Group."
Rothschild & Co and MHP are advising Avon Rubber. William & Blair is advising 3M.
Construction firm SNC-Lavalin Group said that a ruling by a Canadian court would allow it to proceed with the $2.4bn sale of its 10.01% stake in a Canadian toll road Highway 407 to Canada Pension Plan Investment Board. The deal was announced in April 2019.
Macquarie Group, Scotiabank, McCarthy Tetrault and Finsbury are advising the buyers. CIBC World Markets and RBC Capital Markets are advising SNC-Lavalin Group.
Applegreen, a convenience food and beverage retailer and operator of petrol forecourts and motorway service areas, agreed to acquire a 40% stake in Connecticut Service Plazas, which consists of 23 on-highway service plazas located in Connecticut across interstate 95, interstate 395 and route 15, three heavily trafficked routes between New York and Boston, for $38m.
Applegreen Chief Executive Bob Etchingham said: "This transaction represents a rare opportunity to acquire a high profile service plaza concession project in one of our core regions in the United States, significantly increasing our market presence in the North East and positioning the company for further growth in this key strategic market."
Goodbody, Shore Capital & Corporate and Drury Porter Novelli are advising Applegreen.
Private equity firm New State Capital Partners invested in Mako Steel, an acknowledged leader in the self-storage construction industry. Financial terms were not disclosed.
"The storage industry is booming for both residential and commercial use, and Mako Steel is best-in-class in terms of managing the entire process from engineering to contracting and construction management," said Dave Blechman, Founder and Senior Principal of New State Capital Partners. "Building strong partnerships is a cornerstone of our mission, and it was clear from our first meeting that Mako Steel's management team is actively committed to growth."
CoveView Advisors and Morgan Lewis & Bockius advised New State Capital Partners.
Private equity firm Arcline Investment Management acquired Pride Engineering, the global leader in the design and manufacture of precision-engineered tooling, equipment, and aftermarket parts that are mission-critical to the aluminum beverage packaging manufacturing process, from May River Capital. Financial terms were not disclosed.
Greg Pickert, President and CEO of Pride, said, "We are excited to partner with Arcline, which shares our passion for supporting our customers' vision of advancing the adoption of environmentally favorable packaging. Arcline's experience in software and technology enablement will be a great asset as we further develop the next generation of connected tooling for our customers. We look forward to playing a key role in the sustainable packaging industry as we invest in our next phase of growth."
Lincoln International advised Arcline Investment Management.
Bridges Fund Management invested in Jump City, one of the largest franchisees of Sky Zone trampoline parks, operating five locations in the New England region. Financial terms were not disclosed.
Elizabeth Burgess, a Partner at Bridges US Sustainable Growth Fund, says: “Bridges seeks to invest in ethical and passionate entrepreneurs who support their communities through healthy, sustainable business operations. Stella and her team are best-in-class operators that exemplify the type of leadership and business practices that we look to support and grow. We look forward to expanding an approach to business that not only provides a fun, safe and healthy form of entertainment but provides needed economic development and quality jobs in the regions where we operate and plan to expand.”
BellMark Partners advised Jump City.
Europcar Mobility Group, the leader of car rental in Europe, acquired Fox Rent A Car, one of the largest independent players of the US car rental market. Financial terms were not disclosed.
For Caroline Parot, Chief Executive Officer of Europcar Mobility Group: “Following the acquisitions of Goldcar and Buchbinder in 2017, the acquisition of Fox Rent A Car, one of the largest independent players in the US car rental market, is the last key step in our transformational M&A program, which enabled us to become a truly global mobility service company."
FOX Entertainment, a division of Fox Corporation, acquired Bento Box Entertainment, an Emmy Award-winning production company. Financial terms were not disclosed.
“You can’t walk around the FOX lot without noticing a decades-long passion for animation. It is in the FOX DNA and has served legions of fans, partners and investors,” said Charlie Collier, Chief Executive Officer, FOX Entertainment. “As we grow FOX for the next generation, it only makes sense we would expand our animation capabilities by bringing on board the best in the business: Bento Box. The Bento-FOX combination brings FOX front-door access to the next wave of the genre’s creative leaders, while still maintaining Bento Box’s focus on all that makes them a terrific partner for outside producers. We’re thrilled to work with Scott, Joel, Brett and their amazing team to take all they’ve so capably built to new heights.”
defi SOLUTIONS and Sagent Auto, two leaders in auto lending technology and services, agreed to merge. Financial terms were not disclosed.
“This merger has been designed to bring the best of today and tomorrow, while also minimizing disruption to our clients’ businesses,” said Stephanie Alsbrooks Hanson, founder and vice-chair of defi SOLUTIONS. “I’m excited about the opportunities created by this merger for our teams, clients and the industry overall.”
Park Place Technologies, which provides a post-warranty alternative to storage, server and networking hardware maintenance for IT data centers, acquired Entuity, a global network performance monitoring software company with offices in Boston and London. Financial terms were not disclosed.
"It is exciting to see how this partnership will yield mutual benefits for both companies and their customers across the globe," said Stephen Woodard, President and CEO, Entuity. "Entuity's auto-discovery and inventory capabilities, live topology, event management and probable cause analysis strengthen Park Place's existing innovations and industry-leading solutions such as ParkView."
Private equity firm Growth Street Partners invested in Suralink, the leading provider of workflow software for the accounting industry. Financial terms were not disclosed.
"As a rapidly growing and profitable business, we had no intention of raising capital until we met with Growth Street Partners," said Tim Ballantyne, CEO and co-founder of Suralink. "Growth Street's proven track record of helping founders from industry scale their vertical SaaS businesses really got the team excited about partnering to accelerate Suralink's growth, invest in its people and industry-leading product, and even consider add-on acquisitions to deliver even greater value to customers and partners."
Exiger, the global leader in technology-enabled regulatory, financial crime, risk and compliance solutions, acquired Convergent Solutions, a leading business specializing in the delivery of intelligence analysis, cybersecurity and national security solutions to the Federal Government. Financial terms were not disclosed.
"Exiger is excited to bring our leading technology solutions to the federal market," said Michael Cherkasky, co-founder and Executive Chairman of Exiger. "Our products, combined with Convergent's world-class employees, industry credentials and experience, can help solve the Federal Government's biggest challenges related to information management, vendor and personnel vetting, and mission-critical risk identification and mitigation."
SoftBank Vision Fund invested $200m in C2FO, the world’s largest market for working capital. The investment is designed to accelerate C2FO’s development of new markets to further improve access to working capital for companies globally not just large multinational corporations, but also small and medium-sized enterprises.
“We are very fortunate to have a team who, for years, has delivered industry-leading unit economics, extraordinary customer satisfaction, and strong global growth,” said Sandy Kemper, C2FO Founder and Chief Executive Officer. “Due to their work, we have now grown to match over $1.2tn of accounts receivable and accounts payable.”
Lido Advisors, a full service, independent, registered investment advisory firm, merged with Maryland-based Coliseum Wealth Management, an independent financial advisory firm. Financial terms were not disclosed.
Brad Hixson, Executive Vice President, Lido Advisors said, “We are eagerly looking forward to working with Scott and Jordenne to enhance Lido’s presence in the Mid-Atlantic Region. We consider this a major geographic expansion and are partnering with the best talent in the area. Scott’s commitment to client service and Jordenne’s operational excellence are the perfect fit for the Lido brand and client experience.”
DuPont ponders sale of biosciences unit for up to $20bn.
DuPont de Nemours, an American diversified conglomerate, is considering a $20bn sale of its biosciences unit. A sale would extend a dramatic overhaul of DuPont’s portfolio as it looks to salvage shareholder value in the face of slowing markets and the US-China trade war. The company is now working with advisers to evaluate options for the unit, including a potential sale or spinoff.
QEP Resources and Elliott Management signed a cooperation agreement. (FS)
QEP Resources, an independent crude oil and natural gas exploration and production company, and Elliott Management, an activist hedge fund, entered into a cooperation agreement. Funds affiliated with Elliott beneficially own approximately 4.9% of QEP’s common stock.
“In the last year, QEP has made strides in streamlining our business, reducing costs, strengthening our balance sheet, and selling non-core assets. Our Board and management team welcome the constructive perspectives of our shareholders and are committed to maximizing shareholder value. Through the formation of this new committee, we will continue building on the progress we have already made, and I look forward to the contributions of our new directors and the new committee as we take further steps to improve performance and build shareholder value,” said QEP’s Chief Executive Officer, Tim Cutt.
Viacom acquired licensing rights to Garfield.
Viacom, an American multinational media conglomerate company with interests primarily in film and television, acquired the entity that holds all global intellectual property rights to Garfield, an American comic strip created by Jim Davis. The acquisition is expected to close in the upcoming weeks. Financial terms were not disclosed.
Petrobras considers IPO of power plants.
Brazil's state-controlled oil company Petroleo Brasileiro is considering a divestment of a subsidiary consisting of 15 power plants, which could be listed in an IPO. Petrobras currently operates 20 power plants with 6,000MW in total capacity.
Adtalem considers a sale of Brazilian assets.
Adtalem Global Education, a leading network of schools, is considering a sale of its Brazilian assets for $505m.
Adtalem Global Education holds a 97.9% stake in Adtalem Brazil. The company runs 15 schools in Brazil under three brands, with nearly 82k students: Wyden Educational, Ibmec, and Damasio.
SoftBank acquires 8.1% stake in Banco Inter. (FS)
Japan’s SoftBank Group acquired a 8.1% stake in the Brazilian online lender Banco Inter through a share offering that concluded last week, according to a securities filing published on Tuesday.
Banco Inter raised BRL1.3bn ($329m) in a primary share offering to fund its expansion, pricing its units, comprised by one common share and two preferred shares.
Gaw Capital acquires Hollywood & Highland for $325m. (FS)
Gaw Capital, a leading private equity firm, in partnership with DJM acquired Hollywood & Highland, one of America’s busiest and most acclaimed shopping centers, for $325m.
“We are delighted to be partnering with DJM to acquire this iconic asset in Hollywood. Hollywood & Highland has enormous potential given its fantastic location at the gateway to new Hollywood,” Goodwin Gaw, Gaw Capital Partners Chairman, and Managing Principal.
Ibotta announces series D financing round at $1bn valuation.
Ibotta, the leading mobile rewards platform in the United States, announced a series D financing round at $1bn valuation. The funding will enable Ibotta to continue leading innovation within the payments industry through the company's turnkey and rewarded payments solution.
"While we've reached the point of critical mass awareness when it comes to paying with our phones, there's still one piece missing on the path to true adoption: rewards," said Bryan Leach, Founder and CEO of Ibotta. "Through a shared vision with KDT and our expertise in rewards and consumer psychology, we are best-positioned to transform the emerging $100tn global payments market. The excitement of cash rewards will be the flash point in changing consumer behavior and driving adoption of new forms of mobile payments worldwide."
