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AMERICAS
Golden Gate Capital, a San Francisco-based private equity firm, completed the investment in Brava, an independent provider of composite roofing materials. Financial terms were not disclosed.
"Brava is a true industry disruptor and the clear supplier of choice for premium composite roofing products. The Company’s impressive momentum reflects the superior quality of its products and strength of its brand. We have deep admiration for Adam, Andrew and the entire Brava team, and we are fully aligned with their strategy and vision. Brava is exceptionally well-positioned to capitalize on industry tailwinds, and we look forward to supporting the Company in its next chapter," Javier Puig, Golden Gate Capital Managing Director.
Brava was advised by Raymond James and Holland & Knight. Golden Gate was advised by Paul Weiss Rifkind Wharton & Garrison, Ropes & Gray and FGS Global.
Centana Growth Partners, a growth equity firm that invests in companies within the fintech and related enterprise software eco-systems, led a $60m funding round in First Connect Insurance, a digital platform designed to level the playing field for independent agents by providing access to over 100 carriers and MGAs across home, auto, cyber, small business, life, and specialty lines, with participation from Pruven Capital, Cota Capital, and Cross Creek.
“The insurance market is increasingly volatile, with agents and carriers grappling with fragmented systems and changing underwriting processes. First Connect’s commitment to addressing the unique needs of independent agents caught our attention. The Company's strong unit economics, impressive growth trajectory, and ambitious, talented team impressed us,” Sarah Kim, Centana Growth Partners Partner.
Centara Growth Partners was advised by Goldcomm (led by Corey Goldman).
The Hershey Company, an American multinational confectionery company, completed the acquisition of Sour Stripes, a sour candy brand. Financial terms were not disclosed.
"The acquisition of Sour Strips expands Hershey's offerings within our growing sweets portfolio with a product that is beloved by consumers. We're energized to welcome Maxx and the Sour Strips team to Hershey as we relentlessly accelerate our growth in sweets," Mike Del Pozzo, The Hershey Company President.
The Hershey Company was advised by Ropes & Gray (led by Jackie Cohen).
White Cap, a distributor of specialty construction supplies and safety products for professional contractors, completed the acquisition of TOOFast Supply, a supplier of professional grade tools and fasteners with four locations in Nebraska, serving commercial, industrial, agricultural and residential end markets. Financial terms were not disclosed.
"The TOOFast Supply team has built strong customer relationships through their commitment to not only supplying quality products, but also providing dependable service and industry expertise. I'm excited to welcome them to the White Cap family and see what we will accomplish together," Alan Sollenberger, White Cap CEO.
AVI Systems, an audio visual consultant, agreed to acquire CCS Southeast, an audiovisual systems integrator that designs, installs and supports technology solutions. Financial terms were not disclosed.
"CCS Southeast has built an incredible business serving customers for more than two decades. I’m impressed with their long-standing reputation assisting education and corporate enterprises. The addition of these five locations serves as a catalyst for our future growth in this region. And Florida is home to many federal government agencies, which AVI Systems can now more easily support with this added presence," Jeff Stoebner, AVI Systems CEO.
Olympic Steel, a national metals service center, completed the acquisition of Metal Works, a manufacturer of components for service station canopies, deck clips, long gutters, trim, and boat docks, as well as solar canopy and ground racking components. Financial terms were not disclosed.
"Continued growth in manufactured metal products is a key component of our strategy, and we are excited to welcome Metal Works to our enterprise," Richard T. Marabito, Olympic Steel CEO.
Weco Hospitality, a provider of chef-prepared, ready-to-enjoy meals, completed the acquisition of EatMise, a New York-based meal kit company. Financial terms were not disclosed.
"We are thrilled to welcome EatMise into the WECO family. This acquisition aligns perfectly with our mission to simplify dinner time while still offering incredible, high-quality food. EatMise's innovative approach to pre-prepped ingredients will complement WECO's chef-driven meals, giving our customers more choice and flexibility in how they enjoy their meals at home. We look forward to integrating our teams and bringing even more exciting culinary experiences to our communities," Jennifer Fremont-Smith, WECO Hospitality CEO.
Acumen targets agritech startups with $1.5bn. (FS)
A US nonprofit is aiming to mobilize $1.5bn to invest in startups that focus on agricultural adaptation across the developing world by 2030, Bloomberg reported.
Acumen — which has invested in a range of companies across sectors including health, education and off-grid solar power since 2001 — said it’s committed to finance $300m of the amount itself and secure another $1.2bn in co-financing.
Icahn’s firm seeks bigger stake in top holding while slashing its own dividend. (FS)
Carl Icahn says he is sensing opportunity in the stock market and wants to increase his stake in a top portfolio company. But to fund his war chest, he is going to cut his investment firm’s dividend in half, WSJ reported.
Icahn Enterprises proposed boosting its stake by more than 20% in CVR Energy, a small refiner in which the activist investor is the controlling shareholder.
American-JetBlue alliance breakup upheld by appeals court.
A partnership between American Airlines Group and JetBlue Airways violated US antitrust law, an appeals court ruled, affirming a lower court decision to end the alliance, Bloomberg reported.
The airline alliance harmed consumers by reducing their choices for flights from airports in the Northeast US, including New York City, a three-judge panel on the 1st US Circuit Court of Appeals in Boston said November 8 in a unanimous decision. The case was part of the Biden administration’s more aggressive stance on corporate mergers in several industries to ensure combinations don’t hurt consumers or drive up prices.
Cigna confirms it won’t pursue combination with rival Humana.
American multinational managed healthcare and insurance company Cigna Group said it won’t pursue a combination with rival insurer Humana after reports the two companies had renewed discussions of a deal, Bloomberg reported.
The company “remains committed to its established M&A criteria and would only consider acquisitions that are strategically aligned, financially attractive, and have a high probability to close”.
EMEA
SIX Group, operator of a fully integrated exchange value chain, agreed to acquire Aquis Stock Exchange, a UK-based stock market providing primary and secondary markets for equity and debt products, for £194m ($250m).
SIX considers an acquisition of Aquis to be a compelling strategic opportunity which will complement its established growth strategy and is aligned with its approach to capital allocation. SIX expects the acquisition of Aquis to strengthen its ability to serve customers in Switzerland, Spain and internationally with its reliable infrastructure services and seamless access to capital markets. It would also bring together the resources and capabilities of both businesses, and SIX expects both businesses to benefit from greater pan-European scale, driving growth opportunities beyond their respective home markets to the benefit of customers and market participants.
Aermont, a European asset management group, agreed to acquire Nabiax, a data center group and hyperscaler platform, from Asterion Industrial Partners, an independent investment management firm. Financial terms were not disclosed.
"We are proud to have created - together with Telefónica - a company like Nabiax, that has allowed us to achieve differentiated returns for our institutional investors through the development of an industrial project that will enhance connectivity throughout Spain. We are convinced that Aermont is the right partner to continue supporting Nabiax in its growth story, aimed at creating essential infrastructure that drives digital transformation," Jesús Olmos, Asterion Founding Partner and CEO.
Aermont is advised by FinElk (led by Cornelia Schnepf) and Rothschild & Co. Asterion is advised by Citigroup and Harmon Group (led by Carlos Serrano).
Paw Prosper, a pet health and wellness portfolio that provides efficacious solutions to larger pet wellness challenges, completed the acquisition of K9 Mobility, an online marketplace for canine mobility products in the United Kingdom. Financial terms were not disclosed.
This strategic acquisition will allow Paw Prosper to further its mission by deepening its presence internationally with a dedicated e-commerce platform for customers in the UK and throughout Europe.
Talde Private Equity, a pioneering private equity group in Spain, completed the investment in Discarlux, a company specialized in processing and distribution of red meat in the premium segment. Financial terms were not disclosed.
Talde Private Equity “is very excited to start this new project with two partners like José and Carlos, passionate about their business, in love with their brand and who have been able to build a group where quality and excellence in customer service are hallmarks”.
Eni sells new Plenitude stake to EIP as CEO pushes disposals. (FS)
Eni, an Italian multinational energy company, agreed to sell an additional stake in renewables unit Plenitude to Energy Infrastructure Partners, boosting the Swiss infrastructure group’s holding to 10%, Bloomberg reported.
The stake increase will take place through a capital hike of about €209m ($224m), bringing the value of EIP’s investment in Plenitude to around €800m ($857m), the Italian oil major said Monday. That includes €588m ($630m) it paid for a previous holding in March.
EIG was advised by Rothschild & Co.
Triton weighs takeover deal for Evotec. (FS)
Triton Partners is considering a takeover bid for Germany’s drug developer Evotec, after the private equity firm emerged as one of the drug developer’s largest shareholders, Bloomberg reported.
The investment firm has been seeking to meet with top Evotec executives as it explores a potential buyout. Triton last week raised its stake in Evotec to 9.99% through a series of transactions.
NatWest buys back £1bn of its shares.
NatWest, a UK-focused banking organisation, has bought back £1bn ($1.3bn) worth of its own shares from Britain's government, as it continues its exit from state ownership following its bailout in the 2008 financial crisis.
UKGI, which manages the government's stake in the bank, said as a result of the transaction the government's ownership would fall from around 14% of the company to around 11%, Bloomberg reported.
Abu Dhabi eyes more deals to build AI-powered global health firm. (FS)
One of Abu Dhabi’s newest state-backed investment companies is looking at dozens of potential new deals as it plans to build an artificial intelligence-powered healthcare champion that it can expand across the world, Bloomberg reported.
M42, which was established through the combination of the healthcare assets of two of Abu Dhabi's investments firms last year, is eying potential acquisitions and expansions of its operations into Europe, Latin America and Asia.
Pick n Pay sets Boxer price range for Africa’s biggest 2024 IPO.
Cape Town-based retailer Pick n Pay Stores is seeking to $449m through an initial public offering in discount retailer Boxer Retail in what is set to be Africa’s biggest listing this year, Bloomberg reported.
Boxer is sourcing the funding through the issue of as many as 190.4m shares in a range of $2.38 to $3.07 each. The deal size could increase to $483m through an allocation of additional shares under a so-called green shoe option.
Talabat eyes IPO that may value it more than Delivery Hero.
Delivery Hero’s Middle Eastern subsidiary Talabat is looking to diversify beyond its core business of food and groceries delivery, after the firm teed up a share sale that could value it more than its parent company, Bloomberg reported.
"Talabat is eying verticals including health care, beauty, pharmacy, pet services and fintech. We strongly believe that every single dollar we invest in expanding these areas has a much better return than a geographical expansion at this point,” Tomaso Rodriguez, Talabat CEO.
APAC
Private equity firm Genesis Capital has sweetened its bid for Pacific Smiles, valuing the Australian dental chain at AUD316m ($208m) in what it called its "best and final" offer, Reuters reported.
Pacific Smiles is an Australian branded dental group, currently operating over 120 dental centres. Pacific Smiles owns and operates the Pacific Smiles Dental and nib Dental Care centres across the East Coast of Australia with over 800 dentists, assisted by more than 1.6k support staff, attend over 1m patient appointments at Pacific Smiles centres each year.
Pacific Smiles is advised by Greenhill & Co, Corrs Chambers Westgarth, Gilbert + Tobin, Citadel Magnus (led by Peter Brookes) and MorrisBrown Communications (led by Olivia Brown). Genesis Capital is advised by Jarden and Clifford Chance (led by David Clee). Crescent Capital Partners is advised by A&O Shearman (led by Goran Galic).
DP World, a multinational logistics company based in Dubai, agreed to acquire Silk Logistics, a comprehensive port-to-door logistics services provider, for AUD175m ($115m).
"DP World's acquisition of Silk Logistics marks a significant step forward in strengthening our integrated logistics capabilities and expanding our service offerings. This strategic move reinforces our commitment to providing seamless, end-to-end customised solutions for our customers, while delivering sustainable value for all our stakeholders," Sultan Ahmed Bin Sulayem, DP World Chairman and CEO.
Silk Logistics is advised by Barrenjoey Capital Partners and Hamilton Locke.
CDH, an alternative asset manager, and Blue Lake Capital, an investor, led a $100m Series B1 round in Zelos, a company in the research, development, and application of autonomous driving technology for urban logistics.
“Intelligent driving is ushering in a critical window of mass production and commercialisation. We decided to double down on Zelos to showcase our faith and support in the team. We believe they will continue to do well because of their strong product development capability, which has significantly enhanced the industry efficiency and created true value for society,” Blue Lake Capital.
DBS eyes Malaysian bank stakes in expansion push. (FS)
Singapore's biggest lender DBS Group is exploring expanding into Malaysia with potential acquisitions of stakes in banks in its Southeast Asian neighbour, including in one of Malaysia's smallest banks by assets, Reuters reported.
DBS is exploring a purchase of Singapore state investor Temasek's 29.1% stake in Alliance Bank Malaysia, a slice currently valued at about $460m.
ASMPT calls off talks with potential suitor.
Hong Kong-listed ASMPT, a global provider of technology and equipment used in the manufacture of chips, said it has ended takeover talks with a potential suitor, without disclosing the company's identity.
Last month, ASMPT said it had received a takeover bid, but did not provide any information about the potential buyer or financial details, DealStreetAsia reported.
Zetwerk is said to consider raising $1bn in Indian IPO. (FS)
Zetwerk, an Indian supply chain startup, is considering fundraising options including an initial public offering that may help it raise as much as $1bn, Bloomberg reported.
The Bangalore-based firm, backed by investors such as Peak XV Partners and Lightspeed India Partners, has held talks with investment banks to help prepare for a potential IPO in Mumbai next year. A potential listing could value the company at several billion dollars.
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