AMERICAS
Mitsubishi Chemical America, a chemical products manufacturer, agreed to acquire Gelest Intermediate Holdings, a manufacturer and supplier of silicones, organosilanes, metal-organics and specialty monomers, from New Mountain Capital. Financial terms were not disclosed.
"Since becoming familiar with Gelest, we have recognized the tremendous capabilities in research and development and production that help create its outstanding position with key customers. Furthermore, MCC's operating resources and customer network will enhance the ability to bring Gelest's technologies to market and accelerate the development of new customer solutions to drive advances in digital social infrastructure, vision care, and other life-sciences applications. We look forward to working alongside the team at Gelest to drive the continued growth of the company," Steve Yurich, Mitsubishi Chemical America President.
New Mountain Capital is advised by Abernathy MacGregor.
Sartorius Stedim Biotech, a provider of products and services for the development, quality assurance and production processes of the biopharmaceutical industry, completed the acquisition of Danaher's Select Life Science Platform Businesses, which provide chromatography hardware and resins, for $825m.
"The portfolio proposed for acquisition represents an excellent strategic fit with Sartorius Stedim Biotech. With the chromatography hardware and resins and the microcarrier businesses, we broaden our strong bioprocessing offering, particularly in the downstream area. We look very much forward to welcoming the new teams to Sartorius and to jointly combine our capabilities for the benefit of our biopharma and life science customers," Joachim Kreuzburg, Sartorius Stedim Biotech Chairman of the Board and CEO.
Macquarie Capital Principal Finance, a provider of primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, completed its acquisition of a majority stake in Multifuels Midstream Group, a differentiated power and utility infrastructure platform focused on lateral natural gas pipelines and related assets, from Warren Equity Partners, a private equity firm. Financial terms were not disclosed.
"With Macquarie's support, we intend to continue growing our platform, helping our customers solve their critical infrastructure challenges while providing value through fully-financed solutions," Richard Robinson, Multifuels Midstream Group CEO.
Accenture, a multinational professional services company, completed the acquisition of Symantec's cyber security services business, a platform delivering endpoint security, web security, email security, information security and identity security across on-premises and cloud infrastructures from Broadcom, an American designer, developer, manufacturer and global supplier of a wide range of semiconductor and infrastructure software products. Financial terms were not disclosed.
"Cybersecurity has become one of the most critical business imperatives for all organizations regardless of industry or geographic location. With the addition of Symantec's Cyber Security Services business, Accenture Security will offer one of the most comprehensive managed services for global businesses to detect and manage cybersecurity threats aimed at their companies," Julie Sweet, Accenture CEO.
NetApp, a provider of cloud data services, agreed to acquire CloudJumper, a cloud software company in the virtual desktop infrastructure and remote desktop services markets. Financial terms were not disclosed.
"The ability to provide a consistent virtual desktop experience at scale while keeping data available and secure without sacrificing performance has always been important and is especially critical in today’s unprecedented environment. NetApp and CloudJumper provide a simplified management platform for delivering virtual desktop infrastructure, storage and data management across Microsoft Azure, AWS and Google Cloud with best in class virtual desktop management combined with best in class storage and data services," Anthony Lye, NetApp SVP and General Manager of the cloud data services business unit.
Abiomed, a maker of the Impella heart pump, agreed to acquire Breethe, a developer of a novel extracorporeal membrane oxygenation system. Financial terms were not disclosed.
“Abiomed is the best positioned company to build on the legacy of what we started. I am confident that the addition of Breethe’s technology into Abiomed’s product portfolio will further enhance Abiomed’s ability to improve outcomes for their patients and serve a new patient population,” Bartley Griffith, MD, Breethe Founder.
Intrepid Directional Drilling Specialists, an American oilfield firm, agreed to acquire the directional drilling business of Gyrodata, a well survey firm. Financial terms were not disclosed.
“We are excited to begin the consolidation process in our segment of the industry. There needs to be and I believe there will be more consolidation,” Clint Leazer, Intrepid President.
Blackstone discloses a 7% stake in Energy Transfer. (FS)
The Blackstone Group disclosed a 6.9% stake in Energy Transfer that makes it the second-biggest holder in the pipeline giant after billionaire founder and Chief Executive Officer Kelcy Warren, Bloomberg reported.
The New York-based investment firm said the interest includes units owned by Harvest Fund Advisors, which it bought in 2017. Harvest owned 4% of Energy Transfer's unit as of the end of last year. Blackstone reported the stake in a regulatory filing after the market closed Wednesday, sending Energy Transfer units up as much as 9.7%.
OPG-backed Atura Power to acquire three natural gas-fired plants for $2bn. (FS)
Ontario Power Generation's subsidiary Atura Power finalised a deal to buy three combined-cycle natural gas-fired plants, which were previously owned by TC Energy. The acquisition is valued at approximately $2bn and dependent on customary closing adjustments.
The natural gas assets, situated in the Canadian province of Ontario, are the 900MW Napanee generating station, 683MW Halton Hills generating station and 550MW Toronto's Portlands Energy Centre.
"Natural gas is the enabler of renewable energy and provides the flexibility required to ensure a reliable electricity system. OPG has decades of energy generating expertise in Ontario, and this diversification of our portfolio is a natural fit," Ken Hartwick, OPG president and CEO.
Fortress Value Acquisition announced the pricing of a $300m IPO. (FS)
Fortress Value Acquisition, a blank check company formed to enter into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, announced the pricing of its initial public offering of 30m units for $10 per unit. The units will be listed on the New York Stock Exchange and trade under the ticker symbol "FVAC.U" beginning April 30, 2020.
Deutsche Bank, Morgan Stanley and RBC Capital Markets are serving as the underwriters for the offering. The company granted the underwriters a 45-day option to purchase up to an additional 4.5m units at the IPO price to cover over-allotments.
Tribeca Investment Partners pushes Teck to divest its energy assets. (FS)
Teck Resources is targeted by hedge fund Tribeca Investment Partners which is pushing the underperforming Canadian miner to divest its energy and coal businesses and consider replacing long-standing CEO Don Lindsay.
Tribeca Investment Partners said making those changes and pivoting to a pure base metals miner would improve Teck's environmental credentials and could lead to a sixfold share gain over the next year. The company should also scrap its dual-class shares to boost returns.
"There's been a very steady de-rating of the company versus its peers over the last five years and if they continue to do nothing they can only see that continue," Ben Cleary, Tribeca Partner.
Huntsworth, a healthcare communications and public relations group, and Clayton Dubilier & Rice, an American private equity company, announced that the court approved the acquisition agreement, under which the recommended cash offer by Clayton Dubilier & Rice for the entire issued and to be issued share capital of Huntsworth is being executed.
"Huntsworth has transformed over the past few years into a growing and dynamic healthcare and communications group. Our strategic focus has always been on investing to develop a full service, digitally-driven offering to support our customers. Whilst we believe that Huntsworth is strongly positioned as an independent listed company, the all-cash offer from CD&R represents a compelling opportunity for shareholders to realize an attractive cash value in respect of their shares. In addition, the Board believes CD&R will be an excellent partner for Huntsworth, its employees and customers," David Lowden, Huntsworth Chairman.
Huntsworth is advised by Rothschild & Co, Pinsent Masons and Citigate Dewe Rogerson. Clayton Dubilier & Rice is advised by Bank of America Merrill Lynch, Houlihan Lokey, RBC Capital Markets, Clifford Chance and Teneo.
Private equity firms British Columbia Investment Management, Neuberger Berman, StepStone, and mutual life insurance company Skandia, completed the acquisition of a 25% stake in Waterlogic, a global designer, manufacturer, distributor and service provider of purified drinking water dispensers, from Castik Capital, a private equity firm. Financial terms were not disclosed.
"We are pleased to be working alongside a talented management team to support the long-term continued growth of the business. Waterlogic is a leading company with a solid track record of success that has the potential to generate value-added returns for our pension plan and insurance fund clients," Jim Pittman, BCI Executive Vice President and Global Head, Private Equity.
Waterlogic was advised by Goldman Sachs, Pricewaterhousecoopers, Ernst & Young, Skadden Arps Slate Meagher & Flom, Deloitte and LEK Consulting. Castik Capital was advised by Skadden Arps Slate Meagher & Flom.
Warburg Pincus is set to invest in Polyplus, a developer of biotechnology used in gene and cell therapy, alongside the existing majority shareholder, a European private equity health care specialist ArchiMed. Financial terms were not disclosed.
“The investment will enable us to further expand production capacity, fuel continued innovation in products, and support key growth initiatives. We willl also focus on international expansion and increased hiring across technical, regulatory and commercial support functions,” Karsten Wilking, Polyplus CEO.
ArchiMed is advised by Jefferies & Company, Dechert, Lanchner Communications and Ernst & Young. Warburg Pincus is advised by Pricewaterhousecoopers and Kirkland & Ellis.
The Premier League wrote to the US government complaining about Saudi Arabia’s alleged role in television piracy just weeks before English football’s top division was asked to approve a £300m ($377m) acquisition of Newcastle United by the kingdom’s sovereign wealth fund, FT reported.
The proposed takeover of the English team is by an investment group majority funded by the Public Investment Fund, steered by Saudi Crown Prince Mohammed bin Salman. The deal would see it become the latest Middle Eastern investor in European football, after Qatar’s ownership of Paris Saint-Germain and Abu Dhabi-backed Manchester City.
PX Group, an energy and industrial solutions business, completed the acquisition of NRG Well Management, a provider of well management services to the oil & gas industry. Financial terms were not disclosed.
"NRG Well Management brings industry-leading expertise to PX Group, extending our capability to the full upstream asset lifecycle. On a personal note I am delighted to build an even stronger working relationship with the Mackay family," Geoff Holmes, PX Group CEO.
ADIA delays sale of $2bn PE fund stake. (FS)
The Abu Dhabi Investment Authority is delaying the sale of $2bn in private-equity fund stakes after the outbreak of the deadly coronavirus. The sovereign wealth fund, which is estimated to have about $580bn under management, was in talks with several investors, including money manager Ardian about selling chunks of the portfolio, DealStreetAsia reported.
The market turmoil triggered by the crisis made it difficult for them to agree on how much the stakes were worth. ADIA plans to restart the sales process in the second half of the year.
Boparan is in exclusive talks to acquire Carluccio's.
Boparan Restaurant Group, which has a portfolio of brands including Giraffe and Ed's Easy Diner, is in exclusive talks with Carluccio's administrators about a potential acquisition, Sky News reported.
Carluccio's, which employed around 2k people, fell into administration last month after challenging trading conditions, exacerbated by the coronavirus crisis, hit cashflow.
Continental delays Vitesco spin-off.
Continental, the German car parts maker, is postponing the planned spin-off of its powertrain unit Vitesco Technologies, citing ongoing economic uncertainty for the delay.
The spread of the coronavirus has hammered equity markets, playing havoc with valuations, a factor which has already led Italy's CNH Industrial to say it may need more time to spin off its Iveco trucks unit.
"The spin-off requires better market conditions," Continental.
APAC
Palatine PE-backed SMP Group, a global professional and financial services company, agreed to acquire Royal Bank of Canada Corporate Services Hong Kong, a division of RBC Investor & Treasury Services. Financial terms were not disclosed.
"Hong Kong is an immensely important jurisdiction for us, in which we are driving impressive growth and raising the bar for internationally compliant corporate and private wealth services. This deal with RBC will accelerate our ambitious plans for the region, in a way that enhances our existing global service offering and brings an extended support network to clients. We are extremely excited to start working with new colleagues and new clients alike," David Hudson, SMP Group CEO.
Debt financing is provided by Apera Asset Management.
24Tidy, an online life services company, completed the acquisition of Tiantian Laundry, a laundry services provider, for $135m.
"24Tidy and Tiantian Laundry had reached the agreement before the epidemic. The outbreak of Covid-19 accelerated our pace to restructure the whole industry while the increasing domestic demands also accelerated the strategic upgrading of 24Tidy," Yao Zongchang, 24Tidy Founder.
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