AMERICAS
Charlesbank Capital Partners, a private investment firm, agreed to invest in symplr, a provider of enterprise healthcare operations including governance, risk management, and compliance SaaS solutions.
"Clearlake, CEO BJ Schaknowski, and the broader management team have done an impressive job building one of the leading enterprise healthcare operations and GRC platforms, and we look forward to partnering with them as the Company continues its journey," Ryan Carroll, Charlesbank Managing Director.
symplr is advised by Evercore, Goldman Sachs, Sidley Austin and Lambert & Co. Charlesbank is advised by Harris Williams & Co, RBC Capital Markets, SVB Leerink, TripleTree and Ropes & Gray. Clearlake and SkyKnight are advised by William Blair & Co.
Liberty Mutual, an American diversified global insurer, agreed to acquire State Auto Group, a super-regional insurance holding company headquartered in Columbus, Ohio, for $2.3bn.
"State Auto Group's capabilities and product expertise are an ideal complement to Liberty Mutual's domestic personal lines and small commercial business, and we welcome 2k talented associates to our family. Equally appealing are its values. For almost a century, State Auto has celebrated a culture of caring for people, exceptional service and deep philanthropy, mirroring our purpose to help people embrace today and confidently pursue tomorrow," David Long, Liberty Mutual Chairman and CEO.
State Auto Group is advised by Bank of America, Houlihan Lokey, Keefe Bruyette & Woods, Kirkland & Ellis, and Squire Patton Boggs. Liberty Mutual is advised by Goldman Sachs, Waller Helms Advisors and Skadden Arps Slate Meagher & Flom.
KPS Capital Partners, an investment firm, agreed to acquire the majority stake in the primary products business of Tate & Lyle, a British-headquartered, global supplier of food and beverage ingredients to industrial markets, for $1.7bn. The deal includes interests in Almidones Mexicanos, a food products producer, and DuPont Tate & Lyle Bio-Products joint ventures.
"KPS is excited to make a controlling investment in the Primary Products Business and is honored to partner with Tate & Lyle. KPS and Tate & Lyle have complete alignment of interests and have cemented a partnership based on shared values such as the safety of our employees and a demonstrated commitment to sustainability," Michael Psaros, KPS Co-Founder and Co-Managing Partner.
KPS is advised by Barclays and Paul Weiss Rifkind Wharton & Garrison. Debt financing is provided by BNP Paribas, Barclays, Goldman Sachs, Rabobank and Wells Fargo Securities. Tate & Lyle is advised by FTI Consulting.
Penn Virginia, a pure-play independent oil and gas company, agreed to acquire Lonestar Resources, an independent oil and natural gas company based in Fort Worth, Texas, for $370m.
"This is an exciting time for Penn Virginia as we expand our Eagle Ford footprint with the high-quality assets of Lonestar. This transaction further solidifies the Company's position as a premier Eagle Ford operator and provides additional scale and synergies while still delivering operational excellence. Consistent with our disciplined strategy, this transaction is expected to be accretive to free cash flow and certain other key per-share metrics to deliver long-term value to shareholders. The benefits of basin consolidation are very compelling, and we strongly believe this is a value-creating opportunity for both companies. We remain steadfast in our disciplined approach to running the business and continue to be committed to free cash flow generation, capital discipline, maximizing cash-on-cash returns, and protecting the environment," Darrin Henke, Penn Virginia President and CEO.
Lonestar Resources is advised by Barclays and Vinson & Elkins. Penn Virginia is advised by Bank of America, Evercore, RBC Capital Markets and Kirkland & Ellis.
Berkshire Hathaway Energy and Dominion Energy, an American power and energy company, announced the termination of Berkshire's acquisition of Questar Pipeline Group, a natural gas pipeline provider, citing uncertainty associated with achieving clearance from the FTC.
The development does not impact the sale of gas transmission and storage assets to Berkshire completed in November 2020. Dominion Energy is commencing a competitive process for the sale of Questar Pipelines, with a target close of year-end 2021.
Achronix Semiconductor, an American fabless semiconductor company, and ACE Convergence Acquisition, a SPAC, announced they have terminated the $2.1bn merger, citing an inability to close the deal before July 15, 2021 deadline,
Reuters reported.
Robert Blake, Achronix Chief Executive Officer said he "remains committed to pursuing additional options to become a public company."
MSP Recovery, which helps recover money from Medicare and Medicaid secondary payments, agreed to go public via merger with Lionheart Acquisition II, a special purpose acquisition company, in a $32.6bn deal.
"MSP identified fragmented data infrastructure both in the insurance and healthcare industries and developed a revolutionary solution: a pioneering data analytics platform that efficiently identifies and uncovers historical waste, helps to support the long-term sustainability of Medicare and Medicaid programs, and recovers monies owed to hospitals, health insurance companies and medical providers. Unlocking this explosive growth asset class, which has historically only been available to institutional investors, is exactly the type of opportunity that Lionheart has set out to bring to its shareholders," Ophir Sternberg, Lionheart Chairman and CEO.
MSP Recovery is advised by Keefe Bruyette & Woods and Weil Gotshal and Manges. Lionheart is advised by Nomura, DLA Piper and ICR.
Lakeland Bancorp, the parent company of Lakeland Bank, agreed to acquire 1st Constitution Bancorp, the parent company of 1st Constitution Bank, for $244m.
"We are delighted to be combining with 1st Constitution and expanding Lakeland's presence into central New Jersey. This business combination provides attractive financial attributes to shareholders of both Lakeland and 1st Constitution. This merger is consistent with our recent initiatives to expand into desirable markets. We look forward to working with 1st Constitution in delivering a broad array of business and consumer products into our expanded marketplace," Thomas J. Shara, Lakeland President and CEO.
1st Constitution Bancorp is advised by Raymond James and Day Pitney. Lakeland is advised by Keefe Bruyette & Woods and Luse Gorman.
Covetrus, a provider of animal-health technology and services, completed the acquisition of VCP, a platform in veterinary wellness plan administration. Financial terms were not disclosed.
"Modern pet parents are serious about wellness, and that means delivering the right medicine, services and products at the right price and the right time. Covetrus is strategically positioned to help veterinarians deliver proactive and holistic healthcare via membership programs with a seamless integration into our leading practice management and prescription management solutions. By adding VCP's technology to our software portfolio, we're making wellness truly accessible for both practices and pet parents, which is key to helping veterinarians strengthen their relationships with their clients, improve clinical quality and extend affordable care," Ben Wolin, Covetrus President and CEO.
VCP was advised by Houlihan Lokey and Bryan Cave Leighton Paisner. Covetrus was advised by Lincoln International and White and Williams.
Kinder Morgan, an energy infrastructure company, completed the acquisition of Stagecoach Gas Services, a natural gas pipeline and storage company, from Consolidated Edison, an energy company, and Crestwood Equity Partners, a holding company, for $1.23bn.
"Acquiring Stagecoach will enhance our service to customers in this part of the country. These natural gas pipeline and storage facilities help connect natural gas supply sources and Northeast demand areas. Natural gas has long been responsible for providing heat and hot water to homes and businesses in the Northeast, and it now has an increasingly vital role as a reliable, low emissions partner backing up growing renewable power generation. We look forward to integrating these facilities into our suite of existing assets in the region," Kimberly S. Watson, Kinder Morgan President of Interstate Natural Gas Pipelines.
Kinder Morgan was advised by Weil Gotshal and Manges. Consolidated Edison and Crestwood were advised by TD Securities and Latham & Watkins.
Burger King, an American multinational chain of hamburger fast food restaurants, agreed to acquire Domino's Brasil, which comprises of operations of Domino's Pizza in Brazil, from Vinci Partners Investments, an alternative investment platform in Brazil. Financial terms were not disclosed.
"Our investment in Domino's builds on Vinci Partners' successful history of supporting companies in driving transformational growth, improving governance practices, and generating value for all stakeholders. This also marks the first capital return step for VCP III, as the fund will now hold a liquid security instead of its privately held position in Domino's," Bruno Zaremba, Vinci Partners Partner and Head of Private Equity.
Burger King is advised by Rothschild & Co. Vinci Partners is advised by Danthi Comunicações and Joele Frank.
Houlihan Lokey, the global investment bank, completed the acquisition of Baylor Klein, a boutique advisory firm. Financial terms were not disclosed.
"As with all our acquisitions, the Baylor Klein team embodies and shares with Houlihan Lokey a number of important cultural traits, including a steadfast dedication to its clients and a track record of success that confirms genuinely deep and superior sector expertise. They are true leaders in their field, and we think they will be a fantastic addition to our outstanding CFR team," Scott Adelson, Houlihan Lokey Co-President and Co-Head of Corporate Finance.
Baylor Klein was advised by Baylor Klein. Houlihan Lokey was advised by Houlihan Lokey.
Pritzker-backed PLZ Aeroscience, an independent specialty aerosol and liquid product manufacturer, agreed to acquire 220 Laboratories, an innovator and formulator of hair, skin and body products. Financial terms were not disclosed.
"220 Labs is a renowned innovator and formulator within the personal care industry. We look forward to leveraging these capabilities across our combined enterprise to strengthen the value proposition we bring to our customers," Aaron Erter, PLZ President and CEO.
PLZ is advised by Abernathy MacGregor Group. 220 Labs is advised by Carriage Hill.
Waterland Private Equity-backed Global Equestrian Group, an equestrian sports group, agreed to acquire Palm Beach International Equestrian Center, an equestrian facility in Wellington, Florida. Financial terms were not disclosed.
"As always, we are pleased to see a continued investment in US equestrian sport. This significant commitment to world-class facilities, horse and rider welfare, and USEF and FEI competitions further validates the market's demand, at all levels, for organized sport. The Winter Equestrian Festival and PBIEC are fantastic brands within international equestrian sport. Together, we will strengthen the offering and create a global market leader spreading our passion for equestrian sport and lifestyle to new markets," Andreas Helgstrand, GEG CEO.
Waterland is advised by Winston & Strawn.
CVC Capital Partners, a global private equity firm, agreed to invest $470m in Aleph Holding, the global partner to the world's biggest digital media players.
"It is a pleasure to team up with a world-class management team that has built an exceptional industry-leading company. Aleph operates in an attractive global digital media market, and has an impressive track record of accelerating growth through its exclusive relationships with digital media partners. We strongly believe in the value that Aleph brings to advertisers and media partners globally. Through our CVC network with 24 local offices in Europe, the Americas and Asia, we look forward to supporting the business in its continued expansion," Steven Buyse, CVC Managing Partner.
ICONIQ, an American wealth management and investment firm, led a $300m funding round in Netskope, an American software company, with participation from Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital.
"Digital transformation doesn't happen without network transformation and security transformation, and we believe that's where Netskope delivers like no other provider. The demand for Netskope as part of a properly designed SASE architecture is very strong, and Sanjay and the entire Netskope team are seizing their moment. Netskope is pointing the way to where cloud, networking, security, and data protection are headed long-term. We deeply value our investment partnership with the company and are excited to expand it as we continue on this journey," Will Griffith, ICONIQ Founding Partner.
Novanta, a technology partner to medical and advanced technology equipment manufacturers, agreed to acquire Schneider Electric Motion USA, a manufacturer of motion control components for automation equipment, for $115m.
"SEM is expected to help our expansion into automation and robotic applications through advanced motion control solutions. The business is also anticipated to increase Novanta's exposure to the Life Sciences and Medical end markets while broadening our access to sophisticated automation integrators. The addition of SEM's technology would expand our precision motion control portfolio, furthering our ability to serve customers with unique, high performance solutions," Matthijs Glastra, Novanta Chief Executive Officer and Chairperson.
KKR acquires Scottsdale property in latest luxury-apartment bet. (FS, RE)
KKR, an investment firm, acquired a residential building outside of Phoenix, its latest wager that residents who left fast-growing cities during the pandemic are returning and eager to rent luxury apartments.
"It's part of a broader strategy we began embarking on last summer when we took a contrarian view that people would come back to cities as quickly as they left," Chris Lee, KKR Partner.
Microsoft in talks to acquire cybersecurity company RiskIQ.
Microsoft is in advanced talks to acquire RiskIQ, a security software maker, as the tech giant tries to expand its products and better protect customers amid a rising tide of global cyberattacks. Microsoft will pay more than $500m in cash for the company.
San Francisco-based RiskIQ makes cloud software for detecting security threats, helping clients understand where and how they can be attacked on complex webs of corporate networks and devices.
Dyal Capital in talks to acquire a minority stake in Sacramento Kings. (FS)
Dyal Capital is nearing a deal to make an investment in the Sacramento Kings National Basketball Association team. The deal, which could be announced as soon as this week, would give the investment firm a nearly 5% stake in the team at a valuation of $1.5bn.
Dyal, a unit of the newly public Blue Owl, is best known for taking minority stakes in private-equity and credit firms.
Couchbase seeks over $900m valuation in US IPO. (FS)
Couchbase, a database software company, plans to raise as much as $161m through an IPO, valuing the company at more than $900m. The company, whose investors include GPI Capital, North Bridge Venture Partners, and Accel, plans to sell 7m shares in an IPO priced at between $20 and $23 per share.
The company had registered for a stock market listing that could value it as much as $3bn,
Reuters reported. Its listing comes at a time when demand for data storage, security, and processing has surged due to global businesses moving to a remote working model during the Covid-19 pandemic.
Couchbase's software helps companies manage their databases on the web and mobile applications through its NoSQL cloud database service. Comcast, a media giant, and eBay, an e-commerce firm, are among the company's customers.
Morgan Stanley and Goldman Sachs are the lead underwriters of the offering.
Weber files for US IPO.
Weber, an outdoor grills maker, filed paperwork with US regulators for an IPO, revealing a 62% year-on-year growth in revenue for the six months ended March 31. Weber was founded by George Stephen Sr, who invented the charcoal grill about 70 years ago.
Weber has a 23% market share in the United States and a 24% share globally. The company has applied to list its shares on the New York Stock Exchange under the ticker symbol "WEBR."
Goldman Sachs, Bank of America Securities, and JP Morgan are among the underwriters for the offering.
EMEA
The board of Euskaltel, a Spanish telecommunications company, recommended its shareholders accept the $4.1bn takeover from MasMovil, a telecommunications operator in Spain.
The board cited the offer is fair from the financial perspective. The recommendation follows the approval of the Spanish government in June.
Euskaltel is advised by Citigroup and JP Morgan. Masmovil is advised by JP Morgan, Barclays, Clifford Chance and Temple Bar Advisory. Zegona is advised by Perez Llorca, White & Case and Tavistock Communications.
Triton Partners, an international investment firm, agreed to acquire Swiss IT Security Group, a cyber security services provider in the DACH and Benelux regions, from Ufenau Capital Partners, a privately owned investment company. Financial terms were not disclosed.
"The digitalization of our life is progressing and has further accelerated during the Covid-19 pandemic. The growing digital footprint requires adequate cyber security. At Swiss IT Security, we are committed to protect our customers from cyber security threats and are eager to continue our growth and further expand our footprint. As such, we are very pleased to join the Triton ecosystem, which we view as an enabler to strengthen our service offering and support towards our customers. The wider management team and I are very much looking forward to the partnership," Philipp Stebler, Swiss IT Security Group CEO.
Triton is advised by Allen & Overy, Bar & Karrer and Latham & Watkins. Ufenau is advised by Roland Berger, Sancovia Corporate Finance, Stifel, Goerg and Walder Wyss.
NN Group, one of the largest insurance and asset management companies in the Netherlands, agreed to acquire a 70% stake in Heinenoord, an insurance broker and service provider, for €176m ($208m).
"As Heinenoord plays an active role in the value chain between customers, traditional brokers and insurance companies, this acquisition will strengthen our distribution capabilities, and reinforce our leading position in the Dutch non-life market. NN is committed to continuing Heinenoord's successful strategy to grow to a top 5 position in the Netherlands. Heinenoord will retain its independent position as a broker, and will remain dedicated to servicing its long-standing customer relationships and partnerships," David Knibbe, NN Group CEO.
Heinenoord is advised by Deloitte and Baker McKenzie. NN is advised by PricewaterhouseCoopers and De Brauw Blackstone Westbroek.
Private equity firm EQT Partners agreed to acquire Meine Radiologie and Blikk, which operate more than 65 radiology and radiotherapy locations in Germany, from Triton Partners, an investment firm. Financial terms were not disclosed.
"We are excited to welcome EQT Infrastructure as our new owner and our Blikk colleagues as new partners. We share a joint vision in becoming a reference patient centric radiology and radiotherapy provider that contributes to a better German healthcare system. The medical experience of our employees and management teams coupled with the industrial and financial support from EQT Infrastructure make me very confident in the value of this long-term partnership," Dirk Knüppel, Meine Radiologie CEO.
EQT is advised by Kekst CNC. Triton is advised by Rothschild & Co.
PTT Global Chemical, a chemicals company, agreed to acquire allnex, a coating resins maker, from Advent for $4.75bn.
"As the global market leader in industrial coating resins, with its broad portfolio, stable profit, and leading green technology, allnex is ideally positioned to benefit from three megatrends shaping the industry: increasing demand for high performance coating resins, a continued shift of growth to emerging markets, and a trend towards green coatings solutions. We look forward to working with the team at allnex to leverage this growth potential," Kongkrapan Intarajang, PTTGC CEO.
Advent is advised by Finsbury Glover Hering.
DomusVi, the third biggest private player in the nursing home sector in France, agreed to acquire advita, one of the German housing specialists and integrated outpatient care for the elderly, from investors Adiuva and MMTF. Financial terms were not disclosed.
"We firmly believe that the 'advita Haus' is a relevant concept, meeting the legitimate desire to grow old 'at home' while enjoying a wide range of easily accessible social activities, services and healthcare. We are delighted to be able to support the current management team in executing its development plan and benefiting from the expertise of Mr. Faensen, long-time general partner of advita, who remains minority shareholder at our sides. This acquisition is a major step in the implementation of our ‘Domus2025’ Strategic Plan," Sylvain Rabuel, DomusVi CEO.
Adiuva and MMTF are advised by Rothschild & Co.
Helios Technologies, a provider of motion control and electronic controls technology, completed the acquisition of NEM, an innovative hydraulic solutions company providing customized material handling, construction, industrial vehicle and agricultural applications. Financial terms were not disclosed.
"This strategic flywheel acquisition demonstrates our continued commitment to our hydraulics segment and growing our core platform. Leveraging NEM's strong brand name in the Cartridge Valve Technology (CVT) OEM European markets, along with shared synergies, will further advance our technology. This acquisition will optimize Helios's position to expand our geographic reach, particularly in electro-hydraulics, by growing our OEM business throughout the world. In addition, this acquisition gives us more CVT manufacturing capability in Europe. We look forward to welcoming the NEM team to the Helios family as we continue to drive growth and create shareholder value," Josef Matosevic, Helios President and CEO.
Helios was advised by Kei Advisors.
Volvo Cars, a car brand, is set to invest in Polestar, an electric performance vehicle brand. The stake is being acquired from PSD Investment, the private investment company of Eric Li, Chairman of Volvo Cars. Upon completion, Volvo's shareholding will reach 49.5% once again after the private placement diluted its ownership. Financial terms were not disclosed.
"The move reflects Volvo Cars' strong conviction in Polestar's positioning and exciting potential in the high growth segment for premium electric vehicles. In recent years, Polestar has made significant progress and has established itself as a pioneer in the global market for high-performance electric vehicles as consumers are increasingly looking to combine e-mobility with their environmental aspirations. At the same time, the technologies behind electric vehicles are rapidly advancing and becoming more economical for consumers," Volvo Cars.
TA Associates makes $2.8bn takeover approach for Smiths Group unit. (FS)
US private equity firm TA Associates made a $2.78bn takeover approach for the medical division of Smiths Group, which makes ventilators for hospitals,
Reuters reported.
A successful sale would see Smiths Group, which is valued at $8.9bn and has 23.1k staff, effectively broken up. Smiths Group has been holding talks with Boston-based TA Associates and bankers from Goldman Sachs are said to be working on the deal.
Rothermeres weigh $1.1bn bid to take Daily Mail owner private.
The founding family and top investor in the Daily Mail’s owner is considering taking the British newspaper publisher private in a $1.1bn deal if certain conditions are met,
Reuters reported.
The Daily Mail and General Trust said the Rothermeres, who own 28% of the company, are ready to make a cash offer to buy the group outright, provided it sells its RMS insurance risk business and takes its partially-owned online car seller Cazoo public.
French delivery company Colis Privé postpones public listing.
French parcel delivery company Colis Privé on Monday postponed for a few months its initial public offering initially planned for early July, citing unfavourable market conditions. Although 2021 has been a record year for IPOs in Europe and globally, there are signs of investor fatigue.
“We had very good initial contacts with investors that we met in recent weeks and we are confident we can pursue this project,” Colis Privé said in a statement sent to
Reuters.
APAC
Chinese regulator SAMR prohibited the merger of live streaming platforms HUYA and DoYou. HUYA said it "will abide by the SAMR Decision, and will comply with all regulatory requirements". Reasons behind the roadblock were not disclosed in the announcement.
The cash dividend of $200m that HUYA meant to distribute as part of the deal was canceled in light of the development.
GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart led a $3.6bn funding round in Flipkart, India's homegrown consumer internet ecosystem, with participation from DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
"SoftBank's re-investment in Flipkart is driven by our experience with and conviction in the company's management team to continue addressing the needs of the Indian consumer in the decades to come. From our platform as one of the largest Asian eCommerce investors, SoftBank has a broad lens on the fundamental trends shaping digital commerce in the region. The opportunity to meet consumer demand for high-quality selection at low prices and a young population make online consumption critical to India's quest for the '$5tn economy' that Flipkart's growth story has been enabling," Lydia Jett, SoftBank Partner.
Flipkart was advised by Goldman Sachs, JP Morgan, Hogan Lovells and Shardul Amarchand Mangaldas & Co.
Wesfarmers, a retail conglomerate, offered to acquire Australian Pharmaceutical Industries, a pharmacy chain, for $509m. API's major shareholder, WHSP, said it supports the proposal and agreed to divest its 19.3% holding.
"The combination of Wesfarmers and API is a compelling opportunity to capitalise on API's strengths and positioning in these markets while drawing upon Wesfarmers' capabilities in retail and distribution, our strong balance sheet and our willingness to invest in our businesses for growth over the long term," Rob Scott, Wesfarmers Managing Director.
Amplifon, a provider of hearing solutions and services, agreed to acquire Bay Audio, a private independent Australian hearing care retailer, for €340m ($404m).
The acquisition of Bay Audio represents a key strategic transaction for Amplifon and perfectly fits the company's growth strategy to further strengthen its position in the core Australian retail market.
Google, a technology company, agreed to acquire Pring, a smartphone payment startup, from Mizuho Bank, a global bank with one of the largest customer bases in Japan, for $270m.
Once the Pring acquisition is complete, the US-based titan will be able to offer fintech services such as payments and transfers across Japan by 2022.
Hillhouse emerges as preferred bidder for $2bn King Koil China. (FS)
Hillhouse Capital Management emerged as the preferred bidder for Advent International-backed King Koil China mattress business in a deal that could be valued at more than $2bn.
The King Koil brand traces its roots to 1898. King Koil China, which was set up in 2000, is the exclusive licensee of several international mattress brands such as King Koil, Aireloom and Life Balance in the world's second-biggest economy.
LIC may invest in Zomato IPO.
Food delivery platform Zomato's upcoming initial public offering has caught LIC's attention. Life Insurance is reportedly weighing a bid for the online delivery platform's shares in the IPO that will be launched this week.
LIC usually invests in secondary markets unless the public issue is part of the government's disinvestment program.
ByteDance shelved IPO plans after Chinese regulators warn about data security.
WSJ reported that ByteDance, the Chinese owner of popular short-video app TikTok, put on hold indefinitely its intentions to list offshore earlier this year after government officials told the company to focus on addressing data-security risks.
The Beijing-based social-media giant, last valued at $180bn in a funding round in December, had been mulling an initial public offering of all or some of its businesses in the US or Hong Kong.
But the company's founder, Zhang Yiming, decided it would be wiser to put the plans on ice in late March, after meetings with cyberspace and securities regulators in which they asked the company to focus on addressing data-security risks and other issues.
