Newcrest Mining, an Australian-based corporation that engages in the exploration, development, mining and sale of gold and gold-copper concentrate, agreed to acquire Pretium Resources, an intermediate gold producer, for $2.8bn.
"The acquisition of Pretivm by Newcrest is an outstanding opportunity for the company and its shareholders, employees, First Nations partners and the local communities in northwest British Columbia. The transaction delivers an immediate and compelling premium for Pretivm shareholders that reflects the excellent work of our employees and contractors in developing and operating the Brucejack gold mine, while also offering an opportunity to benefit from potential upside as Newcrest shareholders," Jacques Perron, Pretium President and CEO.
Pretium Resources is advised by BMO Capital Markets, Citigroup, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Longview Communications. Newcrest Mining is advised by Lazard, RBC Capital Markets and McCarthy Tetrault.
Gamut Capital, a New York-based middle market private equity firm, agreed to acquire Davis-Standard, a supplier of extrusion and converting systems and related aftermarket products and services for the rigid packaging, flexible packaging and infrastructure end-markets, from ONEX, an investment manager. Financial terms were not disclosed.
"We are excited to partner with the Gamut team during this next phase of Davis-Standard's long history as a provider of highly engineered solutions to an extensive base of industry-leading customers. The resources Gamut brings to this investment will enable us to not only accelerate growth within our markets but also transform Davis-Standard into a leading, value-added global process solutions business. We achieved great growth and performance under ONCAP's successful ownership and look forward to leveraging the strong foundation we built as we move into our next phase of growth," Jim Murphy, Davis-Standard CEO.
Davis-Standard is advised by Jefferies & Company and Robert W Baird. Gamut Capital is advised by BMO Capital Markets, Stifel, Kirkland & Ellis and Prosek Partners. Debt financing is provided by BMO Capital Markets and Stifel.
springbig, a provider of marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs in the cannabis industry, agreed to go public via merger with Tuatara Capital Acquisition, a publicly-traded special purpose acquisition company, in a $500m deal. The merger includes a $13m fully committed Class A common stock PIPE anchored by Tuatara Capital and existing investors, including TVC Capital, Key Investment Partners, and springbig's Founder and CEO Jeffrey Harris.
"In the rapidly evolving cannabis industry, with numerous regulations and restrictions, springbig has emerged as a market leader in direct-to-consumer marketing and engagement. springbig's technology platform drives loyalty and customer engagement, and in this regulated environment, a high level of engagement is crucial for cannabis retailers and brands to reach their customers in an increasingly competitive market. The extremely talented and experienced team at springbig has harnessed the technologies necessary to address this market opportunity, and they are well-positioned for long-term, sustainable growth as new states progress legalization frameworks and with the potential for Federal cannabis policy reform on the horizon," Al Foreman, TCAC CEO.
springbig is advised by Jefferies & Company and Benesch Friedlander Coplan & Aronoff. TCAC is advised by Cantor Fitzgerald, Davis Polk & Wardwell, Dentons and Mattio Communications.
Reverence Capital Partners, a New York-based investment firm, agreed to invest in Ministry Brands, a provider of cloud-based software, payments solutions, services and information platforms for churches, ministries and those they serve. Financial terms were not disclosed.
"We are excited to collaborate with the team at Reverence Capital Partners as we take Ministry Brands into its next phase of growth. The level of expertise and experience they bring to our organization will help accelerate our growth strategies and further support faith-based organizations as they continue reimagining operations, funding, and community engagement in integrated digital environments," Pat O'Donnell, Ministry Brands CEO.
Ministry Brands is advised by Credit Suisse, Financial Technology Partners, William Blair & Co and Willkie Farr & Gallagher. Reverence Capital is advised by Raymond James and Kirkland & Ellis.
General Electric, an American multinational conglomerate incorporated in New York State, is set to spin-off GE Healthcare and GE Renewable Energy, Power and Digital into public companies.
“At GE we have always taken immense pride in our purpose of building a world that works. The world demands—and deserves—we bring our best to solve the biggest challenges in flight, healthcare, and energy. By creating three industry-leading, global public companies, each can benefit from greater focus, tailored capital allocation, and strategic flexibility to drive long-term growth and value for customers, investors, and employees. We are putting our technology expertise, leadership, and global reach to work to better serve our customers,” H. Lawrence Culp, GE Chairman and CEO.
USHG Acquisition, a special purpose acquisition corporation, agreed to invest in Panera Brands, a privately held company that owns Panera Bread, Caribou Coffee and Einstein Bros. Financial terms were not disclosed.
“Under CEO Niren Chaudhary’s leadership, Panera Brands embodies values consistent with HUGS and our Enlightened Hospitality roots, demonstrating that shareholder success is dependent on and driven by an employee-first stakeholder culture. Importantly, Panera Brands meets our investment criteria to combine with a purpose-driven business that is scalable and built for the long-term; a market leader whose greatest strength is its talent and heart; a company where people love to work and with which customers, suppliers and partners love doing business. We are excited to partner with Panera Brands alongside JAB," Danny Meyer, HUGS Chairman.
Panera Brands is advised by JP Morgan, Skadden Arps Slate Meagher & Flom and McDermott Will & Emery. USHG Acquisition is advised by Piper Sandler and Latham & Watkins. JAB Holdings is advised by Abernathy MacGregor Group.
Victory Capital, a diversified global asset management firm, agreed to acquire WestEnd Advisors, an independent institutional asset management firm, for $480m.
"The acquisition of WestEnd Advisors is very strategic and transformational to our business. It adds a high-quality and proven investment platform as well as a new product capability in a fast-growing market segment," David Brown, Victory Capital Chairman and CEO.
WestEnd Advisors is advised by PJT Partners and Alston & Bird. Victory Capital is advised by Bank of America, Willkie Farr & Gallagher and Financial Profiles.
Apollo, a global alternative asset manager, agreed to acquire Smart Start, a global provider of alcohol monitoring solutions. Financial terms were not disclosed.
"Smart Start is at the forefront of improving safety on the road through its innovative alcohol monitoring program. The company's global footprint and long-term growth prospects in vehicle-based and portable alcohol monitoring align with our strategy to drive measurable impact and financial returns at scale. We look forward to working closely with Matt Strausz and the Smart Start team to increase the impact of Smart Start's life-saving solutions," Joanna Reiss, Apollo Partner.
Smart Start is advised by Jefferies & Company and Kirkland & Ellis. Apollo is advised by William Blair & Co, Paul Weiss Rifkind Wharton & Garrison and Joele Frank.
ADT, a smart home and small business security provider, agreed to acquire Sunpro Solar, a solar power provider in the Gulf Coast, for $825m.
"With its strong focus on the customer, Sunpro is the perfect partner for ADT and a logical extension of our ecosystem, unlocking an integrated home experience that includes security, automation, and energy management. By combining a cash-flow-positive company in the high-growth solar space with ADT's trusted brand, national footprint, and cross-sell potential, we can expand offerings to our customers and accelerate growth for both ADT and ADT Solar," Jim DeVries, ADT President and CEO.
Sunpro Solar is advised by Deutsche Bank and Vinson & Elkins. ADT is advised by Citigroup and Morgan Lewis & Bockius.
FTV Capital, a sector-focused growth equity investment firm, led a $160m Series B round in Plate IQ, a restaurant and hospitality accounts payable automation and payments platform.
"As longtime investors in business automation and payments technology, it's exciting to see the rapid pace of innovation today across the AP automation and B2B payments landscape as digital platforms upend manual processes and legacy systems. With its unique approach of building vertically holistic, market-leading software, Plate IQ has proven its leadership in the restaurant and hospitality sectors and is well poised to serve new industries urgently seeking ways to automate back-office operations. Furthermore, the shift to digital B2B payments represents a tremendous growth opportunity, and we are thrilled to partner with Plate IQ as they continue to innovate," Rob Anderson, FTV Capital Partner.
Plate IQ was advised by Jones Day. FTV was advised by Gibson Dunn & Crutcher and Prosek Partners.
Speedway Motorsports, a marketer, promoter and sponsor of motorsports entertainment, agreed to acquire Dover Motorsports, one of the most unique venues on the NASCAR circuit, for $132m.
“While this marks the end of our 52 years as an independent operator in NASCAR, our future advancement is best secured by joining forces with a major player in the sport and we are happy to be able to become part of the Speedway Motorsports family and to be able to work with Marcus Smith as NASCAR embraces its future,” Denis McGlynn, Dover Motorsports President and CEO.
Dover Motorsports is advised by Raymond James and Faegre Drinker Briddle & Reath. Speedway Motorsports is advised by Parker Poe Adams & Bernstein.
Clearlake and TA Associates-backed Confluence, a global technology solutions provider, agreed to acquire Compliance Solutions Strategies, a global regulatory software developer. Financial terms were not disclosed.
"Confluence is pleased to welcome CSS to the team as we look to deliver on our growth strategy. We have long respected their SaaS-based solutions and admire their depth of in-house regulatory expertise. We see tremendous demand in this space as global regulators continue to refine and expand compliance and reporting obligations, furthering the need in the market for technology that streamlines operational efficiencies and drives scale. The CSS and Confluence offerings are highly complementary and together we will continue to deliver a truly innovative, end-to-end regulatory solution to our clients," Mark Evans, Confluence CEO.
Confluence is advised by Sidley Austin and Forefront Communications. Clearlake is advised by Lambert & Co.
NFP, a insurance broker and consultant that provides business and personal insurance, group benefits, retirement, and individual solutions, completed the acquisition of Foster Park Brokers, a insurance broker. Financial terms were not disclosed.
“We’ve been working to identify the right partner to expand into Western Canada and we’ve found that partner in Foster Park. Their excellent reputation, relationships and results across the region will accelerate our growth across Canada. In addition, Foster Park’s significant investments in industry-leading proprietary technology platforms that support long-term customer relationships will bring additional value to NFP’s clients in Canada," John Haas, NFP President.
Foster Park Brokers was advised by Sequeira Partners, DLA Piper and Bryan & Company. NFP was advised by Dentons.
Tenet, a diversified healthcare services company, agreed to acquire a portfolio of ambulatory surgery centers from SurgCenter Development, a developer of physician-owned ASCs, for $1.2bn.
“We are extremely pleased to announce this transformative transaction and partnership, which builds upon USPI’s position as a premier growth partner and SCD’s track record of developing high-quality centers with leading physicians. By welcoming these centers into our company, USPI will maintain its reach as the largest ambulatory platform for musculoskeletal services, a high-growth service line. We are also creating a pathway for further expansion through a partnership that pairs the expert development and operational capabilities of our two organizations," Saum Sutaria, Tenet Healthcare CEO.
Tenet Healthcare is advised by Goldman Sachs and Willkie Farr & Gallagher.
Insight Partners and Seraphim Space Investment Trust led a $145m Series D round in HawkEye 360, a commercial provider of space-based radio frequency data and analytics, with participation from Strategic Development Fund, the investment arm of UAE's Tawazun Holding, Jacobs, Gula Tech Adventures, 116 Street Ventures, New North Ventures, Advance, Razor's Edge, NightDragon, SVB Capital, Shield Capital and Adage Capital.
"HawkEye 360 is pleased to be welcoming phenomenal new partners to our world class investment family, all of whom share our vision of using revolutionary commercial RF-monitoring capabilities to produce positive impacts for humanity and the environment. As a new, well-backed space data and analytics company with a unique dual-use technology, we are ideally situated not only to create great value for the defense, intelligence and national security communities, but also to change the paradigm for organizations confronting complex challenges like illegal fishing, poaching, maritime smuggling and environmental degradation," John Serafini, HawkEye 360 CEO.
HawkEye 360 was advised by PJT Partners and WilmerHale.
Accel-KKR-backed ToolsGroup, a provider of supply chain planning and optimization software, agreed to acquire the demand management business of Mi9 Retail, an enterprise software provider. Financial terms were not disclosed.
"JustEnough and its talented and passionate team in retail are a perfect complement to ToolsGroup service-driven, highly-automated supply chain planning and optimization. Together, we're equipping retailers with a 360-degree supply chain view that is real-time, predictive and actionable. With our unique production-to-purchase planning engines and expertise, our customers can even more efficiently improve product availability and outperform the competition in managing today's volatile demand," Joseph Shamir, ToolsGroup CEO.
ToolsGroup is advised by Solomon Partners and Kirkland & Ellis.
Vertu Capital, a private equity firm specializing in fast-growing global enterprise software providers, completed the investment in PathFactory, a software development firm. Financial terms were not disclosed.
"PathFactory not only has a proven track record of success, but a clear launchpad to accelerate growth in a sector ripe for disruption. At Vertu, we are very selective in the companies we partner with, and PathFactory checks all the boxes - with scalable proprietary technology and a best-in-class management team," Lisa Melchior, Vertu Capital Founder and Managing Partner.
PathFactory was advised by Houlihan Lokey.
Instructure, an education technology company, agreed to acquire Kimono, a provider of cloud-based data integration and interoperability. Financial terms were not disclosed.
"We developed an adaptable, cloud-based platform that is the most comprehensive education interoperability solution available. Adding that technology to the Instructure Learning Platform will accelerate Instructure's plans to provide broad support and deeper integration points to the platform for thousands of edtech providers globally. As a result, schools and higher education institutions will be further empowered to craft the digital learning environment that meets the unique needs of their students," Steve Curtis, Kimono CEO.
Instructure is advised by ICR.
ZCG-backed CTM Group, a global provider of managed entertainment and souvenir solutions, completed the acquisition of the family entertainment assets of Theisen Vending, a vending machine supplier. Financial terms were not disclosed.
"The acquired portfolio presents a compelling opportunity for CTM to leverage its innovative capabilities and extend its industry leadership. With the close of the transaction, we look forward to continuing to support David and the management team as we capitalize on continued value creation across CTM's footprint and deliver growth," James Zenni, ZCG Founder, President and CEO.
Z Capital was advised by Joele Frank.
ICONIQ led a $100m Series B round in Drata, a next-gen security and compliance automation company, with participation from Alkeon Capital and Salesforce Ventures.
"We believe Drata's growth in just 10 months has been nothing short of incredible, and this traction made us strong believers of the team's exceptional product innovation and category leadership. We are inspired by companies that truly have the power to drive change, and we believe Drata's automation-led platform has the power to do that through its unique strategic value combined with deep customer love and ability to execute," Will Griffith, ICONIQ Growth Founding Partner.
Drata was advised by SJS Public Relations.
Welsh, Carson, Anderson & Stowe, a private equity firm that focuses on investing in two growth industries, technology and healthcare, primarily in the United States, completed the acquisition of Leiters, a rapidly growing company in the FDA-regulated 503B outsourced pharmaceutical compounding industry. Financial terms were not disclosed.
"We are very excited about our investment in Leiters. The Company is a leader in 503B outsourcing and is recognized as having one of the highest-quality operations in the industry, where quality and patient safety are paramount. Leiters represents a compelling opportunity for WCAS to leverage its capabilities in two areas where we have developed significant domain expertise: pharmaceutical services and successful collaboration with leading health systems. We are especially pleased about the opportunity to work in close partnership with some of the most forward-thinking health systems in the country as well as Leiters' CEO, Robin Smith Hoke, who is an exceptional leader," Nick O'Leary, WCAS General Partner.
Leiters is advised Cantor Fitzgerald.
Cars.com, a automotive marketplace platform that provides a robust set of industry-specific digital solutions, completed the acquisition of CreditIQ, a cutting-edge automotive fintech platform that provides instant online loan screening and approvals to facilitate online car buying, for $80m.
"The acquisition of this scalable technology supports our vision of creating frictionless omni-channel experiences and further growing our platform capabilities for buyers and sellers, building on our competitive advantage and delivering additional value to our shareholders." Alex Vetter, Cars.com President and CEO.
Marmic Fire & Safety, a fire and life safety service provider, agreed to acquire APS FireCo, a full-service fire protection company headquartered in Tulsa, Oklahoma. Financial terms were not disclosed.
"We are always looking for opportunities to acquire businesses where we can accomplish a four-way win between the current owners, their employees, their customers, and Marmic. APS is a great example of that philosophy in-action and we are thrilled to partner together. The acquisition of APS further advances our vision of being the top national provider of full-service self-perform fire & life safety services. The APS name and team are known for exceptional quality and are we proud to have them join us," Michael Teeter, Marmic CEO.
Smart for Life, a health and wellness company, completed the acquisition of Nexus Offers, a network platform in the digital affiliate marketing space. Financial terms were not disclosed.
"Combining the success of our brands, including the recently acquired Smart for Life brand, with the robust eMarketing platform represented by Nexus Offers is a powerful strategy. This acquisition will support our objective of creating a highly diversified and vertically integrated global nutraceutical company. It supports SFL's vision of developing and acquiring multiple brands and sales channels for the cross marketing of goods and services," Ryan Zackon, Smart for Life CEO.
Nvidia plans on a new driver safety system.
Nvidia is partnering with a range of self-driving sensor companies, including lidar firm Luminar Technologies, to put together a system that automakers can use for driver safety features as soon as 2024,
Reuters reported.
Nvida shifted course and selected a variety of sensor partners for a system, including those from Hella, Valeo, Continental and Sony Group. Automakers will still be able to choose other sensors, but Nvidia will ensure the ones from its partners work well with its chips and software.
SPAC tied to Donald Trump's media venture seeks more Wall Street backing. (FS)
The blank-check company tied to Donald Trump’s new media venture has already won the support of retail traders who have sent the stock up almost 500%. Now, big Wall Street investors are getting another opportunity to pile in, even as some financial firms have distanced themselves from doing business with the former US president,
Bloomberg reported.
Digital World Acquisition has begun scheduling meetings with prospective investors for a private investment in public equity, or PIPE, transaction to support its
merger with Trump Media & Technology Group. While the PIPE’s terms haven’t been finalized, it may exceed $500m in size.
Sweetgreen seeks $2.7bn IPO valuation.
Tennis star Naomi Osaka-backed salad chain Sweetgreen is seeking a valuation of up to $2.7bn in its initial public offering in the United States,
Reuters reported.
The Los Angeles, California-based company plans to sell 12.5m shares priced between $23 and $25 each, aiming to raise up to $312.5m at the top end of the range.
Hertz's shareholders raised $1.3bn in Nasdaq.
Shareholders of Hertz Global, an American car rental company based in Estero, Florida, raised $1.3bn after pricing an upsized Nasdaq listing,
Bloomberg reported.
The Estero, Florida-based car-rental company’s existing backers will sell 44.5m shares at $29 apiece. They had initially planned to sell 37m shares at $25 to $29 each, an earlier filing with the US Securities and Exchange Commission showed
KinderCare sets terms for $503m IPO. (FS)
Partners Group-backed KinderCare Learning Companies, the largest private provider of early childhood education and care services in the US, announced the terms for its IPO.
The Portland, OR-based company plans to raise $503m by offering 25.8m shares at a price range of $18 to $21. At the midpoint of the proposed range, KinderCare Learning Companies would command a market value of $2.7bn.
GTCR looks to raise $1.5bn for its new fund. (FS)
Midmarket buyout firm GTCR is pitching its first fund focused on smaller deals,
WSJ reported.
The firm has set a target of $1.5bn for GTCR Strategic Growth Fund, according to documents from the private markets committee of the Washington State Investment Board, which this month recommended a commitment of up to $200m to it. The investment board's full board of trustees is scheduled to vote on the recommendation later this month
Atlantic Park to raise $3bn for its newest fund. (FS)
Atlantic Park, a joint venture between Tripp Smith's Iron Park Capital Partners and private equity firm General Atlantic, is seeking $3bn or more for its second fund,
Bloomberg reported.
Executives from Atlantic Park have begun conversations with potential investors regarding the vehicle, known as Atlantic Park Strategic Capital Fund II. The fund, which will invest across North America, Europe and the UK, is expected to reach a first close in the first quarter of 2022, and is targeting a final close around the end of August.
March seeks $600m for its forth VC fund. (FS)
US-based venture capital and growth equity firm March Capital Partners, which is also an investor in Indian startups, is seeking to raise $600m for its fourth fund, according to its latest SEC filings.
March has raised more than $1bn in capital over 4 funds and across 30 market-leading technology companies, it accelerates the digital transformation of Cloud-based software, automation, AI, & IT infrastructure.
