AMERICAS
Imagicomm Communications, a telecom company, agreed to acquire 12 television stations from Cox Media Group, a media and communications group. Financial terms were not disclosed.
“We are excited to be entering the broadcast television market with this strong collection of brands that are integral to informing and entertaining the communities they serve. We look forward to working with the stations’ talented staff and building upon their rich legacy of journalism and serving their communities, advertisers, and audiences. This acquisition is part of our broad corporate strategy to expand our media ownership across multiple entertainment platforms," David Cerullo, Imagicomm Communications Chairman & CEO.
Imagicomm is advised by Bradley Arant Boult Cummings, Truist Bank and Davis Wright Tremaine. Debt financing is provided by Truist Bank. Cox Media Group is advised by LionTree Advisors, Moelis & Co, Cooley, Davis Polk & Wardwell and Morgan Lewis & Bockius.
First Eagle Investment Management, a private equity firm, agreed to acquire Napier Park Global Capital, a private equity firm. Financial terms were not disclosed.
"We are excited to leverage First Eagle Investments' established global institutional distribution structure to amplify the momentum we've built in our business over the years. We look forward to introducing our differentiated lineup of alternative credit vehicles to a wider base of investors seeking incremental returns from credit and liquidity risk premia," Jim O'Brien, Napier Park CEO.
Napier Park Global is advised by Houlihan Lokey, Davis Polk & Wardwell and Prosek Partners. First Eagle is advised by UBS, Goodwin Procter and Kekst CNC.
Sundial Growers, a licensed producer of cannabis, completed the acquisition of Alcanna, a private liquor retailer, for $346m.
"This is an exciting day for Sundial as we become a stronger and more capable regulated products platform. We are developing a business model that has never existed at this scale in Canada, and are committed to continuously improving our business while delighting consumers, Zach George, Sundial CEO.
Alcanna was advised by Cormark Securities, Bennett Jones and Clark Wilson. Sundial Growers was advised by ATB Capital and McCarthy Tetrault.
CI Financial-backed Pathstone, an independently operated, partner-owned advisory firm offering comprehensive customized investment advice and family office services for families, family offices, and foundations and endowments, agreed to acquire investment advisory and wealth management business assets of Morgan Stanley-backed Eaton Vance WaterOak Advisors, a modern wealth advisory with old world stability and new world agility. Financial terms were not disclosed.
"They, like Pathstone, are driven by innovation and believe that unique technology and process will keep us a generation ahead of the industry. Our client service strategy at Pathstone is founded on our people. We believe that bringing together talented individuals from different backgrounds will allow us to generate even greater value for our clients," Matthew Fleissig, Pathstone President.
Pathstone is advised by Schulte Roth & Zabel. CI Financial is advised by Raymond James and Hogan Lovells. Eaton Vance WaterOak Advisors is advised by Willkie Farr & Gallagher.
Crane Co, an American industrial products company, agreed to spin-off into two subsidiaries Crane Co and Crane NXT. Financial terms were not disclosed.
The separation is expected to occur through a tax-free distribution of the aerospace & electronics and process flow technologies businesses to the company’s shareholders. Payment & merchandising technologies will be renamed Crane NXT concurrent with the separation, and the aerospace & electronics and process flow technologies businesses will retain the Crane Co name. Upon completion of the separation, shareholders will own 100% of the equity in both of the publicly traded companies.
“This announcement marks a major milestone in the evolution of Crane Co. For decades, we have delivered consistent and differentiated execution, strengthening our business through organic growth and value-creating acquisitions. Having achieved the scale to operate as two market-leading, separate companies, we believe this transaction will unlock substantial value for our shareholders, as each company attracts an investor base tailored to its respective financial and growth profile," Max Mitchell, Crane President and CEO.
Crane is advised by Goldman Sachs, Skadden Arps Slate Meagher & Flom and Kekst CNC.
The Jordan Company, a private equity firm with four decades of experience enabling companies and their management teams to accelerate strategic growth initiatives, completed an investment in Five Star, an integrated flexible packaging company based in Houston, Texas. Financial terms were not disclosed.
"We are thrilled by the opportunity to invest in the Five Star team to accelerate the Company's growth plans. Five Star's portfolio of sustainability solutions, including the 100% PE PurE line of products, in-house PCR recycling capabilities, and the development of bio-films, provide exciting opportunities for growth," Mike Denvir, TJC Partner.
"We are thrilled by the opportunity to invest in the Five Star team to accelerate the Company's growth plans. Five Star's portfolio of sustainability solutions, including the 100% PE PurE line of products, in-house PCR recycling capabilities, and the development of bio-films, provide exciting opportunities for growth," Mike Denvir, TJC Partner.
Fice Star was advised by Goldman Sachs.
Hellman-backed NPD is in talks to buy IRi in a $5bn deal. (FS)
Hellman-backed NPD Group, an American market research company, is in talks to acquire Information Resources, a data analytics and market research company, Bloomberg reported.
NPD is speaking to direct lenders about financing a bid valuing IRi at more than $5bn, including debt. CC Capital Partners, a private investment firm, had been in talks to buy the company, but discussions fell through.
Navis Capital revives the $300m sale of Texon. (FS)
Asian buyout firm Navis Capital Partners is considering reviving the sale of its footwear materials supplier Texon, which could fetch about $300m, Bloomberg reported.
Navis is working with boutique investment bank BDA Partners on the potential sale. The private equity firm previously looked to hire a financial adviser to gauge interest for Texon. The previous sale process was not launched due to the Covid-19 outbreak and a lukewarm market.
US SEC proposes boosting blank-check company disclosures and liability.
On March 30, 2022, Wall Street's watchdog unveiled a draft new rule to enhance SPAC investor disclosures and strip them of a legal protection critics argue has allowed the shell companies to issue overly optimistic earnings projections.
The move by the US SEC is part of a broader crackdown on SPACs after a frenzy of deals in 2020 and early 2021 sparked concerns that some investors are getting a raw deal.
gumi Cryptos Capital completed raising a $110m early-stage fund to invest in blockchain startups. (FS)
gumi Cryptos Capital, a blockchain-focused venture capital firm, announced the completion of raising its second blockchain-focused early-stage fund on the strength of the performance of its initial $21m gCC Fund I that backed by seed-stage founders
"Think of us as blockchain’s experienced, high-conviction, high trust, hands-on value adding, long time preference, unicorn to megacorn, builder-focused all-in venture society," Rui Zhang, gCC Managing Partner.
EMEA
INVL Baltic Sea Growth-backed InMedica, a private network of healthcare clinics in Lithuania, completed the merger with MediCA, a human size multinational company designing and manufacturing a wide range of medical devices. Financial terms were not disclosed.
“The core mission statement of INVL Baltic Sea Growth Fund, our private equity platform, is to provide capital support and operational expertise to local companies to help them achieve their ambitious strategic growth plans. We invested in InMedica back in 2019 when the company was generating ~€10m in revenues. We are, therefore, pleased that after only 3 years of working alongside founder and CEO Kęstutis Broniukaitis, together we have significantly increased the number of active clinics practising, both organically and through bolt-on acquisitions, and now managed to agree with Repharm, the most successful healthcare group in Latvia, to merge our Lithuanian businesses. We are confident that this partnership will ultimately lead to more services being offered to patients," Nerijus Drobavičius, INVL Partner.
MediCA Group was advised by Baltic Partners, RM Legal and Cobalt. InMedica was advised by Copenhagen Economics, Luminor Bank, Deloitte and TGS Baltic. Baltcap was advised by Oaklins.
Royal Bank of Canada, a multinational financial services company, agreed to acquire Brewin Dolphin Holdings, a provider of wealth management services, for $2.1bn.
"This is a transformative acquisition for RBC Wealth Management and cements RBC's position as a market leader across multiple business platforms in the UK, the Channel Islands and Europe. We look forward to welcoming Brewin Dolphin's employees and clients and working together to leverage RBC's global reach and significant capabilities to create new opportunities for the combined business to grow," David Thomas, RBC Capital Markets CEO.
Brewin Dolphin is advised by Barclays, Lazard, Liberum Capital, Travers Smith and Camarco. Royal Bank of Canada is advised by RBC Capital Markets and Norton Rose Fulbright.
Novibet, an established and profitable technology-enabled operator, agreed to go public via a SPAC merger with Artemis Strategic Investment, a publicly traded special purpose acquisition company, in a $625m deal.
“Novibet has a strong record of success developing a superior technical platform to address the global iGaming opportunity in a manner that delivers profitable financial performance and positive cash flow. This record, combined with its demonstrated ability to successfully and profitably enter new markets as well as the significant opportunity to leverage its competitive advantages in new markets, including in North America, aligns with our original investment thesis and makes Novibet an ideal partner for Artemis,” Holly Gagnon, Artemis Chairperson and Co-CEO.
Novibet is advised by Oakvale Capital and Harris Beach. Artemis Strategic Investment is advised by Barclays, White & Case, Wiggin and JCIR.
HG Capital, a private equity firm, to acquire a minority stake in software companies IFS and WorkWave from EQT, a private equity firm. Financial terms were not disclosed.
“We’re proud to have built two amazing software brands - and we continue to go from strength-to-strength. We are structured to scale, we have class-leading technology, and our people and partners remain obsessed with customer satisfaction. These have been the foundations of our success at both IFS and WorkWave, and now with the additional backing and software expertise of Hg alongside EQT and TA, we have the ability to accelerate our growth even faster," Darren Roos, IFS CEO.
HG Capital is advised by Skadden Arps Slate Meagher & Flom. EQT is advised by Arma Partners, PricewaterhouseCoopers, Kirkland & Ellis and White & Case.
Sojitz, an industrial conglomerate, completed the acquisition of a 25% stake in Axxela, a gas distributor, from Helios Investment Partners, a private equity firm. Financial terms were not disclosed.
“We are delighted to welcome Sojitz to the Axxela family. This represents another first for us as an organisation, and a huge testament of continued investor confidence in our business. It also further affirms our position not only as a market leader, but as a reputable partner enabling industrialisation across Africa. With Sojitz onboard, our capacity is stronger, and we are better situated to attract the requisite capital to continue executing our development-oriented projects," Bolaji Osunsanya, Axxela CEO.
Helios Investment Partners was advised by Rothschild & Co and Latham & Watkins.
Pearson, an educational group, has rejected a third takeover offer from Apollo, valuing it at $8.8bn, prompting the U.S. investment company to walk away.
"The board of Pearson considered the third proposal, together with its financial and legal advisers, and concluded that it significantly undervalued the company and its future prospects. Accordingly, the board of Pearson unanimously rejected the third proposal," Pearson.
Dstny, an European provider of cloud-based Business Communication solutions, agreed to acquire Qunifi, a UK-based Microsoft Teams integration specialist. Financial terms were not disclosed.
"We are always looking for talented companies that fit with our strategy and company culture and which we can help grow faster at the same time. This acquisition of Qunifi is a perfect example of that. The Call2Teams platform was 'born in the cloud,' just like us, and it's a state of the art technology with a native integration which means an incredible user experience, concludes De Wever," Daan De Wever, Dstny Group CEO.
Qunifi is advised by Rothschild & Co.
ADQ, a Abu Dhabi wealth fund, agreed to acquire Unifrutti, a producer and distributor of fresh fruits and vegetables. Financial terms were not disclosed.
The proposed investment will help Unifrutti expand its global footprint and bolster the food security of the United Arab Emirates, of which Abu Dhabi is the capital.
Abu Dhabi Development is advised Rothschild & Co.
Alfa Laval, a provider of heat transfer, centrifugal separation and fluid handling, agreed to acquire Desmet, a provider of processing plants and proprietary equipment, from Kartesia, an independent and privately-owned European specialist financing small and middle-market companies, and Farallon Capital Management, an investment management firm. Financial terms were not disclosed.
"The acquisition will be an excellent fit for our offering of specialized processing equipment designed to increase both yield and quality of customers' end products. It will add know-how and expertise to accelerate future innovations within food, feed and biofuels – and strengthen our ability to support the transformation towards renewable fuels," Tom Erixon, Alfa Laval President and CEO.
Semcon, an international technology compan, agreed to acquire Goodpoint, a Swedish sustainability consulting company. Financial terms were not disclosed.
“We are very happy to welcome Goodpoint to the Semcon family. This is a long-awaited addition and completely in line with our strategic focus going forward. Through our combination of sustainability expertise and innovative technology, we cover the entire life cycle for sustainable product and production development,” Markus Granlund, Semcon President and CEO.
ABB starts new $3bn share buyback after divestment.
ABB, a Swedish–Swiss multinational corporation, is adding to its share buyback program with a plan for a further $3bn in repurchases to return proceeds from a unit sale to shareholders.
The buyback will cover around 89m shares, targeting to maintain a strong investment rating. Since July 2020, the company has repurchased shares for about $6.6bn.
Global M&A hits the skids as Ukraine war saps confidence.
The value of global M&A activity took a 29% hit in the Q1 of 2022 as market volatility fueled by Russia's invasion of Ukraine pushed the brakes on last year's breakneck pace of dealmaking, Reuters reported.
Deal volumes fell to $1tn from $1.43tn in Q1, 2022. North America accounted for more than half of Q1 deal activity, even though volumes fell 28%, while APAC activity dropped 33% to $184.2bn. European volumes were down 25% to $227.7bn.
APAC
Bain Capital to acquire a 25% stake in IIFL Wealth Management from General Atlantic and Fairfax for $491m. (FS)
Bain Capital, a private equity firm, agreed to acquire a 25% stake in IIFL Wealth Management, a non-bank wealth manager, from financial services firms General Atlantic and Fairfax, for $491m.
“The company is well poised to benefit from secular tailwinds of wealth creation in the economy, greater financialisation, and increasing penetration of formal wealth management. We look forward to working with the team on the next phase of IIFL Wealth’s growth journey," Pawan Singh, Bain Capital Managing Director.
Bain Capital is advised by Axis Capital and NovaDhruva. Fairfax and General Atlantic are advised by JP Morgan.
Effissimo would sell a stake in Toshiba to Bain. (FS)
Effissimo Capital, a Singapore-based hedge fund manager, would sell all of its shares in Toshiba, a Japanese multinational conglomerate, if Bain Capital, an American private investment firm, were to launch a takeover bid.
Nothing had been decided about a takeover bid for Toshiba, said Bain, adding many issues needed to be resolved to launch a bid to take Toshiba private. The agreement between Bain and Effissimo Capital Management, which owns about 9.9% of Toshiba, comes as shareholders last week voted down the Japanese industrial conglomerate's plan to split its devices unit. Effissimo said in a regulatory filing that it had signed that it would tender to a bid that allows Bain to own at least two-thirds of Toshiba and that clears regulatory approval.
GoTo to raise $1.1bn after pricing IPO in the top half of range.
GoTo Group, an Indonesian holding company, has received regulatory approval for its local IPO and will raise $1.1bn after pricing the offering in the top half of an indicative range.
The IPO will be the third-largest in Asia and the fifth largest in the world this year. It gives it a projected market capitalisation of approximately $28bn.
Bank of China plans to set up $4.7bn fund of funds to invest in tech innovations.
Bank of China, a state-owned commercial bank in China, plans to set up a $4.7bn fund of funds to invest in technological innovations in the country.
BOC Capital, a wholly-owned subsidiary of investment bank and securities brokerage firm BOC International China – a part of Bank of China – plans to invest $110.4m in the new fund.
HealthQuad raises $162m in final close of second fund. (FS)
HealthQuad, a healthcare venture capital firm, raised $162m towards the final close of its second fund, HealthQuad Fund-II.
The amount raised is 2.2 times more than the fund's initial target. The initial size of the fund was $73m, with a green shoe option of a further $73m.
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