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AMERICAS
Kinderhook Industries, a leading private equity firm, agreed to acquire Chemtron, a leading hazardous and non-hazardous waste management provider in the Midwest, from CapitalWorks. Financial terms were not disclosed.
“We are thrilled to be partnering with Kinderhook, who shares our vision for the future of Chemtron. Chemtron will continue its legacy of providing best in class service to its customers with a focus on safety and compliance.” Rob Swords, Chemtron Chief Executive Officer.
Kinderhook is advised by Kirkland & Ellis and Comerica Bank. CapitalWorks is advised by Benesch Friedlander Coplan & Aronoff. Chemtron is advised by Brown Gibbons Lang & Company.
ConnectOne, a New Jersey-based bank holding company, agreed to acquire Bancorp of New Jersey, a bank holding firm, for $113m.
The purchase is intended to accelerate ConnectOne's strategic focus on increasing client relationships, capitalizing on growth opportunities throughout the Company's New York and New Jersey target metropolitan market, and maintaining best-in-class efficiency. Enhanced scale from the transaction is designed to further leverage ConnectOne's leading technology infrastructure to drive efficiencies, and position ConnectOne for additional future growth.
"This is a financially savvy, in-market acquisition with strong economics to enhance our powerful franchise. The accretive transaction demonstrates our commitment to deliver attractive long-term returns for our shareholders and strongly supports our defined growth strategy which includes opportunistic growth through M&A," Frank Sorrentino, ConnectOne's Chairman, and Chief Executive Officer.
Bancorp is advised by Sandler O'Neill + Partners and Holland & Knight. ConnectOne is advised by Keefe Bruyette & Woods and Squire Patton Boggs.
Level One Bancorp and Ann Arbor Bancorp, two leading banking services providers, established in Michigan, announced an agreement to merge their businesses. Under the terms of the agreement, AAB shareholders will receive $38.50 per share in an all-cash transaction. The aggregate deal value is approximately $68m.
“We are pleased to welcome the customers and team members of Ann Arbor State Bank to the Level One family. This merger aligns with our strategic growth goals and affords us an opportunity to accelerate our expansion in the very attractive Ann Arbor market.” Patrick J. Fehring, Level One Bank CEO.
Sandler O'Neill + Partners and Varnum are advising Ann Arbor. Performance Trust Capital Partners and Barack Ferrazzano Kirschbaum & Nagelberg are advising Level One.
Brooklyn Nets owner Mikhail Prokhorov sold the remaining 51% interest in the Brooklyn Nets and 100% ownership of Barclays Center to Joe Tsai. Mr. Tsai is executive vice chairman and co-founder of Alibaba Group, a global internet company with businesses in e-commerce, cloud computing, and digital entertainment.
Mr. Prokhorov commented, “The team is in a better place today than ever before and I know that Joe will build on that success while continuing to deliver the guest experience at Barclays Center that our fans, employees, and colleagues in the industry enjoy."
Bensussen Deutsch & Associates, a leading merchandise agency for iconic brands, acquires BrandVia, a designer and retailer of branded merchandise in Silicon Valley. Financial terms were not disclosed.
With this acquisition, BDA significantly expands operations in California, its portfolio of major technology clients and increases resources to further support high-performing industry sales professionals and the ever-changing needs of their clients.
"This acquisition brings together two complementary companies that will create new growth opportunities for our existing customers, new clients and our employees," Jim Childers, BrandVia, Founder & CEO.
Ficodis Group, a multi-specialized industrial supply distribution group, acquires Blue Point Tool and Supply, an industrial supply company specializing in the metal industry. Financial terms were not disclosed.
"We are pleased to welcome Blue Point Tool and Supply to the group affirmed Ficodis Group President Christophe Bévillard. Blue Point Tool Supply has a well-established reputation, a knowledgeable sales team, quality products at competitive prices, and superior customer service. Since the creation of Ficodis in 2010, we have made very valuable acquisitions that have allowed us to diversify our range of industrial
products and expertise, as well as expand our client base. Blue Point and its team represent another valuable asset added to the group."
SCF Partners, a leading private equity firm, acquires Titan Group, a leading diversified engineering solutions firm. Financial terms were not disclosed.
Titan Group consists of Wolfenson Electric, Testengeer Engineering, McGill Maintenance, Civil Mechanical, Tesla Testing, Skyline Technologies and Taurus Services. Together with SCF's existing portfolio company, Hi-Tech Industrial Services, the group of companies will be organized under the umbrella of Taurus Industrial Group and will continue to market services to the refining, petrochemical and midstream industries under several of its legacy brands.
"We are excited to partner with the Titan team. Their history and reputation are outstanding, and we look forward to working and growing together as we meet more of our customers' needs from one industrial services platform." Greg Reintjes, Hi-Tech CEO.
The Heico Companies has completed the acquisition of a majority interest in Shred-Tech, a market leader in the design and manufacture of mobile and stationary shredding equipment for the document destruction and recycling industries. Financial terms were not disclosed.
Based in Cambridge, ON, Shred-Tech also has operations in the US, UK, and Thailand. Heico has partnered in the acquisition with Rob Glass, Shred-Tech’s President, and CEO, who will continue to lead the Company.
“Rob Glass and his terrific team have built a high-class company that is a leader in its field; we are excited to work with them to take the Company to its next level. We are optimistic that Heico’s array of global resources will help Shred-Tech continue to grow and expand its offering of exceptional products and services to customers worldwide.” Emily Heisley Stoeckel, Heico’s Chairman.
Coinbase Custody, a leading offline storage solution for crypto assets, completed its $55m acquisition of Xapo, a digital multi-currency wallet provider.
"For Xapo, this transaction means a greater focus on our Consumer Business and a big step towards our mission to build a safe and global way to use money. We believe that in choosing Coinbase, the Institutional Custody Business is going to a company that can provide great insurance, borrowing, and investment alternatives that we are not offering." Xado stated.
Solisco, a Canadian printing company, acquires Norecob, a publishing and printing firm. Financial terms were not disclosed.
As part of its expansion plans, Solisco wanted to purchase a printing company that shared its vision and values. Norecob, also in the Chaudière-Appalaches region, provided the perfect opportunity.
"Solisco is on the rise, and we are poised to seize promising opportunities to grow our market share. Thanks to our expanded production capacity and the great talent of our people, both old and new, we continue to aim higher." Alain Jacques, president of Solis.
Cloudflare files for IPO.
Cloudflare, a firm that helps websites protect and distribute content, files for an IPO amidst speculations of suffering losses. The San Francisco-based company said in its IPO filing that the risks include negative publicity from the use of its network by 8chan, a website favored by white supremacists and used by gunmen before mass shootings in El Paso, Texas, and Christchurch, New Zealand, this year. It also cited the use of its services by the neo-Nazi website The Daily Stormer around the time of the 2017 protests in Charlottesville, Virginia.
Morgan Stanley steps out from WeWork IPO after losing a lead.
Morgan Stanley famously reported this year's most extensive initial public offering, thanks partly to its top technology banker's moonlighting job as an Uber driver. However, the firm is nowhere to be found on what's shaping up to be the year's second-biggest IPO, WeWork.
Morgan Stanley stepped back from a lesser role in the deal after WeWork rejected its pitch to be the top underwriter, Bloomberg reported. The relationship became strained when the bank wouldn't extend as much debt financing as WeWork was seeking from critical lenders.
Ares to create record buyout funds with $9.5bn goal. (FS)
Ares Management, the investment firm focusing on a wide swath of credit, companies and real estate, is looking to build its biggest-ever private equity fund with plans to raise about $9.5bn, Bloomberg reported.
The new pool will be a successor to the money manager's flagship private equity fund, targeting businesses in North America and Europe. The Los Angeles-based firm already oversees about $142bn across asset classes.
MacAndrew Revlon's largest shareholder reported that the company is looking for options. (FS)
Revlon's largest shareholder MacAndrews and Forbes said the cosmetics maker would explore options for the business. MacAndrews and Forbes, the holding company through which billionaire Ronald Perelman owns about 87% stake in Revlon, disclosed in an SEC filing that Goldman Sachs had been retained to help in the efforts.
Following the report, shares of the New York-based company surged as much as 17% and closed up 5.5%.
Sunstone Management launches new fund. (FS)
Sunstone Management, a diversified capital management and investment firm, has launched a new fund to facilitate the growth of startups participating in the Long Beach Accelerator program.
The fund designated LBA Sunstone Fund I, will offer investors an opportunity to aid exciting early-stage companies while also generating attractive returns on investment.
“We are confident that these funds will generate the desired returns for investors while simultaneously offering support for the accelerator’s participants and other promising startups in the Long Beach area.” John Shen, Sunstone Management Founding Partner.
EMEA
Freenet, a German telecom group and a Sunrise's major shareholder, will vote against proposed €3.8bn ($4.2bn) capital raise aimed at funding the €5.8bn ($6.3bn) acquisition of UPC Switzerland, announced in Feb 2019.
According to Freenet, the purchase price for UPC Switzerland is too high, in the light of the cable industry is under pressure and UPC Switzerland's poor performance.
Freenet opposes the condition that potential synergies amounting to €1.2bn ($1.4bn) are due to be paid to Liberty Global in advance and the proposed capital structure.
“This transaction is very unfavorable toward existing shareholders,” Christoph Vilanek, Freenet CEO.
PwC, Deutsche Bank, Morgan Stanley, UBS, Latham & Watkins, Meyerlustenberger Lachenal, Slaughter & May, Deloitte, NautaDutilh, and Lenz & Staehelin are advising Sunrise. Credit Suisse, JP Morgan, Lion Tree Advisors, and Shearman & Sterling are advising Liberty Global.
Aquiline Capital Partners-backed ClearCourse Partnership, a group of technology companies providing software, services, and digital capabilities, acquires e-clinic, a patient and clinic management software provider. Financial terms were not disclosed.
The deal is ClearCourse’s 13th since its foundation in October 2018 and represents an expansion of Partnership’s product offering into the healthcare industry.
"We see great opportunity for commercial synergies between e-clinic and the wider Partnership, particularly around the provision of payments and membership management tools. We’re excited to work closely with the team to realise those synergies and support the Company’s continued growth and development.” Gerry Gualtieri, ClearCourse CEO.
Zefyr Invest, a leading mid-market investment firm, acquires Tytex Group, a leading healthcare garments manufacturer. Financial terms were not disclosed.
"The management at Tytex has built a sturdy company and a strong basis for further growth. The new family ownership and we in Zefyr Invest are looking forward to in cooperation with CEO Jan Dam and the staff to continue the profitable development of Tytex. As a long-term owner, we will make an effort to carry on the basic values of the company related to quality, strong customer relations and helping people with needs for human healthcare," Kurt Bering Sørensen, Zefyr, Chairman of Board.
Harland & Wolff attracts potential bidders.
Harland & Wolff, a heavy industrial company, specialising in ship repair, conversion, and offshore construction, attracted several bidders who have engaged in “positive discussions” which could enable the business to be sold.
No details have emerged about the identity of the potential buyers, who trade unions said were to provide details of their prospective bids to the joint administrators from BDO.
UK High Court blocks $15bn transfer of Prudential annuities to Rothesay Life.
Reuters reported that UK High Court judge has blocked the transfer of $15bn in annuities from insurer Prudential to Rothesay Life.
The deal, which would have been the largest ever such transfer covering 400k policy holders, was announced in March last year at the same time Prudential said it was to demerge its UK business.
Syngenta prepares for the world's biggest chemical IPO.
China National Chemical has started gearing up for a listing of Syngenta, the Swiss pesticide producer it acquired for $43bn, in what could become the chemical industry's biggest-ever initial public offering, Bloomberg reported.
Top executives have begun internal work to prepare for a listing as soon as mid-2020. Syngenta is speaking with investment banks seeking a role on the deal.
Swiss Stock Exchange considers buying a EU bourse.
SIX Swiss Exchange is weighing the acquisition of a European Union bourse if a ban on trading Swiss stocks in the bloc persists, or the situation worsens, Bloomberg reported. A deal could involve a full or partial acquisition or partnership.
Potential targets include Spain's Bolsas y Mercados Espanoles and Austria's Wiener Boerse. While the owner of the Zurich bourse hasn't retained a formal adviser, but investment banks are helping identify targets. SIX has about $1bn for acquisitions since selling its payment unit last year.
Ferguson shipyard nationalized by the Scottish government.
The Scottish government has nationalized the Ferguson shipyard in Port Glasgow. Ministers will now operate the yard under a management agreement with administrators, which will see the Scottish government buy the facility if no private buyer is found within four weeks. Ferguson has been involved in a dispute with the Scottish government over the construction of two ferries for CalMac.
Official Receiver enters exclusive sales talks with a preferred buyer for British Steel.
Heads of an agreement to purchase British Steel have been agreed to trigger a period of detailed due diligence of the company ahead of its sale. Several bids were received for British Steel and the agreement now signed between Ataer Holdings and the Official Receiver sees the preferred buyer in exclusive talks to confirm their intention to take on the steelmaking business and its subsidiaries.
Belgian government considers an NMBS-Infrabel merger.
Belgium's Federal Minister for Mobility, Francois Bellot wants to re-negotiate the terms of mergers of the public transport companies NMBS and Infrabel. Mr. Bellot claims that the competition between the companies have been hurting them since they were separated.
“We have to talk about their fusion,” Mr. Bellot says, “because reality shows they don’t get along well with each other. And what’s happening today, shows that their internal, financial, and technical goals are different, while the most important question should be: how to improve mobility, for commuters, as well as the planet.”
Auto1 and Permira are looking to bid for Autoscout24 business of Scout24. (FS)
Auto1 Group, Europe's leading car trading platform, and private equity firm Permira are looking to bid for the stakes of Autocout24, a divested business unit of Scout24.
Activist investor Elliott Management Corp. has demanded that the company be split into two, in order to better focus on its real estate business. The company will inform investors about the fate of Autoscout24 on a capital market day in November.
APAC
Softbank-backed Fortress Investment Group places a $1.3bn bid for Japan's leading hotel chain Unizo Holdings Company, thereby overtaking H.I.S' $398m bid.
Japanese hotel operator Unizo Holdings said it would reject a bid by H.I.S. to raise its stake, adding that the offer lacked synergy and was priced low, setting the stage for a potential rare hostile bid in Japan.
Benedi Consulting, KPMG, ZECOO Partners, Daiwa Securities, Mitsubishi UFJ Morgan Stanley Securities, Davis Polk & Wardwell, Nishimura & Asahi, TMI Associates, Horwath HTL Asia Pacific, Hospitality Capital Management, and Ernst & Young are advising Unizo.
Pacific Equity Partners acquired the Asia-Pacific business unit of Horizon Global, one of the world’s leading manufacturers of branded towing and trailering equipment, for A$340m ($230m) in cash.
The company intends to use the proceeds from the sale to significantly reduce its debt and bolster its liquidity, allowing for additional financial flexibility.
"Our APAC business segment is an exceptional business with strong leadership positions in the markets it serves. We believe the business will continue to thrive and serve its customers as they have come to expect, making the business a valued part of PEP’s portfolio.” Carl Bizon, Horizon Global President, and Chief Executive Officer.
Horizon is advised by Jefferies.
Alibaba Group looking to acquire Kaola from NetEase for $2bn.
Alibaba Group Holding, the largest online retailer in China, is set to acquire the local e-commerce platform Kaola from NetEase for $2bn. The details of the deal has not been confirmed.
The news comes a day after Alibaba reported better-than-expected quarterly revenue and profit, aided by growth in its e-commerce and cloud computing businesses.
Naspers considers buying a stake in Dream11 worth $100m. (FS)
South Africa's Naspers is in talks to buy a stake worth about $100m in online fantasy gaming startup Dream11 from Kalaari Capital, Think Investments and Multiples Alternate Asset Management, LiveMint reported.
Following bumper earnings from the Cricket World Cup and Indian Premier League, Dream11 is now seeking a valuation of $2.5bn, more than double the $1.1bn it was valued at in April.
KKR and Blackstone are bidding for Philippine hospitals group. (FS)
KKR, Blackstone and CVC are among bidders competing for a stake in the hospital unit of Philippines' Metro Pacific Investments, Reuters reported.
Metro Pacific Investments, which has interests in power, water, and other sectors, has said it plans to sell a 40% stake in Metro Pacific Hospitals at a valuation of $2-$2.5bn, marking the country's most prominent healthcare deal.
The bidders are, however, valuing the hospital unit at about $1.5-$2bn, pegging the valuation at 15 to 20 times next year's estimated core profit of the group.
D&D Pharmatech raises $137m led by Octave Life Sciences. (FS)
D&D Pharmatech, a South Korean clinical-stage biotech company, announced that it had raised $137m in a Series B round led by US-based investment firm Octave Life Sciences.
Several investors from the US and South Korea also participated in the Series B round, including Smilegate Investment as co-lead, as well as existing investors InterVest, Magna Investment, and LB Investment.
"With this funding, we will continue executing on our strategy to develop truly novel approaches to treat challenging diseases with significant unmet need. The Johns Hopkins-based scientific leadership across our of companies has been instrumental in elucidating the underlying mechanisms at the core of neurodegenerative and fibrotic diseases," Sung Mook Lim, D&D Pharmatech chief executive.
ShareChat to raise $100m in Series D funding led by Twitter and TrustBridge Partners. (FS)
ShareChat, a regional social media platform, raised a new round of funding of $100m in its Series-D funding, with Twitter and TrustBridge Partners as two new investors.
To date, ShareChat has raised $224m. The Series D round also saw participation from existing investors including Shunwei Capital, Lightspeed Venture Partners, SAIF Capital, India Quotient and Morningside Venture Capital, the four-year-old Bengaluru-based startup said in a statement.
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