AMERICAS
Simon Property Group, a real estate investment trust, completed the merger with Taubman Realty Group, a REIT engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the US and Asia, in a $2.6bn deal.
“Taubman’s significant proportion of enclosed retail properties located in densely populated major metropolitan areas, dependence on both domestic and international tourism at many of its properties, and its focus on high-end shopping have combined to impact Taubman’s business disproportionately due to the Covid-19 pandemic when compared to the rest of the retail real estate industry,” Simon Property Group.
Taubman was advised by Goldman Sachs, Lazard, Honigman Miller Schwartz & Cohn, Kirkland & Ellis, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Simon Property was advised by Bank of America Merrill Lynch, Citigroup, Evercore, Latham & Watkins, Paul Weiss Rifkind Wharton & Garrison and Reevemark. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton.
Business combination between RMG, a special purpose acquisition company of Riverside Management Group, and Romeo Systems, an energy technology company focused on designing and manufacturing lithium-ion battery modules, in a $1.3bn deal was approved by approximately 99.8% of RMG's shareholders.
Romeo Systems is advised by Goldman Sachs, Paul Hastings and ICR. Riverside Management is advised by Morrow Sodali Global, Morgan Stanley, Nomura and Latham & Watkins. Financial advisors are advised by Davis Polk & Wardwell.
VF, an apparel and footwear company, completed the acquisition of Supreme, a privately-owned global streetwear brand, from two private equity firms, The Carlyle Group and Goode Partners for c. $2.1bn.
“VF is the ideal steward to honor the authentic heritage of this cultural lifestyle brand while providing the opportunity to leverage our scale and expertise to enable sustainable long-term growth. The acquisition of the Supreme brand is further validation of our vision and strategy to further evolve our portfolio of brands to align with the total addressable market opportunities we see driving the apparel and footwear sector. The Supreme brand will further accelerate VF’s hyper-digital business model transformation and will be a meaningful driver of VF’s commitment to top quartile total shareholder return and long-term value creation,” Steve Rendle, VF Chairman, President and Chief Executive Officer.
Supreme was advised by Latham & Watkins and Nishimura & Asahi. VF was advised by Morgan Stanley and Davis Polk & Wardwell. Morgan Stanley was advised by Cleary Gottlieb Steen & Hamilton.
Vectrus, a provider of infrastructure asset management, logistics, and supply chain management services, agreed to acquire Zenetex, a provider of management consulting services, for $112m.
"This important acquisition significantly enhances our capabilities across a number of high priority clients and accelerates our strategy to deliver a more integrated and comprehensive suite of solutions to our clients globally. Zenetex broadens our reach into the Intelligence Community and expands our engineering and digital technology offerings, which is critical as we expand our capabilities to help our clients' transition to a more instrumented and converged approach to supply chain and facility management," Chuck Prow, Vectrus President and CEO.
Vectrus is advised by Skadden Arps Slate Meagher & Flom, Ernst & Young, Covington & Burling, and Wolf Den Associates. Zenetex is advised by KippsDeSanto and Greenberg Traurig.
Teleflex, a global provider for healthcare supplies and services, completed the acquisition of Z-Medica, a manufacturer of hemostatic products, from investment firms Linden Capital and DW Healthcare Partners for $525m.
"We are excited to join the Teleflex organization, which shares our vision for making our products the standard of care for the treatment of hemorrhage control. Today's announcement is a recognition of our focus on patient outcomes and the hard work and dedication of the entire Z-Medica team. I want to especially thank Linden Capital Partners and DW Healthcare Partners, who supported Z-Medica to expand from its roots in the military to become a true global healthcare and hospital focused business. We have tremendous respect for the Teleflex team and look forward to partnering with them to continue changing patient lives," Eric Compton, Z-Medica President and CEO.
Z-Medica was advised by Truist Bank and Kirkland & Ellis. Teleflex was advised by Guggenheim Partners and Holland & Knight.
Permira Funds, a European private equity firm, agreed to acquire a majority stake in Boats Group, an online classifieds marketplace and technology provider for the recreational marine industry, from Apax Partners, a private equity firm. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2021. Financial terms were not disclosed.
“Boats Group’s ability to provide boat buyers and sellers with differentiated, network-effects powered services and solutions has made it the definitive platform for the recreational boating space, attracted a very loyal customer base, and propelled stand-out growth and profitability. The recreational marine industry is still in the very early innings of its digitisation journey with many unmet needs. We look forward to backing Sam and his team as they expand both internationally as well as into new products and services that fill these gaps to delight our consumers and customers,” David Erlong, Permira Principal.
Permira Funds is advised by RBC Capital Markets and Fried Frank Harris Shriver & Jacobson. Apax Partners is advised by Evercore and Kirkland & Ellis.
Alliance Pharma, an international healthcare group, completed the acquisition of Biogix, the US-based consumer healthcare company, for $110m.
"As 2020 draws to a close, I am very pleased to be announcing the successful completion of the Biogix acquisition, a substantial and strategically important acquisition for Alliance, which increases our presence in the US and in consumer healthcare. As an established, clinically evidenced brand with significant sales and good growth potential, in a growing market, Amberen fits perfectly with our strategy of acquiring established consumer healthcare brands in territories where we already have a presence," Peter Butterfield, Alliance Chief Executive Officer.
Alliance Pharma was advised by Investec, Numis Securities and Buchanan.
Blackstone-backed HealthEdge Software, a software company, completed the acquisition of Altruista Health, a provider of patient-centric and customizable population care management solutions. Financial terms were not disclosed.
“By adding GuidingCare to our platform, we are able to provide our customers with a unique value proposition of claims processing enhanced with software-driven payment integrity at the point of service that feeds data to an end-to-end care management solution that can extract critical insights in near real-time to care delivery teams. I’m proud of our care management team’s accomplishments and believe that Altruista is a perfect complement to offer existing and new customers a complete solution with broad functionality," Steve Krupa, HealthEdge CEO.
HealthEdge was advised by TripleTree and Debevoise & Plimpton. Altruista was advised by McDermott Will & Emery.
JP Morgan Chase, a financial holding company that is engaged in investment banking and financial services, agreed to acquire the global loyalty business from cxLoyalty Group, a company that designs, develops, and markets customer loyalty programs. Financial terms were not disclosed.
“This investment demonstrates our commitment to deliver exceptional travel benefits at-scale to our large and rapidly growing customer base. People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel,” Marianne Lake, JP Morgan Chase CEO of Consumer Lending.
JP Morgan Chase is advised by Wachtell Lipton Rosen & Katz. cxLoyalty is advised by Davis Polk & Wardwell.
FedEx, an American multinational delivery services company headquartered in Memphis, completed the acquisition of ShopRunner, an e-commerce platform. Financial terms were not disclosed.
"In pursuit of our purpose of creating the future of retail, we have built the foundation of a cross-brand ecosystem to create a simple shopping experience for consumers and to aggregate the scale of our network for our partners’ benefit. The unparalleled reach and assets of FedEx will accelerate our existing capabilities and align with our goal of creating new products and services that advance a more open, collaborative e-commerce ecosystem," Sam Yagan, ShopRunner CEO.
ShopRunner was advised by Evercore and Morgan Lewis & Bockius.
Sompo International, a speciality provider of property and casualty insurance and reinsurance, completed the acquisition of Diversified Crop Insurance Services, a crop insurance brokerage firm, from CGB Enterprises, an agro-financial and services provider, for $377m.
“The acquisition of Diversified aligns with the strategic vision for our AgriSompo platform, which is to build a multinational, broad-reaching crop insurance and reinsurance business that is market-leading. Diversified will add additional capabilities and scale to our ARMtech crop insurance business and together, we will provide a level of product, technology and service to our customers and distribution partners that is unprecedented in the industry. We anticipate the transaction to close in the fourth quarter, following the receipt of all required regulatory approvals,” Chris Gallagher, Sompo CEO.
Sompo International is advised by Skadden Arps Slate Meagher & Flom.
PPG Industries, an American global supplier of paints, coatings, and speciality materials, completed the acquisition of Ennis-Flint, a manufacturer and designer of pavement marking materials and traffic safety products, from Olympus Partners, a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Financial terms were not disclosed.
"Ennis-Flint has thoroughly enjoyed having Olympus Partners as our financial sponsor, strategic sounding board, and trusted advisor for the past four years. Their support for growth both through internal capital projects as well as acquisitions has been critical to our success," said Matt Soule, Ennis-Flint Chief Executive Officer.
Olympus Partners was advised by Harris Williams & Co and Kirkland & Ellis.
The Hunt Group Holdings, a multi-website online retailer, agreed to acquire Dermstore, a provider of personal care products, from Target Corporation, a company operating general merchandise discount stores, for $350m.
"A key driver behind the decision to list THG on the London Stock Exchange just over three months ago was to enable the Group to make major global investments, such as Dermstore.com. Accessing capital through a London listing has enabled us to accelerate our growth plans and build out a global leadership position within the exciting beauty industry. We are delighted to welcome Dermstore.com into our growing portfolio of online beauty assets," Matthew Moulding, THG Chairman and CEO.
THG Holdings is advised by Powerscourt.
Olympus, a private equity firm, completed the acquisition of ONsite Mammography, a provider of women's health imaging services. Financial terms were not disclosed.
"Annual mammography screening is well recognized as a vital contributor to improving breast cancer outcomes. ONsite's in-office mammography services improve compliance with annual screening guidelines in a more convenient and comfortable environment, all while offering care in a lower cost setting and reads by the highest quality breast imaging focused radiologists. We are excited to partner with Karl Schmidt and the ONsite team to further expand the Company's services across the country," Griffin Barstis, Olympus Principal.
Olympus was advised by Kirkland & Ellis.
Brightstar Capital Partners, a private equity firm focused on investing in closely- held companies, completed the acquisition of a majority stake in Amerit Fleet Solutions, a provider of fleet maintenance and management services. Financial terms were not disclosed.
"Amerit will remain focused on ensuring the maximum uptime, safety and reliability of our customers' individual fleets. Our partnership with Brightstar supplies us with additional resources and relationships to capitalize on the significant growth potential with both new and existing customers across diverse end markets," Dan Williams, Amerit Co-Founder and CEO.
Brightstar Capital was advised by Dukas Linden Public Relations.
CenterGate Capital, an Austin-based private equity investment firm, completed the investment in Soroc Technology, a provider of outsourced IT services throughout North America. Financial terms were not disclosed.
“We are excited about our partnership with CenterGate and what it means for our employees, customers, and vendors. CenterGate’s investment will provide us the capital and strategic resources to continue to grow our service offering while maintaining our focus on unparalleled customer service,” Rudy Cheddie, Soroc Founder and CEO.
Soroc was advised by Cassels Brock & Blackwell.
Wynnchurch Capital, a private equity firm, completed the acquisition of Huntington Foam, a manufacturer and distributor of packaging products. Financial terms were not disclosed.
“Huntington is highly regarded across the industry as a market leader in providing custom foam fabricating solutions to a wide range of end markets. The partnership between Huntington and Drew will drive significant benefits for their respective customer bases," Frank Hayes, Wynnchurch Managing Partner.
Thoma Bravo's SPAC files for a $900m IPO. (FS)
Thoma Bravo Advantage, a blank check company formed by Thoma Bravo targeting a software business, filed with the Securities and Exchange Commission to raise up to $900m in an initial public offering.
The company plans to raise $900m by offering 90m units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.5. At the proposed deal size, Thoma Bravo Advantage would command a market value of $1.1bn.
Qualtrics International files for US IPO.
SAP-owned Qualtrics International, a technology services provider, filed for a US initial public offering of up to $100m, with tech stocks largely outperforming the broader market this year, Reuters reported.
Qualtrics, which SAP acquired for $8bn, will have two classes of common stock upon completion of the offering, with SAP America set to own all 423.2m Class B shares and remain the controlling shareholder.
The company also had applied to list its Class A common stock on the Nasdaq Global Select Market and expects the IPO price to be between $20 and $24 apiece.
Revelstoke Capital Partners closes its RSAF II at a $111m hard cap. (FS)
Revelstoke Capital Partners, a private equity firm, has completed fundraising for Revelstoke Single Asset Fund II with $111m of commitments.
The Fund is Revelstoke’s second single asset fund, the first of which closed in November 2019 with $660m of commitments dedicated to the outpatient physical therapy market.
EMEA
Silver Lake-backed Zoopla Property Group, which owns several popular real estate and comparison sites including Zoopla and uSwitch, agreed to acquire Penguin Portals, comprising online comparison portals Confused.com, Rastreator.com and LeLynx.fr, from Admiral Group, the one of the largest car insurance providers in the UK for £508m ($678m).
“The purchase of the UK and European comparison businesses by RVU offers a positive outcome for our customers and our employees, and also provides good value for our shareholders. The combination of Penguin’s strengths, notably in insurance comparison across much of Europe, with RVU’s strengths beyond insurance and experience in growth through acquisition, provides a solid foundation for the combined businesses to grow and prosper," David Stevens, Admiral Group Group CEO.
Admiral Group is advised by Houlihan Lokey, KPMG, Clifford Chance and FTI Consulting.
Atlantia agrees end-January deadline for due diligence on Italy motorway assets. (FS)
Atlantia, an Italian holding company, has agreed to give a consortium led by state lender Cassa Depositi e Prestiti until the end of January to complete due diligence on its Italian motorway unit ahead of a possible final bid.
CDP, together with co-investors Macquarie and Blackstone, has been in talks since October with Atlantia to buy its 88% stake in toll-road unit Autostrade per l’Italia, Reuters reported.
APAC
Apax Partners, a private equity firm, agreed to acquire the software products business of 3i Infotech, a provider of IP-based software solutions and a wide range of IT services for $136m.
“Both businesses will have the resources to capitalise on market opportunities and build long term value for employees, customers and shareholders. I want to thank the entire 3i Infotech team for their commitment and contribution towards the successful journey of the company and I am sure that the teams will be infused with renewed vigour going forward,” Padmanabhan Iyer, 3i Infotech Managing Director & Global CEO.
Apax Partners is advised by AZB & Partners, Greenbrook and Kekst CNC.
GIC, a sovereign wealth fund, completed the acquisition of Vinmec, a private hospital developer and operator, from Vingroup, a non-profit business that manages seven international hospitals and five clinics, for $203m.
“Vinmec aims to collaborate with GIC to continue to pursue operational excellence and leverage on GIC’s extensive expertise and investments in the healthcare sector globally, including GIC’s partnership with Metro Pacific Hospital Holdings in the Philippines since 2014," Vingroup.
Vinmec is advised by Credit Suisse.
Caisse de dépôt et placement du Québec and Cathay Capital, a Taiwanese private equity fund, to acquire a 50% stake in Greater Changhua 1, an offshore wind farm, from Ørsted, a provider of utility services, for $2.7bn. The divestment is subject to regulatory approval from the Taiwanese authorities.
“This investment in Taiwan, which represents an attractive market for CDPQ, allows us to further diversify our presence in Asia. As an investor with vast experience in renewable energy, we seek this kind of greenfield opportunity to contribute to the transition toward a low‑carbon economy. Working alongside our long-term partner, Ørsted, and experienced local investor, Cathay PE, we are proud to support the Greater Changhua 1 Offshore Wind Farm project, which will supply clean power to over 650,000 Taiwanese families," Emmanuel Jaclot, CDPQ Executive Vice-President and Head of Infrastructure.
Daiwa bets on securities underwriting business in China.
Daiwa Securities Group, a Japanese investment bank, intends to open its joint venture securities underwriting business in China in February, capitalizing on increased foreign access to the huge market, Reuters reported.
China has unveiled a slew of measures in recent years to open up its financial sector - worth trillions of dollars - to foreign firms, including banks, fund management, brokerages and insurance businesses.
“Although China has unlimited risks including political ones, it also has unlimited potential growth in its economy,” Seiji Nakata, Daiwa Chief Executive.
Oceanpine Capital closes its Fund II at a $400m hard cap. (FS)
Oceanpine Capital, a professional investment management firm, has closed its Fund II at $400m hard cap.
The final closing LPs included the GP management team itself and other top-tier international institutional investors from US and Asia, including reputable insurance pockets, prominent technology company leaders (mostly listed) and their founders, asset management allocators, family offices, and seasoned Midas List venture capitalists.
Ant considers financial holding company to placate regulators.
Ant Group is planing to fold most of its online financial businesses, including consumer lending, into a holding company regulated like traditional financial firms, DealStreetAsia reported.
The regulators, mainly the central bank, want Ant to fold its wealth management and insurance distribution businesses, as well as minority-owned MYbank online lender into a financial holding company.
It was not clear if Ant's payments business Alipay, which was launched in 2004 and is a second-biggest revenue generator for the group after consumer lending, would also come under the holding company structure.
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