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AMERICAS
Canada's antitrust regulator said it has sought additional information in its review of Smith Financial's planned $1.3bn bid for lender Home Capital Group.
Canada's already consolidated banking industry had two more M&A deals last year, including Smith Financial's Home Capital bid, giving six lenders control of about 90% of the market. Consumer advocates have complained about higher transaction fees than in the United States, Reuters reported.
Home Capital is advised by BMO Capital Markets, Deloitte, TD Securities and Torys (led by John Emanoilidis and Rima Ramchandani). Smith Financial is advised by RBC Capital Markets, Stikeman Elliott and Fundamental Creative (led by Ernie Stapleton).
Sound Point Capital, a credit-oriented investment manager overseeing approximately $32bn in total assets, agreed to acquire Assured Investment Management, a diversified alternative asset manager. Financial terms were not disclosed.
"This is a watershed event in Sound Point's growth story, and it positions us for continued success in a business where scale has become increasingly important. It's our largest transaction to date, and we're extremely proud to be receiving a $1bn investment commitment over time from Assured Guaranty. We're thrilled to be expanding our diversified platform through a powerful new partnership that will create immediate impact," Stephen Ketchum, Sound Point Founder and Managing Partner.
Assured Investment Management is advised by Goldman Sachs, Insurance Advisory Partners and Mayer Brown. Sound Point is advised by Bank of America, DLA Piper and Pryor Cashman.
Audax Private Equity, a private equity firm, completed the acquisition of Krayden, a distribution platform, from Quad-C Management, an investment company. Financial terms were not disclosed.
“Audax Private Equity stood out as a preferred investor due to the firm’s deep experience in the distribution and specialty chemicals space as well as its proven buy-and-build approach to catalyze growth. We want to thank the team at Quad-C for their support and guidance over the previous five years. We’re excited about this next phase of growth and will leverage the resources available through Audax to accelerate our expansion efforts,” Wayne Wagner, Krayden Chief Executive Officer.
Audax was advised by Advancy, Kirkland & Ellis and FGS Global (led by Zachary Tramonti). Quad-C was advised by Evercore and White & Case.
IGM Financial, one of Canada's largest diversified wealth and asset management companies, completed the $622m investment in Rockefeller Capital Management, an independent financial services advisory firm.
IGM's equity interest in Rockefeller advances its strategy of expanding its presence in the high-net-worth and ultra-high-net-worth client segments, creating an entry to the US, the largest and deepest wealth market in the world.
IGM Financial is advised by Ardea Partners, BMO Capital Markets, Blake Cassels & Graydon and Eversheds Sutherland.
Novacap, a North American private equity firm, agreed to invest in Static Media, an Indianapolis-based company that owns and operates a portfolio of unique and passion-driven digital media brands. Financial terms were not disclosed.
The partnership with Novacap further enables the company to deliver on its strategy of growing its content leadership in existing and new verticals. Static Media will continue to utilize its proprietary technology stack to support content creation and go-to-market strategies.
Static Media is advised by Moelis & Co and Lowenstein Sandler. Novacap is advised by Evercore and Foley & Lardner.
Platinum Equity, a global investment firm, completed the investment in Tarter Farm and Ranch Equipment, a provider of farm and ranch equipment. Financial terms were not disclosed.
"We admire what the Tarter family has built and have great respect for what the company means to its employees, customers and the communities they serve. Family farms and ranches are a vital part of the US agricultural economy. We believe Tarter is one of the only companies that has the capacity and capability to serve the largest and most demanding customers in the space," Jacob Kotzubei, Platinum Equity Co-President.
Tarter Farm and Ranch Equipment was advised by The Lenox Group and Nelson Mullins Riley & Scarborough. Platinum Equity was advised by Willkie Farr & Gallagher (led by Ray LaSoya and Joe Kaczorowski).
Mexico Infrastructure Partners, an investment fund manager specialized in infrastructure and energy sectors, agreed to acquire a portfolio of natural gas plants and a wind farm from Iberdrola for $6bn.
The operation has the financial support of the National Infrastructure Fund of Mexico and other public financial entities associated with the Government of Mexico. The Iberdrola Group, through the new investments it will carry out in Mexico, will reaffirm its leadership in the development of renewable energy in the country.
Mexico Infrastructure Partners is advised by Barclays. Iberdrola is advised by JP Morgan.
Rollins, a global consumer and commercial services company, completed the acquisition of Fox Pest Control, a pest control service provider, for $350m.
"The acquisition of Fox Pest Control will accelerate our long-term growth strategy in new geographies across the United States. In addition to providing HomeTeam with an efficient entry point to new markets, we provide the team at Fox Pest Control with new services to offer to their existing customers The highly complementary nature of the acquisition will provide both brands with new avenues of growth across several regions," Jerry Gahlhoff, Rollins President and CEO.
Fox Pest was advised by PCO M&A Specialists (led by Dan Gordon).
Dentsu-backed Merkle, a customer relationship management agency, completed the acquisition of Shift7 Digital, a website designer in New York City, from RLH Equity Partners, a private equity firm. Financial terms were not disclosed.
"I am grateful to our entire team for their efforts in realizing significant revenue growth, through a dedicated focus on providing the highest level of creative solutions and customer satisfaction to B2B enterprise clients. We are enthusiastic about our future growth with the benefit of Merkle resources that complement and expand upon our capabilities in data, analytics, commerce, and marketing transformation," Andrew Walker, Shift7 CEO.
Select Medical, a healthcare company, agreed to acquire Vibra Hospital of Richmond, a long-term acute care hospital in Richmond, Virginia. Financial terms were not disclosed.
"We look forward to bringing the industry's highest quality of critical illness recovery care to Richmond as the needs for this patient population continue to grow across the region. The acquisition will also extend Select Medical's care continuum in Virginia providing access to a full network of inpatient and outpatient care settings throughout a patient's recovery journey," Tom Mullin, Select Medical Executive Vice President of Hospital Operations.
SoftBank, a Japanese multinational conglomerate holding company, led a $100m funding round in Cybereason, a cybersecurity technology company.
"I have watched Cybereason grow from its earliest stages to a leader in the cyber industry as evidenced by its recent position as a leader in the Gartner Magic Quadrant for EPP and its record-breaking MITRE ATT&CK results. I look forward to supporting Cybereason's next stage of global growth and scale," Eric Gan, SoftBank EVP.
DV Group, a trading firm, completed the acquisition of Centaur Markets, a boutique structured products trading firm. Financial terms were not disclosed.
"We're excited to welcome the talented Centaur team to the DV Group family. This acquisition combines Centaur's cutting-edge technology that delivers customized products and risk management strategies with DV's extensive market relationships, capital base, and resources. We are confident that this partnership will widen our institutional footprint with more innovative solutions and comprehensive tradeable instruments," Jared Vegosen, DV Group Co-founder.
NGP eyes $7bn Permian asset sales. (FS)
Energy buyout firm NGP Energy Capital Management is exploring the sale of two Permian basin-focused oil producers which could collectively fetch the private equity firm more than $7bn, Reuters reported.
Dallas-based NGP is working with investment banks to sell the oil producers, Tap Rock Resources and Hibernia Resources, in auction processes that are expected to kick off in the coming weeks.
MidOcean closes the sixth fund with more than $$1.5bn. (FS)
MidOcean Partners, a New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments, has closed MidOcean Partners VI with over $1.5bn in capital commitments, making it MidOcean's largest fund since inception.
Fund VI will look to invest in high-quality, middle market companies. To date, MidOcean has deployed 15% of Fund VI's capital across two investments.
Cure Ventures closes inaugural fund at $350m hard-cap. (FS)
Cure Ventures, a life sciences venture capital firm focusing on company formation around curative technologies, has closed its inaugural fund, Cure Ventures Fund I, at its targeted hard-cap of $350m in capital commitments.
The fund is supported by a strong syndicate of both US and internationally-based investors that include state and city public pension funds, foundations and endowments, fund-of-funds, hospital and health systems, sovereign wealth funds and family offices.
RCP closes Fund XVII above target at $328m. (FS)
RCP Advisors, a sponsor of private equity funds-of-funds, secondary funds, and co-investment funds focused on North American lower middle market buyouts, has held the final closing of RCP Fund XVII with approximately $328m in aggregate commitments, exceeding its target of $300m.
RCP Fund XVII will employ the same investment strategy as RCP's predecessor primary funds-of-funds by targeting investments with buyout fund managers with less than $1bn in committed capital.
Barclays' Campili turns to lead Wells Fargo's health care arm. (People)
Barclays healthcare banking vice chairman Darren Campili has left to lead Wells Fargo's efforts in the sector, Bloomberg reported.
Campili, who will be based in New York, will be head of healthcare banking and report to Scott Warrender, Wells Fargo's head of coverage. John Fowler, who has been the San Francisco-based bank's head of health care since 2020, will serve as vice chair of the group.
Deutsche Bank hires five Credit Suisse LATAM bankers. (People)
Deutsche Bank hired five Credit Suisse bankers focused on Latin America, Bloomberg reported.
Javier Vargas, head of Latin America investment banking and capital markets, and Nicolas Camacho, Manuel Gonzalez Spahr, Juan Pedro Hernandez Olano and Jaime Stiglich are joining Deutsche Bank as managing directors based in New York.
EMEA
UBS has secured a temporary green light from EU antitrust regulators to complete its acquisition of Credit Suisse but will still have to request clearance under EU merger rules, the European Commission said.
UBS came to Credit Suisse's rescue last month with a merger engineered and bankrolled by the Swiss authorities. According to European Union merger rules, companies can only complete deals after securing EU antitrust approval or face fines as much as 10% of their aggregate turnover, Reuters reported.
TORIDOLL Holdings, a Japan-based company mainly engaged in the directly operated business and franchised restaurant business, agreed to acquire Fulham Shore, a United Kingdom-based company, which owns and operates restaurants, for £93m ($116m).
"We are proud of the significant progress that Fulham Shore has made since it was founded in 2012. We are proud of our two brands, Franco Manca and The Real Greek, and the growth we have delivered for Fulham Shore. Whilst we remain excited about the prospects for the business on a standalone basis, we have been in discussions with both TORIDOLL and Capdesia and received a proposal that we believe is compelling for all of our stakeholders. We believe TORIDOLL and Capdesia's experience in successfully building restaurant businesses and their long-term vision for Fulham Shore, will enable Fulham Shore to fulfill its long-term potential," David Page, Fulham Shore Executive Chairman.
Apollo Global Management, a private equity firm, offered to acquire John Wood Group, a British multinational engineering and consulting business, for $2.1bn.
Wood Group had privately rejected a previous offer of around $1.97bn, that the fund had made on March 6.
John Wood is advised by JP Morgan (led by James Robinson and Richard Perelman), Morgan Stanley (led by Matthew Jarman and Tom Perry) and FTI Consulting (led by Nick Hasell and Alex Le May). Apollo is advised by Perella Weinberg Partners (led by Christopher Mead and Matthew Smith).
Timken, a global industrial company, completed the acquisition of Nadella Group, a manufacturer of linear guides, telescopic rails, actuators and systems and other specialized industrial motion solutions, from ICG, an asset management and private equity firm. Financial terms were not disclosed.
"Nadella will complement and scale our linear motion product portfolio and deliver strong synergies with our Rollon business. Nadella's differentiated solutions are custom engineered for premium applications in attractive and growing market sectors, including medical, food and beverage, packaging and automation. We also see significant growth opportunities for Nadella products in North America as part of Timken," Christopher A. Coughlin, Timken Executive Vice President.
Nadella was advised by Alvarez & Marsal, Houlihan Lokey and DLA Piper. Timken was advised by Jones Day (led by Leon N. Ferera).
Entain, the global sports betting, gaming and interactive entertainment group, agreed to acquire 365scores, a sports media business, for $160m.
The combination of 365scores' deep expertise in data-driven sports media content alongside Entain's global scale and market-leading platform capabilities will provide customers with a broader offering of interactive content and experiences. The acquisition unlocks further growth opportunities and supports our global strategic ambitions.
Entain is advised by Powerscourt.
Stratasys, a firm involved in additive manufacturing, completed the acquisition of the additive manufacturing business of Covestro, a manufacturer of high-quality polymer materials and their components, for $79m.
"Additive manufacturing is a growing, but also highly competitive market. We are convinced that Stratasys offers the optimal conditions to support the further growth of our former Additive Manufacturing Business in this field," Thomas Toepfer, Covestro CFO.
Holcim, a Swiss-French multinational company that manufactures building materials, completed the acquisition of Sivyer Logistics, a producer of recycled construction and demolition waste. Financial terms were not disclosed.
“Sivyer Logistics is an excellent addition to help us drive circular construction and reach our Group target of recycling 10m tons of construction and demolition waste by 2025. I look forward to welcoming all employees of Sivyer Logistics and investing in our next era of growth together,” Miljan Gutovic, Holcim Head of Europe.
Aurelius, a private equity firm, agreed to acquire LSG Group, an airline caterer, from Lufthansa, an airline company. Financial terms were not disclosed.
“This acquisition underlines Aurelius’ position as a market leader for delivering very complex corporate carve-outs on a global scale,” Dirk Markus, Aurelius Founding Partner.
Fanatics, a provider of licensed sports merchandise, agreed to acquire Epi, an Italian sports merchandise company. Financial terms were not disclosed.
"Sports teams and leagues want a global strategy, and we're architecting Fanatics to be able to sort out their ecommerce capabilities and physical merchandising capabilities in Europe, China, and other parts of the world. On the other side of that, three Italian clubs are in the Champions League quarterfinals, and as they make progression and get more fans, we can help take them beyond the bounds of their traditional fan base," Doug Mack, Fanatics Commerce CEO.
Iraq agrees to a 30% stake in TotalEnergies' $27bn energy project.
Iraq has agreed to a smaller 30% stake from 40% in TotalEnergies' long-delayed $27bn project, reviving a deal that Baghdad hopes could lure back foreign investment into the battered country which craves stability, Reuters reported.
The deal was signed in 2021 for TotalEnergies to build four oil, gas and renewables projects with an initial investment of $10bn in southern Iraq over 25 years. But it has experienced several setbacks amid disputes between Iraqi politicians over terms.
Vodafone fields approach for $4bn Spain unit. (FS)
Vodafone's Spanish business is attracting takeover interest from potential buyers, Bloomberg reported.
The British telecommunications group has been contacted by private equity and strategic suitors. While it's not running a formal sale process for the unit, Vodafone would consider offers at the right price.
Adnoc seeks about $1bn in logistics unit IPO.
Abu Dhabi's main energy company ADNOC is seeking to raise about $1bn from the initial public offering of its shipping and logistics unit, Bloomberg reported.
The planned IPO of ADNOC Logistics would come shortly after the Abu Dhabi energy giant raised $2.5bn from a flotation of its gas business, currently the world's biggest IPO of 2023. In that operation, state-owned ADNOC sold a 5% stake in the company, valuing it at about $50bn.
UBS shareholders re-elect Kelleher as chairman. (People)
UBS shareholders voted to re-elect Colm Kelleher as chairman at the Swiss bank's annual general meeting, Reuters reported.
Kelleher received 89.9% of votes, a sign of shareholders' confidence in the Irishman's ability to lead the bank as it navigates the challenge of absorbing Credit Suisse after a surprise takeover engineered by the Swiss authorities.
APAC
Viva Energy, an energy company, agreed to acquire OTR Group, a petroleum company, from Peregrine, an investment holding, for $777m.
“The coming together of one of Australia’s best retail networks with one of Australia’s convenience offerings has enormous industrial logic. I will continue to support the business following completion of the transaction, and the entire team and I are completely committed to the successful integration of these businesses. The Shahin family is committed to continuing to see Adelaide as the home of OTR and Viva Energy have provided for the realisation of a larger, enhanced OTR to continue to be headquartered here,” Yasser Shahin, OTR Founder.
Octopus Energy, an energy company, completed an investment in Yotsuya Capital, a solar power developer. Financial terms were not disclosed.
“This funding from Octopus is transformational for us. It means we can accelerate our growth to the next level and develop much more solar across Japan in the coming years. It helps us contribute to Japan’s net zero target by 2050, while also making a positive impact on the local community,” Toshiaki Isoi, Yotsuya Capital CEO and Representative Member.
Nickel Producer said to raise $586m in Indonesia IPO.
PT Merdeka Battery Materials will raise $586m from its initial public offering in Jakarta as it prices shares at the top end of an expected range, Bloomberg reported.
The firm, a unit of miner PT Merdeka Copper Gold, is selling 11bn shares at $9.68 each. It had offered the shares at $9.49 to $9.68 apiece. The deal can be upsized by another 1.1bn shares.
Apis Partners plans to raise $500m new APAC fund and IFC might join. (FS)
London-based private equity firm Apis Partners is in the market to raise $500m for a new fund that will invest in South Asia, Southeast Asia, and Africa, with the International Finance Corporation likely to come in as a limited partner, DeatStreetAsia reported.
In a disclosure, IFC, a member of the World Bank Group, said it is considering an investment of up to $60m into Apis Growth Markets Fund III, a PE fund that will make growth-stage investments in companies operating in the financial services and technology sectors in Asia and Africa.
Iron Pillar raises $129m to invest in cloud startups. (FS)
Venture growth investor Iron Pillar had closed a $129M Series B and C fund to back cloud software startups from India, as the venture capital firm increased its exposure to the rapidly-growing sector, Reuters reported.
Iron Pillar has already invested in several cloud software companies from India, including Uniphore, Servify, CoreStack, Ushur, and Pando. The new fund will have an emphasis on cloud infrastructure and software as a service.
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