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AMERICAS
Knorr-Bremse, a German manufacturer of braking systems for rail and commercial vehicles, completed the acquisition of the North American conventional signalling business of Alstom, a rolling stock manufacturer, for €630m ($696).
"We are pleased to sign this agreement, which marks an important step in the implementation of our action plan. It evidences the work of our North American signalling employees, who have built and advanced this very successful business over the past few years," Henri Poupart-Lafarge, Alstom Chairman and CEO.
Highlander Partners-backed SFERRA, a multi-branded luxury linens and home lifestyle holding company, completed the acquisition of Antica Farmacista, a luxury home and body fragrance brand with an Italian ethos. Financial terms were not disclosed.
"We believe the addition of Antica Farmacista is highly strategic and complementary to SFERRA's existing luxury home offerings. The acquisition will enhance SFERRA's breadth in the home fragrance category and strengthen our offering across all channels to better serve our customer base. We are excited to work with Antica Farmacista co-owners Shelley Callaghan and Susanne Pruitt and their team to continue to innovate and grow the business," Michelle Klein, SFERRA President and CEO.
Michelli Weighing & Measurement, a provider of industrial and precision measurement equipment and services, completed the acquisition of Perry Scale Company, a scale repair service in Houston, Texas. Financial terms were not disclosed.
"At Michelli Weighing & Measurement, we're excited to welcome Perry Scale Company to our team. Perry's dedication to customer service, industry expertise, and strong family values perfectly match our own, and we look forward to carrying forward the legacy established by the Perry family more than 80 years ago," Bobby Feigler, Michelli Weighing & Measurement CEO.
Vibrantz Technologies, a specialty chemicals, color solutions and functional coatings provider, completed the acquisition of Micro Abrasives, a specialty alumina and abrasive powders manufacturer and seller. Financial terms were not disclosed.
“Our Micro Abrasives team looks forward to joining Vibrantz. Vibrantz has a strong track record of successfully integrating strategic acquisitions and we believe the company’s innovative, safety- and excellence-focused culture is a great fit for our people and operations. We are confident that becoming part of Vibrantz will further accelerate our success,” Doug Stutz, Micro Abrasives President.
Northrim Horizon, a private equity firm, completed the acquisition of Allure Medspa, a multi-location medical spa platform. Financial terms were not disclosed.
"Northrim is excited to partner with the Allure team to help write the Company's next chapter. We see long-term opportunities for growth in medical aesthetics. Allure offers an ideal entry point in this growing and highly fragmented market. We are well-positioned to build upon the Company's strong reputation and continue to scale via de novo efforts and strategic acquisitions," Brad Gulbrandsen, Northrim Horizon Managing Partner.
Intel CEO to pitch board on plans to shed assets, cut costs.
Intel CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board of directors to slice off unnecessary businesses and revamp capital spending as they try to revive the once-dominant chipmaker's fortunes, Reuters reported.
The plan will include ideas on how to shave overall costs by selling businesses, including its programmable chip unit Altera, that Intel can no longer afford to fund from the company’s once-sizeable profit.
Sozo Ventures in the market to raise $500m for lastes VC fund. (FS)
Sozo Ventures, a cross-border venture capital firm that invests primarily in the US and Japan, is in the market to raise $500m for a new venture capital fund, its filing with the US Securities and Exchange Commission showed, DealStreetAsia reported.
Formed in 2012, Sozo Ventures invests in IT ventures within advanced data technologies, e-commerce, enterprise cloud, fintech, IoT and healthcare IT sectors.
EMEA
SigmaRoc, a building material company, completed the acquisition of the European lime operations of CRH, a provider of building materials solutions, for $1.1bn.
"The decision to divest at an attractive valuation follows a comprehensive review of the Business and demonstrates CRH’s active approach to portfolio management. The proceeds from the divestment will provide us with significant additional capital allocation opportunities to deliver further growth and value creation for our shareholders," Albert Manifold, CRH CEO.
Lloyd's Register, a global provider of maritime professional services and digital solutions, agreed to acquire Ocean Technologies Group, a provider of human capital management and operational software dedicated to the global maritime industry, from Oakley Capital, a European private equity firm. Financial terms were not disclosed.
"This is a really transformative acquisition for LR and our clients and reinforces our focus on maritime. For over 260 years we have provided trusted advice on the safety and performance of assets and vessels," Nick Brown, LR CEO.
Lloyd's Register is advised by JP Morgan and Freshfields Bruckhaus Deringer. Debt financing is provided by JP Morgan. Oakley Capital is advised by Deutsche Numis (led by Nathan Brown) and Greenbrook (led by Robert White).
TA Associates, a global private equity firm, agreed to acquire a majority stake in AlephYa Education, a pan-GCC education provider. Financial terms were not disclosed.
"Since AlephYa's founding only seven years ago, the Company has established a strong, diversified platform driven by an impressive track record of M&A and operational excellence. As experienced investors in the education space, we see great potential for AlephYa's continued expansion, both organically and through strategic acquisitions," Dhiraj Poddar, TA Managing Director.
TA Associates is advised by PricewaterhouseCoopers, Al Tamimi & Company and Goodwin Procter.
Kinstellar, an international law firm operating in 10 countries of Emerging Europe and Central Asia, completed the acquisition of Bratislava, Prague and Bucharest offices of Noerr, a pan-European full-service law firm headquartered in Munich. Financial terms were not disclosed.
"We are very pleased to complete this strategic acquisition of Noerr's operations in the Czech and Slovak markets and, in the very near future, in Romania. We warmly welcome our new teams in Bratislava, Prague and (soon) in Bucharest. Bringing on board our new colleagues and putting together our complementary practices considerably enhances Kinstellar's capacity to deliver seamless, pragmatic and top-quality solutions to clients across our markets. This expansion is an important step in our growth strategy, focused on servicing our clients' business objectives including through attracting and retaining top talent on our markets. I am very proud of and grateful to all of our colleagues who have worked very hard to make this achievement possible," Kristóf Ferenczi, Kinstellar Managing Partner.
Hannover Finanz, an investment company, completed the acquisition of Freeglass, an automotive plastic glazing specialist, from Saint-Gobain, a provider of construction, high-performance, and other materials. Financial terms were not disclosed.
This transaction is part of Saint-Gobain's continued business profile optimization strategy, in line with the "Grow & Impact" strategic plan.
Impilo, a Nordic investment company, completed the investment in Qufora, which produces clinical aids for patients with chronic bowel conditions. Financial terms were not disclosed.
"We have followed Qufora for several years and are highly impressed by the company's development, which is largely grounded in Qufora's strong values, strategy, and culture. This is encapsulated by a highly skilled management team and staff who show a deep passion for Qufora's products and mission. With this partnership, we can jointly accelerate the company's future expansion," Nicholas Hooge, Impilo Partner.
Functional Forms business of SABIC, a Saudi chemical manufacturing company, and Acrylic Products business of Röhm, a German chemicals company, completed the merger to form POLYVANTIS, a global, multi-material manufacturer providing semi-finished acrylic and polycarbonate products. Financial terms were not disclosed.
“The combination of coveted brands under one umbrella will enable growth for our customers. We will join forces to harness our innovative strength, build holistic solutions for our customers and create a stronger presence worldwide. With many years of experience in technology and product development, POLYVANTIS will provide unique and unparalleled technical and application-based expertise,” Sandeep Dhawan, POLYVANTIS CEO.
GE Vernova, an energy equipment manufacturing and services company, completed the acquisition of the remaining stake in GESAT, a Dussur and General Electric joint venture formed to manufacture heavy duty gas turbines, from Dussur, a Saudi government company established for industrial investment and development. Financial terms were not disclosed.
“Dussur’s decision to sell its shares to GE Vernova follows achieving the investment and development objectives of this investment in GESAT, the company has been able to employ and train a number of young national talents and transfer knowledge in the field of gas turbine technology,” Dr. Raed Alrayes, Dussur CEO.
GE Aerospace strikes deal to buy Satavia.
GE, one of the world’s best-known conglomerates, has swooped to buy a British climate technology start-up in its quest to reduce the aviation industry’s environmental impact, Sky News reported.
GE Aerospace has reportedly struck a deal to buy Satavia, a Cambridge-based company which helps to mitigate the warming effect of aircraft contrail clouds.
Founded in 2013, Satavia was originally conceived in an attempt to protect aircraft engines from harmful substances such as dust, ice and volcanic ash.
UK’s Rightmove draws takeover interest from Murdoch’s REA.
Rightmove, the UK’s biggest property portal by market share, has attracted takeover interest from Australian real estate listing provider REA Group, spurring a rally in the London-listed stock, Bloomberg reported.
REA Group, part of Rupert Murdoch’s sprawling empire, said Monday it’s considering a possible cash and share offer for Rightmove. The Richmond, Victoria-based company, which is controlled by News Corporation, said it hasn’t approached the British firm nor had any talks about a bid.
Private equity groups join race to buy UK pharmacy wholesaler AAH. (FS)
Private equity groups HIG and CapVest are set to enter the race to acquire the UK’s biggest pharmacy wholesaler AAH Pharmaceuticals, which has been put up for sale just three years after it last changed hands, FT reported.
Aurelius, the German private equity group which owns AAH, has hired advisers from BNP Paribas to run an auction process for the company, which supplies a network of 14k pharmacies across the UK, generating £3bn ($4bn) a year in revenues.
HIG and CapVest were among a host of private equity groups circling the business as the first round of indicative bids were expected later in September. Aurelius was hoping the business could fetch an enterprise value including debt of about 10 times earnings, which were expected to total around £90m ($118m) this year.
Altnet Zzoomm accelerates hunt for merger partners. (FS)
A full-fibre broadband infrastructure group is accelerating its search for merger partners amid growing financial strains on some of the industry's smaller players, Sky News reported.
Zzoomm, which is backed by the giant US-based investor Oaktree Capital Management, has drafted in Acuity Advisors, a specialist technology firm, to identify prospective deals.
Swiss flavor maker Givaudan eyes entry into pet food market.
Swiss fragrance and flavor group Givaudan is considering entering the pet food market, potentially via acquisitions, in a bid to take advantage of a fast-growing sector, Bloomberg reported.
“People spend more money on pets than kids nowadays,” Gilles Andrier, Givaudan CEO said. The sector’s “spectacular growth,” has benefited rivals Symrise and Nestle, which both have significant pet food exposure.
Arabian Mills’ $271m Saudi IPO sells out in an hour.
Arabian Mills for Food Products' initial public offering in Saudi Arabia was fully covered within an hour of books opening, the latest sign investor appetite remains rife and will support a further burst of activity in the kingdom’s IPO market in the final months of the year, Bloomberg reported.
The flour milling company plans to raise as much as $271m by selling a 30% stake, or about 15.4m shares, on the local Saudi stock exchange. Institutional investors covered the order book throughout the price range of SAR62 to SAR66 ($16.50 to $17.60) per share.
Investcorp Co-CEO leaves $52bn asset manager in shakeup. (FS, People)
The Middle East’s largest alternative asset manager is set to lose one of its most senior managers as part of a sweeping reshuffle that will result in the co-chief executive officer role being scrapped, with the chairman taking on more responsibilities, Bloomberg reported.
Hazem Ben-Gacem is stepping down as co-chief executive officer and leaving Bahrain-based Investcorp, which manages about $52bn in assets. Rishi Kapoor, who was also Co-CEO, will take on a new role as vice chairman and chief investment officer.
JP Morgan names top dutch dealmaker Verwey as Europe M&A Co-Head. (People)
JP Morgan has appointed veteran banker Cassander Verwey as co-head of its mergers and acquisitions business in Europe, Middle East and Africa, Bloomberg reported.
Verwey, who has been JP Morgan’s head of investment banking in the Netherlands as well as senior country officer for the last five years, will take on the new role effective immediately, according to an internal memo. He’ll serve as co-head alongside Dwayne Lysaght.
APAC
General Catalyst, a US-based venture capital firm, led a $340m funding round in Zepto, India's fastest-growing e-grocery company.
"The opportunity to bring onboard a lead investor of Neeraj Arora’s calibre from General Catalyst was one we couldn't pass on. Strengthening our balance sheet is a strategic move, particularly as the company continues to deliver robust growth and operating leverage," Aadit Palicha, Zepto CEO.
Armacell, a provider of engineered foams, agreed to acquire the remaining stake in Armacell JIOS Aerogels, its silica aerogel products joint venture with JIOS Aerogel, an innovator in critical components for lithium-ion batteries. Financial terms were not disclosed.
"This acquisition acknowledges the success of the joint venture that began eight years ago. It represents a major step forward in Armacell's strategy to strongly grow its energy and industry business, in particular through technological innovations, increased capacity in aerogel manufacturing and outstanding service capabilities," Laurent Musy, Armacell President and CEO.
Blackstone is said to near $13bn deal to acquire AirTrunk. (FS)
Blackstone is nearing a deal to acquire Australian data center operator AirTrunk for more than AUD20bn ($13.5bn), including debt in what could be one of the largest digital infrastructure deals this year, Bloomberg reported.
Blackstone has emerged as the preferred buyer for AirTrunk after outbidding other rival bidders. The New York-based alternative asset manager and AirTrunk owners Macquarie Group, and PSP Investments are negotiating the final details of a transaction that could be signed as soon as this week.
Australian retailer Woolworths exits Endeavour Group three years after spin-off.
Australian retailer Woolworths has decided to exit the owner of liquor store chain Dan Murphy's and BWS bottle shops, ending its long-standing relationship with Endeavour Group about three years after spinning it off, Reuters reported.
Australia's largest supermarket chain said on Monday it has agreed to sell its remaining 4.1% stake in the liquor store and pub operator via a block trade at a price of AUD5.23 ($3.54) a piece to generate AUD383m ($259m).
A century old Raymond Group is planning two India listings by end of 2025.
A nearly 100-year-old Indian conglomerate Raymond is looking to list its apparel and real estate units by the end of 2025 as the founders look to boost shareholder value, Bloomberg reported.
The group, which oversees a motley mix of businesses ranging from engineering, aerospace to fashion and realty, will have three listed entities by next year, after Raymond Lifestyle starts trading in Mumbai on Thursday and the real estate unit gears up for a 2025 listing.
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