AMERICAS
Kansas City Southern, a transportation holding company, provided notice of termination of the previously announced May 21, 2021 definitive merger agreement with CN.
KCS will pay CN the $700m cash termination fee as well as the $700m cash termination fee refund provided for in the CN merger agreement.
"We are pleased to reach this important milestone and again pursue this once-in-a-lifetime partnership. As we have said throughout this process, CP remains committed to everything this opportunity presents. This merger proposal provides KCS stockholders greater regulatory and value certainty. We are excited to move forward as we work toward making this perfect match a reality," Keith Creel, CP President and CEO.
Canadian National is advised by Centerview Partners, JP Morgan, RBC Capital Markets, Agon Partners, Cravath Swaine & Moore, Norton Rose Fulbright, Sidley Austin, Stikeman Elliott, Torys, Brunswick Group and Longview Communications. Financial advisors are advised by Freshfields Bruckhaus Deringer. Kansas City is advised by Bank of America, Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg, Wachtell Lipton Rosen & Katz, White & Case, WilmerHale, Joele Frank and MacKenzie Partners. Financial advisors are advised by Willkie Farr & Gallagher.
AT&T, a telecoms company, anticipates that a $43bn pending deal to combine WarnerMedia, a multinational mass media company, and Discovery, a mass media factual television company, will close by the middle of 2022.
AT&T is in the process of unwinding its expensive media investments to focus on its original business of providing phone and internet services. It is combining WarnerMedia’s media assets with Discovery to create a proposed stand-alone company, Reuters reported.
Discovery is advised by Allen & Company, JP Morgan, Perella Weinberg Partners, RBC Capital Markets, Debevoise & Plimpton, Perez Llorca, Sherman & Howard and Wachtell Lipton Rosen & Katz. Financial advisors are advised by White & Case. AT&T is advised by Goldman Sachs, LionTree Advisors, Fasken and Sullivan & Cromwell. Financial advisors are advised by Fried Frank Harris Shriver & Jacobso and Simpson Thacher & Bartlett.
Goldman Sachs agreed to acquire GreenSky, a fintech platform for home improvement consumer loan originations, for $2.24bn. The transaction is anticipated to close in the fourth quarter of 2021 or first quarter of 2022.
"The GreenSky team and I are thrilled to be joining Goldman Sachs. From GreenSky’s inception, our mission has been to deliver exceptional value helping businesses grow and delight their customers. In combination with Goldman Sachs, we’re excited to continue delivering innovative point-of-sale payment solutions for our merchant partners and their customers on an accelerated basis," David Zalik, GreenSky CEO.
Goldman Sachs is advised by Goldman Sachs and Sullivan & Cromwell. GreenSky is advised by Financial Technology Partners, JP Morgan, Piper Sandler, Cravath Swaine & Moore, Troutman Pepper and Wilson Sonsini Goodrich & Rosati.
Cerberus to acquire Brooklyn Bedding, a manufacturer and retailer of mattresses, and Helix Sleep, a manufacturer of personalized and custom-built mattresses. Financial terms were not disclosed.
“We have long admired Helix and are excited to be teaming up with them. Helix’s innovative business model has driven extraordinary growth, and its high-quality products have made it a trusted brand to customers. Supported by Cerberus’ operational and technology expertise, our combined platform will be able to capture significant growth opportunities and deliver even greater mattress-buying experiences for our customers," John Merwin, Brooklyn Bedding CEO.
Brooklyn Bedding is advised by FocalPoint Partners and Sheppard Mullin Richter & Hampton. Helix Sleep is advised by Moelis & Co and Bass Berry & Sims. Cerberus is advised by Credit Suisse, Simpson Thacher & Bartlett and Sard Verbinnen & Co.
ModivCare, a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions focused on improving patient outcomes, completed the acquisition of CareFinders, a personal care provider, for $340m.
"ModivCare is leading the transformation to better connect people with care, through transportation, personal care, and nutritional meal delivery. The acquisition of CareFinders broadens access to in-home personal care solutions for patients and supports our strategy to expand on our personal care platform. We are evaluating an expanse of opportunities to continue this exciting and profitable growth. As we expand our footprint, we believe we will drive significant value for our patients, partners, and shareholders," Daniel E. Greenleaf, ModivCare President and CEO.
ModivCare was advised by Jefferies & Company, Gibson Dunn & Crutcher and The Equity Group. CareFinders was advised by JP Morgan, Moelis & Co and Paul Weiss Rifkind Wharton & Garrison.
Two private equity firms Lee Equity and Twin Point completed the acquisition of a majority stake in Alliance, a distributor of wireless network accessories and systems. Financial terms were not disclosed.
"Our national footprint, cable termination capabilities, value-added distribution and logistics, and our dedication to customer service provide our customers with reliable and timely solutions to their expanding 5G infrastructure requirements. We are excited to partner with Lee Equity and Twin Point given their knowledge and experience in the telecommunications and distribution sectors. Our partnership will enable Alliance to grow even faster and better serve an even greater set of customer needs," Ron Moss, Alliance President.
Alliance was advised by D.A. Davidson & Co and Davies Ward Phillips & Vineberg. Lee Equity and Twin Point were advised by Bennett Jones, DLA Piper and Weil Gotshal and Manges.
Victory Capital, an independent investment management firm, agreed to acquire New Energy Capital Partners, an alternative asset management firm focused on debt and equity investments in clean energy infrastructure projects and companies. Financial terms were not disclosed.
“Launching an alternative investment platform creates an additional path for future growth. The same principles that have led to success in our traditional asset management business will guide the strategy for this part of our business. This includes adding autonomous Investment Franchises, with excellent investment performance track records and managing strategies designed to add value to client portfolios. Our operating and distribution infrastructure will support these Investment Franchises to allow them to stay focused on managing assets and serving clients," David Brown, Victory Capital Chairman and CEO.
Victory Capital is advised by Bank of America, Willkie Farr & Gallagher and
Financial Profiles. New Energy Capital is advised by UBS and Choate Hall & Stewart.
Consilio, a global provider of eDiscovery, document review, risk management, and legal consulting services, agreed to acquire the legal consulting and eDiscovery business from Adecco Group, a provider of services covering temporary staffing, permanent placement, career transition and talent development. Financial terms were not disclosed.
“Client demands, under increasing caseloads and data volumes, are calling for greater efficiency and scale, flexibility, and ability for legal service providers to deliver differentiated value through enterprise solution offerings. This is a significant step for Consilio and Special Counsel’s legal solutions business, to bring together our respective strengths to provide additional opportunities for our multinational client base and to cultivate the next evolution of growth for our team," Andy Macdonald, Consilio CEO.
Consilio is advised by Truist Bank, Debevoise & Plimpton and Prosek Partners. Adecco is advised by Barclays and Smith Gambrell & Russell.
Platinum Equity, an American private equity investment firm, agreed to acquire Petmate, a manufacturer and supplier of non-food pet products. Financial terms were not disclosed.
"Petmate has been a leading innovator in pet products for more than 60 years and has an outstanding portfolio of respected brands. The US pet market has grown steadily for the past 20 years and the secular trends driving it are expected to continue. The company's vertically integrated manufacturing capabilities and domestic footprint help ensure an efficient and reliable supply chain, which is more important than ever in today's environment," Adam Cooper, Platinum Equity Managing Director.
Platinum Equity is advised by BMO Capital Markets, Alston & Bird and Gibson Dunn & Crutcher. Petmate is advised by Jefferies & Company and Freeman Advisors.
CVC Capital Partners agreed to invest in CFGI, a full-service financial consulting and corporate finance advisory firm, at a $1.86bn valuation. Carlyle is reinvesting in the transaction in partnership with CVC.
"Their ability to bring national office expertise, both for transactional and operational support, is highly compelling and we believe CFGI is uniquely positioned to continue to capitalize on the underlying market trends that drive robust demand for their services. We look forward to working closely with their world-class management team, as well as Carlyle, to accelerate the already compelling growth opportunities while continuing to focus on delivering best-in-class services to the Company's Fortune 1000 and private clients," Daniel Brand, CVC Senior Managing Director and US Co-Head of Business Services.
CVC is advised by Weil Gotshal and Manges. CFGI is advised by Nelson Mullins Riley & Scarborough. Carlyle is advised by Wachtell Lipton Rosen & Katz.
Covius, a provider of technology-enabled solutions to the financial services industry, agreed to acquire Nationwide Title Clearing, a national lien release provider. Financial terms were not disclosed.
"Over the past three years, Covius has continued to build out our platform of tech-enabled offerings through acquisitions and organic growth. Our robust solutions span origination, servicing and capital markets segments, offering loss mitigation and loan modification services, document and critical borrower communications, title and settlement services, auction and REO asset disposition, verifications and due diligence. NTC's market-leading solutions strategically complement Covius' existing broad offerings," John Surface, Covius President and Chief Operating Officer.
Covius is advised by Evercore and Willkie Farr & Gallagher. Nationwide Title Clearing is advised by Carr Riggs & Ingram.
Greenidge Generation, a vertically integrated bitcoin mining and power generation facility, completed the merger with Support.com, a technical support company for businesses and consumers, in an $88m deal.
"The completion of this transaction marks a critical milestone in our journey, expanding our industry leadership as the first publicly traded, vertically integrated power generation and bitcoin miner of scale in North America. We are poised to create significant value by combining public market growth capital with our 100% carbon-neutral bitcoin mining business model as we expand our operations to additional locations, including our anticipated South Carolina facility," Jeff Kirt, Greenidge CEO.
Support.com was advised by BTIG and Pillsbury Winthrop Shaw Pittman. Greenidge was advised by B. Riley FBR and Winston & Strawn.
Happy Bancshares, a bank holding company, to merge with Home BancShares for $919m.
"Happy State Bank is excited to join forces with one of the top-performing banks in the country. Centennial Bank is one of the few banks that has grown even faster and stronger than Happy, and with a similar mix of serving both small towns and metropolitan areas, they check every box when it comes to taking care of customers, stockholders and employees. It's just a great match. I have to say it… we're happy to be joining the HOMB team," J. Pat Hickman, Happy Bancshares Chairman.
Happy Bancshares is advised Stephen and Alston & Bird. Home Bancshares is advised Piper Sandler and Mitchell Williams Selig Gates & Woodyard.
Berkshire Partners to invest in Fast Growing Trees. (FS)
Berkshire Partners, a private equity firm, agreed to invest in Fast Growing Trees, an online retailer of trees and shrubs. Cove Hill Partners, a private equity firm, will also participate in the transaction as a minority investor. Summit Park will also continue to be an investor in the company. Financial terms were not disclosed.
“We are pleased to have the opportunity to partner with Adam and the company. Fast Growing Trees has built its reputation as a disruptor in the DIY live goods retail market, and we share the company’s vision of delighting customers by offering them top-quality products delivered right to their homes," Josh Lutzker, Berkshire Partners Managing Director.
Berkshire Partners is advised by Ropes & Gray. Fast Growing Trees and Summit Park are advised by William Blair & Co.
Raytheon Technologies, a firm that researches, develops, and manufactures advanced technology products in the aerospace and defense industry, agreed to acquire SEAKR Engineering, a supplier of advanced space electronics. Closure of the acquisition is subject to the completion of customary conditions and regulatory approvals. Financial terms were not disclosed.
"Our investment strategy accelerates our agility in meeting a higher standard of performance ― the space standard ― and expands our core space business with new applications that are shaping our world. With SEAKR Engineering, we are enhancing our capability to provide qualified systems faster. SEAKR's culture of forward-thinking innovation will complement our ability to solve our space customers' hardest problems," Roy Azevedo, Raytheon President.
Raytheon is advised by Wachtell Lipton Rosen & Katz. SEAKR is advised by Barclays.
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $225m Series C1 funding round in Misfits Market, an online grocer specializing in delivering food that would otherwise be wasted. Additional investor include Accel.
“We have seen tremendous growth in 2021 and still have a number of grocery categories lined up and ready to be introduced to the Misfits Market ecosystem. We've been laser focused on building our food value supply chain and this capital infusion enables us to deploy it nationwide and continue realizing our vision for a better grocery experience. Shoppers have responded, and proven there is a market and an appetite for online grocery platforms that makes quality food accessible and affordable. We're ready to bring Misfits Market into the kitchens of all Americans," Abhi Ramesh, Misfits Market CEO and Founder.
Misfits Market was advised by Archetype Agency.
Private equity firms Thrive Capital and General Catalyst led a $250m Series D funding round in Melio, a developer of a B2B payments platform. Additional investors include Tiger Global, Accel, Bessemer, Coatue, Corner Ventures, and Latitude.
"Melio is leveling the playing field for small businesses, empowering them with solutions focused on cash flow and workflow issues, which are critical for small business owners. Since our initial investment in Melio, I've worked closely with Matan. I've been very impressed with his leadership and with what he and the team have accomplished. Most importantly, I am very excited about the opportunity that lies ahead of them as one of the fastest growing companies in the small business payments space," Ken Chenault, General Catalyst Chairman and Managing Director.
Goldman Sachs Asset Management, an investment manager, led a $200m investment in Nextiva, a developer of a communication platform.
“Goldman Sachs is helping advance our mission, which from day one has been to help businesses grow by giving every company access to powerful business tools. Nextiva creates a seamless experience by surfacing insights and learnings from every interaction. By doing this, Nextiva enables companies of all sizes and their teams to better understand and serve their customers and accelerate the growth of their business," Tomas Gorny, Nextiva Co-Founder and CEO.
Canva, a global visual communications platform, today announced a $40bn valuation after a $200m funding round led by T. Rowe Price. Additional investors include Franklin Templeton, Sequoia Capital, Bessemer, Greenoaks Capital, Dragoneer, Blackbird, Felicis, and AirTree.
"Visual communication has emerged as a universal need for teams of every size across almost every industry. It has been incredible to see the continued growth of Canva across the globe over the last year. More than 60 million people are now using Canva for everything from launching startups to raising awareness for nonprofits, supporting remote learning, collaborating in distributed teams, and managing global enterprise brands at scale. We're incredibly excited to be further accelerating our mission to truly empower the world to design," Melanie Perkins, Canva Co-Founder and CEO.
CTSI, a full service technology and communications solutions provider, offered to acquire AFA Protective Systems, a Central Station fire alarm company, for $130m.
Tender offer will expire on October 26, 2021 at midnight, New York time, unless extended. Tenders of AFAP's common stock must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer. Each outstanding share of common stock outstanding immediately prior to the merger, will be converted into the right to receive the offer price without interest thereon and less any required withholding taxes.
SoftBank Vision Fund 2 led a $125 Series C funding round in Pacaso. (FS)
SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $125 Series C funding round in Pacaso, a real estate platform that helps people buy and co-own a second home. Other investors include Fifth Wall, Gaingels, Greycroft, Global Founders Capital, Crosscut, and 75 & Sunny Ventures.
"The ability to work remotely is transforming how people think about home. Pacaso is perfectly positioned to support families looking to own a second home. We continue to grow at an incredible pace, which is a testament to our team, the resonance of co-ownership, and the company's ability to provide a modern and more sustainable way to own real estate in second home destinations," Austin Allison, Pacaso CEO and Co-Founder.
Warburg Pincus-backed Full Sail IP, a company, that acquires brands and creates new opportunities for growth and expanded relevance through a transformational brand licensing business model, completed the acquisition of Odwalla, an American food product company selling fruit juices, smoothies and food bars, from Coca-Cola, an American multinational beverage corporation. Financial terms were not disclosed.
"We're thrilled that Odwalla, with its long history of innovation, high levels of brand awareness and reputation for great products, will be our first acquisition. We look forward to providing consumers with the best tasting, artfully crafted functional beverages and foods to allow them to snack well, feel well and live well," Alan Kravetz, Full Sail IP CEO.
Sterling Group-backed Fencing Group, a wholesale distributor of fencing supplies, completed the acquisition of Vinyl by Design, an outdoor space design provider. Financial terms were not disclosed.
"We are thrilled and honored that Vinyl by Design has joined the FSG family. They have built an impressive legacy of exceptional product and industry knowledge, paired with a passion for serving their customers, which aligns well with our vision," Andrea Hogan, FSG CEO.
Microsoft plans to buy back up to $60bn in stock.
Microsoft, a software maker, has launched what could be its largest ever stock-repurchase program of as much as $60bn, at a time when lawmakers are considering a tax on buybacks, Bloomberg reported.
The company’s recent resurgence has given it a market value north of $2.2tn, making it the second-most valuable publicly traded company after a 35% rise in its shares over 2021. Its previous buyback plan, unveiled in September 2019, was for $40bn.
Teck considers options for an $8bn coal unit.
Teck Resources, a Canadian miner firm, is exploring options for its metallurgical coal business, including a sale or spinoff that could value the unit at as much as $8bn, Reuters reported.
Large commodity producers have been facing investor pressure to shift away from fossil fuel business, including by shedding assets, amid a push to reduce carbon emission and halt climate change.
Brookfield and PSP to revive sale of TDF. (FS)
Brookfield Asset Management and Canada’s Public Sector Pension Investment Board are considering reviving the sale of a controlling stake in TDF Infrastructure, a French towers company, after previous plans to do so stalled, Bloomberg reported.
The investment firms may begin a formal sale process before the end of the year that could value TDF at more than $5.9bn.
Wanxiang Group considers to buy Apex Tool Group from Bain. (FS)
Wanxiang Group, a Chinese conglomerate, is in talks to acquire Apex Tool Group, a power-tools manufacturer from Bain Capital, Bloomberg reported.
A potential deal could value the US-based Apex at about $2bn to $2.5bn. Talks are still ongoing and other bidders remain interested in the asset. A representative for Bain declined to comment. Wanxiang did not immediately respond to requests for comment by phone and email.
CATL to bid for Canada’s Millennial Lithium.
A bidding war is heating up for Millennial Lithium, a Canadian miner firm, as Chinese firms compete to secure key elements needed for electric-vehicle batteries.
Contemporary Amperex Technology, a maker of EV batteries, is the mystery suitor behind a $298m offer for Vancouver-based Millennial, Bloomberg reported.
FTC staff to present findings on big tech's smaller acquisitions.
Staff of the Federal Trade Commission will present their findings on business deals that tech platforms like Facebook and Alphabet's Google did that were sometimes too small to prompt antitrust review, Reuters reported.
The agency, which began holding open meetings after progressive Lina Khan became chair in June, will hear about Big Tech acquisitions done between 2010 and 2019. In addition to Facebook and Google, the agency also gathered data from Amazon.com, Apple and Microsoft.
Brookfield seeks up to $15bn for private equity fund. (FS)
Brookfield Asset Management, an alternative asset management company, is seeking to raise $12bn to $15bn for its third flagship private equity fund after making a string of acquisitions, Bloomberg reported.
The Toronto-based firm is expected to start fundraising later this month and complete it by early 2022. In a letter to shareholders in August, Bruce Flatt, Brookfield CEO, said he wanted to bring in $100bn for deals and grow each of the firm’s flagship funds to more than $25bn in capital over time. To achieve that, Brookfield is bolstering its investor ranks. Flatt said the firm now has 2k clients globally, up from 425 five years ago.
SoftBank launches $3bn fund to invest in technology companies in Latin America. (FS)
SoftBank Group, a Japanese multinational conglomerate holding company, launched a $3bn fund to invest in technology companies in Latin America in a bid to build on the success of its initial fund for the region, which has spent most of its capital, DealStreetAsia reported.
In a statement said it plans to invest in listed and private tech companies, adding the fund may raise additional capital in the future.
SoftBank's renewed bet on Latin America comes as venture capital is booming in countries such as Brazil and Mexico, and follows a decision to pause new investments in China after a regulatory crackdown on tech companies.
Diversis Capital announces completion of $675m Fund II. (FS)
Diversis Capital Management, a Los Angeles-based private equity firm focused on investing in software and technology-enabled services organizations, announced the completion of Diversis Capital Partners II, with $675m of total commitments just three months after formal launch.
The oversubscribed fund includes a broad group of global investors and surpassed its target of $500m, as well as exceeded its inaugural fund raise of $255m raised in 2019.
EMEA
Lilium, an aviation company, went public via a SPAC merger with Qell Acquisition in a $3.3bn deal. The combined company is expected to receive approximately $830m of gross proceeds from a fully committed common stock PIPE offering of $450m, along with approximately $380m cash held in trust. The PIPE includes participation from Baillie Gifford, BlackRock, Tencent, Ferrovial, LGT, Palantir, Atomico, FII Institute and PIMCO.
"We see Lilium as a once-in-a-lifetime opportunity that will be at the forefront of a whole new industry. Lilium has the capacity to revolutionize regional travel, saving people hours so they can quickly travel from city to city. Using its 7-Seater Lilium Jet, Lilium's regional shuttle service should enable sustainable, high-speed transportation. Qell is proud to bring this exciting company to the public markets," Barry Engle, Qell CEO and Co-Founder.
Lilium was advised by Citigroup, Ernst & Young, Oppenheimer & Co, Piper Sandler, Orrick Herrington & Sutcliffe, Ropes & Gray and Milltown Partners. Atomico was advised by Latham & Watkins. LGT Capital was advised by Milbank. Tencent was advised by Davis Polk & Wardwell, Hengeler Mueller and NautaDutilh. Baillie Gifford was advised by CMS. Qell was advised by KPMG, Barclays, JP Morgan, Blomstein, Goodwin Procter, Homburger, Houthoff, METIS Rechtsanwälte, Neuland legal and Robar PR.
Apollo Global, an alternative investment manager, agreed to acquire Kem One Group, a producer and distributor of vinyl-based products. Financial terms were not disclosed.
“Alain has built Kem One into one of Europe’s leading chlorovinyls producers. We are tremendously excited to build on Alain’s legacy and further grow and develop the business, whether it is through the planned conversion of the Fos plant to enhance cost and energy efficiencies or the many avenues we see for inorganic growth. At Apollo, we have a long track record in the industry and are excited to leverage our expertise and fund capital to support the talented team at Kem One in this next phase of growth," Samuel Feinstein, Apollo Partner.
Apollo is advised by Barclays, HSBC, RBC Capital Markets, Bredin Prat and Paul Weiss Rifkind Wharton & Garrison. Debt financing is provided by Barclays, HSBC, JP Morgan and RBC Capital Markets. Kem One is advised by Evercore and Orrick Herrington & Sutcliffe.
Pagaya, a financial technology company, agreed to go public via a SPAC merger with EJF Acquisition in an $8.5bn deal.
"This is an important milestone not just for us, but also for our partners, their customers and the broader financial services industry. Legacy systems are historically fractured and inefficient. We identified a significant opportunity to address the inefficiencies of the current system by constructing a network powered by our proprietary AI technology. Our combination with EJFA allows Pagaya to combine our expertise with EJF’s deep financial experience. Together, we can continue to expand a leading artificial intelligence network to help our partners grow their businesses and better serve their customers," Gal Krubiner, Pagaya Co-Founder and CEO.
Pagaya is advised by JP Morgan, Goldfarb Seligman & Co, Skadden Arps Slate Meagher & Flom, ASTRSK PR and ICR. EJF Acquisition is advised by Barclays, Duff & Phelps, UBS, Simpson Thacher & Bartlett and Gasthalter & Co.
KKR, a US-based financial investor, has terminated talks regarding a potential takeover offer for Zooplus, a German online pet shop chain, two days after another suitor raised its offer price for the company, Reuters reported.
Zooplus is also in talks with private equity firms EQT and Hellman & Friedman. Hellman & Friedman had raised its bid to $3.9bn from $3.5bn.
“The financial investor KKR has informed the company today of its decision to no longer pursue the discussions regarding a potential voluntary public takeover offer by KKR to the shareholders of the company in light of the recent developments,” Zooplus.
Zooplus is advised by Goldman Sachs, GLNS Rechtsanwalte Steuerberater and Finsbury Glover Hering. Goldman Sachs is advised by Sullivan & Cromwell. Hellman & Friedman is advised by JP Morgan, goetzpartners and Freshfields Bruckhaus Deringer.
Aldar Properties, a real estate development, management and investment company, and Abu Dhabi Development offered to acquire a 90% stake in Sixth of October for Development & Investment, an Egypt-based company engaged in real estate development projects and operations, at a $453m valuation.
“This proposed acquisition of a majority stake in Sodic is a part of Aldar’s overall expansion strategy into the attractive Egyptian real estate market, with Aldar currently assessing several opportunities,” Aldar.
Aldar is advised by Rothschild & Co, Clifford Chance and Brunswick Group.
Bain Capital Credit, an investment company, and EBITDA Investments, a food ecosystem fund, agreed to invest in Risk Capital-backed Bread Holdings, a holding company of the Bread Factory and GAIL's Artisan Bakery, a retail bakery and cafe. Financial terms were not disclosed.
“GAIL’s is a premier brand in the growing craft bakery market. Its ability to supply high quality, fresh bakery products meals and drinks with a customer-focused culture drives GAIL’s strong brand following, like-for-like growth and expanding bakery network. We are thrilled to partner with industry pioneers Luke Johnson, Henry McGovern, Steven K. Winegar and Tom Molnar to support the GAIL’s Bakery and Bread Factory teams in achieving their goal of broadening access to high quality baked goods via new neighborhood GAIL’s. GAIL’s represents our third investment in food services in the past 18 months and is an important acquisition in our growing portfolio of mid-market businesses in Europe," Sandro Patti, Bain Capital Credit Director.
Bain is advised by Willkie Farr & Gallagher and Camarco.
Softbank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $177m Series C funding round in Sendcloud, an e-commerce shipping platform in Europe. Other investors include L Catterton and HPE Growth.
"At a time when consumers around the world want to decide where, when and how they want to receive a parcel, leading online merchants depend on Sendcloud to fuel their logistics process. To engage consumers in the long term and successfully process growing parcel volumes, a multi-carrier solution like Sendcloud is essential, and we are proud to partner with Softbank and L Catterton and embark on a new chapter of growth for our business," Rob van den Heuvel, Sendcloud CEO and Co-Founder.
Sendcloud was advised by Arma Partners.
SoftwareONE, a global provider of end-to-end software and cloud technology solutions, completed the acquisition of HeleCloud, a provider of strategic technology consultancy, engineering and cloud-based managed services. Financial terms were not disclosed.
“With its market-leading position, this acquisition will help us further build out SoftwareONE’s cloud migration service offering, one of our strategic growth initiatives, and accelerate our growth in AWS-related services in EMEA. With HeleCloud joining us, we continue to expand SoftwareONE’s capabilities to enable our customers in their journey to AWS, as well as their overall cloud and digital transformation," Javid Khan, SoftwareONE AWS Global Director.
SoftwareONE was advised by Rothschild & Co.
Allegro in talks to buy Mall Group.
Allegro, a Polish e-commerce platform, is in talks over the possible acquisition of Mall Group, a Czech online retailer, Reuters reported.
The talks are in the final stages but could also close without any transaction. Mall Group is owned by investment group PPF, Rockaway Capital and EC Investments, which is owned by investors Daniel Kretinsky and Patrik Tkac.
Shell’s sale of Nigeria assets faces dollar-crunch challenge.
Nigeria’s lenders likely don’t have enough dollars to fund clients seeking to acquire oil assets put on sale by the local unit of Royal Dutch Shell, Bloomberg reported.
Guaranty Trust Bank doesn’t see the likelihood of any client raising the estimated $2.3bn needed to purchase the Shell assets of the financial group that owns the lender. Such a deal would require a syndication of up to $1.8bn, and it can be very tough to raise this kind of funding locally at the moment, said Segun Agbaje, Financial Group CEO.
UAE sovereign fund ADIA looking to raise $500m from sale of two Sydney hotels. (FS, RE)
Abu Dhabi Investment Authority, a sovereign wealth fund owned by the Emirate of Abu Dhabi, is selling two of its Sydney hotel properties which could fetch the sovereign wealth fund about $500m, DealStreetAsia reported.
The two hotels, Novotel Sydney on Darling Harbour and IBIS Sydney Darling Harbour, together have about 780 rooms and are the last hotels to be divested from a 31-asset portfolio that ADIA acquired in 2013.
Federer-backed ON Holding prices IPO valued at over $6bn. (FS)
Roger Federer, a Swiss tennis legend-backed On Holding, a shoe firm, priced its IPO well above the target range, valuing the company at over $6bn.
On priced 31.1m shares offered at $24 each, compared with a target range of $18 to $20 per share, raising $746.4m, Reuters reported.
The shoemaker was founded in 2010 by running enthusiasts Olivier Bernhard, David Allemann and Caspar Coppetti, with Federer investing an undisclosed sum in the company in 2019.
Antin holders seek $650m in Paris IPO. (FS)
Antin Infrastructure Partners, a private equity firm, and its founders are looking to raise $650m in an IPO in Paris amid a flurry of alternative asset manager listings, Bloomberg reported.
The firm, which invests in everything from fiber-optic networks to water utilities, is raising about $413m selling new shares, while existing shareholders are offloading the remainder. The offering will value the company at as much as $4.88bn.
Exclusive Networks IPO set to raise up to $492m in Paris.
Exclusive Networks and its holders are seeking up to $492m in an IPO on Euronext Paris, boosting the French listings market after a dismal two years, Bloomberg reported.
The company is selling new shares worth $307m, while the remainder will come from existing holders including private equity firm Permira Holdings, an entity controlled by ex-CEO Olivier Breittmaye, employees and management. The offering values Exclusive Networks at as much as $2.5bn.
Babbel investors seek up to $374m in IPO.
Babbel Group, an online language learning company, and some of its backers are seeking to raise as much as $374m in a Frankfurt IPO.
The Berlin-based company is marketing 7.3m new shares at $28 to $33 apiece, while some of its existing investors are offering 4m shares, Bloomberg reported.
The company would be worth $1.5bn if demand pushes the stock to the top end of the IPO price range. The shares are expected to begin trading on September 24.
Universal Music publishes IPO details ahead of listing next week.
Vivendi, a French media group, will spin off and list Universal Music Group, the label behind Taylor Swift and the Rolling Stones, next week, aiming for an estimated equity value of $39bn.
The group had said before that it would spin off 60% of the shares in Universal to its own shareholders, who include Vivendi’s controlling billionaire Vincent Bolloré.
Truecaller plans to list Class B shares on Nasdaq Stockholm.
Truecaller, a Swedish mobile phone directory and caller identification service, said it planned to list its Class B shares on Nasdaq Stockholm, Reuters reported.
Depending on market conditions, the listing is expected to be completed during the fourth quarter of this year.
Nami Zarringhalam and Alan Mamedi, who co-founded Truecaller in 2009, intends to control a majority of the company’s voting power through ownership of Class A shares.
Barclays hires Tyagi for health-care investment banking. (People)
Barclays, a British multinational universal bank, has hired Amit Tyagi as a managing director covering tools and diagnostics in its health-care investment banking group, Bloomberg reporetd.
Tyagi will be based in New York and report to Rick Landgarten, the global head of Barclays’ health-care and real estate groups. He joins from Huatai Securities, where he ran the health-care group. He previously was global head of medical diagnostics and life sciences tools at UBS Group. Tyagi has also worked on the company side of health care as a senior project manager at Medline Industries.
APAC
Shinsei Bank, a commercial bank, said no decision has been made on its response to an unsolicited $1bn bid by SBI Holdings, a financial services group, following a media report that it plans to introduce a poison-pill defence, Reuters reported.
“It is true that Shinsei Bank is currently considering various measures to respond to SBI’s tender offer. However, it is not factual that a decision has been made at this time, any decisions would be disclosed in a timely manner," Shinsei Bank.
Shinsei Bank is advised by Morgan Stanley. SBI is advised by Citigroup.
Softbank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $200m Series D funding round in Keenon Robotics, a provider of robotics services. Other investors include CICC ALPHA and Prosperity7 Ventures.
"We believe robotic solutions can have a profound impact across the services industry by assisting with repetitive, tedious workflows. Using AI and machine learning, combined with advanced manufacturing capabilities, Keenon is building innovative robotics to help increase productivity for restaurants, hotels, and hospitals in China and globally. We are pleased to partner with Li Tong and the Keenon team to support their mission of driving the smart autonomous delivery revolution," Kentaro Matsui, SoftBank Managing Director.
Keenon was advised by China Renaissance Securities.
Tiger Global led a $150m Series C funding round in Xendit, a developer of a payment gateway platform. Additional investors include Accel, Amasia, and Goat Capital.
“We’re seeing an incredible shift to digital first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence. Xendit’s digital payments infrastructure enables the region’s new class of entrepreneurs to start and scale their payments faster, and supercharges larger companies with modern, world-class financial services. What AWS has done for Compute, Xendit is doing for payments," Moses Lo, Xendit Co-Founder and CEO.
Xendit was advised by SutherlandGold.
Legatum Capital, a global investment firm, led a Series E funding round in Mobile Premier League, an online gaming platform. Additional investors include Sequoia Capital, SIG, RTP Global, Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra Ventures and Founders Circle Capital. Financial terms were not disclosed.
"We are seeing strong traction globally as a function of our direct to consumer approach. Our platform strategy allows us to pool user liquidity, enable synchronous competitions, aggregate gaming content, and drive superiior matchmaking, which all together enable best-in-class user retention and monetisation," Joe Wadakethalakal, Senior Vice President Corporate Development MPL.
India seeks $109bn valuation in insurer’s mega IPO.
India is seeking a valuation of between $109bn and $135bn for state-backed Life Insurance in what’s slated to be the nation’s biggest IPO.
The government is considering selling a 5%-10% stake in the company, which could raise between $5bn and $13bn, Bloomberg reported.
The potential valuation is based on preliminary talks and may change after further discussions, due diligence and an official valuation report. A spokesperson for the finance ministry declined to comment. LIC didn’t immediately respond to an email seeking comment.
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