DigitalBridge Investment completed the acquisition of a majority stake in Vertical Bridge from Goldman Sachs Infrastructure Partners. (FS)
DigitalBridge Investment, an investment management firm, completed the acquisition of a majority stake in Vertical Bridge, a provider of wireless communications infrastructure, from Goldman Sachs Infrastructure Partners. Financial terms were not disclosed.
“Vertical Bridge is the leading independent tower platform in the US, led by the preeminent tower management team in the industry. Significant acceleration in 5G infrastructure spending in the US has created a tremendous long-term growth opportunity for telecommunications infrastructure and demonstrated that investments to support the next generation of mobility continue to be a powerful thematic. By consolidating Vertical Bridge’s ownership via our fund management business, we will not only extend our long-standing relationship, but we will be even better positioned to support the Vertical Bridge team as they build on their market leadership and capitalize on exciting growth opportunities," Steven Sonnenstein, DigitalBridge Senior Managing Director.
DigitalBridge was advised by JP Morgan, Sullivan & Cromwell, Vinson & Elkins and Joele Frank. Goldman Sachs Infrastructure was advised by Weil Gotshal and Manges. Vertical Bridge was advised by Goldman Sachs, Greenberg Traurig and Stanton PRM.
Warburg Pincus to invest $200m in Tiptree-backed The Fortegra Group. (FS)
Warburg Pincus agreed to invest $200m in Tiptree-backed The Fortegra Group, a provider of insurance products and third-party administration services.
“This investment accomplishes many of our strategic goals including raising capital to accelerate Fortegra’s growth and recapitalizing both companies balance sheets through the repayment of indebtedness. We are excited to continue working with Rick and the Fortegra team as they execute on their long-term objectives, and we look forward to a strong partnership with Dan Zilberman and the Warburg Pincus team. They bring significant expertise across many sectors, including insurance, and will be great partners in support of Fortegra’s continued success," Michael Barnes, Tiptree Executive Chairman.
Warburg Pincus is advised by Bank of America and Willkie Farr & Gallagher. Tiptree is advised by Barclays, Ropes & Gray and Sidley Austin.
Howden to acquire CPI from EnPro for $195m.
Howden, a global provider of mission critical air and gas handling products and services, agreed to acquire Compressor Products International, a designer and manufacturer of sealing components, from EnPro, an industrial technology company, for $195m.
"We would like to thank the CPI team for their countless contributions to Enpro over the last 15 years and wish them continued success with Howden. This transaction bolsters our already strong balance sheet as we continue to invest in our growth priorities to drive sustainable long-term value for the benefit of our shareholders, employees and other stakeholders," Eric Vaillancourt, Enpro Interim President and CEO.
Howden is advised by Pagoda PR. Enpro is advised by Robert W Baird, Bird & Bird, Robinson Bradshaw and Joele Frank.
Laborie Medical completed the acquisition of Pelvalon.
Laborie Medical, a firm that manufactures medical testing equipment, completed the acquisition of Pelvalon, a medical device company. Financial terms were not disclosed.
"Laborie's mission every day is to operate as a world-class specialist medical company making and advancing technologies that preserve and restore human dignity. Our mission is well served by the addition of Eclipse™ to help patients who suffer from this difficult condition," Michael Frazzette, Laborie President & CEO.
Laborie was advised by Piper Sandler and Simpson Thacher & Bartlett. Pelvalon was advised by JP Morgan and Dorsey & Whitney.
West Fraser to acquire Angelina Forest Products lumber mill for $300m.
West Fraser, a diversified wood products company, agreed to acquire the lumber mill from Angelina Forest Products, a state‐of‐the‐art sawmill, for $300m.
“With this acquisition, we will be able to quickly capitalize on a fully-invested and high-quality manufacturing facility. This includes a trained labour force and the local community and logistics infrastructure to support the mill’s supply chain, distribution and outlet for residuals. Further, we are able to immediately reap the cash flow benefits of our investment while significantly reducing the associated risks of greenfield construction, execution and start-up," Ray Ferris, West Fraser President and CEO.
Angelina Forest is advised by Jefferies & Company.
Santa Cruz Silver Mining, a Mexican focused silver company, agreed to acquire Sinchi Wayra and Illapa from Glencore, an Anglo-Swiss multinational commodity trading and mining company, for $110m.
Completion of the sale is conditional on, without limitation, receipt of certain regulatory approvals in Canada and is expected to occur within the next three months since announcement.
Glencore is advised by BMO Capital Markets.
Owl Capital led a $100m Series C funding round in Halo Investing. (FS)
Owl Capital, a venture capital firm, led a $100m Series C funding round in Halo Investing, a developer of a financial technology platform. Additional investors include Mubadala-backed Abu Dhabi Catalyst Partners, Allianz Life Ventures and William Blair.
"We are building a one-of-a-kind technology platform to level the playing field for investors. Individuals are living longer and continue to struggle with saving enough for retirement. Our platform provides easy and transparent access to investment solutions that can help solve this savings crisis. The future of investing is outcome-based. We are proud of the impact we are making in helping individuals secure their financial futures," Biju Kulathakal, Halo Co-Founder & CEO.
Halo was advised by LoBello Communications.
Clearlake and Charlesbank-backed symplr, enterprise healthcare operations including governance, risk management, and compliance SaaS solutions provider, completed the acquisition of Halo Health. Financial terms were not disclosed.
"We are honored to welcome Halo Health to the symplr team and look forward to working together to advance our mission to provide healthcare organizations with the tools and resources they need to optimize operations," BJ Schaknowski, symplr CEO.
symplr was advised by Lambert & Co.
WPP-backed Finsbury Glover Hering to merge with Golden Gate-backed Sard Verbinnen & Co. (FS)
WPP-backed Finsbury Glover Hering, a global strategic communications advisory firm, agreed to merge with Golden Gate-backed Sard Verbinnen & Co, a global transaction communications advisor. The merger is expected to be completed in Q4 2021 and the combined company will operate under a new name starting in 2022. Financial terms were not disclosed.
“This is a combination of two successful, growing firms with strong track records, complementary leadership positions, deep entrepreneurial spirits, cultures of collaboration and integrity and a heritage of delivering for our clients at their most high-pressure moments. Our success has been driven by our teams’ tireless commitment to supporting our clients and one another and upholding high standards of excellence in all that we do. We are particularly excited that the combination will enable us to provide additional professional development opportunities and establish a new generation of employee owners in the combined company," George Sard and Paul Verbinnen, SVC Co-Founders.
WPP is advised by Buchanan.
Ares to invest in The Lockwood Group. (FS)
Ares, a private equity group, agreed to invest in The Lockwood Group, a firm that communicates clinical and therapeutic advances to every type of medical expert, healthcare practitioner, and decision maker. Financial terms were not disclosed.
"We are excited to find in Ares a partner that appreciates our differentiated culture, deep scientific expertise, and close-knit community of teammates. Ares brings a wealth of resources and experience that we believe will help Lockwood accelerate growth by investing in our people, customers, and capabilities. Our team is energized by the opportunity ahead of us," Matthew Schecter, Lockwood President and CEO.
Lockwood is advised by Houlihan Lokey.
WestCap and CDPQ led a $400m investment in Celsius. (FS)
WestCap, a growth equity firm, and Caisse de dépôt et placement du Québec, a global investment group, led a $400m investment in Celsius, a developer of an online financial platform designed to facilitate secure digital trading of assets.
"WestCap and CDPQ believe Celsius is a world-class business in size and scope, and will continue to be the leader at the forefront of the industry in regard to innovation and regulatory acceptance. Celsius is committed to working constructively with regulators to better understand the dynamic crypto space, protect retail customers from fraud and undue risk, and create general consumer knowledge to allow for thoughtful investment decisions," Laurence A. Tosi, WestCap Founder and Managing Partner.
Francisco Partners to invest in Paradigm at $400m valuation. (FS)
Francisco Partners, an investment firm, agree to invest in Paradigm, a legal software platform, at $400m valuation. Alpine Investors exits the investment.
New York-based Paradigm, formerly known as ASG LegalTech, offers a wide range of technology tools including PracticePanther, Bill4Time, MerusCase, and Headnote to law firms. Its practice management software and integrated payments solutions are used by 11k law firms.
Genting Malaysia to invest $150m in Empire Resorts.
Genting Malaysia, a firm engaged in the leisure and hospitality business, agreed to invest $150m in Empire Resorts, a casino operator.
"The proposed equity injection will also allow GenM to reinforce its position and grow its market presence in the New York State gaming market by leveraging synergies between RWNYC and RWC to achieve cost savings and grow business volumes and revenues as well as capitalise on the prospects and future growth of Empire," Empire Resorts.
WM Tech shelves $1bn Hong Kong IPO Plan.
WM Tech, a technology and software infrastructure provider, controlled by founder and chairman Zhang Wenzhong, has shelved its Hong Kong initial public offering after letting the application lapse,
Bloomberg reported.
The Beijing-based company behind the Wumart supermarket chain and Metro AG’s outlets in China is no longer actively pursuing a listing.
Berkshire Partners-backed Portillo's seeks $400m in IPO. (FS)
Berkshire Partners-backed Portillo’s, the hot dog restaurant chain, is seeking as much as $400m in a US initial public offering.
The Oak Brook plans to sell 20m shares at $17 to $20 apiece, according to a prospectus filed to the US Securities and Exchange Commission on October 12. At the top end of the range, Portillo’s would have a market capitalization of over $1.4bn, according to the number of shares outstanding listed in the filing,
Bloomberg reported.
Francisco Partners closed a $2.2bn second credit fund. (FS)
Francisco Partners, a technology investment firm, announced the final closing of FP Credit Partners II, a $2.2bn opportunistic credit fund focused on the broad and increasingly diverse technology market. The Fund’s total capital commitments reached its hard cap and exceeded its original $1.25bn target.
“We are seeing growing demand for capital from companies that are seeking partners who are able to provide customized and scalable solutions, often as an alternative to dilutive or restrictive minority equity,” Scott Eisenberg, Francisco Partners Head of Credit and Structured Solutions.
Live Oak II and Navitas Semiconductor announce shareholder approval of their $1.4bn merger.
Navitas Semiconductor, a manufacturer of GaN Power ICs, and Live Oak Acquisition II, a SPAC, announced that Live Oak II shareholders voted to approve the previously proposed $1.4bn business combination with Navitas. Approximately 98.4% of the votes cast at the special meeting voted to approve the merger.
The deal is expected to close on October 19, 2021, subject to the satisfaction or waiver of certain other customary closing conditions.
Live Oak II is advised by Morrow Sodali Global, Bank of America, Jefferies & Company, Nomura, Arthur Cox, DLA Piper, Vinson & Elkins, Winston & Strawn and Blueshirt Group. Navitas is advised by Blueshirt Group, Deutsche Bank, Jefferies & Company and Grand Bridges.
Howden, an international insurance broking group, agreed to acquire Aston Lark, an independent insurance brokers specializing in complex commercial and private client insurance and employee benefit advice, from Goldman Sachs, an investment manager, and Bowmark Capital, a private equity firm, for $1.5bn.
"The completion of our UK Broking platform is a deal a decade in the making and I’m thrilled that Aston Lark’s highly respected and experienced management team has chosen Howden as its final home," David Howden, Howden Group CEO.
Aston Lark is advised by Jamieson and DLA Piper. Howden is advised by PricewaterhouseCoopers, Norton Rose Fulbright and Weil Gotshal and Manges. Goldman Sachs Asset Management is advised by PricewaterhouseCoopers, Goldman Sachs, Macquarie Capital, Eversheds Sutherland and Latham & Watkins.
Graphic Packaging announces regulatory approvals for a $1.45bn acquisition of AR Packaging. (FS)
Graphic Packaging, a provider of container packaging solutions, announced that all required regulatory approvals to complete the proposed $1.45bn acquisition of AR Packaging, a provider of sustainable packaging solutions, from CVC have been received.
The transaction is expected to be completed in early November 2021, subject to the satisfaction of the remaining customary closing conditions set forth in the acquisition agreement.
Graphic Packaging is advised by Bank of America, DLA Piper and Sard Verbinnen & Co. Bank of America is advised by Sullivan & Cromwell. CVC is advised by Vinge. AR Packaging is advised by Credit Suisse and Roschier Attorneys.
Alchemy Partners to invest $90m in Apollo Group. (FS)
Alchemy Partners, a British private equity firm, agreed to invest $90m in Apollo Group, an insurance company.
“We are delighted to be forming this new partnership with Alchemy. It reinforces our belief in the continued opportunity provided in the Lloyd’s market. The investment by Alchemy underscores the benefits to our clients and partners of our experienced and talented team, recently bolstered by the appointment of James Slaughter as CUO in April and Hayley Spink as COO in May, combined with the backing of well-respected and informed investors," David Ibeson, Apollo CEO.
Alchemy is advised by Deloitte, Guy Carpenter, Clyde & Co and Macfarlanes. Apollo is advised by TigerRisk Capital Markets, Willkie Farr & Gallagher and Haggie Partners.
Greenoaks Capital led a $270m Series E funding round in Personio. (FS)
Greenoaks Capital, an investment company, led a $270m Series E funding round in Personio, a firm that automates and simplifies your HR tasks. Additional investors include Altimeter Capital, Alkeon, Index Ventures, Accel, Meritech, Lightspeed, Northzone and Global Founders Capital.
“This investment highlights the continued fast growth of the business and the immense market potential, but also the belief in our vision for the future of HR tech. While I consider this funding a major milestone, we are still at the very beginning of our journey. Now we want to help HR teams go beyond HR. Launching the People Workflow Automation category is a big step forward along this path, serving the most important asset of any business, its people. We are excited to see Europe’s SMEs thrive as they make use of this technology," Hanno Renner, Personio Co-Founder and CEO.
Personio was advised by Firstlight PR.
AFINUM to acquire GS Swiss from exceet for $113m. (FS)
AFINUM, a private equity firm, agreed to acquire GS Swiss, a manufacturer of miniaturized flexible and rigid flex printed circuit boards, from exceet, a firm engaged in intelligent electronics and security technology, for $113m.
The completion of the transaction is not subject to any conditions and is expected to occur until 31 December 2021. GS Swiss PCB AG generated revenues of $42m and an operating profit of $11m in the financial year 2021.
exceet is advised by Bar & Karrer.
Yandex to acquire the Israeli operations of Wind.
Yandex, a Russian multinational corporation providing over 70 Internet-related products and services, agreed to acquire the Israeli operations of Wind, a provider of e-scooters rental services intended to facilitate affordable and eco-friendly mobility. Financial terms were not disclosed.
Acquiring Wind will expand this ecosystem by providing a broad variety of last-mile and transportation solutions. Included in the acquisition is Wind’s fleet of more than 10k made-for-sharing scooters, scooter infrastructure and operation system in Israel, as well as R&D around travel route optimization.
