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AMERICAS
United Community Banks, a bank holding company, agreed to acquire First National Bank of South Miami, a bank, for $116m.
“We are extremely pleased to join forces with FNBSM to expand our presence in Miami. I know firsthand the strength and vibrancy of the Miami market from my past career experience. I look forward to working with the leadership team of FNBSM to continue to grow in one of the most attractive metropolitan areas in the country,” Lynn Harton, United Community Banks Chairman and CEO.
First National is advised by D.A. Davidson & Co, Barack Ferrazzano Kirschbaum & Nagelberg and Gozdecki Del Giudice Americus Farkas & Brocato. United Community is advised by Morgan Stanley, Stephens and Wachtell Lipton Rosen & Katz (led by Brandon C. Price).
Bridge Investment Group, a vertically integrated real estate investment manager, agreed to acquire Newbury Partners, an investment manager, for $320m.
“The acquisition of Newbury is a natural next step in thoughtfully expanding Bridge’s investment platform and capitalizing on a value-enhancing growth opportunity. As investors’ allocations to alternative investments grow, we believe growth in the secondaries market will also accelerate,” Robert Morse, Bridge Executive Chairman.
Bridge Investment Group is advised by Kirkland & Ellis, Latham & Watkins and Joele Frank (led by Jonathan Keehner). Newbury is advised by Berkshire Global Advisors and Proskauer Rose.
SVES, an apparel distribution company, agreed to go public via a merger with Relativity Acquisition, a special purpose acquisition company, in a $707m deal.
“We are excited to partner with Relativity in this business combination, and look forward to the new opportunities it unlocks to generate significant value for the stockholders of the Combined Company. This merger and entry into the public markets will bring us access to a much larger pool of capital which will help us continue to leverage the tailwinds of a compelling high-growth industry," Timothy J. Fullum, SVES Co-Founder and CEO.
Relativity Acquisition is advised by Alliance Global Partners and Ellenoff Grossman & Schole. SVES is advised by McCarter & English.
Core Industrial Partners, a private equity firm, agreed to acquire GEM Manufacturing, a contract manufacturer. Financial terms are not disclosed.
“Our acquisition of GEM serves as the latest example of our focus on partnering with founder, family and entrepreneur-owned businesses in proactively identified thematic verticals with attractive investment dynamics. We believe we can leverage our deep precision manufacturing experience to help expedite the Company’s next stage of growth,” John May, Core Industrial Partners Managing Partner.
Core Industrial Partners is advised by BackBay Communications (led by Jeremy Milner) and Winston & Strawn.
Confluent Health, a healthcare holdings company, completed the acquisition of a majority stake in MOTION PT Group, a physical therapy, occupational therapy and speech therapy company, from Pharos Capital, an investment firm. Financial terms were not disclosed.
"We are pleased that Pharos's support allowed the company to address the pressing need for value-driven, tailored physical therapy services. MOTION's dedication to developing a comprehensive physical therapy service model is helping improve the quality of life for clients of all ages in a growing number of communities. We wish CEO Ed Miersch and the entire MOTION team continued success with their new investment partners," Jim Phillips, Pharos Partner.
Riverside, a private investor, completed the acquisition of ProVelocity, an IT solutions provider. Financial terms were not disclosed.
“The MSP market is an attractive area for a roll-up strategy given the highly fragmented market, positive industry tailwinds and benefits of scale. ProVelocity and IronEdge are synergistic businesses, and we look forward to supporting their growth," Loren Schlachet, Riverside Micro-Cap Fund Managing Partner.
Riverside was advised by Jones Day (led by Erin Firman).
3 Rivers Capital, a private equity firm, completed the acquisition of Magnum Systems, a machine industry company, from Blue Sage Capital, a private equity firm. Financial terms were not disclosed.
"Being acquired by 3 Rivers Capital is an exciting milestone for us. As a leading systems integrator and manufacturer, we always look for ways to expand our product offering. This acquisition gives us the resources to do just that. Beyond expanding our product line, our engineering and project management resources will multiply. Ultimately, this is an opportunity to better position Magnum Systems as the best resource for our clients' systems integration projects," Don Day, Magnum Systems President and CEO.
3 Rivers Capital was advised by SSA Public Relations. (led by Steve Syatt)
Crestview-backed SyBridge Technologies, a value-added design and manufacturing solutions provider, completed the acquisition of Cavaform, a plastic fabrication company. Financial terms were not disclosed.
"Cavaform is another important step in our transformation to be the partner of choice for advanced technology-driven design and manufacturing solutions. Cavaform and MTM&D adds to our capabilities in high precision tooling for the life-sciences segment and extends our ability to fulfill needs across the product lifecycle," Byron J. Paul, SyBridge Technologies CEO.
83North, a global venture capital firm, led a $110m round in Via, a re-engineering public transit company, with participation from Exor NV, Pitango, Janus Henderson, CF Private Equity, Planven Entrepreneur Ventures, Riverpark Ventures, and ION Crossover Partners.
"We have known Daniel, Oren, and the Via team for many years now. Their ability to maintain rapid growth year over year, and to continue to innovate and deliver for their customers is unique. We believe in the company and the category, and are delighted to support Via in the future opportunities this funding will bring," Arnon Dinur, 83North Partner.
HIG Capital-backed Concord, a technology consultancy company, completed the acquisition of Authentic, a digital consultancy company. Financial terms were not disclosed.
“Authentic has an outstanding team of driven technology professionals. The seamless, end-user centered experiences they deliver for their clients make customer interactions more meaningful and complement Concord’s expertise in data management, analytics, cloud engineering, and modernization. Authentic adds a leading-edge capability and nearshore presence that deepens our ability to drive value for our clients," Florin Ibrani, Concord CEO.
IMC, a proprietary trading firm, completed the acquisition of a minority stake in Clear Street, a prime broker. Financial terms were not disclosed.
“The backing of IMC underpins the positive response Clear Street has received in the market. Clients are demanding better technology and better service. We're answering that call with a platform that meets the needs of a modern marketplace," Chris Pento, Clear Street CEO and Co-Founder.
Valsoft, a software management and distribution solutions provider, completed the acquisition of Kivuto Solutions, a software company. Financial terms were not disclosed.
"Valsoft is the perfect partner to support the next phase of growth for Kivuto. The need for academic institutions to embrace digital education solutions has grown exponentially in recent years, and Kivuto is a key player in enabling schools and universities to provide a world-class solution for students, staff, and faculty in the management and distribution of academic digital assets. We have a critical role to play in our space, the opportunity for growth is substantial, and as such, we look forward to embracing this opportunity with the support and resources offered by a global company such as Valsoft," Mark McKenzie, Kivuto CEO.
Prosperity Behavioral Health, a financial solutions provider, completed the acquisition of Elevated Billing, an outsourced revenue cycle management solutions provider. Financial terms were not disclosed.
“From day one, we were impressed with Elevated Billing’s commitment to providing excellent services to clients. Their commitment to quality along with a talented team are why most of their clients have worked with them for an average of 10 years. We’re excited to welcome the Elevated Billing team and combine their strengths with ours,” Michelle Mullany, Prosperity Behavioral Health CEO.
Ford plans to build EV battery plant in Michigan with CATL.
Ford Motor announced plans to invest $3.5bn to build an electric vehicle battery plant in Michigan, betting that making the batteries in the United States will help it and Chinese partner CATL attract US customers to embrace a lower-cost technology pioneered in China, Reuters reported.
Ford's plan to build the battery plant near Marshall, Michigan, hinges on a judgment that lower cost and faster recharging will attract many customers, including commercial fleet buyers, to accept the limitations of lithium-iron-phosphate, or LFP batteries.
British Columbia's investment manager piles into private credit. (FS)
British Columbia Investment Management deployed a record amount of cash in private credit last year after banks pulled back from lending, Bloomberg reported.
The investment manager had $6.3bn in private debt as of March 31, the most since it first began investing in the asset class five years ago.
Summit Partners closes forth fund at €1.4bn. (FS)
Summit Partners has held the first and final closing of its newest Europe growth equity fund, Summit Partners Europe Growth Equity Fund IV, at its hard cap with €1.4bn ($1.5bn) in total capital commitments. Launched in October 2022, the fund was oversubscribed.
The new fund will target minority and majority equity investments between €20m ($21m) and €80m ($86m) in Europe-based companies, applying the growth equity strategy the firm first pioneered on inception back in 1984.
Hyland Hill closes first fund at $250m. (FS)
Hyland Hill Investment Partners, a value-oriented, alternative credit investment firm focused on acquiring small balance private loans in North America, closed its inaugural $250m fund, Hyland Hill Fund I.
"We are pleased with the significant support we have received for our inaugural Fund, which we believe is a testament to not only the strength of the team we have assembled, but also the tremendous opportunity set that exists for our investment strategy. We estimate that the US loan market is between $15-20tn in size and growing, and believe we are well positioned to become a financing solution of choice in an attractive segment of the market often under-trafficked by other investors," Jason Spaeth, Hyland Hill CEO and CIO.
EMEA
KPS Capital Partners, a private equity firm, agreed to acquire Princess Yachts, a manufacturer of luxury motor yachts from L Catterton, a private equity firm. Financial terms are not disclosed.
"We are excited to make this significant investment in Princess Yachts, a leading company in the luxury global yachting industry with an iconic brand grounded in British tradition, a remarkable and growing product range and worldwide reputation for quality and innovation. KPS' investment will accelerate Princess' growth trajectory and fund numerous investments for its future. We look forward to working with Princess' existing stockholders, Chief Executive Officer Antony Sheriff, the senior leadership team and the talented employee base at Princess Yachts," Ryan Harrison, KPS Partner.
Union Bancaire Privée, a private banking company, and Risk Management Group, a financial planner, agreed to acquire health campus in Meyrin from Hôpital de La Tour, a private hospital, for $813m.
“We want to use the hospital as the hub of a larger and more ambitious “health campus” bringing together players in the medical, research, medical technology and training fields. This group of private investors led by the Latsis family has strong ties to Geneva. Since they bought the hospital ten years ago, they have not stopped investing in health and innovation. This project reflects their willingness to commit themselves over several generations," Jenny Paizi, SETE Family Investment Officer.
Hospital de La Tour is advised by Jefferies & Company.
Noventiq, an IT and digital transformation solutions provider, completed the acquisition of Seven Seas Technology, an operator of a information and communication technology business. Financial terms were not disclosed.
"The closure of this acquisition represents an incredible step in Noventiq's journey as it sets a precedent for the company to establish its footprint in a region with an enormous potential for growth. For me, as the founder of Softline, now rebranded as Noventiq, it is a great pride to see the company expanding to other markets, to attract excellent talent from different regions, and to witness its success," Igor Borovikov, Noventiq Founder.
PIF invets $1.3bn in four construction firms. (FS)
Saudi Arabia's sovereign wealth fund has invested a total of $1.3bn in four local construction firms to support the sector tasked with spearheading projects across the kingdom, DealStreetAsia reported.
The Public Investment Fund acquired new shares as part of capital increases representing significant minority stakes in Nesma & Partners Contracting, ElSeif Engineering Contracting, AlBawani Holding and Almabani General Contractors.
Engine Capital acquired a 1% stake in Brenntag and call on spin off. (FS)
Engine Capital has taken a 1% stake in Brenntag and is calling on the German chemicals distributor to prioritize a separation of its specialties unit, a move the activist believes could double Brenntag's share price, Bloomberg reported.
Brenntag's specialties unit "will not realize the same valuation multiple as other pure-play specialty peers due to the conglomerate discount," said Arnaud Ajdler, Engine Capital Managing Partner and Brad Favreau, Engine Capital Partner.
APAC
Goldman Sachs AM, a capital market company, and TVS Capital, a private equity firm, led a $150m round in InsuranceDekho, an online platform, with participation from Investcorp, Avataar Ventures and LeapFrog Investments.
“We need to go beyond the urban regions when it comes to insurance penetration in the country. To realize our goal of democratizing insurance for the general public, we are expanding our reach and will continue to build on our tech-based solutions and empowered advisors so that they can serve every village and region of India by the end of the year,” Ankit Agrawal, InsuranceDekho Co-Founder and CEO.
Ribbit Capital, Tiger Global and TVS Capital, three investors, led a $100m round in PhonePe, a fintech platform.
"I would like to thank Ribbit Capital, Tiger Global and TVS Capital Funds for reposing their faith in us. We are privileged to have a great set of leading global investors, both existing and new, who believe in our mission of building massive technology platforms to bring at-scale financial and digital inclusion in India," Sameer Nigam, PhonePe CEO and Founder.
EdgeNext, a cloud service provider, completed the acquisition of the overseas business from ChinaCache, a provider of Internet content. Financial terms were not disclosed.
‘’We are delighted to complete the strategic acquisition of ChinaCache’s overseas business as part of our plan to expand and invest in our International Cloud Delivery Business. We are excited to welcome ChinaCache customers and employees to the EdgeNext family. With this transaction fulfilled, EdgeNext strengthens its complete product portfolio and enhances its cloud delivery business to be one of largest edge cloud service providers specializing in APAC, China, and Middle East content delivery services," Robert Sha, EdgeNext CEO.
L Catterton, a global consumer-focused investment firm, completed the investment in Partner Pet, premium freeze-dried pet food company. Financial terms were not disclosed.
"More and more people are discovering the joys of having animal friends and are building stronger bonds with their pets. We therefore seek to help them maximize the quality and length of their lives together by providing them with healthy food that suit pets' natural diets. L Catterton's track record of creating value in the pet food space is second to none and we believe we can leverage its proven operating capabilities to accomplish our mission. We look forward to benefitting from its brand building, distribution, and supply chain optimization expertise," Zhi Qiao, Partner Pet Founder and CEO.
Niva Bupa weighs $2bn stake sale. (FS)
Niva Bupa, an Indian general insurer backed by British United Provident Association is considering selling a minority stake that could value the firm at around $2bn.
Niva Bupa Health Insurance, a joint venture between the UK insurer and Indian private equity fund True North, is working with an adviser on the potential stake sale. The sale could raise as much as $100m , Bloomberg reported.
BYD plans new $1.2bn EV battery plant.
BYD, the world's largest maker of electrified vehicles, plans to invest $1.2bn to build a new factory for its batteries in China, DealStreetAsia reported.
FinDreams Technology, the Chinese company's battery unit, is aiming to build a facility with the capacity to produce 40 gigawatt hours per year of its Blade Battery in the city of Zhengzhou in Henan province.
Jasa Marga seeking $300m in unit stake sale.
PT Jasa Marga, Indonesia's state-owned toll road operator, is planning a private placement for one of its regional units to bring in a strategic investor.
The Jakarta-listed company could raise about $300m in the sale of a stake in PT Jasamarga Transjawa Tol , Bloomberg reported.
Warburg Pincus closes to take a stake in Zhong Ou. (FS)
Warburg Pincus is moving closer to buying a stake in Zhong Ou Asset Management from Intesa Sanpaolo, underscoring the US private equity giant's unabated interest in China's $3.8tn mutual fund industry, Reuters reported.
Italian banking group Intesa Sanpaolo disclosed in its 2021 annual report that its board had approved the sale of a 23.3% stake in Zhong Ou to Warburg Pincus. The report the stake was held by former UBI Banca, which Intesa Sanpaolo took over in 2020.
CVC eyes a 30% stake in Samator Gas. (FS)
CVC Capital Partners has emerged as the leading bidder to buy a minority stake in PT Samator Indo Gas, an Indonesian industrial gas company, Bloomberg reported.
The Harsono family, which owns the majority of Samator Gas, could sign a deal with CVC as soon as the end of the current quarter. A deal could value the minority stake at $150m to $200m. The size of the stake could be as much as 30%.
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