Private equity firms GI Partners and TA Associates completed an investment in Rectangle Health, a provider of healthcare financial technology. Financial terms were not disclosed.
"It has been a pleasure partnering with TA Associates over the past four years to build Rectangle Health into a leader in the healthcare market. We are excited to create our next chapter in partnership with GI Partners and TA, with a continued focus on organic growth and M&A," Dominick Colabella, Rectangle Health CEO.
Rectangle Health was advised by Credit Suisse, Robert W Baird, Goodwin Procter and Gregory FCA. GI Partners was advised by Goldman Sachs, Strawhecker Group, Ropes & Gray and Chris Tofalli Public Relations.
Pretium Partners, a private equity firm, completed the acquisition of Anchor Loans, a mortgage finance provider. Financial terms were not disclosed.
"This transaction is a unique opportunity to partner with an organization that shares our passion about the importance of supporting our communities with great homes and investments. With Pretium's resources, operational expertise, and complementary businesses, we see immediate opportunities for cross collaboration that will naturally accelerate our growth and strengthen the services we provide to our clients. At the same time, we remain well positioned to drive innovation in our lending programs and position our pioneering business for continued long-term success," Andrew Pollock, Anchor Loans CEO.
Anchor Loans was advised by Piper Sandler, O'Melveny & Myers and Campbell Lewis. Pretium Partners was advised by Nomura, Sidley Austin and Joele Frank. Debt financing was provided by American Equity Investment Life Insurance.
Digi International, a provider of Internet of Things connectivity products and services, completed the acquisition of Ventus Holdings, a network services provider, for $347m.
“Our primary goal is to simplify the deployment and management of sophisticated and distributed enterprise network. Our acquisition of Ventus leverages our unique understanding of the evolving connectivity needs and challenges enterprises face today--from wide geographic footprints to large numbers of dynamic and intelligent endpoints. We’re proud to renew our commitment to reducing the complexities of network and endpoint connectivity, as well as simplifying the building, hosting deploying, monitoring, and maintenance of secure, disruption-free WAN networks," Ron Konezny, Digi International President and CEO.
Ventus Holdings was advised by Rothschild & Co and Mayer Brown. Digi International was advised by Stephens, Faegre Drinker Biddle & Reath and Global Results Communications. Debt financing was provided by BMO Capital Markets.
TradeStation Group, a brokerage and trading platform, agreed to go public via a SPAC merger with Quantum FinTech Acquisition, a special purposes acquisition firm, in a $1.43bn deal. The PIPE investors in the deal include Monex Group, Galaxy Digital, XBTO Ventures, and Appian Way Asset Management.
“This transaction is an exciting new chapter in the ongoing story of TradeStation as an innovator that supports traders and investors seeking to claim their financial edge. Throughout TradeStation’s history, we have grown by providing our clients with a multi-asset trading platform, innovative new products and rich educational content that builds confidence among seasoned and first-time investors alike," John Bartleman, TradeStation President and CEO.
TradeStation is advised by Bank of America, Simpson Thacher & Bartlett and FleishmanHillard. Quantum FinTech Acquisition is advised by Piper Sandler, Latham & Watkins and Winston & Strawn.
H.I.G. Capital, a private equity firm, completed the acquisition of BECO Holding, a fire security equipment company, from Behrman Capital, a private equity firm. Financial terms were not disclosed.
“We are thrilled to partner with Eric Smith and his team. BHC has a proven track record of providing the highest levels of quality products and services to its customers and OEM suppliers. We are truly excited by the number of opportunities we have in front of us to catalyze growth and make BHC a more valued partner within its current and adjacent supply chains," Rahul Vinnakota, H.I.G. Capital Managing Director.
BECO Holding was advised by Robert W Baird and Goodwin Procter. H.I.G. Capital was advised by Piper Sandler and Ropes & Gray. Debt financing was provided by Golub Capital. Behrman Capital was advised by Kekst CNC.
Vizient, a healthcare performance improvement company, agreed to acquire a minority stake in Madison Dearborn Partners-backed Kaufman, Hall & Associates, a strategic advisor for healthcare systems and providers. Financial terms were not disclosed.
"We are excited to receive this strategic investment from Vizient, as it opens the door for us to collaborate with Vizient and its members to address our clients' most important strategic, financial, and operational needs. Vizient's deep industry expertise and complementary capabilities create an opportunity for Kaufman Hall to strengthen our offering in strategic planning, financial planning, and performance improvement. With the continued partnership of MDP and with the investment by Vizient, Kaufman Hall will be even better positioned to deliver industry-leading insights and unlock value across the healthcare continuum," Kenneth Kaufman, Kaufman Hall Founder and Chairman.
Kaufman Hall is advised by Barclays, Jefferies & Company and McCabe Message Partners. Vizient is advised by BMO Capital Markets. Madison Dearborn is advised by Abernathy MacGregor Group.
Continental Resources, an American petroleum and natural gas exploration and production company, agreed to acquire Delaware Basin assets of Pioneer Natural Resources, an oil and gas exploration and production company, for $3.25bn.
"Continental's foundation has always been built upon a strong geology-led corporate strategy. This continues today and has directly led us to our new strategic position in the Permian," Bill Berry, Continental Resources CEO.
Continental Resources is advised by Citigroup and White & Case. Pioneer Natural Resources is advised by Bank of America and Vinson & Elkins.
Investors Rubicon Founders, WCAS-backed Valtruis, Oak HC/FT and HLM Venture Partners agreed to acquire a majority stake in US Medical Management, a management services organization, from Centene, a publicly traded and managed care company based in St. Louis. Financial terms were not disclosed.
"With more than 25 years of experience in home-based care, USMM has outperformed in numerous value-based care initiatives and consistently delivered lower costs, better health outcomes, and higher patient satisfaction ratings," Sarah London, Centene Vice Chairman.
WCAS is advised by Ropes & Gray. Centene is advised by Evercore, Locke Lord and Skadden Arps Slate Meagher & Flom.
Ascensus, an American financial services company, agreed to merge with Newport Group, a California-based retirement services provider. Financial terms were not disclosed.
"Ascensus and Newport are both respected leaders in the marketplace—and well-known for service excellence, deep expertise, investment independence, and purpose-built technology. We expect the service platform investment, product expansion, and enhanced capabilities our union will deliver to be well-received by our collective clients. As a combined company, we'll be able to even further advance our mission of helping individuals save for what matters," David Musto, Ascensus President and CEO.
Newport is advised by Evercore. Debt financing is provided by Goldman Sachs, KKR Capital Markets and SPC Financing Company.
IBM, an American multinational technology company, completed the spin-off of its managed infrastructure unit, into Kyndryl.
"The separation of Kyndryl is one of many actions we are taking to sharpen our focus on hybrid cloud and AI, leverage a portfolio clearly focused on technology and consulting, and achieve our growth objectives. We look forward to our partnership with Kyndryl as it moves forward as an independent company," Arvind Krishna, IBM Chairman and CEO.
IBM was advised by JP Morgan, Lazard and Paul Weiss Rifkind Wharton & Garrison.
Berkshire Partners, a private equity firm, agreed to acquire Harvey Performance, a designer and manufacturer of specialized cutting tools for precision machining applications, from Summit Partners, a private equity investment firm. Financial terms were not disclosed.
“The Harvey business system is a proven, best-in-class model for driving growth and creating meaningful value for all stakeholders. Harvey is also a company that understands the value of broad employee engagement and ensuring an equitable and inclusive culture so that all employees benefit from their hard work,” Mike Ascione, Berkshire Partners Managing Director.
Berkshire Partners is advised by Paul Weiss Rifkind Wharton & Garrison. Summit Partners is advised by Piper Sandler and Kirkland & Ellis.
Oaktree Capital-backed Environmental 360 Solutions, an environmental management company, completed the acquisition of Le Géant du Conteneur, a waste management and disposal company. Financial terms were not disclosed.
"Today, it is with immense pride and a sense of accomplishment that we pass the torch to E360S. It is also with enthusiasm that we will continue to generate synergies and grow E360S in the coming years and continue this work with our entire team. E360S is a company that shares the same values as us and its vision has won us over. Finally, this transaction will allow all of our customers to obtain the most comprehensive service offering in environmental management," Bianca Freeman, Le Géant du Conteneur CEO.
Environmental 360 Solutions was advised by MNP and Miller Thomson.
Monomoy Capital Partners, a private equity firm with over $2.7bn in committed capital, agreed to acquire the highway products business of Trinity Industries, an American industrial corporation, for $375m.
"We continue the process to optimize our business and believe that selling the highway products business will allow us to fully focus on the rail-related segments. Trinity’s long history in the North American rail industry gives me great confidence that focusing our attention and resources on this industry will allow us to meet our long-term financial and operational goals and continue to optimize our capital structure," Jean Savage, Trinity President and CEO.
Trinity Industries is advised by JP Morgan and Akin Gump Strauss Hauer & Feld.
Macquarie Group-backed LRS, a waste management firm, completed the acquisition of Orion Waste Solutions, a waste disposal and management company. Financial terms were not disclosed.
"This new LRS - South platform will allow expanded product offerings and cross selling opportunities throughout the entire state of Arkansas along with Oklahoma, Kansas, and Missouri. The rapidly growing northwest Arkansas market has little or no recycling services and these acquisitions provide the perfect environment to graft LRS' world class recycling offerings into this progressive market. I am thrilled to welcome the Orion team to the LRS family. Under their collective leadership we look forward to explosive organic and acquisition related growth in this market," Alan T. Handley, LRS President and CEO.
Orion Waste Solutions was advised by Raymond James.
Platinum Equity-backed BlueCrest, a mail and parcel insertion and sortation firm, completed the acquisition of Fluence Automation, a provider of innovative service and technology intended for mail sorting. Financial terms were not disclosed.
"The acquisition of Fluence Automation is a great example of BlueCrest executing on its strategy. In the postal automation market, we will provide the broadest array of solutions and will be able to continue to grow in this space through product innovation both in the US and the international markets. Additionally, the combination of the companies’ parcel/eCommerce and Vote-by-Mail solutions will greatly expand our offering in these exciting growth markets," Dennis LeStrange, Bluecrest President and CEO.
Insight Partners, a venture capital and private equity firm, and Fidelity Management, an American multinational financial services corporation, led a $125m Series C financing round in Moonfare, an innovative and award-winning digital wealth platform for accessing top-tier private equity funds.
“They have curated a selection of the world’s top private equity and venture capital funds and enabled access for individual investors through a digital platform that provides a seamless user experience and is built for scale. We look forward to partnering with Moonfare on their continued growth," Matt Gatto, Insight Partners Managing Director.
Ualá, an Argentine financial services startup, agreed to acquire ABC Capital, a Mexican bank. Financial terms were not disclosed.
“Our commitment to financial inclusion in Mexico is absolute. The acquisition of ABC bank will allow us to offer a far wider variety of financial services within our ecosystem, as well as greatly accelerate our growth in the Mexican market,” Pierpaolo Barbieri, Ualá Founder and CEO.
Roche, a Swiss medical concern, agreed to acquire 33% of its own stake from Novartis, a Swiss multinational pharmaceutical company, for $20.7bn.
"I am convinced that the envisaged transaction is in the best interest of Roche and the holders of Roche equity securities from a strategic and economic perspective. As a result, Roche will be even better positioned strategically in the future to provide life-saving medicines and diagnostics to people around the world,“ Christoph Franz, Roche Holding Chairman.
Cox Enterprises, a business conglomerate, led a $58m funding round in Aver, a healthcare services provider.
“This new investment is a great moment for our company and signals the aggressive expansion of our mission: ‘the evolution of healthcare from its chaotic environment to an orderly infrastructure that enables true, quality-driven healthcare to be paid for and consumed economically and efficiently for all participants.’ Aver provided the strong foundation that powered the company’s evolution. Our accomplishments reinforce our industry-leading customer partnerships, talent of our team, and the market’s connection to our vision for a completely different healthcare world that delivers quality and cost, at levels often believed were unattainable. Our new brand, Enlace Health, embodies our strong history while embracing the innovation needed to change healthcare,” Bill Nordmark, Aver CEO.
MGM Resorts will sell the Mirage Casino in Las Vegas.
MGM Resorts International is putting the Mirage in Las Vegas up for sale, parting with a property known for its lava-spewing volcano and tiger attraction, Bloomberg reported.
The company wants to reduce its exposure to the Las Vegas Strip and is unwilling to invest more in the aging property. It will begin seeking bids at a time when Las Vegas resorts have been fetching record prices.
Bird CEO eyes further e-scooter expansion after going public. (FS)
Bird Rides, an electric scooter rental company, is planing to use most of the cash raised from merging with a SPAC to expand to new cities and grow its business in existing markets, Reuters reported.
Bird Rides is advised by Credit Suisse, Latham & Watkins and ICR. Switchback is advised by Morrow Sodali Global, Goldman Sachs and Vinson & Elkins.
Stage closes fund to acquire early-stage companies moving off the venture path. (FS)
Stage, a majority female-led private equity group that acquires controlling interest in early-stage companies closed its first fund.
Stage was founded by Daniel Frydenlund in 2009 and after 10 years of building a proven track record, brought in new partners to launch a committed capital fund. Mr. Frydenlund wanted to expand and scale the Stage model with Krista Morgan and Ingrid Alongi, two Denver-area entrepreneurs, who have both founded, grown, and exited venture-backed companies and understand the challenges founders face.
"We have enhanced our proven early-stage investment model and are seeking post-series A companies who need an alternative path when Series B may not present itself for businesses; as Series A rounds grow, a lot of good companies will not necessarily become unicorns but will need a strong capital and operating partner, that's where Stage comes in," Krista Morgan, Stage GP.
Zooplus, a German online pet supplies retailer, slashed its 2021 core profit target by half, blaming takeover transaction costs as private equity firms Hellman & Friedman and EQT gained investor approval to buy the company for $4.3bn, Reuters reported.
Zooplus said its full-year earnings before interest, taxes, depreciation and amortisation will come in at $23m-$40m, compared to its previous guidance for a range of $46m-$92m.
Zooplus is advised by Goldman Sachs, Buntscheck Rechtsanwaltsgesellschaft, GLNS Rechtsanwalte Steuerberater and Finsbury Glover Hering. Financial advisors are advised by Sullivan & Cromwell. EQT Partners is advised by Deutsche Bank, Milbank and Kekst CNC. Hellman & Friedman is advised by JP Morgan, goetzpartners and Freshfields Bruckhaus Deringer.
Aquiline Capital Partners, a private equity firm, completed the acquisition of a majority stake in Ripe Thinking, an insurance distribution platform. Financial terms were not disclosed.
"We are excited to partner with Aquiline, whose deep understanding of the UK and global insurance markets, and their track record of supporting technology-enabled businesses will allow us to further develop our offerings to our customers and continue to build out our underwriting and distribution capabilities. This partnership is a testament to the work of our incredible team who have delivered our strong and consistent growth year after year. The investment will allow us to accelerate our ambitions for international growth while still effectively and efficiently serving our customers across the UK," John Woosey, Ripe Founder and Managing Director.
Ripe was advised by Oliver Wyman, KPMG, Keefe Bruyette & Woods and Ernst & Young. Aquiline Capital was advised by Deloitte, Houlihan Lokey, Norton Rose Fulbright and Crosslake Technologies.
The publisher of the Daily Mail said its founder and controlling shareholder, the Rothermere family, had agreed to the terms to take the company private, comprising a cash, dividends and shares offer valued at $1.7 a share, Reuters reported.
The Rothermeres announced their plan to buy out other shareholders in July, with the move dependent on the sale of the company’s insurance business, Risk Management Solutions, and a listing of online car seller Cazoo, which it partly owns.
Daily Mail and General Trust is advised by Credit Suisse, JP Morgan and Teneo. Rothermere Continuation is advised by Lazard.
Brookfield Asset Management, an alternative asset management company, agreed to acquire alstria office REIT, an internally managed Real Estate Investment Trust. Financial terms were not disclosed.
“As long-standing shareholders of alstria, we have a close relationship with the Management Board and are pleased about the opportunity to combine the high-quality German office portfolio, the established platform and the market-leading ESG references from alstria with the global real estate expertise of Brookfield. Access to our real estate ecosystem will enable alstria to develop its full potential," Brad Hyler, Brookfield Managing Partner and Head of European Real Estate.
alstria office REIT is advised by UBS, Allen & Overy and Skadden Arps Slate Meagher & Flom.
Delek-backed Ithaca Energy, an oil and gas operator focused on North Sea production, appraisal and development activities, agreed to acquire the North Sea assets of Marubeni, a major Japanese integrated trading and investment business conglomerate, for $140m.
According to Delek Group, the deal forms part of Ithaca's strategy of expanding and developing activities in the UK waters of the North Sea, as part of its plans to raise capital on the London Stock Exchange or bring in partners.
Bedeo, a technology company bringing smart, sustainable transportation solutions to companies, completed the acquisition of Protean Electric, an automotive technology firm, from New Energy Vehicle Sweden, a unit of Evergrande New Energy Vehicle Group. Financial terms were not disclosed.
"This acquisition ensures we will be well capitalised to meet the burgeoning demand from existing and new customers," Andrew Whitehead, Protean CEO.
Landsec, a commercial property development and investment company, completed the acquisition of a 75% stake in MediaCity, a UK tech and media hub, for $580m.
"There's more desire from people to have more of that immediacy within their local area rather than having to travel a long way to work. Mixed-use neighbourhoods are becoming increasingly important in terms of the fabric of cities," Mark Allan, Landsec CEO.
OVS, an Italian clothing retailer, agreed to acquire 11 stores of GAP, an apparel retail company. Financial terms were not disclosed.
"The transfer of all the 11 Gap stores in Italy to OVS will allow Gap to operate its business through a more capital efficient partner model and to benefit from the expertise of OVS. The decision to transfer our Gap business is an example of how we are partnering to amplify and grow our brand in international markets," Mark Breitbard, GAP President and CEO.
AgentSync, the company building modern tools and infrastructure to power the insurance industry, agreed to acquire Finvera, the industry's first cloud identity passport for licensed brokers for secure, universal login and verification across the industry. Financial terms were not disclosed.
"In addition to improving the producer management process for carriers, MGAs, and agencies, AgentSync is committed to building tools that empower the brokers who play a critical role in the insurance ecosystem, ultimately driving efficiencies and raising the bar for distribution management technology across the entire industry," Niji Sabharwal, AgentSync Co-Founder and CEO.
The Trendlines Group, a private equity firm, completed the acquisition of a 73.1% stake in OrthoSpin, an orthopedics company, for $80m.
"I am delighted to announce this news. I'm extremely proud of the team that succeeded in meeting critical and complex tasks during a worldwide pandemic and wish to thank all our partners who supported us throughout the journey. I look forward to continuing our journey with DePuy Synthes to bring a real revolution to the hexapod bone deformity market," Oren Cohen, OrthoSpin CEO.
Blackstone-backed firm nears $3bn deal for Moonbug Entertainment. (FS)
A company backed by Blackstone, an American alternative investment management company, is nearing a deal to buy Moonbug Entertainment for $3bn, Reuters reported
Blackstone-led group will pay Moonbug $2.75bn upfront and $300m will be paid based on the company's performance.
Metro Bank gets Carlyle bid approach. (FS)
Metro Bank, a retail and commercial bank operating, has received a takeover approach from Carlyle, an American multinational private equity, alternative asset management and financial services corporation, Reuters reported.
Metro Bank has a market capitalisation of $242m at Wednesday’s closing price. There was no certainty an offer would be made and advised its shareholders to take no action, said the company.
Inmarsat’s owners consider the sale of the firm. (FS)
Private equity firms Apax Partners and Warburg Pincus are considering an exit from their investment in Inmarsat, a satellite communications group.
The firms have held early discussions about a possible sale of the business after receiving approaches from potential suitors, Bloomberg reported.
MTN to sell shares in its Nigerian unit via public offer.
MTN Group, a South African multinational mobile telecommunications company, will begin book-building for a public offer in November, 2021, to sell up to 575m shares in its Nigerian business, Reuters reported.
MTN, along with Vodacom Group, a South African mobile communications company, controls more than 70% of the South African mobile market in terms of subscribers.
Tadawul won approval for IPO and plans to list 30% stake.
Tadawul, a stock exchange in Saudi Arabia, won approval for its IPO, offering 36m shares, which represents 30% of the share capital of Tadawul. The offering could value it at between $3bn and $4bn.
Tadawul’s IPO has been on the cards since at least 2016, when it hired HSBC as an adviser. It put the offering on hold while it went through a process of increasing access for foreign investors, Bloomberg reported.
The process was resumed earlier this year and Tadawul replaced HSBC with Citigroup, JP Morgan, and SNB Capital as financial advisers and global coordinators for the IPO.
Square shareholders have approved the issuance of new shares for the US company's $29bn purchase of Afterpay, bringing Australia and the buy now, pay later sector's largest buyout a step closer to fruition.
Afterpay said the first court hearing for the deal was expected later in the day and the acquisition was likely to close in the first quarter of next year.
Afterpay is advised by Goldman Sachs, Highbury Partnership, Qatalyst Partners, Bell Gully, Cravath Swaine & Moore and Gilbert + Tobin. Financial advisors to Afterpay is advised by Jones Day. Square is advised by Morgan Stanley, King & Wood Mallesons, Russell McVeagh, Wachtell Lipton Rosen & Katz, Joele Frank and SEC Newgate. Morgan Stanley is advised by Gibson Dunn & Crutcher.
Private equity firms General Atlantic and Multiples Private Equity, led a $255m Series D funding round in ACKO, an Indian digital insurance company. Additional investors in the round include Canada Pension Plan Investment Board, Lightspeed, Intact Ventures and Munich Re Ventures.
“ACKO has meaningfully redefined the protection category for consumers and plans to continue innovating in the space. We are thrilled to partner with trusted investors who have a deep understanding of the regulatory environment and bring first-hand experience in working with innovative, high-growth companies," Varun Dua, ACKO Founder & CEO.
ACKO was advised by Barclays.
Paytm attracts Abu Dhabi Wealth Fund and Texas Teachers to IPO. (FS)
The Abu Dhabi Investment Authority and University of Cambridge are among dozens of successful bidders for the $1.1bn of stock that Paytm, a digital payments company, is selling to investors in its IPO, Bloomberg reported.
Paytm is offering shares to a number of investors including BlackRock, Canada Pension Plan Investment Board and Singapore's sovereign wealth fund GIC, The Teacher Retirement System of Texas, City of New York Group Trust, University of Texas System, Abrdn, Citadel, Fidelity, Janus Henderson Group, Marshall Wace, Mirae Asset, Nomura Holdings, Schroders and UBS Group.
Yingke raises additional $781m for RMB fund. (FS)
Yingke, an investment firm, has secured an additional amount of $781m for its RMB-denominated fund.
Yingke had raised $155m for its RMB fund to invest in biomedicine and technology sectors.
NHAI launches InVIT and gets CPPIB and Ontario Teachers’ as anchor investors. (FS)
The National Highways Authority of India, an autonomous agency of the Government of India, launched its infrastructure investment trust (InVIT) with an enterprise value of $107.6m.
InVIT attracted two international pension funds, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board, as anchor investors, who will hold 25% of the units each, DealStreetAsia reported.
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