AMERICAS
Salesforce, a designer and developer of enterprise software, completed the acquisition of Slack, an innovative enterprise communications platform, for $27.7bn.
"We couldn't be more excited to have Slack as part of the Salesforce family, combining the #1 CRM and the trailblazing digital platform for the work anywhere world. Together we'll define the future of enterprise software, creating the digital HQ that enables every organization to deliver customer and employee success from anywhere," Marc Benioff, Salesforce Chair and CEO.
Slack was advised by Goldman Sachs, Qatalyst Partner, Goodwin Procter, Latham & Watkins and Sard Verbinnen & Co. Financial advisors were advised by Sullivan & Cromwell. Salesforce was advised by Bank of America, Cleary Gottlieb Steen & Hamilton, Morrison & Foerster, Wachtell Lipton Rosen & Katz and Joele Frank. Debt financing was provided Bank of America, Citigroup and JP Morgan.
Summa Equity, a thematic investment company, completed the acquisition of a majority stake in G-CON Manufacturing, a US-based manufacturer of prefabricated cleanrooms used for manufacturing within the pharmaceuticals industry. Financial terms were not disclosed.
"We are proud to partner with G-CON for the next, exciting chapter of its growth trajectory. We strongly believe G-CON has the potential to significantly accelerate bioprocessing production timelines, to help biopharma manufacturers get to market earlier and fully meet their capacity requirements after launch. This is a vitally important element of the healthcare value chain, ensuring that more of society has access to the right healthcare when they need it," Marika Vitia, Summa Equity Director.
Summa Equity was advised by McKinsey & Company, Frank Partners, William Blair & Co, Ropes & Gray and PricewaterhouseCoopers. G-CON was advised by Jefferies & Company and Vinson & Elkins.
Starwood Capital, an investment firm, confirmed it raised its bid for Monmouth Real Estate, a public equity REIT, to $1.92bn. Starwood raised its offer to $19.51 per share, representing an upside of about 1% to the stock’s last close.
Monmouth Real Estate is advised by CS Capital Advisors, JP Morgan, Stroock & Stroock & Lavan and Joele Frank. Equity Commonwealth is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson.
Bain Capital Private Equity to acquire PartsSource, an online marketplace for medical equipment maintenance parts and services, from Great Hill Partners. Financial terms were not disclosed.
“Phil and his team have built an exceptional business that is at the forefront of B2B marketplaces in healthcare and poised for continued rapid expansion as providers shift their purchasing toward e-commerce and away from manual processes. We believe PartsSource has clear runway for organic growth and a significant opportunity to broaden the platform and strengthen its offering to customers through strategic acquisitions, product innovation, and international expansion,” Devin O’Reilly, Bain Capital Private Equity Managing Director.
PartsSource is advised by Robert W Baird and Goodwin Procter. Bain Capital is advised by TripleTree, Kirkland & Ellis and Stanton PRM. Great Hill is advised by Sard Verbinnen & Co.
Stryve Foods, a snacks producer, went public via a SPAC merger with Andina Acquisition III, a special purposes acquisition company, in a $170m deal.
“Andina is pleased to announce the closing of our Business Combination with Stryve. Jaxie, Joe, Alex and the Stryve team are truly changing the way Americans snack. Our belief is that Stryve is poised for rapid growth and value creation thanks to their visionary and highly capable leadership,” Luke Weil, Andina Chairman and Julio A. Torres, Andina CEO.
Stryve Foods was advised by Deloitte, Foley & Lardner and ICR. Andina was advised by Cowen & Company, Craig-Hallum Capital Group and Ellenoff Grossman & Schole.
Earthstone Energy, a growth-oriented, independent energy company, completed the acquisition of the Midland Basin assets of Tracker Resource Development, which explores and produces oil and gas, for $126m.
"Our conservative approach to funding acquisitions with an appropriate mix of debt and equity has allowed us to maintain strong liquidity and low leverage while building significant scale. We expect to have nearly doubled our daily production volumes compared to 2020 levels, all while adding minimal G&A. The combination of continued improvements in operational and corporate efficiencies has allowed us to continue to drive down per unit costs, as we aim to maximize margins," Robert J. Anderson, Earthstone President and CEO.
Earthstone Energy was advised by Northland Capital Partners, Jones & Keller and Richards Layton and Finger. Tracker Resource was advised by Jefferies & Company, Davis Graham & Stubbs and Welborn Sullivan Meck & Tooley.
Core Scientific, a blockchain infrastructure, hosting provider and digital asset miner in North America, agreed to go public via a SPAC merger with Power & Digital Infrastructure Acquisition in a $4.3bn deal.
"With our pending acquisition of Blockcap, we look forward to growing our self-mining digital asset business while continuing to deliver best-in-class reliability and performance to leading blockchain innovators," Mike Levitt, Core Scientific Co-Chairman and Chief Executive Officer.
Core Scientific is advised by Evercore and Cooley. Power & Digital Infrastructure Acquisition is advised by Barclays, XMS Capital Partners and Kirkland & Ellis.
Empower Retirement, a retirement plan recordkeeping financial holding company, agreed to acquire a full-service retirement business of Prudential Financial, a global financial services provider, for $3.55bn.
“Empower and Prudential share a commitment to serving the financial needs of working Americans, their advisors and employers. This transaction will create an even stronger service organization at Empower, fueled by technology and the expertise of our deep talent pool. We will continue to leverage our scale and resources to challenge the status quo and be uniquely positioned to serve the retirement and wealth management needs of millions of retirement savers in every phase of their financial journey,” Ed Murphy, Empower President and CEO.
Empower is advised by Goldman Sachs, Rockefeller Capital Management and Eversheds Sutherland. Prudential is advised by Lazard and Debevoise & Plimpton.
A consortium of investors led a $900m Series B funding round in FTX Trading, an owner and operator of FTX, a cryptocurrency exchange. Over 60 investors participated in the round, including Paradigm, Sequoia Capital, Thoma Bravo, SoftBank, Ribbit Capital, Insight Partners, Third Point, Lightspeed Venture Partners, Altimeter, BOND, NEA, Coinbase Ventures, Willoughby Capital, 40North, Senator Investment Group, Sino Global Capital, Multicoin, the Paul Tudor Jones family, Izzy Englander, Alan Howard, VanEck, Hudson River Trading and Circle.
"I'm incredibly humbled by the support we've gotten. It's our first large fundraise, but through it we've formed a hugely valuable set of partners. I'm excited to work with them to make FTX the best company it can be. We started out as a new derivatives exchange two years ago, and this round will help us continue to build out a bigger and broader vision for what FTX could become," Sam Bankman-Fried, FTX CEO.
FTX Trading was advised by M Group Strategic Communications.
Nucor, a steel and steel products manufacturer, agreed to acquire Hannibal Industries, a steel racking manufacturer, for $370m.
"Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel, and complements our current product capabilities, including beams, joists and deck, metal buildings and insulated metal panels," Leon Topalian, Nucor President and CEO.
Nucor is advised by Joele Frank.
Everhome Realty, a property technology company, agreed to go public via a SPAC merger with Alpha Wastewater, a blank check holding company. Financial terms were not disclosed.
"Everhome is at the forefront of massive change coming to residential real estate sales and marketing. Flat fee real estate is an idea whose time has come, and we believe the proposed transaction with Alpha accelerates the growth potential of our platform and services. We remain focused on optimizing our strategy, investing in products and services that increase customer engagement, and adding revenue streams that enhance our value to customers and shareholders," David Bartels, Everhome Founder and CEO.
Everhome Realty is advised by FTI Consulting.
SPX Flow, a provider of manufacturing equipment for the nutrition, health and industrial sectors, rejected Ingersoll Rand’s sweetened $3.59bn bid that the company had proposed to strengthen its foothold in the food and beverage industry.
SPX said Ingersoll’s proposal undervalued the company and it believes the successful execution of its strategic plan will deliver greater value to shareholders.
GGV, Balderton Capital and Tiger Global, the venture capital firms, led a $170m funding round in Jokr, a delivery retail startup. Other investors include Activant Capital, Greycroft, FJ Labs, Kaszek, Monashees, HV Capital.
"There is an opportunity to create a faster Amazon, a more personalized Amazon, a more sustainable Amazon and a more local Amazon. We grew significantly faster than what we thought, but the fast growth was not on the back of significant burn or discounting," Ralf Wenzel, CEO and Founder.
SoftBank Vision Fund 2 led the $100m funding round in Ethos, the insurtech firm. SoftBank joins an all-star cast of investors including Sequoia Capital, Accel, Google Ventures, General Catalyst, Jay-Z's Roc Nation and the investment vehicles of stars Will Smith and Robert Downey Jr.
"Our goal isn't just to offer the best insurance customer experience ever created, but to offer it to everyone. Even at this early stage we've demonstrated that our technology can do this with life insurance. We're excited to apply our technology and data platform in new ways to expand that safety net even further," Peter Colis, Ethos CEO and Co-Founder.
Tracker Capital and Intel Capital, the venture capital firms, led a $125m funding round in Untether AI, a chip developer for companies running AI workloads. Other investors included Canada Pension Plan Investment Board and Radical Ventures.
“Tracker Capital’s unmatched experience and relationships across sectors will help speed our engagements in multiple high-value markets, including telecom, technology, financial services, retail, and defense. I am also thrilled to welcome CPP Investments to the Untether AI family. With the new funding round and partnerships, we will be able to expand our current product reach and accelerate the development of our next generation products," Arun Iyengar, Untether AI CEO.
Grede, a producer of highly engineered cast and machined iron components, agreed to acquire Advanced Cast Products business from Neenah Enterprises, a foundry company. Sale includes the heavy truck business of Neenah Foundry. Financial terms are not disclosed.
"As part of our vision to be a forward-thinking company that drives innovation and delivers customer value, Neenah Enterprises is focusing our business to pursue smart growth opportunities for our company, our employees, our customers, and our communities, that enable our future collective success," Tom Slabe, Neenah Enterprises President and CEO.
Goldman Sachs completed the $50m investment in Phononic, a climate-friendly cooling tech firm.
"The historical refrigerants that had been used for vapor compression systems, they are both toxic and global warming contributors. While the global warming impact had been reduced, refrigerants still had issues with toxicity and flammability," Tony Atti, Phononic Co-founder and CEO.
K-Solv Group, s company that provides comprehensive environmental solutions, agreed to acquire Energy Completion Services, a company that provides onshore and offshore wireline pressure control equipment for the oil and gas industry, and Chaparral Rental Services, a rental supplier for the oil and gas industry.
"The acquisition of ECS complements our full suite of K-Solv Group service offerings, adding to our capacity and geographic presence. We see this as an opportunity to expand our existing energy sector services and welcome ECS into the K-Solv Group," Russell Allen, K-Solv Group CEO and Owner.
Kohlberg & Co closes $1.1bn continuation vehicle transaction with BlackRock and GIC. (FS)
Kohlberg & Company, a private equity firm, closed a $1.1bn continuation vehicle transaction co-led by affiliates of BlackRock, GIC and Lexington Partners.
“The development of this vehicle also provides Kohlberg with the advantage of additional time and resources to further implement our growth and operational strategies to maximize value creation. We look forward to collaborating with these three world-class investors in this exciting effort,” Samuel Frieder, Kohlberg Managing Partner.
AT&T is discussing selling Xandr Ad Unit to InMobi.
AT&T is in talks to sell its Xandr division to Indian advertising-tech company InMobi, part of a push to unload businesses that aren’t core to the carrier’s operations. The discussions are still in early stages and may not lead to a sale, Bloomberg reported.
Carlyle launches Renewable-Energy Infrastructure Unit, injecting $700m. (FS)
Carlyle, a private equity firm, is launching a company to develop renewable-power-generation and storage projects in a push to reorient its energy business toward sustainable investments.
Funds Carlyle operates will inject as much as $700m in the new venture, Copia Power, enabling it to arrange projects worth over $6bn, according to Pooja Goyal, Carlyle’s co-head of infrastructure and head of renewable and sustainable energy. Copia will focus on developing large-scale solar generation projects and battery facilities to store power and distribute it after sunset.
Cvent nears $5bn-plus SPAC deal. (FS)
Cvent, a meetings, events, and hospitality technology provider, agreed to merge with a special-purpose acquisition company in a deal that would take the event-management software company public.
Cvent is slated to merge with Dragoneer Growth Opportunities in a transaction that values the private-equity-owned company at more than $5bn including debt.
Clearwater Analytics weighs IPO at a $4bn-plus valuation.
Clearwater Analytics is working with Goldman Sachs and Morgan Stanley on an initial public offering for the Boise.
The Boise, a financial services software provider, could be valued at more than $4bn in an IPO. Clearwater hasn’t made a final decision and could opt to remain private, Bloomberg reported.
Apax-backed Paycor raises $426m in IPO. (FS)
Apax-backed Paycor, company that creates software, raised $426m in an initial public offering priced above a marketed range.
Paycor, which makes human capital management software for small and midsize businesses, said in its filings with the US Securities and Exchange Commission that it has more than 28k customers across all 50 states in the US. The company said funds controlled by Apax Partners will own 82% of its common stock after the listing.
SoftBank-backed VTEX tops IPO goal to raise $361m.
VTEX, an e-commerce software platform, and some of its investors raised $361m in a US initial public offering priced above a marketed range.
The company and some shareholders sold 19m shares for $19 each after marketing them for $15 to $17. The IPO gives the company, whose backers include a SoftBank Group fund, a market value of about $3.6bn based on the outstanding shares listed in its filings.
Amgen-backed Hummingbird weighing US IPO.
Hummingbird Bioscience, a Singaporean clinical-stage biotechnology firm, is considering fundraising options including an initial public offering.
The company is interviewing investment banks as it weighs alternatives, which also include a private funding round, Bloomberg reported.
Anzu Partners launches a third VC fund for breakthrough industrial and life science tech. (FS)
Anzu Partners, an investment firm that focuses on early stage industrial and life science technology companies, launched its third venture fund with $130m in commitments.
“Innovations in life sciences and industrial technologies continue to proliferate since the launch of our first two funds, and we see an even greater opportunity to work with early-stage companies and commercialize their scientific breakthroughs,” David Michael, Anzu Partners Managing Partner.
Google-backed XtalPi taps Goldman Sachs to seek fresh funds. (FS)
XtalPi, an artificial intelligence drug discovery company, is weighing a new funding round ahead of a potential initial public offering.
XtalPi is working with Goldman Sachs as it seeks to raise about $300m to $400m through a private placement, tapping both existing and new investors. The latest round could boost the company’s valuation to about $1.9bn, Bloomberg reported.
Buyers circle Seadrill as it plots exit from bankruptcy.
Noble, an offshore drilling contractor, and a consortium that includes Transocean Ltd and Dolphin Drilling are competing to acquire the assets of Seadrill Ltd, the bankrupt offshore oil driller controlled by tycoon John Fredriksen, Reuters reported.
Netflix signals no acquisition plans.
The streaming giant told investors that while its competition is growing and rivals are combining to create more formidable entertainment platforms, it sees no need to get bigger to compete.
“We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon,” Netflix.
EMEA
Blackstone-backed firm and a co-borrower have entered into a credit facility for $1.57bn with RBC, JP Morgan and United Overseas Bank to fund a $1.75bn acquisition of St. Modwen Properties.
St. Modwen Properties is advised by JP Morgan, Lazard, Numis Securities, Slaughter & May and FTI Consulting. Blackstone is advised by Rothschild & Co, Kirkland & Ellis and Paternoster. Rothschild & Co is advised by Ashurst.
Taiwan Cement, a manufacturer and distributor of building materials, completed the acquisition of a 60.48% stake in ENGIE EPS, an energy storage system and electric vehicle charging infrastructure provider, for $159m.
"To enter the global market, we have to work with global talents. Our energy business cannot focus on Taiwan only, we have to become globally competitive. Europe has been the world's pioneer in developing green energy and energy storage and TCC Group's new partner, NHΩA, has advanced and innovative R&D and in-house technologies. NHOA is an Italy-based France-listed energy storage company with world-leading battery energy storage system technologies and advanced EV fast charging infrastructure and smart grid technologies," Nelson Chang, TCC Chairman.
ENGIE EPS was advised by Lazard and Linklaters. Taiwan Cement was advised by Citigroup, Chiomenti and Sullivan & Cromwell. ENGIE was advised by BDGS Associes.
Italy’s Treasury is working to meet terms set by UniCredit for a possible acquisition of Monte dei Paschi in the latest push to offload the ailing state-owned bank to the healthier peer, Reuters reported.
Despite the lack of significant progress in protracted negotiations, the Treasury still sees UniCredit as the best option for Monte dei Paschi.
AMCO is advised by JP Morgan, UBS and Image Building. Financial advisors are advised by Allen & Overy. Monte dei Paschi is advised by Gatti Pavesi Bianchi.
Lightyear Capital, a private equity firm focused on leveraged buyout, agreed to acquire Wren Sterling, a financial advice and financial planning firm, from Palatine Private Equity, an independent private equity firm. Financial terms are not disclosed.
“The UK wealth management market is large, growing, and fragmented, and, as an independent platform with integrated and specialized solutions, we believe Wren Sterling is well-positioned to address the increased complexity of financial planning. Wren Sterling is an outstanding firm delivering great value to its personal and corporate clients across the UK,” Max Rakhlin, Lightyear Managing Director.
Lightyear Capital is advised by Evercore and Davis Polk & Wardwell. ThroughCo Communications is advised by Lightyear Capital.
Backed by General Atlantic, Sequoia Capital, the Chan-Zuckerberg Initiative, Naspers, Silver Lake, Tiger Global and other investors, BYJU’S, a global lprovider personalized online learning services, agreed to acquire Epic, a digital reading platform for kids 12 and under, for $500m.
“Our partnership with Epic will enable us to create engaging and interactive reading and learning experiences for children globally. Our mission is to fuel curiosity and make students fall in love with learning. Knowing that Epic and its products are rooted in the same mission, it was a natural fit. Together we have the opportunity to create impactful experiences for children to become life-long learners," Byju Raveendran, BYJU’S Founder and CEO.
Epic! is advised by Morgan Stanley. BYJU’S is advised by VSC.
General Atlantic led a €100M Series C funding round in Spendesk, a smart spend management software designed for both finance teams and employees, with participation from Index Ventures and Eight Roads Ventures.
“Work culture is becoming increasingly informed by our private lives. Employees crave more empowerment, agility and faster decision-making to be effective in their roles. And traditionally, finance teams haven’t been equipped with the tools that can support this transformation. In the past few years we have built the reference spend management solution for finance teams in Europe, which frees businesses and their people from administrative constraints of spending and managing money at work,” Rodolphe Ardant, Spendesk’s Co-Founder and CEO.
Hardinge, the machine tool builder, agreed to acquire Weisser, a company that produces multifunctional precision turning machines and turning centers. Financial terms are not disclosed.
"Weisser is recognized for its market leading innovations and machine designs, complementing our expanding portfolio of premium, high precision machine tools. The business is well-positioned in many industry applications and complements the Hardinge total solution concept," Ryan Levenson, Hardinge CEO.
Underwriters Laboratories, the global safety science firm, agreed to acquire Method Park, a German-based process engineering, software solutions provider. Financial terms were not disclosed.
"Helping ensure their safe and secure deployment will be key in how quickly these innovations are adopted. The Method Park acquisition will build upon on UL's science-based core expertise in testing, inspection and certification and help address the safety risks of exciting innovative technologies. Together, we will empower our customers with the ability to embrace new opportunities," Jennifer Scanlon, UL President and CEO.
GHO Capital closes third healthcare fund at c.$2.4bn. (FS)
GHO Capital, a private equity firm focused on healthcare deals, raised more than €2bn ($2.36bn), for its third fund.
GHO Capital is a specialist healthcare investment advisor based in London. They apply global capabilities and perspectives to unlock high growth healthcare opportunities, targeting Pan-European and transatlantic internationalisation to build market leading businesses of strategic global value.
Q-Energy closes the fourth renewable energy fund at €1.1bn. (FS)
Q-Energy, a global investment and management company in renewable energy, held the final closing of its fourth fund, Q-Energy IV, with an investment capacity of €1.1bn in equity, which will allow the manager to mobilise more than €5bn into the sector including debt.
“We are delighted to welcome almost all of our existing investors once again, as well welcoming new commitments from large international partners of prestige. We hope to continue creating great value for them all, while also continuing our efforts to deploy capital into the development of an economy that is more committed and respectful of the planet and future generations to come,” Iñigo Olaguíbel, Q-Energy Managing Partner.
Schroders Capital has reached the €1bn target for the Schroders Euro Enhanced Infrastructure Debt Fund II. (FS)
The fund, which is managed by Schroders Capital’s specialist infrastructure team, was launched in Q3 2020 and invests in European sub-investment grade infrastructure debt opportunities. The fundraising has been evenly split between Asian and European investors.
“Investor interest in JULIE II has been exceptionally strong since this vintage was launched last year. To reach the hard cap target of €1bn in a relatively short space of time is testament to the belief our investors have in the team’s ability to identify excellent investment opportunities and deliver robust returns,” Chantale Pelletier, Schroders Capital Global Head.
Bridgepoint’s shares soar on London debut. (FS)
Shares in UK buyout group Bridgepoint Advisers soared on their first day of trading in London, highlighting investor demand for the booming private equity sector and marking a success after the failure of Deliveroo’s flotation in March.
The flotation, a rare entrance to public markets for a European private equity firm, comes as the sector enjoys a golden period. Investors have built up high levels of cash during the coronavirus pandemic, while the very low cost of borrowing and opportunities in perceived areas of value such as the UK have further fuelled interest. Private equity firms struck more than $500bn of deals in the first half of the year, their busiest six months on record.
APAC
Volvo Cars, a Swedish luxury automobile marque, agreed to acquire a remain 50% stake in Daqing Volvo Car Manufacturing and Shanghai Volvo Car Research and Development, two Chinese car manufacturing plants and sales operations, from Geely, a Chinese multinational automotive company. Financial terms were not disclosed.
“With this agreement, Volvo Cars will become the first major non-Chinese automaker with full control over its Chinese operations,” Hakan Samuelsson, Volvo Cars CEO.
Myanmar Metals to sell Bawdwin project.
Myanmar Metals, a mining company, said on Wednesday it planned to sell its 51% stake in Bawdwin silver, lead, and zinc project in Myanmar, citing difficulties in securing financing for the $300m project after a coup led to social unrest earlier this year.
Ever since the coup this February, all parties that had shown interest in financing the project in the Shan State of Myanmar have withdrawn, the company said, adding that it will lose almost all of its $8m of cash reserves in less than a year if it were to stay involved with the Bawdwin project.
Filinvest Reit sets IPO price at P7 per share. (RE)
Filinvest Reit, a wholly-owned subsidiary of Filinvest Land, a real estate firm, set the final offer price for its initial public offering at P7 per share, or 15.7% lower than the P8.30 threshold it set.
The offer is comprised of 1.6bn common shares owned by FLI, with an overallotment option of 163.4m common shares. FLI will receive all proceeds from the IPO.
Bukalapak raises $1.5bn in IPO. (FS)
Bukalapak, Indonesian e-commerce firm, raised $1.5bn in its IPO, the country's largest issue, after pricing it at the top of an indicated price range, DealStreetAsia reported.
Until a few months ago, Bukalapak was looking to raise just $300m. That grew to $800m and then to $1.5bn last week as investors clamoured for a piece of the company.
Sherpa Healthcare Partners closes oversubscribed Fund II. (FS)
The fund focuses on early-to growth-stage investments in China healthcare sector to cover companies in biotech/biopharma, medical devices/diagnostics, and medical services.
The fund's LPs include public pension plans, sovereign wealth funds, foundations, family offices, funds of funds, asset management companies, and other institutional investors.
Woodside is eyeing BHP petroleum assets.
Shares in Woodside Petroleum, an Australian petroleum exploration and production company, fell on after an unsourced media report said Australia’s top independent gas producer was in talks to buy some or all of BHP Group’s oil and gas assets, according to analysts and an investor, Reuters reported.
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