Clayton Dubilier & Rice, a private equity firm, completed the acquisition of the remaining 51% stake in Cornerstone Building Brands, a building materials products provider, for $3bn.
"We believe this transaction provides substantial value for our shareholders while also accelerating Cornerstone Building Brands’ aspiration to become a premier exterior building solutions company," Rose Lee, Cornerstone Building Brands President and CEO.
Cornerstone Building Brands was advised by Centerview Partners, Blake Cassels & Graydon, Sullivan & Cromwell, Wachtell Lipton Rosen & Katz and Joele Frank. Centerview Partners was advised by Simpson Thacher & Bartlett. Clayton Dubilier & Rice was advised by BNP Paribas, Barclays, Goldman Sachs, Jefferies & Company, Natixis Partners, RBC Capital Markets, Societe Generale, UBS, Debevoise & Plimpton and Kirkland & Ellis. Debt financing was provided by Apollo Global Management, BNP Paribas, Barclays, Blackstone, Deutsche Bank, Goldman Sachs, Jefferies & Company, Natixis Partners, RBC Capital Markets, Societe Generale, UBS and US Bank.
Spirit Airlines will go ahead with a vote on its sale to Frontier Group with its shareholders expected to shoot it down,
Reuters reported.
Frontier had declined to further raise its sweetened $2.7bn bid, saying that Spirit should consider last month's revised merger agreement as its "last, best and final offer". JetBlue submitted a sweetened offer worth $3.7bn.
Spirit is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison, and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. JetBlue is advised by Goldman Sachs, Shearman & Sterling. Goldman Sachs is advised by Cravath Swaine & Moore. Debt financing is provided by Bank of America and Goldman Sachs.Indigo is advised by Lambert & Co. Frontier is advised by Citigroup, Latham & Watkins and Joele Frank. Citigroup is advised by Fried Frank Harris Shriver & Jacobson.
Rogers Communications and Shaw Communications agreed to extend the outside date of the $15.5bn merger of Rogers and Shaw to December 31, 2022, which outside date may be further extended to January 31, 2023.
Rogers and Shaw continue to pursue
the divestiture of Freedom Mobile to Quebecor on the terms set out in the previously disclosed agreement. Negotiation of the definitive transaction documents are progressing, and the parties will provide an update in due course.
Rogers is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault. Shaw is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Osler Hoskin & Harcourt.
EU antitrust regulators are expected to veto life sciences firm Illumina's acquisition of biotechnology company Grail,
Reuters reported.
There are doubts whether concessions offered by Illumina to address the European Commission's concerns about the $8bn cash-and-stock deal will boost competition. The concessions include royalty-free global licences for some of its patents and a three-year patent truce with Chinese rival BGI in Europe.
Grail was advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray, and Sard Verbinnen & Co. Illumina was advised by Goldman Sachs, Cravath Swaine & Moore, Joele Frank, and Davis Polk & Wardwell. Debt financing was provided by Goldman Sachs. Goldman Sachs was advised by Freshfields Bruckhaus Deringer.
A consortium of investors to acquire Fidelis MGU from Fidelis Insurance. (FS)
Capital Z Partners, The Travelers Companies, Blackstone, Further Global Capital Management and Alfa Insurance agreed to acquire Fidelis Managing General Underwriter from Fidelis Insurance, a global provider of specialty insurance and reinsurance products. Financial terms were not disclosed.
“We are delighted to announce this ground-breaking transaction. The balance sheet companies will have access to our market leading underwriting talent and risk origination, with appropriate structures in place to ensure alignment. I have built my career on underwriting excellence with the support of stable capital providers – from Tarquin to Lancashire and now Fidelis – which will be continued through this transaction. Built on the best talent in the market, we are creating an MGU platform that will generate attractive returns for the shareholders of both of the separated businesses," Richard Brindle, Fidelis Chairman, CEO and Chief Underwriting Officer.
Fidelis is advised by PricewaterhouseCoopers, BDO, Evercore, Kinmont, Mishcon de Reya and Willkie Farr & Gallagher. Capital Z Partners is advised by Skadden Arps Slate Meagher & Flom. Blackstone is advised by Freshfields Bruckhaus Deringer and White & Case.
Brightstar Capital Partners, a private equity firm, agreed to acquire WindsorONE, a manufacturer of trim boards, molding, shiplap and other fabricated wood products. Financial terms are not disclosed.
"We are impressed by WindsorONE's culture of safety and quality, dedicated employee base, and reputation in the millwork industry for manufacturing finely crafted products. Brightstar loves to partner with family owned, well-managed companies like WindsorONE. We look forward to working with CEO Craig Flynn and his team to strengthen the Company's market position and execute on numerous growth opportunities," Roger Bulloch, Brightstar Partner.
Brightstar Capital Partners is advised by Nomura, Kirkland & Ellis and Dukas Linden Public Relations. WindsorONE is advised by Wells Fargo Securities and Jeffer Mangels Butler & Mitchell.
Alberta Investment and CPPIB-backed BAI Communications to acquire ZenFi Networks. (FS)
Alberta Investment and CPPIB-backed BAI Communications, a provider of communications infrastructure services, agreed to acquire ZenFi Networks, a provider of digital infrastructure solutions and innovator. Financial terms were not disclosed.
“As an exciting business with longstanding customer relationships and a reputation for driving innovation, bringing it into the BAI Group is an important step forward in our ongoing push for growth in North America and globally. In the short-term, it enhances our regional operations in the Northeast, further extending the reach of current solutions and expertise we have and building on our vision to assist our customers in delivering an enhanced experience at all points of their customers’ journey, from subway to above ground and from work to home. This also positions us perfectly to support the increasing appetite for connectivity among businesses across North America," Igor Leprince, BAI Communications CEO.
BAI Communications is advised by JP Morgan and Latham & Watkins. ZenFi Networks is advised by Bank Street Group, Alston & Bird and iMiller Public Relations.
Apifiny, a global digital asset trading network, terminated a $530m merger with Abri SPAC I, a SPAC.
Abri SPAC I announced that it terminated its previously announced agreement and plan of merger with Apifiny Group, by mutual agreement of all relevant parties. As a result, Abri will seek an alternative business combination.
Boise Cascade, a manufacturer of wood products and wholesale distributor of building materials, completed the acquisition of Coastal Plywood, a wholesale distributor of plywood, lumber and treated wood products, from Coastal Forest Resources, a provider of quality plywood, lumber, and treated wood products, for $512m.
"This acquisition incrementally expands our veneer capacity in support of our customers. Near term, it provides us the ability to optimize our existing engineered wood products (EWP) asset base. Longer term, we are excited to fully integrate this strategic venture and we intend to invest $50m into our Southeast operations over a three-year period to further our EWP production capacity," Nate Jorgensen, Boise Cascade CEO.
Boise Cascade was advised by Perkins Coie. Coastal Plywood was advised by King & Spalding. Coastal Forest was advised by Harris Williams & Co and Hunton Andrews Kurth.
Bank First, a bank, agreed to acquire Hometown Bank, a Wisconsin state-chartered bank, for $124m.
"We are excited to welcome Tim McFarlane and the relationship focused team of bankers at Hometown to Bank First. I've had the pleasure of knowing Tim throughout my banking career and working with him as well. I am looking forward to collaborating with Tim and his team as we combine our organizations. Together, we will provide exceptional value to our employees, customers, and shareholders," Mike Molepske, Bank First President and CEO.
Bank First is advised by Piper Sandler and Alston & Bird. Hometown Bank is advised by Reinhart Boerner Van Deuren.
SomaLogic, a developer of AI data-driven proteomics technology, agreed to acquire Palamedrix, an innovator in DNA nanotechnology, for $53m.
“We are excited to announce our strategic acquisition of Palamedrix, accelerating our vision to make the SomaScan Platform more accessible to a broader group of customers, and to meet their diverse needs. This acquisition enhances our future opportunity for growth while allowing SomaLogic to maintain its strong balance sheet. It also expands our footprint to San Diego, California, one of the nation’s leading biotechnology centers of excellence as we continue our work to leverage the power of proteomics to positively impact human health," Roy Smythe, SomaLogic CEO.
SomaLogic is advised by Cowen & Company, Gibson Dunn & Crutcher and Gilmartin Group. Palamedrix is advised by JP Morgan.
Marlin Equity, a private equity firm, completed the acquisition of a majority stake in Bow River Capital-backed Altvia, a provider of cloud-based CRM, deal management and investor lifecycle management software. Financial terms were not disclosed.
“We are incredibly proud of the market-leading products and loyal customer base that we have built at Altvia. Marlin shares our strategic vision of equipping private capital markets participants with purpose-built systems to drive world class partnerships between Limited Partners and General Partners. We are thrilled to partner with Marlin as we enter the next phase of growth," Brie Aletto, Altvia CEO.
Marlin Equity was advised by Oliver Wyman and Massumi + Consoli. Altvia was advised by Raymond James and Holland & Hart.
Equifax, an American multinational consumer credit agency, agreed to acquire Midigator, a developer of an automated software platform, from LLR Partners, a private equity firm. Financial terms were not disclosed.
"We're energized to expand our identity & fraud capabilities with the acquisition of Midigator. The New Equifax is much more than a credit bureau. Midigator expands our robust differentiated data assets and Kount acquisition in 2021 to bring global businesses the information and solutions they need to better manage fraud across the complete customer lifecycle. With our Equifax Cloud driven data & analytics capabilities and the powerful combination of Midigator and our Kount Identity & Fraud solutions, Equifax is poised to capitalize on new revenue streams and relationships, broadening our digital identity footprint in a fast growing space," Mark W. Begor, Equifax CEO.
Midigator is advised by Raymond James and Goodwin Procter. Equifax is advised by King & Spalding.
3M, an American multinational conglomerate, is set to spin off its healthcare business. Financial terms were not disclosed.
"Today's actions advance our ability to create value for customers and shareholders. Disciplined portfolio management is a hallmark of our growth strategy. Our management team and board continually evaluate the strategic options that will best drive long term sustainable growth and value. The decision to spin off our Health Care business will result in two well-capitalized, world-class companies, well positioned to pursue their respective priorities," Mike Roman, 3M Chairman and CEO.
3M is advised by Goldman Sachs, PJT Partners and Wachtell Lipton Rosen & Katz.
GloriFi, a pro-America mission-driven technology company, agreed to go public via a SPAC merger with DHC Acquisition in a $1.7bn deal.
“Consumers today overwhelmingly want to do business with companies who share their values. We believe that this is a vastly underserved market, and our combining unapologetically pro-America values with what we believe is best-in-class technology provides GloriFi with a powerful competitive advantage to lead this exciting growth category," Toby Neugebauer, GloriFi Founder & CEO.
GloriFi is advised by Winston & Strawn and TrailRunner.
Teralytics, a developer of a mobility analytics platform, completed the acquisition of Streetlytics, a mobility data business of Bentley Systems, an infrastructure engineering software company. Financial terms were not disclosed.
"I am thrilled for our team to be joining Teralytics, whose quest to improve decision-making in governments and businesses through mobility analytics matches our own beliefs and ambitions. Global, always-on understanding of mobility has never been more relevant, as governments and operators seek to plan, design, operate and maintain effective, efficient and sustainable transportation systems during a period of unprecedented change. Businesses everywhere are also looking to improve their growth and profitability through a rich understanding of the moving consumer," Michael Clarke, Streetlytics President.
Bentley Systems was advised by Dechert.
Riverside-backed Clinical Education Alliance, an education and insights global provider, completed the acquisition of Rockpointe, a premier healthcare education company. Financial terms were not disclosed.
“We are delighted to join forces with the leadership team at Rockpointe. This company brings a strong Primary Care audience – an area that CEA has been looking to expand into – as well as added scale in high-growth, high-science therapeutic areas," Peter Tsang, Riverside Co-CIO.
Riverside was advised by Jones Day.
WestRock, a corrugated packaging company, agreed to acquire a remaining 67.7% stake in Grupo Gondi, a manufacturer of recycled paper and cardboard packaging, for $970m.
"Acquiring the remaining interest in Grupo Gondi is the next strategic step in our broader North American paper and packaging expansion strategy. As onshoring continues to grow in the region, WestRock will be well positioned to meet this growing demand with fully integrated operations in Mexico. We will also have expanded capabilities to serve customers across many geographies, driving additional productivity and cost savings," David B. Sewell, WestRock CEO.
Alimentation Couche-Tard, The Kroger, Restaurant Brands International, B. Riley Financial, Simon, Phillips Edison & Co and The HAVI Group led a $100m Series C funding round in Kitchen United, a kitchen and restaurant hub technology pioneer, with participation from GV, Fidelity Investments Canada, RXR, DivcoWest, Cali Group, GoldenArc Capital, General Global Capital, and Rich Product Corporation.
"This Series C financing further solidifies Kitchen United's leadership position in the industry. Kitchen United uniquely sits at the intersection of technology, food, and real estate. Our solution serves as the technological and physical infrastructure revolutionizing centrally located distribution hubs through streamlining off-premises ordering and consumption. To that end, we are thrilled to partner with leading investors across grocery, convenience, restaurants, malls, packaging, logistics, distribution, automation, and urban and suburban real estate development," Michael Montagano, Kitchen United CEO and Board Member.
HIG Capital, an alternative investment firm, completed the acquisition of Watchfire Signs, a manufacturer of premium digital signage. Financial terms were not disclosed.
"I am happy to be partnering with HIG Capital to continue to drive growth, both organically and through aggressively pursuing add-on acquisition opportunities. We are excited to leverage HIG Capital’s considerable experience investing in outdoor advertising companies to accelerate our own growth initiatives," Steve Harriott, Watchfire CEO.
Viasat explores sale of part of the government services unit for $1.8bn.
Viasat, a geostationary satellite company, is considering a sale of part of its government services unit,
Bloomberg reported.
The company is working with an adviser to field interest for the part of the division that provides encryption technology, which could fetch as much as $1.8bn.
Elliott takes PayPal's stake. (FS)
Elliott Investment Management is building a stake in PayPal Holdings, the payments giant that has been firing staff and closing offices to cut expenses,
Bloomberg reported.
Elliott plans to push for PayPal to speed those cost-reduction efforts. The activist investor may ultimately become one of the company's five-largest shareholders.
Aztec Group supports Advent International with a $25bn fundraise. (FS)
Fund and corporate services provider, The Aztec Group, supported longstanding client, Advent International, with the fundraising activities and final close of its 10th global private equity fund, Advent International GPE X, at $25bn.
GPE X will have the flexibility to deploy capital across various geographical regions, business sectors, deal types and sizes.
Bank of America hired Nini Zhang from Credit Suisse for beauty dealmaking. (People)
Bank of America hired Credit Suisse's Nini Zhang as a managing director in its consumer and retail investment-banking group,
Bloomberg reported.
New York-based Zhang will focus on beauty, personal care and direct-to-consumer coverage. She'll report to Blake Hallinan, head of global consumer and retail investment banking. She spent nine years at Credit Suisse and worked at LVMH before that.
