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Top Highlights
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of ATSG, a medium widebody freighter aircraft leasing, air transport operations, and support services company, for $3.1bn, according to press releases.
Main Post Partners-backed Highland Arms Enterprises, a provider of residential garage door repair services completed the acquisition of Camprendy, an operator of residential garage door repair services. Financial terms were not disclosed, according to press releases.
Camprendy is advised by Forvis Capital Advisors (led by Brian Myeroff), Boxwood Partners (led by Brian Alas) and Cooley (led by Laura Majerfeld Medina). Main Post Partners and HAE is advised by Ironsides Advisory, Davis Wright Tremaine, McGuireWoods and Moore & Van Allen. Debt financing is provided by PineBridge Private Credit, according to press releases.
Validity, a provider of marketing success and customer data intelligence solutions, completed the acquisition of Litmus, a global provider of email optimization and testing solutions. Financial terms were not disclosed, according to press releases.
Litmus was advised by Evercore, Choate Hall & Stewart and PANBlast. Validity was advised by Barclays, Shea & Co, Nixon Peabody and Weil Gotshal and Manges, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Whistle Express completes the acquisition of US car wash business from Driven Brands for €385m.
Adnoc considers a $9bn bid for Aethon Energy's US natural gas assets. ( Reuters)
BayPine in advanced talks to acquire CenExel Clinical Research for $1.5bn. ( Bloomberg)
Harley-Davidson explores $1bn+ sale of finance arm. ( Bloomberg)
TC Energy rules out the sale of Canadian Mainline pipeline. ( Bloomberg)
Chagee targets $411m in US IPO at $5.1bn valuation. ( Reuters)
Bain Capital targets $7bn for new Asia private equity fund. ( Bloomberg)
New Mountain Capital raises $3bn continuation fund to retain Real Chemistry. ( Bloomberg)
Lock 8 Partners raises $182m for Fund III in oversubscribed fundraising. ( Press Release)
EMEA
CVC explores potential deal for $75bn private lender Golub Capital. ( FT)
Renzo Rosso remains active in M&A after Versace bid setback. ( Bloomberg)
APAC
Apollo Hospitals plans expansion through buyouts in northern India. ( Bloomberg)
Shein gains UK approval for London IPO, awaits China’s nod amid trade tensions. ( Reuters)
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AMERICAS
Digital financial platform MoneyLion's stockholders voted to approve the definitive agreement with Gen Digital, a digital security solutions provider. All regulatory approvals have been obtained and MoneyLion and Gen Digital expect to complete the acquisition on April 17, 2025, subject to the satisfaction of customary closing conditions.
Converge Technology Solutions announced that its shareholders have approved the company’s acquisition by an affiliate of HIG Capital. The transaction is valued at approximately $909m and is expected to close in the second quarter of 2025, subject to customary regulatory approvals, according to press releases.
Converge Technology Solutions is advised by Canaccord Genuity, Houlihan Lokey, Origin Merchant Partners and Goodmans. HIG Capital is advised by Stikeman Elliott and Weil Gotshal and Manges (led by Tana Ryan and Nav Rekhi), according to press releases and MergerLinks data.
Whistle Express, an industrial engineering group specializing in various sectors, completed the acquisition of US car wash business, from Driven Brands, an automotive repair center operator, for €385m ($437m), according to press releases.
Northwell Health and Nuvance Health have reached an agreement with the Connecticut Office of Health Strategy for approval of their Certificate of Need application, which allows Northwell to move forward with plans to form a new integrated health system.
Nuvance is advised by Kaufman Hall & Associates and Epstein Becker Green.
ECI Software Solutions, a provider of cloud-based business management software and services, completed the acquisition of Davisware, a provider of all-in-one business management solutions built for field service organizations, according to press releases. Financial terms were not disclosed.
ECI Software was advised by brands2life.
Arthur J. Gallagher, a US-based global insurance brokerage and risk management services firm, completed the acquisition of Woodruff Sawyer, a private insurance brokerage and consulting firm, for $1.2bn, according to press releases.
Lucid, an automotive and technology company, agreed to acquire the select facilities and assets in Arizona from Nikola, a manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions, according to press releases. Financial terms were not disclosed.
Honeycomb, a provider of observability platforms for software engineering teams, completed the acquisition of Grit, a customer research and insights consultancy specializing in customer experience strategy. Financial terms were not disclosed, according to press releases.
Inszone Insurance Services, a national insurance brokerage firm, completed the merger with Hart Insurance Agency, a full-service independent insurance agency based in Washington specializing in personal, business, and specialty insurance services. Financial terms were not disclosed, according to press releases.
Terps USA, a company specializing in premium liquidizer products, completed the acquisition of LQDIZE Liquidizers, a company focused on flavor-packed wax and resin liquidizers. Financial terms were not disclosed, according to press releases.
Adnoc considers a $9bn bid for Aethon Energy's US natural gas assets. ( Reuters)
Abu Dhabi National Oil Company is evaluating a potential $9bn acquisition of Aethon Energy Management’s US natural gas assets. These assets are primarily located in the Haynesville shale region across Louisiana and East Texas. The move would align with Adnoc’s strategy to expand its presence in gas, LNG, chemicals, and renewables.
Aethon Energy, one of the largest private gas producers in the US, had earlier explored a sale or IPO, with a valuation around $10bn. Discussions between Adnoc and Aethon are at a preliminary stage, and no final decisions have been made.
BayPine in advanced talks to acquire CenExel Clinical Research for $1.5bn. ( Bloomberg)
BayPine in advanced talks to acquire CenExel Clinical Research, a leading provider of clinical trial services, for approximately $1.5bn. The deal values CenExel at a multiple in the mid-to-high teens based on EBITDA. This acquisition underscores BayPine's strategy to invest in healthcare companies with strong growth potential.
The transaction is expected to enhance BayPine's presence in the healthcare sector, providing a platform for further investments in clinical research infrastructure.
Harley-Davidson explores $1bn+ sale of finance arm. ( Bloomberg)
Harley-Davidson is considering selling its financial services division, Harley-Davidson Financial Services, in a deal that could be valued at more than $1bn. The company is working with an adviser to assess potential buyer interest, particularly from private equity firms.
HDFS provides financing and insurance services to Harley-Davidson dealers and customers, contributing significantly to the group’s overall earnings. While discussions are ongoing, Harley-Davidson may ultimately decide to retain the unit if sale conditions are not favorable.
TC Energy rules out the sale of Canadian Mainline pipeline. ( Bloomberg)
TC Energy has decided not to sell its Canadian Mainline natural gas pipeline, reaffirming its importance to Canada's energy security strategy. The Mainline is a critical asset that supplies oil to refineries in eastern Canada, reducing reliance on routes through the US.
CEO François Poirier stated that maintaining ownership of the Mainline aligns with Canada's broader goals of energy independence, especially amid growing trade uncertainties. The company plans to continue focusing on optimizing its North American infrastructure portfolio.
Chagee targets $411m in US IPO at $5.1bn valuation. ( Reuters)
Chinese tea chain Chagee is aiming to raise $411m through a US initial public offering, targeting a valuation of up to $5.1bn. The company plans to offer nearly 14.7m American depositary shares priced between $26 and $28 each, listing on Nasdaq under the ticker "CHA."
Founded in 2017 and based in Shanghai, Chagee operates over 6,000 teahouses, mainly in China, and has expanded into Malaysia, Singapore, and Thailand. It reported 2024 sales of 29.5bn yuan ($4.03bn) and plans to further grow internationally.
Citigroup, Morgan Stanley, Deutsche Bank, and CICC are acting as lead underwriters for the IPO.
Bain Capital targets $7bn for new Asia private equity fund. ( Bloomberg)
Bain Capital is seeking to raise at least $7bn for its sixth Asia-focused buyout fund, aiming to capitalize on growth opportunities across the region. The Boston-based firm is also targeting $2.1bn for a special situations fund that will invest in distressed and opportunistic assets.
This fundraising effort highlights Bain’s commitment to the Asia-Pacific market, where it has actively invested in sectors such as healthcare, technology, and financial services. The new fund will allow Bain to pursue larger and more diverse deals across the region.
New Mountain Capital raises $3bn continuation fund to retain Real Chemistry. ( Bloomberg)
New Mountain Capital has secured $3bn from investors to create a continuation fund to retain its majority ownership in Real Chemistry, a healthcare communications and marketing company. The transaction values Real Chemistry at about $3.1bn, including debt, allowing New Mountain to offer liquidity to its existing investors while maintaining around 90% ownership.
Continuation funds are increasingly used by private equity firms to hold on to successful assets beyond the life of traditional investment funds. Real Chemistry has been a significant player in healthcare communications, and New Mountain sees long-term growth potential in the firm.
Morgan Stanley advised on the transaction.
Lock 8 Partners raises $182m for Fund III in oversubscribed fundraising. ( Press Release)
Lock 8 Partners has closed Fund III at $182m, exceeding its initial target of $150m. The oversubscribed fund will continue Lock 8’s focus on investing in lower middle-market businesses, targeting sectors such as industrial services, specialty manufacturing, and business services.
The firm specializes in partnering with founder- and family-owned companies, typically investing in businesses with enterprise values between $10m and $75m. Lock 8 Partners will deploy Fund III to support growth initiatives, operational improvements, and strategic acquisitions within its portfolio.
Mytheresa received unconditional merger control clearance from the European Commission for the acquisition of YNAP from Richemont. Mytheresa and Richemont have now received all other necessary approvals from regulatory authorities and plan to close the transaction on 23 April 2025.
Flutter Entertainment, an online sports betting and iGaming operator has received all necessary antitrust, gaming and regulatory confirmations to acquire Snaitech, an omni-channel operator.
New Mountain Capital-backed Salute, a provider of integrated asset management services for the data center industry, completed the acquisition of Keysource, a provider of sustainable data centre solutions and strategic advisory services in the EMEA region. Financial terms were not disclosed, according to press releases.
Salute Holding was advised by Simpson Thacher & Bartlett (led by Chris Vallance and Johanna Mayer), according to press releases and MergerLinks data.
Keensight Capital, a private equity firm, terminated the $417m acquisition of NIOX Group, a medical device company focused on point of care asthma diagnosis, according to press releases.
Scania, a Swedish manufacturer of commercial vehicles and diesel engines, completed the acquisition of Systems Industrial division of Northvolt, a Swedish battery developer and manufacturer. Financial terms were not disclosed, according to press releases.
GP Günter Papenburg, a company that provides construction services, and TSR Recycling, a company that provides recycling of steel scrap and non-ferrous metals, terminated the $1.2bn acquisition of Salzgitter, a steel production company, according to press releases.
CVC explores potential deal for $75bn private lender Golub Capital. ( FT)
European buyout group CVC has explored a potential deal to acquire Golub Capital, a major US private credit lender valued at around $75bn. Golub, founded in 1994 by Lawrence Golub, is a leading direct lender to mid-sized and large corporations and has originated over $150bn in loans since 2004. Although CVC has shown interest, sources indicate Golub is not actively entertaining a sale at this time.
The private investment sector is seeing increased consolidation as firms like BlackRock, TPG, and Brookfield acquire major credit players to compete with Apollo, Blackstone, and KKR. Golub and its rivals, such as Sixth Street, Ares, and Blue Owl, have benefited from post-crisis financial reforms that restricted traditional banks, helping private credit firms grow significantly.
Amsterdam-listed CVC, managing €200bn in assets, has been aiming to strengthen its US presence following underperforming private equity deals. It previously held merger talks with HPS Investment Partners and Fortress Investment Group but did not finalize deals. Golub recently sold a minority stake to Mizuho, with the Japanese bank agreeing to distribute Golub’s products in Japan.
Renzo Rosso remains active in M&A after Versace bid setback. ( Bloomberg)
Renzo Rosso, founder of Diesel and chairman of OTB Group, is continuing to pursue acquisitions despite a recent unsuccessful attempt to acquire Versace and Jimmy Choo from Capri Holdings. Rosso emphasized OTB's flexibility due to its lack of external partners, debt, or public listing, allowing it to act swiftly in the market.
OTB Group, which owns brands like Maison Margiela, Marni, and Jil Sander, is focusing on expanding its portfolio, particularly in the luxury fashion sector. Rosso highlighted the company's strategy to invest in brands with strong identities and growth potential.
Looking ahead, OTB is exploring opportunities in emerging markets and digital platforms to strengthen its global presence. Rosso's approach underscores a commitment to strategic growth through selective acquisitions that align with the group's vision.
APAC
Basel Medical, a provider of orthopedic and trauma services, sports medicine and surgery, orthopedic procedures, and neurosurgical treatments, agreed to acquire Bethesda Medical, a healthcare provider specializing in diagnostic imaging and outpatient care, according to press releases. Financial terms were not disclosed.
Hannover Re, a leading global reinsurance company, agreed to acquire iptiQ Australia, the Australian digital insurance business of Swiss Re, a global reinsurance provider. Financial terms were not disclosed, according to press releases.
Apollo Hospitals plans expansion through buyouts in northern India. ( Bloomberg)
Apollo Hospitals Enterprise is planning acquisitions to strengthen its presence in northern India, focusing on cities like Delhi, Jaipur, and Lucknow. The hospital group is seeking to expand its network through buyouts of mid-sized hospitals with 200 to 300 beds.
This strategy is part of Apollo's broader plan to add 3,512 beds across India by FY26 through greenfield projects, brownfield expansions, and acquisitions, supported by an investment of $708m. Apollo is targeting operational synergies and market consolidation to boost its healthcare footprint in the region.
The expansion will be funded through internal accruals and debt, and Apollo continues to evaluate strategic assets that fit its growth model.
Shein gains UK approval for London IPO, awaits China’s nod amid trade tensions. ( Reuters)
Fast-fashion retailer Shein has secured approval from the UK's Financial Conduct Authority for its planned initial public offering in London, marking a significant step in its efforts to go public. However, the listing remains contingent on approval from China's Securities Regulatory Commission, as Shein's supply chain is primarily based in China, subjecting it to Chinese offshore listing regulations.
The company is considering reducing its IPO valuation from $66bn to approximately $50bn, influenced by recent US trade policy changes. President Trump's administration has imposed 145% tariffs on Chinese goods and eliminated the "de minimis" duty exemption, which previously allowed duty-free imports under $800. These measures have disrupted Shein's cost structure in its largest market, the US, potentially leading to price increases and affecting its IPO prospects.
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