AMERICAS
Hilton Grand Vacations, a global timeshare company, completed the acquisition of Diamond Resorts International, a timeshare company, from Apollo Global Management and Reverence Capital Partners, for $1.4bn.
“This strategic combination will leverage the strengths of each company, positioning us to drive significant Net Owner Growth while enhancing efficiencies of scale and generating significant shareholder value. Diamond’s extensive regional, drive-to network of resorts and expanded demographics uniquely complement HGV’s best-in-class lead generation, world-class hospitality, and premier destinations backed by the strength of the Hilton brand. For our valued team members, owners and guests, this combination creates new opportunities to provide exciting destinations and memorable vacation experiences while continuing to provide exceptional levels of service,” Mark Wang, Hilton Grand Vacations President and CEO.
Diamond Resorts was advised by Credit Suisse, Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison, Goldin Solutions. Hilton was advised by Bank of America, Alston & Bird, Foley & Lardner and Simpson Thacher & Bartlett. Debt financing was provided by PJT Partners, Bank of America, Barclays and Deutsche Bank.
TowerBrook Capital Partners and Further Global Capital Management, two private equity firms, received regulatory approval to acquire ProSight Global, an insurance brokerage firm, for $586m.
"This transaction and the new partnership with TowerBrook and Further Global will expand ProSight's underwriting capabilities and fund investments in talent and technology that will improve our offerings to distribution partners and customers. I'm very proud of what we created, thank them for their dedication, and very much look forward to working closely with Jonathan as we write ProSight's next chapter as a private company," Larry Hannon, ProSight President and CEO.
ProSight is advised by Barclays, Goldman Sachs, Guy Carpenter, Ropes & Gray and Sullivan & Cromwell. Financial advisors are advised by Simpson Thacher & Bartlett. TowerBrook Capital and Further Global Capital are advised by Kirkland & Ellis, Truist Bank, Piper Sandler, Sidley Austin and Brunswick Group.
BDT Capital, a merchant bank, completed the acquisition of Culligan, an American water treatment company, from Advent International and Centerbridge Partners. Financial terms were not disclosed.
"Culligan is the innovative pioneer in clean and safe water solutions that has grown to become one of the world's most trusted brands, led by Scott Clawson and a highly-experienced management team who share our commitment to providing families and communities with healthier water while reducing plastics consumption," Scott Hasley, BDT Capital Partners Managing Director.
Culligan International was advised by Citigroup, Morgan Stanley and Simpson Thacher & Bartlett. BDT Capital Partners was advised by Davis Polk & Wardwell. Centerbridge Partners and Advent International were advised by Weil Gotshal and Manges, Finsbury Glover Hering and Kekst CNC.
CCC Information Services, an insurance IT firm, went public via SPAC merger with Dragoneer Growth Opportunities, a San Francisco-based, growth-oriented investment firm, in a $7bn deal.
"The closing of our Business Combination and our return to the public markets is an exciting day for CCC and our over 2k employees. The team is energized about our next phase of growth and focused on delivering game-changing innovations to our more than 30k customers across the P&C insurance economy. The proceeds from this transaction allow us to accelerate innovation that helps our customers increase revenue, improve efficiency and improve the lives of millions of drivers," Githesh Ramamurthy, CCC Chairman and CEO.
CCC was advised by Evercore, Kirkland & Ellis and ICR. Dragoneer was advised by Citigroup, Goldman Sachs, JP Morgan, Ropes & Gray and Sard Verbinnen & Co.
New Mountain Capital, a New York-based investment firm, agreed to invest in Homrich Berg, a national independent wealth management firm. Financial terms were not disclosed.
"We see an incredible opportunity for Homrich Berg to continue its strong growth and build on its leading presence in the Southeast. The firm's commitment to clients is what attracted us to this investment partnership and we are energized to support the firm's long-term strategic expansion. This is the fourth investment out of our debut Strategic Equity fund and we are looking forward to partnering with Andy and the team on an exciting new platform," Bob Mulcare, New Mountain Managing Director.
Homrich Berg is advised by Raymond James, Alston & Bird and Gregory FCA. New Mountain Capital is advised by DeVoe & Company, Ropes & Gray and Abernathy MacGregor Group.
Private equity firm MidOcean Partners agreed to acquire Louisiana Fish Fry, a food products supplier, from Peak Rock Capital, a middle-market private investment firm. Financial terms were not disclosed.
"It has been a great pleasure working with the LFF management team over the last three years. In partnership with Peak Rock, LFF has made significant investments across the organization, accelerated the Company's new product innovation efforts, achieved significant distribution gains, and continued to expand Louisiana Fish Fry's brand awareness, all of which have driven strong sales growth and positioned the Company for long-term success," Robert Strauss, Peak Rock Managing Director.
Louisiana Fish Fry is advised by Morgan Stanley, McDermott Will & Emery and Kekst CNC. MidOcean Partners is advised by Gibson Dunn & Crutcher and Gasthalter & Co.
CUNA Mutual Group, an insurance, investment and financial services company, completed the acquisition of Global Preneed, a prearranged funeral insurance and final expense business, from Assurant, a global provider of lifestyle and housing solutions for $1.3bn.
"This transaction represents a successful outcome for all of our stakeholders, including our Global Preneed employees, clients, partners, policyholders and shareholders, The sale of Global Preneed is another important milestone in our transformation of Assurant, sharpening our focus on our market-leading lifestyle and housing businesses, and better positioning our company to capitalize on future growth opportunities emerging around the connected consumer," Alan Colberg, Assurant President and CEO.
CUNA was advised by Perella Weinberg Partners and Foley & Lardner. Assurant was advised by Goldman Sachs, Debevoise & Plimpton and Joele Frank.
Platinum Equity-backed Centerfield Media Holdings, a technology-driven marketing and customer acquisition company, completed the acquisition of Datalot, a digital distribution for the insurance industry, from Lightyear Capital, a private equity firm. Financial terms were not disclosed.
"We are still in the early innings of digital adoption in the insurance industry, with digital marketing spend set to double by 2025. We are thrilled to be joining Centerfield and are confident that the combination of our respective platforms will both extend our leadership position in digital insurance and facilitate faster expansion into additional categories," Josh Reznick, Datalot Founder and CEO.
Datalot was advised by Canaccord Genuity. Centerfield was advised by Morgan Lewis & Bockius and Relevanz PR. Lightyear was advised by Davis Polk & Wardwell and ThroughCo Communications.
Foot Locker, the New York-based specialty athletic retailer, agreed to acquire WSS, a US-based athletic footwear and apparel retailer, for $750m.
"WSS has built a successful, high-growth business by pioneering the neighborhood-based store model, built on community engagement and a full-family offering. This acquisition enhances our product mix and provides access to a customer base and store footprint that are both differentiated from and complementary to our current portfolio. We are thrilled to welcome WSS's customers into the Foot Locker family, as well as join forces with their talented team. Looking ahead, we see significant opportunities to expand this business, including by accelerating WSS's store growth into new geographies in North America," Richard A. Johnson, Foot Locker Chairman and CEO.
WSS is advised by Robert W Baird and Manatt Phelps & Phillips. Foot Locker is advised by Evercore and Skadden Arps Slate Meagher & Flom.
Cerberus, an American private equity firm, completed the acquisition of Source Code, a provider of customized hardware solutions for high-performance computing, artificial intelligence, and edge computing, from JMC Capital Partners, a private equity firm. Financial terms were not disclosed.
"Emerging trends in IT infrastructure are driving a new wave of demand for tailored, high-performance solutions. Source Code's scale, breadth, and depth of engineering and design capabilities are distinctive in the industry. We are excited to partner with Source Code's talented team to invest in its platform and build on its leadership position," Michael Sanford, Cerberus Senior Managing Director.
Source Code was advised by Lincoln International and Goodwin Procter. Cerberus was advised by Kirkland & Ellis.
Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, completed the acquisition of Maximus, a provider of digital controls and Industrial Internet of Things production management systems for the agritech market, for $110m.
"Leveraging Ingersoll Rand Execution Excellence will help drive additional innovation and significant synergies with Dosatron and other PST brands. This acquisition is expected to generate significant value for our stockholders," Vicente Reynal, Ingersoll Rand CEO.
Maximus was advised by Societe d'avocats DEXAR and Varnum. Ingersoll Rand was advised by Godfrey & Kahn.
Prelude Growth Partners, a private equity firm focused on high potential, fast-growing consumer brands, agreed to invest in Fly By Jing, one of the fastest-growing Asian food brands. Financial terms were not disclosed.
"Fly By Jing fits perfectly with Prelude Growth's strategy of partnering with passionate, purpose-driven founders of high-growth brands that speak to the bold tastes and preferences of the new modern consumer. Fly By Jing has experienced dramatic success since launch. With a passionate following, we see a significant opportunity for Fly By Jing to become a leader in the condiments category. We look forward to working with Jing and the team to bring these unique flavors to more customers, creating Fly By Jing fans everywhere," Neda Daneshzadeh, Prelude Growth Partners Co-Founder.
Fly By Jing is advised by Blake PR. Prelude is advised by Joele Frank.
General Catalyst, a venture capital firm, led a $166m Series D funding round in Rakuten Medical, a global clinical-stage biotechnology company in pursuit of conquering cancer. Additional investors include Rakuten Group and SBI Group.
"We are excited to partner with the world-class Rakuten Medical team as they pioneer breakthrough therapies and provide vital treatments to those battling cancer. We believe the extensibility of the Illuminox platform has the potential to redefine the way clinicians care for their patients. We are proud to lead Rakuten Medical's Series D funding as they expand into new therapies and indications," Paul Kwan, General Catalyst Managing Director.
Rakuten Medical was advised by TAP Advisors and Momentum Capital Markets.
Steward Health Care, a provider of medical and healthcare services, completed the acquisition of five hospitals of Tenet Healthcare, a multinational investor-owned healthcare services company, for c.$1.1bn.
"Throughout the Covid-19 pandemic, we have been reminded of the critical role caregivers play in the health and wellness of our patients and our communities. We are eager to offer both patients and healthcare providers in South Florida the full support of the Steward network as we all seek to emerge stronger and healthier from the pandemic. As a Floridian with close family ties to the area, I am proud of Steward's significant investment in the people of South Florida, whose tight-knit communities and vibrant diversity have always represented the very best of American culture," Ralph de la Torre, Steward Health Care Founder.
Tenet was advised by Alston & Bird.
Cornerstone Building Brands, the largest manufacturer of exterior building products in North America, agreed to acquire Cascade Windows, an independent manufacturer of energy-efficient vinyl windows and doors, from CenterOak Partners, a Dallas-based private equity firm, for $245m.
"Cascade is an excellent strategic fit for our Company and advances our strategy to grow in the large, deep residential windows market. Additionally, the acquisition expands our manufacturing presence across the rapidly growing west coast region and enhances our tailored solutions offering for our customers. I look forward to welcoming our new teammates from Cascade to the Cornerstone Building Brands family," James S. Metcalf, Cornerstone Building Brands Chairman and CEO.
CenterOak Partners is advised by BackBay Communications.
The Riverside Company, a global private investor focused on the smaller end of the middle market, completed the investment in MDoutlook, a provider of precision intelligence solutions that help life sciences companies develop and commercialize therapeutics and diagnostics in oncology. Financial terms were not disclosed.
"MDoutlook's business intelligence and market research services and CEA's education platform will allow HCPs to learn and discover novel treatments and engage more deeply in peer-to-peer communications, and create a channel for HCPs to provide feedback to the pharmaceutical community - all with the goal of helping better treat patients. This investment will provide a springboard for future investments in market research and business intelligence as we continue executing upon our growth strategy at CEA," Jason Fulton, Riverside Principal.
The Riverside Company was advised by Jones Day.
Sunoco, a master limited partnership with core operations that include the distribution of motor fuel, agreed to acquire eight terminal locations from NuStar Energy, one of the largest independent liquids terminal and pipeline operators in the nation, for $250m.
"While these terminals are solid assets with great operations and employees, these facilities are no longer synergistic with NuStar's core assets, which, in the current competitive climate is critical to their long-term success," Brad Barron, NuStar President and CEO.
NuStar is advised by Barclays.
SoftBank Group, Heritage Provider Network, Irving Investors and Highside Capital Management led a $201m Series C round in InterVenn Biosciences, a biotechnology company, with participation from Amplify Partners, Anzu Partners, Genoa Ventures and True Ventures.
The proceeds from the financing will be used to accelerate development and commercialization of Dawn™, the company's liquid biopsy assay for immune checkpoint inhibitor response prediction, and to expand the network of partners on the company's AI-driven glycoproteomics platform.
InterVenn Biosciences was advised by Cowen & Company.
Triangle Peak Partners, a growth investor, led a $100m Series D round in Nozomi Networks, a provider of OT and IoT security, with participation from Honeywell Ventures, Porsche Ventures, Keysight Technologies, Forward, In-Q-Tel and Telefónica Ventures.
"As we began the fund-raising process, many of the largest ecosystem partners in the world along with our customers recognized Nozomi Networks as the industry leader and requested the opportunity to invest in the company. It's the ultimate endorsement when not only a prestigious firm such as Triangle Peak Partners leads the investment, but customers and partners embrace Nozomi Networks and further validate our market leadership," Edgard Capdevielle, Nozomi Networks President and CEO.
Nozomi Networks was advised by Hi-Touch PR.
Paysafe, a specialized payments platform, agreed to acquire PagoEfectivo, an alternative payments platform. Financial terns were not disclosed.
“I am thrilled we are announcing this acquisition. The APM market in Latin America is a thriving one and PagoEfectivo is a market leader in eCash and online banking solutions and the team also brings deep banking relationships and 140k distributor partnerships across Peru and Ecuador. We continue to see increasing demand from online merchants wanting to integrate the full payments offering into their check-out, be that seamless card, wallet, cash or bank transfer solutions – and to be able to do this internationally across multiple markets. Once integrated, we believe we will have the opportunity to add new revenues as we cross-sell to each other’s international merchant bases,” Udo Mueller, Paysafe’s eCash division CEO.
Paysafe is advised by Estudio Rodrigo.
News Corp, a media and publishing company, agreed to acquire OPIS, a company providing pricing and news information for petroleum pricing, from S&P Global, a publicly traded corporation, and IHS Markit, an information provider, for $1.2bn.
“OPIS will be the cornerstone for a rising commodities, energy and renewables digital business that we are convinced will have a positive impact on Dow Jones and News Corp ,” Robert Thomson, News Corp CEO.
TriRx, a contract development and manufacturing organization, completed the acquisition of facility in Kansas from Elanco Animal Health, a pharmaceutical company. Financial terms were not disclosed.
"We are excited to complete the transaction to acquire the Shawnee facility and look forward to continuing to build on the strategic partnership between Elanco, TriRx, the workforce, and the local community in Shawnee, Kansas. TriRx will transition the Elanco Center of Manufacturing Excellence to a Global Center of Excellence serving the pharmaceutical contract development and manufacturing market," Timothy Tyson, TriRx Chairman & CEO.
Holland & Knight, an international law firm, completed the merger with Thompson & Knight, a full-service law firm. Financial terms were not disclosed.
The combination will expand the firms' collective capabilities in important industries including energy, financial services, real estate and hospitality, and technology. Key practice areas with significant expansion will include litigation, corporate M&A and private equity, energy and oil & gas, real estate, finance and tax.
CDW, a multi-brand technology services and solutions provider to business, government, education and healthcare customers, agreed to acquire Focal Point Data Risk, a provider of cybersecurity services with customers across a diverse set of industries. Financial terms were not disclosed.
"For our customers and coworkers, joining CDW creates a meaningful opportunity to build a world that is secure by design and protected by default. More than ever, our customers need us to mitigate risk as they progress their digital journey. Focal Point and CDW are well-aligned with shared values and a reputation for exceeding customer expectations," Brian Marlier, Focal Point CEO.
I Squared Capital, a private equity firm, agreed to acquire KIO Networks, a digital infrastructure service provider. Financial terms are not disclosed.
“Mexico is a core component of our Latin American strategy and this investment in KIO Networks continues our commitments to digital infrastructure, where we have committed over $3bn across six investments around the world,” Adil Rahmathulla, I Squared Capital Managing Partner.
Serent Capital, a lower-middle market private equity, completed the acquisition of a minority stake in First Due, a fire department management solution. Financial terms were not disclosed.
"The need for further innovation and better technology at state & local governments provides a unique opportunity for innovative companies like First Due to drive meaningful impact in our communities. Based on our work in the fire and EMS market and Govtech more broadly, it became clear that Andreas, Rami, and the First Due Team have created a best-in-class solution for this market. We are excited to partner alongside them and help First Due scale," Stewart Lynn, Serent Capital Partner.
SYNLAB, an international medical diagnostics provider, agreed to acquire Laboratorio Médico Polanco and Laboratorio Clinicos de Puebla, a network of over 100 diagnostic service points in Mexico. Financial terms were not disclosed. Financial terms were not disclosed.
The acquisition of LMP & LCR is an important milestone for SYNLAB's strategy in Latin America. Building up on this newly acquired platform in Mexico and an enthusiastic management team, SYNLAB will bolster cross-border cooperation in the region.
Arete Pharmacy Network, a provider of pharmacy services, and Pharmacy Providers of Oklahoma, a pharmacy in Oklahoma City, formed AlignRx, the nation's largest independent pharmacy services administrative organization. Financial terms were not disclosed.
The AlignRx portfolio combines distinctive competencies that enhance pharmacy access to patients as well as opportunities to remain in-network through compliance. Additionally, the organization's wholesaler-neutral approach protects pharmacy gains from longstanding relationships with primary wholesalers and serves as a key differentiator.
Coatue, Andreessen Horowitz, Charles River Ventures, and Sapphire Ventures led a $120m Series B funding round in Mercury, a bank for startups. Additional investors included Dylan Field (CEO at Figma), Mathilde Collins (CEO at Front), Akshay Kothari (COO at Notion), Jack Altman (CEO at Lattice), Hunter Walk and Satya Patel (Partners at Homebrew), and Elizabeth Yin (Partner at Hustle Fund).
Mercury is a complete financial stack to build a company. Scale with FDIC-insured bank accounts, debit cards, and 3-click payment flows.
Devon, Conoco study $10bn Shell Permian assets.
Devon Energy and ConocoPhillips are among potential suitors studying Royal Dutch Shell's portfolio of Permian Basin oil fields, which could be worth as much as $10bn in a sale. Chevron is also among companies considering bids for the assets, which are largely located in West Texas. Suitors have been invited to Shell's data room to examine information on the business, Bloomberg reported.
The Permian Basin of West Texas and New Mexico is the world's busiest shale patch and accounts for roughly half the activity in US oil fields today. Deliberations are ongoing, and there's no certainty any of the suitors will decide to proceed with formal proposals.
Bryan Sheffield's fund buys Texas panhandle assets. (FS)
Formentera Partners, a fund formed by former Parsley Energy CEO Bryan Sheffield, bought oil wells in the Texas panhandle for about $121m, marking the private equity income fund's first ever purchase. The assets, which span nearly 11k acres, have a production of 30m cubic feet equivalent per day from about 200 wells. The seller was undisclosed.
Sheffield said the fund was looking at other oil and gas properties, even though they were out of favor with investors, who are pushing for lower-carbon and cleaner energy sources.
XPAC Acquisition announces pricing of $200m IPO.
XPAC Acquisition, backed by XPAC, a technology-driven platform and trusted provider of financial products and services in Brazil, priced its initial public offering of 20m units at $10 per unit consisting of one Class A ordinary share and one-third of one redeemable warrant, which entitles the holder to purchase one Class A ordinary share at $11.50 per share. The units are listed on The Nasdaq Stock Market and trade under the ticker symbol "XPAXU" began July 30, 2021.
The company granted the underwriter a 45-day option to purchase up to an additional 3m units at the IPO price to cover over-allotments if any.
Citigroup acted as sole book-running manager. XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários acted as financial advisor.
EMEA
Vonovia, a German real estate company, launches a fresh attempt to buy rival Deutsche Wohnen with a bid valuing the company at €19.1bn ($22.7bn).
Vonovia plans to submit a new offer at €53 ($62.9) per Deutsche Wohnen share, subject to approval by BaFin, a German financial watchdog. On July 26, Vonovia narrowly missed the 50% threshold with its agreed bid worth €52 ($61.2) per share.
Deutsche Wohnen is advised by Deutsche Bank, Goldman Sachs, JP Morgan, Perella Weinberg Partners, UBS, Hengeler Muelle and Sullivan & Cromwell. Financial advisors are advised by Gleiss Lutz and Skadden Arps Slate Meagher & Flom. Vonovia is advised by Freshfields Bruckhaus Deringer. Debt financing is provided by Bank of America, Morgan Stanley and Societe Generale. Debt providers are advised by Hengeler Mueller.
PAI Partners, a pre-eminent private equity firm, agreed to acquire Scrigno, an opening solutions specialist, from Clessidra Private Equity, a management company dedicated to mid-market investments in the Italian private equity market. Financial terms were not disclosed.
"We are excited to invest in Scrigno, the European leader in the manufacturing of counter-frames for pocket doors. We look forward to partnering with the CEO, Maddalena Marchesini, and the rest of the management team to support the ambitious growth plans they have for the business. This will be achieved through both organic growth and acquisitions, and we intend to actively support the company's internationalisation through our pan-European presence and sector expertise," Raffaele R. Vitale, PAI Partners Founding Partner.
Scrigno is advised by Gattai Minoli Agostinelli & Partners. PAI Partners is advised by Studio Chiaravalli & Reali, Advancy, ERM Group, New Deal Advisors, Latham & Watkins, Pedersoli Studio Legale, DGM Conseil, Greenbrook and Deloitte. Clessidra is advised by Rothschild & Co, Linklaters, NCTM, Barabino & Partners, Lbdi Communication and Alonzo Committeri.
Parker Hannifin, a provider of motion and control technologies, agreed to acquire Meggitt, a British international company specialising in components and sub-systems for the aerospace, defence and selected energy markets, for $8.8bn.
"The combination of Parker and Meggitt is an exciting opportunity for both companies' team members, customers, shareholders and communities. We strongly believe Parker is the right home for Meggitt. Together, we can better serve our customers through innovation, accelerated R&D and a complementary portfolio of aerospace and defense technologies," Tom Williams, Parker Hannifin Chairman and CEO.
Meggitt is advised by Bank of America, Morgan Stanley, Rothschild & Co, Slaughter & May and FTI Consulting. Parker Hannifin is advised by Citigroup, Freshfields Bruckhaus Deringer, Jones Day and Brunswick Group.
Danfoss, a Danish industrial company, completed the acquisition of the Hydraulics business of Eaton, an Irish-domiciled multinational power management company, for $3.3bn.
“Eaton Hydraulics is a highly respected player in the global hydraulics industry, recognized for its dedicated people and strong brands. By combining the knowledge and experience of these two companies, our customers will benefit from unmatched expertise from a single partner,” Kim Fausing, Danfoss President and Chief Executive Officer.
Danfoss was advised by KPMG, Citigroup, Creel Garcia-Cuellar Aiza y Enriquez, Hengeler Mueller, Hogan Lovells, Paksoy, Veirano Advogados and Winston & Strawn. Eaton was advised by CMS and Gibson Dunn & Crutcher.
Investment companies Ontario Teachers' Pension Plan Board and Brookfield agreed to acquire a 50% stake in Scotia Gas Networks, a British gas distribution company which manages the network that distributes natural and green gas, from Abu Dhabi Investment Authority, a sovereign wealth fund, and SSE, a multinational energy company, for $1.7bn.
"SGN has been a hugely successful investment for SSE during the past 16 years. It is a strong business delivering consistently for customers and will have a key role to play in the future development of the hydrogen economy. However, it has become purely a financial investment for SSE as we have sharpened our focus on our low-carbon electricity core, and it is therefore the right time for SGN to continue to thrive under new ownership," Gregor Alexander, SSE Finance Director.
OTPP is advised by Evercore and Linklaters. ADIA is advised by Nomura and Freshfields Bruckhaus Deringer. SSE is advised by Credit Suisse, Morgan Stanley and CMS.
Abcam, a provider of life science research tools, agreed to acquire BioVision, an innovator and distributor of life science research tools to biopharma, diagnostic and academic customers, for $340m.
"We know the BioVision business well, having been a major distributor of their products since 2003. This acquisition represents a compelling opportunity to secure a proven portfolio of high-quality products, including a leading portfolio of biochemical and cell-based assay kits, that will allow us to better serve customer needs. BioVision has sustained strong growth over many years and, together with Abcam's brand, reach and capabilities, we are confident we are well positioned to build on this success and reinforce Abcam's ability to serve life scientists globally," Alan Hirzel, Abcam CEO.
Abcam is advised by JP Morgan, Morgan Stanley, Lazard, Numis Securities, Latham & Watkins and FTI Consulting.
Mayfair Equity Partners, a tech and consumer growth investor, completed the investment in Tangle Teezer, a British haircare brand, at a £70m ($97m) valuation.
"I am immensely proud to be joining forces with Mayfair in a strategic partnership on the next stage of the growth story for Tangle Teezer. Their proven ability to back strong brands, with founder and management led business teams, made them my natural choice. I'm incredibly excited for the future and the new opportunities it will present for our iconic and much-loved brand including continuing to bring even more new product innovation, which is the heartbeat of the brand," Shaun Pulfrey, Tangle Teezer Founder.
Tangle Teezer was advised by Arrowpoint Advisory and Pinsent Masons. Mayfair was advised by Spayne Lindsay & Co, Goodwin Procter and The One Nine Three Group.
Castellum, a Swedish real estate company, offered to acquire Kungsleden, a long-term property-owner, for SEK26.9bn ($3.13bn).
"Through the combination with Kungsleden, we strengthen our position as the leading Nordic listed commercial property company, with focus on the most interesting growth regions. Together, we create a company with a well-diversified property portfolio, a strong customer focus and an attractive project development portfolio," Rutger Arnhult, Castellum Chairman of the Board.
Castellum is advised by Nordea Bank, Lenner & Partners and Roschier Advokatbyra. Kungsleden is advised by SEB Corporate Finance.
Jacobs-backed Colosseum Dental Group, a dentistry company in the European dental services market, agreed to acquire Curaeos, a pan-European dental service organization, from EQT Partners, a purpose-driven global investment organization. Financial terms were not disclosed.
"For Jacobs Holding, this is a significant next step in our strategy to be the leading global dental services provider. We indeed now offer quality dental care in the US and eleven European countries, with leading positions in most of the states and countries where we have a presence. Our expanded size and reach will allow us to further leverage our expertise, innovation, research, and education. Our ambition continues to be the fastest-growing global dental provider, which we achieve thanks to our focus on being the employer of choice for our dentists, hygienists and other professionals, as well as our focus on being the dental provider that offers the best service and value to our patients and customers," Patrick De Maeseneire, Jacobs Holding CEO.
Curaeos is advised by Jefferies & Company and Clifford Chance.
Fidelity Management & Research Company led a $110m Series B round in T-knife Therapeutics, a next-generation T-cell receptor company developing a pipeline of innovative therapeutics for solid tumor patients, with participation from LSP, Qatar Investment Authority, Casdin Capital, Sixty Degree Capital, CaaS Capital, RA Capital Management, Versant Ventures and Andera Partners.
The company plans to use proceeds from the financing to expand its scientific team, increase manufacturing capacity and advance its pipeline of T-cell receptor engineered T cell therapies.
T-knife was advised by Wheelhouse Marketing & PR and akampion.
iWeb, a technology development and services company, agreed to acquire Tingo Mobile, a device and a service technology company, for $3.7bn.
"It has been noted in recent years the rapid adoption and deployment of Blockchain by the Telecoms Industry and the global announcements almost weekly of the acceptance of Crypto, we feel the marriage of TINGO with Coinfield leads us into perfect position for this natural evolution in Africa. Africa is a Continent that is showing great readiness and willingness to adapt and adopt to new technologies," Anthony Moore, iWEB CEO.
Lloyds Banking Group, a British financial institution, agreed to acquire Embark Group, a fast growing investment and retirement platform business, for £390m ($541m).
"In eight short years, Embark has built one of the most respected and fastest growing digital retirement and savings businesses in the UK. The combination of Lloyds Banking Group's financial strength and distribution reach, with the agility, digital capability and expertise of Embark, will provide the perfect opportunity to create a market-leading proposition for consumers, intermediaries and strategic partners," David Barral, Embark Group Chairman.
Accenture, a professional services company, completed the acquisition of LEXTA, a consulting firm. Financial terms were not disclosed.
"With LEXTA's comprehensive insights, we can better help our clients define the value of technologies such as cloud or platforms even more precisely. Combining LEXTA's data-based analysis capability and Accenture's technology advisory skills, we will further develop our joint IT sourcing and benchmarking advisory offering to ultimately realize new value for our clients," Frédéric Brunier, Accenture Lead for Technology Strategy & Advisory Germany, Austria, Switzerland and Russia.
HIG Capital, a global alternative investment firm, agreed to acquire Quick Restaurants, a burger fast-food chain, from Burger King France, a restaurant operator, for $285m.
"HIG's investment will support Quick's management team in its transition to an independent company and further accelerate its expansion with an objective of doubling the size of its network in the coming years," Olivier Boyadjian, HIG Capital Managing Director.
Sequoia, Tekne, Ghisallo, G Squared, D1 Capital and Naya led a €600m ($712m) funding round in Bolt, an Estonian mobility company that offers vehicle for hire, micromobility, car-sharing, and food delivery services.
Bolt, which already offers ride hailing, car sharing, electric scooters and food delivery, says its expanding range of consumer and transport services qualifies it as Europe's first 'super-app'.
Summit Partners, a growth equity investor, agreed to invest $215m in Odoo, a provider of open source all-in-one business software.
"Odoo has delivered sustained, strong and profitable growth over the course of the last several years, and this momentum has only accelerated in recent months. We are excited to continue our partnership with the Odoo team and believe the company is positioned to transform the landscape of business software," Antony Clavel, Summit Partners Managing Director.
GES, a company that operates in the desalination, water treatment and wastewater sector, agreed to acquire Aqwise, a technology company in the global water sector. Financial terms are not disclosed.
"The combination of Aqwise's engineering capabilities, the range of specialized technologies and its sizable global footprint, coupled with GES's robust executive capabilities and Generation's financial backing, are going to facilitate the delivery of a complete portfolio of services in the water and wastewater sectors to Tier-1 industrial customers, to municipalities and to other players dealing with environment-related challenges, including operational aspects and long-term financing," Michael Dayan, GES CEO.
Accenture, a professional services company, completed the acquisition of Ethica Consulting Group, a group of technology companies that provides advanced software and professional services. Financial terms were not disclosed.
The acquisition will strengthen Accenture’s capabilities in delivering digital transformation for clients and enabling them to develop innovative products and services using SAP solutions. The company’s approximately 400 SAP specialists will join the Accenture SAP Business Group in Italy to help meet accelerated demand for SAP’s cloud-based solutions locally and will benefit from access to Accenture’s global resources and skills.
Altor, a family of investment funds, agreed to acquire a majority stake in Oceansapart, an activewear apparel company. Financial terms are not disclosed.
“Focusing on inclusivity, oceansapart is a uniquely positioned direct-to-consumer athleisure company. Its profitable growth track-record is truly impressive - having expanded into five countries within its first four years already. We are excited to partner with the founders on their continued internationalization journey," Giovanna Maag, Altor Partner.
VTB bank to sell grain railcar firm to VTB holding company.
Reuters reported that VTB, a universal bank in Russia, will sell its controlling stake in Russia's largest grain railcar owner Rustranscom to Demetra Holding, a company the Russian bank also controls.
Demetra has been used by VTB to consolidate the bank's grain infrastructure and trading activities, which it built up with acquisitions in 2019 and 2020. Demetra said the ownership structure of Demetra and Rustranscom would broadly remain the same.
Fund servicing group Sanne in £1.5bn takeover talks with Apex. (FS)
Sanne, the UK-listed fund administration business, is in "advanced discussions" with fund servicing group Apex over a potential £1.5bn ($2.1bn) takeover, having already been in discussions with private equity firm Cinven over a deal.
Sanne, a FTSE 250 company based in Jersey, said on Monday that its board would support the bid if Apex had a "firm intention to make an offer", Financial Times reported.
Dense Air acquires new spectrum from TPG Telecom.
Dense Air agreed with TPG Telecom, to purchase TPG Telecom's 2.6 GHz nationwide spectrum supplementing Dense Air's existing spectrum licenses and enabling Dense Air to work with Australian service providers and cities to build shared 4G and 5G wireless networks that close digital divides and ensure ubiquitous future-proofed connectivity.
"We are very pleased to announce the agreement to acquire spectrum from TPG Telecom, which we reached despite the challenges of the global Covid-19 pandemic. This spectrum, along with our other holdings, will allow Dense Air to bring its unique 'RAN-as-a-Service' business model to Australia and enable us to empower cities and communities to build shared neutral host networks that close the digital divide and benefit operators and consumers alike," Paul Senior, Dense Air CEO.
EQT-backed Delta plans $2.4bn Dutch fibre optic network. (FS)
EQT-backed Delta, a telecommunications firm, plans to build its fibre optic network in the Netherlands and spend on it $2.4bn over the next three years, as it aims to compete with national telecoms company KPN.
"We want to provide fibre optic connections to 2m homes and companies, primarily in the smaller towns and cities in the Netherlands," Marco Visser, Delta CEO.
FEIP exceeds the initial hard cap with a further interim close at €787m. (FS)
Foresight Group, an infrastructure and private equity manager, closed Foresight Energy Infrastructure Partners, a sustainability-led energy infrastructure fund investing predominantly in Europe, securing total commitments of €957m ($1.1bn), including co-investments to date of €170m ($200m) for Foresight’s energy transition strategy.
Foresight is advised by Ashurst and partnered with Worthwhile Capital as Placement Agent for the Nordic region and Astrid Advisors for Europe ex Nordics.
APAC
Square, an American financial services and digital payments company, agreed to acquire Afterpay, an Australian financial technology company, for $29bn.
"Square and Afterpay have a shared purpose. We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles. Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands," Jack Dorsey, Square CEO.
Afterpay is advised by Goldman Sachs, Highbury Partnership, Qatalyst Partners, Cravath Swaine & Moore and Gilbert + Tobin. Square is advised by Morgan Stanley, King & Wood Mallesons and Wachtell Lipton Rosen & Katz.
Oil Search, an oil and gas exploration and development company, and Santos, an Australian energy company, agreed on the terms of their $6.5bn merger. Under the revised merger proposal, Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held. Following approval of the scheme, Oil Search shareholders will own approximately 38.5% of the merged group and Santos shareholders will own approximately 61.5%.
"The combination would create greater alignment in Papua New Guinea supporting the development of key projects including Papua LNG, deliver new jobs and help support the local economy," Santos.
Oil Search is advised by Goldman Sachs, Macquarie Group and Allens. Santos is advised by Citigroup, J.B. North & Co, Dentons and Herbert Smith Freehills.
Foot Locker, the New York-based specialty athletic retailer, agreed to acquire atmos, which owns and licenses the atmos brand, a digitally led, premium, global retailer headquartered in Japan, for $360m.
"atmos is uniquely positioned through its innovative retail stores, high digital penetration, and distinctive products that have made it a key influencer of youth and sneaker culture. With atmos, we are executing against our expansion initiative in the rapidly growing Asia-Pacific market, establishing a critical entry point in Japan and benefitting from immediate scale. We are thrilled to bring atmos into our portfolio of brands and build on the strong foundation of this differentiated business. We look forward to welcoming atmos's highly respected founder, Hidefumi Hommyo, who is considered one of the most influential people in streetwear and sneaker culture, along with the rest of the valued atmos team and their customers, to the Foot Locker family," Richard A. Johnson, Foot Locker Chairman and CEO.
Foot Locker is advised by Evercore and DLA Piper.
PI Industries, a chemical industry company, agreed to acquire the active pharmaceutical ingredients unit of Ind-Swift Labs, a pharmaceutical company, for $206m.
"PI Industries expects to create significant value by leveraging combined capabilities and unlock synergies. The API business of Ind-Swift has diversified portfolio of 20+ products with leadership position (global top 5) in several of them and a good R&D product pipeline. PI has also developed strong R&D pipeline of products and complementary technologies over last few years. Introduction of new and cutting-edge technologies will also enable building a differentiated and sustainable relationship with global customers backed by quality and efficiency," PI Industries.
Ind-Swift Labs is advised by Jefferies & Company.
EmergeVest, the Hong Kong-based growth-oriented private equity investment group, completed the investment in Lucy, the world's first neobank focused on women entrepreneurs. Financial terms were not disclosed.
"We are delighted to partner with Debbie and the Lucy team on their journey to provide financial services and opportunities for women entrepreneurs. EmergeVest is passionate about making a positive impact through our investments and we are excited to be a part of Lucy's story," Jessica Bruser, EmergeVest Director.
EmergeVest was advised by Citigate Dewe Rogerson.
City Index Eleventh, a fund backed by veteran activist investor Yoshiaki Murakami, completed the acquisition of stakes in Japan Asia, a Tokyo-based holding company, Kokusai Kogyo, a transportation company, and JAG International, a renewable energy company, for $604m.
City Index Eleventh began building a stake in JAG while Carlyle Group teamed up with JAG chairman and CEO Tetsuo Yamashita in a proposed management buyout in November. Carlyle withdrew in February after City Index Eleventh offered a higher bid to buy the rest of the shares. Murakami is one of Japan's few, well-known activist shareholders. His typical strategy includes building up a stake in a company in the middle of a takeover and demanding that management boost its sale price.
The Carlyle Group was advised by Kekst CNC.
BIMI International Medical, a healthcare products and services provider, agreed to acquire Chongqing Zhuoda Pharmaceutical, a wholesale supplier of pharmaceuticals and medical equipment. Financial terms were not disclosed.
“Zhuoda’s large customer base and operational resources will position us for what we expect to be an accelerated path to continued revenue growth and future profitability,” Tiewei Song, BIMI International CEO and President.
BIMI is advised by Evergreen Partners.
Netmarble, a mobile game developer, agreed to acquire SpinX, a game developer, for $2.19bn.
Netmarble acquired SpinX through its holding company based in the Cayman Islands, in an effort to diversify its game portfolios and strengthen global business competitiveness, it said in a regulatory filing.
SoftBank Vision Fund 2 led a $160m funding round in OfBusiness, a new age commerce and fintech start up, with participation from Falcon Edge and Matrix Partners.
The company will use the new capital for acquisitions and strategic investments to gain greater control over the supply chain of its core segments like foodgrains, metals, plastics, petrochemicals, industrial chemicals, food grains and building materials.
DST Global, C Ventures and K3 Ventures led a $129m Series C funding round in Matrixport, a crypto services provider. Additional investors include Qiming Venture Partners, CE Innovation Capital, Tiger Global, Cachet Group, Palm Drive Capital, Foresight Ventures and A&T Capital.
"We are more than a gateway to the crypto economy. Matrixport is where both institutional customers and individuals find it easy to get more from their crypto, beyond just trading," Ge Yuesheng, Matrixport CEO.
Tiger Global invests in Infra.Market at a $2.5bn valuation. (FS)
Tiger Global, an American investment firm, plans to invest an additional $125m in Infra.Market, valuing the Indian startup at about $2.5bn.
The company plans to use the fresh capital for expansion in the domestic market. Infra.Market was valued at $1bn in a funding round earlier this year.
Mirvac adds $1bn to funds business in Sunsuper, M&G deals. (FS)
Mirvac, an Australian property group with operations fully across the property investment, development, and retail services landscape, finalizes separate mandates with Sunsuper and British investor M&G Real Estate in deals that will bring well over $1bn.
"Despite the market dislocation due to ongoing Covid-19-related restrictions, the results of these transactions demonstrate our resilience and provide strong momentum as we move into FY22. It also reflects the successful repositioning of the business as we continue to enhance our position as a leading urban asset creator and curator," Susan Lloyd-Hurwitz, Mirvac CEO.
SoftBank-backed Policybazaar files for $810m IPO. (FS)
SoftBank-backed Policybazaar, an online insurance aggregator, filed for an initial public offering of up to $810m, targeting a pre-IPO issue of shares worth $100m.
Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank, IIFL Securities and Jefferies India are the book running lead managers for the IPO.
Baring PE Asia plans partial exit from CMS via IPO. (FS)
Baring Private Equity Asia prepares to list CMS Info Systems, a cash management company in India, through an initial share sale estimated at $145m to $193m.
The proposed offering includes only a secondary sale of shares by Baring. The offer size has still to be finalized and may be increased, depending on market conditions.
Investment banks Kotak Mahindra Capital, Axis Capital and DAM Capital, are advising CMS on the IPO.
Sterlite Power hires banks for IPO.
Sterlite Power Transmission, an integrated power transmission developer and solutions provider globally controlled by Anil Agarwal, picked banks for its planned initial public offering in Mumbai.
The company selected Axis Bank, ICICI Securities and JM Financial to work on the first-time share sale and plans to raise about $403m. The IPO will mainly consist of new shares, and Sterlite may add more bankers as plans progress.
Navis Capital hits final close of Fund VIII. (FS)
Navis Capital Partners, a Malaysia-based private equity firm, reached the final close of Navis Asia Fund VIII and Navis Asia Green Loop Fund, two of its funds, at $900m and $450m, respectively.
Navis VIII closed at a smaller amount than the firm's seventh fund, which had a corpus of $1.5bn. The marketing of Navis Asia Fund VIII started in the second half of 2018 and was seeking to raise $1.9bn for it, reaching about 50% of its target.
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