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AMERICAS
MGP Ingredients, a provider of distilled spirits, branded spirits, and food ingredient solutions, agreed to acquire Penelope Bourbon, a whiskey brand, for $216m.
“We are excited to welcome Penelope as part of our expanding premium-plus brand portfolio. This acquisition aligns well with our premiumization strategy and our focus on growing high potential, high margin brands. Penelope is an excellent addition to our Branded Spirits portfolio as we look to expand its availability throughout our national distribution platform. We are enthusiastic about this acquisition and its ability to further our participation in the growing American Whiskey category while delivering meaningful long-term growth,” David Colo, MGP Ingredients President and CEO.
Penelope Bourbon is advised by TD Cowen and BakerHostetler. MGP Ingredients is advised by Reed Smith and Byrne PR.
Arctic Slope, a diversified commercial services provider, completed the acquisition of the logistics and supply chain management business of SAIC, a digital transformation company, for $350m.
"We are excited to welcome this exceptional team with decades of experience providing innovative solutions to their customers. The rest of the ASRC Federal team is ready to support them in their important mission to equip our military personnel and help ensure our Nation's security," Jennifer Felix, ASRC Federal President and CEO.
Arctic Slope was advised by Gibson Dunn & Crutcher (led by Saee Muzumdar). SAIC was advised by Jefferies & Company and King & Spalding (led by Charles W Katz).
SK Capital Partners-backed Canlak Coatings, a manufacturer of high-quality industrial wood coatings, completed the acquisition of Ceramic Industrial Coatings, a manufacturer of high-quality coating products. Financial terms were not disclosed.
"The addition of Ceramic Industrial Coatings to the Canlak platform significantly enhances the company's leading position in the North American OEM wood coatings market. The combined company will utilize a broader technology base in conjunction with an agile, solutions-oriented service model to support customers in our markets," Jon Borell, SK Capital Managing Director.
Ceramic Industrial Coatings was advised by Northborne Partners. Canlak was advised by Klehr Harrison Harvey Branzburg and BackBay Communications.
Montrose Environmental, an environmental solutions company, completed the acquisition of GreenPath Energy, an optical gas imaging and fugitive emissions management services firm. Financial terms were not disclosed.
“We’re thrilled to join with GreenPath, which will help us to both scale our technical and operational capabilities for multinational corporations and to better serve them across the entirety of their North American portfolio. For energy producers, it is often hard to understand the problem of fugitive emissions and where to direct their resources. Working together, we will be able to better track, manage, eliminate and reduce fugitive emissions, which supports clients with regulatory compliance, ESG and moving toward a low carbon economy. We welcome our new colleagues and are eager to begin supporting our clients more broadly,” Terence Trefiak, Montrose Senior Vice President of Leak Detection and Repair.
Hub International, a full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services, completed the acquisition of Red Rock Financial, a company of insurance consultants who are focused on decreasing risk and increasing profitability for financial institutions. Financial terms were not disclosed.
"We are thrilled to welcome the specialty financial institution practice of Red Rock Financial to Hub Financial Services. We've had a long and collaborative relationship with Red Rock Financial. Their expertise in providing insurance solutions for financial institutions will enhance our capabilities and enable us to provide a high level of service to our clients in this market," Scott Eckerty, Hub Financial Services President.
Ucardia, a cardiac conditioning software developer, agreed to acquire Phas3, a pioneer in home-based cardiac rehab. Financial terms were not disclosed.
"With Phas3's compelling software that allows clinicians a convenient way to remotely monitor and engage their cardiac patients, we are confident we have a market-first product that truly allows for patient- and provider-partnered cardiac care for all modalities of remote care – from patients immediately post-discharge from a cardiac event who cannot attend traditional cardiac rehab, to patients looking for a supervised program to strengthen their heart at home," Nick Weber, Ucardia Co-Founder and CEO.
Alliant Insurance Services, a distributor of diversified insurance products and services, agreed to acquire McAnally Wilkins, a provider of property and casualty insurance solutions for the oil and gas service industry. Financial terms were not disclosed.
“McAnally Wilkins is recognized among the leading risk management experts in oilfield services. Its expertise in this space aligns with our model of industry specialization at Alliant and will enhance the unparalleled value we offer to clients in our Alliant Energy & Marine practice,” Tom Corbett, Alliant Chairman and CEO.
Canaccord dives as management buyout is thrown into doubt.
Canaccord Genuity warned that it may not be able to get quick approval of a management buyout because of an “ongoing regulatory matter” at one of its foreign divisions, Bloomberg reported. The shares dropped more than 11%.
A group of Canaccord senior executives has offered to take the financial firm private for $8.6 a share, but regulators’ blessing for the deal won’t be given on an expedited basis.
Occidental drops after Buffett said not seeking full control. (FS)
Shares in Occidental Petroleum dropped in premarket trading after Warren Buffett said Berkshire Hathaway won’t make an offer for full control of the energy group, tempering speculation he was seeking to own the company after spending months snapping up its shares, Bloomberg reported.
The stock fell as much as 3.4% in early trading before paring losses to 1.5%. Its shares have dropped 3.7% this year through Friday’s close amid a slump in commodity prices.
KKR earnings sink 26% in first quarter as asset sales slow. (FS)
KKR & Co earnings fell 26% during the first quarter from a year earlier as a dealmaking drought continued to weigh on the alternative asset manager, Bloomberg reported.
The firm reported $719m in distributable earnings, or $0.81 a share, during the quarter ended March 31.
EMEA
Qualcomm, a chip designer, agreed to acquire Autotalks, a fabless semiconductor company. Financial terms were not disclosed.
“We have been investing in V2X research, development and deployment since 2017 and believe that as the automotive market matures, a standalone V2X safety architecture will be needed for enhanced road user safety, as well as smart transportation systems. We share Autotalks’ decades-long experience and commitment to build V2X technologies and products with a focus on solving real-world road user safety challenges. We look forward to working together to deliver global V2X solutions that will help accelerate time-to-market and enable mass market adoption of this very important safety technology,” Nakul Duggal, Qualcomm Senior Vice President and General Manager.
Shelby Companies, a group led by Tom Wagner, agreed to acquire a 45.64% stake in Birmingham City, a professional football club based in Birmingham, England. Financial terms were not disclosed.
Birmingham City will remain under the control of the current Board until the relevant Owners and Directors Tests have been approved by the English Football League and after the completion of the contracts.
Atlantis Dubai plots global expansion to cash in on travel boom.
Dubai’s Atlantis is looking to build as many as four additional hotels across the world, hoping to cash in on a leisure travel boom that’s so far proved resistant to concerns over inflation and a darkening economic outlook, Bloomberg reported.
Atlantis Hotels, which is owned by Dubai’s sovereign wealth fund, currently operates two large properties in the emirate and one in Hainan, China.
London-listed cannabis group Kanabo to raise cash and install new chair. (People)
The first cannabis company to stage an IPO on the London Stock Exchange will install a City veteran as its chairman and unveil a multimillion-pound fundraising, Sky News reported.
Kanabo Group, which produces medicinal cannabis products and operates an NHS-approved telehealth service, is set announce that Ian Mattioli will become its new non-executive chairman.
VW’s new CEO expected to replace management of ailing software unit. (People)
Oliver Blume, in his first major restructuring move since becoming chief last year, is expected to replace the management of the company’s struggling software unit after it caused delays to new model launches, WSJ reported.
The decision to remove Dirk Hilgenberg, head of the unit called Cariad, finance chief Thomas Sedran, and Lynn Longo, a Michigan native who serves as Cariad’s chief technology officer, could be announced as early as this week, possibly before VW’s planned shareholder meeting on May 10, 2023.
APAC
Allrites, a Singaporean film and television content rights marketplace, agreed to go public via a merger with Aura FAT Projects Acquisition, a US-listed blank check firm, in a $92m deal.
Allrites, founded by Australian former television producer Riaz Mehta, runs a content-as-a-service business for buyers of film and television licenses. The Singapore-based company generates more than half its revenue in the US.
Henry Schein, a provider of health care products and services to office-based dental, medical and animal health, completed the acquisition of Regional Health Care Group, a provider of supply solutions for medical consumables, pharmaceuticals, radiology contrast & equipment in Australia. Financial terms were not disclosed.
"We are very pleased to integrate RHCG with Henry Schein, a company that shares our commitment to excellent service and provides customers with the solutions they need to deliver quality care to their patients. It's extremely gratifying to see the exciting opportunities to accelerate our growth," Maurie Stang, Regional Health Care Group Co-Founder.
Berkshire Hathaway sells $59m worth of shares in China's BYD. (FS)
Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.9m Hong Kong-listed shares of electric vehicle maker BYD for $59m, Reuters reported.
The sale on May 2 lowered Berkshire's holdings in BYD's issued H-shares to 9.87% from 10.05%.
Brookfield weighing stake sale in Indian tower business. (FS)
Brookfield Infrastructure Partners is considering the sale of a minority stake in its telecommunications tower business in India, Bloomberg reported.
The Canadian investment firm is working with an adviser to sell a stake of more than 10% in the infrastructure investment trust that holds Summit DigiTel. A deal would satisfy regulatory requirements around the so-called InvIT structure.
HSBC reaches deal to buy out China fund partner.
HSBC has agreed to buy out its China fund management joint venture partner, as the Asia-focused bank pushes ahead with expansion in the world's second-largest economy, Reuters reported.
HSBC, which currently owns a 49% stake in HSBC Jintrust Fund Management, has signed an agreement with Shanxi Trust under which the Chinese state-owned company will sell its 51% holding in the joint venture to the bank.
Alibaba logistics arm eyes up to $2bn in Hong Kong IPO.
Alibaba’s logistics arm aims to raise up to $2bn via a listing in Hong Kong likely early next year, bolstering hopes for a capital markets revival in the Asian financial hub, DealStreetAsia reported.
Cainiao Network Technology’s initial public offering plan comes after Alibaba flagged in late March it would split its business into six units and that most of them would explore capital raisings or market debuts to help fund future growth.
Japan's SMBC, Incubate Fund launch new vehicle in SG for fintech investments. (FS)
Sumitomo Mitsui Banking and Incubate Fund, a Tokyo-based venture capital company, have jointly set up a fund in Singapore to invest in promising fintech and other startups in Asia, DealStreetAsia reported.
The new fund, SMBC Asia Rising Fund, will manage $200m, most of which comes from the Japanese megabank. It will invest in fintech startups with advanced technologies in payment, lending and other fields in a bid to promote financial services with them in Asia.
Licious, Darwinbox backer 3one4 Capital raises $200m for new fund. (FS)
Indian early-stage venture capital investor 3one4 Capital raised $200m for its fourth fund to back startups in sectors including consumer Internet, SaaS, and fintech.
3one4 Capital, which has investments in Open, BetterPlace, Jupiter, KukuFM, Koo, Dozee, and Tracxn, said the fund was oversubscribed to $250m, but the accepted amount was reduced to $200m to maintain its intended size, DealStreetAsia reported.
Mars Growth Capital launches new funds to invest in Japanese, European startups. (FS)
Singapore-based venture debt firm Mars Growth Capital is launching two new debt funds that will provide financing to Japanese and European startups, DealStreetAsia reported.
Mars Japan Fund, which will have a maximum size of $148m, will provide growth financing to promising pre-unicorns and unicorns in Japan.
Nomura names Arnaud Lannic as Asia ex-Japan's head of equity products. (People)
Japanese investment bank Nomura has named Arnaud Lannic as Head of Equity Products for Asia ex-Japan. Lannic, who is based in Hong Kong, will be responsible for all equity products activities, ranging from equity risk to convertible bonds, DealStreetAsia reported.
“Asia equity products is where we see some of the biggest opportunities to expand and gain market share in the coming years,” Simon Yates, Nomura Global Head of Equities.
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