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AMERICAS
Billtrust, a B2B accounts receivable automation and integrated payments provider, announced that its stockholders voted to approve the definitive $1.7bn acquisition agreement with EQT.
Under the terms of the definitive merger agreement, EQT will acquire all of the outstanding shares of Billtrust common stock for $9.50 per share in cash. The transaction is expected to close on December 16, 2022.
NET Power, a clean energy technology company, agreed to go public via a SPAC merger with Rice Acquisition II, a special purpose acquisition company, in a $1.5bn deal. The transaction includes a PIPE investment from Occidental, 8 Rivers, Constellation and other investors.
"We have long believed that if you can use natural gas, generate reliable electricity, and capture the resulting emissions, you would change the world. For over a decade, NET Power has worked tirelessly to prove its game-changing technology, which we did through our demonstration facility in La Porte, Texas. Following the strategic investment and partnership with Baker Hughes to deliver key turbomachinery for future NET Power plants, this transaction properly capitalizes NET Power and enables the company to commercialize this revolutionary technology. The Rice Group is a logical strategic partner, and I am excited to hand the reins to Danny to lead NET Power," Ron DeGregorio, NET Power CEO.
NET Power is advised by Credit Suisse and Mintz Levin. Rice Acquisition II is advised by Barclays, Citigroup, Guggenheim Partners, Kirkland & Ellis and FleishmanHillard (led by Amy Rosenberg). Financial advisors are advised by Vinson & Elkins.
Vector Capital, a private equity firm, completed a $100m investment in Malwarebytes, an operator of a network security platform.
"Vector Capital's investment is a testament to the transformational work our team has done to evolve our best-in-class endpoint protection to comprehensive offerings for both individuals and organizations, while driving profitable growth. Importantly, Vector Capital shares our mission to protect those most vulnerable to cyberattacks through cutting-edge technologies and the power of community. We believe Vector Capital's collaborative approach and proven ability to help build global software businesses make them ideal partners in our ongoing efforts to build a safer digital world," Marcin Kleczynski, Malwarebytes Co-Founder and CEO.
First Bank, a New Jersey state-chartered bank with 18 full-service branches, agreed to merge with Malvern Bancorp, a bank holding company, in a $150m deal.
"We are excited to be combining with a financially strong and strategically well-positioned community bank. First Bank has an excellent track record and is successfully executing upon its vision to be a premier community bank focused on high-touch customer service throughout the New York City to Philadelphia corridor. Importantly, First Bank shares Malvern Bank's vision of providing customers with a rewarding banking experience and the combined company will be well-positioned to enhance the products and services already provided to our customers. We believe this strategic combination will benefit all the stakeholders of the combined company and we look forward to working closely with First Bank's team to complete the transaction," Anthony Weagley, Malvern Bancorp President and CEO.
Malvern Bancorp is advised by Piper Sandler and Holland & Knight. First Bank is advised by Hovde Group and Luse Gorman.
Coral Tree Partners, a Los Angeles-based media and entertainment-focused private equity firm, completed the acquisition of AMI Entertainment Network, a digital jukebox business that provides tech-driven in-venue digital music and video entertainment and advertising content to the bar and restaurant industries, from The Gores Group, a global investment firm. Financial terms were not disclosed.
"AMI leads the industry in innovation and customer service, and we're poised to continue this strong momentum as we expand into new areas. We are grateful to the Gores team for their support over the years as they have helped us build a strong foundation for future growth. Looking ahead, we are excited to leverage Coral Tree's deep industry expertise for the benefit of our customers," Mike Maas, AMI Entertainment CEO.
Coral Tree Partners was advised by Kirkland & Ellis. The Gores Group was advised by Solomon Partners, Stephens, Foley Hoag and FGS Global (led by Cassandra Bujarski).
Mobile Infrastructure, a parking asset owner, agreed to go public via a SPAC merger with Fifth Wall Acquisition III, a special purpose acquisition company, in a $550m deal. The transaction includes a PIPE investment from No Street Capital.
"Today marks an important step in our path towards creating a next-generation publicly-listed parking platform. Fifth Wall's vast expertise bridging the gap between analog businesses and technologies, combined with their network of limited partners who represent the world's top real estate owners and operators, make them an integral partner in our next growth phase," Manuel Chavez, MIC CEO and Chairman.
MIC is advised by B. Riley FBR, Keating Muething & Klekamp and Venable. Fifth Wall is advised by Gibson Dunn & Crutcher.
Flowers Foods, a producer and marketer of packed bakery food, agreed to acquire Papa Pita Bakery, a manufacturer and distributor of high-quality bagels, tortillas, breads, buns, English muffins, and flat breads. Financial terms were not disclosed.
"Papa Pita began as a family business and is an inspiring example of the American dream. Its leaders have grown the company strategically through product and category expansions. Additionally, its focus on exceptional product quality and operational excellence aligns strongly with the Flowers culture. Papa Pita has been an important co-manufacturer of Flowers products for many years, and I'm thrilled about the opportunity to realize manufacturing and distribution synergies, in addition to expanding our geographic reach and welcoming the passionate Papa Pita team to Flowers," Ryals McMullian, Flowers Foods President and CEO.
Papa Pita Bakery is advised by Bank of America and Kirton McConkie. Flowers Foods is advised by Deutsche Bank and Jones Day (led by William Zawrotny).
Gemspring Capital, a middle-market private equity firm, completed the investment in Amplix, a provider of technology advisory services and software. Financial terms were not disclosed.
"We are extremely proud of the impressive legacies that ROI, Blue Front, and allConnex have built in New England. Bringing the combined talent and resources of these three organizations together as Amplix empowers us to deliver greater value to our customers throughout the full lifecycle of their technology investments. Gemspring is the ideal partner to help us through our next phase of growth, given their deep industry knowledge, operational expertise, and M&A track record," Joe DeStefano, Amplix CEO.
Amplix was advised by Bank Street Group and Nixon Peabody. Gemspring Capital was advised by Kirkland & Ellis.
Strategic Resources, a mineral exploration and development company, agreed to acquire BlackRock Metals, a mining company, for $140m.
"This Transaction is the third step in the Company's mission to add large-scale vanadium resources in Tier 1 global jurisdictions. The combination of these assets provides a path to being a globally significant producer and will help unlock value for shareholders. Our team is extremely excited to welcome BlackRock's shareholders as large institutional shareholders and long-term partners of the Company," Scott Hicks, Strategic Resources CEO and Director.
Strategic Resources is advised by Cormark Securities.
Energywell, an energy technology company, completed the acquisition of Think Energy, a market retail electricity affiliate. Financial terms are not disclosed.
"We are thrilled to acquire the Think Energy business as we see tremendous value in its strong brand name and broad operating footprint. We intend to rapidly deploy our proprietary technology platform and sales channels upon closing the acquisition as we see an opportunity to provide great customer value given the return of commodity market volatility and expected high utility prices this winter and beyond," Michael Fallquist, Energywell Director & Co-CEO.
Think Energy was advised by Baker Botts.
Megacable Holdings rejected an offer by Grupo Televisa, a Spanish-language broadcaster, to purchase a 55% stake in the Mexican cable and internet provider, arguing its current business plan offers better prospects, Bloomberg reported.
Megacable received an unsolicited offer on November 14. The Guadalajara, Mexico-based company rejected the offer and informed Televisa of its decision on Monday, adding that the business isn't for sale.
Chevron, an American multinational energy corporation, and Baseload Capital, a specialized investment entity that funds the deployment of heat power worldwide, agreed to form a joint venture to develop geothermal projects in the United States. Financial terms were not disclosed.
The two companies will collaborate on driving geothermal opportunities – including identifying the best prospects for development, operations and progressing the next generation of geothermal technologies from pilot to commercial scale. Through this agreement, Chevron and Baseload Capital will work together to create awareness around geothermal energy which will be a critical supply option for renewable energy.
Harrow enters into agreement to acquire exclusive US rights to Ilevro, Nevanac, Vigamox, Maxidex, and Triesence.
Harrow, an eyecare pharmaceutical company exclusively focused on the discovery, development, and commercialization of innovative ophthalmic therapies, announced that it has entered into a binding agreement for the acquisition of the exclusive US commercial rights to five FDA‑approved ophthalmic products from the Novartis group of companies .
“This is a landmark transaction for Harrow, catapulting Harrow into a leadership position in the US ophthalmic pharmaceuticals market. Following the satisfaction of the relevant closing conditions, these products will be immediately accretive to our revenues and excellently complement our current portfolio of ophthalmic prescription products," Mark L. Baum, Harrow Chairman and CEO.
Embraer in talks to sell regional jets to Singapore air unit.
Embraer is in talks with Singapore Airlines to supply its Scoot unit with regional jets, giving the low-cost subsidiary a smaller aircraft capable of serving more destinations in the region.
The airline is considering the Brazilian planemaker’s E-jets, which typically seat 80 to 146 passengers, on services within Southeast Asia. Any potential order could eventually swell to as many as 50 aircraft over time. Talks are still ongoing and an agreement isn’t certain, Bloomberg reported.
VSS Capital Partners closes VSS SC fund IV at hard cap of $530m. (FS)
VSS Capital Partners, a private investment firm that targets the healthcare, education, and business services industries, announced the successful final close of VSS Structured Capital Fund IV at $530m, exceeding its target of $400m. The fund received strong support from existing as well as new institutional investors, including insurers, pensions, asset managers, foundations, endowments and select family offices.
“The current inflationary and recession-prone market environment bodes particularly well for structured capital funds, given the dilutive nature of many equity-only solutions that become less attractive in recessionary environments. Coupled with our differentiated sector focus, decades of experience and strong industry relationships, we are confident about the opportunities that lay ahead to deploy capital for this fund,” Jeffrey Stevenson, VSS Managing Partner.
US Venture Partners raises $400m early-stage venture capital fund. (FS)
US Venture Partners, a premier Silicon Valley venture capital firm, announced the closing of USVP XIII, a $400m fund focused on Series A and B investments. The new fund continues USVP’s successful early-stage investment franchise, building companies in cybersecurity, enterprise software, consumer and healthcare.
“Our limited partners count on us to give them exposure to some of the fastest-growing and most-innovative companies in our areas of focus, and we are pleased to continue delivering that with USVP XIII. We have extended our multi-decade track record of success with exceptionally strong performance in recent years. From 2020 to present, USVP funds have distributed $1.1bn to our investors. 2022 will mark the eleventh consecutive year in which USVP distributions to limited partners exceeded called capital," Rick Lewis, USVP General Partner.
EMEA
EQT Partners, a global investment organization, agreed to acquire va-Q-tec, a pioneer in highly efficient products and solutions in the area of thermal insulation and TempChain logistics, for c. €350m ($370m).
"Va-Q-tec's success over the past two decades has been predicated on two core principles: a strong focus on innovation and a spirit of collaboration. EQT shares these values, with its foundation in the tradition of the Wallenberg family, where responsible ownership is a key principle. In EQT, we have found an entrepreneurial and financially strong partner that has built a reputation for working together with well-positioned medium-sized companies to drive sustainable growth. In the interests of our employees, customers and shareholders, we welcome the agreement with EQT," Joachim Kuhn, va-Q-tec Founder and CEO.
va-Q-tec is advised by ParkView Partners, Hogan Lovells and Cometis. EQT is advised by UBS, Milbank and Kekst CNC.
Tandem Diabetes Care, an American medical device manufacturer based in San Diego, agreed to acquire AMF Medical, a medical equipment manufacturer in Saint-Sulpice, Switzerland, for up to $216m.
"This acquisition supports our commitment to drive growth through innovation, as AMF Medical has novel technology and a shared passion for creating easy-to-use solutions to improve the lives of people with diabetes. Our portfolio approach to diabetes care is designed to bring the benefits of advanced insulin pump therapy to more people worldwide, utilize our expertise in automated insulin delivery technology and data management, and leverage our commercial infrastructure to create shareholder value," John Sheridan, Tandem Diabetes Care President and CEO.
AMF Medical is advised by SVB Securities and Homburger (led by Andreas Müller). Tandem Diabetes Care is advised by Baker McKenzie.
Sumeru Equity Partners, a technology-focused growth capital firm, led a $170m funding round in Zappi, a consumer insights platform designed for creators.
"Zappi has a bold vision for the future: we want to digitize consumer insights for every enterprise. Today, only 3% of the market research industry is digitized. The other 97% is controlled by service-based incumbents that are slow, expensive, analog, and don't fit the needs of creators. We're driving innovation in the century-old industry with a platform that acts as a single source of truth for the modern enterprise, where creators have the right insights at their fingertips to inform every decision. Sumeru's experience in high-growth, innovative SaaS businesses and commitment to people and growth culture made them the perfect partner to help us achieve this ambitious vision," Steve Phillips, Zappi CEO.
Zappi is advised by Jefferies & Company. Sumeru is advised by Lincoln International.
Euroclear, a provider of post trade services, agreed to acquire Goji, a provider of investor platform technology and services. Financial terms were not disclosed.
"Our partnership with Goji supports our ambition to enter the private markets space. We see a strong demand from the market for more scalable and digitalized solutions and given the opportunities, it makes perfect sense to add this capability to our portfolio of services. One year after the MFEX acquisition, this new investment fully supports our global funds strategy to be a leading platform across all fund asset classes," Lieve Mostrey, Euroclear Group CEO.
Sminex, a real estate investment firm, agreed to acquire Inteko, a luxury real estate developer, from Trust Bank, a retail bank, for $600m.
"The sale price is fully in line with our expectations. Moreover, despite the high turbulence in the economy and the cautious behaviour of major investors, we closed the deal at a price even higher than we had planned," Alexander Sokolov, Trust Bank President.
Holcim Russia management agreed to acquire the unit from Holcim, an innovative and sustainable building solutions provider. Financial terms were not disclosed.
This divestment completes Holcim’s market exit from Russia in line with the company’s values to operate in the most responsible manner. The Russian business has been deconsolidated since March 2022 when the company decided to exit the Russian market. Holcim remains committed to supporting its employees throughout this process and ensuring an orderly transfer for its customers and relevant parties.
Deutsche Bahn nears decision on sale of $21bn unit.
Germany’s Deutsche Bahn is nearing a decision to look into selling its DB Schenker logistics unit after contemplating for months about a deal that could value the division at around €20bn ($21.3bn).
The railway company’s supervisory board is expected to approve exploring a complete or partial sale of the business at a meeting, Bloomberg reported.
ADQ in talks to buy a stake in Israel's Phoenix Group. (FS)
A consortium led by Abu Dhabi state holding firm ADQ is in advanced negotiations to acquire a controlling stake in Israeli financial firm Phoenix Group in a deal valued around $2.7bn.
US private investment firms Centerbridge Partners and Gallatin Point Capital, which hold 33.4% of the Israeli firm, are in talks to sell about 25%-30% of the company to the Abu Dhabi funds.
Golding Buyout Co-Investment fund significantly oversubscribed at final closing of $289m. (FS)
Golding Capital Partners announced the final close of the fund Golding Buyout Co-Investment 2020 with commitments of $289m. Strong demand, especially from existing investors, meant that the original target of $211m was comfortably exceeded.
In addition to traditional Golding clients such as German pension funds, savings banks and insurance companies, new international clients were also convinced by the product, particularly family offices.
APAC
Wellous, a fast-growing Asia-based international nutrition company that develops, manufactures, markets and sells health and wellness products, agreed to go public via merger with Kairous Acquisition, a publicly traded special purpose acquisition company, in a $270m deal.
"Over the past decade, I have evaluated over a thousand fast-growing companies in Asia, and I believe that Wellous is a hidden gem. The company understands the high-growth consumer wellness and nutrition industry in Asia, and successfully found the right brand story, products and marketing strategy to serve rising middle-income consumers. By innovatively leveraging on social techpreneurs and supporting them with its proprietary tech stacks, Wellous' business model is highly scalable across different markets. Wellous is a testament to the global investor community that Southeast Asia companies are capable of being profitable while maintaining high growth. With the Proposed Transaction, we strongly believe Wellous will grow stronger and increase its brand recognition internationally," Joseph Lee, Kairous CEO.
Wellous is advised by Robinson+Cole and ICR (led by Michael Bowen). Kairous is advised by Chardan and Loeb & Loeb.
Orient Group, a Chinese conglomerate, agreed to acquire a 25% stake in United Energy, a Chinese oil & gas exploration and production company, for $723m.
Orient Group's unit will set up an overseas special purpose vehicle for the planned acquisition, it said in a filing posted on the Shanghai stock exchange.
TPG Capital, an American investment company, agreed to acquire the housing finance unit of Poonawalla Fincorp, a Pune-based non-banking financial company, for $473m.
"Post an exhaustive strategic review of the proposals, the board decided that complete stake sale would be in the best interest of both the entities and all stakeholders considering the different customer segments, geographies, and distribution model," Poonawalla Fincorp.
NTPC to sell stake in green energy business. (FS)
NTPC aims to sell a 20% stake in its green energy business this fiscal year, expecting to raise up to $364m.
The deal marks the first green transaction by an Indian state company, which has drawn interest from investors, such as Canada Pension Plan Investment Board, Malaysia’s Petronas and Brookfield, DealStreetAsia reported.
MUFG in talks to invest $200m in ant-backed Indonesia fintech Akulaku.
Mitsubishi UFJ Financial Group is in talks to invest about $200m in Akulaku, an Indonesian online lender backed by Jack Ma’s Ant Group, Bloomberg reported.
MUFG, as Japan’s biggest lender is known, is negotiating the terms of a potential financing for Akulaku as it seeks to expand its presence in the Southeast Asian nation. The funds could give the startup a valuation of around $1.5bn.
GoTo sells stake in store operator Alfamart.
GoTo Group, an Indonesian holding company, sold a stake in Indonesian convenience store operator Alfamart to focus on its main internet businesses and assuage investor concerns, Bloomberg reported.
The Jakarta-based ride-hailing and e-commerce company sold the stock for a total of $96m. GoTo made a "significant gain" on the minority investment, Chief Financial Officer Jacky Lo said.
JTA Holding to lead Investree's Series D funding round. (FS)
Indonesia peer to peer lending company Investree has announced plans to close its Series D funding round in January next year. Qatar conglomerate company JTA International Holding will be leading the round, DealStreetAsia reported.
The amount of funding can’t be disclosed at this moment in keeping with regulations of the Qatar government, CEO and co-founder of Investree Adrian Gunadi said in a media statement.
Oregon pension commits $315m to CVC Asia VI, GGV Capital funds. (FS)
Oregon Investment Council, which oversees the $94bn Oregon Public Employees Retirement System, has made a combined $165m commitment to Luxembourg-based private equity CVC Capital Partners’ sixth Asia fund, per the council’s recent board meeting.
The commitments included $150m from the pension fund and another $15m from the Common School Fund, which was made in September, DealStreetAsia reported.
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