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AMERICAS
Forward Air, an asset-light provider of transportation services, agreed to acquire Omni Logistics, a logistics and supply chain management company, from Ridgemont Equity and EVE Partners, two private equity fims, for $150m.
“The combination of Omni with Forward creates a company positioned to achieve the full potential of our LTL business, provide a broad offering of complementary services to our customers, and deliver meaningful value for our shareholders. Bringing together our organizations is a key stepping stone of the fourth and final phase of our Grow Forward journey to focus on high-value freight, develop an efficient operating network, implement strategic pricing discipline, and drive an expanded customer base. It accelerates our ability to make high-value, competitively priced freight accessible to more customers, all of whom will benefit from Forward’s renowned Precision Execution," Tom Schmitt, Forward Chairman, President and Chief Executive Officer.
Omni is advised by Goldman Sachs, JP Morgan and Alston & Bird. Forward Air is advised by Citigroup, Morgan Stanley, Cravath Swaine & Moore and Joele Frank (led by Arielle Rothstein). Ridgemont Equity is advised by Prosek Partners (led by Jonathan Marino).
STG, a private equity firm, agreed to acquire Avid, an American technology and multimedia company, for $1.4bn.
“STG has admired Avid’s heritage as a category creator and pioneer in the media and entertainment software market for many years. We are excited to partner with Jeff and the management team to build on the Company’s history of delivering differentiated and innovative content creation and management software solutions. We look forward to leveraging our experience as software investors to accelerate Avid’s growth trajectory with a deep focus on technological innovation and by delivering enhanced value for Avid’s customers,” William Chisholm, STG Managing Partner.
Avid is advised by Goldman Sachs, Sidley Austin and FGS Global (led by Benjamin Spicehandler). STG is advised by Rothschild & Co and Paul Hastings (led by Steve Camahort and Dana Kromm). Debt financing is provided by Silver Point Capital and Sixth Street Partners.
Novacap, a private equity firm, completed the acquisition of Cadent, a provider of platform-based converged TV advertising services, from Lee Equity, a private equity firm, for $600m.
“The completion of this transaction marks the beginning of an exciting new chapter for Cadent. Our customer focus and dedication remains unchanged, and we expect that our partnership with Novacap will only accelerate our vision of the future of advertising – one that is audience-first, data-infused, and activated seamlessly across all converged media," Nick Troiano, Cadent CEO.
Cadent was advised by Evercore, Stifel and Weil Gotshal and Manges. Novacap was advised by RBC Capital Markets, Scotiabank, TD Securities and Baker Botts.
Northleaf, a global private markets investment firm, completed the $500m investment in Tillman FiberCo, a symmetrical gigabit broadband developer.
“We're delighted to partner with Tillman Global Holdings and the Tillman FiberCo management team, both of which have deep industry relationships and decades of operational expertise. Tillman FiberCo’s wholesale business model, which is supported by a large anchor customer order, ensures the long-term revenue stability that our investors look for in our infrastructure portfolio. This investment is an excellent fit with Northleaf’s communications infrastructure strategy, providing our investors with exposure to an attractive sector while mitigating downside risk,” Chris Rigobon, Northleaf Managing Director.
Tillman FiberCo was advised by TAP Advisors, Sullivan & Cromwell and 5W Public Relations (led by Abigail Rush). Northleaf was advised by TD Securities, Kirkland & Ellis and Stanton PRM.
Tapestry, an American multinational luxury fashion holding company, agreed to acquire Capri, a global fashion luxury group consisting of Versace, Jimmy Choo, and Michael Kors, for $8.5bn.
“We are excited to announce the acquisition of Capri – uniting six iconic brands and exceptional global teams. Tapestry is an organization with a passion for building enduring brands through superior design and craftsmanship and an unwavering focus on our customers. Importantly, we’ve created a dynamic, data-driven consumer engagement platform that has fueled our success, fostering innovation, agility, and strong financial results,” Joanne Crevoiserat, Tapestry CEO.
Immersed, a provider of enterprise AI productivity solutions that use spatial computing to digitally transform the working environment, agreed to go public via a SPAC merger with Maquia Capital Acquisition, a special purpose acquisition company, in a $150m deal.
"Post covid, flexible working is here to stay. As companies are forced to find remote working solutions, we have built the leading Enterprise AI Solution to allow users to connect and work full-time in virtual spaces,” Renji Bijoy, Immersed Founder and CEO.
Maquia Capital is advised by EF Hutton and Homer Bonner. Immersed is advised by Greenberg Traurig.
The blank-check firm struggling to take Donald Trump’s social media company public rallied in premarket trading after the two companies reached an agreement that pushes back one impediment to the deal reaching completion, Bloomberg reported.
The SPAC, Digital World Acquisition, and Trump Media & Technology Group said they extended the deadline for their dual commitment to the merger — known as the outside date — until December 31.
Digital World Acquisition is advised by EF Hutton.
Novo Nordisk, a global healthcare company, agreed to acquire Inversago Pharma, a privately owned, clinical stage company, for $1bn.
“The acquisition of Inversago Pharma will further strengthen our clinical development pipeline in obesity and related disorders. This promising class of medicine pioneered by the Inversago team could lead to life-changing new treatment options for those living with a serious chronic disease and, in particular, may offer alternative or complementary solutions for people living with obesity,” Martin Holst Lange, Novo Nordisk Executive Vice President.
Capital One Ventures, a strategic investor, and ServiceNow Ventures, an investment company, completed the investment in Veza, an identity security company. Financial terms were not disclosed.
“We are thrilled to have Capital One Ventures and ServiceNow Ventures involved as strategic investors. CIOs and CISOs are struggling with traditional and legacy tools like IAM, IGA and PAM that have not kept pace with the modern era of multi-identity, multi-cloud, and hybrid cloud. This investment validates Veza’s approach of understanding system specific permissions across hundreds of systems and interconnecting with identities providing access visibility, access monitoring, access lifecycle management, and access request – all at scale. We look forward to working with them on our mission to reinvent the future of identity access,” Tarun Thakur, Veza Co-Founder and CEO.
Bain Capital Credit makes $1.3bn of H1 financing investments. (FS)
The private credit group of Bain Capital Credit, a global credit specialist with approximately $44bn in assets under management, invested a total of $1.3bn to support the growth of middle market and private equity-backed companies during the first six months of 2023.
Bain Capital Credit's Private Credit Group invested in 30 businesses across 15 industries in H1 2023, supporting the refinancing, leveraged buyout, and add-on acquisition activity of both new and existing portfolio companies.
Private credit firms build cash hoards to gain a share of the $5.2tn consumer debt market. (FS)
Private credit firms are raising billions of dollars to grab a share of the $5.2tn market that includes US consumer debt, seizing on a growth opportunity while the industry’s traditional lenders are in disarray, Bloomberg reported.
Direct lenders such as Ares Management, BC Partners, KKR, and Medalist Partners in recent months raised the money for funds designed to lend to consumer financing companies. Providers of auto and consumer loans have been unable or unwilling to tap their usual funding sources, namely regional banks and securities sales backed by assets like loan portfolios.
CD&R raises over $20bn for latest flagship fund. (FS)
US buyout firm Clayton, Dubilier & Rice has become the latest big-name investor to defy the current private equity fundraising slump by surpassing the $20bn target of its latest flagship fund.
CD&R last week asked investors for permission to raise the fund's hard-cap from £23bn to £23.5bn in a sign that it expects to exceed the original target.
Blackstone closes record energy transition private credit fund at over $7bn. (FS)
Blackstone, an American multinational private equity, today announced the final close of its energy transition credit fund, Blackstone Green Private Credit Fund III. BGREEN III closed at its hard cap of $7.1bn, representing the largest energy transition private credit fund ever raised.
“Blackstone has built a premier platform focused on private credit in the energy transition and infrastructure markets. We are grateful for the trust from our limited partners and look forward to investing in this favorable market environment,” Dwight Scott, Blackstone Global Head of Credit.
TPG is targeting $4bn for the sixth growth equity fund. (FS)
TPG is looking to raise $4bn in capital commitments for its latest growth equity fund to tap into a "fresh crop of opportunities", said Jack Weingart, TPG Chief Financial Officer.
"The opportunity set in growth equity investing has gotten much more interesting now, and we think there's plenty of interesting deal activity to warrant that kind of fund size. We have confidence that we'll hit that target," Jack Weingart, TPG CFO.
HealthEdge closes Fund IV above target at $160m. (FS)
HealthEdge Investment Partners has completed the final close of its fourth fund, HealthEdge Investment Fund IV, above its original target with over $160m of capital commitments, including an investment from the General Partner.
The fund also attracted support from HealthEdge's existing limited partner base, including funds of funds, pension funds, endowments, and high-net-worth individuals.
EMEA
Heramba, an investment company, agreed to acquire Kiepe Electric, an electrical traction equipment manufacturer. Financial terms were not disclosed.
"The acquisition of Kiepe Electric is an exciting step forward for our team. Since its foundation, Kiepe has demonstrated a long history of evolving its business to deliver innovative solutions. With a focus on enabling sustainable mass transit, a portfolio of high-quality products and services, long-standing partnerships with leading global customers and an attractive backlog, we believe Kiepe is in a position to become a leader in commercial electrification," Hans-Jörg Grundmann, Heramba Managing Director.
Heramba is advised by Piper Sandler, Latham & Watkins and Smith Gambrell & Russell.
TA Associates and Warburg Pincus, two private equity firms, completed the acquisition of Epassi, an employee benefits company, from Bregal Milestone, a pan-European technology growth private equity firm. Financial terms were not disclosed.
“Bregal Milestone has been instrumental to our growth over the past several years and we believe that the timing of passing the ownership torch is ideal. With Bregal Milestone’s help, we have successfully expanded beyond the Nordics, and outside of our core business in the provision of employee benefits. We believe that with the scalable technology we have in place, we are sufficiently prepared to continue to scale into additional geographies and adjacent business areas in our next stage of growth,” Pekka Rantala, Epassi CEO.
Bregal Milestone was advised by JP Morgan and White & Case.
Check Point, a cyber security solutions provider, agreed to acquire Perimeter 81, an Israeli cloud and network security company, for $490m.
“With the advent of hybrid work and the rise of cloud transformation, the demand for security services that expand beyond the network perimeter is increasing. By leveraging Perimeter 81’s capabilities and integrating them into the Check Point Infinity platform we continue with our vision to deliver the best security through comprehensive, collaborative and consolidated solutions,” Gil Shwed, Check Point CEO.
Canadian pension funds explore $6bn sale of renewables firm Cubico. (FS)
Two of Canada's biggest pension funds are exploring options including a sale of Cubico Sustainable Investments that could value the renewable energy firm at about $6bn or more, including debt, Reuters reported.
Montreal-based Public Sector Pension Investment Board and the Ontario Teachers' Pension Plan are looking to appoint a financial advisor in the coming weeks, adding the sale could take several months to complete.
Intermedia's owner explores the sale of a communications services firm. (FS)
The private equity owner of Intermedia Cloud Communications is exploring options including a sale that could value the communications services provider at more than $1bn, including debt, Reuters reported.
Buyout firm Madison Dearborn Partners is working with investment bank Evercore on a sale process for Intermedia, which is expected to start in the coming weeks.
Top UAE grocer Lulu to raise $2.7bn ahead of possible IPO.
Lulu Group International, which operates one of the Middle East’s largest hypermarket chains, is raising AED10bn ($2.72bn) to refinance debt ahead of a potential initial public offering.
The conglomerate is borrowing the funds from Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Bank, and Mashreq Bank. The loans have an average maturity of 10 years.
Deutsche Bank’s asset manager targets the ‘Holy Grail’ of the world’s ultra rich. (FS)
The investment unit of Deutsche Bank is the latest asset manager to target the ultra-wealthy in a bid to grow its alternatives business, Bloomberg reported.
DWS Group is approaching high net worth individuals and family offices globally, Paul Kelly, the head of its Alternatives unit. He sees an opportunity to tap into demand for assets such as real estate and private credit.
APAC
India’s company law tribunal approved a merger between Sony Group’s South Asian unit and Zee Entertainment Enterprises, clearing the way for the creation of a media behemoth.
The deal aimed at creating a $10bn Indian media giant had received the necessary regulatory approvals from the country’s stock exchanges, as well as the antitrust regulator last year. But the proposed merger then faced legal challenges from creditors before the National Company Law Tribunal, where last of approvals were sought.
Bitexco, a dedicated oil and gas business in Vietnam, agreed to acquire the business in Vietnam from Harbour Energy, an oil and gas company, for $84m.
"We are pleased to have reached agreement to sell our business in Vietnam to Big Energy - a growing, local oil and gas player - as we continue to actively manage our portfolio. While Vietnam does not form a core part of our growth strategy going forward, we are proud of the quality of the business we have built, both in terms of the organisation and assets, since our country entry in 2004. I would like to thank our Vietnam colleagues for their hard work over the years and wish them all the best for the future," Linda Z Cook, Harbour Energy Chief Executive Officer.
BGMI-maker Krafton to pump $150m into Indian gaming startup. (FS)
BGMI-maker KRAFTON, the leading South Korean gaming company, intends to invest $150m in India over the next two to three years. The company claims to have already infused approximately $140m in 11 innovative Indian start-ups since its first investment in March 2021.
“We are excited to foster the growth of start-up ecosystem in India and are dedicated to having a transformative impact not only in the gaming and tech industry but also in the wider content landscape. We firmly believe in India’s potential as a key player in the global gaming and technology industry, and our commitment to invest an additional $150m over the next two to three years reflects our dedication to fuelling this growth. We believe in the power of Indian IPs and content in making a lasting global impact, and we are excited to achieve new milestones in our journey to unlock the country's full potential as a global gaming powerhouse,” Sean Hyunil Sohn, KRAFTON India CEO.
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