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.
Igloo was advised by Jefferies & Company.
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 led a $100m Series A funding round in CoinList. (FS)
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.
