NRG Energy, an American energy company, completed the acquisition of Vivint Smart Home, a smart home platform company, for $5.2bn.
“Last year at our Investor Day, we presented our strategic roadmap to becoming the leading provider of essential services for homes and businesses, informed by consumer trends and underpinned by disciplined execution. The acquisition of Vivint is a transformational step in achieving our vision. Customers want simple, connected, and customized experiences that provide peace of mind. Vivint’s smart home technology strengthens our retail platform, improves our customer experience, and increases customer lifetime value. I am excited to welcome Vivint to the NRG family,” Mauricio Gutierrez, NRG President and CEO.
Sumitovant Biopharma, a technology-driven biopharmaceutical company, completed the acquisition of the remaining shares in Myovant Sciences, a biopharmaceutical company that develops and commercializes new treatments for women’s diseases and endocrine disorders, for $1.7bn.
"This transaction represents an industry-leading opportunity to combine unique expertise, platforms, and resources to successfully commercialize products in Myovant's program and to accelerate development of a robust pipeline addressing patient needs in women's health and prostate cancer. We look forward to harnessing the combined strength of our talented teams to bring needed therapies to patients sooner and are confident both Myovant and its employees will benefit from the greater resources Sumitovant can provide to further support business growth and career opportunities overall," Myrtle Potter, Sumitovant CEO.
City Holding Company, a financial holding company, completed the merger with Citizens Commerce Bancshares, a bank providing financial and banking services, for $61m.
“Partnering with City is the next, best step that we could take for our company, shareholders and customers. This partnership will provide our customers with additional resources while retaining the community banking culture that sets us apart. I am confident that this will be a seamless transition for our employees and customers while providing long-term value for our shareholders. City is a great franchise, and I look forward to the future ahead for our combined company,” Michelle Oxley, Citizens President & Chief Executive Officer.
Citizens Commerce Bancshares was advised by Forvis Capital Advisors, Hovde Group and Wyatt Tarrant & Combs. City Holding Company was advised by Piper Sandler and Dinsmore & Shohl.
Adaptimmune Therapeutics, a developer of T-cell therapies for solid tumors, agreed to merge with TCR² Therapeutics, a clinical-stage cell therapy company. Adaptimmune shareholders will own approximately 75% of the combined company and TCR² stockholders will own approximately 25% of the combined company.
“This strategic combination takes two technologically and culturally aligned companies at the forefront of their fields and combines them to create a preeminent cell therapy company for solid tumors. The combined company will drive forward its pipeline of cell therapies aimed at treating multiple cancers with high unmet medical needs. This includes gaining approval for the first engineered TCR T-cell therapy for a solid tumor – afami-cel for the treatment of synovial sarcoma. With our cash runway anticipated to be extended into 2026 and covering multiple clinical catalysts in cancers with significant market potential, the combined company is well placed to develop cell therapies as a mainstream option for people with cancer," Adrian Rawcliffe, Adaptimmune CEO.
TCR² Therapeutics is advised by Piper Sandler, Goodwin Procter and Joele Frank (led by Nicholas Lamplough
and Adam Pollack
). Adaptimmune Therapeutics is advised by Cowen & Company and Ropes & Gray.
Excolere Equity Partners, a middle market private equity firm, completed the acquisition of literacy and math solutions division from School Specialty, a provider of learning environments, curriculum, and supplies to the pre K-12 education market. Financial terms were not disclosed.
"This sale is truly a win-win. From the School Specialty perspective, we are eager to dedicate more resources and focus on our rapidly growing Learning Environments segment and the integration of recent acquisitions, which greatly enhance our supplies offering. Our ability to deliver on our mission to 'transform more than classrooms' has never been greater. For Excolere, EPS is a strong platform from which to build a diversified and high growth supplemental curriculum business. Excolere's experience investing in the Education Sector combined with the experienced executives they have recruited sets EPS up for a very bright future as a stand-alone business," Ryan Bohr, School Specialty President and CEO.
Excolere Equity Partners was advised by Triago and DLA Piper. Debt financing was provided by Lincoln International. School Specialty was advised by Tyton Partners and Winston & Strawn.
The US Department Justice has appealed a court order approving Voyager Digital's bankruptcy plan, creating a new hurdle for the crypto lender's plan to sell its assets and transfer its customers to Binance in a deal valued at $1bn.
The US Attorney's Office for the Southern District of New York and the Office of the US Trustee, the Department of Justice's bankruptcy watchdog, filed a notice of appeal late Thursday in US bankruptcy court in Manhattan, Reuters
Binance is advised by Latham & Watkins (led by Robert Katz
and Daniel Mun
). Voyager is advised by Berkeley Research Group, Moelis & Co and Kirkland & Ellis.
CVC, a private equity and investment advisory firm, completed the acquisition of WTA, a principal organizing body of women's professional tennis, for $149m.
“I am excited for the next chapter of the WTA whose future will continue to push the growth of women’s professional tennis. It is truly fitting that we are celebrating 50 years of the WTA alongside the introduction of this landmark and historic opportunity. This partnership with CVC brings experience, a network and capital to move our sport to the next level, embracing the ambition of our founding members, urging women’s tennis beyond its barriers and pioneering new standards for a more equitable and valuable sport,” Steve Simon, WTA Chairman and CEO.
WTA was advised by Allen & Company and Proskauer Rose. CVC was advised by Freshfields Bruckhaus Deringer.
RMA Group, a provider of technology-enabled testing, inspection and certification services, completed the acquisition of PRI Group, a global company in materials testing and performance validation. Financial terms were not disclosed.
“The addition of PRI supports our strategic expansion into the Southeast and bolsters our TICC portfolio. PRI is one of the preeminent providers of asphalt and construction materials testing and certification services. They have advanced lab capabilities in the development and evaluation of asphalt products. In addition, their materials testing expertise adds to our range of building envelope services, enabling RMA to provide comprehensive services across both product and project lifecycles. We look forward to providing these services and driving cross-sell opportunities across the RMA companies,” Ed Lyon, RMA CEO.
GreenPoint Partners, a private equity firm, completed an investment in Semi-Stow, a semi-truck parking and trailer storage operator. Financial terms were not disclosed.
"Truck parking and trailer storage is a key component of the logistics and e-commerce value chain and a sector where innovation has historically been limited. We see a tremendous opportunity to partner with Trent, Dennis and the entire Semi-Stow team to build a national portfolio of assets where new technologies can have an instant and significant impact in improving operations and the customer experience," Chris Green, GreenPoint Founder and CEO.
GreenPoint was advised by Joele Frank.
Trinity Industries, a company provides railcar products and services, completed the acquisition of RSI Logistics, a data-centric provider of proprietary software, logistics services, and terminal management solutions, for $70m.
“We are excited about the acquisition of RSI Logistics. It is another step as we seek to expand our service offerings with complementary solutions that make rail a more compelling mode of transportation. Specifically, RSI expands the breadth and quality of Trinity’s platform, adding logistics services, terminal operations, and intermodal transportation. Also coupling RSI’s expertise and reputation with the transformational technology of Trinsight will deliver a unique tool to rail shippers to gain more control of their supply chains,” Jean Savage, Trinity President and CEO.
RTC Partners-backed Verdantas, a private-equity-backed solution provider of engineering, planning, and science services, completed the acquisition of Leighton, an environmental consulting firm. Financial terms were not disclosed.
“Leighton joining Verdantas marks a strategic inflection point in our ability to expand our service offerings to clients and extend our geographic reach. We are thrilled to have Leighton and their reputation of bringing the best and brightest people to each of their client’s projects. This commitment to excellent work for clients and Leighton’s efforts to capitalize on a collaborative environment fits well into Verdantas’ intentional people-focused approach,” Gerry Salontai, Verdantas CEO.
SVB is in sale talks after capital raising failed.
SVB Financial Group is in talks to sell itself after attempts to raise capital amid a bank run failed. Large financial institutions are looking at a potential purchase of the company.
SVB - which for months has been adamant that it wouldn’t significantly restructure its balance sheet — stunned investors when it said it would issue $2.25bn of shares and booked a $1.8bn loss on the sale of a large part of its available-for-sale securities.
The company took steps this week to shore up capital after being hit by losses on its securities portfolio and a slowdown in funding at the venture capital-backed firms it serves, Bloomberg
Meta explores strategic alternatives for Kustomer business.
Meta Platforms said it is exploring strategic alternatives for customer service company Kustomer that it acquired
in a process ending last year. Meta is planning to divest Kustomer as it looks to looks to refocus on its core business, Reuters
"We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer's product and customer base throughout this process," Meta.
The Riverside Company closes Micro-Cap Fund VI at $1.9bn. (FS)
The Riverside Company, a global private investor focused on the smaller end of the middle market, announced the successful final close of its Riverside Micro-Cap Fund VI, raising $1.9bn in investable capital, the largest in RMCF and Riverside history. RMCF VI closed at more than 50% larger than its predecessor fund RMCF V.
RMCF will continue to invest in fast-growing North American companies with generally up to $10m of EBITDA. Since 2005, the RMCF team has invested in 83 platform companies, 191 add-ons and completed 43 exits.
“We are grateful to both new and existing investors for their overwhelming support. We’re excited to continue partnering with promising small companies in North America with the shared goal of delivering transformative growth and creating lasting value," Loren Schlachet, RMCF Managing Partner.