Brunswick, an American corporation that develops a wide variety of products, completed the acquisition of Navico, a provider of marine electronics and sensors, from investment firms Goldman Sachs Asset Management and Altor for $1.05bn.
"After a strong period of growth, we are very excited about joining the Brunswick family to further strengthen our offering and support our customers going forward. On behalf of everyone at Navico, we cannot wait to begin our journey with Brunswick and share our passion and dedication with their team. By working together, we will be able to deliver a unique and integrated customer experience," Knut Frostad, Navico President and CEO.
Brunswick was advised by JP Morgan, Baker McKenzie and Schjodt. JP Morgan was advised by White & Case. Debt financing was provided by JP Morgan. Altor Equity was advised by Carnegie Investment Bank, Goldman Sachs, UBS, Sullivan & Cromwell and Wiersholm.
Platte River Equity, a private equity firm, agreed to acquire Municipal Emergency Services, an equipment supplier and service provider to first responders throughout the United States, from HB Equity Partners, a private equity firm based in New York. Financial terms were not disclosed.
"We are looking forward to our new partnership with Platte River. Over the last 15 years, our team has helped make MES the top choice for first responders to meet their equipment and service needs. The team at Platte River will provide a unique perspective and insight to help us continue our expansion of product and service offerings and geographic reach," Tom Hubregsen, MES CEO.
MES is advised by Jefferies & Company and Nelson Mullins Riley & Scarborough. Platte River Equity is advised by Houlihan Lokey and Bartlit Beck. Debt financing is provided by Crescent Direct Lending, Siemens Financial Services and Varagon Capital Partners.
Centerbridge Partners, a multi-strategy private investment firm, completed the acquisition of IPS, a manufacturer of solvent cement for rigid and flexible plastic pipe and fittings, from Cypress Performance, a holding company. Financial terms were not disclosed.
"George Sherman and George Moore are highly accomplished industrial leaders, and they have continued their impressive track record of value creation at IPS. The Company is a world-class manufacturer with leadership positions across its key product categories and stands to benefit from strong market tailwinds in its attractive end markets," Steven Silver, Centerbridge Global Co-Head of Private Equity and Senior Managing Director.
IPS was advised by Bank of America, Credit Suisse and Morgan Lewis & Bockius. Centerbridge Partners was advised by Jefferies & Company, Latham & Watkins and Kekst CNC. Debt financing was provided by Apollo Global Management, BMO Capital Markets, Credit Suisse, Jefferies & Company, KeyBanc Capital Markets, Mitsubishi UFJ Financial Group, Nomura and Sumitomo Mitsui Banking.
Certara, a biosimulation company, completed the acquisition of Pinnacle 21, a provider of software for preparing clinical trial data for regulatory submission, for $310m.
"Certara is the ideal partner for Pinnacle 21's exceptional team and customer base. Both companies empower customers to collect, validate, and analyze data to inform critical decisions in drug development and achieve regulatory success. Joining forces with Certara tightens the link between clean data and informed analysis. We are eager to integrate and expand our software platforms to continue our mission to speed up lifesaving therapies to patients," Max Kanevsky, Pinnacle 21 Founder and CEO.
Pinnacle 21 was advised by Fairmount Partners and Cozen O'Connor. Certara was advised by Jefferies & Company, Simpson Thacher & Bartlett, Finn Partners, Gilmartin Group and Kekst CNC.
Providence Equity Partners, a private equity firm, completed the investment in Tenstreet, a provider of driver recruiting software and workflow solutions for the trucking industry. Existing investor Spectrum Equity and Tenstreet Co-founder and CEO Tim Crawford will maintain significant minority stakes. Financial terms were not disclosed.
"Tim and the entire Tenstreet team have built a unique, market-leading platform that provides critical recruiting and HR solutions to the trucking industry where attracting and retaining talent is essential to meet surging demand for their services. We are excited to partner with the Tenstreet team and Spectrum to build on the Company's success, pursue organic and inorganic growth opportunities, and drive lasting value for all stakeholders of the company," William Hughes, Providence Managing Director.
Tenstreet was advised by DC Advisory and Choate Hall & Stewart. Providence was advised by Raymond James, Weil Gotshal and Manges and Sard Verbinnen & Co. Debt financing was provided by Capital One Financial Corporation and HPS Investment Partners.
GE-Prolec Transformers, a Mexican transformer manufacturer, completed the acquisition of SPX Transformer Solutions, a manufacturer of medium and large power transformers, from SPX, a global supplier of infrastructure equipment, for $645m.
"As a key provider of high-quality, sustainable solutions for the delivery of electrical energy, Prolec GE is an excellent fit to lead the next phase of growth and value for SPX Transformer Solutions' customers and employees alike," Gene Lowe, SPX President & CEO.
GE-Prolec Transformers was advised by Scotiabank, UBS and Sidley Austin. SPX was advised by JP Morgan and K&L Gates.
CPPIB and AIMCo-backed BAI Communications, a global communications infrastructure provider, completed the acquisition of Mobilitie, the largest privately held telecommunications infrastructure company in the United States, from private equity firm Shamrock Capital. Financial terms were not disclosed.
"BAI's acquisition of Mobilitie establishes us as a leading telecommunications infrastructure provider in the United States and the most relevant provider of public transit wireless connectivity solutions in North America. This reflects our ambitions for the US as well as the other markets in which we operate globally and puts us in the perfect position to capitalise on the growing prioritisation of connected infrastructure in regions such as the UK and Europe. The scale and strong relationships with large venue operators and mobile network operators that Mobilitie brings fits perfectly with BAI's existing leadership in connected transit and infrastructure," Igor Leprince, BAI Communications CEO.
Mobilitie was advised by Morgan Stanley and Goodwin Procter. BAI Communications was advised by JP Morgan and Latham & Watkins. Shamrock was advised by Cooley.
DIF Capital Partners, a global independent infrastructure investment fund manager, agreed to acquire Bernhard, a privately-owned Energy-as-a-Service solutions company, from Bernhard Capital Partners, a service and infrastructure-focused private equity management firm. Financial terms were not disclosed.
"Bernhard delivers distributed energy through its unique EaaS model which provides clients access to fully integrated and efficient energy solutions, thereby significantly reducing the carbon footprint of their buildings and utility systems. Bernhard's approach fits perfectly with DIF's Public-Private Partnership expertise and ambition to invest in clean energy infrastructure solutions around the globe," Gijs Voskuyl, DIF Partner.
Bernhard is advised by JP Morgan and Kirkland & Ellis. DIF is advised by Deloitte, Oliver Wyman, Macquarie Group, White & Case, Black & Veatch and RWDI.
Universal, an independent leaf tobacco merchant, completed the acquisition of Shank's Extracts, a privately-held, specialty ingredient, flavoring and food company with bottling and packaging capabilities. Financial terms were not disclosed.
"This agreement with Shank's marks another important step forward in Universal's efforts to identify and execute on opportunities that broaden and enhance our plant-based ingredients platform. The Shank's acquisition fits squarely in our new platform and our capital allocation strategy, bolstering our offerings for customers and expanding our value-added services by adding flavors, custom packaging and bottling, and product development capabilities," George C. Freeman III, Universal Chairman, President and CEO.
Shank's Extracts was advised by SC&H Capital and Cozen O'Connor. Universal was advised by Houlihan Lokey, Troutman Pepper and Joele Frank.
ChrysCapital, an Indian private equity firm, completed the acquisition of ResultsCX, a Florida-based customer experience platform, from One Equity Partners, a middle market private equity firm. Financial terms were not disclosed.
“Digital transformation is forcing companies to change their business models and expand beyond traditional channels to an omni-channel service approach. With its strategic AI-plus-human intelligence approach and comprehensive digital and social media-based offerings, ResultsCX is well-positioned to gain from this shift. We are confident that the company will benefit from ChrysCapital’s association given the firm’s rich expertise and relevant experience and are excited to partner with the ResultsCX leadership team to significantly accelerate the future growth trajectory,” Akshat Babbar, ChrysCapital Director.
ChrysCapital Management Company was advised by KPMG, Sidley Austin and Merit Mile. One Equity Partners was advised Dechert.
Callon Petroleum, an independent oil and natural gas company, completed the acquisition of Primexx Energy Partners, a private oil and gas operator in the Delaware Basin, for $788m.
"The Primexx transaction checks every operational and financial box on the list of compelling attributes of consolidation. The asset base adds substantial current oil production and a top-tier inventory to our Delaware portfolio, and fits squarely into our model of scaled, co-development of a multi-zone resource base. Our integrated, future development plans will benefit greatly from the combined Delaware scale and we expect to generate approximately 30% more adjusted free cash flow from the third quarter of 2021 through year-end 2023 under our conservative planning price assumptions. The infusion of over $550m of equity from the acquisition and Kimmeridge's exchange further heightens the overall benefits, immediately reducing leverage metrics and creating a visible path to net debt to adjusted EBITDA of below 2.0x next year," Joe Gatto, Callon President and CEO.
Primexx Energy Partners was advised by RBC Capital Markets and Kirkland & Ellis. Callon Petroleum was advised by Citigroup and Gibson Dunn & Crutcher.
Reliance Steel & Aluminum, a metals service center operator, completed the acquisition of Merfish United, a distributor of carbon steel pipes, fittings and flanges, from One Equity Partners, a middle market private equity firm. Financial terms were not disclosed.
"We identified Merfish as a unique business with strong growth prospects led by a talented management team. We're proud of our work with Merfish United's CEO Greg Leidner, Chairman Gerald Merfish and their team over the past eight years to create one of the largest master distributors of competitively priced standard pipe and tube products in North America," Jamie Koven, OEP Senior Managing Director.
Merfish United was advised by Houlihan Lokey. One Equity was advised by KPMG and Dechert.
Aquiline Capital, a provider of private capital, completed the acquisition of a majority stake in Quicken, a personal finance software, from H.I.G. Capital. Financial terms were not disclosed.
"Our team is dedicated to giving our customers the tools they need to confidently take control of their finances. I'm enormously proud of the company we've built together. We look forward to partnering with Aquiline, whose expertise in financial technology will help us continue to deliver on our mission of helping people lead healthier financial lives. We are also grateful for the support and partnership from H.I.G. Capital over the past five years, which allowed us to modernize the business by investing in our family of products and in growing our customer base," Eric Dunn, Quicken CEO.
Quicken was advised by Jefferies & Company and Kirkland & Ellis. Aquiline was advised by Greenhill & Co.
ManpowerGroup, a workforce solutions company, completed the acquisition of ettain group, an IT resourcing and services provider, for $925m.
"We're pleased to be announcing the acquisition of ettain, which accelerates our strategy of diversifying our business mix into higher growth and higher value services, continuing the expansion of our US and global Experis IT resourcing and services business," Jonas Prising, ManpowerGroup Chairman & CEO.
ettain was advised by Houlihan Lokey. ManpowerGroup was advised by Robert W Baird.
Delta Electronics, a provider of power and thermal management solutions, agreed to acquire March Networks, a Canadian-based video surveillance and business intelligence firm, for $114m.
"Security being an integral element of smart cities is boosting the global demand for video surveillance technologies. March Networks is a proven leader in providing end-to-end solutions to some of the world's leading financial institutions, retailers, transit agencies, and commercial customers. We are confident that the collaboration between March Networks and Delta will expand our overall market opportunity and increase Delta's exposure to the growing video market beyond our surveillance subsidiary VIVOTEK. March Networks' cloud-based video solutions and business intelligence technologies set it apart and are also a perfect fit with our commitment to develop smart green solutions for a sustainable future," Ping Cheng, Delta CEO.
MarineMax, a recreational boat and yacht retailer, agreed to acquire Intrepid Powerboats, a premier manufacturer of powerboats. Financial terms were not disclosed.
“The strategic acquisition of Intrepid Powerboats allows us to provide Intrepid with additional resources to expand and to enhance how it serves their extremely loyal customer base. We believe we can help grow the Intrepid brand by leveraging our digital technologies, capital and other resources. This accretive acquisition aligns with our long-term strategy of adding quality businesses to our portfolio and implementing best practices to support the expansion of our gross margins,” W. Brett McGill, MarineMax CEO and President.
Noble Investment Group, a minority-owned real estate investment manager, agreed to acquire Hyatt Place Austin, a 138-room hotel is located in Round Rock, Texas. Financial terms were not disclosed.
"A highly diversified mix of leisure demand and pro-business climate has made Austin one of the fastest-growing cities in the US and the No. 1 US City for Net Migration in 2020. Austin is considered one of the nation's dominant tech hubs alongside Silicon Valley, with numerous high-profile corporate relocations and expansions from companies like Tesla, Oracle, Apple, Amazon, Google, and Facebook," Noble.
SunPower, a solar technology and energy services provider, completed the acquisition of Blue Raven Solar, a residential solar provider in US, for $165m.
"SunPower and Blue Raven share a vision of powering the world with affordable, resilient, sustainable energy. This acquisition will enable us to bring the most powerful and efficient solar technology available to a new set of homeowners and accelerate our growth strategy," Peter Faricy, SunPower CEO.
GitLab aims for a $9bn valuation in its US IPO.
Gitlab, a software development platform, filed to raise as much as $624m in its US initial public offering, aiming to reach a $9bn valuation.
The company will offer 8.42m shares while co-founder and Chief Executive Officer Sytse Sijbrandij will sell 1.98m, according to a Monday filing to the US Securities and Exchange Commission. Shares are priced at $55 to $60 apiece, the filing showed.
Apax-backed Candela Medical files for IPO. (FS)
Apax-backed Candela Medical, which provides medical devices for aesthetic procedures, filed with the SEC to raise up to $100m in an initial public offering.
Candela provides a broad range of medical devices for aesthetic applications including various lasers, including solid state, pulsed dye, non-ablative fractional, CO2, and picosecond, as well as intense pulsed light, radiofrequency, and microneedling devices. The company sells and markets its products directly in 18 countries, including the US, China, Japan, and Western Europe, as well as indirectly in 66 countries.
Rent the Runway discloses a revenue drop in IPO filling.
Rent the Runway, a fashion rental company, made public its paperwork for a US stock market flotation, joining a bunch of retailers looking to cash in on the record boom in capital markets since last year, Reuters reported.
In its filing with the US Securities and Exchange Commission, the Brooklyn, New York-based company disclosed a near 39% drop in revenue for the fiscal year 2020
Thomas H. Lee Partners closed its ninth flagship fund at $5.6bn. (FS)
Thomas H. Lee Partners, a private equity firm investing in middle-market growth companies, announced the successful final close of its ninth flagship fund, Thomas H. Lee Equity Fund IX, at its hard cap with $5.6bn in capital commitments.
Fund IX received strong demand from investors and over $250m of General Partner commitments. Fund IX will continue THL’s strategy of investing behind its Identified Sector Opportunities, which benefit from robust secular growth trends.
Thomas H. Lee Partners was advised by Edelman.
KKR raises $4.3bn for its real estate fund. (FS)
KKR & Co announced the final closing of KKR Real Estate Partners Americas III, a $4.3bn fund dedicated to opportunistic real estate investments primarily in the US. In conjunction with dedicated funds raised in Asia and Europe over the last 12 months, KKR's global opportunistic real estate equity strategies oversee more than $8bn across three active regional funds.
"More than double the size of our predecessor fund, REPA III demonstrates the enthusiasm our investors have for the current opportunity set in the Americas as well as their confidence in our integrated platform to deliver differentiated absolute and relative investment performance through changing market cycles," Chris Lee, KKR Head of Real Estate Americas.
S&P Global, a business information provider, has offered concessions in an attempt to secure EU antitrust approval for its $44bn buy of IHS Markit, Reuters reported.
S&P announced the deal to create a new data powerhouse last November, underscoring the consolidation in the financial information services industry, as companies race to create one-stop shops to lure the biggest clients and invest in artificial intelligence and machine learning.
IHS Markit is advised by Barclays, JP Morgan, Jefferies & Company, Morgan Stanley and Davis Polk & Wardwell. Financial advisors are advised by Simpson Thacher & Bartlett. S&P Global is advised by Citigroup, Credit Suisse, Goldman Sachs, HSBC, Wachtell Lipton Rosen & Katz, Community Group and Joele Frank. Financial advisors are advised by Sullivan & Cromwell.
PAI Partners, a private equity firm, completed the acquisition of European Camping Group, a mobile home holidays firm, from investment firms Carlyle, Ontario Teachers' Pension Plan and Montefiore Investment. Financial terms were not disclosed.
"The transaction will provide a solid foundation for future growth with ECG benefitting from PAI's support as it seeks to take advantage of a wide range of organic and M&A opportunities," PAI Partners.
PAI Partners was advised by DGM Conseil and Greenbrook. Montefiore Investment was advised by Cicommunication. Carlyle was advised by Steele and Holt. OTPP was advised by Kekst CNC.
BICO, a bioconvergence startup that designs and supplies technologies and services to enhance biology research, agreed to acquire QInstruments, a biotechnology company in Jena, Germany, for $71m.
"Over the last 20 years we have developed advanced instruments that provide users with trustworthy data, enabling compelling research that drives forward the world of science. Our team invents user-friendly and intuitive systems that enable multi-disciplinary research in a cost and time efficient manner. With BICO, we share a common vision of applying precision engineering to solve the challenges of today and look forward to being a part of this exciting group and more importantly leave a mark on the Bio Convergence revolution," Olaf Simmat, QInstruments CEO.
BICO is advised by Ebner Stoltz and Hengeler Mueller.
Revalize, a provider of sector-specific revenue operations software, agreed to acquire Sofon, a Netherlands-based provider of Guided Selling and CPQ software solutions. Financial terms were not disclosed.
"Consistent with prior acquisitions, Sofon will be fully integrated within the Revalize brand and organization. The combination strengthens Revalize's position as the worldwide leader in CPQ and revenue operations solutions for manufactured products and allows the company to deliver a broader portfolio of products and services to their expanded global installed base of over 9k customers," Revalize.
Temasek Holdings, a Singapore state investor, led a $550m Series C financing round in Orca Security, a cloud security provider. Additional investors included SAIC, Lone Pine Capital, Splunk Ventures, CapitalG, Redpoint Ventures, Stripes Group, GGV, ICONIQ Capital, Adams Street Partners, Willoughby Capital and Harmony Partners.
Orca plans to open offices in Japan, Australia, and Thailand in the next two to five months. It plans to hire around two dozen employees - mostly security and cloud infrastructure engineers.
Pluribus Technologies, which specializes in acquiring small, profitable software companies, completed the acquisition of CHL Software, the developer of DocMoto, an app-based document and email management system. Financial terms were not disclosed.
"The acquisition of Docmoto enables Pluribus to expand its digital enablement footprint into the document management space and gives us our first acquisition in the UK market. We see significant opportunities to not only increase DocMoto's sales into law firms in North America and the UK, but to cross-sell into the legal departments of Fortune 500 customers in the Pluribus portfolio of companies," Richard Adair, Pluribus CEO.
Sonendo, a dental technology company, completed the acquisiton of FluidFile, an Israeli dental company. Financial terms were not disclosed.
"This acquisition is an important investment in our business and our future. The FluidFile patents complement Sonendo's current patent portfolio and strengthen our already strong intellectual property position. We look forward to leveraging our intellectual property portfolio for unique product offerings that we expect will provide better and more efficient patient care and further adoption for our GentleWave technology," Bjarne Bergheim, Sonendo President and CEO.
TotalEnergies might sell stakes in North Sea gas field.
France's TotalEnergies is seeking to sell a third of its 60% stake in the Laggan Tormore gas field in the British North Sea, which is expected to raise around $300m, Reuters reported. The company is hoping the recent rally in natural gas prices to record highs due to tightening supplies will boost buyer interest.
"Gas has a key role in the energy transition. And I would say what is happening this year is even further reinforcing my conviction," Patrick Pouyanne, TotalEnergies CEO.
Monte dei Paschi di Siena deal is near final result.
Italy’s Treasury's sale of state-owned bank Monte dei Paschi di Siena to UniCredit is set to enter the final stretch after Siena agreed on the deal, Reuters reported. UniCredit has agreed on July 29 to discuss buying selected parts of MPS.
“Employment, avoiding a break-up, preserving the brand and a presence of the State in the economy are the key pillars we want the government to stick to in finding a solution for MPS,” Enrico Letta, Siena Chamber of Deputies Member.
MTN Uganda plans a $1.2bn IPO.
Telecoms firm MTN Uganda's IPO is expected to raise about $1.2bn according to Keith Kalyegira, Capital Markets Authority Chief Executive Officer.
MTN Uganda had approval to list 20% of its shareholding. The Uganda Securities Exchange says it has raised $623m since its inception in 1998. The move by the South African company is aimed at ensuring broad-based ownership in its operating subsidiaries.
Houlihan Lokey, an investment bank serving corporations, completed the acquisition of GCA, a global investment bank that provides strategic mergers and acquisitions, capital markets, and private funds advisory services, for $599m.
"This landmark transaction is a truly historic moment for Houlihan Lokey, and we welcome all of our new colleagues to the firm. The addition of GCA significantly expands our technology capabilities, critical to meeting the needs of our clients in an ever more technology-driven world. In addition, the strength of GCA's platform in Asia-Pacific allows us to achieve scale and better serve clients in this rapidly growing region," Scott Beiser, Houlihan Lokey CEO.
GCA was advised by Mitsubishi UFJ Financial Group, Morgan Stanley, Plutus Consulting and Morrison & Foerster. Houlihan Lokey was advised by Daiwa Securities, Houlihan Lokey and Latham & Watkins.
TricorBraun, a provider of rigid packaging services, completed the acquisition of Cormack Packaging, a manufacturer and distributor of specialized packaging to the personal care, pharmaceutical, household cleaning, food, beverage and cosmetic industries. Financial terms were not disclosed.
"We are incredibly excited to mark our first entry into Australia with the acquisition of Cormack. Mathew Cormack and his team have established the company as a respected leader in the market over many decades. We are pleased to welcome Cormack to the TricorBraun family, and we look forward to helping the team continue its strong growth while serving customers with innovative and quality packaging solutions," Court Carruthers, TricorBraun President and CEO.
Infratil, a New Zealand-based infrastructure investment company, and Pacific Radiology Group, a provider of specialist radiology imaging, diagnostic and interventional services, agreed to acquire Auckland Radiology, a specialist radiology branch. Financial terms were not disclosed.
“Inorganic growth was a key pillar of the investment thesis for Infratil’s acquisition of Pacific Radiology, and we are pleased to see that thesis demonstrated early on in our ownership journey with the addition of an outstanding practice like Auckland Radiology. Pre-synergies, the acquisition is return accretive to the Pacific Radiology investment case.Alongside Infratil’s investments in Pacific Radiology and Qscan Group, a leading diagnostic imaging business in Australia, we are continuing to build a meaningful Australasian healthcare platform,” Jason Boyes, Infratil CEO.
Ola Electric, an Indian mobility platform, completed the acquisition of GeoSpoc, a geospatial services provider. Financial terms were not disclosed.
"Enhanced geo-spatial services will also go a long way in improving urban planning including road networks, better public transportation and pre-empt congestion spots," Bhavish Aggarwal, Ola Electric Co-Founder and CEO.
DST Global, a venture capital and private equity firm, led a $153m Series B round in Ajaib, an online platform for trading stock, with participation from Ribbit Capital, Horizons Ventures, Iconiq Capital, IVP, Insignia Ventures, Alpha JWC and SoftBank Ventures Asia.
Ajaib's cofounder and CEO Anderson Sumarli says the company plans to use the funds to recruit product and engineering talent and launch new products to attract more first-time investors.
Andreessen Horowitz, a private American venture capital firm, led a $152m Series B round in Sky Mavis, a video game developer.
Sky Mavis plans to use the new capital to bring in more talent, scale its infrastructure for expected growth, and help game developers create NFT-enabled games.
SoftBank is cutting investments more than ever. (FS)
Masayoshi Son has sharply accelerated the pace of his startup investments this year, quintupling the number of companies in his Vision Fund 2 portfolio in less than nine months.
The founder of SoftBank Group has cut 115 deals this year, Bloomberg reported. That is more than the combined number of deals the first Vision Fund made since its start in 2017, showing Son remains confident in his investing capability despite blunders with office-sharing service WeWork and financier Greensill.
AirAsia wins approval for $120m government loan.
Malaysia’s AirAsia Group has received approval from Danajamin Nasional Berhad for a club facility of up to MYR500m ($120m).
The loan, 80% of which is guaranteed by the government, is earmarked for working capital purposes, which will support staff costs and key operating expenses such as aircraft maintenance as the group prepares to ramp up operations, according to DealStreetAsia.
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