Investment management firms Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management, agreed to acquire a majority stake in TIAA Bank, a provider of financial services and products for individuals and small and mid-size business clients nationwide. Financial terms were not disclosed.
"As we refocus on retirement, we have decided now is the appropriate time for TIAA Bank to begin a new chapter under new ownership. The changes we're announcing are in the best interest of TIAA and our retirement clients and for our bank's consumer and commercial clients and the incredible TIAA Bank associate team. TIAA is making this move from a position of strength, and we are confident the bank is well-positioned for future growth and success," David Nason, TIAA COO.
A consortium of investors is advised by Goldman Sachs, Jefferies & Company and Wachtell Lipton Rosen & Katz (led by
Edward D. Herlihy,
Richard Kim,
Mark F. Veblen and
Mark Stagliano). TIAA is advised by JP Morgan and Davis Polk & Wardwell. Sixth Street is advised by Cleary Gottlieb Steen & Hamilton. Bayview is advised by Simpson Thacher & Bartlett.
Marathon Oil, an independent exploration and production company, primarily focusing on unconventional resources, agreed to acquire the Eagle Ford assets of Ensign Natural Resources, an operator of an exploration and production company focused on acquiring, developing, and producing US unconventional resources, for $3bn.
"The transaction is immediately accretive to our key financial metrics; it will drive higher distributions to our shareholders consistent with our operating cash flow driven Return of Capital Framework; it's accretive to our inventory life with high rate-of-return locations that immediately compete for capital, and it offers compelling industrial logic by nearly doubling our position in a Basin where we have a tremendous track record of execution excellence. Importantly, we expect to execute this transaction while maintaining our investment grade balance sheet and while still delivering on our aggressive return of capital objectives in 2022 and beyond," Lee Tillman, Marathon Oil Chairman, President and CEO.
Marathon Oil is advised by Morgan Stanley and White & Case (led by
Emery Choi and
Mingda Zhao). Debt financing is provided by Morgan Stanley. Ensign Natural Resources is advised by Evercore, JP Morgan and Sidley Austin.
Churchill Downs, a racing, online wagering, and gaming entertainment company, agreed to acquire Peninsula Pacific Entertainment, an operator of gaming venues, for $2.75bn.
"This unique set of assets expands our geographic footprint and provides additional scale. P2E has done an exceptional job developing and managing this collection of assets, which we are very excited to acquire and plan to strategically grow in the years ahead," Bill Carstanjen, Churchill Downs CEO.
Bakkt, a digital asset platform, agreed to acquire Apex Crypto, a cryptocurrency exchange and investment platform, from Apex Fintech Solutions, a fintech company, for $200m.
“It’s our purpose at Apex to enable frictionless investing for everyone and Bakkt’s team and platform are a tremendous complement to that. We look forward to working together to continue to provide customers a seamless crypto experience and access to an expanded solution set. This is the beginning of an exciting time of growth and innovation for both of our organizations,” William Capuzzi, Apex Fintech Solutions CEO.
Bakkt is advised by Goldman Sachs, Alston & Bird and Wilson Sonsini Goodrich & Rosati. Apex Fintech Solutions is advised by Sidley Austin and Gasthalter & Co (led by
Carissa Felger and
Jonathan Gasthalter). Goldman Sachs is advised by Sullivan & Cromwell (led by
Stephen M. Kotran).
ATL Partners, a private equity firm, completed the acquisition of a majority stake in Aero Accessories & Repair, a provider of aerospace component maintenance, repair, and overhaul services. Financial terms were not disclosed.
"We have followed the success of Aero Accessories for a number of years and have been impressed by the culture of the organization and the strong track record of organic growth achieved by the company. We are excited to partner with David, Kevin, and team and look forward to supporting their strategic vision in the years to come," Paul Teske and Eli Exum, ATL Co-Founder and Partner and Vice President.
ATL Partners was advised by Gibson Dunn & Crutcher and Gasthalter & Co (led by
Nathaniel Garnick). Aero Accessories was advised by Houlihan Lokey and Greenberg Traurig.
Arcline-backed Qnnect, a productivity app, agreed to acquire Hermetic Solutions Group, an electrical components supplier from Windjammer Capital, a private equity firm. Financial terms were not disclosed.
"Our strategy is to acquire industry-leading manufacturers of connectivity solutions whose technology and customer relationships bring significant long-term growth potential to Qnnect. HSG's differentiated hermetic solutions and position on premier US defense platforms further cement Qnnect as a leading supplier of critical connectivity solutions. We're excited to welcome the HSG team to our growing portfolio and look forward to working together to best serve our customers," Kevin Perhamus, Qnnect CEO.
Qnnect is advised by Evercore. Hermetic Solutions Group is advised by BlackArch Partners, William Blair & Co and Kirkland & Ellis.
P10-backed Bonaccord Capital, a private equity business, completed the acquisition of a minority stake in VMG Partners, a private equity firm focused on partnering with entrepreneurs and managers to support the growth and strategic development of leading branded consumer product and technology companies. Financial terms were not disclosed.
"We believe VMG is an exceptional private equity and venture capital firm with a remarkable track record of delivering results to its limited partners by supporting the development of disruptive brands and technologies. We believe in the long-term plan that the VMG team has laid out, and we feel privileged to have the opportunity to support them in achieving it," Ajay Chitkara, Bonaccord Capital Partners Managing Partner.
Bonaccord Capital was advised by Fried Frank Harris Shriver & Jacobson. VMG Partners was advised by Houlihan Lokey and Latham & Watkins.
Echo Global Logistics, a technology-enabled transportation and supply chain management services provider, agreed to acquire Fastmore Logistics, a transportation broker. Financial terms were not disclosed.
"We're excited to continue investing in industry growth opportunities, especially since going private with the Jordan Company almost one year ago. This transaction allows us to expand into a new target market and build on Fastmore's success," Doug Waggoner, Echo CEO.
Fastmore Logistics is advised by Republic Partners and Freeborn and Peters. Echo Global Logistics is advised by Kirkland & Ellis.
Masonite, a firm engaged in designing, manufacturing, marketing, and distributing interior and exterior doors, agreed to acquire Endura Products, a manufacturer of high-performance door frames and door system components, for $375m.
"We are thrilled to welcome the Endura team to the Masonite family. Endura shares our passion for creating solutions that address homeowner needs for comfort, security, style, and convenience. In recent years, we have significantly increased our level of collaboration with Endura on new product offerings featuring integrated door systems that drive superior performance. The combination of our two companies is a natural fit that will allow us to accelerate our Doors That Do MoreTM strategy and maximize our growth potential," Howard Heckes, Masonite President and CEO.
Masonite is advised by Wachtell Lipton Rosen & Katz (led by
Benjamin M. Roth) and Simpson Thacher & Bartlett.
American Industrial Partners-backed Brock Group, a provider of industrial maintenance and capital project services, completed the acquisition of Aegion Energy Services, a provider of construction, maintenance and turnaround services to the oil & gas industry. Financial terms were not disclosed.
"The combined entities create a powerful business that will have the scale, expertise, and a strong balance sheet with which to serve a diverse customer portfolio," Randall Swift, AIP Partner.
Brock Group was advised by Fredrikson & Byron. Aegion was advised by Shearman & Sterling (led by
Alain Dermarkar).
Cornell Capital, a private equity firm, and TorQuest Partners, a Canada-based private equity firm, completed the investment in Quad-C-backed S.i. Systems, a provider of information technology staffing services. Financial terms were not disclosed.
"This partnership will provide S.i. Systems with the support and added resources to expand our IT specialization, making us better equipped to serve our clients. We are thrilled to have exceptional partners in Cornell Capital and TorQuest that bring unique perspectives and experience partnering with innovative companies to drive growth and create value. As we continue building our industry-leading position and supporting clients that are navigating an increasingly complex and sophisticated technology and talent landscape, we look forward to working with the Cornell and TorQuest teams to further differentiate S.i. Systems in Canada and across North America," Derek Bullen, S.i. Systems Founder and CEO.
Carlyle, a private equity firm, agreed to invest $350m in Aspen Power Partners, a distributed generation platform with the mission of accelerating decarbonization.
"At Carlyle, we believe investing in renewables includes investing across the value chain. This includes investing in not only large utility-scale renewable energy assets but also community solar and distributed generation more broadly. We are very excited about our partnership with Aspen and look forward to facilitating the growth of their business into a distributed generation platform of scale," Pooja Goyal, Carlyle CIO of Infrastructure Group.
Aspen Power Partners is advised by Silverline Communications.
Voyager Interests, a private equity firm, agreed to acquire Knight Energy Services, a repair & manufacturing services, from Clearlake Capital, an investment firm. Financial terms were not disclosed.
“I am thrilled to partner with Voyager to continue building Knight into the preeminent rental tool company in North America. We have the people, the fleet, the footprint and the capabilities to do just that. In partnering with Voyager, we will continue to build Knight organically and through acquisitions and my team could not be more excited. We thank Clearlake for their partnership and support as we conclude this chapter and look forward to our next phase of growth,” Dwight Gross, Knight Energy CEO and President.
Morgan Stanley Capital Partners-backed AWT Labels & Packaging, a provider of labeling and printing services, agreed to acquire Label Innovation, a provider of labeling and printing services to the health care, food and beverage, personal care, household, specialty and industrial markets. Financial terms were not disclosed.
"We are very excited to partner with Label Innovation as we continue to add highly complementary capabilities and talent to the AWT platform. Kelly Youngdale and the Label Innovation team have created a unique client experience through sophisticated and highly engineered products that solve complex needs in the healthcare industry and other similar end markets that we support today. We believe there is significant value for our collective customer base as we work to unlock the engineering depth and capabilities across AWT," Bruce Hanson, AWT CEO.
Wynnchurch-backed Appvion, a manufacturer of coating substrates, completed the acquisition of Nekoosa, a manufacturer of carbonless paper and coated products, from Sentinel Capital, an investment firm. Financial terms were not disclosed.
"I'm excited for our teams as we move forward and write a new chapter together. We know each other well and will build upon our long history to proudly produce innovative products that help all our stakeholders succeed," Paul Charapata, Nekoosa CEO.
Sentinel Capital was advised by Broadgate Consultants (led by
Roland Tomforde).
Diageo, a British multinational alcoholic beverages company, completed the acquisition of Balcones Distilling, a Texas-based craft distiller. Financial terms were not disclosed.
"We are delighted to welcome Balcones Distilling into Diageo. The Balcones team are true innovators and pioneers in the emerging American Single Malt and Texas whisky movements, and their super premium plus whiskies are highly complementary to our whisky portfolio. This acquisition is in line with our strategy to acquire high-growth brands in fast-growing segments, such as super-premium whisky, and we look forward to working with the Balcones team to support further growth for these world-class whiskies," Claudia Schubert, Diageo North America President.
Balcones Distilling was advised by UBS.
School Specialty, a distributor of supplies, furniture, technology products, supplemental learning products, and curriculum solutions, completed the acquisition of SchoolKidz, a provider of educational supply kits. Financial terms were not disclosed.
"The acquisition of SchoolKidz enables us to significantly expand our support of students and educators across the country. He continued, "Our customers are faced with unprecedented staffing and operational challenges and have a greater need for efficient, bundled solutions than ever before. This acquisition directly enhances our ability to provide simplified solutions to educators and further their efforts to achieve greater equity and accessibility to the students who need it most," Ryan Bohr, School Specialty President and CEO.
School Specialty was advised by TLS Communications.
Host Hotels & Resorts, a real estate investment trust, completed the acquisition of Four Seasons Resort and Residences Jackson Hole, a 125-room luxury resort in Jackson Hole, for $315m.
"We are thrilled to add the Four Seasons Resort and Residences Jackson Hole to our portfolio. It is an iconic, irreplaceable asset in a new market for Host, and one of only a handful of luxury ski resorts in the country. With year-round demand generators, no new supply on the horizon, and a recent comprehensive guestroom renovation, we believe the Resort is well positioned to continue outperforming over the long term, driving value for our portfolio and our shareholders," James F. Risoleo, Host Hotels & Resorts President and CEO.
Bain Capital Life Sciences, a private equity investment firm, led a $250m Series D funding round in Emalex Biosciences, a developer of biopharmaceutical drugs, with participation from Paragon Biosciences, Valor Equity Partners and Fidelity Management & Research Company.
"Emalex was founded specifically to tackle serious neurological conditions like Tourette Syndrome, recognizing that drug development for neurologic conditions is exceptionally difficult and few companies are willing to invest in bringing new options to these patients. Our team has a strong track record of success developing neurology drugs, and we are pleased to partner with our investors to advance ecopipam for patients," Jeff Aronin, Emalex Founder.
Sia Partners, a management consulting firm, agreed to acquire Latham BioPharm Group, a life sciences consulting company. Financial terms were not disclosed.
"Since the creation of LBG, our ambition has been to help our clients save and improve lives through the funding and development of their Life Science offerings. The wave of scientific innovation we are experiencing is unprecedented, particularly at the intersection of the Life Sciences and Information Technologies. The merger with Sia Partners opens up new horizons for us, both geographically and in terms of access to new clients such as major players in the tech industry. It also strengthens our client offerings including in the areas of BioIT and digital health," Peter Latham, LBG Founder.
NFP-backed Alterity Group, a consulting firm, completed the acquisition of CIC Group, an insurance company. Financial terms were not disclosed.
“We are extremely excited to welcome Tim, Gina, Chris and the entire CIC team to Alterity and NFP. CIC Group’s deep understanding of the complexities of insurance and the firm’s distinctive consultancy approach makes it a significant and valuable client resource. This acquisition expands the scope of Alterity’s capabilities beyond our core strengths in employee benefits and bolsters our client competencies with exceptional property and casualty and risk management expertise,” Sharla St. Rose, Alterity Managing Director.
Fengate Asset Management, an alternative investment manager, agreed to acquire the 160 MW Prairie Switch wind project from Triple Oak Power, an operator of energy generation projects. Financial terms were not disclosed.
"We appreciate working with Triple Oak Power on this important acquisition as it fully aligns with Fengate's build-to-core strategy and commitment to invest in renewable energy projects on behalf of our investors. Fengate is pleased to partner with Meta and GE on this project to deliver clean and reliable energy," Greg Calhoun, Fengate Managing Director of Infrastructure Investments.
Golar sale of approximately $100m of shares in CoolCo.
Golar LNG announces today that it has sold around 8m shares in Cool Company raising net proceeds of approximately $100m. Following the sale Golar will own around 4.5m CoolCo shares, representing 8.3% of CoolCo.
“The sale of CoolCo shares is driven by progress on FLNG growth opportunities, where we expect to deploy the sale proceeds. We are delighted to see CoolCo realizing the potential of the carrier business and delivering on its commitment to industry consolidation and dividend distributions to shareholders,” Karl Fredrik Staubo, Golar CEO.
Dan Snyder is looking at selling Commanders.
Washington Commanders owner Daniel Snyder has hired Bank of America to "consider potential transactions," including the potential sale of the franchise. An announcement comes as Snyder faces mounting pressure from investigations by Congress and the NFL into sexual harassment and a toxic work environment and from fellow team owners who have been critical of his actions.
Snyder explores options, including selling the entire NFL team or a minority stake. He had at least four calls from groups who were interested in buying the franchise.
"The Snyders remain committed to the team, all of its employees, and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL."
Carlyle, Apollo see financing stifling deals as prices slump. (FS)
Private equity transactions are set to dip further as a dearth of financing and a protracted price discovery period will dent activity, according to senior executives at Carlyle Group and Apollo Global Management.
“There will be six, nine months of price recovery. It’s going to be a period of a lot lower volume but very interesting transactions,” Jim Zelter, Apollo co-president, said at a summit in Hong Kong, Bloomberg reported.
Barrick CEO sees few decent deals in ‘Fragmented’ gold industry.
Barrick Gold’s top executive says he’s on the hunt for more gold deals -- there just aren’t many appealing choices, Bloomberg reported.
The world’s No. 2 bullion producer is keeping a sharp outlook for M&A opportunities, Chief Executive Officer Mark Bristow said in his company’s third-quarter earnings report, though those that could pass the company’s strict investment criteria are few and far between.
Sixth Street closes $4.4bn in flexible, long-term capital to invest in fast-growing companies. (FS)
Sixth Street, a global investment firm, announced the final close of funds totaling $4.4bn in fresh capital to invest in fast-growing businesses through the firm’s Sixth Street Growth platform. The funds closed at their hard cap.
“Our team partners with market leaders to provide differentiated capital solutions, strategic advice, and a network of resources to promote growth across market cycles. We appreciate the support of our limited partners as we execute our strategy of thematically investing in fast-growing businesses with world-class management teams,” Michael McGinn, Sixth Street Partner and Sixth Street Growth Co-Head.
Motive Partners adds partner to leadership team. (People, FS)
Motive Partners, a specialist private equity firm focused on building, backing and buying the financial technology companies, has appointed Bridget van Kralingen as Partner.
Van Kralingen, who joins Motive after serving as a senior executive at IBM, will also be part of the firm's Management Committee. She will work alongside the leadership team to accelerate Motive’s ability to identify and scale technology businesses, based on her experience in digital businesses, data and analytics, AI, blockchain, cloud software and services. Van Kralingen will also work across the Motive portfolio to enhance these capabilities in portfolio companies as well as building out Motive's data and analytics capabilities.
