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AMERICAS
R1 RCM, a provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, completed the acquisition of Acclara, a technology-driven revenue cycle management company, from Providence, one of the nation's largest health systems, for $675m.
"We are pleased to complete the acquisition of Acclara and enter into our long-term partnership with Providence, and we look forward to the significant value we believe this transaction will create for customers and shareholders. Acclara strengthens our position as the trusted partner of choice in revenue cycle management and extends our ability to deploy advanced technology solutions and drive execution to improve customer and patient outcomes. We warmly welcome the Acclara team to R1 and look forward to new growth opportunities together and to leveraging our technology and automation capabilities across our expanded portfolio," Lee Rivas, R1 CEO.
R1 RCM was advised by Centerview Partners, JP Morgan (led by Nick Richitt), Baker Donelson Bearman Caldwell & Berkowitz, Kirkland & Ellis, Perkins Coie (led by Nicholas Ferrer), Allison+Partners (led by Amanda Critelli), and Joele Frank (led by Andrew Brimmer). Providence was advised by BDT & MSD Partners, ArentFox Schiff and McDermott Will & Emery.
Sekisui House, a residential developer that has delivered over 2m homes for people around the globe, agreed to acquire M.D.C. Holdings, an American home construction company, for $4.9bn.
"M.D.C., through our Richmond American Homes brand, has been trusted by customers for decades. As part of Sekisui House's US family of brands, we expect new opportunities for growth across our footprint for our team members and within our customer offering. We thank all of our team members across the organization for their hard work that made this transaction possible and will position the combined company as a leading homebuilder. Sekisui House and its brands are well respected with a reputation for quality, and we look forward to becoming an important part of the portfolio," David Mandarich, M.D.C. President, CEO and Director.
Sekisui House is advised by Mitsubishi UFJ Morgan Stanley Securities, Moelis & Co, Morrison & Foerster (led by Randy Laxer and Joe Sulzbach), and Hearthstone. M.D.C. Holdings is advised by Vestra Advisors, Brownstein Hyatt Farber Schreck, and Paul Weiss Rifkind Wharton & Garrison.
Knox Lane, a San Francisco-based middle-market investment firm, completed the acquisition of a majority stake in Guardian Fire Protection Services, a fire protection services provider. Financial terms were not disclosed.
"Guardian's highly resilient business model, culture, and strong foundation make it an excellent fit with the Knox Lane strategy, and we are grateful that Scott and the Guardian team have trusted us with their partnership. We look forward to helping to enable the next chapter of the Company's growth through our engagement, resources, and depth of experience," John Bailey, Knox Lane Managing Partner.
Knox Lane was advised by Robert W Baird, Kirkland & Ellis and Joele Frank (led by Woomi Yun). Guardian Fire Protection Services was advised by Harris Williams & Co and Bodman.
LiveRamp, a data collaboration platform, agreed to acquire Habu, a data clean room software provider, for $200m.
“LiveRamp enables next-generation data collaboration that delivers unmatched brand and business value. Through this acquisition, we will further empower our customers to unlock insights, use cases, and revenue streams by seamlessly connecting data and deepening measurement, across any platform or partner they prefer. Habu shares our vision, and together, we will help more global enterprises benefit from the transformative power of data collaboration,” Scott Howe, LiveRamp CEO.
LiveRamp is advised by Evercore and Baker McKenzie. Habu is advised by Goldman Sachs and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian.
The Bank of Princeton, a provider of commercial banking services, agreed to acquire Cornerstone Bank, a financial institution offering a full range of banking and loan services in New Jersey, for $18m.
"We are thrilled to announce the agreement with Cornerstone Financial. Cornerstone represents the second acquisition we have announced in the last 15 months, and further supports our growth in the southern New Jersey market, while doing so in a manner that is minimally dilutive to tangible book value and accretive to our earnings. It provides a great opportunity to combine two community banks that share a deep commitment to their local markets, fills in our South Jersey branch presence and enhances our core banking franchise. We are excited to welcome Cornerstone's employees, customers, and shareholders to Princeton Bancorp, and we believe this transaction will enhance our long-term profitability metrics and earnings growth rate. This acquisition aligns with our continued vision of being the premier community bank in all of our markets," Edward J. Dietzler, The Bank of Princeton President and CEO.
The Bank of Princeton is advised by Raymond James and Stevens & Lee. Cornerstone Bank is advised by Janney Montgomery Scott and Windels Marx Lane & Mittendorf.
Welsh, Carson, Anderson & Stowe, a technology-focused private equity firm, agreed to acquire a majority stake in EquiLend, a securities lending platform. Financial terms were not disclosed.
"We are thrilled to embark on this journey with WCAS, a firm known for its commitment to building enduring market leaders and track record supporting leading financial technology companies. This partnership represents a significant milestone for EquiLend and, in turn, for our market. WCAS's support will be instrumental in accelerating our mission to deliver essential solutions to the securities finance industry. Together, we are committed to setting new standards in the industry and achieving unprecedented success for our clients and stakeholders," Brian Lamb, EquiLend CEO.
WCAS is advised by Citigroup and Kirkland & Ellis. EquiLend is advised by Broadhaven Capital Partners and Paul Hastings.
Arlington Capital-backed Avenu Insights & Analytics, a provider of analytics and administrative solutions, completed the acquisition of the state and local government division of Finvi, a provider of court case management, collections workflow and integrated electronic payments software that services over 700 state and local jurisdictions. Financial terms were not disclosed.
"The integration of Finvi SLG represents a transformative leap forward in our quest to revolutionize state and local government Justice operations. The addition of Finvi SLG will enable us to offer a more comprehensive suite of solutions and services that will not only enhance government digital transformation but also positively impact communities," Paul Colangelo, Avenu CEO.
Lithium Venture in Chile in talks with EV firms to invest in mine project. (FS)
A joint venture valued at $1.5bn to $2bn that wants to become Chile’s third lithium producer is in talks with investors to bankroll its project, Bloomberg reported.
Simco Lithium, owned by a Singaporean investment fund and a Chilean business group, is exploring the sale of a non-controlling stake, said Sebastian Yang, a board member representing the Simbalik fund. While the around $600m project is too small to appeal to major mining firms, there is interest from battery and electric-vehicle makers.
Windjammer Capital closes fund VI with $1.3bn in commitments. (FS)
Windjammer Capital Investors, a national private equity investment firm focused on control equity investments in middle-market businesses, announced the closing of its sixth fund, Windjammer Capital Fund VI at its hard cap. Fund VI and affiliated funds closed at $1.3bn in total capital commitments, exceeding its initial target of $1bn and representing an increase of 48% greater than the firm’s $870m Fund V. Windjammer now has raised and managed more than $3bn of capital targeting control-oriented equity investments and has completed more than 60 platform investments and 160 strategic add-ons throughout its history.
"The success of this fundraise was highlighted by the backing from both existing and new investors, who understand and value the model we’ve built which focuses on finding investments whose core investment attributes provide downside protection as well as significant upside,” Gregory Bondick, Windjammer Managing Principal.
KSL exceeds $1bn target in final close of fourth private credit fund. (FS)
KSL Capital Partners, a PE firm specialising in travel and leisure enterprises, has completed the final close of its fourth private credit fund, KSL Capital Partners Credit Opportunities Fund IV, with total commitments of $1.26bn, exceeding its $1bn target.
“Similar to our prior credit funds, Credit Fund IV will seek to provide flexible capital solutions exclusively in the travel and leisure sector with a primary focus on high barrier to entry urban and resort destinations across the United States,” Craig Henrich, KSL Partner and Head of Credit.
Eaton names Johnson Controls finance chief as next CFO. (People)
Power management company Eaton named Johnson Controls finance chief Olivier Leonetti as its next CFO. Leonetti will take over his new role on February 5th. He succeeds CFO Thomas Okray, who is departing the Dublin, Ireland-based company to be with his family in Arizona, WSJ reported.
Leonetti has served since 2020 as CFO of Johnson Controls International, the industrial conglomerate. His last day at the company will be on January 30th. Before joining Johnson Controls, he served as CFO at Zebra Technologies, a logistics equipment company, and Western Digital, a data storage company.
EMEA
Ontario Teachers' Pension Plan Board, a global investor, completed the acquisition of a majority stake in Seven Investment Management, a wealth management, asset management and platform services company, from Caledonia Investments, a self-managed investment trust company for £255m ($323m).
"The team and I would like to thank Caledonia for their support and resources over the years in helping 7IM to deliver on its strategy and vision. Caledonia's enduring capital approach has allowed us to focus on what is right for 7IM, our colleagues and, most importantly, our clients. We are now well positioned for our next phase of growth, and I am excited about our new partnership with OTPP, who are deeply supportive of the team and the firm's strategy. With OTPP's support, we look forward to starting a new chapter in 7IM's history and accelerating our growth to cement our position as one of the leading vertically integrated wealth managers in the UK which encompasses an award-winning platform and leading multi-asset investment management capabilities," Dean Proctor, 7IM CEO.
Sun Pharma, an Indian multinational pharmaceutical company, agreed to acquire the remaining stake in Taro Pharmaceutical Industries, an Israeli research-based pharmaceutical manufacturer, for $348m.
"Over the years, with Sun Pharma's strategic interventions, Taro has remained a key player in the generic dermatology market in a challenging environment. Post completion of the merger, the combined entity will firmly move forward, leveraging its global strengths and capabilities to better serve the needs of patients and healthcare professionals," Dilip Shanghvi, Sun Pharma Managing Director.
Bridgepoint, an investment firm, completed the acquisition of a 75% stake in Fera Science, a provider of environmental testing, research, and advisory, from Capita, an international business process outsourcing and professional services company, for £60m ($76m).
"We are very pleased to have agreed the sale of our stake in Fera after a competitive auction process. Capita and Defra have partnered together to grow and professionalise Fera over the past eight years, creating significant value for us and the taxpayer," Jon Lewis, Capita CEO.
Kohler, a privately held company that designs and manufactures kitchen and bath products, completed the acquisition of KLAFS, a Germany-based manufacturer of saunas, steam rooms, and other hydrothermal, from Egeria, an independent pan-European investment company. Financial terms were not disclosed.
“As a privately held, global company celebrating our 150th anniversary, Kohler has always embraced a relentless pursuit of providing exceptional products, services, and experiences for our customers. KLAFS is an international market leader with a stellar reputation that shares our passion for innovation and delighting customers. We look forward to welcoming the KLAFS organization to Kohler and, together, driving continued growth in sauna and spa solutions,” David Kohler, Kohler Chair and CEO.
JD Sports Fashion, a chain of retail stores which sell brand-name sports and leisure wear, completed the acquisition of the remaining 40% stake in Marketing Investment Group, a company that is operating in the footwear and clothing market. Financial terms were not disclosed.
"Acquiring the remaining 40% stake in MIG allows us to accelerate the development of JD in Central and Eastern Europe, the strong foundations for which have been established alongside the outgoing shareholders. Increasing JD's presence in the region through new store openings and further investment in our omnichannel capabilities is a key part of the strategic growth plan set out at our Capital Markets Day presentation. The complementary Sizeer brand provides a strong platform for the MIG business and the JD brand has evidenced strong initial traction with the consumer, which we will continue to build upon. We look forward to closing the transaction and continuing an exciting journey with the local management team," Régis Schultz, JD Sports Fashion CEO.
Commerzbank, an international commercial bank based in Germany, agreed to acquire a 74.9% stake in Aquila Capital, an investment management company. Financial terms were not disclosed.
"Since 2006, the core focus of our business at Aquila Group has been to contribute to the decarbonization of the global economy. The shift towards renewable energy and a "green industrialization" opens up investment opportunities that not only offer attractive returns but will also become increasingly important due to the rapidly growing capital requirements in the coming years. Against this backdrop, we are intensifying our efforts to mobilize private capital. The partnership with Commerzbank significantly expands our client network, facilitates the swift development of new, attractive investment products aimed at a net-zero economy and strengthens Aquila Group's position in the market. Together with Commerzbank, we plan to significantly enhance Aquila Capital Investmentgesellschaft's prominent role as a sustainable real asset investor and expand it internationally," Roman Rosslenbroich, Aquila Co-Founder and CEO.
Bain mulls £2bn sale of payroll tech firm Zellis. (FS)
Bain Capital is considering a sale of Zellis that could value the UK payroll software firm at about £2bn ($2.5bn), Bloomberg reported.
The buyout firm has been discussing exit options with potential advisers. It could start a sale process later this year. Deliberations are at an early stage and Bain could decide to keep the asset for longer.
Italy plans to sell €2bn Eni stake to reduce debt.
Italy’s government is planning the sale of up to 4% of Eni after the oil company completes a buy-back plan, a deal which would allow Rome to reduce its mammoth debt.
Prime Minister Giorgia Meloni’s administration aims to gain about €2bn ($2.2bn) from the sale of the stake, as part of its privatization push. The proposals are still being worked out and could change, Bloomberg reported.
Saudi Arabia flags commodity trading ambitions with DME stake.
The owner of Saudi Arabia’s stock market has acquired a 32.6% stake in the Dubai Mercantile Exchange as it seeks to diversify its revenue and gain access to oil, metals and agricultural trading, Bloomberg reported.
Saudi Tadawul Group bought the holding in the DME for SAR107m ($28.5m), making it the joint largest shareholder along with US-based CME Group.
Sainsbury's to gradually withdraw from banking.
British supermarket Sainsbury's said it would wind down its banking business and instead offer financial products through third parties as part of a strategy to focus on its core retail operations.
Sainsbury's, Britain's second-largest grocer, said it would switch to a distributed model for banking, with products provided by financial services companies, as it already does for insurance, Reuters reported.
Pantheon closes $5.3bn infrastructure secondaries fund-it's largest fundraise. (FS)
Global private markets investor Pantheon has raised $5.3bn for its infrastructure secondaries fund, marking the firm's largest-ever fundraising, DealStreetAsia reported.
Pantheon Global Infrastructure Fund IV and associated vehicles, or PGIF IV, launched in 2021, garnered commitments from a wide range of institutional and private wealth investors across Asia, North America, Europe, and the Middle East.
Committed Advisors closes fifth flagship secondary fund at €2.6bn. (FS)
Committed Advisors has held the final closing of its fifth secondary fund, Committed Advisors Secondary Fund V, with €2.6bn ($3.3bn) of total capital commitments, surpassing its original €2.4bn ($3bn) fundraising target.
CASF V is more than 65% larger than its 2020 vintage predecessor fund, which the firm says reflects the “confidence and trust” placed in its team by more than 230 investors, comprising sovereign funds, pension plans, endowments & foundations, financial institutions, family offices and high-net-worth individuals across Europe, North America, and the Asia‑Pacific region.
Impact investor Blue Earth Capital raises $378m for climate growth strategy. (FS)
Blue Earth Capital, a Swiss impact investor that has been active in Asia, has raised $378m in total commitments for its latest dedicated private equity climate impact strategy, DealStreetAsia reported.
In a statement, the firm said it secured $308m for BlueEarth Climate Growth Fund I and an additional $70m in commitments for its tailored mandate and co-investments. BlueEarth Climate Growth Fund I will invest in companies working to accelerate the net zero transition, improve resilience to climate change, and promote a circular economy. It targets venture and buyout deals across both North America and Europe.
Permira Credit appoints new Co-Heads. (FS, People)
Permira Credit, a European alternative credit investor, has promoted David Hirschmann, who joined the business in 2015, and Ariadna Stefanescu, who has been with the firm since inception in 2007, to Co-Heads of the business, with immediate effect.
Hirschmann, who has over 25 years of experience in European private credit, has led the growth of Permira Credit’s direct lending business from an AUM of €1bn ($1.3bn) in 2015 to approximately €12bn ($15bn) today. In his new role, he has primary responsibility for private credit, including both direct lending and strategic opportunities.
APAC
Total Energy Services, a provider of various services in the field of contract drilling, rentals, transportation, contract well and fabrication, agreed to acquire Saxon Energy Services Australia, a provider of land drilling and well construction services, from Schlumberger, a technology company that offers energy technology services, for $37m.
When completed, the acquisition will increase the depth capacity of Savanna Australia's drilling rig fleet, add experienced local personnel and expand Savanna Australia's customer base.
Schlumberger is advised by Canaccord Genuity.
DMI Group, a pan-India financial services platform, agreed to acquire ZestMoney, a fully automated digital customer onboarding and servicing system. Financial terms were not disclosed.
“ZestMoney has been a pioneering provider of checkout finance in India. We are always looking for best-in-class solutions to enhance both the engagement with - and the experience of - our customer and merchant base. We have been partnered with ZestMoney for 8+ years in various capacities. We firmly believe that this acquisition will be an important step in our journey to provide digital financial inclusion at scale across India,” Shivashish Chatterjee, DMI Group Co-Founder and Joint Managing Director.
DMI Group is advised by Concept PR.
GIP eyeing up to 49% stake in Malaysian port operator, could value MMC Port at $6bn. (FS)
Global Infrastructure Partners (GIP) is in talks to buy up to a 49% stake in MMC Port in a deal potentially valuing Malaysia's biggest port operator at around MYR30bn ($6.4bn), Reuters reported.
The infrastructure investor has begun seeking financing for the potential acquisition of a stake in MMC Port, part of the MMC conglomerate controlled by Malaysian tycoon Syed Mokhtar Al-Bukhary.
Indian government to sell up to 3.5% stake in NHPC.
The Indian government will sell up to 3.5% stake in state-run NHPC through an offer for sale, Reuters reported.
The proposed stake sale will see the government divest 2.5% of the renewable energy major's stock with an option to sell an additional 1%. The floor price for the sale has been fixed at INR66 per share, a nearly 10% discount on the stock’s closing price on the 17th of January.
India's Haldiram's seeks to buy rival Prataap Snacks.
Indian snacks maker Haldiram's is in talks to acquire a majority stake in listed rival Prataap Snacks which is valued at $350m, to expand its presence in the potato chip market, Reuters reported.
Prataap Snacks shares in Mumbai jumped about 13% to their highest levels since 2018 after the news, before paring some gains to close 9.7% higher.
Deutsche Bank’s Korea country chief said to be joining Stonepeak. (FS, People)
Deutsche Bank’s chief country officer for South Korea, Sungeun Ahn, is leaving to join Stonepeak and help lead the investment group in the North Asian country, Bloomberg reported.
Ahn is joining as chairman of Stonepeak in South Korea and will be based in Seoul. He will help boost the investment fund’s business in the Asia Pacific region, with a focus on infrastructure assets such as renewables, energy transition, transportation, logistics and digital infrastructure.
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