AMERICAS
Clearlake Capital Group-backed nThrive, a healthcare providing company, completed the acquisition of healthcare business from TransUnion, an American consumer credit reporting agency, for $1.74bn.
“By offering our integrated solutions under one brand umbrella, we can provide healthcare organizations with a more predictable and accurate view of their financial performance while meaningfully improving the patient experience. We’re eager to get to work as a united team and leverage our joint solutions to add even more value to our customers," Hemant Goel, nThrive CEO.
nThrive was advised by Barclays, Deutsche Bank, Evercore, William Blair & Co and Sidley Austin. Clearlake Capital was advised by Lambert & Co. Debt financing was provided by Antares Capital, Audax Group, BMO Capital Markets, BNP Paribas, Barclays, CBAM Partners, Cliffwater, Credit Suisse, Deutsche Bank, Golub Capital, JP Morgan, Jefferies & Company, Neuberger Berman, Oaktree Capital Management, Security Benefit Corporation, Stone Point Credit and UBS. TransUnion was advised by Centerview Partners, Houlihan Lokey, Latham & Watkins and Brunswick Group.
Blackstone agreed to acquire Bluerock Residential Growth REIT, a residential REIT, for $3.6bn.
“We are very proud to enter into a transaction that delivers tremendous value to our shareholders. We believe the substantial premium to our historic trading price is a testament to our success in building a best-in-class institutional-quality multifamily apartment portfolio in our attractive knowledge-economy target markets, along with the robust process run by the board of directors and management to secure maximum value for our shareholders,” Ramin Kamfar, Bluerock Chairman and CEO.
Bluerock Residential Growth is advised by Bank of America, Eastdil Secured, Morgan Stanley, Kaplan Voekler Cunningham & Frank, Vinson & Elkins and Wachtell Lipton Rosen & Katz. Blackstone is advised by Barclays, Wells Fargo Securities and Simpson Thacher & Bartlett.
Mondee, a group of leading travel technology, service, and content companies driving disruptive innovative change in the leisure, corporate, and retail travel markets, agreed to go public via a SPAC merger with ITHAX Acquisition, a blank check company, in a $1bn deal. PIPE investors in the deal include Morgan Stanley Capital Partners, ARCPE, Origami, Travco and Entertainment Benefits Group.
“Mondee developed industry-changing technology that transformed the existing antiquated travel infrastructure with a modern agile platform. Our platform and industry relationships provide the right marketplace with the right tools and the right content offerings to enable and accelerate our customers’ success. Today’s announcement marks the beginning of the next chapter of our growth as the travel market continues to normalize," Prasad Gundumogula, Mondee Founder and CEO.
Mondee is advised by Cantor Fitzgerald, Union Square Advisors, Kirkland & Ellis and ICR. ITHAX Acquisition is advised by AXIA Ventures, Cantor Fitzgerald, Deutsche Bank and Reed Smith.
Asbury, a regional collection of automobile dealerships, completed the acquisition of Larry H. Miller Dealerships, a dealer group, and Total Care Auto, a vehicle dealer, for $3.2bn.
“We are proud that Larry H. Miller Dealerships has grown to be one of the largest automotive retailers in the country. Our incredible employees will have the opportunity to be part of Asbury, another well-respected and trusted brand, that brings a national footprint with a best-in-class technology platform. This transaction provides additional opportunities for the LHM Group to further diversify and grow our portfolio of businesses and investments," Steve Starks, Larry H. Miller Group CEO.
Asbury was advised by Bank of America, JP Morgan, Hill Ward Henderson and Jones Day. Larry H. Miller was advised by JP Morgan, Katten Muchin Rosenman and Snell & Wilmer.
BillerudKorsnas, a provider of packaging materials and solutions, agreed to acquire Verso, a American owned and operated producer of graphic, specialty and packaging paper and market pulp, with a long-standing reputation for quality and reliability, for $825m.
"The combination of BillerudKorsnäs' expertise in high-quality virgin fiber packaging materials and Verso's attractive assets creates an excellent platform for long-term profitable growth. We will obtain cost-effective production of coated virgin fiber material in the Midwestern United States. We also plan to sequentially transform part of the business into paperboard production while continuing to serve the U.S. customers. Our investments will create new U.S.-based jobs in a growing market and accelerate the transition from plastic-based packaging materials to renewable sources," Christoph Michalski, BillerudKorsnäs President and CEO.
Verso Corporation is advised by Rothschild & Co and Kirkland & Ellis. BillerudKorsnas is advised by Bank of America, Danske Bank, SEB Corporate Finance, Cederquist and Skadden Arps Slate Meagher & Flom.
First Foundation, a financial services holding company, completed the acquisition of TGR Financial, a banking holding company, for $295m.
"First Florida Integrity Bank has built a valuable banking franchise and we are committed to continuing its legacy by serving the needs of all its clients and enhancing its offering with our broad platform of services, as well as supporting programs available to local nonprofits in the bank’s local communities. This acquisition highlights our desire to continue growing our business in markets with attractive demographic and economic trends and we are excited to have a regional presence spanning from coast to coast," Scott Kavanaugh, First Foundation CEO.
TGR Financial was advised by SwanHill Capital, Truist Bank, Smith Gambrell & Russell and Smith Mackinnon. Financial advisors were advised by Alston & Bird. First Foundation was advised by D.A. Davidson & Co and Sheppard Mullin Richter & Hampton.
BMO Financial Group, a Canadian multinational investment bank and financial services company, agreed to acquire Bank of the West, a regional financial services company, from BNP Paribas, a French international banking group, for $16.3bn.
"With the strength of our performance and our integrated North American foundation, we have never been better positioned to take this next step in our growth strategy and to deliver for the new customers and colleagues we look forward to welcoming to BMO. This acquisition will add meaningful scale, expansion in attractive markets, and capabilities that will enable us to drive greater growth, returns and efficiencies," Darryl White, BMO Financial Group CEO.
BMO Financial Group is advised by BMO Capital Markets, Morgan Stanley, Osler Hoskin & Harcourt and Wachtell Lipton Rosen & Katz. BNP Paribas is advised by JP Morgan and Sullivan & Cromwell.
Sonoco Products, a packaging products provider, agreed to acquire Ball Metalpack, a supplier of sustainable metal packaging for food, for $1.35bn.
“This acquisition fits our strategy of investing in Sonoco’s core businesses as it complements our largest Consumer Packaging franchise – our iconic global Paper Cans and Closures business. In addition, it further expands our already established sustainable packaging portfolio with metal packaging, which is the most recycled packaging substrate in the US,” Howard Coker, Sonoco Products CEO.
Ball Metalpack is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Sonoco Products is advised by JP Morgan and Freshfields Bruckhaus Deringer. Platinum Equity is advised by Latham & Watkins.
ZeroFox, a cybersecurity firm, agreed to go public via a SPAC merger with L&F Acquisition, a blank-check firm, in a $1.4bn deal. Transaction includes $170m PIPE investment from Monarch Alternative Capital, Victory Park Capital, Corbin Capital, Highland Capital, Alsop Louie Partners, Blue Venture Fund, Peloton Equity and Forgepoint Capital.
“Since ZeroFox was founded in 2013, we have helped companies address emerging security challenges caused by the transformational shift to a ‘digital everything’ world. This rapid digital transformation has made companies vulnerable to attackers, resulting in the highest breach rate the industry has ever seen,” James C. Foster, ZeroFox Chairman and CEO.
ZeroFox is advised by Stifel and Venable. Monarch Alternative Capital is advised by Stroock & Stroock & Lavan. L&F Acquisition is advised by Jefferies & Company and Kirkland & Ellis.
IMI Precision Engineering, a motion and fluid control technologies provider, completed the acquisition of Adaptas Solutions, a strategic OEM supplier for key products and manufacturing service, for $271m.
"Ampersand has been a valued strategic partner and provided the resources to build our organization to support rapid growth and acquisitions. Their knowledge of our industry and network have helped Adaptas refine and execute its growth strategy. IMI will allow Adaptas to expand the breadth of our product offerings as we continue to develop innovative products and services for our customers," Jay Ray, Adaptas CEO.
Adaptas was advised by PricewaterhouseCoopers, Robert W Baird and McDermott Will & Emery. IMI Precision was advised by Norton Rose Fulbright and Headland Consultancy.
GrowthCurve Capital, a private equity firm, completed the acquisition of a majority stake in Brightway Insurance, an insurance services provider. Financial terms were not disclosed.
"We have been very impressed with what David, Michael and the Brightway team have built. The company pioneered the franchisor model in the insurance space and has generated attractive outcomes for its franchisees, customers and carrier partners. We seek to accelerate the company's growth trajectory by leveraging the company's rich data assets and our exp
ertise in AI, data enablement and digital transformation to introduce new solutions and capabilities to our franchisees and customers and to scale the platform nationally," Sumit Rajpal, GrowthCurve Founder and CEO.
Brightway Insurance was advised by JP Morgan, Smith Hulsey & Busey and Pinckney Hugo Group. GrowthCurve was advised by Davis Polk & Wardwell and Gagnier Communications.
The Sage Group, a software services company, agreed to acquire the remaining 83% stake in Brightpearl, a software developer, for $299m.
“Sage’s purpose is to knock down barriers so everyone can thrive. Together, Sage and Brightpearl will remove the barriers that hold back retailers and wholesalers, streamlining their systems and enabling them to focus on growth. I’m delighted to welcome Brightpearl, its management team and colleagues to Sage, and look forward to executing on our strategic priorities together and delivering accelerated growth," Steve Hare, Sage CEO.
Sage is advised by Rothschild & Co and Finsbury Glover Hering.
Oracle, agreed to acquire Cerner, a provider of digital information systems, for $28.3bn.
“Working together, Cerner and Oracle have the capacity to transform healthcare delivery by providing medical professionals with better information—enabling them to make better treatment decisions resulting in better patient outcomes. With this acquisition, Oracle’s corporate mission expands to assume the responsibility to provide our overworked medical professionals with a new generation of easier-to-use digital tools that enable access to information via a hands-free voice interface to secure cloud applications," Larry Ellison, Oracle Chairman and CTO.
Cerner is advised by Centerview Partners.
Rocket Companies, a real estate, mortgage and financial services company, agreed to acquire Truebill, a personal finance application company, for $1.3bn.
"We are very impressed with what Truebill has created – providing a simple, intuitive client experience to help its users save significant money. The company is a perfect fit for the Rocket platform. Truebill's work helping Americans keep track of their finances and providing guidance that leads to better financial outcomes follows the same philosophy as Rocket Companies – leveraging the power of technology to remove the friction from complex transactions – and applies it to everyday life," Jay Farner, Rocket Companies CEO.
Truebill is advised by Financial Technology Partners.
Boyne Capital-backed Pilot Power Group, an electric utility company, completed the acquisition of Trebel Energy, an energy supplier. Financial terms were not disclosed.
"Trebel has an outstanding reputation in the Ohio market amongst its long-standing customers as a best-in-class partner to CCAs, and we're pleased to partner with Trebel's founder, Scott Belcastro, to continue building on his vision. We believe that Pilot Power Group will help enhance Trebel's offering by expanding services and capabilities. This new partnership is highly synergistic, with the customer winning," Derek McDowell, Boyne Managing Partner and CEO.
Trebel Energy is advised by Drexel Hamilton.
Argos Health, a rapidly growing provider of complex claims solutions to the country's healthcare providers, completed the merger with EnableComp, a provider of workers' compensation, Veteran Affairs and other complex claims processing solutions. Financial terms were not disclosed.
"We are excited about the merger with EnableComp, which solidifies Argos as the clear market leader in complex claims solutions. Our differentiated expertise in complex claims recovery generates a high return on investment for our clients. We strive to continuously enrich the breadth and caliber of our offerings, and we believe the combined scale and capabilities of Argos Health and EnableComp will enhance our ability to serve our customers," Brent McCarty, Argos Health CEO.
Blackstone nears $930m deal for Manhattan apartments. (RE)
Blackstone is nearing a deal to acquire luxury apartment rentals in downtown Manhattan, the firm’s latest wager on the resilience of New York real estate,
Bloomberg reported.
The property giant is in advanced talks to acquire a residential tower from Brookfield Asset Management and Nuveen for $930m. It’s also nearing the purchase of a 49% stake in One Manhattan West, a trophy office building developed by Brookfield, in a deal that values the Hudson Yards-area property at $2.85bn.
Health Velocity Capital closes new fund on $300m.
Health Velocity Capital has closed its oversubscribed fund on $300m of commitments thanks to major health plans, health systems and health technology companies.
“Working with strategic investors in a symbiotic manner is much easier said than done. Over the course of our careers, and in partnership with outstanding management teams and strategic investors, we have helped facilitate more than 175 revenue-generating commercial relationships and more than 85 executive placements from our networks, and, in the process, have helped generate more than $40bn in equity value across dozens and dozens of companies that created new markets in healthcare and became market leaders," Saurabh Bhansali, Health Velocity Partner.
EMEA
An investment consortium completed the acquisition of a 16.8% stake in Belron, a vehicle glass repair and replacement group, for c.$3.9bn. The consortium includes Hellman & Friedman, BlackRock and GIC.
We are very pleased to welcome new, high quality investors at Belron and to continue our strong partnership with the Belron team and the D’Ieteren Group in a business that we believe has tremendous runway for growth and value creation. Importantly, we are excited to deliver a creative solution that has given our investors an array of attractive options," Christian Rochat, CD&R Partner.
Belron was advised by Bank of America and Citigate Dewe Rogerson. GIC is advised by Kirkland & Ellis. Hellman & Friedman was advised by Goldman Sachs and Latham & Watkins. Clayton Dubilier & Rice was advised by Citigroup, JP Morgan, Lazard and Debevoise & Plimpton.
Storebrand, a financial services company in Norway, agreed to acquire Danica, a life insurance provider, from Danske Bank, a Nordic bank with strong local roots and bridges to the rest of the world, for $221m.
"With Danica on board, we strengthen our presence in the occupational pensions market for small and medium-sized enterprises and our personal risk offering. These are strategically prioritised growth areas for Storebrand. We look forward to combining our own expertise and technical solutions with Danica's partners and Danske Bank's professional distribution platform. This combination helps customers gain access to products and services, and we look forward to being able to welcome all of Danica's customers to Storebrand", Odd Arild Grefstad, Storebrand CEO.
Storebrand is advised by ABG Sundal Collier, Deloitte and Thommessen.
Merck, a science and technology company, agreed to acquire Chord Therapeutics, a biopharmaceutical company, from Omega Funds, an international investment firm that creates and invests in life sciences companies.
"I am very pleased with Chord's progress over the last year since our launch. I am grateful to Omega Funds for their support and financing, and for sharing our vision of the potential of cladribine in NMOSD and gMG. We are thrilled that our work is now continued by Merck and delighted with this opportunity to considerably accelerate the development to bring this drug to patients in need faster," Tom Plitz, Chord Therapeutics CEO.
Chord Therapeutics is advised by Lazard and Baker McKenzie.
MONETA Money Bank shareholders on Monday backed the Czech bank's proposed $1.15bn acquisition of domestic peer Air Bank and a stock issue to pay for it, as MONETA seeks to build a bank that can compete with foreign lenders that dominate the Czech market,
Reuters reported.
The approval comes after shareholders had rejected a previous share issue plan in June that would have given investment group PPF, which owns Air Bank and is MONETA's biggest shareholder, majority control in the bank.
Eskom, a South African electricity generator, completed the demerger of its transmission and generation divisions into separate private companies.
The debt-laden utility would be split into three divisions - generation, transmission and distribution - to improve management of a company that has relied heavily on government bail outs and frequently implements nationwide power cuts.
Saudi Arabia plans airport takeovers and privatizations.
Saudi Arabia plans to transform its airport operator into holding companies and transfer them to its robust sovereign wealth fund, with a goal of privatization for some, said the head of Saudi Arabia General Authority of Civil Aviation.
Abdulaziz al-Duailej told the Saudi-owned Asharq Al-Awsat newspaper that Abha International Airport is being put on "the privatization path" and is under construction in technical and economic research. Apart from that, he requested to invest in the kingdom's aviation sector are currently being investigated,
Reuters reported.
APAC
KKR agreed to acquire Yayoi, a software developer, from ORIX, a financial services group. Financial terms were not disclosed.
“SMEs account for the vast majority of companies in Japan. Considering this, we are pleased to add Yayoi to our global portfolio of software providers, and excited to support this important sector of the Japanese economy as SMEs strive to enhance their operational efficiency by digitally transforming their businesses. We see a terrific opportunity to increase Yayoi’s penetration across Japan and look forward to promoting the Company’s growth by leveraging our expertise in this segment," Hiro Hirano, KKR Japan CEO.
KKR is advised by Bank of America, Simpson Thacher & Bartlett and Finsbury Glover Hering.
EdgeConneX, a data center services provider, completed an investment in Chayora, a data center provider in China. Financial terms were not disclosed.
"We are delighted to bring EdgeConneX in alongside our existing institutional investment partner Actis as the global reach and recognition of the EdgeConneX track record and approach will help accelerate our expansion. We are also excited by the investment deal we have agreed in terms of assured capital availability at 'China-scale' to suit the characteristics of our principal market. Our team's values and those of EdgeConneX are a close fit and this will be immensely valuable as we both take a big step forward together," Oliver Jones, Chayora CEO.
Chayora was advised by Citigroup.
Cision, a communications intelligence company, agreed to acquire Streem, a realtime media monitoring company. Financial terms were not disclosed.
"Streem has grown faster than we ever could have imagined thanks to great tech, strong support from customers and an incredible local team. Backed by Cision, we'll continue to build upon that growth, delivering new tools and products to help communications teams work smarter," Elgar Welch, Streem CEO.
Alpha Wave Ventures, a software and electronics business accelerator that provides startup seed funding to build prototypes, led a $400m Seires G financing round in Cars24, a software and electronics business accelerator that provides startup seed funding to build prototypes, with participation from Tencent, SoftBank Vision Fund, Raptor Group, Moore Strategic Ventures, Exor Seeds, DST Global and Alibaba Group.
“The primary use of the funding will be to continue to strengthen our presence in India, and in the countries where we have expanded," Gajendra Jangid, Cars24 Co-Founder.
Lone Pine Capital, Alkeon Capital and TCV Capital led a $375m Series F financing round in Razorpay, a payments processing platform, with participation from Tiger Global, Sequoia Capital India, GIC and Y Combinator.
"With this funding round, our valuation has increased to $7.5bn -- the fastest increase in valuation for an Indian unicorn in a year. Razorpay was valued at $1bn in October last year and $3bn in April this year," Harshil Mathur, Razorpay Co-Founder and CEO.
SenseTime relaunches $767m Hong Kong IPO.
SenseTime, an artificial intelligence start-up, is aiming to raise up to $767m by pricing its shares between $0.49 and $0.51 each in its second attempt at a Hong Kong IPO,
Reuters reported.
SenseTime's first attempt at listing was shelved after the company was placed on a US investment blacklist. SenseTime plans to sell 1.5bn shares in the IPO. State-backed Reform Fund and Shanghai Xuhui Capital Investment are among those that have committed to buying the shares, according to the latest terms of the IPO.
Jahez prices IPO at top of range.
Jahez, a food delivery firm, is set to be one of the middle east’s most valuable public technology firms after pricing its initial public offering at the top end of a planned range.
The final offer price has been set at $226 per share, implying a market value of $2.4bn. Jahez plans to sell just over 2m shares to raise about $480m.
