Nuvei US, payments technology firm, to acquire SafeCharge International Group in an all-cash deal for $889m.
The acquisition takes place in order to expand in the fast-growing electronic payments industry.
SafeCharge shareholders would receive $5.55 in cash for each share held, representing a 25% premium to the stock’s closing price.
"SafeCharge is the payment technology partner for the world's most demanding businesses. Nuvei is one of the leading providers of technology-driven payment solutions to merchants and technology and distribution partners, primarily in the United States and Canada. Both companies have built strong positions in the payment sector in their respective markets, with minimal geographic, customer or industry overlap." David Avgi, SafeCharge Chief Executive Officer.
Credit Suisse and Shore Capital are acting as financial advisers for Nuvei and SafeCharge, respectively.
Walnut Bidco, owned by Jochnick family announced a public offer to the shareholders of Oriflame to tender all shares in Oriflame to Walnut Bidco at a price of SEK227 ($23) in cash per share while also stating that the offer price will not be increased. The offer values at $1.3bn.
Being participants in the Offer, Alexander af Jochnick, Anna of Jochnick and Robert af Jochnick have not participated and will not participate in the Board’s evaluation of or resolutions concerning the Offer.
The Committee will now review the Offer with its advisors and obtain a fairness opinion. The Committee will announce its opinion regarding the Offer no later than two weeks prior to the expiry of the acceptance period for the Offer.
The af Jochnick family controls 31% of the shares in Oriflame.
Oriflame was advised by Carnegie, Morgan Stanley, Vinge and Walter Wyss.
Aurubis acquired of the Metallo to continue actively pursuing its recycling strategy for $424m.
Metallo Holdings is owned by funds managed by TowerBrook Capital Partners, a leading transatlantic investment firm. Metallo is a recycling and refining company that specializes in recovering non-ferrous metals from recycling materials with lower metal contents.
The acquisition of Metallo, with its attractive growth potential, strengthens Aurubis’ metal portfolio, especially in the key metals copper, nickel, tin, zinc, and lead. The Metallo Group complements the investment project Future Complex Metallurgy, with which Aurubis will process a higher volume of complex input materials.
“I am pleased to be able to announce this positive news shortly after joining Aurubis. In the course of taking over my new duties, I was already able to deal intensively with Metallo and, in close cooperation with my colleagues on the Executive Board and the project team, I was able to implement the decision to acquire it promptly as an important step in the implementation of the recycling strategy.” Roland Harings, Aurubis Deputy Chairman of the Executive Board.
Amgen to buy Nuevolution for $167m.
Amgen, the world’s largest biotechnology company, agreed to buy Scandinavian biopharmaceutical company Nuevolution for kr1.61bn ($167m) to boost its position in drug discovery.
Nuevolution has a patent-protected drug research platform to identify small-molecule drug candidates to be taken as pills against cancer and inflammatory diseases.
Amgen, which is grappling with competition to its new migraine treatment Aimovig and cholesterol fighter Repatha, said it had collaborated with Nuevolution since 2016 and that it had exercised opt-in rights for two cancer treatment approaches that have emerged from the alliance.
Amgen was advised by Sullivan & Cromwell.
Pret A Manger acquired British food and drink retailer, EAT. Financial terms were not disclosed.
Pret plans to convert as many of EAT’s shops as possible to “Veggie
Prets.” This acquisition is expected to significantly accelerate the growth of this brand.
“The purpose of this deal is to serve a growing demand of vegetarian and vegan customers who want delicious, high-quality food and drink options. We have been developing the Veggie Pret concept for over two years and we now have four hugely successful shops across London and Manchester. The acquisition of the EAT estate is a wonderful opportunity to turbo-charge the development of Veggie
Pret and put significant resources behind it.” Clive Schlee, Pret CEO.
Pret A Manger was advised by Skadden Arps Slate Meagher & Flom and PwC. EAT was advised by Spayne Lindsay and Travers Smith.
OpenGate, a global private equity firm, announced that it has completed the acquisition of SMAC, a global manufacturer of waterproofing and building envelope solutions, from Colas. Financial terms were not disclosed.
SMAC operates across two divisions: Travaux and Industrie. SMAC Travaux specializes in waterproofing solutions typically utilized on flat roofs structures and facades. SMAC Industrie manufactures bituminous membranes, skylights and resins. As one of the largest players in the segment, SMAC has a dedicated service and maintenance business, SMAC Assistance Service, and Essemes Services, focused on fire safety maintenance.
“The building and construction sector continues to present many opportunities across Europe and North America that are well suited for OpenGate. With the investment in SMAC, we are incredibly proud to continue building on our strategy within the lower middle market, and we welcome the business and its many employees into the portfolio of our second institutional fund.” Andrew Nikou, OpenGate Founder and CEO.
Colas Group was advised by Rothshild & Co and UGGC & Associes. OpenGate was advised by BDGS Associes and Sitrick and Company.
EMK, a UK based private equity firm to acquire Covidence from Montagu, a leading European private equity firm. Financial terms were not disclosed.
Covidence is the global technology leader in the niche professional market of miniature covert video and audio surveillance equipment. The business was founded in 2007 and is based in Rønde, Denmark. Montagu led the buyout of Covidence in 2015.
Over its four years of ownership, Montagu has helped the business to grow its top line through the development of new products and platforms, and by enhancing the go-to-market strategy. Covidence achieved double-digit annual sales growth over the period from 2015 to 2018.
Covidence and Montagu was advised by William Blair.
Seko, Italian group specialising in dosing pumps has acquired Brightwell Dispensers, designer and manufacturer of branded professional hygiene equipment, and chemical dispensing and dosing systems. Financial terms were not disclosed.
"This transaction is strategically important for both Seko and Brightwell. I have no doubt that Brightwell will enhance Seko's offering, and help them continue their plans for global growth. Castle was hugely instrumental at every stage of the transaction, helping to keep everyone on track, and always remembering the commercial reasons for why the deal was important to the principals, on both sides of the table. I am so grateful to Victoria, whose knowledge and patience kept me going throughout." Stephen Woolmer, Brightwell Dispensers CEO.
The Brightwell shareholders were advised by Castle Corporate Finance, Mayo Wynne Baxter Solicitors, Knill James Chartered Accountants, and Tim Lyle of Lamont CF. Seko was advised by Fladgate and PwC.
Solabia acquired Algatech, a global innovation leader in the development, cultivation and commercialisation of ingredients delivered from microalgae and used by leading food supplement, food and cosmetic brands worldwide. Financial terms were not disclosed.
“Following our acquisition of Algues & Mer in 2016, this investment will allow us to further strengthen our position in the nutrition and food supplement markets. We are looking forward to working with Algatech and its accomplished team to accelerate the growth of its current product portfolio, as well as to develop new algae-based products for the cosmetics and pharmaceuticals industries." Gerard Josset Solabia, Chief Executive Officer.
Algatech was advised by Mishcon de Reya, Yigal Arnon & Co. Solabia Group was advised by Herzog Fox & Neeman and Latham & Watkins.
AnaCap, the specialist European financial services private equity firm has acquired a majority stake in SundhedsGruppen, which consists of Dansk Sundhedssikring, a leading independent Danish private health insurance provider, and PrimaCare a quality provider of healthcare networks. Financial terms were not disclosed.
“By combining technology with industry expertise and a unique customer proposition, we have built a fast-growing business aiming to grow internationally and into other related industry verticals." Klaus Busch, SundhedsGruppen Chairman.
AnaCap was advised by Deloitte, Carey Olsen and Plesner. Sunhedsgruppen was advised by Nordic M&A, Omera Consulting and Moalem Weitemeyer Bendtsen.
DMH, engaged in investment in small and medium-sized companies of the German ‘Mittelstand‘ across industries, acquired WT Systems, the IT services provider. Financial terms were not disclosed.
WT Systems core competency lies in the conception and implementation of IT rollouts and IT service projects as well as complementary consulting.
Lone Star is preparing Isaria for a potential sale or stock market listing.
Lone Star, a buyout group, is preparing Isaria, German residential property developer, for a potential sale or stock market listing in the autumn,
Reuters reported.
The investor is aiming for a valuation of roughly €500m ($558m) for the company which it bought in a 2016 deal at a valuation of €107m ($119m), and which it shortly thereafter propped up with a €53m ($59m) cap hike.
Lone Star is advised by VictoriaPartners.
Italy imposes restrictions on Sky over Mediaset pay-TV deal.
Sky’s Italian will got a three-year ban on the unit from distributing exclusive contents on its online video-streaming service platform from Italy’s antitrust regulator.
The move follows a deal between Sky Italia and Italy’s biggest commercial broadcaster, Mediaset, which the regulator said would further limit competition in a market where Sky Italia is already a dominant player,
Reuters reported.
Mediaset said last year it was selling its digital terrestrial pay-TV assets, known as R2, to Sky Italia as part of a broader content agreement between the two broadcasters.
The two companies agreed last month to partially cancel the sale, citing the unlikelihood that the watchdog would approve the deal without setting conditions,
Bloomberg reported.
Raifaissenbank seeks acquisitions in Croatia to boost its market share.
Austria’s Raiffeisenbank is looking to make acquisitions in Croatia as organic growth alone will not be sufficient to boost its market share in the country, the CEO of the lender’s Croatian unit said.
“Our basic approach is organic growth through a high quality of service. However, organic growth will not be enough to increase market share in a market with limited growth potential,” Michael Georg Mueller told
Reuters.
Generation Investment Management closed its $1bn Generation IM Sustainable Solutions Fund III.
Generation Investment Management, UK-based private equity firm, has announced the close of its $1bn Generation IM Sustainable Solutions Fund III that will invest in growth-stage companies.
According to a statement, the new fund, which is Generation’s third and largest in its Growth Equity strategy, sits alongside its established public equity strategy. The PE firm will make minority investments of $50-150m from its latest fund in innovative companies. The Generation Sustainable Solutions Fund will focus on investments in growth-stage businesses with well-established technology and commercial traction in three areas — planetary health, people health and financial inclusion,
DealStreetAsia reported.
Under the terms of the merger, ISC shareholders will be entitled to receive $45 in cash, without interest, for each share of ISC Class A Common Stock and ISC Class B Common Stock held immediately prior to the effective time of the merger.
The transaction, which is expected to close in the calendar year 2019, is conditioned on the approval of a majority of the aggregate voting power.
International Speedway Corporation is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. ISC owns and/or operates 13 of the nation's major motorsports entertainment facilities including Daytona International Speedway® in Florida (home of the DAYTONA 500®). ISC also owns and operates Motor Racing NetworkSM, the nation's largest independent sports radio network.
International Speedway was advised by Dean Bradley Osborne Partners, Wachtell, Lipton, Rosen & Katz and Saul Ewing Arnstein & Lehr. Nascar was advised by Goldman Sachs & Co and Baker Botts.
Riverside, a private equity firm, has acquired Naturally Slim, a digital health platform focused on helping participants reduce Metabolic Syndrome, lose weight and lead healthier lives. Financial terms were not disclosed.
Naturally Slim is a clinically proven solution that drives behavioural changes to deliver long-lasting results, including sustained weight loss and a reversal of Metabolic Syndrome risk factors that can lead to serious health conditions, like type 2 diabetes, heart disease and many forms of cancer. The company’s scalable, self-paced digital program utilises the latest behavioural health and teaching concepts to make weight loss achievable for all participants. The company primarily serves self-insured employers helping them create healthier employee populations.
“We are thrilled to be working with an already-impressive management team that addresses one of the nation’s biggest health issues. Weight gain has become a nation-wide epidemic, affecting more than 70% of adults. Naturally, Slim’s services not only assist in weight loss but also reduce the factors that contribute to high-risk diseases.” Suzy Kriscunas, Riverside Managing Partner.
Bison, water infrastructure, logistics and solutions provider, completed the acquisition of Cobalt, a leading operator of oilfield wastewater disposal and hydrocarbon extraction facilities in the region, from Blue Sage, private equity company. Financial terms were not disclosed.
“Given our extensive experience in oilfield and environmental services, our Blue Sage deal team was able to create what we believe is a successful company from scratch during the last five years by leveraging our prior experience as well as the support of Cobalt’s Chairman John Barnidge. The Cobalt investment represents the third time that we have successfully partnered with John.” Peter Huff, Blue Sage Managing Member.
Cobalt and Blue Sage was advised by Queen Saenz + Schutz.
Frontier, private equity firm focused exclusively on B2B software, has made a strategic growth investment in Phone2Action, a digital advocacy platform that connects citizens to lawmakers. Financial terms were not disclosed.
“People today are highly motivated to advocate for social issues and initiatives that matter to them. However, the process for advocating has historically been a cumbersome and confusing experience. Frontier is excited to partner with the Phone2Action team in supporting their impressive growth while continuing to deliver best-in-class advocacy software to its customers and their end-users.” Andrew Lindner Frontier, co-founder and Managing Partner.
Phone2Action was advised by Lightning Partners.
Natura Cosmetics, a personal care holding company, has engaged in discussions with Avon Products, provide innovative, quality beauty products which are primarily sold to women, through women, concerning a potential transaction involving both companies.
Natura Cosmetics and Avon confirm that they are in advanced discussions, concerning a potential acquisition of Avon, to acquire Avon by means of an all-share merger, that would result in the combination of the businesses, operations and shareholding bases of Natura and Avon.
Natura Cosmetics was advised by David Polk & Wardwell.
LPL Financial Holdings has acquired Allen & Company of Florida, a broker/dealer and registered investment adviser. Financial terms were not disclosed.
Allen & Company employs approximately 30 advisors and serves approximately $3bn of client assets. Allen & Company client assets will onboard with LPL’s custodial platform.
“We are focused on M&A opportunities that align with us strategically, operationally and financially, and Allen & Company is a great fit on all fronts. The firm is made up of great advisors with values similar to ours who are focused on making a positive difference in the lives of their clients, employees and the communities they serve. We look forward to working with Allen & Company on the next phase of their growth leveraging LPL’s capabilities and platform.” Dan Arnold, LPL Financial president and CEO.
Wynn Resorts ceases talks with MGM to sell $2.6bn Massachusetts casino.
Wynn Resorts said that the company has decided to stop talks with MGM Resorts International to sell its Encore Boston Harbor casino,
Reuters reported.
“After careful consideration, we have agreed to cease discussions with MGM Resorts,” Las Vegas-based Wynn said in a statement, adding it is still committed to opening and operating the 671-room casino.
The two companies announced last week that Wynn Resorts was in talks to sell its nearly finished $2.6bn Encore Boston Harbor casino in Everett, Massachusetts, to rival MGM.
AppHarvest closes Series A funding and secures $82m investment from Equilibrium Capital to build Eastern Kentucky greenhouse.
AppHarvest has closed an $82m deal with Equilibrium Capital to build the company’s 60-acre greenhouse in Morehead, Kentucky. Besides, ValueAct Spring Fund has led the company’s Series A, with existing investor Revolution’s Rise of the Rest Seed Fund also participating.
AppHarvest’s first controlled-environment agriculture facility will be built in Morehead, Kentucky, and create 285 full-time permanent jobs, as well as 100 construction jobs. The facility will grow tomatoes and cucumbers to be distributed to America’s top grocers by distribution partner Mastronardi Produce.
“The 60-acre, state-of-the-art facility will be one of the most sustainable, efficient and technologically advanced greenhouses of its kind. This is a significant milestone for Kentucky’s farming and food sectors,” Paul Mastronardi, President and CEO, and the fourth-generation family member to lead Mastronardi Produce, which will distribute the produce to America’s top grocers.
CVR Energy considers putting itself on sale. (FS)
CVR Energy is considering options including putting itself up for sale, seven years after billionaire investor Carl Icahn took control of the US oil refiner.
The Texas-based company said that it has retained Bank of America Merrill Lynch as a financial adviser. It also inked a deal to sell its 1.5m-barrel storage terminal and related assets in north-central Oklahoma to Plains All American Pipeline for about $36m.
Vista’s sale of Omnitracs in the second round.
The sale of Omnitracs, which is backed by Vista Equity Partners, has hit the second round. A handful of private equity firms, including Goldman Sachs, are bidding for the company.
Vista Equity hired Evercore to explore a sale. Omnitracs has approximately $450m in revenues. The company was said to be generating $150m in EBITDA and could fetch $2.5bn in a deal.
