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AMERICAS
Public Investment Fund-backed Savvy Gaming, a games and esports company, agreed to acquire Scopely, an interactive entertainment company and mobile-first video game developer and publisher, for $4.9bn.
"When the Scopely journey began just over a decade ago, we set out to create extraordinary experiences that connected people and made them feel something special. We were energized by the adventure ahead and knew we would succeed if we stayed true to our mission to inspire play, every day. As we reflect on the last 10+ years, what an amazing ride it has been so far," Javier Ferreira and Walter Driver, Scopely Co-CEOs.
Crestview Partners, a private equity firm focused on the middle market, completed a $200m investment in Modern Wealth Management, a national registered investment advisory firm.
“We are really excited to be partnering with Gary, Mike and Jason. It’s one thing to have a great conceptual model, but assembling the team to execute is quite another. This leadership team has executed over 90 acquisitions of RIAs, building United Capital to $25bn of AUM with over 220 financial advisors and 22k clients in over 70 offices when it was sold to Goldman Sachs," Dan Kilpatrick, Crestview Partner and Head of Financial Services.
TPG, a global alternative asset management firm, agreed to acquire a majority stake in Elite, an innovative business management solutions provider, from Thomson Reuters, a business information services provider. Financial terms were not disclosed.
“TPG has a history of investing in software companies that address the unique needs of vertical markets. We believe the legal industry is a market that is undergoing digital transformation, and Elite partners with leading firms on that journey. Elite’s trusted technology, strong customer base, and significant growth potential has made the company a clear leader among the best law firms, and we look forward to working with the team to enhance and expand the platform,” Tim Millikin, TPG Partner.
Investcorp and Trilantic-backed RoadSafe Traffic Systems, a traffic safety services provider, completed the acquisition of Highway Supply, a traffic control services company. Financial terms were not disclosed.
“Highway Supply is an extremely attractive opportunity for RoadSafe. Its operations mirror RoadSafe’s core functionalities of traffic control services, product sales and pavement marking capabilities. Coupled with a strong leadership team and operational excellence developed by Dub Girand and Steve Clark, our partnership with Highway Supply enables us to naturally expand our offerings into the New Mexico market,” Dave Meirick, RoadSafe CEO.
Trilantic was advised by Prosek Partners.
Great Range Capital, a private equity firm, completed the acquisition of Roofed Right America Partners, a commercial roofing contractor specializing in re-roofing and maintenance and repair services. Financial terms were not disclosed.
"We're thrilled to partner with GRC to execute upon our shared strategic vision for RRA. GRC's successful history of supporting businesses as they scale into market leaders was attractive to us, and we're excited to leverage their expertise and resources in our next phase of growth," Adam Brissman, Right America Partners CEO.
Apple’s $165bn cash hoard creates M&A mirages.
Apple’s slowing growth and cash-rich balance sheet are again fueling speculation that the world’s most valuable firm should make a big acquisition, Bloomberg reported.
Entertainment giant Walt Disney recently joined a long list of potential acquisition targets that over the years has grown to include Netflix, Tesla, Peloton Interactive and Sonos.
KKR set to buy stake in FGS Global. (FS)
Private equity group KKR is nearing a deal to buy a significant stake in FGS Global that will value the WPP-backed financial communications company at about $1.4bn, FT reported.
KKR is expected to acquire more than 30% of FGS from a combination of senior employees at FGS as well as advertising company WPP. WPP, which owns about 57.4% of the company, is expected to retain a majority in the business, which will allow it to continue to consolidate the group’s accounts.
Veris Residential completes a $420m sale of Harborside 1, 2, and 3. (RE)
Veris Residential, a real estate investment trust announced the completion of its $420m sale of Harborside 1, 2, and 3, three class A office buildings in Jersey City, New Jersey.
"The sale of Harborside 1/2/3 represents a significant milestone and a critical step in the company's transition to a pure-play multifamily company. The closing of this transaction completes over $2bn of non-strategic asset sales during the past two years. As we approach the final stages of our transformation, our focus will be on concluding the few remaining non-strategic asset sales and working with our Board to unlock the substantial value embedded in the company for our shareholders," Mahbod Nia, Veris Residential CEO.
Veris Residential was advised by Cushman & Wakefield, CBRE, Goldman Sachs, JP Morgan and Gasthalter & Co.
Vantage Drilling weighs sales.
Vantage Drilling International, an international offshore drilling company, is exploring strategic options including a potential sale, Bloomberg reported.
Vantage, which trades over the counter, has a market value of about $207m. It also has about $180m of debt. The Houston-based company considered a strategic review in 2021, when many peers went through restructuring and the company was looking to seize on a market recovery. Management is now focused on generating cash and escaping legacy contract rates.
EMEA
AURELIUS, a private equity firm, completed the acquisition of the offset solutions division of Agfa-Gevaert Group, a provider of analogue and digital imaging products, software, and systems, for €92m ($100m).
“The expected sale of the Offset Solutions division is a major step in our ongoing transformation process. It will enable us to increase our focus on our growth businesses, which is crucial to our future success in our markets. After having examined all options, we believe that the proposed transaction is the best possible solution for all stakeholders: the employees working in the division, the customers in the offset industry and our shareholders," Pascal Juéry, Agfa-Gevaert CEO
Hunter Point Capital, an independent investment firm, completed the acquisition of a 10% stake in Inflexion, a mid-market private equity firm. Financial terms were not disclosed.
“Inflexion has long been distinguished by its entrepreneurial and enterprising approach to originating, growing and harvesting mid-market companies. We look forward to collaborating with Simon, John and the Inflexion team, and supporting their ambitious vision as they continue to shape the future of private equity in Europe,” Avi Kalichstein, Hunter Point Capital Co-Founder and CEO.
Inflexion was advised by Ashurst. Hunter Point Capital was advised by Kirkland & Ellis and Prosek Partners (led by Julia Cohen).
Instalco, a technical installation group, completed the acquisition of Enter Ställningar, a construction and industrial scaffolding company. Financial terms were not disclosed.
“I am very pleased to now have Enter Ställningar onboard. We will continue pursuing our strategy of growing stronger in the industrial segment and see great opportunities for synergies with our other Instalco companies,” Robin Boheman, Instalco CEO.
Inditex, which runs the Zara and Bershka clothing chains, obtained approval to sell its business in Russia to Daher Group of the United Arab Emirates, Bloomberg reported.
Russia’s Commission on foreign investments approved the Zara owner’s withdrawal at the end of March.
ADCB in talks to sell $3.7bn bad debt.
Abu Dhabi Commercial Bank is in talks with funds to sell $3.7bn worth of soured loans, as the emirate’s second-largest lender steps up efforts to clean up its books, Bloomberg reported.
The bank is selling a retail portfolio that includes car loans, private and credit-card debt, most of which are held by expatriate workers. Emirati nationals still owe ADCB — as the bank is known — far more money on average.
TPG-backed iNova in talks to buy Mundipharma’s OTC business. (FS)
Australia-based prescription medicines business iNova Pharmaceuticals is in advanced talks to acquire the over-the-counter business of Mundipharma International, a research-based pharmaceutical company, Bloomberg reported.
The deal could value the assets at about $700m. Mundipharma is one of the overseas entities slated for sale to help pay for claims against the billionaire Sackler family members and Purdue Pharma over their role in the US opioid crisis. The company’s attempt to sell its China assets was halted last year after bids failed to reach the owner’s expectations.
Inflexion plans £400m bid for 7IM. (FS)
Buyout firm Inflexion plots £400m ($499m) bid for investment manager 7IM. The private equity group is among the suitors drawing up plans to table bids for the boutique asset manager, Sky News reported.
A sale process run by bankers at Evercore was expected to get underway as early as next month. London-listed Caledonia Investments has owned 7IM since 2015, and has been drawing up plans for an auction for the past year.
Temenos is seeking fresh interest from private equity firms. (FS)
Temenos asked for fresh expressions of interest from potential suitors in recent weeks after takeover talks fell apart last year over price, Bloomberg reported.
The Swiss banking software company is working with advisers to evaluate buyer appetite. Private equity firms including EQT, Permira, Nordic Capital, Thoma Bravo and KKR have looked at the business.
Hoppecke weighs IPO of lithium energy unit.
Hoppecke, a German manufacturer of energy storage units and power supplies, is weighing an initial public offering of its specialist lithium-ion unit, Bloomberg reported.
The family-owned company is considering listing a 30% stake in the business called Intilion to help fund its growth. An IPO could value Intilion at about $382m and take place in the second half or the year.
Al Ansari surges in Dubai debut after $210m IPO.
Al Ansari Financial Services made its trading debut on the Dubai Financial Market. Shares surged over 17% for the family-owned remittances and money exchange firm, which marks the first IPO for Dubai this year. The Al Ansari family sold 750m shares in the offering, which is equal to a 10% stake in the company.
“We were extremely pleased that there was a great acceptance from the market, this shows they very much trust in the growth story of the company,” Rashed Ali Al Ansari, Al Ansari Financial Services CEO.
Coller reaches first close of RMB fund ar $218m (FS)
London-based investor Coller Capital has reached the first close of its first RMB secondary fund, with a target size of $218m, DealStreetAsia reported.
The fund will focus on providing liquidity solutions for investors and general partners in the yuan private capital market in China.
Shorooq Partners closes EMEA VC fund at $150m. (FS)
Abu Dhabi-headquartered Shorooq Partners has closed its second early-stage Middle-East and North Africa and Pakistan venture fund at $150m, DealStreetAsia reported.
The Bedaya Fund II drew capital from a host of institutional investors, including DisruptAD, Dubai Future District Fund, Bupa Insurance, and others.
El Gabbani quits Blackstone. (FS, People)
Nadim El Gabbani, a senior managing director and private equity dealmaker at Blackstone, has left the alternative asset management firm.
El Gabbani, who was based in the firm's London office, focused on financial services, business services and technology deals on both sides of the Atlantic.
LDC makes senior promotions. (FS, People)
LDC, a UK private equity firm focused on investments in mid-sized businesses, has made two senior promotions with the appointment of Jacob Leone and Grant Goodwin as investment directors, effective 1 April, 2023.
Leone joined LDC’s Manchester-based team as an investment manager in 2019. Goodwin joined the same team as an investment manager in 2020.
APAC
SUSI Partners, a Swiss fund manager, agreed to invest in ACCV, a rooftop and ground-mounted solar PV projects developer. Financial terms were not disclosed.
"The investment in ACCV further complements SAETF’s portfolio which is already well-diversified across utility-scale renewables, energy efficiency and customer-centred clean energy solutions. SAETF, which targets energy transition infrastructure investments across Southeast Asia, has received capital commitments from development banks, DFIs, and private investors," SUSI Partners.
Seven & i says new committee to review spinoffs, IPOs. (FS)
Seven & i will consider strategic options, including spinoffs and public listings, as it seeks to boost shareholder returns in response to activist fund ValueAct Capital Management’s questions about its conglomerate structure, Bloomberg reported.
A new review committee of outside board members will recommend changes and execute them. Seven & i also announced a change to its finance and credit-card operations, and set a goal of delivering greater shareholder returns via better cash flow, payouts and growth in its convenience-stores business.
Fung Group explores retail unit IPO in Singapore.
Fung Group is exploring an initial public offering in Singapore for its retail brands unit that could value the business at about $500m, Bloomberg reported.
The Hong Kong-based consumer goods company is working with a financial adviser on the potential first-time share sale of its unit Branded Lifestyle Asia. The Fung Group is seeking to raise more than $100m from the IPO of its business housing retail brands in South Korea and Taiwan, in a listing that could take place as early as this year.
Barclays' Jhaveri turns to help Jefferies build Indian M&A team. (FS, People)
Ashish Jhaveri, head of mergers and acquisitions for Barclays in India, has resigned from the company and is set to join Jefferies Financial to help build its deal advisory business in the country, Bloomberg reported.
A veteran of two decades in investment banking, during which he worked across companies including Citigroup and Credit Suisse, Jhaveri has agreed to join Jefferies in Mumbai.
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