EQT and Goldman Sachs Asset Management, an asset management unit of GS, completed the acquisition of Parexel, a global clinical research organization focused on the development and delivery of innovative new therapies to advance patients, from Pamplona, a specialist investment manager, for $8.5bn.
"Our investment in Parexel reflects EQT's thematic focus on the life sciences industry, as well as our commitment to partner with businesses that have a positive impact on society. We are excited to partner with Goldman Sachs for the next stage of Parexel's journey, and to back Jamie, who prior to his role at Parexel had been a long-time senior advisor to EQT, as well as the rest of the Parexel team," Eric Liu, EQT Partner and Global Co-Head of Healthcare.
Parexel was advised by Evercore, Kirkland & Ellis and Real Chemistry. EQT and Goldman Sachs were advised by Goldman Sachs, Jefferies & Company, Simpson Thacher & Bartlett and Kekst CNC. Financial advisors were advised by Sullivan & Cromwell. Pamplona was advised by TB Cardew.
Gage Growth, a high-quality premium cannabis brand and operator in Michigan, announced that the Ontario Superior Court of Justice issued a final order approving the previously announced plan of arrangement under Section 192 of the Canada Business Corporations Act pursuant to which TerrAscend, a North American cannabis operator, will acquire all of the issued and outstanding securities of Gage for $545m.
"We are thrilled to announce that the Arrangement has received the necessary approvals from the courts As consumer demand for high quality cannabis escalates across the US, we look forward to maximizing our cultivation, manufacturing and retail capabilities once we become official members of the TerrAscend team," Fabian Monaco, Gage CEO.
Gage is advised by Clarus Securities, Eight Capital, Dentons and Dickinson Wright. TerrAscend is advised by ATB Capital, Haywood Securities, Norton Rose Fulbright, Stikeman Elliott and Mattio Communications.
Patriot National Bancorp, a nationally chartered bank headquartered in Stamford, CT, agreed to acquire American Challenger Development, a new digital national bank headquartered in Stamford, for $119m.
"We're excited to have engineered this industry-disrupting merger. The combination transforms Patriot to what will become the largest digital bank in the US Customers will benefit from an expanded array of services and a tech-savvy banking experience, while shareholders should benefit from the compelling value that will be created. Patriot's team will remain intact and will be complemented by American Challenger's team and digital platform capabilities," Michael Carrazza, Patriot Chairman.
American Challenger Development is advised by Sullivan & Cromwell. Patriot National is advised by Bank of America, Barclays, Evercore, Keefe Bruyette & Woods, Blank Rome and Butler Associates. Financial advisors are advised by Squire Patton Boggs.
Valo Health, a biotechnology company, terminated the $2.8bn deal to go public via a SPAC merger with Khosla Ventures Acquisition, a special purpose acquisition company.
"We formed KVSA to merge with companies that are impactful to the world as we recently did with KVSB when we merged with Nextdoor. Valo Health is a strong company and we wish them continued success as they move forward on a very solid plan. We will continue to look for other high-impact targets across a range of industries to deliver maximum shareholder value," Samir Kaul, Khosla Ventures Founding Partner and Managing Director.
SoundHound, a voice AI platform, agreed to go public via a SPAC merger with Archimedes Tech SPAC Partners, a blank check company, in a $2.1bn deal. Investors in PIPE include Oracle, Koch Industries, MKaNN Ventures, Cota Capital, VIZIO, HTC, FIH Mobile, Structural Capital, Provco Group, Sompo and Pejman Nozad.
"We believe voice AI is poised to create the next major disruption in computing. This transaction will accelerate our mission to voice-enable the world with conversational intelligence,” Keyvan Mohajer, SoundHound CEO and Co-Founder.
SoundHound is advised by Guggenheim Partners, Ellenoff Grossman & Schole and Hotwire Global. Archimedes is advised by EarlyBirdCapital and Loeb & Loeb.
TSG Consumer Partners, a private equity firm, agreed to acquire Super Star Car Wash, a family-owned car wash operator. Financial terms were not disclosed.
"TSG has invested in and helped build countless iconic consumer brands, and we are excited for their support as we continue to grow our business. Importantly, the firm is a strong cultural fit – they understand and value the significance of our decades-long dedication toward our employees, customers and local communities. Their meaningful marketing expertise, consumer understanding, and significant experience with membership models makes them the perfect partner as we enter new markets and continue to innovate for our customers," Reza Amirrezvani, Super Star Car Wash Founder and President.
Super Star Car Wash is advised by Ardent Advisory Group and Snell & Wilmer. TSG Consumer Partners is advised by Jefferies & Company, Ropes & Gray and Sard Verbinnen & Co.
Citizens Financial, a provider of full range of commercial banking services, completed the acquisition of JMP Group, a full-service investment banking and asset management firm, for $149m.
"The acquisition of JMP represents an attractive opportunity for us to continue to broaden both our capabilities and our customer base in our commercial banking segment. The acquisition further strengthens Citizens' growing corporate finance and strategic advisory capabilities, with a focus on high growth and compelling industry sectors," Bruce Van Saun, Citizens Chairman and CEO.
JMP was advised by JMP Securities, Keefe Bruyette & Woods and Mintz Levin. Citizens was advised by Sullivan & Cromwell.
KKR, a global investment firm, agreed to invest in Beacon Pointe, a registered investment adviser headquartered in Newport Beach, California. Financial terms were not disclosed.
"We are particularly excited about what this strategic partnership will mean for our team, company growth and, most importantly, the services we provide to our clients. With the support of KKR's deep experience and resources, Beacon Pointe will have the opportunity to further invest in the business and continue to expand our footprint across the nation," Shannon Eusey, Beacon Pointe CEO.
Beacon Pointe is advised by Goldman Sachs and Alston & Bird. KKR is advised by Ardea Partners and Kirkland & Ellis.
Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies, agreed to invest in Prodege, a cutting-edge marketing and consumer insights platform. Financial terms were not disclosed.
"We're thrilled to partner with the Great Hill team. They bring exceptional expertise in the digital commerce space, helping companies like ours innovate, scale thoughtfully both organically and inorganically, and create lasting value. There are pivotal opportunities ahead to expand our leadership as a critical partner to leading brands and agencies. We look forward to working with Great Hill to continue delivering the best marketing and consumer insights for our clients," Chuck Davis, Prodege CEO and Chairman.
Prodege is advised by Evercore and Cooley. Great Hill Partners is advised by Sidley Austin and Sard Verbinnen & Co.
Chatham Asset Management, a private investment firm which manages funds that beneficially own approximately 14.9% of the outstanding common stock of R.R. Donnelley & Sons Company, submitted a binding, fully financed offer and draft merger agreement to acquire all the common stock of RRD not already owned by Chatham for $9.10 per share in cash, or $564m total.
"While we are deeply troubled by the Board of Directors' failure to conduct a reasonable sale process, especially before agreeing to a breakup fee and expense reimbursement equal to as much as $28m with Atlas, we remain excited by the prospect to acquire RRD and steward the Company in its next phase. Our offer is superior, by any measure, to Atlas' offer, and delivers to stockholders value that is rightfully theirs," Chatham.
Chatham is advised by Jefferies & Company, Lowenstein Sandler and Olshan Frome Wolosky.
Turnspire Capital Partners, a private equity firm, completed the acquisition of Spectra Premium Industries, a North American provider of automotive parts design, engineering, manufacturing, and distribution for the aftermarket as well as for original equipment. Financial terms were not disclosed.
"Spectra's best-in-class engineering, and North American manufacturing and distribution capabilities position the Company as a supplier of choice to attractive automotive, commercial vehicle and industrial markets. The Turnspire acquisition will result in a strong balance sheet through the elimination of significant prior liabilities. Further, Spectra will benefit from our commitment to manufacturing excellence and access to significant strategic, operational and financial resources. We are excited to work with Spectra's management team to build on the Company's legacy of innovation and achieve profitable growth," Ilya Koffman, Turnspire Capital Partners Managing Partner.
Turnspire Capital Partners was advised by Chapman and Cutler, Miller Thomson and Gasthalter & Co.
New Mountain, a growth-oriented investment firm, completed the acquisition of Profile Products, a developer and manufacturer of highly engineered specialty agriscience materials. Financial terms were not disclosed.
"I want to thank my team for their hard work and support in continuing to build this great company. While I'm extremely proud of what we've accomplished, we know there is considerable runway ahead of us and we are excited to partner with New Mountain, a like-minded, growth-oriented investor, who will support our vision for accelerated growth and the broadening of our solution portfolio," Jim Tanner, Profile CEO.
Profile Products was advised by Swanson Russell. New Mountain was advised by Jefferies & Company and Abernathy MacGregor Group.
Eurazeo, an investment company, agreed to invest $300m in Scaled Agile, a provider of the framework, platform, professional training content and certifications for implementing business agility practices across the enterprise.
"We are delighted to announce the acquisition of Scaled Agile, continuing the momentum for Eurazeo's Mid-Large buyout strategy in the US. We are proud to be the partner of choice for mid-market leaders who want to grow their business by providing them with a team of committed experts, a global network and financial resources to match their ambitions," Marc Frappier, Eurazeo Managing Partner.
Eurazeo is advised by Cravath Swaine & Moore and Edelman.
Cboe Global Markets, a provider of global market infrastructure and tradable products, agreed to acquire NEO, a Canadian stock exchange based in Toronto. Financial terms were not disclosed.
"We are excited to draw upon Cboe's core strengths as a leading global market infrastructure provider to further develop innovative solutions that meet the needs of investors and capital-raisers around the world. Our commitment to innovation, fairness and putting investors and capital-raisers first will not only continue under Cboe's ownership, but now benefit from the strength and support of Cboe's technology, market expertise and global client distribution," Jos Schmitt, NEO President and CEO.
Cboe Global Markets is advised by TD Securities and Blake Cassels & Graydon.
Private equity firms Hackman Capital Partners and Square Mile Capital completed the acquisition of Kaufman Astoria Studios, a world-class destination for film and television production located in Queens. Financial terms were not disclosed.
"We are beyond thrilled to add Kaufman Astoria to our studio portfolio and excited to further its legacy as a quintessential destination for major motion pictures and television shows. The studio has had a remarkable history over the last 90 years and has been an incredibly active and participating stakeholder in rejuvenating the entire Astoria neighborhood. We are excited to work with Hal Rosenbluth and the entire KAS team, as the studio continues to grow and excel as one of the best production facilities in the industry," Michael Hackman, Hackman Capital Partners Founder and CEO.
Kaufman Astoria Studios was advised by Jefferies & Company.
Durable Capital, an investment manager, led a $400m Series G funding round in Faire, a wholesale marketplace, with participation from D1 Capital Partners and Dragoneer Investment Group.
“Faire’s visionary leadership team is building a business that is truly in balance with all of its stakeholders, allowing emerging brands and independent retailers to do what they do best – create and sell products. With their continued investment in the UK, Europe, and beyond, we believe that Faire will transform the global wholesale market,” Anouk Dey, Durable Capital Partner.
XP, a technology-driven platform, agreed to acquire a minority stake in Vista Capital, an investment management company. Financial terms were not disclosed.
The development of independent asset managers meets XP's strategy by contributing to an increase in secondary market liquidity, helping to democratize investment products to more Brazilians.
Penske Automotive Group, a diversified international transportation services company, completed the acquisition of McCoy Freightliner, a retailer of medium and heavy-duty commercial trucks. Financial terms were not disclosed.
The McCoy acquisition is expected to generate approximately $200m in annualized revenue, building further scale within the company's wholly-owned Premier Truck Group subsidiary.
Unit4, a provider of enterprise cloud applications for people-centric organizations, completed the acquisition of Compright, a modern cloud-based compensation planning tool. Financial terms were not disclosed.
"With services-based organizations needing to accelerate digital adoption while struggling to recruit and retain talent to support that transformation, compensation management has become a critical tool in their arsenal to quickly respond to the acceleration in talent mobility and availability. Compright perfectly complements and extends the combined power of ERP, HCM and FP&A to address the needs of those industries whose success depends on people and to adapt their businesses to the 'new normal," Mike Ettling, Unit4 CEO.
The Vitec Group, an international provider of premium branded hardware products and software solutions to the growing content creation market, agreed to acquire Savage, a provider of backgrounds and photographic products, from $57m.
"A key part of the Group's strategy is to invest in businesses exposed to faster-growing segments of the content creation market. Savage gives the Group a leading position in the growing global backgrounds market, which is the largest consumables product used by professional studio photographers. This gives us more frequent contact with our customers as well as more of a regular repeat purchase revenue stream," Stephen Bird, Vitec CEO.
The Raine Group and Premji Invest led a $555m Series C round in Heyday, a social-media marketing platform, with participation from General Catalyst, Victory Park Capital, and Khosla Ventures.
Heyday said the funds will be using to continue expanding its technology, investing in business development, and to buy up more assets.
Bain Capital led a $200m Series C round in MixPanel, a product analytics solution powering more than 6k of the world's most innovative digital companies.
"Digital products are reinventing how we live our lives. From last-mile deliveries to fintech, to modern media businesses, we're seeing an explosion of innovation. Mixpanel is an enabler of this change. We help product development teams rapidly understand what matters to the users of their products and services, so they can build better digital products centered around the customer experience," Amir Movafaghi, Mixpanel CEO.
March Capital led a $100m Series F round in ThoughtSpot, a technology company that produces business intelligence analytics search software, with participation from Lightspeed Ventures, Snowflake Ventures, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, Sapphire Ventures, and GIC.
"We are thrilled to be backing the world-class ThoughtSpot team as they continue to dominate the rapidly growing cloud analytics market. ThoughtSpot's innovative, cloud-native platform makes it easier than ever for any company, from high growth startups to global enterprises, to derive valuable insights and make smarter decisions from the large amounts of data they gather. We look forward to leveraging March's extensive operational and industry expertise to help ThoughtSpot build the multibillion leader in this important category," James Montgomery, March Capital Co-Founder and Managing Partner.
Take-private deal could value Razer at up to $4.5bn.
A consortium led by top executives of Razer plans to value the Hong Kong-listed maker of gaming hardware at up to $4.5bn in a deal to take it private, Reuters
Chairman Min-Liang Tan and non-executive director Kaling Lim, with a combined stake of nearly 60% in Razer, lead the group offering up to $0.5 a share or almost double its average price of $0.25 over the past month. The move comes as the consortium believes Razer, based in the United States and Singapore, has been undervalued in Hong Kong, where investors typically pay more attention to tech firms from mainland China.
GE Aviation is ready to look at acquisitions.
GE Aviation is ready to look at acquisitions to top up its portfolio with technologies that could help it shape the future of flight, without waiting for a planned break-up of its parent General Electric, Reuters
“If there is alignment with our strategic goals and assuming that the business case makes sense, we are open to look at opportunities. We do want to grow, the opportunities are there within our ecosystem of aerospace and defense so there will be plenty of opportunities for growth,” John Slattery, GE Aviation CEO.
BGL announced the sale of Agmet.
Brown Gibbons Lang & Company announced the sale of Agmet, a specialty processor of industrial by-products, including electric vehicle batteries, that recovers nickel, cobalt, and other valuable metals, to an undisclosed buyer. Financial terms were not disclosed.
The transaction highlights the deep experience of the BGL team with businesses operating in the metal recycling sector. BGL's Metals & Metals Processing investment banking team served as the exclusive financial advisor to Agmet in the process.
Exxon plans to sell its oil and gas properties.
Exxon Mobil launched a sale of its oil and gas properties in the first major US shale field, as part of a portfolio reshuffling to focus on more lucrative assets, Reuters
Bids are due December 21 and Exxon aims to close any sale in January. The properties' shale gas production has declined by half since 2016, to around 227m cubic feet per day in the first half of this year.
Dish ties up with Cisco to sell 5G to businesses.
US satellite TV provider Dish, which is racing to build a 5G network in the United States, has linked up with Cisco to sell cloud-powered 5G services to businesses, Reuters
Dish has said building a new network, rather than re-engineering an existing 3G or 4G network, helped keep its costs low and enabled it to roll out new services such as network slicing, which relies on the ability of 5G to run multiple networks on a single, shared infrastructure.
American Airlines and Winding Tree announce partnership.
American Airlines and Swiss travel platform Winding Tree formed a partnership that will enable corporate buyers to access the US airline’s data on flights directly, without the need for intermediaries, Reuters
BlueVoyant seeks funding at $1.4bn valuation. (FS)
“We’re always looking for innovative ways to give our customers access to American’s content in the way that’s most convenient for them,” Neil Geurin, American, Managing Director for digital and distribution.
BlueVoyant, a cybersecurity startup, is in talks to raise fresh funding at a valuation of roughly $1.4bn, Bloomberg
The New York-based firm is discussing raising $150m with prospective investors. Terms are not finalized and could still change. BlueVoyant counts Temasek Holdings, Winton Ventures, 8VC and DNS Capital, the family office of Gigi Pritzker and Michael Pucker, among its backers.
Point72 raises $600m for a private equity fund. (FS)
Point72 raised $600m for its first private equity fund that will use artificial intelligence to modernize and improve efficiencies at companies it acquires.
The vehicle, called Point72 Hyperscale, will take majority stakes in companies in fragmented industries with high turnover and low margins. The funds raised include client cash as well as money from Cohen, who is a significant investor, Bloomberg
Carlyle Group plans to launch an Asia mega-fund in 2022. (FS)
Alternative investment giant Carlyle Group is considering hitting the market early in 2022 to raise its sixth Asia flagship, DealStreetAsia reported.
Carlyle raised $6.55bn for its 2017 Asia Partners V, which included a $250m commitment from the California Public Employees' Retirement System, $100m from New York State Teacher's Retirement System and $100m from the West Midlands Pension Fund. Asia-Pacific accounts for 8% of Carlyle's $293bn of total assets under management across private equity, private credit and investment solutions.
Sun Communities, a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas, agreed to acquire Park Holidays UK, the second largest owner and operator of holiday communities in the UK, for $1.3bn.
"Park Holidays has many parallels with Sun, such as its strong portfolio, its focus on growth, and a management approach that is consistent with ours. Under the leadership of Jeff Sills and his highly experienced senior management team, who have led the company since 2006, Park Holidays has created a strong brand given the quality of its assets and stellar customer service. Its management team has a proven track record of acquiring and expanding properties, efficiently integrating them into the platform, and creating significant value in a short period of time," Gary A. Shiffman, Sun Communities Chairman and CEO.
Park Holidays UK is advised by HSBC, RBC Capital Markets and Proskauer Rose. Sun Communities is advised by Citigroup, Lazard, Jaffe Raitt Heuer & Weiss and Jones Day.
Norway’s largest bank DNB should not be allowed to buy online rival Sbanken as the deal would hurt customers in the mutual fund market, said the Norwegian Competition Authority.
“Neither the companies’ response to the authority’s concerns nor their alleviating proposals have changed the NCA’s opinion,” NCA.
DNB is considering whether to appeal the decision to the Norwegian Competition Tribunal within a deadline of 15 working days.
Sbanken is advised by Arctic Securities and Thommessen. DNB is advised by DNB Bank and Advokatfirmaet BA-HR.
Slate Office REIT, an owner and operator of office real estate, agreed to acquire Yew Grove REIT, a real estate investment trust focused on Irish commercial property, for €177m ($203m).
"This is a transformational opportunity for Slate Office REIT to acquire a portfolio of modern properties underpinned by exceptional quality tenants. The proposed acquisition, upon completion, would improve the REIT's portfolio metrics and the durability of our cash flows, generating immediate accretion for unitholders. With this initial acquisition in Ireland, we would be well-positioned to pursue other attractive growth opportunities across Europe," Steve Hodgson, Slate Office REIT CEO.
Yew Grove REIT is advised by Liberum Capital and Goodbody. Slate Office REIT is advised by IBI Corporate Finance.
Ensign-Bickford Industries, a corporation with diversified businesses in aerospace and defense, molecular diagnostics, and pet food palatability markets, completed the acquisition of Cawood Scientific, an independent scientific group, from Waterland, a private equity firm. Financial terms were not disclosed.
"Cawood has more than just exceptional growth potential, it comes to us as a thriving business with a solid market position and great talent – built on a set of strong principles that very closely mirror the core values of EBI. This partnership will support both goals to expand our diagnostic offerings and extend our reach in global markets, and we could not be more pleased to welcome Cawood into the EBI family," Tom Perlitz, EBI President and CEO.
Cawood Scientific was advised by Deloitte, Rothschild & Co and Addleshaw Goddard.
Graphite Capital, a UK mid-market private equity specialist, completed the acquisition of Opus Talent Solutions, a global recruitment business specialising in the technology and renewable energy markets. Financial terms were not disclosed.
"We have been very impressed with Amy and the senior management team. Opus is ideally positioned in fast-growth, dynamic and future-proof sectors that are underpinning many of the core drivers of our changing world. We look forward to supporting the organisation's ambitious growth plans and working with the team during the next exciting chapter in the company's development," Rachael Baker, Graphite Partner.
TeamApt looks to raise funds at a $1bn valuation.
TeamApt, Nigeria's largest agency banking operator, is looking to raise its third round of financing worth more than $1bn, which will allow the banking software company to join a series of companies African technology to become what we call unicorns.
The Lagos-based company aims to raise around $150m, founder and CEO Tosin Eniolorunda said. TeamApt is attracting interest from venture capitalists in the United States and Europe, he added.