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AMERICAS
Bain Capital, an American private investment firm, agreed to acquire Guidehouse, a global provider of consulting services to the public sector and commercial markets, from Veritas Capital, a longstanding technology investor, for $5.3bn.
"On behalf of the entire Guidehouse team, we're delighted to embark on the next phase of our growth in partnership with Bain Capital who shares our people-first culture, consulting heritage, and commitment to embracing complexity. Together, we see significant opportunities to capitalize on attractive marketplace dynamics to further grow the business with our best-in-class client delivery capabilities. We look forward to an impactful partnership with the Bain Capital team leveraging their resources and operational expertise as we work towards building our next generation consultancy with an unwavering commitment to creating the scalable, innovative solutions our clients need to succeed in this increasingly digital and complex environment," Scott McIntyre, Guidehouse CEO.
Guidehouse and Veritas Capital are advised by Goldman Sachs, Guggenheim Partners, Jefferies & Company, Covington & Burling, Milbank, Prosek Partners and S&C Public Relations (led by Cecile Fradkin). Bain Capital is advised by PricewaterhouseCoopers, Robert W Baird, Kirkland & Ellis and Stanton PRM (led by Charlyn Lusk).
Hilton Grand Vacations, a global timeshare company, agreed to acquire Bluegreen Vacations, a vacation ownership company that markets and sells vacation ownership interests and manages resorts in popular leisure and urban destinations, for $1.5bn.
"Today’s announcement represents another exciting chapter for Bluegreen Vacations. Combining with HGV will create an even more compelling vacation ownership offering, continuing to provide our owners and guests with enjoyable and unique experiences across a broader range of world-class destinations. I am extremely proud of the entire Bluegreen team for helping build Bluegreen into a leading vacation ownership company," Alan Levan, Bluegreen Vacations CEO.
Bluegreen Vacations is advised by Credit Suisse, Wells Fargo Securities and Stearns Weaver Miller Weissler Alhadeff & Sitterson. Hilton Grand Vacations is advised by Bank of America, Alston & Bird, Foley & Lardner and Simpson Thacher & Bartlett. Debt financing is provided by Bank of America, Barclays, Deutsche Bank and JP Morgan.
CapVest, an international private equity investor, completed the acquisition of a majority stake in Recochem, a global company in manufacturing, marketing, and distributing aftermarket transportation and household fluids, from HIG Capital, an investment firm. Financial terms were not disclosed.
"HIG has been an outstanding partner to Recochem and instrumental in helping us execute on our strategic vision. HIG added significant value to our business and our leadership team while supporting investments across the Company, all of which have strengthened our ability to deliver high-quality products and best-in-class service to our customers. We are excited to partner with CapVest to support Recochem’s next phase of growth. Their track record, expertise, and experience make CapVest an ideal partner for us as we pursue our ambitious plans for the future,” Shawn Davies, Recochem President & CEO.
Recochem was advised by CG Sawaya Partners, Harris Williams & Co, Robert W Baird, Blake Cassels & Graydon, and McDermott Will & Emery. HIG Capital was advised by ReputationInc (led by Ben Valdimarsson). CapVest was advised by Jefferies & Company, Lincoln International, Truist Securities, Kirkland & Ellis, and Willkie Farr & Gallagher.
Thompson Street and Endicott Capital-backed MediaRadar, an advertising intelligence and sales enablement platform, completed the acquisition of Vivvix from Kantar Group, an advertising intelligence company. Financial terms were not disclosed.
“By combining Vivvix and MediaRadar, we offer a complete view of the entire advertising industry. Together, our unparalleled market intelligence will enable strategic decision-making, allowing media sellers, brands, and agencies to navigate the dynamic advertising landscape with even greater confidence,” Todd Krizelman, MediaRadar CEO and Co-Founder.
Thompson Street was advised by BackBay Communications (led by Jeremy Milner). MediaRadar was advised by Solomon Partners and Simpson Thacher & Bartlett (led by Elizabeth Cooper). Kantar Group was advised by Barclays and Weil Gotshal and Manges.
TA Associates, a global private equity firm, completed the investment in KatRisk, a global catastrophe modeling software company. Financial terms were not disclosed.
"We couldn't be more excited to work alongside TA to expand our product offerings and better serve our clients with additional resources. Our recent 5.0 release of SpatialKat covers Australia & New Zealand with TC wind, storm surge, inland flood and hail (US). We are also working to add more perils, such as wildfire & tornado, that we plan to release soon via hazard maps, APIs, our location-level loss product SoloKat, and our industry-leading SpatialKat platform. We are grateful to our clients for their continued collaboration as we begin the next chapter of our growth journey," Dag Lohmann, KatRisk CEO.
Great Range Capital-backed Roofed Right America, a Milwaukee-based commercial roofing contractor, completed the acquisition of Upstate Roofing & Painting, a premier provider of reroofing, painting, and repair services located in Rochester, New York. Financial terms were not disclosed.
"Upstate has been providing outstanding services for half a century and has a well-deserved reputation for excellence. We're truly excited and honored to be able to partner with Bob and his entire organization in achieving future successes," Adam Brissman, RRA CEO.
DaySmart, a provider of vertically-focused business management software, completed the acquisition of Sawyer, a provider of business management software for the children’s activities end market. Financial terms were not disclosed.
"With the addition of Sawyer, DaySmart offers the broadest range of recreation-focused business software and services in the market,” Pat Shanahan, DaySmart CEO.
Rockwell Automation, a global company dedicated to industrial automation and digital transformation, completed the acquisition of Verve Industrial Protection, an asset inventory system and vulnerability management solution. Financial terms were not disclosed.
“We are excited to welcome Verve’s team to Rockwell Automation,” Matt Fordenwalt, Rockwell Automation Senior Vice President.
FPT, a technology and IT services provider, completed the acquisition of Cardinal Peak, a strategic move to strengthen its product engineering delivery capabilities in North America. Financial terms were not disclosed.
“We have been very impressed by the capabilities, culture, and resources at FPT,” Mark Carrington, Cardinal Peak CEO.
Nexa3D, a manufacturer of 3D printers, agreed to acquire Essentium, a prominent manufacturer of HSE 3D printers and materials. Financial terms were not disclosed.
"We are looking forward to welcoming the Essentium team to Nexa3D’s growing family,” Avi Reichental, Nexa3D Co-Founder, Chairman, and CEO.
Bristol Myers buys Orum's blood cancer therapy for up to $180m.
Bristol Myers Squibb has acquired Orum Therapeutics' experimental therapy to treat a type of blood cancer for a total value of up to $180m, the privately held company said.
The therapy, ORM-6151, which helps degrade a specific protein hard to treat previously, has received the US Food and Drug Administration's clearance for an early stage study. The deal includes an upfront payment of $100m and milestone payments, Reuters reported.
LVMH to buy eyewear maker Barton Perreira in $80m deal.
LVMH has agreed to buy Barton Perreira in a move aimed at bolstering the luxury group’s eyewear division.
The deal values the Los Angeles-based firm at about $80m and the plan is to expand the brand outside the US. LVMH intends to sell Barton Perreira frames in stores it already has partnerships with in Europe and Asia and also aims to open a number of stand-alone stores for the brand, with the first in Europe, Bloomberg reported.
Moody's creates private credit rating and research group.
Ratings agency Moody's is creating a unit to research and rate private credit, Reuters reported. The unit will be headed by Ana Arsov, who will coordinate research and rating initiatives in the field, Moody's Investors Service said in a statement.
The global private credit market, with more than $1.3tn in assets under management, makes up about 12% of the alternatives market, investment firm BlackRock said in a recent report.
KKR raises $2.8bn for second global impact fund. (FS)
Private equity firm KKR has completed the raise of its second global impact fund dedicated to investments that advance sustainability and social equity, amassing $2.8bn, Reuters reported.
Ken Mehlman and Robert Antablin, the fund's co-heads, told Reuters in an interview that more opportunities to deploy capital led to the firm attracting commitments from investors for more than double its first $1.3bn impact fund raised in 2020.
Washington Post names former Dow Jones Chief William Lewis as CEO. (People)
The Washington Post named former Dow Jones Chief Executive William Lewis as its CEO and publisher, ending a monthslong search for a leader tasked with improving the DC news outlet’s flagging business, WSJ reported.
Lewis, set to assume the role effective January 2, 2024, will lead a publication facing a retreat in subscriptions after an effort to expand its appeal beyond core political coverage failed to yield desired results.
EMEA
Telecom Italia on Sunday approved the €19bn ($20bn) sale of its fixed-line network to US private equity firm KKR, becoming the first telecoms group in a major European country to part ways with its landline grid, Reuters reported.
The deal, backed by Prime Minister Giorgia Meloni's conservative administration, involves an asset that Italy deems of national strategic importance as the country works to bridge its digital divide with the rest of the European Union.
David Einhorn’s Greenlight Capital is calling on Vitesco Technology Group’s management and non-executive board to either push for an improved bid by Schaeffler or work on alternative strategic options, Bloomberg reported.
A “conservative valuation” amounts to at least €150 ($160) per Vitesco share, giving the auto-parts maker a market capitalization of at least €6bn ($6.5bn), addressed to the firm’s Chief Executive Officer Andreas Wolf and a takeover committee of its supervisory board.
Vitesco is advised by JP Morgan. Schaeffler is advised by BNP Paribas, Bank of America, Citigroup, and Sullivan & Cromwell (led by Konstantin Technau and Carsten Berrar). Debt financing is provided by BNP Paribas, Bank of America, and Citigroup.
EQT, a Swedish global investment organization, agreed to acquire Statera, a UK-based battery storage and flexible generation infrastructure developer and operator, from InfraRed Capital, an investment firm. Financial terms were not disclosed.
"In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal," Francesco Starace, EQT Partner.
EQT is advised by DC Advisory and Simpson Thacher & Bartlett. Statera is advised by FTI Consulting (led by Elizabeth Adams). InfraRed Capital is advised by Brunswick Group.
MiQ, a programmatic media partner for marketers and agencies, completed the acquisition of Grasp, a French media governance and data quality company. Financial terms were not disclosed.
"Our acquisition of Grasp is another exciting step in the evolution of our company as we look to grow, lead the digital advertising industry, and help advertisers forge forward in their programmatic journeys. Grasp's technology strategically adds the first SaaS platform to our offering and – as we double down on investments that are future-facing and focused on advancing the current programmatic experience – will prove instrumental in strengthening media buying for brands and agencies across the globe," Gurman Hundal, MiQ Co-Founder and CEO.
MiQ was advised by Gregory FCA.
Arthur J. Gallagher & Co, an American global insurance brokerage and risk management services firm, completed the acquisition of Keaney Insurance Brokers, a commercial insurance broker that supports businesses across Ireland with insurance and risk management solutions. Financial terms were not disclosed.
"Keaney's strong client service and market expertise are an excellent strategic fit as we continue to expand our capabilities in Ireland. I am very pleased to welcome Terry and his associates to our growing, global team," J. Patrick Gallagher, Jr., Chairman, President and CEO.
Innovation Park Artificial Intelligence, Bosch Ventures and Schwarz Group led a $500m Series B funding round in Aleph Alpha, an artificial intelligence startup.
“With this latest investment, we will continue to enhance our capabilities and enable our partners to be at the forefront of this technological development. To empower customers, Aleph Alpha will continue to expand its offerings while maintaining independence and flexibility for customers in infrastructure, cloud compatibility, on-premise support and hybrid setups. The ongoing developments will extend interfaces and customisation options tailored to business-critical requirements. For customers with a significant responsibility and in strategic environments where sovereignty is at risk, we will remain the best option,” Jonas Andrulis, Aleph Alpha founder and CEO.
Adnoc, OMV move closer to forming €30bn chemical giant.
Abu Dhabi National Oil and Austria’s OMV are putting the final touches on a deal to create a petrochemical firm worth more than €30bn ($32bn), Bloomberg reported.
Officials may reach a breakthrough as soon as mid-November, when the two sides will meet to discuss details of the planned merger of Abu Dhabi-listed Borouge with Borealis. They’re aiming to reach an agreement before year-end on the proposal, which could see Adnoc and OMV each hold 47% of the combined entity. That would leave 6% as free float.
PSG doubles Europe fund size with €2.6bn raise. (FS)
PSG Equity has raised more than €2.6bn ($2.8bn) for investments in European software and technology-enabled companies, double the size of its previous fund for the region, Bloomberg reported.
The PSGE II fund exceeded its initial target. It attracted new and existing investors including state pensions, sovereign wealth funds, family offices and wealthy individuals.
APAC
Newmont, a gold mining company based in Greenwood Village, completed the acquisition of Newcrest Mining, an Australian-based corporation which engages in the exploration, development, mining and sale of gold and gold-copper concentrate, for AUD29.4bn ($19.1bn).
"Today marks a historic milestone in our company and the industry with the successful completion of this transformational acquisition of Newcrest by Newmont. Our attention now turns to safely, efficiently, and responsibly integrating Newcrest's assets and people into Newmont's proven operating model, so we can accelerate the delivery of our value-focused strategy for all our stakeholders," Tom Palmer, Newmont President and CEO.
Private equity group Allegro Funds said on Monday it had received the final approval for its takeover of Scyne Advisory, PwC Australia's former government consulting wing, clearing the way for the deal to close this week, Reuters reported.
PwC Australia sold the business, once responsible for a fifth of revenue, in June for AUD1 ($0.65) as government departments cut ties with the "big four" firm because of a national scandal involving leaked tax plans.
PwC Australia is advised by Gilbert + Tobin. Allegro Funds is advised by Herbert Smith Freehills (led by Andrew Rich) and Domestique (led by Jon Snowball).
China Integrated Circuit Industry Investment Fund, a China Government Guidance Fund, led a $5.4bn funding round in Changxin Xinqiao Memory Technologies, an integrated design and manufacturing company specializing in dynamic random-access memory semiconductor products.
Changxin Xinqiao was created in 2021 in Hefei, Anhui province’s easternmost city, according to company registration website Qichacha.
Carlyle to sell Japanese cosmetics supplier Tokiwa in $1bn deal. (FS)
Carlyle Group is planning to sell Japanese cosmetics supplier Tokiwa in a deal that could fetch $1bn, Reuters reported.
The investment firm has tapped Jefferies and SMBC Nikko Securities as advisors to work on the sale of the 75-year-old company, which will kick off early next year. Carlyle invested an undisclosed amount in Tokiwa in 2019 via its third Japan-focused buyout fund to help the Nakatsugawa, Gifu-headquartered company expand overseas.
India's Byju's in talks to sell unit Epic for $400m to PE fund Joffre. (FS)
Indian ed-tech firm Byju's is in advanced talks to sell its US-based kids' digital reading platform Epic! Creations for about $400m to private equity fund Joffre Capital, seeking funds to ease its financial pressures, Reuters reported.
Byju's has been looking to raise up to $1bn by selling two companies - Great Learning and Epic - in a bid to streamline its business and repay lenders.
China's Trina Solar lines up $420m expansion in Vietnam.
Chinese solar panel maker Trina Solar is planning to invest an additional $420m in Vietnam’s northern province of Thai Nguyen, raising its total investment in the country to nearly $900m, DealStreetAsia reported.
In a statement released after a meeting between Trina’s chairperson Gao Jifan and Deputy Prime Minister Tran Luu Quang, Gao said he expected to get support from the authorities to research and invest in rooftop solar power projects locally.
Siemens seeks discount for Siemens Energy's stake in Indian JV.
Siemens is seeking a discount from Siemens Energy for any possible purchases of shares in their Indian joint venture, Reuters reported.
Siemens hopes for a discount of around 15%.
Chinese bubble tea chain Mixue to open its first Hong Kong store as it plans IPO.
Mixue Bingcheng, a Chinese ice cream and tea chain backed by Hillhouse Capital Group and food delivery giant Meituan, is opening its first store in Hong Kong ahead of an IPO in the city, DealStreetAsia reported.
Mixue Bingcheng, a Chinese ice cream and tea chain backed by Hillhouse Capital Group and food delivery giant Meituan, is opening its first store in Hong Kong ahead of an initial public offering in the city. Mixue, with 32k locations globally across countries including China, Vietnam, and Indonesia, is setting up its first store in Mong Kok, one of the city's most buzzing and populated areas. Its decision to bring the franchise to Hong Kong comes as the firm is reportedly eyeing a first-time share sale in the city. Mixue has already selected Bank of America, Goldman Sachs, and UBS to arrange the Hong Kong listing to target about $1bn next year, International Financing Review reported in October.
Mizuho hires Maybank's Gupta to head APAC healthcare, consumer ex-Japan. (People)
Mizuho Financial Group, Japan’s third-largest lender by assets, has hired Maybank’s Saurabh Gupta to lead its healthcare and consumer sectors in Asia Pacific excluding Japan, DealStreetAsia reported.
The hiring follows Mizuho's expansion of its investment banking business globally. The Tokyo-based company in May announced the acquisition of US M&A advisory firm Greenhill & Co for $550m including debt. Gupta, who was most recently the head of investment banking and advisory business for Singapore at the Malaysian bank formally known as Malayan Banking, will join Mizuho early next year.
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