AMERICAS
Aurora Capital Partners completed the acquisition of FMG Suite, a provider of cloud-based marketing automation software for financial services professionals, from K1 Investment Management, an investment firm focusing on high-growth enterprise software companies. Financial terms were not disclosed.
"We are thrilled to partner with FMG Suite. FMG Suite is an ideal fit with our investment strategy, demonstrating outstanding market leadership, stability, and growth potential. Scott White and his team fit naturally with our culture given their commitment to excellence, transparency, and personal growth, and we are delighted to partner with them for FMG Suite's next chapter," Rob Fraser, Aurora Partner.
FMG Suite was advised by Lincoln International and Morris Manning & Martin. Aurora was advised by Harris Williams & Co and Gibson Dunn & Crutcher.
BayVanguard Financial, the parent company of BayVanguard Bank, agreed to acquire Delmarva Bancshares, a bank holding company and parent of 1880 Bank, for $54m.
"This combination will be positive for both banks. We believe our customers will benefit from BayVanguard's increased capital and lending capacity while still maintaining local decision making and the exceptional service they have become accustomed to at 1880 Bank," Kim C. Liddell, Delmarva Bancshares Chairman, President and CEO.
Delmarva Bancshares is advised by Raymond James and Nelson Mullins Riley & Scarborough. BayVanguard Financial is advised by Banks Street Partners and Luse Gorman.
Apax Digital, the growth equity team of Apax Partners, led a $100m funding round in Payfone, a software and data analytics company based in New York. Joining the investment round are new investors Sandbox Insurtech Ventures and Ralph de la Vega, the former Vice Chairman of AT&T. Existing investors MassMutual Ventures, Synchrony, Blue Venture Fund, Wellington Management, and former CEO of LexisNexis Andrew Prozes also participated.
"The mobile phone is rapidly becoming the secure passport for navigating our digital lives. With one in three US consumers already authenticated by Payfone, this investment accelerates our ability to set the standard for the authentication process. As we build out a cross-industry consortium, more enterprises will be able to access Payfone's real-time fraud and risk signals to prevent account takeovers while passing more transactions," Rodger Desai, Payfone CEO.
Apax Partners was advised by Greenbrook and Kekst CNC
White Wolf Capital-backed NSC Technologies, an innovative staffing firm, agreed to acquire Anistar Technologies, a staffing company. Financial terms were not disclosed.
"We are excited about what the future will bring as a result of this new partnership. Anistar further expands NSC's presence within the technical and professional staffing segment, and also brings additional blue-chip clients to add to NSC's existing roster of other blue-chip clients," Richard Leggio, White Wolf Managing Director.
Anistar Technologies is advised by LCG Capital Advisors.
Inverness Graham, a private investment firm, agreed to acquire Catheter & Medical Design, a developer and manufacturer of catheters and catheter shafts for interventional and endosurgical applications. Financial terms were not disclosed.
"As medical device companies continue to outsource their complex design and manufacturing needs, we expect CMD to become an increasingly important strategic partner. We look forward to leveraging our industry expertise and robust network to build upon CMD's impressive performance and will look to drive growth both organically and through strategic acquisitions, while also looking to enhance their in-house capabilities and expand geographic reach," Aliya Khaydarova, Inverness Graham Managing Principal.
Inverness Graham is advised by Paul Hastings.
SOMPO, a Japanese insurance holdings company, completed the investment in Palantir Technologies, the Silicon Valley data company, in a $500m deal.
"The current Covid-19 pandemic has caused significant changes in both the behaviours and values of our society. My confidence in the common vision shared by SOMPO and Palantir of 'a better world and happiness for people' has strengthened further. Regardless of coming from different countries and backgrounds, with a unified vision and common language of 'Real Data', we will strive to create an exciting, values-driven business model that no one else has yet accomplished," Kengo Sakurada, SOMPO Group CEO, Director, President and Representative Executive Officer.
Bayou City Hemp Company, a Houston-based hemp processing and extraction company, completed the acquisition of LeafLife Wellness, a Dallas-based cannabidiol retail company. Financial terms were not disclosed.
"The addition of a retail line that has the same emphasis on high-quality clean CBD and other key ingredients in its products, made for a strategic fit within our organization. The continually expanding product lineup developed and manufactured by LeafLife Wellness is distributed directly online under its retail brand, through distributors, as well as, white-label customers nationwide. We are already formulating a variety of exciting new products including sun care, pet care, therapy and wellness, as well as a men's specific line," Scott Weldon, Bayou City Hemp Vice President of Sales & Marketing.
Improving, a technology consulting company, completed the merger with iTexico, a global software technology company. Financial terms were not disclosed.
"The mutual benefits of joining forces with a business-like iTexico are significant. We are now able to serve both new and existing customers in ways that neither company alone could prior to our merger. It will immediately provide noticeable value to our existing partners by giving them access to new and critical services. Equally as important, our companies' values and cultures seem unusually aligned. iTexico has a noticeable commitment to an inclusive culture with an equal expectation of delivery excellence. This merger is truly exciting," Curtis Hite, Improving CEO.
Group Management Services, an employee administration provider, agreed to acquire Corporate Business Solutions, a Georgia-based Human Resources Outsourcing provider. Financial terms were not disclosed.
"The acquisition by GMS will enable CBS to further deliver on its promise to provide our clients a wide array of quality insurance products that are affordably priced. Enhancing our clients' competitive edge has always been core to CBS – this accelerates our ability to do that for our many valued clients," Jim Karle, CBS President.
American Airlines seeks $3.5bn in new financing.
American Airlines Group intends to secure $3.5bn in new financing to improve the airline's liquidity as it grapples with travel restrictions caused by the coronavirus.
The company seeks to raise $1.5bn by selling shares and convertible senior notes due 2025. Additionally, the airline will offer $1.5bn in senior secured notes and considering entering into a new $500m term loan facility due 2024.
Philadelphia refinery sale expected to close next week for $28m less.
Hilco Redevelopment Partners, a provider of infrastructure construction services, is expected to close its acquisition of Philadelphia Energy Solutions oil refinery site next week for $28m less than planned.
Hilco Redevelopment Partners won an auction in January to buy the south Philadelphia refinery with plans to transform it into a mixed-use industrial park for $252m.
Hilco, citing economic uncertainty caused by the coronavirus pandemic and higher-than-expected environmental costs tied to cleaning up PES land, asked to amend the agreement and delay the sale earlier this month. PES agreed to lower the price contingent partly on Hilco finalizing the deal by June 26.
Albertsons seeks to raise $1.3bn in IPO. (FS)
Cerberus Capital-backed Albertsons, a US grocery retailer, targets to raise up to $1.3bn in its IPO. The listing would pave the road for Cerberus to exit the company.
Albertsons said certain selling stockholders are offering 65.8m shares at an indicative price range of $18 to $20 per share. The grocery retailer will not receive any proceeds from the IPO, Reuters reported.
The upper end of the range would value the company at $11.6bn, based on outstanding shares, including certain convertible preferred stocks.
ArcelorMittal intends to sell its Canadian infrastructure assets.
ArcelorMittal, an Indian multinational steel manufacturing corporation, is considering selling a 420-km railway and other infrastructure assets in Canada to reduce debts and strengthen its balance sheet, FT reported.
Selling either the entire infrastructure entity or a stake in it would help the company achieve its target of reducing net debt to $7bn from $9.5bn currently.
Engie's perspective for acquiring a 10% stake in TAG improved.
Engie Brasil, a major Brazilian utility company, is considering acquiring a 10% stake in the natural gas pipeline company TAG from local state-run oil company Petrobras, given the positive performance of the business.
"The operation is better than what we expected, especially given funding costs are lower than what we calculated," Eduardo Sattamini, Engie Brasil CEO.
Revere Plastics Systems completed the acquisition of two Techniplas plants.
Revere Plastics Systems, a manufacturer of highly-engineered plastic injection molded parts and assemblies, acquired the Auburn, Alabama and Ankeny, Iowa facilities of Techniplas, a design and manufacturing provider of engineered products and services. Financial terms were not disclosed.
"This acquisition gives Revere a valuable footprint in the Southeast and Midwest markets, especially as we continue to diversify our products and end-markets," Glen Fish, Revere CEO.
Piramal Pharma Solutions to acquire a drug production facility in Pennsylvania from G&W Laboratories.
Piramal Enterprises' Pharma Solutions business, a contract development and manufacturing organization, entered into an agreement with G&W Laboratories to acquire its solid oral dosage drug product manufacturing facility located in Sellersville, Pennsylvania. The transaction closure is subject to customary pre-closing conditions. Financial terms were not disclosed.
"Many of our customers are looking for US-based manufacturing partners to expand and support their pipeline. This acquisition strengthens our ability to partner with them on best-in-class drug products. It enhances our market-leading integrated services offering by adding a solid oral dosage capability in the US. We now offer solid oral drug product development and commercial manufacturing in all our major geographies, addressing a previously unmet customer need and strengthening our ability to work globally with customers to reduce the burden of disease on patients," Peter DeYoung, Piramal Pharma Solutions CEO.
IMC Alimentacao considers share offering.
International Meal Company Alimentacao, a Brazilian restaurant operator, is considering a share offering to raise money. IMC intends either a private capital raise similar to what cosmetics maker Natura completed, with commitment of its main shareholders to the capital increase, and a marketed follow-on to all investors.
The company hired investment banking units of Banco BTG Pactual and XP as advisors in a potential share offering.
BTG Pactual to raise $400m to challenge rival XP.
BTG Pactual, a Brazilian investment bank, intends to raise $377m through a share offering to boost its digital retail banking. The bank aims to sell 28.5m new units, comprising one common share and two preferred shares. Including overallotments, the offering may reach 35.6m units.
The proceeds will be used to expand its newly-launched digital consumer banking platform while keeping a high level of capitalization.
EMEA
Livingbridge, a mid-market private equity firm, is set to invest in Chill Insurance, an insurance and financial services group. Financial terms were not disclosed.
"Chill represents a fantastic opportunity to back a multi-product insurance provider which is uniquely positioned to grow in a large and attractive market. Michael and the management team have all the ingredients we look for in an investee company and we look forward to working with them on accelerating the growth of the business through the M&A strategy over the coming years," Xavier Woodward, Livingbridge Partner.
Chill Insurance is advised by LEK Consulting, KBW Ventures, KPMG, Flynn O'Driscoll and Capnua & Twomey Moran. Livingbridge is advised by Intechnica, Oliver Wyman, Deloitte, PricewaterhouseCoopers, A&L Goodbody, Travers Smith and Citigate Dewe Rogerson. Debt financing is provided by Pemberton.
Inflexion completed the acquisition of Rosemont Pharmaceuticals, a liquid pharmaceuticals business, from Perrigo, an Irish–registered manufacturer of private label over-the-counter pharmaceuticals, for $195m.
"We are delighted to be partnering with Rosemont on their journey to become a standalone business. Our experience in helping businesses to become independent combined with our success in growing healthcare businesses make us confident our partnership will be an excellent foundation for further innovation and new product development," Simon Turner, Inflexion Managing Partner.
Inflexion was advised by Rothschild & Co. Perrigo was advised by Macfarlanes.
Mediawan, a French media conglomerate, agreed to acquire Lagardere Studios, a creator, distribution and manager of audiovisual content, from Lagardere, a multinational media conglomerate, for $110m.
"Lagardère Studios is a key player in the European audiovisual production market. We are very excited at the prospect of working with the terrific Lagardère Studios teams to create new content for the European public," Pierre-Antoine Capton, Mediawan Chairman of the Management Board.
Facebook completed the acquisition of Mapillary, a service for sharing crowdsourced geotagged photos. Financial terms were not disclosed.
Mapillary Chief Executive Officer Jan Erik Solem, who founded the Malmö-based startup after leaving Apple in 2013, said his company's technology would be used to power products like Facebook Marketplace and supply data to humanitarian organizations.
Investcorp-backed Calligo, a managed data services provider, completed the acquisition of Itomic Voice & Data, a Cork and Dublin-based IT managed services provider. Financial terms were not disclosed.
"With the addition of Itomic Voice & Data, we are now one of the largest IT service providers in Ireland, with sizeable presence in both Cork and Dublin – Ireland's two largest economic regions – and the capability to serve businesses throughout the country. We focused our current expansion strategy on Ireland because of its growing number of innovative businesses developing new data-reliant tools and services. We believe Irish businesses stand to gain enormously from our services and expertise, particularly in international data privacy," Julian Box, Calligo Founder and CEO.
Eurazeo-backed Planet, a payments company, agreed to acquire 3C Payment, a payment solutions provider. Financial terms were not disclosed.
When combined with Planet, we create a new and unique proposition that simplifies the payment experience for merchants, acquirers and their customers. While the Covid-19 pandemic has left global markets in a state of uncertainty, this deal leaves us well placed to support even more businesses as demand bounces back," Patrick Waldron, Planet CEO.
Swedish telehealth startup KRY agreed to merge with Helsa, one of Sweden's largest healthcare companies. Financial terms were not disclosed.
"With KRY's merger with Helsa, our patients can continue to seek care from KRY digitally, whilst also receiving face-to-face care at more physical care centers in Sweden than we've previously been able to offer. This enables us to treat more symptoms whilst continuing to provide high-quality care that puts patients' choice first," Erik Hjelmstedt, KRY Swedish General Manager.
Affluence, a diversified technology company, agreed to acquire Flexiant IP, a provider of cloud orchestration software for on-demand, fully automated provisioning of cloud services. Financial terms were not disclosed.
"This is one of several planned acquisitions we intend to execute this year. Flexiant is a leading cloud orchestration business and provides solutions aimed solely at helping service providers capture the cloud market opportunity. Cloud orchestration is an essential part of offering any cloud services. Not only does it offer cost-saving and automation benefits to cloud service providers, it also enables them to innovate and differentiate to drive revenue growth. For consumers of public cloud, cloud orchestration is essential for self-service provisioning, accurate metering and billing and centralized capabilities for everything cloud," James Honan, Affluence CEO.
Glennmont Partners, Europe's fund manager focusing on clean energy infrastructure, and PGGM, a cooperative pension investor in the Netherlands, have set up a Green Energy Management Services joint venture. Financial terms were not disclosed.
The entity will be responsible for managing, operating and building assets across Italy. It will also provide services to third party clients.
Lufthansa intends to sell Brussels Airlines or let it go bankrupt.
Lufthansa, the largest German airline, could let its Belgian subsidiary Brussels Airlines go bankrupt or sell it, Reuters reported.
Talks to save the Belgian airline been have stalled for weeks but directors of Lufthansa, which has itself been bailed out by the German government, and Brussels Airlines met on Monday to discuss a plan for its future.
Belgium's government said last month it was committed to reaching a $336m deal with Lufthansa to save Brussels Airlines if its future was guaranteed.
Uzbekistan to sell stake in Coca-Cola JV.
Reuters reported that the government of Uzbekistan is set to sell a stake in its joint venture with Coca-Cola through open bidding and plans to hire foreign investment banks to arrange the deal.
Uzbekistan holds a 57.1% stake in the company which is one of the biggest players in the soft drinks market of the Central Asian nation of 34m. Uzbekistan's State Asset Management Agency which announced the sale plans in a brief statement provided no other details of the potential deal.
UK to tighten takeover regulations to protect virus-fighting firms.
The UK introduces legislation to make sure British businesses involved in fighting the coronavirus pandemic are not susceptible to hostile foreign takeovers, the Department for Business, Energy and Industrial Strategy said.
"The UK is open for investment, but not for exploitation. These powers will send an important signal to those seeking to take advantage of those struggling as a result of the pandemic that the UK government is prepared to act where necessary to protect our national security," Alok Sharma, UK Business Secretary.
Eurazeo hires banks to advise on the sale of the payments business. (FS)
Eurazeo, a European buyout fund, reportedly hired Citigroup and Evercore to advise on the sale of Planet, a payments company. The deal could value the business up to $2bn, according to Reuters.
Citigroup and Evercore were the winners in a race to become financial advisors. Eurazeo's value of Planet's deal will be 15 to 20 multiple of Planet's core earnings that constitute $112m, with the final price above $1.7bn.
Key investor pushes for Campari's Netherlands move after buying withdrawn shares.
Campari's controlling shareholder claims the spirits group's planned move of its registered office to the Netherlands will succeed, saying it was supporting the move by buying shares from investors who had exercised withdrawal rights, according to Reuters.
The Aperol maker announced in February that it planned to move its registered office to Amsterdam and introduce an enhanced loyalty share scheme, a move aimed at increasing M&A opportunities.
Telkom to cash in on its Towers business.
Telkom, a South African wireline and wireless telecommunications provider, is looking to generate more value from its mobile-tower business, including a potential sale or spinoff.
Telkom could unlock as much as $425m in additional value from selling all of its multi-tenant mobile tower portfolio, Bloomberg reported.
Priveq raises $267m for sixth fund. (FS)
Priveq, a Nordic lower mid-market growth and buyout group, which invests in companies within the consumer, healthcare, IT and software sectors, closed its sixth fund on $267m in three months.
The fund's investors include existing and new Nordic, European and North American investors, including public and private pension funds, insurance companies, charitable foundations, endowments, public institutions, family offices and fund-of-funds.
"We managed to follow our time plan in a pure digital process, thanks to strong support from existing investors and established relationships built over many years with new investors," Magnus Hardmeier, Priveq Executive Chairman.
Spanish groups launch a fund of funds with $250m in commitments. (FS)
Mapfre, an insurance company, and asset managers Abante and Altamar agreed to launch a fund of funds of $250m. The fund will target private equity markets.
The portfolio will be balanced against risk and return, ranging from short-term and long-term investment periods. Geography will cover Europe and the US, and the investment values will vary.
Prime Capital raised $227m for the first closing of Prime Green Energy Infrastructure Fund. (FS)
German independent asset manager Prime Capital reached a €202m ($227m) first closing on its Prime Green Energy Infrastructure Fund, its first commingled product in the infrastructure space.
"Our value-add strategy, coupled with the economies of scale achievable in the Nordics and the region's excellent wind resources, enables us to achieve superior market returns to other renewable energy investments in Europe. At the same time, we are investing in some of the most stable global economies, with a strongly growing demand for electricity and ambitious climate goals", Mathias Bimberg, Prime Capital Head of Infrastructure.
LSEG boss named as new FCA chief executive. (People)
Financial News reported that Nikhil Rathi, CEO of the London Stock Exchange, has been announced as the next chief executive of the Financial Conduct Authority, the City regulator.
Rathi is expected to take up the post in autumn, succeeding interim chief Christopher Woolard, who took over in March 2020 after Andrew Bailey left to become governor of the Bank of England.
Head of UK competition regulator to step down. (People)
Andrew Tyrie intends to leave his post as chairman of the UK’s competition regulator in September, citing “inherent limits” of the position.
“I now want to make the case more forcefully for legislative and other reform than is possible within the inherent limits of my position as CMA Chairman,” Andrew Tyrie.
Shandong Gold, a state-owned Chinese gold mining company, offered to acquire Cardinal Resources, a West Africa‐focused gold exploration and development company, for $221m. The offer represents a 31.1% premium to the Nord Gold indicative proposal on March 16, 2020.
"We have tremendous respect for the Cardinal organization for the manner in which it has advance Namdini to its current development status. We are conscious of the strong working relationship Cardinal has developed with its local Ghanaian community over many years and how important the development of Namdini is to both the local community and to the country of Ghana. We look forward to continue to build on this close relationship for the benefit of all stakeholders of the Namdini Project," Li Guohong, Shandong Gold Chairman.
Cardinal Resources is advised by BMO Capital Markets, Canaccord Genuity, Hartleys, Maxit Capital, Bennet Jones and HopgoodGanim Lawyers. Nord Gold is advised by Bacchus Capital and DLA Piper.
LLCP-backed Trinity Consultants, an environmental solutions provider, completed the acquisition of Vision Environment, a provider of water quality monitoring services. Financial terms were not disclosed.
"We are pleased to bring Vision Environment onto the Trinity platform as we expand our environmental consulting service offerings. The acquisition bolsters Trinity's expertise in water quality monitoring and further expands our geographic presence in the Australian market," Jay Hofmann, Trinity President and CEO.
LLCP was advised by Kekst CNC.
Maple Leaf Educational Systems, an international schools operator, agreed to acquire Canadian International School, a premium international school in Singapore, for $500m.
"The acquisition of CIS is an excellent fit with our strategy to grow internationally and gives MLES a base in the attractive international school sector in Singapore. Following the acquisition, overseas schools will generate approximately 30% of MLES's total revenue. The combination of CIS and MLESwill enhance the competitive position of the Group in the ASEAN region, and support MLES's long-term growth and business prospects," Sherman Jen, MLES Chairman.
Mubadala to double down on tech sector after $1.2bn Jio acquisition. (FS)
“We are, from a relative perspective, under-invested in Asia. So you’ll see us grow our portfolio in Asia and expect us to do more in the med-tech space, artificial intelligence, life sciences, agribusiness. These are spaces we like,” Khaldoon Al Mubarak, Mubadala CEO.
JP Morgan gets China's permission for first fully foreign-owned futures business.
China approved JP Morgan’s application to operate the first fully foreign-owned futures business, as the world’s second-largest economy pushes ahead with opening its multi-trillion-dollar financial market, Reuters reported.
The latest regulatory approval for a US financial services company coincides with tension between Beijing and Washington, increased by the Covid-19 pandemic and China’s move to impose security legislation on Hong Kong.
Toshiba considering the sale of a 40.2% stake in Kioxia.
Toshiba, a Japanese multinational conglomerate, plans to sell its 40.2% stake in Kioxia, a flash memory chips firm, and will return a majority of the net proceeds to shareholders.
The company wants to gradually unwind the stake, a process that would begin when the world's second-largest flash memory chip firm lists its shares later this year, Reuters reported. Kioxia could be valued at some $32bn when it lists.
Blackstone emerges as frontrunner for Larsen & Toubro mutual fund. (FS)
Blackstone Group is emerging as the frontrunner to acquire Larsen & Toubro's mutual fund arm, in what could be the first entry by a major foreign private equity firm into India's $350bn asset management industry, Bloomberg reported.
Blackstone aims to reach an agreement as soon as next month to buy a controlling stake in the L&T Mutual Fund business, which could be valued at more than $459m. It's been competing with rival Indian bidder IIFL Wealth Management.
Reliance becomes net-debt free after $15bn Jio deals. (FS)
Reliance Industries, an Indian multinational conglomerate, became free of net debt months ahead of a March 2021 target after raising more than $23bn from stake sales and a rights issue. Its shares closed at an all-time high.
India's most valuable company secured $15.2bn by bringing investors including Facebook and a slew of funds into the digital business at the heart of chairman Mukesh Ambani's ambition to transform his energy-led empire. Reliance also completed a $7bn share sale to existing shareholders and sold a stake in its energy business to BP.
Eni considers selling Pakistan assets.
Eni, an Italian multinational oil and gas company, is considering a sale of its energy exploration and production assets in Pakistan after operating in the country for about 20 years, Bloomberg reported.
The disposal includes Eni's producing assets in Bhit, Badhra and Kadanwari, as well as its processing facilities and several non-operating assets. It includes four exploration leases and eight development and production leases.
India seeks advisers to prepare Life Insurance for IPO.
India is seeking advisers to help Life Insurance, an Indian state-owned insurance group and investment corporation, prepare for an IPO. The advisers will help evaluate the capital structure of India's biggest insurer as well as aid the company in reworking its financial statement.
Prime Minister Narendra Modi's government is keen to go ahead with the IPO, potentially India's biggest, to help plug a widening budget gap. The pandemic has prompted the administration to boost market borrowing as revenue slumped following a nationwide lockdown.
Sri Trang Gloves seeks to raise $484m in IPO.
Sri Trang Gloves, a Thai rubber glove maker, plans to raise as much as $484m in the country's first IPO since the novel coronavirus outbreak. The company set an IPO price range of $1.03 to $1.09 per share and plans to sell as many as 445m new shares to Thai investors.
The listing comes amid increased demand for protective gear due the coronavirus outbreak, and improved risk appetite after Thai stocks rebounded from a slump in March. The company intends to invest $646m to double annual production capacity, Bloomberg reported.
GDS considers a secondary listing in Hong Kong.
GDS, a Chinese data centre company traded on the Nasdaq, is planning to sell shares in Hong Kong as early as this year, following in the steps of US-listed Chinese firms like NetEase and JD.com, Bloomberg reported.
GDS is working with investment banks on the potential transaction, which could raise about $1bn for the Shanghai-based firm. Deliberations are preliminary and both the timing and size of the deal could still change.
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