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AMERICAS
Cydecor, a software developer, completed the acquisition of InnovaSystems, an IT and software services provider. Financial terms were not disclosed.
“InnovaSystems deepens our software development expertise and puts Cydecor at the forefront of defense readiness as a leading solutions provider for national security technology," Nader Elguindi, Cydecor President and CEO.
InnovaSystems was advised by Raymond James (led by Andy McEnroe and Sam Maness) and Holland & Knight. Cydecor was advised by Pillsbury Winthrop Shaw Pittman.
Ares, a private equity firm, completed an $250m investment in Avant, a credit-first financial technology company.
"Avant has established a track record of success over the course of a decade of delivering on our mission to empower customers to reach their goals with innovative solutions designed to move their financial lives forward. This capital infusion from Ares will further fuel our credit portfolio and next-gen platform, enabling stronger competitive advantage," Matt Bochenek, Avant CEO.
Avant was advised by Financial Technology Partners and Vested.
Ekso Bionics, an exoskeleton technology developer, completed the acquisition of the Human Motion and Control business unit of Parker Hannifin, a motion and control technologies company. Financial terms were not disclosed.
“The strategic acquisition of Parker’s uniquely-powered and adjustable Indego exoskeletons significantly builds our product offering and extends our market opportunity to the home. With the addition of HMC, we intend to grow our global footprint and increase our market position in lower extremity robotic products driven by our shared innovations and leading-edge technologies," Steven Sherman, Ekso Bionics Chairman.
Ekso Bionics was advised by Finn Partners (led by David Carey). Parker Hannifin was advised by Jones Day (led by Patrick Leddy)
Mercer Advisors, a a national registered investment adviser, completed the acquisition of Resource Planning Group, a comprehensive wealth management firm. Financial terms were not disclosed.
"The business combination between Mercer Advisors and RPG is a perfect fit with both firms anchoring on financial planning. We are thrilled they are joining the Mercer Advisors team and expanding our already significant presence in the Southeast," Dave Welling, Mercer Advisors Chief Executive Officer.
Mercer was advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Stratus, a facilities services and brand implementation services firm, completed the acquisition of Comet Signs, a company which provides solutions for sign brand identity. Financial terms were not disclosed.
“When Tim and I were getting to know each other, I could immediately picture myself and my team working side-by-side with Stratus. At Comet, we have grown by taking very good care of our customers. Tim and Stratus share that approach, the customer is always at the center of their minds. That’s why this is such a great fit. We look forward to our customers taking advantage of everything Stratus has to offer, and we look forward to personally servicing Stratus’ customers all across Texas,” Pete Sitterle, Comet Signs CEO.
Stratus was advised by Cristofoli Keeling (led by Ann Keeling).
The Riverside Company, a private equity firm, completed the acquisition of The Austin Peters Group, an HR compliance firm. Financial terms were not disclosed.
“We will leverage the customer base and compliance solutions of APG to augment OutSolve’s growing suite of product offerings. At the same time, APG customers will have the benefit of additional services and capabilities under OutSolve’s ownership," Daniel Grinnan, Riverside Principal.
The Riverside Company was advised by Jones Day (led by Lisa Lathrop).
Clearlake Capital, an investment company, led a $700m funding round in Fanatics, a sports platform, with participation from LionTree, Fidelity, Sliver Lake and Softbank.
Proceeds from the investment, which comes in the form of common stock, will be set aside for strategic M&A. The goal is to help Fanatics grow across its divisions, including its soon-to-be launched sports-betting and gaming business, and won’t be used to fund its day-to-day operations.
SageView Advisory Group, an independent RIA firm, completed the acquisition of Lakeview Wealth Management, a wealth management firm. Financial terms were not disclosed.
"Welcoming Judy, Lisa and their team to SageView supports our growth strategy and expands our presence in the important Chicago-area market. Judy has more than 20 years of experience in the financial services industry and was recognized for the past three consecutive years as one of Forbes' Top Women Wealth Advisors and Best-in-State Wealth Advisors. Lisa, who joined the family practice 11 years ago, has been recognized for her leadership and passion as a finalist in 2021 and 2022 for Women in Asset Management Next-Gen Leader of the Year. Their joint experience will enhance SageView's mission of delivering best-in-class financial planning at the intersection of retirement and wealth management," Randy Long, SageView Founder and Managing Principal.
Finance of America, a specialty finance and solutions platform, agreed to acquire assets of American Advisors Group, a direct-to-consumer reverse mortgage lender. Financial terms were not disclosed.
“This is an incredibly exciting day for our organizations and ultimately those we serve. By complementing FAR’s thought leadership and innovation with AAG’s unmatched investments in consumer awareness, we are strengthening a movement to change society’s retirement trajectory for the better and bringing FOA closer to its goal of helping more Americans thrive,” Kristen Sieffert, Finance of America President.
CMA CGM Group, a global player in sea, land, air and logistics solutions, agreed to acquire the Bayonne and New York port terminals from Global Container Terminals, a terminal operations solutions provider. Financial terms were not disclosed.
"The acquisition of GCT Bayonne and GCT New York terminals is a strategic investment for the CMA CGM Group. It reinforces the services we provide to U.S. customers and their supply chain efficiency. It further consolidates our positions in the United States, a major market among the fastest-growing worldwide, and will help us continue our development," Rodolphe Saadé, CMA CGM Chairman and CEO.
Legrand, an electrical, digital infrastructure and connected solutions provider, completed the acquisition of Encelium, a manufacturer of advanced commercial lighting controls. Financial terms were not disclosed.
"We have a demonstrated history and proven track record of what can be made possible for innovation, quality and customer service when we invest in and acquire the right products and solutions. The synergy with Encelium was evident from the start – not only from a product and innovation standpoint, but from their 'people first' approach that drives their innovation, and their commitment to enhancing the experience of everyone that comes in contact with their products," Andrea Lamieri, Legrand General Manager.
Integrated Component Sales, a manufacturer's representative, agreed to merge with JD Martin, an electrical manufacturer. Financial terms were not disclosed.
"It is exciting to have the opportunity to join forces with the JD Martin team. We found a partner who shares a common approach to running their business. We share similar cultures, values and vision for the future. Above all else, we are equally committed to delivering exceptional value to our customers—through our collective strength,"
Brian Camera, Integrated Component Sales CEO and President.
Vale to break out base metals business and sell stake in 2023.
After several years of deliberations, iron ore giant Vale is finally laying out a path for unlocking value from its nickel and copper business as demand for the so-called battery metals picks up, Bloomberg reported.
The Rio de Janeiro-based firm will separate the base metal assets from its iron ore operations and unveil a strategic partner in the first half of next year, CEO Eduardo Bartolomeo and CFO Gustavo Pimenta said in an interview. An initial public offering is off the table for now.
Vince explores options including a sale. (FS)
Vince Holding, a New York-based fashion brand, is exploring options including a sale, Bloomberg reported.
The company is working with an adviser on the process, but no final decision has been made, and Vince could opt to remain independent. Sun Capital Partners, a middle-market private equity firm, is Vince’s largest shareholder, with a 69% stake.
Thoma Bravo completes $32.4bn fundraise. (FS)
Thoma Bravo, a software investment firm, today announced the completion of fundraising for its buyout funds totaling more than $32.4bn in capital commitments: Thoma Bravo Fund XV, a $24.3bn fund, Thoma Bravo Discover Fund IV, a $6.2bn fund and Thoma Bravo Explore Fund II, a $1.8bn fund. Each fund surpassed its target, demonstrating the strong support by Thoma Bravo's diverse network of investors for the firm's buyout strategies.
"We are energized by our investors' strong support of the largest fundraise in Thoma Bravo's history, and of the largest tech fund ever raised, all against the backdrop of a challenging economic and geopolitical environment," Jennifer James, Thoma Bravo COO.
Thoma Bravo was advised by Kirkland & Ellis.
Pinterest adds a board seat for activist investor Elliott. (FS, People)
Pinterest added a board seat for Elliott Investment Management as part of a cooperation agreement with the activist investor, Bloomberg reported.
Elliott’s Marc Steinberg will join the board on December 16, bringing the total number of seats to eight independent directors and 11 total members. The shares rose more than 2.5% in extended trading, after falling 38% this year through Tuesday’s close.
EMEA
MNG Airlines, is a transportation company, agreed to go public via a SPAC merger with Golden Falcon Acquisition, a special purpose acquisition company, in a $676m deal.
Istanbul-based MNG Airlines started operations in 1996, and serves corporate customers across 41 countries with more than 3,5k flights per year.
Golden Falcon is advised by EarlyBirdCapital, Moelis & Co, UBS, Greenberg Traurig and Herdem. Financial advisors are advised by Paul Hastings. MNG Airlines is advised by Appolonia Advisors, Goksui Safi Isik Attorney and White & Case.
Tiger Infrastructure Partners, a private equity firm, completed the acquisition of International Aerospace Coatings, an aviation services provider. Financial terms were not disclosed.
"As a growth-oriented infrastructure investor, we were attracted to IAC because of its compelling growth prospects, leading market position, substantial asset base and long-term relationships that provide barriers to entry, and stable, reoccurring revenues from providing essential services," Emil W. Henry, Tiger Infrastructure CEO.
Tiger Infrastructure Partners was advised by Alton Aviation Consultancy, Harris Williams & Co and Winston & Strawn. Vance Street Capital was advised by Jefferies & Company and O'Melveny & Myers.
Holmarcom Group, a business conglomerate, completed the acquisition of a 78.7% stake in Credit du Maroc, a bank, from Credit Agricole, a financial services company. Financial terms were not disclosed.
Holmarcom has bought stakes in Credit du Maroc, in a move to strengthen its foothold in the finance and insurance business.
FRP Advisory Group, a specialist business advisory firm, agreed to acquire APP, a provider of advisory, tax and audit services, for $66m.
"We are thrilled to be joining FRP. We have worked with the team for the last few years, and this cements what has been a fantastic working relationship. We are excited by the new growth opportunities this represents, whilst enabling us to continue to provide our existing clients with an industry leading level of service and creating employment opportunities for exceptional talent across Cyprus and beyond," Augoustinos Papathomas, APP Founder and Senior Director.
FRP Advisory is advised by Cenkos Securities and MHP Communications (led by Oliver Hughes).
Barclays, an investment bank, led a $500m Series C round in Einride, a freight mobility technology company, with participation from AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek.
“The time is now to act on not only developing but accelerating the implementation of technology that will create a cleaner, safer and more efficient way to move goods. We’ve created the Einride ecosystem to provide the most resilient and future-proof approach to electrifying freight today. With the support from our investors and shared belief in this mission, we’ll continue to drive disruptive change to global freight at scale,” Robert Falck, Einride Founder and CEO.
Einride was advised by Goldman Sachs.
OBOS BBL, a real estate service provider, completed the acquisition of a 6.5% stake in NCC, a construction services provider, from Nordstjernan, a private equity firm, for $74m.
"The investment is in line with our strategy of being able to actively invest in construction companies and other companies that create financial returns and strategic opportunities for OBOS," Daniel Kjørberg Sira, OBOS CEO.
Nordstjernan was advised by SEB Corporate Finance.
Ansys, an engineering simulation software developer, agreed to acquire DYNAmore, a developer of simulation solutions to the automotive industry. Financial terms were not disclosed.
"DYNAmore is an amazing company that offers unparalleled automotive crash expertise to the industry. Adding their invaluable knowledge to Ansys' direct selling motion will add tremendous benefits to our customers in Europe and across the globe," Walt Hearn, Ansys Vice President.
IceLake Capital, a private equity firm, completed an investment in HeadFirst Group, an HR services provider. Financial terms were not disclosed.
"We are excited to back HeadFirst Group, as we appreciate their development into a company with a unique and market leading position in HR services. We look forward to work with their experienced board and management team to realise their ambitions and providing its innovative, value-added solutions to an even wider range of clients, suppliers, and professionals," Bastiaan Hagenouw, IceLake Co-Founder and Partner.
HeadFirst Group was advised by Jefferies & Company.
Aeris Communications, an Internet of Things solutions provider, agreed to acquire IoT business of Ericsson, a Swedish multinational networking and telecommunications company. Financial terms were not disclosed.
"Building the best technology to support the success of our customers and drive innovation in the IoT space have always been at the forefront for Aeris. Our intelligent, software defined IoT network and Ericsson's leading connectivity management platform will provide the leading IoT technology stack in the industry. We look forward to bringing these new, transformational IoT solutions and Ericsson's IoT Accelerator and Connected Vehicle Cloud products to our customers," Marc Jones, Aeris President and CEO.
Abu Dhabi consortium taps Rothschild, Standard Chartered for GEMS Bid. (FS)
An Abu Dhabi-linked consortium has tapped Rothschild & Co. and Standard Chartered as advisers on a takeover bid for Dubai-based GEMS Education, one of the world’s largest private school operators, Bloomberg reported.
Sovereign wealth fund ADQ and real estate developer Aldar Properties, which has an education subsidiary, are among the investors exploring a joint bid for CVC Capital Partners-backed GEMS. Another Abu Dhabi sovereign fund, Mubadala Investment, is a major shareholder of Aldar.
Russian central bank's sale of Otkritie to VTB to go through this year.
The Russian central bank's deal to sell bailed-out lender Otkritie to state bank VTB should be finalised by the end of the year, Reuters reported.
Russian lawmakers have been considering draft legislation that would give the banks and the regulator until the end of 2023 to complete the deal without needing to hold a competitive tender or seek approval from Russia's competition authorities.
Aggregate Holdings is said to discuss Vic Properties SPAC deal.
Aggregate Holdings is in talks to take its Portuguese unit Vic Properties public in a merger with BurTech Acquisition, a blank-check firm, Bloomberg reported.
The talks are the latest effort by the German real estate firm led by Cevdet Caner to sell assets and cut debt after it was embroiled in short-seller allegations of fraud against Adler Group.
Turkiye Varlik Fonu aims to integrate Kardemir with mining operations. (FS)
Turkey’s sovereign wealth fund aims to integrate steelmaker Kardemir with its mining operations, Bloomberg reported.
Turkiye Varlik Fonu, headed by President Recep Tayyip Erdogan, completed the acquisition of a minority stake in Kardemir. The fund purchased about 50.3m Class A shares for the equivalent of $35.2m. With the purchase, TVF gains the right to appoint four people to Kardemir’s 11-member board.
APAC
Squadron Energy, an enery company, completed the acquisition of CWP Renewables, a vertically integrated renewables energy business, for $2.7bn.
"When large industrial and commercial customers come to us, they are looking for efficient and firmed renewable power at scale. With this acquisition, we will develop and operate an extensive geographic portfolio of night and daytime wind, solar and storage assets that will ensure reliability of supply for our customers," Eva Hanly, Squadron Energy CEO.
Squadron Energy was advised by Highbury Partnership and Clayton Utz.
Sinopharm weighing $4bn China TCM take-private bid. (FS)
China National Pharmaceutical Group is considering a revived bid for China Traditional Chinese Medicine Holdings that could value the Hong Kong-listed drugmaker at around $4bn, Bloomberg reported.
The state-backed firm known as Sinopharm, which holds a controlling stake in China TCM, is talking with advisers about a new offer to potentially take the company private. Sinopharm and its advisers are discussing a potential offer of about $0.77 for each China TCM share.
Macrotech Developers plans $450m share sale.
Indian real estate company Macrotech Developers, part of the Lodha group, plans to raise $450m via a qualified institutional placement that will see its controlling family selling a stake of about 7%, Reuters reported.
The proposed stake sale underscores a recent deal boom in Indian real estate, where prices are expected to rise steadily in the next few years, roughly in line with overall economic growth.
Blume Ventures raises over $250m for a new fund. (FS)
Blume Ventures, a seed-stage Indian investor, has raised more than $250m for its fourth and largest fund to court more early-stage startups, Reuters reported.
The new fund will focus on edtech, fintech, health, commerce and consumer internet. It will also invest in robotics, artificial intelligence, software-as-a-service and enterprise software.
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