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AMERICAS
Clayton Dubilier & Rice-backed Resideo Technologies, a manufacturer and distributor of technology-driven products and solutions, agreed to acquire Snap One, a provider of smart-living products, services, and software to professional integrators, from Hellman & Friedman, an American private equity firm, for $1.4bn.
"Snap One has grown from a startup built by entrepreneurial integrators to an industry leader in smart technology, delivering seamless experiences to consumers and high-quality services and support to our integrators. This is the right next step to capture new opportunities to bring our solutions to market. The future of smart living is here. Demand for connected technology products continues to grow, and Resideo is the right owner to drive our expansion. We believe this transaction will deliver compelling value to our stakeholders and will create opportunities for our people and integrator partners," John Heyman, Snap One CEO.
Snap One is advised by JP Morgan, Moelis & Co, Simpson Thacher & Bartlett and H/Advisors Abernathy (led by Dan Scorpio and Dana Gorman). Resideo Technologies is advised by Evercore, Raymond James and Willkie Farr & Gallagher. Debt financing is provided by Morgan Stanley and Bank of America.
Prysmian, a global cabling solutions provider, agreed to acquire Encore Wire, a manufacturer of a broad range of copper and aluminium electrical wire and cables, for €3.9bn ($4.2bn).
"The acquisition of Encore Wire represents a landmark moment for Prysmian and a strategic and unique opportunity to create value for our shareholders and customers. Through this acquisition, Prysmian will grow its North American presence, enhancing its portfolio and geographic mix, while significantly increasing the exposure to secular growth drivers. We look forward to welcoming the Encore Wire team to Prysmian and benefitting from the combined company's enhanced product offerings and customer relationships," Massimo Battaini, Prysmian Group CEO.
Clearlake Capital Group, a private equity firm that focuses on the technology, industrial and consumer sectors, said it had made a fresh offer to buy Blackbaud in an all-cash deal that values the software provider at $4.3bn.
The $80 per share offer represents a premium of 4.3% to the last share price close. Last year, Clearlake had made an all-cash offer of $71 per share that Blackbaud rejected, claiming it undervalued the company.
Transom Capital-backed Scantron, a software company, completed the acquisition of Btech, a managed IT services provider headquartered in Pasadena, California. Financial terms were not disclosed.
"We are thrilled to see Secur-Serv's strategic advancement in the financial institution sector with the acquisition of Btech, signaling their commitment to becoming a leader in managed services for community banks and credit unions," Steve Kim, Transom Principal.
Transom Capital was advised by 35th Avenue Partners (led by Sam Butler).
APi Group, a construction engineering company, agreed to acquire Elevated Facility Services Group, a provider of contractually based services for all major brands of elevator and escalator equipment, from L Squared Capital Partners, a private equity firm, for $570m.
"We have long viewed the elevator and escalator service market as very attractive due to highly recurring nature of the business, driven by non-discretionary, statutorily driven demand. We believe Elevated is the perfect opportunity for APi to expand into this adjacent and attractive market, creating a platform from which to execute our bolt-on M&A strategy. I believe our strength in operating a branch-led operating model makes APi the perfect owner for Elevated and businesses like it," Russ Becker, APi President and CEO.
Glanbia, an Irish global nutrition group, agreed to acquire Flavor Producers, a flavour platform in the US, providing flavours and extracts to the food and beverage industries, for $355m.
"I am delighted to announce the acquisition of Flavor Producers, which represents an important step in the continued growth of our Nutritional Solutions business. This acquisition builds on our existing flavours capability and positions us well to capture long term growth opportunities in the organic and natural flavours segments. M&A is an important part of our growth strategy and this Transaction represents a further opportunity to scale our NS business, unlock synergies and acquire unique and complementary capabilities," Hugh McGuire, Glanbia CEO.
Energy Products, a battery distributor, completed the acquisition of Global Battery Direct, a battery distributor, based in Ocean Isle Beach, North Carolina. Financial terms were not disclosed.
"This expansion aligns perfectly with our strategic vision of providing unparalleled support and a comprehensive portfolio of industry leading products to our valued partners and customers. By integrating Global Battery Direct into our network, we are poised to deliver exceptional results and customer experiences for our combined Battery Partners in the eastern United States," Brett Smith, Energy Products President.
IBM, an American multinational technology company, and NVIDIA, an American multinational corporation and technology company, led a $150m Series F round in Cohesity, an AI security and data management specialist.
"IBM is a powerful partner in the enterprise cloud and IT infrastructure market. They bring decades of expertise to our relationship, in addition to their investment in our business to help fund incremental research and development to offer customers even stronger cyber resilience. We’re thrilled that IBM is working with us as we continue to help combined customers detect threats rapidly and maintain operations during an attack to avoid business interruptions," Sanjay Poonen, Cohesity CEO and President.
WestBridge Capital-backed Zscaler, a cloud security company, completed the acquisition of Airgap Networks, a ransomware protection provider. Financial terms were not disclosed.
"This next step in our SASE leadership will eliminate the need for east-west firewalls, NACs and microsegmentation and deliver greater operational simplicity," Zscaler.
Vangst, a cannabis industry hiring platform, completed the acquisition of CannabizTemp, a temporary staffing company from CannabizTeam, a vertically integrated, cannabis-focused executive search and staffing firm. Financial terms were not disclosed.
"CannabizTemp was hands down our largest competitor. Liesl and her team built a phenomenal business with a strong and growing customer base, and we couldn't be more excited to welcome the CannabizTemp customers into the Vangst Family," Karson Humiston, Vangst Founder and CEO.
Craig Frames, a manufacturer of custom and semi-custom picture frames based in Michigan, completed the acquisition of FrameUSA, a picture frame company. Financial terms were not disclosed.
"We are thrilled to welcome FrameUSA into the Craig Frames family. This acquisition not only broadens our product offerings but also reinforces our commitment as a dynamic leader in the wall decor sector. It's our second major acquisition in the picture frame space, reflecting our strategic intent to continually expand through acquiring like-minded businesses," Aaron Davis, Craig Frames CEO.
Blackstone leads $2bn private loan for data center firm. (FS)
Blackstone led a roughly $2bn financing package to Park Place Technologies to refinance the company’s debt and to fund a payout to its private equity owners, Bloomberg reported.
Blue Owl Capital also participated in the new financing, which includes a loan of around $1.7bn, a revolving credit facility and a delayed-draw term loan.
Rubrik is seeking IPO of as much as $713m.
Rubrik, a cloud and data security startup backed by Microsoft, will seek to raise as much as $713m in an initial public offering, Bloomberg reported.
The company plans to market 23m shares for $28 to $31 each. Rubrik was founded in 2013 and released its first product in 2016. It said in filings with the US Securities and Exchange Commission that it now has more than 6.1k customers, including Goldman Sachs, Barclays and Citigroup.
JP Morgan hires health-care banker Dass from Deutsche Bank. (People)
JP Morgan has hired health-care banker Christopher Dass from Deutsche Bank as a managing director covering pharma-tech and pharma-services companies, Bloomberg reported.
Dass will join the New York-based bank’s mid-cap investment banking group reporting to John Richert. He’ll also work closely with JP Morgan’s North American health-care services investment banking team — headed by Nick Richitt — on situations involving larger companies.
EMEA
Group 1 Automotive to acquire the UK retail operations of Inchcape for £346m.
Group 1 Automotive, one of the largest dealership groups in the US, agreed to acquire the UK retail operations of Inchcape, a global automotive distributor, for £346m ($430m).
''We are delighted to have reached an agreement to acquire Inchcape's UK Retail operations, which we have long admired given the company's reputation for exceptional customer service, attractive portfolio of OEM brand partners and high-quality management team. With our considerable automotive retail experience in the United States and the UK, we look forward to building on Inchcape's strong industry relationships and leveraging our expertise to support our combined operations in their next phase of growth," Daryl Kenningham, Group 1 Automotive President and CEO.
Group 1 Automotive is advised by JP Morgan and Dentons. Inchcape is advised by Rothschild & Co, Herbert Smith Freehills and Dentons Global Advisors (led by James Melville-Ross).
German airline Lufthansa has offered concessions aimed at securing EU antitrust approval for its acquisition of a minority stake in Italian carrier ITA Airways, Reuters reported.
The EU executive did not provide details of the remedies, in line with its policy, and is expected to seek feedback from rivals and customers before clearing the deal or making further demands.
Shell's proposed sale of its onshore oil business in Nigeria should be blocked by the government to ensure adequate safeguards for human rights, said civil society groups led by Amnesty International.
Shell reached a $1.3bn deal in January to sell the assets to Nigerian-owned Renaissance Africa Energy. The deal, which would fulfill Shell’s long-term goal of exiting operations in the challenging Niger Delta, is still awaiting approval from the country’s President Bola Tinubu, Bloomberg reported.
BNP Paribas, a multinational universal bank and financial services holding company, agreed to acquire a minority stake in Ageas, a Belgian multinational insurance company, from Fosun Capital, a private equity firm, for €730m ($780m).
"Ageas is pleased to see that BNP Paribas recognises, through this investment, the value of its partnership for the long term and the potential of the company going forward," Ageas.
Engie, Iberdrola and funds eye bids for UK's Electricity North West. (FS)
European utility Engie is set to join Iberdrola and a group of investors in preparing bids for British power network Electricity North West in the coming weeks, Reuters reported.
Besides the two utilities, among the investment and infrastructure firms working on potential offers are Canadian investor Caisse de dépôt et placement du Québec and a consortium of private equity firm KKR with Dutch pension fund APG.
Blackstone to buy Britishvolt site for massive QTS data center. (FS)
Blackstone has been selected to purchase the former Britishvolt site in the north of England where it plans to build what could become Europe’s largest data center, Bloomberg reported.
A proposal for funds managed by the private equity firm to purchase the site on behalf of its data center landlord QTS and for Northumberland County Council to amend its right to buy it back will face a vote by councilors on April 23.
Daisy founder Riley in £215m swoop on cloud firm 4Com.
The telecoms entrepreneur who turned Daisy Group into one of the industry's most successful private companies is closing in on the latest in a string of significant takeover deals, Sky News reported.
Matthew Riley, Daisy's chairman, has orchestrated a £215m ($268m) deal to acquire 4Com, a provider of cloud communications services to more than 17k corporate customers.
Spanish drug maker Grifols will bring in independent directors.
Spanish drug maker Grifols, battling a plunge in its share price this year, plans to add independent directors to its audit and compensation committees to improve its governance, Reuters reported.
Grifols' market value has shed billions of euros since short-sheller Gotham City Research released three reports in early January accusing the company of overstating earnings and understating debt. Grifols has repeatedly denied the claims.
Former JD Sports chief Cowgill snaps up Applied Nutrition stake.
The former JD Sports Fashion boss who presided over its soaring stock market valuation is taking a stake in Applied Nutrition, the fast-growing sports supplement maker, as it steps up preparations for a bumper flotation, Sky News reported.
Peter Cowgill, who left the high street giant just under two years ago, is acquiring a multimillion pound shareholding in Applied Nutrition in a personal capacity.
Grocery delivery giant Getir in talks about radical restructuring.
Getir, one of the world's largest grocery delivery platforms, is in talks about a radical restructuring just two years after it was valued at nearly $12bn, Sky News reported.
Getir, which was founded in Turkey and now operates in five markets including the UK, is examining a number of options as part of talks with its leading investors.
€5bn Greek energy group Mytilineos explores London listing.
A Greek energy and metals group has picked two of Wall Street's biggest banks to prepare it for a UK listing that could propel it into London's blue-chip share index, Sky News reported.
Mytilineos, an Athens-listed industrial conglomerate, is working with Citi and Morgan Stanley on a London Stock Exchange flotation that would be expected to take place later this year.
CVC unveils plan for $1.3bn private equity IPO. (FS)
CVC Capital Partners said on April 15 it planned to list its shares on Euronext Amsterdam, in one of the most highly anticipated initial public offerings in Europe this year, Reuters reported.
The company and its backers aim to raise at least €1.25bn ($1.33bn) through the sale of new and existing stock, confirming earlier reporting by Reuters in October.
APAC
Zhaojin Mining Industry, a gold mining enterprise, raised its offer for Tietto Minerals, an Australia-based gold explorer and developer company, from $399m to $474m. The offer was declared final.
The company also confirmed that its unit, Zhaojin Capital, has received all of the Chinese regulatory approvals related to the deal, including approvals from the NDRC, among other regulatory bodies.
Tietto Minerals is advised by Corrs Chambers Westgarth (led by Russell Philip). Zhaojin is advised by Herbert Smith Freehills (led by Philippa Stone).
Warburg Pincus, a US private equity frim, completed the investment in Xuyen A, a Vietnam-based hospital group. Financial terms were not disclosed.
“We believe the private healthcare sector in Vietnam presents a tremendous opportunity for outsized growth, as the hospital infrastructure in the country is significantly underdeveloped,” Saurabh Agarwal, Warburg Pincus Managing Director and Head of Southeast Asia private equity.
Japanese investors partner with I Squared to invest $370m in India's natural gas infra. (FS)
Global private equity firm I Squared Capital on April 15 said a consortium of Japanese investors will invest $370m for a minority stake in Singapore-based Natural Gas Transition Platform, which has investments in Indian city gas distribution networks, DealStreetAsia reported.
The consortium comprises Osaka Gas, the second-largest city gas distributor in Japan; Sumitomo Corp, one of Japan’s largest trading houses; and the Japan Overseas Infrastructure Investment, a government-sponsored entity that promotes Japanese investment abroad.
GIP said to halt plan to buy stake in Malaysian ports operator. (FS)
Global Infrastructure Partners has shelved plans to buy up to 49% of Malaysia’s biggest port operator from a local tycoon on valuation concerns, Bloomberg reported.
After completing due diligence on MMC Port Holdings, the New York-based investment firm couldn’t reach an agreement on a price for the stake.
BYJU's to consolidate business into three divisions, India CEO to step down.
Indian education technology company BYJU’s will restructure its business into three divisions, with founder and CEO Byju Raveendran taking a more active role in day-to-day operations, DealStreetAsia reported.
BYJU’s, once one of India’s hottest startups, has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts and its valuation nosediving to under $3bn, from $22bn in 2022.
NextDC raising $860m amid record data-center demand.
Australian data-center operator is raising AUD1.32bn ($860m) of equity to accelerate several developments as the global shift to cloud computing drives record demand for its services, WSJ reported.
The ASX-listed company on April 11 said that it would use the proceeds of a fully underwritten entitlement offer to accelerate the development and fit-out of centers in its core Sydney and Melbourne markets. The initiative is part of NextDC’s broader planned capital outlay, which includes expansion into Asia-Pacific.
Singapore car startup seeks valuation of over $1.5bn. (FS)
Southeast Asia’s used-car marketplace Carro is raising about $100m as it gears up for a stock-market debut, betting that new funds will cement it as the region’s top player, Bloomberg reported.
The company is speaking with investors for a pre-initial public offering funding round which could raise its valuation to more than $1.5bn. The firm, which has about 4.5k staff and counts SoftBank Group as well as Singapore’s GIC and Temasek Holdings among its investors, just posted its first annual operating profit.
Chaudhary Group to list India unit by 2026.
Nepalese billionaire Binod Chaudhary, who made his fortune selling instant noodles, is seeking to list his conglomerate Chaudhary Group’s India food unit by 2026, Bloomberg reported.
The Gurgaon-based firm, known for its Wai Wai brand of noodles that rivals market leader Maggi from Nestle and ITC’s Yippee, would be ready to go for a sizable listing in the next two years after rolling out new products and acquiring smaller firms in the noodle-related industry.
Japan’s top power producer Jera considers IPO to fund green push.
Japan’s biggest utility, Jera, is considering an initial public offering to help fund a massive rollout of renewables, Bloomberg reported.
The Tokyo-based company plans to develop 20 gigawatts of renewable generation capacity by fiscal 2035, about six times its current pipeline.
Chinese online audio platform Ximalaya hits play again on Hong Kong IPO plans.
China’s largest online audio platform Ximalaya said it has refreshed plans to carry out a Hong Kong IPO, DealStreetAsia reported.
It had sought a Hong Kong listing in mid-2022 but dropped those plans, which aimed to raise more than $500m, due to volatile financial markets.
Chinese tea chain aims to raise $330m in Hong Kong IPO.
Chinese tea shop chain Sichuan Baicha Baidao Industrial aims to raise $330m in a Hong Kong IPO, in the city’s largest new-share sale of 2024, DealStreetAsia reported.
The company is selling 147.7m shares at $2.23 each, which represents about 10% of its total shares.
Deepak Builders & Engineers files draft papers with Sebi to raise funds via IPO.
Engineering and construction company Deepak Builders & Engineers India has filed preliminary papers with capital markets regulator Sebi to raise funds through an IPO. This is the first company to file the draft papers with Sebi for floating a maiden public issue in the current financial year, ET reported.
The IPO is a combination of 12m fresh issue of equity shares and an Offer For Sale of 2.4m equity shares by promoters Deepak Kumar Singal and Sunita Singal, according to the Draft Red Herring Prospectus.
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