TradeStation Group to go public via a SPAC merger with Quantum FinTech Acquisition in a $1.43bn deal. (FS)
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 completed the acquisition of BECO Holding from Behrman Capital. (FS)
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 to acquire Delaware Basin assets of Pioneer Natural Resources for $3.25bn.
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.
Corbel Capital Partners, a private equity firm, completed an investment in National Land Partners, a real estate consulting services provider. Financial terms were not disclosed.
"With Harry Patten at the helm, NLP has a long history of delivering consumers a unique opportunity to buy into the American dream of land ownership," Michael Jones, Corbel Principal.
Corbel Capital was advised by BTIG, Morgan Lewis & Bockius and Ropes & Gray.
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 completed the acquisition of Le Géant du Conteneur. (FS)
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 completed the acquisition of Orion Waste Solutions. (FS)
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.
BlueCrest was advised by Morgan Lewis & Bockius.
Insight Partners and Fidelity Management led a $125m Series C financing round in Moonfare. (FS)
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.
Moonfare was advised by Milbank.
Ualá to acquire ABC Capital.
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 to acquire 33% of its own stake from Novartis for $20.7bn.
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.
Roche Holdings is advised by Citigroup.
Cox Enterprises led a $58m funding round in Aver.
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 is going ready to merge with Switchback II with investors in PIPE, including Fidelity Management, Apollo Global and MidCap Financial, and start trading on the New York Stock Exchange under the ticker symbol “BRDS” in a $2.3bn deal.
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.
