Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Quantum Capital Group, a Houston, Texas-based private equity firm focused on the energy industry, agreed to acquire Cogentrix, an independent power producer, from The Carlyle Group, an American multinational private equity, alternative asset management and financial services corporation, for $3bn.
"We are at a critical juncture in the evolution of the domestic power market. Electricity demand is rapidly increasing thanks to explosive growth in data centers and AI, the reshoring of manufacturing, and the electrification-of-everything. This growth is occurring at the same time our grid is becoming more unstable with additions of intermittent renewable power and continued retirements of coal-fired generation. Now more than ever, we need reliable and efficient power infrastructure. This is what the Cogentrix assets provide," Wil VanLoh, Quantum Founder and CEO.
Aurora Capital Partners, a middle-market private equity firm, completed the acquisition of GenServe, an independent provider of backup power solutions for commercial, industrial and critical infrastructure applications. Financial terms were not disclosed.
"Aurora's track record and experience in the broader industrial and infrastructure services industry, commitment to partnering with management teams and expertise in implementing successful Buy & Build acquisition programs makes it the ideal growth capital partner for GenServe. We identified a significant opportunity to expand our business through M&A more than five years ago, and we are excited to partner with Aurora to continue executing that strategy while also maintaining a relentless focus on organic expansion, geographic growth and industry-leading customer service," Fred Smagorinsky, GenServe CEO.
GenServe was advised by KeyBanc Capital Markets and Lazard. Aurora was advised by Piper Sandler, Gibson Dunn & Crutcher, and ASC Advisors (led by Taylor Ingraham). Debt financing was provided by Ares Management.
Labcorp, an innovative and comprehensive laboratory services, completed the acquisition of select assets of Invitae, a medical genetics company, for $239m.
"The agreement with Labcorp marks a significant step in our financial restructuring and supports our efforts to continue to deliver innovative and industry leading products and services for healthcare," Ken Knight, Invitae President and CEO.
Labcorp was advised by Citigroup, Hogan Lovells and Kilpatrick Townsend. Invitae was advised by Moelis & Co, Kirkland & Ellis and FTI Consulting.
ECI Software Solutions, a global provider of cloud-based business management software and services, completed the acquisition of ProfitKey, an ERP platform for discrete manufacturers. Financial terms were not disclosed.
"We’re excited to welcome ProfitKey and its impressive customers to the ECI family. The world-class ProfitKey ERP and the expertise of the team have greatly impressed us. By joining together, we can continue to invest in the success of manufacturing businesses and their evolving industry needs. Our goal is to provide even greater value to manufacturing businesses and ensure a bright future for all our customers," Trevor Gruenewald, ECI Software Solutions CEO.
ECI Software Solutions was advised by Gabriel Marketing.
LongWater-backed Midland Garage Door, a manufacturer of commercial and residential garage doors, completed the acquisition of Martin Door, a garage door manufacturer based in Salt Lake City. Financial terms were not disclosed.
“We’re thrilled to welcome Martin Door to the Midland family. The acquisition of Martin represents a highly strategic opportunity for Midland that marks a significant step in Midland’s strategic expansion with several identified benefits. We are pleased to bring together two industry leaders to build on their shared commitment to quality and customer service,” Mike Wittrock, Midland Garage Door CEO.
LongWater was advised by Gasthalter & Co (led by Mark Semer).
Polymatech Electronics, India's first semiconductor chip maker, completed the acquisition of Nisene Technology Group, a provider of automated integrated cirucit decapsulation systems. Financial terms were not disclosed.
"With 50 years of experience and expertise in the semiconductor industry, Nisene has witnessed all developments from scratch. Now part of Polymatech, together we will create the next generation of semiconductors that are not only better but capable of more," Eswara Rao Nandam, Polymatech Electronics CEO.
Beacon, a publicly-traded wholesale distributor specializing in roofing, waterproofing and related exterior products, completed the acquisition of SSR Roof Supply, a residential and commercial roofing contractor. Financial terms were not disclosed.
"The Bath family has built an impressive business supporting the fast-growing Vancouver market. We are thrilled to welcome the SSR employees to Beacon and further expand our Canada-wide customer service. We now have a total of three branches in British Columbia and can reach almost 80% of the province’s population to supply materials for new construction, repairs and remodeling," Charles Michaud, Beacon Regional Vice President, Canada.
Blue Ridge Construction Capital, a building products focused private equity firm investing in family and founder owned businesses, completed the investment in Banko Overhead Doors, a company providing residential and commercial garage door products and services. Financial terms were not disclosed.
"Nick and Kim have built a unique culture anchored to its employees and customers, and we are thrilled to support Banko's industry-leading performance and values. Their dedication to quality and customer satisfaction aligns perfectly with our core values of integrity, transparency, and accountability," Casey Rentch, BRCC Managing Partner.
Beacon, a publicly-traded wholesale distributor specializing in roofing, waterproofing and related exterior products, completed the acquisition of Passaic Metal and Building Supplies, a New Jersey based wholesaler distributor and manufacturer of building supplies. Financial terms were not disclosed.
"The Gurtman family has built a business that thrives because their people are among the most professional and service-oriented in the industry providing technical support and genuine care for their customer’s businesses. This acquisition is yet another example of our growing metal solutions capabilities including craftspeople who are specially trained in fabrication. We heartily welcome the PAMPCO team and look forward to bolstering our expertise and service with their skills and talent," Dave Doran, Beacon Regional Vice President, North Atlantic.
Generac, a global designer, manufacturer and provider of energy technology solutions and other power products, completed the acquisition of Ageto Energy, a provider of microgrid controllers. Financial terms were not disclosed.
"This acquisition enhances our ability to offer a complete energy technology ecosystem to domestic commercial & industrial customers with multi-asset sites. By integrating Ageto's industry-leading microgrid controller and advanced software into our systems, we're simplifying asset integration, control and optimization for our customers and creating a competitive advantage for Generac," Erik Wilde, Generac EVP and president, Domestic C&I.
Vistra, an international incorporations, trust, fiduciary, private office and fund administration services provider, completed the acquisition of the Fund Administration and Transfer Agent business from Phoenix American, an American financial services and technology company. Financial terms were not disclosed.
"Vistra's vision is to make operating globally borderless and frictionless. Our solutions help our clients to navigate complexity in both their domestic and international markets and, as a result, to operate efficiently and compliantly wherever they need to. This significant upgrade to our capabilities in the USA will help us to support our North American clients' growth ambitions as well as provide new access into the US market for our clients across the world," Simon Webster, Vistra Group CEO.
Mars is said to consider acquiring global snacks maker Kellanova.
Mars, the closely held US confectionary company, is considering buying snack-maker Kellanova in what could be one of the biggest deals in the consumer industry this year, Bloomberg reported.
Deal considerations are ongoing and no final decisions have been made. An acquisition of Kellanova, which was spun off from Kellogg last year, would give Mars brands such as Pringles, Cheez-It and Pop-Tarts. Kellanova shares have gained 13% this year, valuing the company at $21.6bn.
EMEA
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, agreed to acquire the Therakos business of Mallinckrodt, a global specialty pharmaceutical company, for $925m.
"Today's announcement underscores our commitment to executing on our strategic priorities and creating value for our stakeholders. This transaction provides the Therakos business with an ideal partner to invest in its continued growth, and we look forward to closely working with CVC to transition Therakos for the benefit of patients, healthcare providers, partners and employees. I thank the Therakos team for their ongoing commitment and dedication to improving the lives of patients," Siggi Olafsson, Mallinckrodt President and CEO.
Mallinckrodt is advised by Lazard, A&O Shearman, Arthur Cox, Wachtell Lipton Rosen & Katz (led by Victor Goldfeld) and Joele Frank (led by Michael Freitag, Aaron Palash and Aura Reinhard). CVC Capital is advised by Candesic, PricewaterhouseCoopers, UBS and Freshfields Bruckhaus Deringer.
Dubai's Sidara said it was walking away from its plan to buy UK's John Wood Group, citing rising geopolitical risks and uncertainty in the financial market, prompting the British engineering group's shares to plunge 40%.
Wood had rejected Sidara's previous four buyout attempts, citing valuation concerns. The Dubai-based engineering and consulting firm had until August 9 to make a firm offer or walk away for at least six months, Reuters reported.
DCB Sports, a US-based sports investment firm, agreed to acquire David Beckham-backed Guild Esports, an esports business firm. Financial terms were not disclosed.
“The board is looking to secure the long-term future of Guild Esports, both the PLC and the iconic Guild brand. Our deal with DCB Sports is an important step in that direction, as DCB Sports will allow Guild’s management to deliver on its strategic aims of building a world-class gaming-led media brand. Further announcements will be made in due course,” Jasmine Skee, Guild Esports CEO.
Three Hills, an asset management firm based in London, completed the investment in Nexxus Capital-backed TwentyFour Seven, an Iberian audiovisual production services company. Financial terms were not disclosed.
The transaction will see Nexxus Capital exit its investment in TwentyFour Seven.
Nexxus Capital was advised by AZ Capital.
L’Oréal, a French multinational personal care company, agreed to acquire a 10% of stake in Galderma, a Swiss pharmaceutical company specializing in dermatological treatments and skin care products, from EQT, a Swedish global investment organization, and Abu Dhabi Investment Authority, a sovereign wealth fund owned by the Emirate of Abu Dhabi in the United Arab Emirates. Financial terms were not disclosed.
“This transaction is part of our strategy to continue supporting Galderma on its outstanding growth journey in the attractive dermatology market. We remain committed to Galderma and will continue managing our investment in the best interest of all its shareholders. Selling a minority stake to a reputable strategic partner such as L’Oréal, the global leader in Beauty, is a direct reflection of our commitment,” Michael Bauer, EQT Partner and Co-Head of Global Healthcare Sector.
Union Bancaire Privee, a private bank and wealth management firm headquartered in Geneva, agreed to acquire British and Swiss private banking units from Societe Generale, a French multinational investment bank and financial services company, for €900m ($982m).
Union Bancaire Privée is buying the two units known as SG Kleinwort Hambros and Societe Generale Private Banking Suisse for about €900m ($982m), SocGen said in a statement. The deal involves about €25bn ($27.2bn) in assets under management.
Continental weighs spinoff to separate car parts from tires.
Continental is considering spinning off and listing its struggling automotive business to separate it from the German parts maker’s more successful tires operations, Bloomberg reported.
The manufacturer is evaluating “in detail” the spinoff and a subsequent 100% listing of the business that makes products including brakes and automated driving systems. Continental will make a decision in the fourth quarter, with a target to finalize any move by the end of next year.
Kirkland hires Latham M&A partner Larisch in Germany push. (People)
Kirkland & Ellis has poached Latham & Watkins partner Tobias Larisch, as the law firm expands its German footprint with a new office in the financial capital of Frankfurt.
Larisch, who was regional chair of Latham & Watkins’s corporate department in continental Europe, will become a partner at Kirkland & Ellis and remain in Frankfurt. He will help grow his new firm’s transaction advisory business, Bloomberg reported.
APAC
Australia's Woodside Energy to buy Texas ammonia project for $2.35bn.
Australia's Woodside Energy said it will acquire OCI Global's clean ammonia project in Texas for $2.35bn as the energy firm advances its transition towards green energy, Reuters reported.
The acquisition, which will provide Woodside with an early-mover advantage in the lower carbon ammonia market, comes as demand is expected to grow, with firms globally shifting towards cleaner forms of energy due to climate change.
Itochu announces share buyback and tender offer for Descente.
Japanese trading house Itochu will buy back as much as JPY150bn ($1.1bn) of its shares, and also made a tender offer for the rest of sportswear company Descente it doesn’t already own, Bloomberg reported.
Itochu announced the cash outlays alongside quarterly earning results, which showed that net income for the quarter ending June fell 3.1% from a year earlier, missing analysts’ estimates. The offer for Descente is for JPY4.35k ($29.7) per share, for a total of JPY182.6bn ($1.2bn). Itochu controls a 44% stake in the sports apparel maker via a wholly-owned subsidiary.
Tencent joins $300m financing for China’s AI unicorn. (FS)
Tencent Holdings has contributed to a $300m round Chinese generative AI startup Moonshot just closed, emulating its arch-rival Alibaba Group Holding in fostering several hopefuls in the highly contested sector, Bloomberg reported.
The fundraising propelled Moonshot’s valuation to $3.3bn and attracted other investors including Gaorong Capital and existing backer Alibaba. The Information earlier reported that Moonshot was seeking investments at a pre-money valuation of $3bn and had held talks with Tencent.
Mohit Gogia joins Cyril Amarchand Mangaldas as Partner. (People)
Mohit Gogia will be joining full service Indian law firm Cyril Amarchand Mangaldas as a Partner in its Corporate Practice. He will be based in New Delhi.
Mohit has over 18 years of experience and has been leading on mergers and acquisitions, private equity and cross-border investment transactions and on general corporate matters. He is admitted to practice law in India and New York and worked with S&R Associates in New Delhi, as an Equity Partner and at Skadden, Arps, Slate, Meagher & Flom.
|
