OceanSound, a middle-market private equity firm, completed the investment in Digital Management Holdings, a provider of mobile enterprise services. Financial terms were not disclosed.
“This investment underscores the prime position that DMI occupies in the market and is a tremendous validation of the Company’s long-term growth potential. This partnership will enable us to further serve our enterprise clients by allowing us to expand investments in our people while accelerating our market expansion and go-to-market initiatives," Sunny Bajaj, DMI Founder and CEO.
OceanSound was advised by DC Advisory, Gibson Dunn & Crutcher and Paul Weiss Rifkind Wharton & Garrison. Debt financing was provided by Blackstone Capital Markets and Goldman Sachs Asset Management. DMI was advised by Robert W Baird, Jones Day, Miles & Stockbridge and Stanton PRM.
Algonquin, a diverse portfolio of renewable power generation and sustainable infrastructure assets, agreed to acquire Kentucky Power, a state rate-regulated electricity generation, distribution and transmission utility, and AEP Kentucky Transmission from American Electric Power, a public utility holding company, for $2.85bn.
“The acquisition of Kentucky Power and Kentucky TransCo is a continuation of AQN’s disciplined growth strategy, adding to its regulated footprint in the United States. Including Kentucky Power under the AQN umbrella also enables AQN to leverage its operational experience to improve customer outcomes in Kentucky by executing on AQN’s core values of providing safe and reliable service to its customers," Arun Banskota, AQN President and CEO.
Algonquin is advised by CIBC World Markets, Morgan Stanley and Liberty Media. Debt financing is provided by CIBC World Markets and Scotiabank. AEP is advised by Barclays, Goldman Sachs and Morgan Lewis & Bockius.
FGF Brands, a Canadian, family-owned bakery company, agreed to acquire the fresh and frozen bakery businesses from Weston Foods, a holding company that operates through three subsidiaries encompassing retail, real estate, and consumer goods, for $1.2bn.
"The Weston Foods business has been the foundation for the Weston Group in Canada since its establishment in 1882 and the decision to sell it was a difficult one. However, we are pleased that the purchaser of the fresh and frozen businesses is FGF, another long-standing family business with a strong presence in bakery and a significant footprint in Canada. With FGF as the new owner, the business will be in good hands," Galen G. Weston, Weston Foods Chairman and CEO.
FGF Brands is advised by Scotiabank, Kirkland & Ellis and Stikeman Elliott. Weston Foods is advised by CIBC World Markets, Houlihan Lokey, Mayer Brown and Torys.
Abcam, a provider of life science research tools, completed the acquisition of BioVision, an innovator and distributor of life science research tools to biopharma, diagnostic and academic customers, for $340m.
"We know the BioVision business well, having been a major distributor of their products since 2003. This acquisition represents a compelling opportunity to secure a proven portfolio of high-quality products, including a leading portfolio of biochemical and cell-based assay kits, that will allow us to better serve customer needs. BioVision has sustained strong growth over many years and, together with Abcam’s brand, reach and capabilities, we are confident we are well positioned to build on this success and reinforce Abcam’s ability to serve life scientists globally," Alan Hirzel, Abcam CEO.
Abcam was advised by Ernst & Young, JP Morgan, Morgan Stanley, Lazard, Numis Securities, Latham & Watkins and FTI Consulting.
Cuadrilla Capital, an enterprise software investment firm, completed the acquisition of Agilence, a retail data management and analytics SaaS platform. Financial terms were not disclosed.
"We are excited to partner with Cuadrilla during Agilence's next stage of growth as we look to build upon our strong platform and continue to execute on significant organic and inorganic growth opportunities. Cuadrilla's partnership will enable us to invest even further to execute on our strategic roadmap and delight our customers," Russ Hawkins, Agilence CEO.
Agilence was advised by Lincoln International and Cooley. Cuadrilla Capital was advised by Massumi + Consoli and Pacenote Capital. Debt Financing was provided by Hercules Capital and PNC Bank.
Phillips 66, a diversified energy manufacturing and logistics company, agreed to acquire Phillips 66 Partners, a master limited partnership, for $3.4bn.
"We are announcing an agreement to acquire all outstanding units of Phillips 66 Partners. We believe this acquisition will allow both PSX shareholders and PSXP unitholders to participate in the value creation of the combined entities, supported by the strong financial position of Phillips 66," Greg Garland, Phillips 66 Chairman and CEO.
Phillips 66 is advised by Bank of America, Citigroup and Latham & Watkins. Phillips 66 Partners is advised by Evercore and Vinson & Elkins.
Icahn Enterprises, an American conglomerate, offered to acquire Southwest Gas, a utility company primarily engaged in the purchasing, distributing, and transporting of natural gas. The tender offer offers $75 per share in cash.
Southwest Gas Holdings Board of Directors will carefully review and evaluate the unsolicited tender offer to determine the course of action that the board believes is in the best interest of Southwest Gas stockholders.
Southwest Gas is advised by Lazard, Cravath Swaine & Moore, Morrison & Foerster and Joele Frank.
GE Current, a provider of digital sensors and software, agreed to acquire the commercial and industrial lighting business from Hubbell, a manufacturer of electrical and electronic products, for $350m.
"Today’s announcement is a win for the industry, combining two leading companies with over 150 years of innovation. We intend to use our combined resources to drive new investments that create solutions for the continuously evolving needs of our customers. The values and customer-centric culture of the Hubbell C&I lighting business are well aligned with Current. We look forward to welcoming the Hubbell C&I team," Manish Bhandari, GE Current CEO.
GE Current is advised by Ropes & Gray. Hubbell is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz.
Covius, a provider of technology-enabled solutions to the financial services industry, completed the acquisition of 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 was advised by Evercore and Willkie Farr & Gallagher. Nationwide Title Clearing was advised by Carr Riggs & Ingram.
Dometic, a maker of leisure products for recreational vehicles such as motorhomes, completed the acquisition of Igloo, a US-based cooling boxes and drinkware maker, from ACON Investments, a private equity firm, for $677m.
"I am excited to welcome Igloo and its employees to Dometic. This acquisition is in line with our strategy to position Dometic as a more consumer driven, less cyclical company in the fast-growing outdoor business. North America is the largest market for cooling boxes and outdoor products, and with Igloo’s strong brand recognition, consumer knowledge and local manufacturing capabilities, we are getting the necessary tools to further drive our sales and margin expansion," Juan Vargues, Dometic President and CEO.
Private equity firms Blackstone and Tiger Global led a $304m Series D funding round in Medable, a developer of a cloud-based platform designed to get effective therapies to patients. Other investors include GSR Ventures, Sapphire Ventures, WTI, PPD, HealthX Ventures, Launchpad Digital Health and Streamlined Ventures.
“Medable is at the forefront of a significant paradigm shift in how clinical research is conducted, which is improving access to clinical trials for populations around the globe. We’re thrilled to partner with Medable to support continued technology advancements and expansion of this high-growth business," Ram Jagannath, Blackstone Global Head of Healthcare and Tactical Opportunities.
TCV, an investment firm, led a $250m Series E funding round in Devo, a developer of a data analytics platform. Other investors include General Atlantic, Eurazeo, Insight Partners, Georgian, Bessemer Venture Partners, and Kibo Ventures.
“We’re thrilled to invest behind Devo’s visionary founders who have built a category-disrupting product suite, in addition to Marc van Zadelhoff who joined as CEO last year and has commercialized the company further by recruiting a seasoned team of executives. We look forward to working with existing investors Insight, Georgian, Bessemer, and Kibo Ventures, who have guided the company to its current stage, as well as new investors General Atlantic and Eurazeo," Gopi Vaddi, TCV General Partner.
Temasek, a Singaporean holding company, led a $200m Series C funding round in Fabric, a retail technology company on a mission to enable on-demand retail for everyone. Additional investors include Koch Disruptive Technologies, Union Tech Ventures, Harel Insurance & Finance, Pontifax Global Food and Agriculture Technology Fund, Canada Pension Plan Investment Board, KSH Capital, Princeville Capital and Wharton Equity Ventures.
"At the center of this perfect storm of e-commerce is Fabric and our ability to enable on-demand retail at profitable unit economics. While we use the term ‘robocorn’ a bit tongue in cheek, we see this milestone as a real turning point in the industry, from what was once trepid exploration of micro-fulfillment to total market validation and now rapid expansion. We’re thankful to our partners for trusting us to serve them and to our incredible team who will continue moving mountains to make our vision a reality. This is still ‘day one’ for us, and we’re extremely excited about the road ahead as we expand our offering into new markets, drive more efficiencies across the supply chain, and focus on scaling," Elram Goren, Fabric CEO and Co-Founder.
Accomplice, a technology firm, led a $100m Series A funding round in CoinList, a developer of an alternative trading platform. Additional investors include HashKey Capital, Access Ventures, Alphemy Capital, Broadhaven Ventures, Continue Capital, CMT Digital, DFG, FBG Capital and Fenbushi Capital.
“In this round, we focused on deepening relationships with our existing community rather than signing new venture capital. And our community is truly global. While we have some great US investors, our new investors are mostly active users and partners in the regions where we are growing fastest - Asia, Europe, and the Middle East. We’re very excited to have them join us,” Graham Jenkin, CoinList CEO.
Sverica Capital Management, a growth oriented private equity firm, completed the acquisition of a majority stake in Automated Control Concepts, a systems integrator specializing in process control, manufacturing intelligence and cyber security & industrial networking. Financial terms were not disclosed.
"What struck us early on in our diligence was the sky-high Net Promoter Score ACC received from its clients, indicating a superior service organization that could be grown into a market-leading provider of Industry 4.0 solutions, with a focus on the life science sector," Greg Hylant, Sverica Vice President.
Leelanau Private and Center Rock Capital-backed Eastern Wholesale Fence, a wholesaler and supplier of fence products, agreed to acquire Shoreline Vinyl Systems, a manufacturer and distributor of grade, ready-to-install vinyl and aluminum fence and railing products, from Brown Gibbons Lang, an independent investment bank and financial advisory firm. Financial terms were not disclosed.
This M&A transaction represents successful outcome in BGL's active building products, distribution, and manufacturing sectors. BGL has represented building product companies and their owners across the residential and commercial sectors for well over a decade.
Evotec seeks over $9bn valuation in US IPO.
Evotec, a biotech firm, will seek a valuation of about $9.2bn in its initial public offering in the United States. The company has a market capitalization of $8.3bn on the Frankfurt Stock Exchange, where its shares are already listed.
Founded in 1993, Hamburg-headquartered Evotec offers a suite of technologies that enable faster and cheaper drug discoveries by pharmaceutical companies.
Evotec is advised by Bank of America and Morgan Stanley.
Rent the Runway raises $357m in upsized IPO.
Rent the Runway, an online e-commerce website, expanded its initial public offering and priced the shares at the top of a marketed range to raise $357m.
The company sold 17m shares on October 26 for $21 each after marketing 15m shares for $18 to $21, Bloomberg reported.
IAA, a global digital marketplace connecting vehicle buyers and sellers, completed the acquisition of SYNETIQ, an integrated salvage and vehicle recycling company, for £225m ($310m).
"We are very excited about the acquisition of SYNETIQ. This transaction significantly expands our business in the United Kingdom from both a scale and portfolio perspective, supporting the overall IAA growth strategy. SYNETIQ’s management team and employees have done a tremendous job of using innovation to maximize value for their customers. We also know that reusable parts are increasingly of interest to UK insurers as they look to satisfy customer needs and meet their environmental goals. SYNETIQ’s focus and expertise in this area is a true differentiator that is consistent with our focus on sustainability in the UK market and beyond. We look forward to welcoming the SYNETIQ team to IAA," John Kett, IAA CEO and President.
IAA was advised by Deloitte, XMS Capital Partners, O'Melveny & Myers, Walker Morris and ICR. SYNETIQ was advised by Ernst & Young, Euclid Transactional and KPMG.
Apollo Global completed the acquisition of a 67% stake in Reno De Medici, a recycled cartonboard producer in Europe, from CDPQ and Cascades, a Canadian company that produces, converts, and markets packaging and tissue products, for $433m.
“As the inaugural investment led by the Apollo Impact platform, RDM reflects our strategy to find good businesses where we believe we can drive financial and impact performance to increase their beneficial effects on society and the planet," Marc Becker, Apollo Impact Senior Partner and Co-Lead.
Apollo was advised by Allen & Overy and Paul Weiss Rifkind Wharton & Garrison. Reno De Medici was advised by Allen & Overy. CDPQ was advised by Latham & Watkins. Cascades was advised by Rothschild & Co and Jones Day.
Singular Bank, a provider of online brokerage, banking assistance and investment management services, agreed to acquire the private banking business in Spain from UBS, a multinational investment bank. The transaction is expected to be completed in the third quarter of 2022. Financial terms were not disclosed.
"We are excited and proud of this operation, which represents a milestone in the transformation of the sector in Spain, creating the leading independent private bank, with first-rate human and technological capital. Our goal is to continue offering a differential service to our clients, through a highly personalized and innovative offer, to help them achieve their financial objectives," Javier Marín, Singular Bank CEO.
Singular Bank is advised by Garrigues, Hengeler Mueller and Kreab. UBS is advised by Grupo Albión.
Infor, an industry cloud company, completed the acquisition of Lighthouse Systems, a provider of manufacturing execution system software for smart manufacturing. Financial terms were not disclosed.
"MES solutions are critical for manufacturing organizations that want to ensure data consistency and real-time visibility across all plant operations. Integrating these capabilities with our industry-specific ERP systems will help us deliver even more powerful solutions to manufacturing organizations, as they look to digitize their operations and grow their businesses," Kevin Samuelson, Infor CEO.
The Hungarian Government led consortium offered to acquire Budapest Airport, an international airport of Hungary. Financial terms were not disclosed.
"The shareholders did not initiate the purchase offer. In the interest of our fellow shareholders, we are nevertheless obliged to review the offer," AviAlliance.
Central Energy Fund mulls buying Sapref.
South Africa is considering buying the country’s biggest oil refinery, a Sapref, a joint venture between Royal Dutch Shell and BP.
The state-owned Central Energy Fund, which manages the country’s energy assets, is looking at acquiring the 180k-barrel-a-day plant, which is located on the coast near Durban, Bloomberg reported.
Naturgy and Plenium to team up to buy Eolia.
Naturgy, an energy group, and Plenium Partners, a specialized investment management firm, are planning to team up to buy Eolia, a renewable energy firm, Reuters reported.
Power company Naturgy seeks to acquire Eolia’s wind farms, which represent a 749 MW installed capacity, while Madrid-headquartered Plenium would take over its photovoltaic assets, with a 75 MW capacity.
Permira weighs the sale of DiversiTech. (FS)
Permira, a private equity firm, is exploring a sale of DiversiTech, a maker of components used in heating, ventilating, air conditioning and refrigeration.
The firm is working with an adviser to solicit interest in Atlanta-based DiversiTech. The company could fetch as much as $1.5bn including debt. It has at least $527m in outstanding debt, Bloomberg reported.
Impala is in talks to buy Royal Bafokeng Platinum.
Impala Platinum is in talks to buy its smaller rival Royal Bafokeng Platinum, in a deal that Implats said may create South Africa’s largest platinum-group metals producer.
Flush with cash after higher rhodium and palladium prices, Implats is seeking to expand by buying lower cost and mechanized assets as some of its deep-level operations near their end. A deal for all of Royal Bafokeng’s shares may involve cash and equity and the outstanding details could be concluded in the coming weeks, Bloomberg reported.
EQT weighs bid for Temenos. (FS)
EQT, a private equity firm, is exploring a potential acquisition of Temenos, a Swiss banking software specialist.
The Stockholm-based buyout firm is in the early stages of considering a bid for Temenos, which has a market value of $10.7bn, Bloomberg reported.
Softline is valued at $1.5bn in London IPO.
Softline, an IT company, set its final offer price at $7.5 per global depositary receipt for its initial public offering, the lower end of its target range, implying a valuation of around $1.5bn, Reuters reported.
Softline, headquartered in London and operating in more than 50 countries, said up to 8m GDRs were being made available by certain existing shareholders as an over-allotment option.
SKAN prices Swiss IPO at $58.7 per share.
SKAN Group, a clean manufacturing technology company, priced its initial public offering at $58.7 per share on October 27, near the upper end of the indicated range, ahead of its trading debut on the SIX Swiss Exchange on October 28.
The offer price implies a market capitalisation of $1.32bn. Gross proceeds amount to 93.5m. The free float amounts to approximately 48% prior to any exercise of the over-allotment option, and to around 50% if the over-allotment option is fully exercised, Reuters reported.
SKAN Group is advised by Credit Suisse, KPMG and Berenberg.
Zegna to list on Wall Street by early December.
Ermenegildo Zegna, an Italian luxury group, plans to list on Wall Street by early December. Family-owned Zegna was expected to list in New York by the end of the year by combining with a US special purpose acquisition company launched by European private equity group Investindustrial, giving the menswear company an enterprise value of $3.2bn, Reuters reported.
“I confirm that Zegna will list on Wall Street at the end of November, in the first days of December,” Andrea Bonomi, Zegna Investindustrial CEO.
Two investment firms Sofina and Lightrock led a $115m Series D funding round in DeHaat, an agritech platform offering end-to-end agricultural services to farmers. Additional investors include Temasek, Prosus, RTP Global, Sequoia India and FMO.
"At DeHaat, we are on a mission of building the world's largest Agritech platform. We have raised $157m from marquee investors in the last 30 months and our team has grown to a brigade of 850+ professionals with deep expertise in growth & strategy, supply chain, technology & agricultural science. Last 7 months have been phenomenal with 5X growth for DeHaat. We are now well positioned to replicate the success in all major agriculture clusters of India in next 12-15 months," Shashank Kumar, DeHaat Co-Founder and CEO.
DeHaat was advised by Dexter Capital and Vertices Partners
CVC Capital, a private equity firm, and RPSG Group, an Indian multinational conglomerate, agreed to acquire two cricket teams BBCI and Ahmedabad for $1.7bn.
"The IPL will now go to two new cities in India viz in Lucknow and Ahmedabad. It is heartening to see the inclusion of two new teams at such a high valuation, and it reiterates the cricketing and financial strength of our cricket ecosystem. True to IPL’s motto of ‘Where Talent Meets Opportunity’, the inclusion of two new teams will bring more domestic cricketers from our country to the global stage. The ITT process included two interested bidders from outside of India, which strongly emphasises the global appeal of the IPL as a sports property," Sourav Ganguly, BCCI President.
PSG-backed SchoolStatus, a provider of an education communications platform, agreed to acquire Operoo, a developer of an online data exchange platform intended to work towards a paperless future. Financial terms were not disclosed.
"By integrating Operoo's operations and productivity technology into our comprehensive communications platform, we are taking another step toward creating a frictionless environment between school and home and enabling K-12 districts to provide an even better experience for their parent community and educator stakeholders. The acquisition of Operoo comes at a pivotal time in the K-12 sector, amid surging demand to streamline and automate operational school tasks and processes and enhance communication," Russ Davis, SchoolStatus CEO and Founder.
WACKER, an organofunctional silanes producer, agreed to acquire a 60% stake in SICO Performance Material, a specialty silane manufacturer. Financial terms were not disclosed.
"Our new partnership with SICO is a consistent step in our strategy to further expand the share of high-margin specialties in our silicone business worldwide. SICO is a leading manufacturer of organofunctional silanes in China, which are a key component in high-performance adhesives, sealants, coatings, and composites. WACKER, in turn, also has decades of experience in this field. Up to now, however, we have manufactured organofunctional silanes exclusively in Germany. By acquiring a stake in SICO, we are now further expanding our range of high-performance specialty products in Asia and moving closer to our customers in these fast-growing consumer markets," Christian Hartel, WACKER President and CEO.
Ant Group-backed Paytm revises IPO target to $2.44bn.
Ant Group-backed Paytm, a digital payments company, has raised its public issue size to $2.44bn from $1.6bn.
The IPO, likely to be the biggest in India's corporate history, is set to open for subscription from November 8 to November 10. In July, Paytm had sought regulatory approval to raise up to $1.6bn and sources had said the offering valued the company at up to $25bn, Reuters reported.
Temasek’s new $3.3bn fund to help firms expand. (FS)
Singapore state-owned investor Temasek Holdings has launched a new unit to target deals in businesses worth between $1bn and $5bn, in a bid to foster growth in companies at home and abroad across a range of industries.
"Named 65 Equity Partners, the wholly owned asset manager plans to raise money from outside investors within three years," Tan Chong Lee, Temasek International President. He will lead the firm and it will have $3.3bn in funds under management, Bloomberg reported.
Fertiglobe surges 20% in Abu Dhabi debut after $795m IPO.
Jeff Ubben-backed Fertiglobe, the fertilizer maker, jumped 20% on its trading debut following a $795m initial public offering.
The shares opened at $0.83 on October 27 in Abu Dhabi. State-controlled Abu Dhabi National Oil and OCI had sold just under 14% of Fertiglobe at $0.69 per share, valuing the company at $5.8bn.
Investment banks argue about Hong Kong's proposed SPAC rules.
Investment banks and corporate advisors are pushing back against Hong Kong’s proposed rules for blank check listings, arguing they are too onerous and will not make the city competitive, Reuters reported.
The criticism comes at a time when rival Asian financial hub Singapore has shot ahead with its preparations to allow SPACs, which raise money on stock markets to buy private companies, giving those businesses a quick and cheap route to a listing.
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