Clayton Dubilier & Rice completed the acquisition and merger of Fort Dearborn and Multi-Color from Advent International and Platinum Equity. (FS)
CD&R completed the acquisition and merger of label solutions companies Fort Dearborn and Multi-Color from private equity firms Advent International and Platinum Equity. Financial terms were not disclosed.
"We look forward to working with the combined company's leadership team to help drive innovation and enhance its offering to a highly discerning customer base around the world. We see numerous opportunities to drive operational scale, achieve sustained growth, and we believe our expertise can help position the combined company for success well into the future," Nate Sleeper, Clayton Dubilier & Rice CEO.
Multi-Color was advised by Keating Muething & Klekamp and Latham & Watkins. Fort Dearborn was advised by Citigroup, Goldman Sachs and Kirkland & Ellis. CD&R was advised by Bank of America, Barclays, Credit Suisse, Deutsche Bank, RBC Capital Markets, UBS, Wells Fargo Securities and Debevoise & Plimpton. Debt financing was provided by Bank of America, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, RBC Capital Markets, UBS and Wells Fargo Securities.
AerCap completed the acquisition of GECAS from General Electric for $30bn.
AerCap, a global provider of aircraft leasing, completed the acquisition of GE Capital Aviation Services, an aircraft-leasing business, from General Electric, an American multinational conglomerate, for $30bn.
"GECAS is a highly attractive business and this transaction continues our strong track record of capital allocation. As the recovery in air travel gathers pace, this transaction represents a unique opportunity that we believe will create long-term value for our investors. This business combination will also strengthen our longstanding partnership with GE Aviation, which we look forward to working with closely in the future," Aengus Kelly, AerCap Chief Executive Officer.
AerCap was advised by Citigroup, KPMG, Morgan Stanley, Cravath Swaine & Moore, Herbert Smith Freehills, McCann FitzGerald and NautaDutilh. Debt financing was provided by Citigroup and Goldman Sachs. Financial advisors were advised by Simpson Thacher & Bartlett and White & Case. General Electric was advised by Evercore, Goldman Sachs, PJT Partners, A&L Goodbody, Allen & Overy, Clifford Chance and Paul Weiss Rifkind Wharton & Garrison. Financial advisors were advised by Freshfields Bruckhaus Deringer.
Astound Broadband completed the acquisition of the Chicago, Evansville, and Anne Arundel businesses of WideOpenWest for $661m.
Astound Broadband, an American telecommunications holding company, completed the acquisition of the Chicago, Evansville, and Anne Arundel businesses of WideOpenWest, a cable service provider, for $661m.
"We are pleased to reach these two agreements as WOW! takes a significant step toward accelerating our broadband-first growth strategy at a pivotal time in our industry. The substantial proceeds from these transactions reflect the attractiveness of our assets and the clear opportunity to expand our position as a trusted provider of reliable, accessible and fast broadband solutions. The divestiture of these markets will enable us to reduce our debt as we continue to execute our broadband-first strategy, including pursuing our Edge-out and greenfield strategies and expanding our commercial services," Teresa Elder, WOW! CEO.
Astound Broadband was advised by Deloitte, JP Morgan, Morgan Stanley, Kelley Drye & Warren, Morgan Lewis & Bockius and Simpson Thacher & Bartlett. WideOpenWest was advised by Bank of America, Honigman Miller Schwartz & Cohn and Wachtell Lipton Rosen & Katz.
Realty Income completed the acquisition of VEREIT for $11.1bn.
Realty Income, a real estate investment trust, completed the acquisition of VEREIT, a full-service real estate operating company which owns and manages one of the largest portfolios of single tenant commercial properties in the US, for $11.1bn.
"We believe the merger with VEREIT will generate immediate earnings accretion and value creation for Realty Income's shareholders while enhancing our ability to execute on our ambitious growth initiatives. Together, our company will enjoy increased size, scale, and diversification, continuing to distance Realty Income as the leader in the net lease industry. VEREIT's real estate portfolio is highly complementary to ours, which we expect to further enhance the consistency and durability of our cash flows," Sumit Roy, Realty Income President and CEO.
Realty Income was advised by Moelis & Co, Wells Fargo Securities and Latham & Watkins. Financial advisors were advised by Alston & Bird. VEREIT was advised by JP Morgan, Wachtell Lipton Rosen & Katz and Abernathy MacGregor Group. JP Morgan was advised by Cravath Swaine & Moore.
Avantor completed the acquisition of Masterflex from GTCR and Golden Gate Capital-backed Antylia Scientific for $2.9bn. (FS)
Avantor, a global provider of mission-critical products and services to customers in the life sciences and advanced technologies & applied materials industries, completed the acquisition of Masterflex, a global manufacturer of peristaltic pumps and aseptic single-use fluid transfer technologies, from GTCR and Golden Gate Capital-backed Antylia Scientific, a provider of peristaltic and single use bioprocessing solutions, for $2.9bn.
"The acquisition of Masterflex reflects our commitment to the biopharma industry, and our ability to identify and execute on value-creation opportunities. The business enhances our portfolio of proprietary technologies and strengthens our position in the highest growth segments of the market. Both Avantor and Masterflex share a strong culture of innovation and excellence, and we look forward to welcoming Masterflex's highly skilled team to the Avantor family," Michael Stubblefield, Avantor President and CEO.
Avantor was advised by Dyal Co, Jefferies & Company and Simpson Thacher & Bartlett. Debt financing was provided by Citigroup and Goldman Sachs. Antylia Scientific was advised by JP Morgan, Perella Weinberg Partners and Kirkland & Ellis.
Franklin Templeton, an investment management organization, agreed to acquire Lexington Partners, an independent manager of secondary private equity and co-investment funds, for $1.75bn.
“We could not be more excited to welcome Lexington and its world-class team. This acquisition will position us to capitalize on the highly sought after secondary private equity market, an area of growth that complements Franklin Templeton’s existing alternative asset capabilities to meet the growing appetite of our clients for alternative asset management around the globe,” Jenny Johnson, Franklin Templeton President and CEO.
Franklin Templeton is advised by Bank of America, Broadhaven Capital Partners, Citigroup and Willkie Farr & Gallagher. Lexington Partners is advised by Goldman Sachs, Morgan Stanley, Simpson Thacher & Bartlett and Weil Gotshal and Manges.
Ardonagh completed the acquisition of the insurance brokerage business of BGC for $500m.
Ardonagh, an insurance company, completed the acquisition of the insurance brokerage business of BGC, an American global financial services company, for $500m.
"We have been clear and consistent about our plans to express the value of BGC's assets. This transaction demonstrates our commitment to increase shareholder value and focus our interest on Fenics, which we believe represents the greatest opportunity for our Company," Howard Lutnick, BGC Chairman and CEO.
Ardonagh was advised by Herbert Smith Freehills, Abernathy MacGregor Group and Powerscourt. BGC was advised by Bank of America, Cantor Fitzgerald, Bryan Cave Leighton Paisner and Stephenson Harwood.
Better Therapeutics went public via SPAC merger with Mountain Crest Acquisition in a $187m deal. (FS)
Better Therapeutics, a prescription digital therapeutics company, went public via SPAC merger with Mountain Crest Acquisition in a $187m deal. The PIPE was led by Farallon Capital Management, RS Investments, Sectoral Asset Management, and Monashee Investment Management, with participation from other undisclosed investors.
“This is a unique time to build a company like Better Therapeutics. Patients, doctors and insurers have grown increasingly comfortable with digitally delivered solutions, including prescription digital therapeutics, and we are uniquely positioned to change the way some of the most prevalent and costly diseases are treated,” Kevin Appelbaum, Better Therapeutics Co-founder and Chief Executive Officer.
Better Therapeutics was advised by Cowen & Company, Lake Street, Goodwin Procter and Canale Communications. Financial advisors were advised by Shearman & Sterling. Mountain Crest Acquisition was advised by Chardan and Loeb & Loeb.
Chifeng Jilong Gold, a mining & metals company, agreed to acquire Golden Star, a gold mining company for $470m.
"We would like to thank the Board of Directors, and management team of Golden Star for supporting Chifeng with this important transaction. We are delighted to acquire Golden Star and its Wassa gold mine in Ghana which hosts a very significant gold resource endowment. Our team is very enthusiastic about working at Wassa and we are very confident in our ability to build on the solid foundations that Golden Star has established. We intend to invest significant financial and human capital into Wassa to realize the mines' full potential and in doing so expand our operating footprint into West Africa. Chifeng has an established track record as a safe and sustainable operator and is focused on creating value that will provide long-term benefits to all of our stakeholders including the people of Ghana," Lyu Xiaozhao, Chifeng Jilong Gold President.
Chifeng Jilong Gold is advised by First Asia Group, Stifel and Goodmans. Golden Star is advised by Canaccord Genuity, Davis Graham & Stubbs and Fasken.
Lithium Americas has offered to buy Canadian lithium miner Millennial Lithium for about $400m, seeking to out-bid Chinese battery maker Contemporary Amperex Technology,
Reuters reported.
The Lithium Americas offer trumped $3.1 per share bid that CATL made to Millennial in September, which in turn had outbid July's offer of $2.9 each by Ganfeng Lithium, one of the world's biggest producers of lithium chemicals used in electric vehicle batteries.
Millennial Lithium is advised by Credit Suisse, Sprott Resource Lending and Dentons. Lithium Americas is advised by Greenhill & Co and Cassels Brock & Blackwell.
Carlyle to invest in Warburg Pincus-backed Duravant. (FS)
Carlyle agreed to invest in Warburg Pincus-backed Duravant, a company that designs and manufactures bag packaging equipment. Financial terms were not disclosed.
"We are excited to have the combined capabilities of two world class investors behind our efforts to provide innovative and critical solutions to better serve Duravant's global customers and partners. The partnership will further enhance our resources to scale our platform, invest in our team and bring new capabilities to the market. Our new relationship with Carlyle, and continued relationship with Warburg Pincus, will allow us to build on the shared success we have achieved to date," Mike Kachmer, Duravant President and CEO.
Carlyle is advised by Latham & Watkins. Duravant is advised by Goldman Sachs, Jefferies & Company, William Blair & Co and Cleary Gottlieb Steen & Hamilton.
GTCR to acquire Cisive. (FS)
GTCR, a private equity firm, agreed to acquire Cisive, a provider of human capital and risk management services. Financial terms were not disclosed.
"We are very enthusiastic to partner with GTCR. We look forward to continuing to support our customers with excellent service while expanding our product offerings through innovation and acquisitions. GTCR brings significant resources and experience in building industry-leading companies, and they will be a valuable partner in driving long-term growth for our business," Jim Owens, Cisive CEO.
GTCR is advised by JP Morgan, Latham & Watkins and The Harbinger Group. Cisive is advised by Raymond James and Willkie Farr & Gallagher.
Shore Bancshares completed the merger with Severn Bancorp in a $146m deal.
Shore Bancshares, a $1.9bn-asset financial holding company, completed the merger with Severn Bancorp, a savings and loan holding company, in a $146m deal.
"It is an opportunity for Severn to join forces with a larger organization and remain committed to community banking. We look forward to the opportunities and benefits this combination will bring to our shareholders, in terms of prospects for future earnings growth, immediate dividend pick-up and diversification, as well as to clients, employees and the many communities we serve," Alan Hyatt, Severn President and Chief Executive Officer.
Shore Bancshares was advised by Janney Montgomery Scott and Holland & Knight. Severn Bancorp was advised by Piper Sandler and Luse Gorman.
Arcapita, an alternative investment firm, and Arden Group, a real estate investment firm, formed an $800m joint venture to acquire multi-tenant industrial properties in urban centers across major markets in the United States.
“This joint venture is part of our broader industrial real estate strategy, having completed roughly $5.5bn in industrial and logistics real estate transactions globally for nearly twenty years. We are pleased to partner with Arden and provide our investors with this highly diversified portfolio,” Atif A. Abdulmalik, Arcapita CEO.
Arden is advised by JLL Corporate Finance and Cozen O'Connor. Arcapita is advised by Gibson Dunn & Crutcher.
Fender Musical Instruments to acquire Presonus Audio Electronics.
Fender Musical Instruments, a manufacturer of various musical instruments, agreed to acquire Presonus Audio Electronics, a developer and manufacturer of professional audio equipments. Financial terms were not disclosed.
"We are thrilled to welcome everyone on the PreSonus team to the FMIC family and excited about the future growth opportunities available to both companies. Our teams share the same passion for music, the same commitment to innovation and the same desire to inspire and equip current and future generations of artists," Andy Mooney, Fender Musical Instruments CEO.
Fender Musical Instruments is advised by Gibson Dunn & Crutcher. Presonus is advised by Robert W Baird and Butler Snow.
Clearlake Capital and Francisco Partners-backed Perforce Software completed the acquisition of BlazeMeter from Broadcom. (FS)
Clearlake Capital and Francisco Partners-backed Perforce Software, a software developer, completed the acquisition of BlazeMeter, a software testing product developer, from Broadcom, a provider of semiconductor technology. Financial terms were not disclosed.
“The addition of BlazeMeter CT reinforces our focus on the application quality market. With Perfecto, our presence in SAST, and now BlazeMeter, Perforce can continue solving the most difficult quality challenges in DevOps for our global customer base. We look forward to working with the talented BlazeMeter team to increase the speed and accuracy of testing, so our customers can deliver innovation faster and with more confidence," Mark Ties, Perforce President and CEO.
Broadcom was advised by Wachtell Lipton Rosen & Katz. Perforce was advised by Ambrose Communications and PAN Communications.
The Coca-Cola Company, a total beverage company, completed the acquisition of the remaining 85% stake in BODYARMOR, a sports drink company, for $5.6bn.
“BODYARMOR has been a great addition to the system lineup over the last three years, and the company has driven continuous innovation in hydration and health-and-wellness products. We’re excited to bring BODYARMOR into The Coca-Cola Company and work with Mike Repole and his leadership team on the next stage of growth,” Alfredo Rivera, The Coca-Cola Company President of the North America.
BODYARMOR was advised by Bank of America and JP Morgan.
Cboe and Singapore Exchange-backed 7RIDGE to acquire Trading Technologies. (FS)
Cboe and Singapore Exchange-backed 7RIDGE, a private market asset manager, agreed to acquire Trading Technologies, a developer of a SaaS based trading software for professional derivatives traders. Financial terms were not disclosed.
"We've been in search of the right strategic partner to help Trading Technologies achieve the tremendous potential of our pioneering new technology platform and accelerate the expansion of the business and product roadmap. Maintaining the firm's independence will allow us to retain the incredible talent within our organization and further strengthen our relationships as a valuable ally to our clients, our partners and the industry. We're excited that 7RIDGE and its strategic limited partners including global exchanges Cboe and SGX believe in the future of our company and our vision of becoming the operating system of capital markets," Tim Geannopulos, Trading Technologies Chairman of the Board and CEO.
Trading Technologies is advised by Broadhaven Capital Partners and Sullivan & Cromwell.
Sapphire Ventures led a $188m Series C funding round in Yugabyte. (FS)
Sapphire Ventures, a venture capital firm, led a $188m Series C funding round in Yugabyte, a provider of distributed SQL databases. Additional investors include Alkeon Capital, Meritech Capital, Wells Fargo Strategic Capital, Lightspeed Venture Partners, 8VC, Dell Technologies Capital and Wipro Ventures.
“As organizations embrace digital transformation and endeavor to become more data-driven, the need for a cloud-native database that can scale with them grows. YugabyteDB was built to address this expanding market and to meet the current and future needs of any business, regardless of their cloud infrastructure. We are thrilled to have more resources at our disposal to help us better serve our customers, and we are excited to draw on Jai’s wealth of knowledge in this space going forward," Bill Cook, Yugabyte CEO.
Yugabyte was advised by fama PR.
Concentric completed the acquisition of Engineered Machined Products for $147m.
Concentric, a machinery industry company, completed the acquisition of Engineered Machined Products, a US producer of electric and mechanical water and oil pumps, electric fans, thermal management systems and precision machined component, for $147m.
"This is a landmark transaction, and a step change in Concentric’s electrification strategy as we dramatically increase our capacity, technological know-how and product portfolio to accelerate our growth in electrical products. We are now on track to beat our ambitious target of having 20% of group sales stemming from electrical products by 2025," David Woolley, Concentric CEO.
Concentric was advised by Brunswick Group.
Rhone-backed ASK Chemicals completed the acquisition of the industrial resins business from SI Group. (FS)
Rhone-backed ASK Chemicals, a manufacturer and distributor of chemical foundry products, completed the acquisition of the industrial resins business from SI Group, a performance additives company. Financial terms were not disclosed.
SI Group’s industrial resin business serves a wide range of markets and applications such as foundry, friction, abrasives, refractory, paper impregnation, insulation and composites.
SI Group was advised by J Grande.
Andreessen Horowitz led a $250m Series C funding round in Alchemy. (FS)
Andreessen Horowitz, a venture capital firm, led a $250m Series C funding round in Alchemy, a developer of a blockchain development platform. Additional investors include Lightspeed, Redpoint, Coatue, Addition, DFJ, and Pantera.
"We’re excited to continue investing in making blockchain accessible to developers globally. Empowering developers is the key to bringing the magic of blockchain to the world," Nikil Viswanathan, Alchemy Co-Founder and CEO.
Essity completed the acquisition of Coach, Elastikon and Zonas from Johnson & Johnson.
Essity, a firm that develops, produces, and sells personal care products, completed the acquisition of three professional sports tape brands Coach, Elastikon and Zonas from Johnson & Johnson, a holding company, which engages in the research and development. Financial terms were not disclosed.
"Growing through acquisitions in Medical Solutions is a key strategic priority. The US market for taping and strapping is the largest in the world, and Essity is now taking a larger share of this market. The acquisition of Johnson & Johnson' Consumer Inc's sports tape brands will make Essity the leader in taping and strapping among US sports medicine distributors. The acquisition also opens up opportunities for our existing product range," Ulrika Kolsrud, Essity President Health and Medical Solutions.
SoftBank sells $2bn of DoorDash share. (FS)
Masayoshi Son has tapped his shareholdings in DoorDash for the third time in just six months, selling $2bn worth of SoftBank Group’s stake in the food-delivery giant,
Bloomberg reported.
SoftBank’s Vision Fund on October 27 unloaded 10m shares at $203 apiece. Son sold $1bn worth of DoorDash stock in May and raised $2.2bn from a sale in August.
Simpar proposes $98m deal to buy Ciclus.
Simpar, a Brazilian logistics company, has proposed the acquisition of Ciclus Ambiental, a waste management company.
The company will pay $98m in new shares for Ciclus Ambiental. Ciclus' value has been established by investment bank Itau BBA.
Securus is in SPAC merger talks. (FS)
Platinum Equity, an American private equity investment firm, is exploring strategic options for controversial investments in Securus Technologies, a prison phone operator, and is in talks to take it public through a merger with a blank-check company,
Bloomberg reported.
Atlantic Avenue Acquisition, formed by middle-market lender MC Credit Partners, has approached Platinum about a potential deal to merge with Securus.
Bighorn and Admiral join Permian selling spree.
Oil and gas producers Bighorn Permian Resources and Admiral Permian Resources are looking to sell assets in Texas and New Mexico.
The proposed land sales from Bighorn and Admiral come as oil and gas producers capitalize on a surge in crude prices built on recovering global fuel demand,
Reuters reported.
Nubank targets over $50bn valuation in US IPO.
Nubank, a Sao Paulo-based fintech, is expected to list its shares before the end of the year and submitted paperwork for its IPO to US regulators.
Company planed to sell about 289m shares to raise over $3bn in its IPO. Nubank has set a price range between $10 and $11 per share.
LianBio raises $325m in US IPO.
LianBio, a biotechnology firm, raised $325m in an IPO. The company sold 20.3m American depositary shares for $16 per share.
At the IPO price, LianBio would have a market value of $1.68bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission,
Bloomberg reported.
Walden Catalyst Ventures closes inaugural over $550m fund to target deep-tech investments. (FS)
Walden Catalyst Ventures, an early-stage venture capital firm, announced the closing of its inaugural fund at over $550m.
Walden Catalyst is led by Young Sohn and Lip-Bu Tan, two tech pathbreakers with proven track records of creating outsize value across the semiconductor, cloud and electronics industries.
