AMERICAS
Broadcom’s $69bn acquisition of cloud software company VMware is set for a lengthy antitrust investigation in Brussels over regulatory concerns that the deal will harm competition across the global technology industry, FT reported.
Broadcom is already in preliminary discussions with EU officials who will be looking into worries that the merger may lead to abusive behaviour, including potential future price rises by the US chipmaker.
VMware is advised by Goldman Sachs, JP Morgan, Gibson Dunn & Crutcher and Sard Verbinnen & Co. Broadcom is advised by Bank of America, Barclays, Citigroup, Credit Suisse, Morgan Stanley, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers, Wachtell Lipton Rosen & Katz and Joele Frank. Silver Lake is advised by Simpson Thacher & Bartlett.
OneWater Marine, one of the largest and fastest-growing premium marine retailers in the United States, agreed to acquire Ocean Bio-Chem, a supplier and distributor of appearance, cleaning, and maintenance products for the marine industry and the automotive, powersports, recreational vehicles, and outdoor power equipment markets, for $125m.
"Ocean Bio-Chem brings aboard a suite of iconic brands and consumable products to the OneWater portfolio, and we are thrilled that OBCI's experienced and highly regarded team will be joining us. OneWater has made great strides in establishing a parts and accessories business, utilizing our acquisition platform to further enhance our higher-margin businesses, helping to insulate us from the industry cyclicality of new boat sales. With a demonstrated track record of growth, OBCI's shared values and consistent performance make it a tremendous addition to the OneWater family," Austin Singleton, OneWater CEO.
Ocean Bio-Chem is advised by Houlihan Lokey and Morgan Lewis & Bockius. OneWater is advised by Butler Snow and Vinson & Elkins.
Bain Capital, an American private investment firm based in Boston, completed a $150m investment in Ataccama, a unified data management platform provider.
"Businesses require better and more actionable data to remain competitive in today's evolving marketplace, and they understand this requires stronger collaboration between IT and business analysts. Ataccama's cloud-friendly, best-in-class platform makes it simple for technical and non-technical roles to collaborate on data quality and governance. Demand for the platform has driven a significant increase in the company's average deal size, fueling incredible momentum. We see a significant runway for further growth," Dewey Awad, Bain Capital Managing Director.
Ataccama was advised by Babel PR and Metis Communications. Bain Capital was advised by Stanton PRM.
Ardian and MidOcean-backed Florida Food Products, a provider of natural ingredients, agreed to acquire Javo Beverage, a natural extractor of clean label coffee, tea, and botanicals. Financial terms were not disclosed.
"We're ecstatic for Javo to join the FFP platform. Javo's best-in-class products are supported by a talented team and unique manufacturing capabilities that will drive a series of innovative new product launches. As part of the FFP family, we're confident that Javo can offer our customers compelling new solutions that build on our deep portfolio of clean label ingredients," Jim Holdrieth, FFP CEO.
Javo is advised by Houlihan Lokey. MidOcean is advised by Gasthalter & Co. Ardian is advised by The Neibart Group.
Levine Leichtman Capital, a private equity firm, completed the acquisition of Technical Safety Services, a biotechnology firm serving biopharma, medical device, academic research and food production sectors, from The Edgewater Funds and JZ Partners, two private equity firms. Financial terms were not disclosed.
"We are delighted to partner with TSS, one of the leading providers of TICC services within the highly attractive healthcare and life sciences end markets. Our team was impressed with TSS's ability to provide services that adhere to the highest regulatory standards and to deliver premier customer service for its clients. We are excited to work with the management team to build on TSS's impressive recent growth through additional strategic M&A and broadening of the Company's services across new geographies, both domestically and internationally," Matthew Rich, LLCP Partner.
LLCP was advised by Kirkland & Ellis and Gasthalter & Co.
FLASH, a cloud parking software and mobility transformation company, agreed to acquire Ballparc, a developer of event parking revenue control and enforcement systems. Financial terms were not disclosed.
"Bringing the Ballparc team and their event and enforcement partners on board is another key step to expanding our parking and demand management platform for all types of assets. We admire the approach that Ballparc has taken with their customers over the last ten years and are committed to continued delivery of seamless experiences that grow and diversify their revenue," Dan Sharplin, FLASH CEO and Executive Chairman.
FLASH is advised by Vinson & Elkins and Peppercomm.
A group of investors including FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures and Seven Peaks Ventures led a $100m Series B round in Prime Trust, a provider of financial infrastructure for fintech and digital asset innovators.
"FIS believes strongly in fostering a culture of innovation within our organization as well as within the broader fintech community. Investing in an emerging leader in the Web 3 space is just one of the many ways FIS is accelerating fintech innovations for organizations of all sizes," Rob Lee, FIS Impact Ventures President.
Prime Trust was advised by William Blair & Co and Cooley.
Franchise Group, an owner and operator of franchised and franchisable businesses, is considering lowering its bid for department store chain Kohl's to closer to $50 per share from about $60 apiece, Reuters reported.
Franchise is considering whether buying Kohl's is the best use of the Vitamin Shoppe owner's capital. Shares in Kohl's fell more than 10%.
Kohl's is advised Edelman.
Convivial Life, a not-for-profit organization, completed the acquisition of Jacaranda Trace, a senior living community, from Venice Florida Senior Holding, a condominium apartment homes and villas and healthcare units holding company. Financial terms were not disclosed.
"We are excited about this opportunity and appreciate everyone's support. Our Board members, LifeStar, and others involved with the acquisition have taken extra measures to ensure we achieve a successful ownership transition and continue to focus on enhancing Jacaranda Trace's rich tradition in serving the residents and associates and being a vital community partner in the local area." Rick Grindrod, Convivial Life CEO.
Convivial Life was advised by LifeStar Living.
Bank of America, an investment bank and financial services holding company, completed an investment in iCapital, a fintech platform. Financial terms were not disclosed.
"iCapital and Bank of America share the belief that alternative investments are an important component of a well-diversified portfolio and it is critical to increase access, education and service to advisors and their clients. Deepening our support of iCapital through a strategic investment is emblematic of the success of our collaborative relationship," Nancy Fahmy, Bank of America Head of Alternative Investments, Specialty Asset Management and Investment Solutions Specialists.
iCapital was advised by The Neibart Group.
Air Pros USA, a residential and commercial air conditioning services company, agreed to acquire Dallas Plumbing, a family-owned and operated HVAC and plumbing business. Financial terms were not disclosed.
"It is not a small achievement to last over 100 years in the industry. Dallas Plumbing Company has kept a strong, loyal fan base in the area because they have never compromised quality for their customers and we are thrilled to make them a partner. With our philosophy to always put customers first, Air Pros USA will continue to honor the legacy and commitment to customers that the Dallas Plumbing Company has created," Anthony Perera, Air Pros USA Founder and Chief Growth Officer.
Air Pros USA is advised by 10 to 1 Public Relations.
Dynamic City Capital, a real estate investment firm, agreed to acquire Anaheim Portofino, an independent hotel. Financial terms were not disclosed.
"The acquisition of the Anaheim Portofino was an exceptional opportunity to expand our presence in the Anaheim Market. The hotel is ideally located for patrons to take advantage of all Anaheim offers and aligns with our strategy of purchasing quality properties in prime hotel markets. You don't get better hotel markets than Anaheim," Ryan Phelps, DCC Chief Investment Officer.
Berkshire Hathaway bought an additional 9.6m Occidental Petroleum shares.
Warren Buffett's multinational conglomerate Berkshire Hathaway bought another 9.6m shares of Occidental Petroleum, boosting its stake to 16.3% as the oil company's shares come off the year's high, Reuters reported.
The purchases were made over the past week and cost about $529m. These come on top of a $336m share purchase by Berkshire last month in the oil company, and $7bn in purchases earlier this year.
Mexican billionaire Salinas says no to buying Citibanamex.
Mexican billionaire Ricardo Salinas said in a tweet he was thinking about buying Citigroup Mexican retail business known as Citibanamex and decided not to, Bloomberg reported.
“It takes too much time and investment, and then you have to fix its operation and invest in technology,” Salinas said, adding he prefers to invest in his Banco Azteca and compete with whoever buys the bank.
Netflix confirms partnership talks for ad-supported service.
Netflix Co-CEO Ted Sarandos confirmed that the streaming company is speaking to multiple potential partners to help it enter the advertising business, telling an industry conference that it may build its own ad business in the future.
“We’re talking to all of them right now. We want a pretty easy entry to the market—which, again, we will build on and iterate in. What we do at first will not be representative of what the product will be ultimately. I want our product to be better than TV,” Ted Sarandos, Netflix Co-CEO.
Fanatics CEO to sell Philadelphia 76ers stake over business conflicts.
Michael Rubin, CEO of Fanatics, an American online retailer of licensed sportswear, sports equipment, and merchandise, is selling his stake in the Philadelphia 76ers, Bloomberg reported.
Rubin, who became part of the ownership group when Harris Blitzer Sports & Entertainment acquired the team in 2011, said new ventures with Fanatics will force him to sell his stake to avoid conflicts.
Brookfield raises $15bn for energy transition fund. (FS)
Brookfield Asset Management raised $15bn for its global energy transition fund to target investment opportunities relating to reducing greenhouse gas emissions and energy consumption.
The manager said the amount raised for the Brookfield Global Transition Fund makes the fund the world's largest private fund dedicated to facilitating the global transition to a net-zero carbon economy.
Vine Ventures closes its new fund with $140m. (FS)
Vine Ventures, a New York City-based early stage venture capital firm, announced the final closing of its Fund II. The new fund was oversubscribed, with $140m of commitments from some of the world's leading technology investors, founders, pension funds, and endowments.
"Our mission is to identify founders and markets poised for massive outcomes, drive these leaders to success, and deliver top-tier returns to our investors. Vine's team is composed of investors trained at some of the most successful firms including Insight Partners, TA Associates and Blackstone. We have adapted these firms' best practices to bring unparalleled horsepower to early stage investing, so that the world's best company builders can begin their journey with the right resources," Eric Reiner, Vine Managing Partner.
EMEA
Pagaya, a financial technology company, went public via a SPAC merger with EJF Acquisition in an $8.5bn deal. Investors in PIPE included Tiger Global, Whale Rock, GIC, Healthcare of Ontario Pension Plan, G Squared and funds affiliated with EJF Capital.
"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 was advised by JP Morgan, Goldfarb Seligman & Co, Skadden Arps Slate Meagher & Flom, ASTRSK PR and ICR. EJF Acquisition was advised by Barclays, Duff & Phelps, UBS, Simpson Thacher & Bartlett and Gasthalter & Co.
Silver Lake Partners, an American global private equity firm, agreed to acquire a majority stake in Facile.it, an Italian online price comparison platform, from Oakley Capital, a private equity firm, and EQT Partners, a global investment organization. Financial terms were not disclosed.
"Facile is an exceptional business with a differentiated and powerful value proposition for customers, channel partners and financial service providers. We are truly impressed by what Tobias and the rest of the team have built over the past years. The company is now Italy's leading online destination for consumers to compare prices with a market-leading tech platform and unique omnichannel capabilities across its agent networks and stores," Christian Lucas, Silver Lake Co-Head of EMEA.
Silver Lake is advised by Morgan Stanley, BonelliErede and Simpson Thacher & Bartlett. EQT Parters is advised by Goldman Sachs and Latham & Watkins. Oakley Capital is advised by Liberum Capital and Greenbrook.
Sun Communities, an American real estate trust, completed the acquisition of Park Leisure 2000, a holiday park operator, from Midlothian Capital Partners, a private equity firm, for £182m ($223m).
The transaction follows Sun’s acquisition of Park Holidays which was announced in November 2021.
Sun Communities was advised by Jones Day. Midlothian was advised by Rothschild & Co and Slaughter & May.
Schouw-backed GPV, a Danish EMS provider, agreed to merge with Ahlström Capital-backed Enics, a Swiss-headquartered EMS provider, in a €60m ($63m) deal.
Both companies have particular strengths in the industrial segment, serving a broad range of customers with no particular overlap, and they complement each other in terms of production technology, know-how and geographical presence. The combined company will have production facilities across 13 countries on three continents and about 7.5k employees.
Ahlström is advised by Homburger.
BC Partners, a private equity investment firm, agreed to acquire Havea, a natural healthcare company, from 3i Group, a multinational investor, and Cathay Capital, a private equity firm. Financial terms were not disclosed.
"Havea benefits from long-term structural tailwinds, and embodies the key themes that we look for in a healthcare business, particularly in pharma, of providing strong value to patients and healthcare payors alike, preventative care, and digitalisation. Havea has an outstanding track record of delivery, true market leadership, and a best-in-class management team, which are key criteria we seek in our investments. We look forward to working with the management team in realising the full potential of the Group,” Mark Hersee, BC Partners Partner.
BC Partners is advised by Latham & Watkins.
British International Investment, the UK’s development finance institution, agreed to invest $200m in the Norfund and Scatec's African hydropower joint venture.
"Hydropower is critical for providing clean baseload and peaking power, especially in landlocked countries in Africa, as the continent countries transition away from fossil fuels towards a net zero future. BII along with its partners will play a key role in providing inclusive and sustainable finance to support hydropower in sub-Saharan Africa. It is great that we are partnering with Norfund and Scatec in this partnership," Chris Chijiutomi, BII Managing Director, Head of Infrastructure Equity, Africa & Pakistan.
Promsvyazbank to acquire SMP Bank. (FS)
Promsvyazbank is in talks to acquire sanctioned rival SMP Bank and already carried out due diligence work, Reuters reported.
Promsvyazbank, one of Russia’s 13 “systemically important credit institutions”, offers a wide range of services but has focused on state employees and the defence sector since it was bailed out by the central bank in 2017.
The Original Factory Shop owner eyes sale after bid approaches.
The Original Factory Shop, the discount retailer, is exploring a sale after receiving several takeover approaches.
That deal cleared the way for rent cuts as Duke Street sought to put TOFS on a more sustainable financial footing in an environment where physical store-owners have long-complained that the business rates regime has left them unfairly disadvantaged against online rivals.
Sumitomo Mitsui, a Japanese multinational banking and financial services institution, agreed to invest $583m in SBI Holdings, a financial services company group based in Tokyo.
The alliance will focus on providing online financial services for individuals including younger and mass-affluent customers, SBI said in a statement. The brokerage will use the funds to repay loans and enhance its fundraising base, which in turn will boost its capacity to do more mergers and acquisitions.
Uber is said to have explored a sale of Indian ride-hailing arm.
Uber Technologies explored options for its Indian ride-hailing business, including a sale, but suspended discussions after tech startup valuations cratered, Bloomberg reported.
The US company began weighing alternatives and reached out to several interested parties after recognizing it had limited potential for profitable expansion in the country. It pondered a stock swap with local companies or even a pullout, before a global equity market rout upended plans. A stock deal was favored in exploratory talks as that would allow Uber to retain a foothold in India.
Malaysia state firm weighs IPO for $227m palm oil arm. (FS)
Malaysian state-owned investment firm Johor could seek to raise about $227m in an initial public offering of its plantation unit, Bloomberg reported.
The investment arm of the Johor state government is asking bankers for pitches for the potential listing of Kulim Malaysia, and is targeting a valuation of around $227m for the unit. An IPO in Kuala Lumpur could happen as early as next year.
Miniso wins nod for $100m Hong Kong listing. (FS)
Miniso Group, the US-listed Chinese household consumer goods retailer, has won the Hong Kong stock exchange’s approval for its planned dual primary listing in the city, Bloomberg reported.
The company received the green light following a hearing Thursday with the Hong Kong bourse’s listing committee. It is considering raising as much as $100m in the share sale.
LGT Capital Partners holds the final close of Crown Asia-Pacific Private Equity V at $1.65bn hard cap. (FS)
LGT Capital Partners held the final close of Crown Asia-Pacific Private Equity V, its fifth private equity investment programme investing in the Asia-Pacific region, at the hard cap of $1.65bn and above the target fund size of $1bn.
The fund’s investor base includes more than 50 institutions, including pension funds, insurance companies, university endowments and foundations in Europe, the United States, Canada, Australia and the Middle East.
OAKS Asset Management set to close second consumer fund at $128m. (FS)
OAKS Asset Management, a private equity firm, announced the close to raising about $128m towards the final close of its second consumer fund, surpassing the initial target.
“We have always had deep conviction in the Indian consumer story and believe that as a market, Indsimple penetration and growth opportunities. For us to be in the position that we are in is not only a philosophy but also the resilience of India’s consumer story,” Vishal Ootam, OAKS Asset Management Founder and CEO.
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