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AMERICAS
Public Storage, an American international self storage company headquartered in Glendale, California, completed the acquisition of Simply Self Storage, a privately owned self-storage company in the United States, from BREIT, a real estate investment trust company, for $2.2bn.
"We are pleased to welcome Simply's team, customers, and third-party management partners to Public Storage's industry-leading brand and platform. This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion, and third-party management. We are pleased to complete this important transaction with Blackstone, which further demonstrates our position as an acquirer of choice in the industry. Blackstone has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years," Joe Russell, Public Storage CEO.
GXO, a contract logistics provider, agreed to acquire PFSweb, a tech-enabled eCommerce order fulfillment platform, for $142m.
“PFS is an ideal acquisition for GXO: it enhances our exposure to new high-growth verticals in North America and adds important capabilities to our offerings. Over the past 25 years, the PFS team has established a successful track record in both direct to consumer and B2B channels, and they’ve built a rock-solid reputation with many of the world’s most iconic brands by deploying an order fulfillment platform that rivals the largest enterprise 3PL providers in the industry. We’re excited to bring them on board and look forward to driving additional shareholder value through disciplined capital allocation and continued investment in high growth opportunities," Malcolm Wilson, GXO CEO.
General Atlantic, a growth equity investor, completed the investment in GoodVets, a modern, single-brand veterinary care platform. Financial terms were not disclosed.
“This collaboration not only validates our unwavering commitment to the betterment of veterinary care but also signifies a momentous leap forward in achieving our mission. With General Atlantic by our side, we are equipped with the financial strength, expertise, and global network to empower veterinarians nationwide. Together, along with SkyKnight’s steadfast support, we will continue to innovate, create, and drive the transformation of the veterinary industry, ultimately improving the lives of animals and the professionals who care for them," Ryan Joseph, GoodVets Co-Founder and CEO.
GoodVets was advised by Jefferies & Company and Holland & Knight. General Atlantic was advised by Piper Sandler and Paul Weiss Rifkind Wharton & Garrison (led by Ellen Ching and Matthew Abbott).
PSG, a private equity firm, completed the investment in Versatile Credit, a provider of software connecting merchants, lenders and consumers. Financial terms were not disclosed.
“Our momentum to date reflects what we believe is a market opportunity for Versatile as well as for the merchants, lenders and consumers we are proud to serve. We are grateful for the opportunity to partner with PSG, a firm with a strong heritage in fintech investing that can provide the resources and domain knowledge we believe will be critical to the successful execution of our strategic growth plans," Ed O’Donnell, Versatile Chief Executive Officer.
PSG was advised by Weil Gotshal and Manges (led by David Gail) and Prosek Partners (led by Jackie Schofield). Versatile Credit was advised by Vista Point Advisors.
Crowley, a vessel management, owner, and supply chain logistics services company, and SEACOR, a provider of equipment and services to the offshore petroleum industry, agreed to form Fairwater, that will leverage and scale both entities' unique operational and safety-focused capabilities to serve the US domestic market with vessels and marine transportation solutions across the petroleum and chemical trades. Financial terms were not disclosed.
"Fairwater marks an important milestone in meeting the evolving needs for safe, efficient and sustainable US domestic maritime transportation solutions. I am honored to take the helm alongside highly experienced seagoing and shoreside team members and provide our customers and the communities we serve with a maritime transportation provider whose values and performance will set the industry standard," Daniel Thorogood, Seabulk CEO.
Crowley is advised by Vinson & Elkins (led by Creighton Smith). SEACOR is advised by Milbank and Watson Farley & Williams.
Riverside, a private investor focused on the smaller end of the middle market, completed the investment in Eastman Fire Protection, a fire protection business. Financial terms were not disclosed.
“The Eastman add-on is consistent with Riverside’s investment strategy of aggressively growing the CertaSite platform through add-on acquisitions. With a well-established customer base and reputation for high-quality services, Eastman is a perfect fit for CertaSite," Loren Schlachet, Riverside Managing Partner.
Mark Foods, a provider of premium and environmentally responsible marine products, agreed to acquire a seafood division from Arista Industries, a supplier of a wide range of nutritional supplements, pet food, vegetable, marine, industrial, and essential oil products. Financial terms were not disclosed.
"We are excited to have found a strong partner in Mark Foods. With the entire Arista Seafood team joining Mark Foods, we anticipate a seamless transition for our customer and supplier partners. Mark Foods' and Arista's cultural alignment on commitment to quality, service and sustainability positions the combined company for long-term success to the benefit of our customers, suppliers and employees," Alan Weitzer, Arista Industries President.
Cherry Bekaert, an accounting firm that offers tax, audit, and advisory solutions, completed the acquisition of Cordia Partners, an accounting firm that provides accounting, technology consulting, and business services, and Cordia Resources, a recruiting, staffing, and executive search firm specializing in placing accounting, finance, and other professionals. Financial terms were not disclosed.
"The services offered by Cordia complement those of Cherry Bekaert. This synergy affords our clients the opportunity to access an expanded and innovative range of service offerings. Furthermore, this acquisition will enable our team to develop fresh skills and foster new connections, leading to the creation of mutually beneficial achievements. We look forward to growing with Cherry Bekaert and are confident that this is a win-win situation for our teams and the clients we serve," Mitchell Weintraub, Cordia Partners Co-Founder and Managing Partner.
Cordia Partners was advised by Clearsight Advisors.
Estes Express, a full-service freight transportation provider offering an entire range of professional, high-performance supply chain solutions, offered to acquire 169 truck terminals from Yellow, a transportation holding company, for $1.53bn.
Yellow’s terminals include sought-after sites close to major metropolitan areas that are ideal for trucking and logistics companies looking to store and deliver goods quickly to homes.
KKR, an investment company, completed a $1bn investment in USI Insurance Services, a risk management, employee benefits and retirement consulting company.
“When we embarked on our journey with KKR and CDPQ, we shared a vision about the forces impacting our industry and a plan for USI to be a leading innovator in that transformation, combining world-class sponsorship and investment with our team of experts, differentiated solutions and technology. The power of this strategic partnership has exceeded our expectations, and we are thrilled to be continuing our journey with the support of our long-term shareholders," Michael Sicard, USI Chairman and CEO.
A consortium of investors, including Flagship Pioneering, Amgen, NVentures, Mirae Asset Group, Pictet Alternative Advisors, ADIA, Fidelity Management & Research Company, T. Rowe Price, ARCH Venture, Alaska Permanent Fund, Altitude Life Science Ventures, Morningside Ventures and March Capital, led a $273m Series C round in Generate Biomedicines, a biotechnological company focusing on creating breakthrough medicines.
“Our Series C round further propels The Generate Platform to increase significantly the precision, speed, and probability of success of novel therapeutics – positioning us to tackle even more complex targets and unmet patient needs. With our first program now in the clinic and multiple programs expected to enter clinical studies over the next couple of years, we are beginning to realize the enormous potential of generative biology to save and improve the lives of patients in areas where the burden of disease is greatest,” Mike Nally, Generate Biomedicines CEO.
Bacardi, a spirits company, completed the acquisition of ILEGAL Mezcal, a mezcal leading super premium craftsmanship. Financial terms were not disclosed.
“We believe ILEGAL has the pedigree to own and lead the super premium mezcal category globally. ILEGAL perfectly complements our portfolio and its integration into our business places the brand on an even stronger growth trajectory as mezcal captivates more and more consumers,” Barry Kabalkin, Bacardi Vice President.
Ryan, a technology-driven tax services firm that offers advisory and consulting services on a multi-jurisdictional basis, completed the acquisition of sales and use tax recovery businesses from Avalara, a cloud-based platform that provides tax compliance software and automated solutions. Financial terms were not disclosed.
"We are excited to welcome our new team members and clients from Avalara's tax recovery business to Ryan. We look forward to working closely with the transitioning clients to understand their needs and expand their tax-saving strategies through Ryan's full suite of tax services and automation solutions," G. Brint Ryan, Ryan Chairman and CEO.
US oil and gas producer CrownRock to explore $10bn-plus sale. (FS)
CrownRock is preparing to explore a sale that could value it at well over $10bn including debt, in what could be the largest deal for a US oil and gas producer going back at least three years.
The private equity-backed company, which is led by Texas billionaire businessman Timothy Dunn, has initiated discussions with investment banks about hiring advisers to run a sale process that will kick off by early 2024, Reuters reported.
Apollo Global among suitors for IGT's global gaming division. (FS)
Private equity giant Apollo Global Management is among the potential suitors seeking to acquire International Game Technology's global gaming division, Bloomberg reported.
IGT's gaming unit could fetch $4bn to $5bn in a sale, including debt. UK-based IGT said in June that it was exploring strategic alternatives for its global gaming and PlayDigital segments, which includes, but is not limited to, a sale. The two segments generated about $436m in revenue in the first quarter of this financial year.
Vital Energy expands in Permian Basin with deals valued at $1.17bn.
Vital Energy has signed agreements valued at about $1.17bn to expand its acreage in the Permian Basin, where dealmaking is gathering pace as drillers tap the largest US oil patch to quickly replenish their depleting reserves.
The deal will increase the company's current production by about 35k barrels of oil equivalent per day, Reuters reported.
JPMorgan, Bank of America dangle 14% yield to get rid of risky M&A debt.
Wall Street bankers are dangling one of the steepest discounts in recent memory to bond investors as they look to offload billions of dollars of debt that’s been stuck on their books for months, Bloomberg reported.
Lenders led by JPMorgan and Bank of America are working to sell $1.35bn of junk bonds and leveraged loans supporting Viasat acquisition of Inmarsat Group after being forced to fund the deal when the acquisition closed at the end of May. The $733m of unsecured bonds are being marketed at a price of about $70 cents, bringing the all-in yield to roughly 14%.
Drone startup Shield AI valued at $2.5bn in new funding round. (FS)
Shield AI, a startup that makes autonomous drone technology for military applications, is raising $150m from investors, Bloomberg reported.
The deal values the San Diego-based company at $2.5bn.
Laurentian Bank ends review without a sale, will go it alone.
Laurentian Bank of Canada said it has ended its strategic review without finding a buyer and will carry on as an independent firm with a simplified structure, Bloomberg reported.
The Canadian bank announced in July it was examining its options. It hired JPMorgan to run the process and considered a number of possibilities, including a sale of the whole bank or parts of it. But it will instead try to ramp up its current strategy, which includes growth in commercial banking and upgrading its technology.
Los Angeles women’s soccer club Angel City is raising capital.
Angel City Football Club, one of the most high-profile women’s soccer teams in the world, has been exploring strategic options including raising capital, Bloomberg reported.
The Los Angeles-based National Women’s Soccer League team has been discussing raising money to fund growth opportunities after getting interest from family offices, institutional investors and private equity investors. The team is expected to announce details about the capital raise in the coming weeks.
Mubadala invests $1bn in Blue Owl Capital to co-invest in private credit opportunities. (FS)
Mubadala Investment Company, Abu Dhabi’s sovereign investment arm, has formed a strategic partnership with New York-based alternative asset manager Blue Owl Capital as it seeks to co-invest in private credit opportunities amid a tightening monetary environment around the world.
The partnership was established with a $1bn commitment to Blue Owl’s credit platform and will initially focus on its technology lending strategy, which provides financing solutions for several technology and software companies.
Fund giants muscle in on the $1.5tn private credit party. (FS)
Investcorp Jeremy Ghose is a popular man. Ever since the $50bn firm snapped up alternative-credit manager Marble Point late last year, he’s been juggling calls from bankers and firms pitching similar deals, Bloomberg reported.
“People know we’re in acquisition mode and they know we have the ability to write checks,” Jeremy Ghose, Investcorp Credit Management managing partner and chief executive officer, the Bahrain-based firm’s lending arm. The $200m purchase of Marble Point, a specialist in collateralized loan obligations, added $7.8bn of assets-under-management to his division.
Galvanize Climate Solutions closes over $1bn for first venture and growth equity fund. (FS)
Galvanize Climate Solutions, a global climate-focused investment firm, today announced the final close of its Innovation + Expansion Fund at over $1bn. With commitments from a diverse set of institutional investors, including leading endowments, foundations and family offices, the Fund is one of the largest climate venture funds raised to date.
The Fund targets investments in early- to growth- stage climate companies that drive timely decarbonization, providing both capital as well as interdisciplinary resources to help accelerate the path to commercial scale. Founded by seasoned investors with decades of collective experience working in the climate ecosystem, Galvanize is purpose-built to scale the defining climate companies of our generation.
JPMorgan elevates Hofmann, Carpenter to run North America M&A. (People)
JPMorgan named Jay Hofmann and Ben Carpenter co-heads of mergers and acquisitions advisory in North America, Bloomberg reported.
The bankers report to Global Head of M&A Anu Aiyengar. They replace Marco Caggiano, who departed this summer for Morgan Stanley.
Howard Schultz steps down from Starbucks board. (People)
Howard Schultz is stepping down from the board of Starbucks with immediate effect, the coffee chain announced on September 13. Schultz held the role of chairman emeritus and helped steer the company through a recent period during which its leadership was in flux.
He returned in April 2022 to be chief executive of the company for a third time, ahead of Laxman Narasimhan being named as his successor.
EMEA
EW Group, a family-owned international group, with key businesses in genetics, health, diagnostics, nutrition and food, agreed to acquire Planasa, a company with global presence in the agri-food sector, from Cinven, a private equity investment firm, and Label Investments, a specialized agribusiness investment group. Financial terms were not disclosed.
"Cinven has provided huge support to Planasa over the past five years. With Cinven's guidance and investment, we have professionalised our operations, expanded our international footprint and innovated our product range to become a global leader in our market. We would like to thank the Cinven team for their strategic perspective and financial backing, our employees for their dedication and commitment to our mission, and our clients, suppliers and other partners for their continued collaboration and trust placed in us. We look forward to working closely with our new owners and are sure that this partnership will enable us to push Planasa's breeding activities to an even higher level," Michael Brinkmann, Planasa CEO.
EW Group is advised by KPMG and Baker McKenzie. Cinven is advised by Aon Securities, JP Morgan, KPMG, Perez Llorca, and Deloitte. Label Investments is advised by Escala Capital and Garrigues.
The founder of UK life sciences company Abcam plans to vote against a proposed $5.7bn acquisition by US group Danaher, pushing instead to replace the board and take back the reins as chief executive, FT reported.
Jonathan Milner, who has a 6.1% stake in the Cambridge-based company, argues the $24-a-share deal materially undervalues Abcam, which creates custom antibodies, among other products, for scientists to use in research.
Infrastructure fund I Squared Capital Advisors and TDR Capital on September 14 made an offer for Applus, triggering a possible bidding war for the Spanish industrial testing firm, Reuters reported.
I Squared and TDR offered to pay €9.75 ($10.46) per Applus share, while rival fund Apollo offered €9.50 ($10.20) in June. The bid values Applus at €1.26bn ($1.35bn) versus €1.23bn ($1.32bn) under Apollo's offer. The company's market value on Wednesday was €1.22bn ($1.31bn).
Applus is advised by JP Morgan. I Squared is advised by Morgan Stanley. Apollo is advised by BNP Paribas, Santander, and Latham & Watkins.
GI Partners, a private equity company, agreed to acquire ASK4, a provider of critical in-building Internet connectivity to the multi-tenant real estate sector, from Bowmark Capital, a private equity investment firm. Financial terms were not disclosed.
"ASK4's purpose is to support people and communities to be connected, allowing them to live life and work productively in their homes and workspaces. We have enjoyed a fantastic partnership with Bowmark over the last five years and we are excited about the future with GI as we continue to develop the ways we support existing clients and expand the delivery of our services into multi-tenant communities across Europe and North America," Andrew Dutton, ASK4 CEO.
GI Partners is advised by Chris Tofalli Public Relations (led by Chris Tofalli). Bowmark Capital is advised by DC Advisory (led by Richard Madden).
Fiskars Group, a group of design-driven brands for indoor and outdoor living, agreed to acquire Georg Jensen, a Danish luxury lifestyle brand, for $163m.
“Being an iconic brand with a strong heritage and focus on pioneering design, Georg Jensen is a perfect fit to Fiskars Group’s family of brands both strategically and culturally. We are delighted to welcome Georg Jensen and its employees to Fiskars Group," Nathalie Ahlström, Fiskars Group President and CEO.
Fiskars is advised by Rothschild & Co.
SPS Commerce, a provider of retail cloud services, completed the acquisition of TIE Kinetix, a provider of SaaS solutions for electronic document exchange and supply chain automation, for €65m ($69m).
"We are excited to join SPS Commerce and leverage TIE's e-invoicing capabilities to capitalize on the opportunity presented by mandatory e-invoicing regulations across Europe. Our offering will complement SPS' next generation EDI solution and competitively position the combined company across the B2B and B2G markets," Jan Sundelin, TIE Kinetix CEO.
Mediterranean Shipping Company, a container shipping company, agreed to acquire a 49.9% stake in Hamburger Hafen und Logistik, a logistics and transportation company, for €1.26bn ($1.35bn).
Nikolas Mauder at Kepler Cheuvreux said there were concerns about a "wall" of capital expenditure needed at HHLA, which like other German ports is facing major challenges amid weak foreign demand and fierce competition.
Delo Group, a Russian transport and logistics holding company, agreed to acquire a 25% stake in KSK Grain Terminal, a container terminal of Novorossiysk Sea Port, from Cargill, a global food corporation that provides agricultural and financial services. Financial terms were not disclosed.
The sale of the stake in the KSK grain terminal in Novorossiysk comes after the trader pledged in March to halt purchases for export in the country from July. International traders Viterra and Louis Dreyfus also exited the Russian grain export market in quick succession earlier this year, after local officials and influential industry voices called for foreign influence in grain trade to be limited.
Co-op Bank kicks off sale with early October bid deadline.
The Co-operative Bank's owners have set an early October deadline for non-binding bids for the British midsize lender, kicking off the long-awaited sale. Co-op Bank has shared information on its business with multiple prospective buyers, after rival banks and financial investors expressed interest in a deal over the summer, Reuters reported.
The sale is being closely watched as one of the first examples of long-touted consolidation among Britain's midsize lenders. Smaller financial institutions have also come under closer scrutiny after a series of bank failures, even though rising interest rates have made lending more profitable.
Saudi driller ADES set to price $1.2bn IPO at top of range.
ADES's initial public offering is expected to price at the top of the range and raise $1.2bn in what’s set to be Saudi Arabia’s biggest listing of the year, Bloomberg reported.
The share sale is expected to price at $3.6 apiece and books are significantly oversubscribed at that level. The final price is set to be announced on September 20.
Verdane raises €1.1bn for growth equity stake purchases. (FS)
Verdane Capital Advisors has raised €1.1bn ($1.2bn) for its latest fund, almost doubling the size of its previous vehicle, Bloomberg reported.
The Norway-based growth equity firm closed Verdane Capital XI at its hard cap, with commitments from investors including private and public pension funds, university endowments and family offices. Investors in the predecessor fund, which closed at €610m ($655m), also participated.
TwentyFour AM to launch debut private credit fund. (FS)
TwentyFour Asset Management is making a move into the booming private credit space, with the British firm set to launch its debut fund, a Europe-focused vehicle, later this year.
The report cites Partner Douglas Charleston, the head of the new fund, as confirming that the fixed income-focused money manager is looking to raise a mid-sized vehicle that will look to provide capital in niche areas such as for non-bank mortgage lenders.
Cinven’s top financial services dealmaker departs buyout firm after 20 years. (FS, People)
Cinven’s partner in charge of financial services investments is departing the private equity firm after two decades, Bloomberg reported.
The buyout firm announced internally this month that Caspar Berendsen is leaving.
APAC
Kedaara Capital, an operationally oriented private equity firm pursuing control and minority investment opportunities in India, completed the acquisition of a minority stake in K12 Techno, a education service provider, from Sequoia Capital, an American venture capital firm. Financial terms were not disclosed.
“We are delighted to welcome Kedaara as a valued partner for the next phase of our growth, as it symbolizes a convergence of values and aspirations, and will help us continue to deliver on our mission to make an impact in the K-12 space in India. Our philosophy is to help nurture not just scholars, but also compassionate and capable individuals ready to shape a better world. We believe the congruence of technology with learning models built for India will help scale both holistic learning as well as improve outcomes,” Jai Decosta, K12 Techno CEO.
Cipla founding family’s stake sale in jeopardy over $13bn valuation target.
The sale of a stake in Cipla is in jeopardy as potential buyers have balked at the $13.1bn valuation members of the founding family are targeting for the Indian firm in a deal.
Negotiations between the family members and prospective buyers, including companies in the industry and private equity firms, are no longer moving forward, as the founders are demanding about $359 per share. The price represents a premium of about 10% over September 14 close, Bloomberg reported.
Blackstone is considering potential deal for solar firm Growatt. (FS)
Blackstone is considering a potential acquisition of Growatt Technology that could value the Chinese solar equipment maker at about $1bn, Bloomberg reported.
The buyout firm has sounded out lenders for financing. Growatt is holding talks on a potential sale after market volatility made it more difficult to proceed with its planned Hong Kong initial public offering.
HK-based Vinda meets shortlisted bidders for a majority stake held by Sweden's Essity.
Hong Kong-based tissue and diaper maker Vinda International held management presentations in the last week for potential buyers of a majority stake owned by Sweden's Essity, DealStreetAsia reported.
The shortlisted bidders include Brazilian pulp maker Suzano, one of Vinda's main suppliers.
Tesla supplier CNGR weighs Indonesia battery metal unit IPO.
Chinese battery metals producer CNGR Advanced Material is weighing an initial public offering of Indonesian assets as soon as the end of 2024, Bloomberg reported.
The Shenzhen-listed company is in talks with potential financial advisers for a Jakarta IPO that could raise at least $300m, or as much as $500m if the market is favorable. CNGR is in the process of preparing the Indonesian unit — which will include its smelter assets in the country — for listing.
SoftBank resists temptation to try for more with $4.87bn Arm IPO.
SoftBank Group satisfied its ambitions for Arm by raising $4.87bn in the year’s biggest initial public offering, while resisting the temptation to try for more.
A smooth trading debut from the chip designer could help revive a weak IPO market and provide a boost for upcoming listings from companies like Instacart and Birkenstock the IPO price, Arm is valued at about $54.5bn, Bloomberg reported.
Chinese car maintenance service startup Tuhu to raise $150m in Hong Kong IPO.
Chinese car maintenance service startup Tuhu Car will start bookbuilding for a Hong Kong initial public offering that could raise up to $150m, DealStreetAsia reported.
The deal size is to be between $100m and $150m, ahead of a final decision being made by the company and its advisers.
BlackRock and SGX team up to launch $426m climate action fund for Asia. (FS)
Asset manager BlackRock and the Singapore Exchange have jointly launched a climate action fund in Singapore with $426m in assets under management.
The fund, called the 'iShares MSCI Asia ex-Japan Climate Action exchange-traded fund', is the largest equity exchange-traded fund launched in the city-state and will be used to invest across Asia, DealStreetAsia reported.
India's Serentica Renewables secures $310m debt funding from Power Finance.
India's Serentica Renewables, a decarbonisation platform, said it has raised $310m in debt from power sector lender Power Finance, DealStreetAsia reported.
With the new funding, Serentica will instal 4 GW of renewable energy capacities across the country. In the southern state of Karnataka, the company said it is setting up 400 MW of wind and solar capacities where it has already secured connectivity to the inter-state transmission system.
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