Shareholders of Perspecta, a US government services provider, approved the $7.1bn deal with Veritas-backed Peraton, a provider of solutions to the nation's most sensitive and mission-critical programs and systems. The proposed transaction is expected to close in the coming days.
"Through the combination with Peraton, we have assembled a strong portfolio of top-tier government technology providers with complementary offerings and are confident that the addition of our resources and industry expertise will enable Perspecta to deliver even greater value to its customers and stakeholders," Ramzi Musallam, Veritas Chief Executive Officer and Managing Partner.
Perspecta is advised by Goldman Sachs, Stone Key Partners, Paul Weiss Rifkind Wharton & Garrison and Joele Frank. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Veritas Capital is advised by Schulte Roth & Zabel and Sard Verbinnen & Co.
EQT, an independent natural gas production company, agreed to acquire the upstream and midstream subsidiaries of Alta Resources, a crude oil exploration company, for $2.9bn.
"Today marks another major milestone for EQT as we continue on our path to becoming the operator of choice for all of our stakeholders. The acquisition of Alta's assets represents an attractive entry into the Northeast Marcellus while accelerating our deleveraging path, providing attractive free cash flow per share accretion for our shareholders and adding highly economic inventory to EQT's already robust portfolio. In addition to increasing our long-term optionality, we believe this transaction accelerates both our path back to investment grade metrics and our shareholder return initiatives. We look forward to applying our differentiated modern operating model to maximize the prolific value embedded in these premier assets," Toby Rice, EQT President and CEO.
Alta Resources is advised by Citigroup and Kirkland & Ellis. EQT is advised by Bank of America and Latham & Watkins. Debt financing is provided by Bank of America and JP Morgan.
Sculptor Capital-backed Diamond Communications, a full-service wireless infrastructure provider, agreed to acquire Melody Wireless Infrastructure, a private US REIT that owns a portfolio of approximately 2.3k tenanted wireless communication sites, from Melody Capital Management, a private equity firm, for $1.6bn.
"Melody has built a great company with a diverse group of assets. This transaction is transformational for our business and will further solidify Diamond's position as one of the largest privately held wireless infrastructure companies in the United States. The Melody assets complement Diamond's existing portfolio and positions Diamond to drive long-term organic growth and significantly enhance our customer relationships. We are also excited to build on our relationship with Sculptor, which has supported Diamond from our founding in 2006," Ed Farscht, Diamond CEO.
Diamond is advised by Barclays and Morgan Lewis & Bockius. Sculptor is advised by Bryan Cave Leighton Paisner and Gasthalter & Co. Melody is advised by Goldman Sachs and Hogan Lovells. Debt financing is provided by Barclays.
ProAssurance, a specialty insurance provider, completed the acquisition of NORCAL Group, a health care insurance brokerage services, for $450m.
"The completion of the NORCAL transaction marks a significant milestone in our Mission to Protect Others. NORCAL is one of the leading writers of medical professional liability insurance in the country. We believe their contributions to our customers and culture will expand our product capabilities with broader geographic scale and efficiencies and will support a true nationwide platform to deliver value to our customers and stakeholders. We are delighted to welcome NORCAL's employees and policyholders to our family," Ned Rand, ProAssurance President and CEO.
NORCAL was advised by Piper Sandler, Waller Helms Advisors, Mayer Brown, McDermott Will & Emery and Morgan Lewis & Bockius. ProAssurance was advised by Goldman Sachs, Burr & Forman and Sidley Austin. Goldman Sachs was advised by Skadden Arps Slate Meagher & Flom.
Becton, Dickinson and Company, a global medical technology company, is set to spin-off its diabetes care unit into an independent, publicly traded company.
"The decision to spin off our Diabetes Care business is part of our active portfolio management and consistent with our BD 2025 strategy to Grow, Simplify and Empower," Tom Polen, BD Chairman, CEO and President.
Becton, Dickinson and Company is advised by PricewaterhouseCoopers, Morgan Stanley, Perella Weinberg Partners, Baker McKenzie, Skadden Arps Slate Meagher & Flom and Wachtell Lipton Rosen & Katz.
Sundial Growers, a licensed producer that crafts cannabis, agreed to acquire Inner Spirit Holdings, a retailer and franchisor of Spiritleaf recreational cannabis stores across Canada, for $106m.
"Sundial becomes a stronger and more diverse cannabis company by acquiring Inner Spirit and the Spiritleaf retail store network. Inner Spirit has successfully created a franchise-based retail network that has grown from coast to coast and offers a differentiated and premium in-store experience to consumers. Our shared Albertan roots and commitment to data-driven consumer insights make for an ideal partnership. Sundial's capital base will enable us to support continued expansion and deepen the capabilities of the Spiritleaf retail brand," Zach George, Sundial CEO.
Inner Spirit is advised by Echelon Wealth Partners and Burstall. Sundial is advised by ATB Capital and McCarthy Tetrault.
LS Power, a development, investment, and operating company focused on power generation, electric transmission and energy infrastructure, agreed to acquire a Solar Source portfolio from Public Service Enterprise Group, a publicly traded diversified energy company. Financial terms were not disclosed.
"This sale marks a key milestone in our Strategic Alternatives process as we continue our transformation into a primarily regulated utility. We also intend to continue our efforts to preserve our existing carbon-free nuclear fleet and to seek regional growth opportunities in offshore wind projects that fit with PSEG's Powering Progress strategy. PSEG is committed to clean energy and the pursuit of a sustainable business model," Ralph Izzo, PSEG Chairman, President and CEO.
PSEG is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz.
Kahoot, a learning platform, agreed to acquire Clever, a learning software provider, for $435m.
"Today's announcement marks a milestone in Kahoot!'s mission to make learning awesome. Clever and Kahoot! are two purpose-led organizations that are equally passionate about education and unleashing the potential within every learner. Through this acquisition we see considerable potential to collaborate on education innovation to better service all our users - schools, teachers, students, parents and lifelong learners - and leveraging our global scale to offer Clever's unique platform worldwide. I'm excited to welcome Tyler and his team to the Kahoot! family," Eilert Hanoa, Kahoot CEO.
Clever is advised by Whiteboard Advisors.
Cornerstone Building Brands, the largest manufacturer of exterior building products in North America, completed the acquisition of Prime Window Systems, a manufacturer of windows and doors. Financial terms were not disclosed.
"The acquisition of Prime Window advances our strategy towards profitable growth and operational excellence," James S. Metcalf, Chairman and CEO.
Prime Window Systems was advised by Raymond James.
Crestview Partners-backed SyBridge Technologies, a company in the tooling and mold industry, completed the acquisition of Toolplas Systems México, a tool manufacturer in Mexico. Financial terms were not disclosed.
The acquisition of Toolplas Mexico assets enables SyBridge to add a dedicated service center in the Queretaro area, where significant injection molding production is located.
SyBridge Technologies was advised by Kekst CNC.
Constellation Software, a Canadian diversified software company, agreed to acquire the collection and recovery business of Fair Isaac, a predictive analytics and decision management software company. Financial terms were not disclosed.
"We are proud of the FICO team that built and delivered these industry-leading products our clients rely on to make their collection and recovery processes efficient and effective. We are confident that Jonas will continue to invest in these solutions and support our clients and colleagues with the same commitment and partnership those clients and colleagues have come to expect," Will Lansing, FICO CEO.
Fair Isaac is advised by Wells Fargo Securities.
Genesys, a provider of cloud customer experience and contact center solutions, completed the acquisition of Bold360, a computer software developer, from LogMeIn, a provider of software as a service and cloud-based remote work tools. Financial terms were not disclosed.
"We are excited to welcome Bold360 to Genesys. We expect their AI-powered digital engagement coupled with Genesys solutions will be unmatched as we continue to enable our customers to orchestrate a differentiated experience," Barry O'Sullivan, Genesys Executive Vice President and General Manager of Genesys Digital and AI.
Genesys was advised by Nectar Communications.
Atlas Real Estate, a full-service real estate company specializing in investment brokerage, property management and institutional acquisition, completed the acquisition of Black Aspen Property Management, a property management company. Financial terms were not disclosed.
"We are excited to enter the Salt Lake City real estate market, and are looking forward to serving clients in this rapidly expanding metro area. Our entrance in the region comes on the heels of our announcement to form a joint venture partnership with DivcoWest to acquire and renovate single-family rentals in the western region of the US," Vincent Deorio, Atlas Real Estate Vice President of Corporate Development.
Atlas Real Estate was advised by Flackable.
InvestCloud, a provider of cloud-based financial digital solutions, agreed to acquire Advicent, the premier cash flow, trust and tax financial planning provider, from Vista Equity Partners. Financial terms were not disclosed.
The acquisition aims to create the world's leading financial planning solution. It does this by bridging the advisor-client communication gap by combining Advicent's cash flow, trust and tax financial planning engines with InvestCloud's digital client and advisor platform and existing market leading goal-based financial planning engines.
InvestCloud is advised by Metis Group.
Apexon, a digital solutions provider, agreed to acquire Adapty, a global digital commerce and customer experience solutions company. Financial terms were not disclosed.
"Becoming a part of Apexon brings in new opportunities to do more for our clients, to provide end to end solutions beyond digital commerce. This acquisition will also bring access to Apexon clients in the areas of digital commerce and customer experience along with the ability to expand further in the North America," Abhijit Mehta, Adapty Founder and CEO.
Apexon is advised by The PRactice.
Tiger Global and Coatue led a $250m Series C roundin Bitso, with participation from Paradigm, BOND, Valor Capital Group, QED, Pantera Capital and Kaszek.
"We are excited about Bitso because it is the first fully scaled compliance solution that enables consumers across Latin America to access the crypto economy. We believe access to this financial product has the potential to be game changing in Latin America and we look forward to supporting the Bitso team on its mission to expand crypto access to all," Michael Gilroy, Coatue General Partner.
Bitso was advised by Wachsman.
Fox, a media producer and distributor, agreed to acquire Outkick Media, an omnichannel marketing company, from Savage Ventures, a private equity firm. Financial terms were not disclosed.
"As FOX further diversifies our growing digital portfolio and broadens our position in the sports wagering ecosystem, there could be no better acquisition than Outkick. Clay and his team have quickly made Outkick a content powerhouse with a very large, loyal and engaged audience. We expect the synergies presented across FOX's existing portfolio of assets will turbocharge this exciting business," Lachlan Murdoch, Fox Corporation CEO and Chairman.
Outkick is advised by Methuselah Advisors.
MasTec, an infrastructure construction company, completed the acquisition of INTREN, an electrical distribution network services provider, for $420m.
"We are very excited to add INTREN to the MasTec family and substantially expand our reach in the electric utility distribution business. We believe that changes in electrical distribution needs, led by grid modernizations and hardening, coupled with the transition towards increased electric vehicle usage, will have an enormous impact on the last mile distribution of electricity. The acquisition of INTREN represents a major expansion of MasTec' s operations at the forefront of that high-growth market," Jose Mas, MasTec President and CEO.
Connect America, a provider of connected health solutions, agreed to acquire the aging and caregiving business of Philips, a Dutch multinational conglomerate corporation. Financial terms were not disclosed.
"Connect America and Philips ACG's shared commitment to supporting the aging journey for our subscribers and caregivers, as well as our highly complementary offerings make this acquisition a very exciting opportunity to expand our impact and better serve our subscribers," Janet Dillione, Connect America CEO.
RV Retailer, a recreational vehicle retail company, completed the acquisition of Marlin Ingram RV, an RV dealer in Montgomery, Alabama. Financial terms were not disclosed.
"These stores will be part of our Eastern Region under the leadership of Don Strollo, President of the Eastern Region. We welcome the Marlin Ingram RV team to RV Retailer and our family of stores," John Rizzo, RVR Executive Vice President and CFO.
The Carlyle Group agreed to invest $300m in Four Springs Capital Trust, a REIT focused on acquiring, owning, and actively managing a portfolio of single-tenant, income-producing properties throughout the United States.
"We are pleased to work with Carlyle, which is providing not just the capital we need to grow our business but also expertise across a range of sectors from which we look forward to benefiting as we identify new investment opportunities," William Dioguardi, Four Springs CEO and Chairman.
Five Arrows-backed The Stepping Stones Group, a premier, national provider of therapeutic, behavioral, autism, nursing and educational services to children in school, home and community settings, agreed to acquire The Futures Health Group, a Massachusetts-based therapeutic and behavioral company serving schools. Financial terms were not disclosed.
"We are thrilled to join The Stepping Stones Group family and believe by joining a reputable, industry leader, we enhance our capabilities for future success. Their national presence, recruiting expertise, support services and commitment to excellence made them the right partner for us," Erin Edwards, Futures Founder and President.
Berkshire Hathaway-backed Summit Homes completed the acquisition of Berkeley Building Co, a residential home builder and developer in Boise, Idaho metro area. Financial terms were not disclosed.
"We are thrilled to expand into the Boise market and welcome Berkeley to the Summit family. It was clear that both companies share very similar core values and cultural alignment. We are both focused on providing a high-level of customer experience to our new home buyers," Fred Delibero, Summit Homes CEO.
Involta, an IT service provider and consulting firm, completed the acquisition of SecureData 365 assets in Canton, Ohio from SecureData 365, a data center operator. Financial terms were not disclosed.
"Involta and SecureData 365 are very much aligned on values. We're committed to leading with superior infrastructure and services, operational excellence, and people who deliver. Together, we'll continue to focus on people, process, and technology to meet our customers' needs. We're excited to welcome SecureData 365 customers and staff to the Involta team, and we're looking forward to innovating and navigating today's complex landscape together," Bruce Lehrman, Involta Founder and CEO.
HCSC, the largest customer-owned health insurer in the US, led a $280m Series F round in Collective Health, a health technology company, with participation from DFJ Growth, Founders Fund, G Squared, Maverick Ventures, NEA, PFM Health Sciences, SoftBank Vision Fund 1 and Sun Life.
The investment will be used to scale Collective Health's seamless healthcare experience, empowering more people to live healthier lives through intuitive technology and personalized guidance.
General Atlantic led a $110m Series D round in Vida Health, a virtual care platform, with participation from Centene, AXA Venture Partners, Ardea Capital Partners, Ally Bridge Group, AME Cloud Ventures, Aspect Ventures, Canvas Ventures, Guidewell, NGP Capital and Workday Ventures.
"Our mission is vast but simple: transform the lives of millions of people suffering from chronic mental and physical conditions. This new capital accelerates us toward our goal of impacting the lives of 100m people globally through reversing the symptoms and costs of chronic disease. We're thrilled to add marquee healthcare investors to help us scale our company and continue to develop the most efficient and innovative care solutions in the market," Stephanie Tilenius, Vida Health Founder and CEO.
Hellman & Friedman seeks a deal to acquire At Home Group. (FS)
Hellman & Friedman, a private equity firm, is nearing a deal to buy At Home Group in a move that would take the home-decor retailer private,
WSJ reported.
A deal, which would value At Home Group in the mid-$30s a share, could be inked this week, assuming the two sides reach a final agreement. At Home shares were trading at $31.15 Wednesday afternoon, giving the Plano, Texas, company a market value of around $2bn.
Audax raised $1.85bn for a new debt fund. (FS)
Audax Private Debt, the debt financing unit of multistrategy investment firm Audax Group, closed on $1.85bn for its fifth mezzanine fund to target private-equity-backed midmarket businesses,
WSJ reported.
Commitments to Audax Mezzanine Fund V exceeded the firm's fundraising target of $1.5bn. New York-based Audax Private Debt invests in private-equity backed mid-market companies through a variety of strategies, including first- and second-lien and junior debt as well as equity co-investments.
North Sky Capital targets $350m for the fourth infrastructure fund. (FS)
North Sky Capital, a mid-market investment firm, targets $350m for its fourth sustainable infrastructure fund,
WSJ reported.
Wayzata, Minn.-based North Sky, which traces its roots to Piper Jaffray Private Capital, manages money across two private investment strategies, one focused on sustainable infrastructure and the other on secondary investments in impact assets. It raised $220m for its fifth impact secondary fund in September 2019.
