Patria Investments, a global alternative asset manager, agreed to acquire Moneda Asset Management, an asset manager headquartered in Chile, for $315m.
"Our leadership is excited about the merger of the two companies. We are quickly delivering the expansion strategy we presented during our initial public offering earlier this year. This transaction will be cumulative over first year earnings per share," Alexandre Saigh, Pátria CEO.
Moneda Asset Management is advised by Servicios Financieros Altis, Barros and Errazuriz Abogados and Skadden Arps Slate Meagher & Flom. Patria Investments is advised by JP Morgan, Carey y Cia, Simpson Thacher & Bartlett, Hill+Knowlton Strategies, Prosek Partners and Proyecta Communicaciones.
CAI International, a Japan-based company mainly engaged in the financial business, announced that its stockholders voted to adopt the $2.9bn merger agreement with Mitsubishi HC Capital. Under the terms of the merger agreement, the company’s common stockholders will be entitled to receive $56 per share in cash at the closing of the acquisition. The transaction is expected to close in the late third quarter or early fourth quarter of 2021.
"Over the past year, we have delivered on the commitment we made to our shareholders to return CAI’s focus to its core container leasing business. Executing on that strategy put CAI in position to partner with MHC, a strong, quality, global financial organization. Going forward, the combination of CAI and MHC will allow MHC to leverage CAI’s global marketing and operational expertise, and along with MHC’s existing container investments will provide enhanced value to MHC’s container leasing customers, suppliers, employees, and other stakeholders. After the closing of the transaction, MHC expects to retain CAI’s existing management team and employees. CAI’s headquarters will remain in San Francisco," Timothy Page, CAI President and CEO.
CAI International is advised by Centerview Partners, Perkins Coie and Paul Weiss Rifkind Wharton & Garrison. Mitsubishi HC Capital is advised by Davis Polk & Wardwell.
Arcline Investment Management-backed Quantic Electronics, an electronic component company, agreed to acquire Paktron Capacitors, a provider of multilayer polymer film capacitors. Financial terms were not disclosed.
"The addition of Paktron's product portfolio to our existing capacitor offerings enables us to deliver a full lineup of capacitor products that address our customers' difficult design challenges. Paktron has established a world-class manufacturing facility and an outstanding management team in Lynchburg, and I am excited to work with them to help them achieve our growth objectives," Kevin Perhamus, Quantic Electronics President and CEO.
DSM, a global science-based company, agreed to acquire First Choice Ingredients, a supplier of dairy-based savory flavorings, for $453m.
"This is the right time in First Choice Ingredients' journey to become part of a company such as DSM. The people of First Choice Ingredients will continue to deliver our legendary products and customer service with can-do attitude and relentless focus on product integrity and innovation. They are some of the most hard-working and loyal teammates ever assembled under one roof," Jim Pekar, First Choice Ingredients President.
White Wolf Capital-backed DCCM, a national provider of design, consulting, and program & construction management services, agreed to acquire Rochester & Associates, a provider of civil engineering, land surveying, project management, and infrastructure services. Financial terms were not disclosed.
"We are pleased to welcome Rochester & Associates to the DCCM family of companies and are excited to expand DCCM's service offering into the fast-growing metro Atlanta marketplace. We look forward to partnering with Darrell, Brian, and the entire Rochester team and providing them with the necessary support to continue their growth story," Elie Azar, White Wolf Managing Director.
XML Financial Group, an independent wealth and investment management firm, completed the merger with Collins Investment Group, a wealth management practice in Bethesda, Maryland. Financial terms were not disclosed.
"We are thrilled to welcome Bob and his team to the XML family. Our practices strive to provide outstanding wealth management solutions for clients nationwide. We look forward to building on each other's strengths to help clients achieve their long-term financial goals," Brett Bernstein, XML CEO.
Donal Trump looking to sell rights to Washington hotel. (RE)
Bloomberg reported that former President Donald Trump is in talks with hotel chains and investors to sell the leasing rights to his hotel in Washington.
The hotel is housed a few blocks from the White House on Pennsylvania Avenue in the Old Post Office building, which Trump leases from the US government. He would sell the rights to a real estate developer, who subsequently would negotiate with hotel companies that would manage and rebrand it. The lease is likely to fetch less than the $500m.
Goldman Sachs plans $5bn IPO for Petershill Partners. (FS)
Goldman Sachs, an American multinational investment bank and financial services company, plans to list its Petershil Partners' assets for around $750m, valuing the unit at more than $5bn.
The deal will consist of a sale of new shares and existing ones to give Petershill a free float of at least 25%, and Petershill will be a standalone company controlled by the Goldman Sachs Asset Management team.
Cencosud plans $288m IPO by Brazilian unit.
Cencosud, a publicly traded multinational retail company, is expecting to raise around $288m in the initial public offering of its Brazilian operations, Reuters reported.
The offering will be exclusively primary, with all proceeds going to the company to fund its expansion. The price range for the shares and potential size of the transaction have not been announced publicly.
Service-Telecom, an independent operator of wireless telecommunications infrastructure, agreed to acquire mobile network towers in Russia from VEON, a global provider of connectivity and internet services, for $970m.
"The agreement reached with VEON is a key achievement for Service-Telecom on its way to becoming a leading telecommunication infrastructure operator in Russia. With PJSC VimpelCom as our partner, we expect to drive sustainable long-term growth in Russia while constructing the infrastructure backbone of the digital economy and helping to enhance mobile broadband connectivity for consumers," Nikolay Berdin, Service-Telecom CEO.
Investcorp Technology Partners, a European technology investor, completed the acquisition of MIR, which operates innovative and award-winning payments platform and e-wallet solutions. Financial terms were not disclosed.
"MIR's strong product offering and capacity for innovation has positioned it at the forefront of ongoing advancements in payments. The acquisition marks the beginning of a fruitful partnership between Investcorp and the Business as we look to position it as a leader in the sector. We see many exciting opportunities ahead – both organic and inorganic – and are looking forward to working with Mr. Rosenthal to take the Business to the next stage in its development," Georg Knoflach, Investcorp Technology Partners Managing Director.
Candid, a platform organisation, completed the acquisition of Coopr, a public relations and communications agency. Financial terms were not disclosed.
"Coopr is an absolute premium brand in the field of PR and corporate communication. Their entrepreneurial spirit fits in perfectly with our platform strategy in which we bring together strong and distinctive agencies into an integrated platform. Within Candid, agencies retain their own culture and identity, but our clients always have direct access to our services across the full range of the marketing and communication profession. With the acquisition of Coopr, we now also have a leading agency within our platform in the – increasingly important – field of PR and corporate communication," Ruud Wanck, Candid CEO.
Autochek, a Nigerian automotive tech company, agreed to acquire Cheki Kenya and Uganda, an online car classified for dealers, importers, and private sellers, from ROAM Africa, an online marketplaces company. Financial terms were not disclosed.
"Cheki Kenya has always been sort of the crown jewel. At the time, when we completed the Nigeria and Ghana acquisition, it wasn't a conscious effort to make this happen, but it's great that it happened," Etop Ikpe, Autochek CEO.
Escher, the company that transforms postal operators and couriers, agreed to acquire Syslore, a Helsinki-based provider of AI-powered services to post and parcel carriers everywhere. Financial terms were not disclosed.
“That is why we are so excited to welcome Syslore to Escher Group. Their differentiated solutions reduce manual sorting of parcels and mail and, where still required, make manual sorting faster and more efficient. This is the next step in our continued effort to empower Posts to harness ecommerce growth and deliver omnichannel experiences from the first to the last mile,” Brody Buhler, Escher Group CEO.
Risk Capital Partners, one of Britain's best-known leisure entrepreneurs, agreed to acquire GAK, an online retailer of musical instruments. Financial terms were not disclosed.
“We are extremely excited about working with RCP on the next phase of GAK’s evolution both as a company and a recognizable and trusted brand. We are fortunate to have an exceptional workforce and to be supported by our highly experienced and talented senior management team who will collectively continue to help us implement the many growth initiatives we have identified," Luke Johnson, Risk Capital Partners Founder.
888 vies with Apollo for William Hill assets as CVC drops. (FS)
888 Holdings, an online gambling company, is competing with Apollo Global Management in the final race to acquire bookmaker William Hill’s European operations, Bloomberg reported.
CVC Capital Partners, the owner of sports betting firm Tipico, has dropped out of the bidding. 888 made the highest offer in the final round, though both suitors are still in negotiations and Apollo could come out on top depending on what terms it’s willing to offer in the end.
RCL Foods shakes up its brands portfolio.
Reuters reported that South Africa's RCL Foods, a South African consumer goods and milling company, is looking to separate its chicken, sugar and logistics businesses and consider either a listing, disposal or joint venture next year. The company has been reviewing its portfolio to assess whether it is configured to deliver sustainable earnings and value for shareholders.
Among the resulting conclusions, RCL has resolved to bulk up its fast-moving consumer goods business through acquisitions while separating its chicken, sugar and Vector Logistics into separate legal entities to operate in a pure play environment.
Azelis seeks to raise $1.2bn in Brussels IPO. (FS)
Private equity firm EQT-backed Azelis, an Antwerp-based chemicals distributor, seeks to raise $1.2bn in an IPO in Brussels, targeting a valuation of over $6.9bn. The IPO is set to get rid of some part of $2.2bn debt that the company has. The company also has plans to make further acquisitions.
"As a public company, we believe we will be able to fully capitalise on growth opportunities, continuing to complement our strong organic growth with accretive acquisitions," Hans Joachim Müller, Azelis CEO.
Leonard Green-backed PureGym weighs IPO. (FS)
Private equity firm Leonard Green-backed PureGym, a UK-based gym chain, considers an IPO, targeting an entrance into the United States. The first IPO disclosure was made this summer.
PureGym hired investment bank advisers to explore fundraising options and the possible IPO in order to help pay for new gyms and lower debt.
Adnoc to list drilling unit in Abu Dhabi IPO.
Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates, is planning to sell shares in its drilling unit in what would rank among the largest initial public offerings in the United Arab Emirates, Bloombergreported.
The company will offer at least 7.5% of Adnoc Drilling. An IPO could value the business at up to $10bn. In 2018, when Baker Hughes bought a 5% stake in Adnoc Drilling, that deal valued it at about $11bn, including $1bn of debt.
Standard Chartered, a British multinational banking and financial services company, and NTUC, the Singapore sole national trade union centre, agreed to form an joint venture to launch a digital-only bank. Financial terms were not disclosed.
Standard Chartered is accelerating its digital strategy in Singapore to compete with larger local rivals such as DBS Group and non-bank challengers, including Grab, which has applied for one of the country's digital licences. The Monetary Authority of Singapore, the financial regulator, will hand out as many as five digital licences to non-banks this year.
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.