Spirit Airlines Chief Executive Ted Christie said it is unlikely shareholders would vote against its proposed merger with Frontier Group Holdings,
Reuters reported.
The Florida-based ultra-low-cost carrier is facing a hostile takeover bid by JetBlue Airlines. The company has urged its shareholders to reject JetBlue's offer and back its deal with Frontier.
Spirit Airlines is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell. Debt financing is provided by Bank of America. Jetblue Airways is advised by Goldman Sachs and Shearman & Sterling. Indigo Partners is advised by Lambert & Co. Frontier Airlines is advised by Citigroup, Latham & Watkins and Joele Frank. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson.
Moove, a Brazilian lubricant distributor, agreed to acquire PetroChoice Lubrication, a US lubricant distributor, from Golden Gate Capital, a private equity firm, for $479m.
“PetroChoice serves as a major cornerstone for our global growth plans and this acquisition helps Moove establish a market-leading position in the large and growing US lubricant market. We have been deeply impressed by the PetroChoice team’s strong execution and strategy of consolidating smaller regional players to create an integrated, centralized, and scalable operating model with strong brand recognition. We look forward to onboarding the PetroChoice team and to future success in developing the business," Filipe Affonso Ferreira, Moove CEO.
PetroChoice Lubricants is advised by Kirkland & Ellis, Moelis & Co and Reed Smith. Moove is advised by Paul Hastings, Mosaike and Jefferies. Golden Gate Capital is advised by Sard Verbinnen & Co.
Aterian Investment Partners, a private investment firm, agreed to acquire ATCO Industries, a quality containment and warehousing services provider. Financial terms were not disclosed.
"Our investment in ATCO represents an opportunity to support an industry going through a wave of innovation and change, where testing, measurement and quality are fundamental to success. Investing behind family organizations and executing on strategic growth opportunities are core pillars underpinning Aterian's strategy," Christopher H. Thomas, Aterian Co-Founder & Partner.
ATCO Industries is advised by Deloitte and Honigman Miller Schwartz & Cohn. Aterian Investment Partners is advised by William Blair & Co and Kirkland & Ellis.
Parsons, a technology provider in the national security and critical infrastructure markets, agreed to acquire Xator, a data processing and educational & training services provider, for $400m.
“The addition of Xator is a natural extension of our growth strategy, adding important solutions and technologies that advance global security and protect critical infrastructure during a time of increasing and evolving threats.This acquisition strengthens our position across our two complementary markets and continues our strategy of buying accretive, mission-focused companies aligned with global macroeconomic trends," Carey Smith, Parsons Chairman, President and CEO.
Xator is advised by Rees Broome. Parsons is advised by Goldman Sachs and Latham & Watkins.
Centre Partners, a private equity firm, completed the acquisition of the seafood business of Captain D, a seafood restaurant chain. Financial terms were not disclosed.
"We are excited to have the opportunity to partner with Phil Greifeld and this experienced executive team once again. With its differentiated menu of craveable seafood, Captain D's provides a unique value proposition to its customers. We look forward to supporting Phil and the team as they seek to significantly expand the business," Bruce Pollack, Centre Partners Managing Partner.
Centre Partners was advised by Dechert and Kekst CNC.
One Equity Partners-backed AMECO, an equipment and tool solutions company, agreed to acquire F&M Mafco, an equipment rental company, from Brown Gibbons Lang, a financial services company. Financial terms were not disclosed.
"I am very excited about the growth potential that a combined AMECO and F&M MAFCO product and services offering can have on our businesses. Both companies have great brand recognition and reputation in the marketplace. More importantly, we share common core values and company cultures, which will be a key ingredient in delivering exceptional service to clients and securing our future success," Tim Fries, F&M Mafco CEO.
AMP Agency, a full-service digital marketing agency, completed the acquisition of Genome, a digital innovation, transformation and product development company. Financial terms were not disclosed.
"We are thrilled to be part of AMP Agency and see the acquisition as a springboard for our team to reach new heights in technology innovation. We've already been able to accomplish so much together and I am so excited to see where our formal union takes us," Matt Fitz-Henry, Genome CEO.
Crown Laboratories, a fully integrated global skincare company, agreed to acquire Eclipse Medcorp, a medical technology company. Financial terms were not disclosed.
"This strategic acquisition furthers Crown's mission to drive innovation and provide superior products and customer service to aesthetics providers around the world. Eclipse's excellent products will broaden our product line and customer base, domestically and internationally," Jeff Bedard, Crown President and CEO.
Advent raises a $25bn buyout fund. (FS)
Advent International raised $25bn for the second biggest private equity fund on record,
Bloomberg reported.
The buyout firm, which is majority-owned by its partners, took less than six months to raise the commitments. The pool underscores how investor demand for large-cap buyout funds remains strong despite a darkening economic backdrop.
EMEA
STARK, a holding company, agreed to acquire the automotive standard and special cables business of Leoni, a wire and cable manufacturer, for $567m.
“We know STARK Corporation as a very reputable supplier of cable products - and this was confirmed in very constructive discussions with STARK's leadership, which were characterised by mutual respect and appreciation. I am confident that with STARK Corporation, BG AM will begin the next chapter of success in its history,” Aldo Kamper, Leoni CEO.
Leoni is advised by Hengeler Mueller.
Sun European Partners, a private equity firm, agreed to acquire DD Group, a dental and medical aesthetics distributor and service provider, from private equity firm Palamon Capital Partners and IDH Group, a dental services provider. Financial terms were not disclosed.
"We have ambitious plans at DD to consolidate our position as the leading provider of dental and medical aesthetics products and services in the UK and Ireland. This deal will help us to realise those plans, becoming the first choice across both sectors for clinical treatment solutions. Under this new ownership, we will have the financing and operational independence to continue expanding, support a growing number of customers, and pursue new markets across the UK, Ireland and beyond," Paul Adams, DD Group CEO.
IDH Group is advised by DC Advisory.
Lamda Development to acquire a 31.7% stake in Lamda Malls from Varde Partners for $116m.
Lamda Development, a holding company specializing in the development, investment and management of real estate in Greece, agreed to acquire a 31.7% stake in Lamda Malls, a Greek mall owner, from Varde Partners, a private equity firm, for $116m.
"Over the last five years we have worked closely with Lamda Development to successfully unlock value and help the assets realize their potential," Tony Iannazzo, Varde Partners Senior Managing Director.
Bid for Siemens Gamesa could launch before September, Siemens Energy CEO says.
Siemens Energy could launch its planned $4.34bn bid for minorities in Siemens Gamesa sooner than September, Reuters reported.
"We have an interest to do this as fast as possible," Christian Bruch told, adding the sooner a deal could be done, the faster operational problems at Siemens Gamesa could be fixed.
Under a tentative timeline, the bid, which was announced on Saturday, would launch in mid-September before an extraordinary general meeting rubber-stamps it in November.
Leonardo CEO says merger with Fincantieri would be "wrong use of time".
The chief executive of Italy's Leonardo does not see any synergies between the state-controlled defence group and shipbuilder Fincantieri, adding a potential merger between the two companies would be a "wrong use of time", Reuters reported.
Alessandro Profumo added the decision to keep or sell Leonardo's unit OTO Melara did not "depend only on us" and required a "wider reflection at country-level".
Lufthansa in talks to sell 20% of Technik.
Aviation group Lufthansa is holding talks with buyout funds as it seeks to sell about 20% of its aircraft maintenance business Technik, Reuters reported.
Citigroup and JP Morgan are advising on the stake sale which could value Technik, one of the biggest global players in aircraft repair, at $5.4bn-$8.6bn including debt.
Lufthansa hopes to acquire a 20% stake in ITA Airways.
Aviation group Lufthansa wants to acquire a 20% stake in state-owned Italian airline ITA Airways, the successor to Alitalia, and its partner MSC is bidding for a 60% stake, Reuters reported.
The Italian state would initially keep the remaining 20%. The Lufthansa-MSC duo made their offer to acquire a majority stake in ITA.
Dexcom hopes to acquire Insulet.
Diabetes management company Dexcom is in talks to acquire medical-device company Insulet in a deal that would create a giant in diabetes devices. Insulet rose as much as 16% in after-market trading on the news, Bloomberg reported.
Talks between the companies are ongoing and an agreement could be reached in the coming weeks. Discussions could still be delayed or fall apart.
Marafiq hires HSBC and Riyad for $1.2bn IPO.
Saudi Arabia’s Power and Water Utility for Jubail and Yanbu hired HSBC and Riyad Capital to manage its initial public offering, as the kingdom’s ambitious privatization program gathers pace.
IPO plans come as the kingdom offloads stakes in state assets. The company is seeking to raise as much as $1.2bn, Bloomberg reported.
LeapFrog raising a $1bn fund. (FS)
Global impact fund manager LeapFrog Investments, which received a commitment of $500m from Temasek last year, is raising a $1bn growth-stage fund that will invest in healthcare and financial services businesses in Africa, South Asia, and Southeast Asia.
International Finance Corporation, a member of the World Bank Group, proposed to invest up to $50m, along with a $50m co-investment envelope, into the fund – LeapFrog Emerging Consumer Fund IV, DealStreetAsia reported.
Cathay Capital set up a $533m global health fund Cathay Health. (FS)
Global investment firm Cathay Capital set up a $533m global fund dedicated to investing in the convergence of healthcare, life sciences, and technology.
The new fund will focus on venture- to growth-stage companies across Europe, North America, and Asia whose “innovative tech-enabled products will catalyze groundbreaking advances in medicine, DealStreetAsia reported.
Rawabi Energy plans a $500m pre-IPO funding.
Saudi Arabia’s Rawabi Energy, part of Rawabi Holding, is looking to raise as much as $500m in equity before a potential initial public offering later this year that could value the company at about $1bn, Bloomberg reported.
Rawabi Energy hired Evercore for pre-IPO funding.
