EMEA
Wessanen and a Consortium of PAI and Charles Jobson agree on a recommended all-cash offer of €11.50 per share for all shares of Wessanen, representing a total consideration of c. €885m ($997m).
Koninklijke Wessanen is a leading company in the European market for healthy and sustainable food. Their purpose is 'connect to nature' and they focus on organic, vegetarian, fair trade and nutritionally beneficial products.
"Our vision is to build a European leader in organic and sustainable food. We want to remain at the forefront of making food healthier and more sustainable for the benefit of both consumers and the planet. This requires a long-term commitment from shareholders and long-term investments. It is all the more critical in an era where organic, sustainable and healthy themes have grown increasingly popular, which in turn has resulted in a more competitive landscape. PAI and Charles Jobson are fully supportive of our strategy and will bring a longer-term horizon and additional investments supporting the execution of our plans." Christophe Barnouin, Wessanen CEO.
Wessanen is advised by Lazard, ABN AMRO, Hill+Knowlton Strategies, and Allen & Overy. The consortium is advised by Credit Suisse, Freshfields Bruckhaus Deringer, and CFF Communications. Charles Jobson is advised by De Brauw Blackstone Westbroek.
Mediobanca has acquired a 66% stake in MMA. Financial terms were not disclosed.
MMA, an advisory house serving large to medium-sized corporates as well as a wide range of financial sponsors, has now become one of the top three French Corporate Finance houses with a very large, international and recurrent client base.
"The recognition of our brand name, Messier Maris et Associés, will remain. Our ability to fully manage our team based on our deep knowledge of our industry and of our success factors. Although we had always thought of our future as an independent house, when Alberto Nagel approached us and shared his vision for Mediobanca, we quickly recognised that not only did we share the same values of excellence, discretion, long-term bias in client-relationships, but that coupled with Mediobanca’s unique strength in Italy and the Iberic Peninsula, we could create a fantastic platform to serve our clients in those key European markets, and beyond”. Jean Marie Messier and Erik Maris, Founders of MMA.
GED Capital has made the first investment from its new fund GED VI España with the acquisition of a majority stake in Aircraft Interior Refurbishment España, specialized in the maintenance, repair, and overhaul of aircraft cabin interiors. Financial terms were not disclosed.
AIRE portfolio of services currently includes the maintenance of seats, galley elements, stowages and panels, the modification and reconditioning of cabins, the manufacture of covers, carpets, and adhesive labels and the certification of modifications to aircraft cabins and its components.
“There are strong trends in the aeronautical sector that support the rationale of our investment in AIRE, such as the positive growth prospect of air traffic and the consequent increase in the number of aircraft both in Europe and Latin America,” Enrique Centelles Satrústegui, GED Managing Partner.
GED Capital is advised by Arthur D Little, King & Wood Mallesons, Ernst & Young, and KPMG. AIRE is advised by CMS Albinana.
Nordic Capital has acquired Signicat, a high-growth provider of digital identity and signatures solutions that operates the leading digital identity hub in the market. Financial terms were not disclosed.
Signicat leads innovation in verified digital identity solutions, reducing risk while providing a smart and intuitive user experience. Its solutions enable companies and institutions, both in regulated and non-regulated industries, to offer efficient and user-friendly advanced online authentication, identification verification and electronic signature solutions.
“As one of the most prominent and experienced investors in the FinTech sector with a long and proven track record of growing businesses, Nordic Capital is the perfect partner to support Signicat’s accelerated international expansion strategy.” Gunnar Nordseth, Signicat CEO and Co-Founder.
MCH Private Equity and Ardian have acquired a majority 80% stake in the food company Grupo Palacios from the Carlyle Group for €250m ($281m).
Grupo Palacios is one of the leading companies in Spain in the sectors of products of Spanish tradition and prepared food, including categories such as sausages, Spanish omelet, refrigerated pizzas, and frozen confectionery.
"We are enormously excited to join the management team of the Palacios Group in this new stage and we hope to contribute, together with our co-investors in the operation, such as Ardian and Unigrains, to further enhance the company's growth, both organically through innovation, as through acquisitions, both in Spain and abroad, where we think that Grupo Palacios has great potential, " José María Muñoz, MCH Partner.
MCH is advised by Altamar. The Carlyle Group is advised by ING Bank and Rothschild & Co.
Equinox acquired a 55% stake in Quid Informatica, leading software engineering firm.
The entry of Equinox will allow Quid, among other things, to accelerate the implementation of the development strategy based on QINETIC, the innovative platform designed by the company.
"We are very satisfied with our partnership with Equinox that will allow us to further develop our presence on the market. We believe that industrial and business opportunities offered by Equinox network will be crucial to accelerate the development phase," Stefano Bertoli, Quid CEO.
Quid is advised by Fineurop Soditic, LMS, Ludovici Piccone & Partners, Paratore Vannini & Partners, Simmons & Simmons, and Toffoletto De Luca Tamajo. Equinox is advised by Ernst & Young, Banco BPM, Mediocredito, UniCredit, and Dentons.
Infront has acquired 100% of the shares in vwd Group from a fund managed by The Carlyle Group to create the leading European financial market solutions provider for €130m ($146m).
VWD provides end-to-end technology and data solutions for the wealth management industry, combining data and feed solutions, publication and distribution systems, portfolio management- and regulatory technology services.
'We are two highly complementary businesses in terms of customers, products and geographical strongholds. Together we will reach an even wider customer base, explore significant cross- and upsell opportunities and capture cost synergies from consolidating data feeds and other efficiencies,' said Kristian Nesbak, Infront, CEO and co-founder.
Infront is advised by ABG Sundal Collier, Danske Bank, and Selmer. The Carlyle Group is advised by Raymond James.
itelligence has acquired a majority interest in Weaveability. Financial terms were not disclosed. With this acquisition, itelligence, the leading SAP Global Platinum Partner, is enhancing its market position in the UK by significantly strengthening its CRM and e-commerce capabilities.
Weaveability has positioned itself as a key partner in the SAP Digital Engagement and e-commerce environment, working with SAP Customer Experience Solutions.
“With Weaveability we are strategically increasing our CRM and e-commerce know how in the UK. Globally, we have built a leading CRM practice of over 500 experts.” Norbert Rotter, itelligence CEO.
US stock market operator Nasdaq said it has increased its stake in Norway’s Oslo Bors with a purchase of 844k shares in the Norwegian bourse. The purchase represents nearly 2% of Oslo Bors’ outstanding shares, data from the Norwegian exchange operator showed.
After the purchase, 37% of Oslo Bors’ shares are owned by Nasdaq or are subject to pre-commitments to accept the offer, the US exchange operator said. Euronext was also bidding for the Oslo Bors.
Oslo Bors was advised by Arctic Securities, Carnegie, Advokatfirmaet Selmer, and Advokatfirmaet Thommessen. Nasdaq was advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom.
Commerzbank seeks a meeting with Deutsche Bank for deal talks.
Commerzbank’s supervisory board chairman dismissed reports of board dissatisfaction with its chief executive as irresponsible and unfounded.
Chairman Stefan Schmittmann was reacting to reports in recent days that some board members were pushing Commerzbank to end merger talks with rival Deutsche Bank and push CEO Martin Zielke from office.
“Rumors and speculation on personnel changes are made up out of thin air. Such allegations are irresponsible and unworthy of discussion.” Schmittmann said in a statement emailed to Reuters.
With the banks edging closer to a decision on whether to create a German banking powerhouse, labor representatives are seeking to nix a deal and even push out Commerzbank Chief Executive Officer Martin Zielke to avoid job losses running into the tens of thousands. Regulators at the European Central Bank are casting a skeptical eye and lawmakers evoking the financial risks. And then there’s Deutsche Bank’s long-suffering shareholders, who may balk at having to stump up billions in fresh capital to fund the deal.
France Finance minister says that airport sale referendum would weaken democracy.
France’s finance minister Bruno Le Maire said that a proposed referendum over the privatization of the country’s largest airports operator was a “game of populism” and would weaken representative democracy, after MPs set in motion the idea of a popular vote to try to halt a sale.
This week French parliamentarians garnered enough support to initiate a possible referendum against the privatization of Groupe ADP, the operator of international airports including the Charles de Gaulle hub in Paris. The proposal must now be validated by France’s Constitutional Council and signed by 10% of the electorate, about 4.5m, for the referendum to go ahead.
Newlat considering Kraft Heinz's Plasmon division acquisition.
Italian food group Newlat, which is planning a Milan listing this year to raise funds for acquisitions, is looking at Kraft Heinz’s Plasmon division.
Newlat, controlled by Italian family Mastrolia, has completed a string of deals in the past 10 years to boost its annual sales to €350m ($395m) from €20m. “Newlat is already a supplier of Plasmon and knows the company well,” Davide Milano, a partner in consultancy firm Oaklins Italy.
The listing would allow Newlat to continue its acquisition campaign to consolidate Made in Italy brands and compete with large multinational groups, Chairman Angelo Mastrolia.
Fresenius considers selling some non-core business activities.
German healthcare group Fresenius is happy with its current portfolio but may consider selling some non-core business activities within its units, its chief executive, reported Reuters.
Fresenius makes generic infusion drugs, operates hospitals in Germany and Spain, owns some 30% of dialysis specialist Fresenius Medical Care and manages projects for healthcare facilities worldwide.
“There may also be activities within these business areas where we believe we are not the optimal owners. We are convinced that it is better off with a dedicated organization with clear responsibilities and an even stronger focus on the specific transfusion customers.” Stephan Sturm, Fresenius CEO.
Deutsche Borse considers buying some Refinitiv FX units.
German stock exchange operator Deutsche Boerse said that it is in “concrete negotiations” with data provider Refinitiv about the potential acquisition of certain foreign exchange business units.
“The negotiations and assessments of a potential transaction are ongoing. The purchase price of $3.5bn and the imminent signing of binding contracts mentioned in the market speculations are entirely unfounded.” Deutsche Boerse said in a statement.
Sberbank considering buying the retailer O'Key. (FS)
Russia’s largest lender Sberbank is in talks to buy mid-sized food retailer O’Key, Reuters reported.
The talks follow a decline in the shares of many Russian food retailers over the past year and expectations of sector consolidation because of tougher regulation and a decline in Russian consumers’ disposable incomes.
If Sberbank agrees to buy O’Key, it could then sell it to another investor. They did not disclose the name of the potential investor.
AMERICAS
Newmont Mining shareholders approved the company’s $10bn takeover of Goldcorp which is set to create the world’s biggest gold producer with assets across the Americas, Africa, and Australia.
About 98% of votes at a special meeting were in support of Newmont’s proposal to issue new stock to fund its takeover of Goldcorp, the Denver-based company said in a statement. Goldcorp’s investors voted to approve the acquisition last week.
We thank Newmont’s shareholders for their overwhelming support for this compelling value creation opportunity as we build the world’s leading gold company,” Gary Goldberg, Newmont Chief Executive.
Goldcorp is advised by Bank of America Merrill Lynch, Fort Capital Partners, TD Securities, Cassels Brock & Blackwell, Neal Gerber & Eisenberg, Osler Hoskin & Harcourt, and Skadden Arps Slate Meagher & Flom. Newmont is advised by BMO Capital Markets, Citigroup, Goldman Sachs, Cleary Gottlieb Steen & Hamilton, Goodmans, King & Wood Mallesons, Lee & Ko, Wachtell Lipton Rosen & Katz, White & Case, and Joele Frank.
Global Brass and Copper Holdings and Wieland-Werke have entered into a definitive merger agreement. Wieland will acquire all of the outstanding shares of GBC in an all-cash transaction. GBC shareholders will receive $44 per share in cash representing a 27% premium to Global Brass and Copper's closing price.
Wieland is a nearly 200-year-old, family-owned global technology and service leader in the brass and copper industry, known for customer service and innovative solutions.
Global Brass and Copper, is a leading, value-added converter, fabricator, processor and distributor of specialized non-ferrous products in North America. They engage in metal melting and casting, rolling, drawing, extruding, welding and stamping to fabricate finished and semi-finished alloy products from processed scrap, virgin metals, and other refined metals.
"The combination of these two complementary leaders will allow us to more efficiently serve our customers now and well into the future. Equally as important, our collective dedication to safety, R&D, innovation and value creation will benefit our customers and create unique opportunities for the new organization." John Wasz, GBC's President and Chief Executive Officer.
Global Brass and Copper is advised by JP Morgan and Fried, Frank, Harris, Shriver & Jacobson. Wieland is advised by Ropes and Gray.
Amazon had acquired Canvas Technology, a robotics startup in Boulder, Colorado, that has built autonomous carts that can move goods around warehouses. Financial terms were not disclosed.
Canvas has already showcased some impressive technologies, including a fully autonomous cart system that positions the startup as a direct competitor with the likes of Bay Area-based Fetch.
“Share a common vision for a future where people work alongside robotics to further improve safety and the workplace experience. We look forward to working with Canvas Technology’s fantastic team to keep inventing for customers.” Amazon spokeswoman.
Crestwood Private Equity acquired a 50% stake in Jackalope Gas Gathering Services from Williams Companies, a premier provider of large-scale infrastructure connecting US natural gas and natural gas products to the growing demand for cleaner fuel and feedstocks, for $484m.
Prior to the transaction, Crestwood was Williams’ 50% joint venture partner in Jackalope where Williams acted as operator, responsible for managing construction and operations and Crestwood served as a marketer, responsible for commercial services. Following the transaction, Crestwood has assumed operatorship of Jackalope.
“We continue to optimize our portfolio to improve our credit metrics while maintaining the growth embedded in our guidance. This win-win transaction frees up capital that we can re-deploy into high-return assets that are better linked to our strategy while providing Crestwood with the entire ownership of an asset that is key to their Powder River Basin strategy.” Alan Armstrong, Williams President, and Chief Executive Officer.
Crestwood equity is advised by Evercore and Vinson & Elkins. Williams Companies is advised by RBC Capital Markets and Davis Polk & Wardwell.
Main Capital has acquired a strategic stake in HYPE Innovation, a Bonn-based provider of idea and innovation management software. Financial terms were not disclosed.
With its highly scalable solutions, HYPE Innovation helps its customers to connect and empower people to increase revenue, save costs, improve processes, and master the digital transformation.
"To support these needs, we have built an offering that integrates our own technology with the capabilities of our strong and proven partners, who are leading providers of innovative technology and services. Clearly, it is an exciting prospect to be able to draw upon funds from Main Capital to pursue strategic M&A opportunities in the innovation management sector and adjacent markets.” Dr. Frank Henningsen, HYPE Innovation CTO & Co-Founder.
HYPE Innovation is advised by Drake Star Partners.
Audax Private Equity has made an investment in Astute, a leading provider of AI-driven customer engagement, digital self-service, and first-party consumer data management software. Financial terms were not disclosed.
“Astute’s software assists the world’s largest consumer brands in capturing and analyzing insights to improve customer engagement and satisfaction. There are exciting growth opportunities on the horizon for Astute as they continue to grow organically and through strategic acquisitions, both foreign and domestic. We are thrilled to support Ray and the Astute team as they continue to innovate in this exciting space.” Geoffrey S. Rehnert, Audax Group, Co-Chief Executive Officer.
Astute is advised by Lazard and Perkins Coie. Audax Private Equity is advised by Ropes & Gray.
Primus Capital has made a major growth investment in TrackVia, the leading low-code workflow platform for operations. Financial terms were not disclosed.
Based in Denver, TrackVia helps companies build applications that improve on-time performance and reduce costs. The investment by Primus Capital will accelerate TrackVia’s continued rise as the preferred platform for low-code applications, allowing it to expand its product offering and customer reach within the market.
“Unlike other players in the market, TrackVia delivers the right combination of powerful capabilities, ease of use, and quick time to value. We look forward to working with the management team to build upon their successes to date.” Aaron Davis, Primus Director.
TrackVia is advised by Macquarie Group.
Behrman Capital has acquired Waterline Renewal Technologies, a division of Triwater Holdings. Financial terms were not disclosed.
Waterline is a leading provider of engineered products used in the trenchless rehabilitation of wastewater infrastructure for municipal, commercial, industrial, and residential applications.
“Waterline is a leader in the growing wastewater solutions market with innovative pipe rehabilitation solutions. Through Waterline’s best-in-class brands, multiple channels to market, and industry and technology know-how, the Company has consistently provided effective wastewater infrastructure solutions for its installer partners while delivering strong financial performance. We look forward to collaborating with the management team to capitalize on a range of attractive growth initiatives, including select acquisitions and the expansion of Waterline’s technology offerings.” Grant G. Behrman, Behrman Capital Managing Partner.
Triwater is advised by Robert W. Baird.
Pamplona Capital considering selling its stake in cybersecurity firm Cofense. (FS)
US cybersecurity firm Cofense said that buyout firm Pamplona Capital Management is seeking to sell its stake in the company following a year-long probe by US national security regulators.
The pressure to divest comes as Washington increases scrutiny on foreign ownership of US technology companies, including by China, and is paying closer attention to deals that could compromise the personal data of US citizens. The US intelligence community’s 2019 Worldwide Threat Assessment report cited Russia’s efforts to interfere in the US political system.
Lyft share price fall is putting shadow on Uber's IPO.
Uber Technologies may face a cooler reception from investors than expected when it prices its initial public offering next month. Considering, US ride-hailing rival Lyft’s aggressive stock launch and subsequent fall.
Lyft’s IPO priced at the top end of its upwardly revised range last month, assigning it a valuation of more than $24bn in an offering that raised $2.34bn. Lyft shares ended down 11%. Lyft’s poor stock performance bodes ill for these IPOs, especially for companies like Uber with no profits to show.
Ron Burkle is interested in buying National Enquirer.
The owner of the National Enquirer said it was considering selling the tabloid to Ronald W. Burkle, a supermarket magnate, New York Times reported. National Enquirer has admitted to paying hush money to help US President Donald Trump get elected and been accused of attempting to blackmail Amazon founder Jeff Bezos.
American Media (AMI) said in a statement it is looking at “strategic options” for the weekly, as well as for the Globe and the National Examiner brands.
“We feel the future opportunities with the tabloids can be best exploited by different ownership.” an AMI spokesman.
Bain Capital set for second life sciences fund. (FS)
Bain Capital has filed with the SEC to raise its second life sciences fund, the follow-up to a $720m effort that closed in 2017.
Bain Capital's life sciences team targets investments around the world in sectors including biopharmaceuticals, specialty pharmaceuticals, medical devices, and diagnostics.
Delek Group acquired a 22.5% stake in the Caesar Tonga Oil Field in the Gulf of Mexico for $965m.
Delek Group has acquired a 22.5% interest in the Caesar Tonga oil field from Shell Offshore, a subsidiary of Royal Dutch Shell for $965m.
The field is one of the ten largest deepwater resources in the US Gulf of Mexico, with a production horizon spanning tens of years. Delek Group will co-own the asset with 3 other leading oil and gas companies in the international energy market.
Delek Group will sign a long-term off-take agreement with a Shell affiliate to purchase oil produced from the field for a period of 30 years at either market prices or prices matched to third party offers.
Caesars Entertainment to be for sale this week.
Caesars Entertainment, which owns Harrah’s and Bally’s hotels and casinos, is getting ready to put itself up for sale as soon as this week.
The $24bn company plans to announce within days that its board has approved a sales process amid pressure from billionaire investor Carl Icahn, NY Post reported.
The move comes as Caesars has finally Ok’d a second potential suitor into its “data room” to review its financials. Only one other suitor had checked out Caesars’ books previously.
Billionaire Tilman Fertitta, the owner of the Houston Rockets, was recently invited to conduct due diligence using the casino company’s records. This is a change from November when his merger offer was rebuffed due to a concern about the strength of the offer.
Kyriba closes $160m growth round.
Kyriba, the global leader in cloud treasury and finance solutions, today announced that it has closed a $160m growth investment round led by Bridgepoint, an international private equity group, which gives Bridgepoint a majority stake in the business.
The closed deal values Kyriba at $1.2bn and Daher Capital, Iris Capital and CEO Jean-Luc Robert will continue on as investors in the company. With the new capital, Kyriba will enhance product development and customer support, and expand its partner ecosystem.
APAC
Chinese ENN to get out from a deal for Toshiba's US LNG business.
China’s ENN Ecological said it would scrap a deal to buy Toshiba’s US liquefied natural gas business due to a failure to obtain approvals from shareholders and a US panel that monitors foreign investments.
The cancellation is a new blow to Toshiba, the once-mighty Japanese conglomerate, as it must look for a new buyer for the business that it previously said could potentially cause losses as much as 1tn yen ($9bn).
A failure to find a buyer could derail Toshiba’s recovery from the fallout of the bankruptcy of its U.S. nuclear power unit Westinghouse.
South Korea's Asiana Airline creditors reject group restructuring plan.
Creditors of Asiana Airlines spurned a restructuring plan proposed by parent Kumho Asiana Group, saying it was not sufficient to restore market trust in the indebted South Korean carrier.
Kumho Asiana Group’s plan related to the restructuring of the entire conglomerate and was aimed at stabilizing crown jewel Asiana Airlines. It included possible asset sales in return for financial support from creditors of 500bn won ($439m).
“Creditors expressed a pessimistic view of Kumho Asiana’s revamp plan, raising concerns about more financial support needed for the troubled conglomerate,” KDB said.
State Bank of India, which made 10 mergers, seeks a new one.
India will probably see more bank mergers as digital technology transforms the industry and non-bank financing companies seek to avoid a cash crunch.
Finance firms that don’t take deposits “need a stable source of capital and banks can help with that. Banks also want to expand their liabilities and NBFCs can help with that,” Dinesh Kumar Khara, State Bank of India a managing director, who has overseen about 10 mergers, Bloomberg reported.
SingTel, Airtel and Warburg consider acquisition of Dish TV.
Singapore Telecommunications, Bharti Airtel, and Warburg Pincus are in discussions to buy a 61% stake held by Zee founder Subhash Chandra’s family in Dish TV, The Economic Times reported.
The deal, if concluded, will be followed by an open offer to acquire an additional 26% in the company. It will offer much-needed liquidity to the Zee Group promoters, who have pledged 82% of their holding in Dish TV. The valuation is still being chalked out, with an expected offer at over Rs 50 a share for the promoter stake.
Shiyu Capital raises $473m for second RMB fund. (FS)
Chinese healthcare-focused private equity firm Shiyu Capital has closed its second fund at more than $473m (3.18bn yuan). The fund, called Danqing Fund II, has attracted investments from government-guided funds, insurance companies, overseas-listed pharmaceutical companies, high net-worth individuals and other investment firms, Shiyu Capital said in a statement but did not disclose any names.
Shiyu Capital, also known as Shenzhen Shiyu Investment Management, was established in 2014 and mainly focuses on investments in the pharmaceutical and healthcare industry, especially healthcare facilities, innovative drug companies, and medical equipment.
DCL Investments targets $500m for the first USD fund. (FS)
Chinese distressed assets and special opportunities investment fund DCL Investments is targeting around $500m for its first US dollar-denominated fund and 3bn yuan ($446m) for its third RMB fund.
DCL Investments did not elicit a response at the time of publishing. In 2017, the fund manager was said to seek its first US dollar fund with a $300m target. On its website, the firm says it manages three RMB funds and a USD fund with over 8bn yuan of assets.
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