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AMERICAS
Oshkosh, an innovator of purpose-built vehicles and equipment, agreed to acquire AeroTech business from JBT, a global technology solutions provider to high-value segments of the food processing and air transportation industries, for $800m.
“This transaction supports our ‘Innovate. Serve. Advance.’ business strategy as we enter the attractive air transportation support space with a market-leading portfolio of purpose-built products and comprehensive service offerings. AeroTech meets all the criteria of our M&A priorities, and we believe it will enhance the financial profile of our Vocational segment, further strengthening this growing segment and enabling it to move beyond our goal of $3 billion-plus annual revenue with double-digit margins. We look forward to working with the AeroTech team to integrate the business and unlock value for our customers and shareholders,” John Pfeifer, Oshkosh President and CEO.
Oshkosh is advised by Goldman Sachs and Cravath Swaine & Moore. JBT is advised by Centerview Partners and Morgan Stanley.
Ellington Financial, a real estate investment trust investing in a diverse array of financial assets including residential and commercial mortgage loans, agreed to merge with Arlington Asset Investment, a real estate investment trust that invests primarily in mortgage-related and other assets. Financial terms were not disclosed.
“We are thrilled to combine AAIC with the Ellington Financial team to make a combined company that we believe will be positioned to take advantage of opportunities into the future. This transaction combines two complementary portfolios, and we look forward to working closely with the Ellington Financial team to complete the acquisition and deliver value for our stockholders,” J. Rock Tonkel, Arlington CEO.
Arlington is advised by Wells Fargo Securities and Hunton Andrews Kurth. Ellington Financial is advised by Keefe Bruyette & Woods and Vinson & Elkins.
Anew Medical, an early-stage biotechnology company, agreed to go public via a merger with Redwoods Acquisition, a publicly traded special purpose acquisition company, in a $94m deal.
"ANEW is focused on developing disruptive new gene therapies to alleviate and/or reverse the progression of devastating neurodegenerative diseases. We are thrilled to be reaching this important milestone and we believe it will be incredibly beneficial for our mission as a company. The partnership with Redwoods as well as the listing on NASDAQ constitute an ideal pathway to raise additional capital and fund our strategic initiatives going forward. ANEW management looks forward to creating significant shareholder value over the next several years of product development and commercialization," Dr. Joseph Sinkule, ANEW CEO and Founder.
Anew Medical is advised by Chardan and Cyruli Shanks & Zizmor. Redwoods Acquisition is advised by Loeb & Loeb.
Atlas, a private investment & equity firm, agreed to acquire Thunder Bay pulp and paper mill from Resolute Forest, a pulp and paper company. Financial terms were not disclosed.
"The mill is an exceptional asset. I am confident that the dedicated and talented team in Thunder Bay will have a prosperous future, and I sincerely wish them all the best," Remi G. Lalonde, Resolute President and CEO.
Resolute Forest is advised by BMO Capital Markets and Stikeman Elliott.
AE Industrial Partners-backed Altus Fire, a full-service fire and life safety platform, agreed to acquire Crime Intervention Alarm, a provider of installation, monitoring, inspection and service for security and surveillance systems, access control and fire systems. Financial terms were not disclosed.
"The strategic addition of CIA strengthens our services portfolio with a diverse range of critical security and life safety solutions while also expanding our presence into Pennsylvania and deeper into the mid-Atlantic region. The addition of CIA is an important step for us as it provides Altus with the ability to meet the increasing demand arising from our customers seeking security solutions to enhance our current fire safety offerings. We're delighted to welcome John and CIA to our growing team," John Adams, Altus CEO.
Anatomy IT, a platform for healthcare IT and cybersecurity solutions, agreed to acquire IRIS Solutions, a company in healthcare technology services for dental practices and healthcare providers. Financial terms were not disclosed.
“Healthcare providers recognize the importance of partnering with companies that specialize in healthcare IT and cybersecurity. IRIS Solutions, has exceptional knowledge of the IT needs of dental and medical practices, and will enhance our ability to deliver innovative solutions across healthcare specialties and care settings. We are also gaining an experienced and talented team, who share our mission for helping providers deliver exceptional patient care,” Frank Forte, Anatomy IT CEO.
Brazil's Patria raises $118m in SmartFit share offering. (FS)
Brazilian private equity firm Patria Investments raised $118m in a secondary offering to sell shares in local gym chain SmartFit, Reuters reported.
The offering of 33m shares was priced at $3.6 each, a 1.5% discount to SmartFit's closing price of $3.7 on May 29, 2023.
Kinzie Capital closes first institutional fund at $150m. (FS)
Kinzie Capital Partners announced the close of the company's first institutional fund, Kinzie Fund II. The Fund closed with $150m in total commitments, the company's largest to-date, from a wide range of investors including foundations, endowments, pension funds and family offices.
"Thanks to the relentless dedication of our team, Kinzie has closed our first institutional fund. I am so proud of this outcome, which is a true testament to the confidence our investors have in Kinzie. This new fund will allow for the continued growth of our portfolio and our team, and I am grateful to our diverse range of exceptional investors," Suzanne Yoon, Kinzie Founder and Managing Partner.
EMEA
TDR Capital-backed Asda Group, a supermarket chain, agreed to acquire UK and Ireland operations from EG Group, a retailer which operates filling stations, convenience stores and fast-food restaurants, for £2.27bn ($2.8bn).
“Asda’s acquisition of EG UK and Ireland will create a consumer champion like the UK has never seen. Throughout my career in retail – one thing has always been true, that meeting the evolving needs of customers is the route to growth. This transaction is all about driving growth by bringing Asda’s heritage in value to even more communities and accelerating the growth of its convenience retail business," Stuart Rose, Asda Chair.
Asda is advised by Lazard, Rothschild & Co, Barclays, PJT Partners, JP Morgan, Morgan Stanley, PricewaterhouseCoopers, Eastdil Secured, Kirkland & Ellis, Addleshaw Goddard, Latham & Watkins, and Allen & Overy. EG Group is advised by FGS Global (led by Rollo Head).
Apollo, a global private equity firm, agreed to acquire United Living, a company provides essential services to the owners & operators of UK utility infrastructure and property assets. Financial terms were not disclosed.
“United Living is a proven provider with an exceptional reputation for quality and reliability that has a profound impact on affordable housing residents and their broader communities. As investment in infrastructure and social housing remains a key priority, we believe the business is well-positioned for further growth. We are excited to partner with Neil and the talented team to deepen United Living’s positive impact,” Joanna Reiss, Apollo Partner and Co-Head of Impact.
United Living is advised by DC Advisory (led by Richard Madden), Addleshaw Goddard, Strategy&, Deloitte, Taylor Wessing and Jamieson. Apollo is advised by Paul, Weiss, Rifkind, Wharton & Garrison, Macfarlanes and KPMG.
SGT Capital, a global private equity firm, agreed to acquire Elatec, an international developer and supplier of a range of secure physical and digital access solutions, from Summit Partners, a growth equity investor, for €400m (£347m).
"We are moving at a fast pace into Elatec's next phase of growth with our primary focus on continued technical innovation plus international expansion. SGT Capital's ownership and support is key to sustaining our performance and momentum," Robert Helgerth, Elatec CEO.
SGT Capital is advised by Roland Berger, Ernst & Young, Willkie Farr & Gallagher, FTI Consulting (led by Florian Bamberg), Grant Thornton and Consileon Business Consultancy.
Rhône Capital, a private equity firm, agreed to acquire a 20% stake in RHI Magnesita, a supplier of refractory products, systems and services, for £268m ($331m).
RHI Magnesita, together with its subsidiaries, is a global supplier of high‐grade refractory products, systems and solutions which are critical for high‐temperature processes in a wide range of industries, including steel, cement, non‐ferrous metals and glass.
Rexel, a company specializing in the distribution of electrical, heating, lighting and plumbing equipment, agreed to acquire Wasco, a distributor of HVAC products and services, from Gilde Equity Management, a private equity company, for €485m ($520m).
“With the acquisition of Wasco, we are totally in line with our strategy aiming at seizing electrification and energy transition opportunities. It’s also fully consistent with our purpose, ‘Electrifying solutions that make a sustainable future possible’. The Netherlands is one of the most exciting European markets from an electrification perspective, benefitting from a fast-paced transition from gas, driven by incentives and regulations, notably the ban on gas boilers both in new build and renovation," Guillaume Texier, Rexel CEO.
Rexel was advised by Brunswick Group (led by Thomas Kamm).
Regnology, a software provider with a focus on regulatory reporting solutions, agreed to acquire Invoke, a provider of financial, regulatory, and tax reporting solutions. Financial terms were not disclosed.
“The round of recent deals we have undertaken, culminating with today’s announcement, sets Regnology on an accelerated path for growth internationally. Invoke’s advanced solutions would complement our technology stack while its team’s deep knowledge of the French and Luxembourg markets, in particular, would strengthen our ability to deliver superior RegTech and tax reporting solutions on a wider scale," Rob Mackay, Regnology CEO.
Italy football league CEO seeks $1.7bn to revive fortunes.
Italy's Serie A is planning to sidestep private equity firms in favor of developing and selling its own media rights, as it seeks to compete with powerful football leagues in England and Spain, Bloomberg reported
The country's top-tier football organization — home of Inter Milan, which plays for the prestigious Champions League title next month — is taking a risky bet that producing and marketing its own content will bring in more profit and revive its fortunes.
First Milling aims to raise $266m from IPO.
Saudi Arabia's First Milling aims to raise $266m from its initial public offering, after it set the share price at the top end of a previously announced range, Reuters reported. The company is offering 17m existing shares, or 30% of its share capital.
"We are honored by this strong vote of confidence from the diverse group of distinguished institutional investors and look forward to welcoming them into our shareholder base," Abdullah Ababtain, First Milling CEO.
APAC
Toyota-backed Hino Motors, a manufacturer of commercial vehicles and diesel engines, agreed to merge with Daimler-backed Mitsubishi Fuso Truck and Bus, a manufacturer of trucks and buses. Financial terms were not disclosed.
"Hino Motors and MFTBC will work together to improve operational efficiencies, including in development and production, and hone the competitiveness of Japanese commercial vehicle manufacturers, thereby contributing to the protection of the foundation of the Japanese and Asian automotive industries and contributing to their customers, stakeholders, and the Japanese automotive industry," Hino Motors.
Hino Motors is advised by Nomura, Plutus Consulting, Anderson Mori & Tomotsune and Nagashima Ohno & Tsunematsu.
China Ministry of Finance and Cinda Kunpeng, an investment management firm, led a $141m Series A round in ZhongChuGuoNeng, a developer of compressed air energy storage technology intended to provide power.
ZhongChuGuoNeng is mainly engage in developing compressed air energy storage technology, providing business users with more energy storage efficiency for their energy storage system, enabling clients to promote clean-tech industry.
IK Partners, a private equity group, agreed to acquire GoodLife Foods, a manufacturer of frozen snacks, from Egeria Capital Management, an investment company. Financial terms were not disclosed.
“We look forward to the next chapter which will see us working with the team at IK who have vast experience in the Food sector and can support us with our ambitious plans to internationalise through organic initiatives and M&A. I would also like to use the opportunity to thank Egeria. We are grateful for the support and opportunities that Egeria has provided GoodLife with over the past years," Dirk Van de Walle, GoodLife Foods CEO.
Macquarie weighs $2bn sale of DIG Airgas. (FS)
Financial services company Macquarie Group is considering selling South Korea's oil and gas exploration company DIG Airgas at a valuation of more than $2bn, Bloomberg reported.
An investment arm of Macquarie is working with a financial adviser as it prepares for a potential sale of the business formerly known as Daesung Industrial Gases. Other companies in the industry and investment funds have shown preliminary interest in the industrial gas producer.
BYJU'S faces great valuation cuts from stakeholders. (FS)
Private equity firm BlackRock, which holds a minority stake in BYJU'S, has marked down its valuation to $8.4bn, in yet another valuation downgrade for the edtech giant, DealStreetAsia reported.
In April too, BlackRock marked down its valuation to $11.2bn, a huge drop from the $22bn valuation the Indian edtech giant had secured during its last fundraising earlier this month.
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