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AMERICAS
Merck, a science and technology company, completed the acquisition of Imago BioSciences, a clinical-stage biopharmaceutical company, for $1.35bn.
"We continue to invest in our pipeline with a focus on applying our unique capabilities to unlock the value of breakthrough science for the patients we serve. This acquisition of Imago augments our pipeline and strengthens our presence in the growing field of hematology," Robert M. Davis, Merck President and CEO.
Bankrupt crypto lender Voyager Digital received initial court approval on Tuesday for a proposed $1bn sale of its assets to Binance and said it will seek to expedite a US national security review of the deal, DealStreetAsia reported.
US Bankruptcy Judge Michael Wiles in New York allowed Voyager to enter into an asset purchase agreement with Binance and to solicit creditor votes on the sale, which will not become final until a future court hearing.
Binance is advised by Latham & Watkins (led by Robert Katz and Daniel Mun). Voyager is advised by Berkeley Research Group, Moelis & Co and Kirkland & Ellis.
Xpansiv, a market-infrastructure platform for environmental commodities, completed the acquisition of Evolution Markets, a brokerage firm in global carbon, renewable, and energy markets. Financial terms were not disclosed.
"We're excited to further leverage our environmental and energy market infrastructure through this acquisition. Together, we can more effectively execute on our strategy to scale our global platform. Evolution Markets' proven team will help drive sales and marketing efforts as we work to bring the benefits of our infrastructure - transparency, scale, and confidence - to rapidly growing environmental markets," John Melby, Xpansiv President and COO.
Evolution Markets was advised by JMP Securities and Stroock & Stroock & Lavan. Xpansiv was advised by Venable and Cognito (led by Charlie Morrow).
DIF Capital Partners, an independent infrastructure equity fund manager, agreed to acquire Tonaquint, a data center provider in the Mountain West region in the United States. Financial terms were not disclosed.
"Working with the DIF team has been such a great experience. A very experienced team and a good strategic fit as they will be able to help our management team grow Tonaquint as we have envisioned in our overall business strategy. Our goals still remain the same: provide our customers with the best infrastructure and match it with the best client experience. That's who we are," Matt Hamlin, Tonaquint CEO.
Tonaquint is advised by Bank Street Group. DIF Capital is advised by Agentis Capital.
Osceola Capital-backed Talent Group, a company which specializes in contract staffing as well as direct hire, executive search, and managed solutions, completed the acquisition of Queen Consulting Group, an IT staffing and consulting company. Financial terms were not disclosed.
"Queen Consulting Group delivers IT subject matter expertise, business intelligence and healthcare consulting support across all EHR platforms, including Epic and other niche electronic systems, that allow health organizations to provide outstanding customer experiences. The addition of Queen Consulting to the Talent Group family presents a significant opportunity for us to expand our IT human capital services and solutions to a wider range of clients," Matthew Ripaldi, Talent Group CEO.
Talent Group was advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Carlyle Group-backed Hilb Group, a property and casualty and employee benefits insurance brokerage and advisory firm, completed the acquisition of Oak Ridge Surety Agency, a company which specializes in providing competitive surety bond programs and commercial insurance options to its customers. Financial terms were not disclosed.
"We are pleased to welcome Oak Ridge Surety Agency to Hilb Group and together to draw from their trusted market presence and expertise. This addition represents a strong complement to our client offerings and an ideal fit for our growth strategy," Ricky Spiro, Hilb Group CEO.
MSC Industrial Supply, a premier distributor of Metalworking and Maintenance, Repair and Operations supplies to industrial customers, completed the acquisition of Buckeye Industrial Supply, an independent metalworking distributor, and Tru-Edge Grinding, a custom tool manufacturer. Financial terms were not disclosed.
"We are excited to add Buckeye and Tru-Edge to our growing portfolio of businesses as they'll contribute greatly to fortify and expand our position as the leading metalworking supply distributor in North America. Their focus on providing high-touch support to customers aligns well with our commitment to helping customers solve their mission-critical challenges and improve the productivity of their operations," Erik Gershwind, MSC President and CEO.
Mubadala Investment Company, an Abu Dhabi sovereign investor, agreed to invest in Resilience, a technology-focused manufacturing company dedicated to broadening access to complex medicines. Financial terms were not disclosed.
"We are excited to expand the footprint of our Resilience manufacturing network outside of North America. This is a significant milestone, not just for our company but also for our nation. We look forward to working alongside America's allies in the region to ensure that trusted, cutting-edge biopharmaceutical manufacturing capacity is available to support local, regional, and global economies," Rahul Singhvi, Resilience CEO.
GV and Geodesic Capital led a $115m Series C round in Chronosphere, the only cloud-native observability platform that puts engineering organizations back in control by taming rampant data growth and cloud-native complexity, with participation from Addition, Founders Fund, General Atlantic, Greylock, Glynn Capital, and Lux Capital.
"In a cloud-native world where businesses are looking for both efficiency and effectiveness, there's a dire need for organizations to get observability right. Chronosphere has cracked the code to tame the data deluge in complex environments and provides better tools that quickly sift through the most meaningful data for better customer experiences and business outcomes," Sangeen Zeb, GV Partner.
ICE Global Consulting completed the acquisition of Epicenter™ technology.
ICE Global Consulting entered into an asset purchase agreement to acquire all operating assets related to the Epicenter contracts management technology from Journey CTS. ICE Global's most recent acquisition further solidifies its technology-driven approach to supporting global site contracting, investigator budgeting, and site payments in the clinical research industry.
"Clients have access to data, analytics, and negotiation details through the Epicenter™ platform. The data and transparency of a tech-enabled process allows our team of lawyers to recommend strategic and tactical solutions to our clients throughout study start-up," Phil Lemons, ICE Global Chief Business Officer.
TSG Consumer Partners closes TSG9 with $6bn capital commitments. (FS)
TSG Consumer Partners, a private equity firm, announced the final closing of its ninth fund, TSG9, with $6bn of capital commitments.
"We are grateful for the support and confidence from our long-standing investors as well as our new limited partners. We see continued and significant investment opportunities in the market as we focus on higher-growth businesses that address consumer needs in innovative ways. Our investment team and operating group are equipped to add substantial value post-investment as we work to support our management teams and maximize equity returns," Chuck Esserman, TSG Consumer Partners CEO and Founder.
Ares Management closes fund V at $5bn. (FS)
Ares Management, a global alternative investment manager, announced the final closing of its Infrastructure Debt Fund V, which is focused on making subordinated investments across the digital, utilities, renewables, energy and transportation sectors, at approximately $5bn, including General Partner commitments and related transaction vehicles.
"We appreciated the strong support and interest from our existing and new investors in IDF V. Our investors' confidence and trust reflects the strength of the Ares Infrastructure Debt strategy, which is backed by our global team with a long track record supported by the increasing capital demands for infrastructure debt," Patrick Trears, Ares Partner and Global Head of Infrastructure Debt.
Khosla Ventures wants to raise $3bn. (FS)
Khosla Ventures, an American venture capital firm founded by Vinod Khosla, said in regulatory filings it plans to raise $3bn across three new funds.
Khosla Ventures plans to raise $1.5bn for its eighth flagship fund, $1bn for its second opportunities fund and $400m for its latest seed fund.
CalPERS commits $1bn to PE startups. (FS)
CalPERS has made a $1bn commitment aimed at identifying and supporting the next generation of investor entrepreneurs in the private markets sector.
CalPERS will partner with two of its long-standing asset managers, TPG and GCM Grosvenor Elevate, with each firm receiving a $500m allocation from the pension fund.
Shoreline raises $450m for the second private equity fund. (FS)
Shoreline Equity Partners, a purpose-driven lower middle market private equity firm, announced the close of its second private equity fund, Shoreline Equity Partners Fund II, which reached hard cap of $450m.
"We are very grateful to all of our limited partners for their continued support as well as the hard work put in by our growing team at Shoreline. We do not take lightly the trust our blue-chip partners have placed in us in an incredibly difficult fundraising environment. The overwhelming interest in SEP II further solidifies the value in our approach and strength of the team we have built," Mike Hand, Shoreline Managing Partner.
Cresset Partners launches private credit fund. (FS)
Cresset Partners launched the Cresset Partners Private Credit Fund, an evergreen vehicle that will invest in a diversified portfolio of private senior secured loans, among other private credit opportunities.
"We are incredibly excited about our private credit fund offering. The demand for private credit continues to grow, driven by the attractive merits of direct lending for both borrowers and investors who lend to private companies. This growing, $1tn asset class represents a significant opportunity for our investors. Cresset has utilized our significant scale, along with our deep industry relationships and strong reputation, to provide investors with an institutional-quality solution to invest in private credit," Kevin O'Donnell, Cresset Executive Managing Director.
EMEA
TKB Critical Technologies 1, a blank check company, agreed to merge with Wejo Group, a British connected vehicle data start-up. Financial terms were not disclosed.
"This transaction is transformative for Wejo, providing significant funding progress in our bridge to profitability and allowing us to make critical investments in our technology platform and product portfolio. The deal signifies a clear recognition that Wejo's market differentiating Smart Mobility for Good products and services are world-class and positions the company to invest and capitalize on the expected tidal wave of business growth opportunities," Richard Barlow, Wejo CEO.
Wejo is advised by Skadden Arps Slate Meagher & Flom (led by Denis Klimentchenko and Lorenzo Corte) and Arbor Advisory Group (led by Idalia Rodriguez). TKB is advised by Jefferies & Company and White & Case. Jefferies & Company is advised by Paul Hastings.
Valsoft, a Canadian-based company specializing in the acquisition and development of vertical market software businesses, agreed to acquire Pimsoft, a data validation and reconciliation firm. Financial terms were not disclosed.
"Pimsoft is very excited to be part of Valsoft, leading this new vertical. We searched extensively for a partner that would embrace what we have accomplished and empower us to continue product and market expansion to other industries and geographies. With Valsoft's global presence, resources, and best practice guidance, we look forward to the next chapter in our company's growth," Roberto Spoladore, Pimsoft CEO.
Pimsoft is advised by Grimaldi Studio Legale (led by Adriano Pala). Valsoft is advised by Chiomenti (led by Salvo Arena).
Five Arrows and Synova-backed Mintec, a global provider of price data, analytics, and forecasts for agri-food, completed the acquisition of AgriBriefing, a source of agribusiness intelligence, from Horizon Capital, a private equity firm. Financial terms were not disclosed.
"We are delighted that AgriBriefing has joined Mintec on this exciting journey. All of our combined customers can now further optimize their business strategy with access to even more robust and reliable price data and analytics for the key commodities they buy, sell, and consume. By combining the extensive range of unique data and market intelligence available, we will be offering access to the most comprehensive solution and resource for businesses to navigate the global pressures impacting their costs and overall profitability," Spencer Wicks, Mintec CEO.
AgriBriefing was advised by Houlihan Lokey and CMS.
Advent-backed IRCA, an artisanal food ingredients company, agreed to acquire the sweet ingredients portfolio of Kerry Group, a provider of taste and nutrition solutions for the food, beverage and pharmaceutical markets, for €500m ($537m).
"We are pleased to have entered exclusive negotiations with IRCA, who have a strong track record of developing their business within the category. This transaction would represent another strategic development in Kerry's evolution, as we continue to look to enhance and refine our Taste & Nutrition portfolio, aligned to the areas where we can create the most value," Edmond Scanlon, Kerry Group CEO.
Rivean Capital, a European private equity investor in mid-market transactions, agreed to acquire CED, a full-service claims management service provider, from BlackFin Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are proud of the partnership with BlackFin and the growth we have achieved together and would like to thank the BlackFin team for their support over the past years. We look forward to continuing this growth together with Rivean. The best customer experience and the development of our employees are conditional in this respect," François Goffinet, CED Group CEO.
BlackFin Capital Partners is advised by JP Morgan.
Crescent Cove-backed Kingsley Gate Partners, an executive search firm, completed the acquisition of The Omerta Group, an executive search firm specializing in financial services. Financial terms were not disclosed.
“To have a truly global financial services practice, you must be in three locations: New York, London, and Hong Kong. This acquisition strengthens our position in these key markets," Umesh Ramakrishnan, Kingsley Gate Partners CEO.
Kingsley Gate Partners was advised by Nicola Hunt PR (led by Nicola Hunt).
Style3D, a digital solution provider in the global fashion industry, completed the acquisition of Assyst, a fashion technology company. Financial terms were not disclosed.
"Our combined strengths, comprising Assyst's industry experience and Style3D's Original Simulation Engine, will create a joint force in the global fashion technology ecosystem, helping companies transform through 3D digitalization. In addition, Assyst's local service capability will also allow Style3D customers to accelerate their adoption of digitalization," Eric Liu, Style3D CEO and Founder.
PreAct Technologies, a company in near-field software-definable flash LiDAR technology, agreed to acquire Gestoos, a makers of a unique software platform that enables users with no specialized training to quickly generate AI algorithms that address their use cases. Financial terms were not disclosed.
"The Gestoos AI development platform comes pre-integrated with our flash Lidar solution and a development environment making AI training tractable by our customers' own engineers with minimal hand holding. We are excited to welcome the entire Gestoos team into the PreAct family, and even more excited to provide OEMs with real solutions to their most pressing sensor use case problems," Paul Drysch, PreAct Technologies CEO.
Public Investment Fund, the sovereign wealth fund of Saudi Arabia, and Ma'aden, one of the world's fastest-growing mining companies, agreed to form a joint venture to invest in mining assets globally. Financial terms were not disclosed.
"This is a significant step for Ma'aden as we develop the mining sector in Saudi Arabia and position the Kingdom as a key ally in securing the metals of the future. The global energy transition relies on the strategic minerals needed for renewable energy and battery storage, and our focus on these will give us a foothold in the global commodity value chain, where major supply constraints are combined with growing demand," Robert Wilt, Ma'aden CEO.
Exponent-backed Isio, a pensions advisory firm, agreed to acquire the UK pensions business of Deloitte, an international professional services network headquartered in London. Financial terms were not disclosed.
"Deloitte UK's pensions business has achieved great success to date and bringing the two businesses together will create exciting opportunities for our people, our clients and their pension scheme members," Andrew Coles, Isio CEO.
Standard Chartered weighs $3.7bn sale of its aviation unit.
Standard Chartered is considering a sale, among several options, of its aviation unit, which according to an industry publication owns a fleet worth around $3.7bn, Reuters reported.
"We believe that a new owner can drive the next phase of growth whilst we continue to focus on our commitment to improve shareholder returns and delivering on our 2024 targets," Simon Cooper, StanChart CEO of corporate, commercial & institutional banking business.
Investcorp set to invest $1bn in GCC real estate over next five years. (FS, RE)
Investcorp, a global alternative investment firm, is planning to invest up to $1bn in the real estate market in the GCC over the next five years.
“The Saudi Arabian real estate market is experiencing strong growth. The logistics and industrial sectors have enormous potential as key pillars of Saudi Arabia’s Vision 2030 agenda to transform the Kingdom into a leading industrial powerhouse and a global logistics hub. Investcorp is a natural partner in this growth journey, and this acquisition leverages our global experience investing in the logistics sector – particularly in the US, Europe and India. This is the first in a series of investments that we are planning to make in the near future – with a view to investing $1bn over the next five years,” Hazem Ben-Gacem, Investcorp Co-Chief Executive Officer.
Bluebell builds stake in Bayer. (FS)
Activist investor Bluebell Capital Partners built a stake in Bayer, a German multinational pharmaceutical and biotechnology company and one of the largest pharmaceutical companies in the world.
The fund is pushing for a breakup of the German pharmaceutical and agriculture company. UK-based Bluebell is also seeking an overhaul of Bayer's corporate governance.
Czech premier reiterates the aim to take more control of energy.
Czech Prime Minister Petr Fiala reiterated the government aims to take larger control of the country's energy sector, and some steps may already be visible this year, Reuters reported.
Fiala declined to give more details in his response to CTK's question on potential restructuring of the 70% state-owned electricity producer CEZ, citing the fact that CEZ is a publicly traded company.
Telkom terminates the acquisition plan of Rain.
South African telecoms operator Telkom and data network provider Rain have terminated discussions about a potential acquisition of Rain, sending Telkom's shares sharply higher, Reuters reported.
"After initial discussions, but prior to any due diligence, the parties have decided that a suitable transaction is not possible at this time," Telkom.
Muzinich & Co closes fund II at €800m. (FS)
Muzinich & Co held the final close of the Muzinich Pan-European Private Debt Fund II, which provides flexible debt capital solutions to lower middle-market companies across Europe and the United Kingdom, with €800m ($859m) in capital commitments.
The fund is broadly diversified across sectors and countries and, by the end of 2022, had completed 18 investments.
Salm-Salm closes first global timber fund at $130m. (FS)
German fund manager Salm-Salm raised the first $130m from institutional investors in Germany in the initial closing of its new fund, the Salm Global Timber Fund. The fund aims to build a diversified portfolio of timber assets in the US, Europe and Oceania.
The Salm Global Timber Fund, experiencing strong demand from investors, aims to build and sustainably manage a diversified portfolio of commercial forests in the most attractive and legally secure timber investment markets worldwide. The fund has already acquired two assets in New Zealand for a total of approximately $16m.
Cellnex's CEO Tobias Martinez resigns after the company strategy shift. (People)
Spanish phone tower operator Cellnex's chief executive Tobias Martinez Gimeno resigned after the company announced in November a strategy shift away from acquisitions to focus on lowering debt, Reuters reported.
His resignation will take effect on June 3 and the company has put the necessary mechanisms in place for his succession.
APAC
Mareterra, an energy investment group, completed the acquisition of a 24.5% stake in Nayara Energy, an Indo-Russian downstream oil company, from Trafigura, an independent physical trading and logistics business. Financial terms were not disclosed.
"We believe that reducing energy costs is possible in all industries, especially in the context of the energy transition. Nayara Energy is already implementing a number of low-carbon projects, plans to become a major manufacturer of petrochemical products, and is actively developing its network of retail service stations. In this context, we will share our relevant experience with Nayara Energy to strengthen both the technological and environmental leadership of the company in the Indian market," Filippo Ghirelli, Mareterra Founder.
Snowplow, a company in data creation and behavioral data, completed the acquisition of Poplin Data, a data-specialist consulting firm. Financial terms were not disclosed.
"By working with Snowplow's behavioral data platform, Poplin Data has expanded our vision of what data creation can be. They are a fantastic team of technologists who continue to push the boundaries of what is possible with our platforms. Bringing them into the Snowplow team expands our research and development efforts and helps us be closer to our global customer base. I am delighted to welcome everyone from Poplin Data to our team and officially launch the Snowplow APAC Operating Hub," Alex Dean, Snowplow CEO and co-founder.
CBRE IM to manage Income Insurer's $3bn realty assets.
CBRE Investment Management, an investment vehicle of eponymous brokerage firm CBRE, has agreed to manage the $3bn global real estate portfolio of Singapore's composite insurer, Income Insurance, DealStreetAsia reported.
"Real estate is a strategic asset class in Income's investment portfolio. As our investment is diversified across physical properties and funds in Singapore and abroad, we are excited to collaborate with CBRE IM and leverage their global footprint and track record with the aim of delivering good long-term returns to our insurance policyholders," Mark Shi, Income Insurance CIO.
Bain Capital is close to buying a stake in EcoCeres. (FS)
Private equity firm Bain Capital is nearing a deal to acquire a minority stake in EcoCeres, a biomass company majority owned by Hong Kong & China Gas, as it seeks to boost its sustainable investing strategy, Bloomberg reported.
The companies are hammering out the details of a deal that could be worth a few hundred million dollars. A potential transaction could be announced as early as Thursday.
PAG looking to buy Mom's Touch. (FS)
PAG, a Hong Kong-based alternative investment firm, joined the bidding to acquire South Korean homegrown burger franchise Mom's Touch & Co.
Private equity firm K&L Partners, which wholly owns Mom's Touch, hoped to sell the burger chain at around $80m last July when it hired Bank of America as a lead manager and prepared for the bidding process. The deal is expected to close at a lower price as potential buyers' fever has cooled over the past months.
QuantaSing plans US IPO in 2023.
QuantaSing, a Chinese firm providing digital adult learning services, is set to be the first from the nation to list in the US this year, testing investor appetite after Beijing tightened oversight over its battered online education sector.
QuantaSing Group is considering to start taking orders for a New York offering as soon as Thursday. The firm plans to raise less than $50m, potentially the largest Chinese initial public offering in the US since Atour Lifestyle Holding in November, Bloomberg reported.
ARCH launches pan-Asian digital infrastructure platform. (FS)
ARCH Capital, Hong Kong's real estate private equity firm, launched a pan-Asian digital infrastructure platform, Digital Halo. Based in Singapore, Digital Halo will invest, develop, and operate data centres, fibre towers, and renewable power facilities in North Asia and Southeast Asia, DealStreetAsia reported.
The establishment of the platform is an extension of Arch's partnership with Manulife Asset Management, the asset management unit of the Canadian insurer, from real estate to digital infrastructure.
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