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AMERICAS
Astorg, a private equity firm, agreed to acquire Hamilton Thorne, a provider of precision instruments, consumables, software, and services to the Assisted Reproductive Technologies sector, for $282m.
"Hamilton Thorne believes the proposed Transaction will provide compelling and certain value at an attractive premium to our shareholders. Astorg, with a proven track record of investing in MedTech companies with a focus on growth and innovation, will be a strong partner and trusted steward of Hamilton Thorne as the Company enters this next phase," David Wolf, Hamilton Thorne Executive Chair.
Hamilton Thorne is advised by Piper Sandler, Stifel, Dentons, Norton Rose Fulbright, Bristol Investor Relations (led by Glen Akselrod) and Prosek Partners (led by Aiden Woglom). Astorg is advised by Jefferies & Company, Stikeman Elliott and Weil Gotshal and Manges.
Czechoslovak Group, a Czech industrial-technological holding company, raised its offer fror Vista Outdoors' sporting goods business from $2bn to $2.15bn.
"We are pleased that CSG has increased its purchase price for The Kinetic Group, underscoring their continued commitment to the transaction and the underlying value they see in our business. We are confident the transaction with CSG maximizes value for our stockholders and provides stockholders the opportunity to realize superior value in Revelyst when separated from The Kinetic Group. We urge stockholders to vote for the CSG Transaction, which delivers clear, compelling value and the ability to close in early August," Michael Callahan, Vista Outdoors Chairman of the Board of Directors.
Chatham Asset Management-backed RR Donnelley & Sons Company, a global provider of marketing, packaging, print and supply chain solutions, completed the acquisition of the digital and print marketing businesses from Vericast, a marketing technology company. Financial terms were not disclosed.
"The acquisition of these businesses strengthens RRD's existing marketing creative execution with digital marketing capabilities and will move us closer to our client promise to enhance quality and elevate engagement across the full customer journey. The shared mail business will complement our targeted mail platform to create one of the largest and one of the most sophisticated mail platforms in the US," Tom Quinlan, RR Donnelley & Sons Company President and CEO.
Terex, an American worldwide manufacturer of lifting and material handling solutions, agreed to acquire Environmental Solutions Group, a solid waste and recycling industry brands holding company, from Dover, an American conglomerate manufacturer of industrial products, for $2bn.
"This acquisition announcement of ESG marks an incredibly exciting milestone in our multi-year transformation and aligns with our goal of strengthening our portfolio and leveraging our operating system to drive sustainable, accelerated long-term growth. ESG will add a non-cyclical, financially accretive, and market-leading business to Terex's portfolio with tangible synergies in the fast-growing waste and recycling end market. In addition, ESG is led by a world-class management team and has a strong track record of operational excellence. We look forward to welcoming the ESG team to Terex and driving long-term, sustainable value for all our stakeholders," Simon Meester, Terex President and CEO.
Woodside, an Australian petroleum exploration and production company, agreed to acquire Tellurian, a natural gas company headquartered in Houston, Texas, for $1.2bn.
"The acquisition of Tellurian and its Driftwood LNG development opportunity positions Woodside to be a global LNG powerhouse," Meg O'Neill, Woodside CEO.
Tellurian is advised by Lazard and Akin Gump Strauss Hauer & Feld. Woodside is advised by PJT Partners and Norton Rose Fulbright.
Verlinvest, an investment holding company, and Mistral Equity Partners, a New York City-based private equity firm, completed the acquisition of a majority stake in Insomnia Cookies, a bakery chain delivering warm cookies, baked goods, and ice cream, from Krispy Kreme, an American multinational doughnut company and coffeehouse chain, for $172m.
“As we build a bigger and better Krispy Kreme, this transaction allows us to focus on our core strategy of producing, selling, and distributing fresh doughnuts daily while also further strengthening our balance sheet. Following a thorough review, we are confident that Verlinvest and Mistral are the right partners to share in the success of Insomnia Cookies given their food industry experience and long-standing track record of value creation,” Josh Charlesworth, Krispy Kreme President and CEO.
Krispy Kreme was advised by Evercore, Morgan Stanley and Edelman (led by Ashley Firlan).
Yokohama, a Japanese manufacturing company based in Hiratsuka, Japan, agreed to acquire the Off-the-Road tire business of The Goodyear Tire & Rubber Company, one of the world's largest tire companies, for $905m.
"The sale of the OTR business marks an important milestone as we continue to execute against our Goodyear Forward transformation plan. We are grateful to our OTR colleagues who have driven the success of the business and are committed to working closely with Yokohama to ensure a smooth transition for customers and associates," Mark Stewart, Goodyear CEO and President.
The Goodyear Tire & Rubber Company is advised by Evercore and Sullivan & Cromwell.
Hub International, a global insurance brokerage and financial services firm, completed the acquisition of Wade Associates, an independent insurance agency. Financial terms were not disclosed.
"Joining Hub with its expansive breadth and depth of resources and expertise is an exceptional opportunity that positions us to better serve our clients," Cheryl Nabell, Wade Associates President.
Wade Associates was advised by Reagan Consulting.
Grünenthal, a science-based, fully integrated pharmaceutical company, agreed to acquire Valinor Pharma, a pharmaceutical company focused on innovative commercialization of medicines, for $250m.
"As a pain specialist, Movantik is a perfect fit for Grünenthal with our existing customer base and complementary product portfolio. The acquisition of Valinor Pharma strengthens our footprint in the United States, the most important growth market for Grünenthal," Gabriel Baertschi, Grünenthal CEO.
Valinor Pharma is advised by RBC Capital Markets.
Anglo American agrees sale of two royalty assets for up to $195m. (FS)
Anglo American entered into definitive agreements to sell two royalties to Taurus Funds Management for a total of up to $195m in cash, comprising an upfront cash payment of $150m and up to $45m of deferred cash consideration that is subject to certain conditions.
The sale is expected to close in Q4 2024, pending customary closing conditions.
Anglo American is advised by RBC Capital Markets.
NGP launches NGP Sustainable Real Assets to invest in clean energy project development platforms. (FS)
NGP announced the closing of NGP Sustainable Real Assets, with approximately $500m of capital commitments from NGP’s dedicated energy transition fund, NGP Energy Transition IV, and co-investors. NGP was formed to invest in real asset development platforms across the energy transition – including clean power, clean fuels, carbon, transportation and critical minerals. NGP invests by partnering with exceptional management teams, often at the earliest stages of company formation, and provides capital and support to help build leading energy transition platforms.
“Our strategy with NGP SRA combines NGP’s 35-year track record of partnership-oriented investing, having backed more than 300 development platforms across the energy sector, with our firm’s significant capital, expertise and resources dedicated to the energy transition. We see a big opportunity to deploy an investment model NGP has honed over the last three decades into these attractive clean energy subsectors,” Chris Carter, NGP Managing Partner.
Bregal Sagemount announces the successful close of Its inaugural small-cap fund, Basecamp, with $500m of commitments. (FS)
Bregal Sagemount, a growth-focused private equity firm, announced the successful close of its inaugural small-cap fund, Bregal Sagemount Basecamp I, at $500m. The Fund closed at its target and hard cap, inclusive of strong support from existing Limited Partners, a handful of new institutional investors, and a significant GP commitment.
The close of Basecamp marks a milestone for Sagemount, reflecting the firm's ongoing commitment to provide capital solutions to attractive growth businesses identified through its thematic sector-driven origination efforts, regardless of potential investment size.
New York life buys muni-bond funds with $1.2bn from Aquila. (FS)
New York Life Investment Management said it acquired six municipal-bond funds from Aquila Investment Management, a four-decade-old firm that carved out a focus on vehicles for investing in debt from specific states.
The funds, which had about $1.2bn of assets, had delivered a lackluster run in recent years as US markets were battered by the Federal Reserve’s interest-rate increases, Bloomberg reported.
EMEA
Ardian, a private investment house, agreed to acquire a majority stake in Masco Group, a provider of engineered solutions for the pharmaceutical and biotech industries, from RSBG, the holding subsidiary of RAG-Stiftung. Financial terms were not disclosed.
"We are extremely happy to partner up with Luca Borella and his family to lead the next phase of growth of Masco. Together with RSBG, Luca and the management have created a global player in advanced engineering solutions for the life sciences industry. We are convinced that Masco is ideally poised to benefit from long-term tailwinds in the biotech industry, due to its deep engineering and process knowledge. We look forward to accelerating the Company's international development organically and through an ambitious M&A strategy. This transaction is testament to Ardian's expertise in investing in the most attractive niches within healthcare and partnering with leading entrepreneurial families," Marco Bellino, Ardian Deputy Head of Buyout Italy & Managing Director.
Ardian is advised by PricewaterhouseCoopers, Howden, McKinsey & Company, JP Morgan, Clifford Chance, PedersoliGattai, Weil Gotshal and Manges and Gatti and Partners. RSBG is advised by Grant Thornton, McKinsey & Company, Jefferies & Company, CMS and Chiomenti.
MidEuropa, an independent private equity player in Central and Eastern Europe, agreed to acquire a majority stake in FAMAR, a well-established pharmaceutical contract development and manufacturing organisation, from private equity firms ECM Partners and Metric Capital Partners. Financial terms were not disclosed.
"Our investment in FAMAR demonstrates MidEuropa's continued commitment to identify and support growing platforms in the healthcare sector, and once completed, will bring our total equity investments in the sector to well over €1bn ($1.1bn). FAMAR is a growing European CDMO platform with a track record of strong execution, combined with a clear value creation potential and expansion ambitions. We are impressed with FAMAR's growth and success under Kostas Rengis' leadership over the past few years and are enthusiastic about the opportunity to support him and his team to further strengthen FAMAR's relevance to its clients in its current markets and beyond," Matthew Strassberg, MidEuropa Partner and Head of Healthcare Sector Practice.
FAMAR is advised by Jefferies & Company, Papapolitis & Papapolitis and Reed Smith. MidEuropa is advised by AXIA Ventures, Rothschild & Co and DLA Piper.
Mubadala, a sovereign investor managing a diverse portfolio of assets in the UAE and abroad, agreed to acquire a majority stake in Bugaboo, a provider of strollers and premium children's consumer products, from Bain Capital, a private equity firm. Financial terms were not disclosed.
"Over the last five years, we have almost doubled revenues due to both organic growth and the successful acquisition and integration of complementary brands in the worldwide juvenile products market. With Mubadala Capital's support, our brand and product design, our teams, and our business partners are poised for the next phase of our growth and development into new markets. Most importantly, this partnership will bring great benefits for our customers – current and future generations of parents and children," Adriaan Thierry, Bugaboo CEO.
Mubadala is advised by Citigroup. Bugaboo is advised by Barclays, Robert W Baird and Confidant Partners (led by Jeroen van Seeters). Bain Capital is advised by Camarco. Debt financing is provided by Citigroup, First Abu Dhabi Bank and Natixis Partners.
L Catterton, the private equity firm backed by French luxury fashion house LVMH, agreed to acquire a 42% stake in Value Retail, an outlet mall landlord, from Hammerson, a shopping centre owner, for £600m ($775m).
"This is a transformational deal for Hammerson, generating cash proceeds of c.£600m ($775m) whilst removing an overweight, low yielding and minority stake, and positioning us for accelerated growth and value creation," Rita-Rose Gagné, Hammerson CEO.
Middleground Capital, a Lexington-based private equity firm, offered to acquire STEMMER IMAGING, a provider of machine vision technology, for €312m ($339m).
"We believe our longstanding expertise in the value-add distribution space makes us a proven partner for growing STEMMER's leading position in the machine vision space. We look forward to working closely with the team as they expand the company's presence within the European market and broaden its reach to the US and globally," John Stewart, MiddleGround Managing Partner.
STEMMER IMAGING is advised by ParkView Partners and Hogan Lovells. MiddleGround is advised by Jefferies & Company, Clifford Chance and Dukas Linden Public Relations.
Rönesans, a Turkish contracting and investment company, agreed to acquire the Turkish business of Rabobank, a Dutch multinational banking and financial services company. Financial terms were not disclosed.
The intention to sell the Turkish subsidiary relates to the Group's strategy to simplify and enhance its operating model. Moving forward, Rabobank Group remains committed to the Food and Agricultural sector and to our Wholesale clients by servicing them through our global network.
Rabobank is advised by JP Morgan, A&O Shearman and Gedik & Eraksoy.
KKR, a global investment firm, agreed to acquire a majority stake in Accountor, a provider of mission critical business software in Finland and Sweden, from Vitruvian Partners, a global private equity firm. Financial terms were not disclosed.
"We are delighted to welcome KKR as our new strategic partner. KKR is one of oldest, largest and most successful global investment firms and its investment in Accountor is a testament to our track record of achieving profitable growth through delivering world class and mission critical solutions to our customers. We are grateful for the active and invaluable support we have received from Vitruvian over the last couple of years in accelerating our growth journey to become one of the leading financial and HR management software businesses in the Nordics. We look forward to continuing our journey with KKR's support," Mikko Soirola, Accountor Software CEO.
KKR is advised by FGS Global (led by Alastair Elwen). Vitruvian Partners is advised by JP Morgan.
ASSA ABLOY, a Swedish group whose offerings include products and services related to locks, doors, gates, and entrance automation, agreed to acquire SKIDATA, a provider of access management solutions, from The Kudelski Group, a provider of digital business enablement technologies, for €340m ($370m).
"SKIDATA's attractive product portfolio and strong performance in access solutions will enhance and complement our current offering. Its commitment to secure, reliable access solutions and excellent customer service aligns perfectly with our values, and I'm convinced that together, we will continue our successful journey," Massimo Grassi, ASSA ABLOY Executive Vice President.
The Kudelski Group is advised by Goldman Sachs and Hogan Lovells.
KKR, a global investment firm, and GIP, an infrastructure investment fund, agreed to acquire a 10% stake in Vantage Towers, a towers infrastructure company, from Vodafone, a British multinational telecommunications conglomerate, for €1.3bn ($1.4bn).
Vodafone said that proceeds from the sale would be used for cutting its debt levels and bringing down its net debt-to-adjusted earnings before interest, taxes, depreciation and amortisation after leases to the lower half of its target range.
Amazon, an American multinational technology company, agreed to acquire Bray Film Studios, a British film and television facility. Financial terms were not disclosed.
"With Bray as our creative home in the UK, we are committed to deepening our relationships with the UK creative community, which is rich with world-class storytellers and creative talent of all kinds," Mike Hopkins, Amazon Head of Prime Video and Amazon MGM Studios.
Porsche mulls buying a stake in Varta.
Porsche is considering taking a stake in Varta, as the embattled battery producer weighs options to restructure its debt, Bloomberg reported.
The German luxury-car maker aims to take a majority stake in Varta's e-mobility battery unit as well as a minority interest in the entire group. Porsche confirmed it was open to taking a larger role in Varta's restructuring "to keep this key technology in Germany."
Vivendi picks LSE for Canal+, Amsterdam for Havas post-split.
Vivendi said that its Canal+ broadcasting business should be listed on the London Stock Exchange and that the Havas advertising agency is likely to trade in Amsterdam, as French billionaire Vincent Bolloré moves ahead with plans to break up his sprawling media and entertainment empire, Bloomberg reported.
Louis Hachette Group, a new company that brings together Vivendi’s publishing and distribution assets, would be listed in Paris. Following the split, the Bolloré Group would hold about 30.6% of the shares of Canal+, Louis Hachette Group and Havas respectively. Because of the voting rights structure in Havas, Bolloré Group will have more than 40% of the voting rights.
Homebase owner to launch sale amid interest from The Range. (FS)
The owner of Homebase is in talks about selling the DIY retailer to one of Britain’s biggest general merchandise chains, as it prepares to launch a wider auction of the business it rescued six years ago, Sky News reported.
Hilco Capital, which took control of an ailing Homebase in 2018, has had an approach from The Range, which has quietly become one of the country's biggest retail successes, about a deal.
Rentokil's shares soar on report of ex-BT chief looking to buy firm.
Rentokil Initial's shares soared 12% on July 22 after a media report said that former BT Group boss Philip Jansen was working on a private equity-backed takeover bid for the British pest control firm.
Jansen, who stepped down as BT's chief executive earlier this year, is in talks with private equity firms over a plan that would see him appointed as executive chairman of Rentokil, Reuters reported.
Zurich denies press report it’s interested in buying Fineco Bank.
Zurich Insurance Group denied a media report that the Swiss firm is considering acquiring Italy’s Finecobank.
Zurich “categorically denies it has any interest” in Fineco, Bloomberg reported.
Former UK finance minister Zahawi working on £600m Telegraph bid.
Britain's former finance minister Nadhim Zahawi is assembling a £600m ($776m) bid for the Daily Telegraph, Reuters reported.
Zahawi, who left parliament in May after opting not to stand again in his Stratford-on-Avon seat, has approached a number of billionaire backers about helping to finance an offer for the daily newspaper, its Sunday sister title and the Spectator magazine.
Dolce&Gabbana CEO ready to open capital to new investors.
Dolce&Gabbana is ready to consider opening up its capital to new investors either through a listing or other routes, the Italian fashion house's CEO said, Reuters reported.
"We are now ready to consider opening our capital to third parties through a listing or other financial instruments," Alfonso Dolce CEO.
Anirudh Singh’s Aptior Capital taps distressed and special situations specialist. (FS, People)
Aptior Capital, a London-based alternative investment manager specialising in stressed credit, distressed debt and rescue finance investments in Europe, is adding Taos Huskey to its senior team in London, effective September 2024.
Huskey is joining from Glendon Capital Management, where he had a nearly 20-year tenure, as well as at its precursor, Barclays Asset Management Group, in Los Angeles. He most recently served as Principal and managed the firm’s $5bn distressed and special situations portfolio.
Entain names industry veteran as new chief executive. (People)
Entain has named industry veteran Gavin Isaacs as its new chief executive, as the Ladbrokes owner tries to restore investor confidence after the exit of his predecessor late last year, FT reported,
The FTSE 100 company said that Isaacs, who has more than 25 years of experience across the industry having recently served as the chair of game development company Games Global, will assume the role on September 2.
APAC
Stonepeak, an alternative investment firm specializing in infrastructure, agreed to acquire Arvida, a New Zealand-based aged care provider, for $1.25bn.
"As a private entity under Stonepeak's ownership, Arvida would be able to further strengthen the execution of the Company's multi-faceted strategy: to sustain and enhance Arvida's core business; to develop quality communities; to acquire complementary properties; and to deliver quality services to aging communities. We believe Stonepeak has a sound understanding of Arvida and the New Zealand retirement village market, and Stonepeak's strategy is aligned with Arvida's values and vision. Stonepeak intends to bring significant capital and operational expertise to support Arvida's senior management team and business plan," Anthony Beverley, Arvida Chair of the Board.
Arvida is advised by Cameron Partners, Forsyth Barr, Chapman Tripp and Senescall Akers (led by Geoff Senescall). Stonepeak is advised by Goldman Sachs, Bell Gully and Morrow Sodali Global (led by Jack Gordon).
ParTech, a global foodservice technology company and provider of unified commerce for enterprise restaurant brands, completed the acquisition of TASK Group, an Australia-based global foodservice transaction platform, for $206m.
"Our goal at PAR has been to be the largest food service technology company in the world. Adding TASK will provide us with a global platform to build upon this vision. TASK not only broadens our reach beyond the United States and has a strong cash flow profile but also has the potential to bring premier global brands into the PAR fold, and accelerate our future growth," Savneet Singh, PAR Technology CEO.
TASK Group was advised by Davis Polk & Wardwell (led by Phillip R. Mills) and King & Wood Mallesons. ParTech was advised by Gibson Dunn & Crutcher (led by Christopher Lang).
Grab Holdings, a Singaporean multinational technology company, completed the acquisition of Chope, a real-time restaurant reservation booking platform. Financial terms were not disclosed.
“Chope is a well-known and well-loved brand that operates in Singapore, Indonesia and Thailand. They have mature reservations and table management system, which we believe will bolster our omni-commerce strategy, and help accelerate our efforts to capture the dining out opportunity,” Ngiam Xin Wei, Grab Holdings Head of Deliveries.
Rigel Capital, a strategic manager for hyper-growth companies, completed the investment in Wisedrive, an Indian warranty tech company. Financial terms were not disclosed.
"We are thrilled to partner with Rigel Capital to expand our pre-owned car warranty business to Southeast Asia. This collaboration will enable the company to bring its solutions to additional markets, enhancing the customer experience and ensuring peace of mind for car owners across theregion," Kalyandhar Vinukonda, Wisedrive CEO.
Pakistan to delay final bidding for state Airline by two months.
Pakistan has delayed the final auction for state-owned Pakistan International Airlines by two months until the end of September after potential bidders sought more information to assess the carrier, Bloomberg reported.
The bidders are waiting for the airline’s latest audited accounts, clarity on flights to Europe that are banned and aircraft lease agreements.
StanChart-backed Bohai Bank to sell $3.5bn in loans. (FS)
China Bohai Bank, partly owned by Standard Chartered, proposed to sell $3.5bn worth of assets at a discount to bidders including the nation’s bad debt managers to shore up capital levels.
The assets, with a principal amount of CNY25.6bn ($3.5bn), will be disposed of in a public tender to potential bidders, including China’s big four bad banks led by China Cinda Asset Management, Bloomberg reported.
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