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AMERICAS
Capitol Meridian Partners, a Washington, DC-based firm that invests at the nexus of government and commercial markets, completed the investment in Clarity Innovations, a provider of advanced data and cyber analytics services and software. Financial terms were not disclosed.
"After careful consideration of strategic alternatives, we unanimously concluded that a partnership with Capitol Meridian is the best next step in achieving our vision. The Capitol Meridian team shares our relentless focus on customer success and enhancing mission outcomes. We're creating a strategic partnership to build and deliver capabilities faster to our customers in today's evolving geopolitical environment," Wes Daniels, Clarity Co-Founder and CEO.
Capitol Meridian was advised by PricewaterhouseCoopers, Raymond James, Latham & Watkins and Ullman Communications (led by Chris Ullman). Debt financing was provided by Macquarie Group. Clarity was advised by Astrapi Leadership Consulting, Robert W Baird (led by Jean Stack and John Song) and Miles & Stockbridge.
Thales, a company that designs, develops and manufactures electrical systems, completed the acquisition of Imperva, a data and application cybersecurity company, from Thoma Bravo, a software investment firm, for $3.6bn.
"The acquisition of Imperva marks a major milestone in Thales' cybersecurity strategy. With this acquisition, we are seizing a unique opportunity to accelerate our cybersecurity capabilities and are taking an important step towards our ambition to build a world-class global cybersecurity integrated player, providing a comprehensive portfolio of products and services. We have tremendous respect for Imperva's innovative application and data security offerings. Imperva and Thales share the same vision and the same DNA. We are thrilled to enter the next phase of our growth together. We look forward to welcoming Imperva to Thales to further enhance our cybersecurity solutions, and help customers address their most important digital security challenges," Patrice Caine, Thales Chairman and Chief Executive Officer.
Thales was advised by Centerview Partners, Morgan Stanley and Cleary Gottlieb Steen & Hamilton (led by Christopher Moore and James E. Langston). Thoma Bravo was advised by Citigroup and FGS Global (led by Liz Micci).
Alaska Airlines Group, an American airline holding company, agreed to acquire Hawaiian Airlines, an operator of commercial flights to and from the US state of Hawaii, for $1.9bn.
"This combination is an exciting next step in our collective journey to provide a better travel experience for our guests and expand options for West Coast and Hawai'i travelers," Ben Minicucci, Alaska Airlines CEO
Hawaiian Airlines is advised by Barclays and Wilson Sonsini Goodrich & Rosati. F inancial advisors are advised by Sullivan & Cromwell (led by Stephen M.
Kotran). Alaska Airlines is advised by Bank of America, PJT Partners and O'Melveny & Myers.
Resurgens Technology Partners, an Atlanta-based private equity firm, completed the acquisition of Valant, a provider of SaaS-based electronic health record and practice management software for behavioural health providers, from Gemspring Capital, a middle-market private equity firm. Financial terms were not disclosed.
"As we've scaled our business to meet the needs of behavioural health providers across the country, Gemspring has been a tremendous partner to Valant and has helped us drive product innovation and develop our go-to-market strategy. We look forward to continuing the strong momentum we've built under Gemspring's stewardship with the Resurgens team," Ram Krishnan, Valant CEO.
Valant was advised by Aeris Partners and McDermott Will & Emery. Resurgens was advised by Lincoln International, DLA Piper and Prosek Partners.
Sysco, a food and kitchen products marketer and distributor, completed the acquisition of Edward Don & Company, a foodservice equipment and supplies firm, from Vestar Capital Partners, a private equity. Financial terms were not disclosed.
"It's been a privilege to support Steve Don and DON management to help them achieve their growth objectives. When we originally invested in the business, we believed we were backing one of the strongest management teams and one of the highest-quality platforms in the food service equipment & supplies distribution space. That thesis has proven out many times over the years, and this successful outcome is yet another proof point," Rob Rosner, Vestar Founding Partner.
A Jacobs Private Equity-led consortium agreed to invest $1bn in SilverSun Technologies, a national provider of transformational business technology solutions and services.
Upon the closing of the equity investment, JPE will become the majority stockholder of SilverSun and Brad Jacobs will become the company's chief executive officer and chairman of its board of directors. The investment agreement also provides for the spin-off of the company's existing business to SilverSun stockholders as of a record date that is expected to be one day prior to the closing of the investment. The remaining company will become a standalone platform for significant acquisitions in an industry to be announced soon, along with the company's new name.
SilverSun Technologies is advised by Benchmark Company and Lucosky Brookman. Jacobs Private Equity is advised by Goldman Sachs, Morgan Stanley and Wachtell Lipton Rosen & Katz (led by Adam O. Emmerich and Viktor Sapezhnikov).
Harrington a, distributor of industrial products, completed the acquisition of PumpMan, a provider of onsite maintenance, repair, and replacement for all components in water and wastewater pumping systems. Financial terms were not disclosed.
“Harrington has built an exceptional business on the strength of great technical expertise, a broad range of products, and a nationwide network led by the most passionate employees in the industry. Adding a leading pump services competency to our family of products and services will bring beneficial synergies for our customers as we continue to strengthen our position in the water markets. We are tremendously excited to partner with PumpMan to add even greater value to our platform as we rapidly grow,” Bob Graham, Harrington CEO.
ReAlpha, a real estate technology company, agreed to acquire Naamche, a technology company focused on developing AI-powered solutions for large industries. Financial terms were not disclosed.
“With the digitization of the global real estate market accelerating at an unprecedented pace, we believe the intersection of real estate and technology has never been more critical. We are excited to bring the company’s experienced leadership, unique capabilities and mutual desire to help lead the real estate industry’s technological revolution. This transaction aligns with our strategy to methodically build and scale an enterprise with best-in-class AI-powered solutions,” Giri Devanur, ReAlpha CEO.
ReAlpha is advised by ICR.
Roche, a Swiss multinational healthcare company, agreed to acquire Carmot Therapeutics, a therapeutical company specialized in obesity and diabetes, for $3.1bn.
“Obesity is a heterogeneous disease, which contributes to many other diseases that together comprise a significant health burden worldwide. By combining Carmot’s portfolio with programs in our Pharmaceuticals pipeline and our Diagnostics expertise and portfolio of products across cardiovascular and metabolic diseases, we are aiming to improve the standard of care and positively impact patients’ lives,” Thomas Schinecker, Roche Group CEO.
Carmot Therapeutics is advised by Centerview Partners.
Bessemer Venture Partners led a $121m Series B financing round is Seismic Therapeutic,a biotechnology company advancing machine learning for immunology drug development, with participation from Amgen Ventures, Codon Capital, Alexandria Venture Investments, Gaingels and GC&H, Timothy A. Springer, Lightspeed Venture Partners, Polaris Partners, Boxer Capital, GV and Samsara BioCapital.
“Seismic has made impressive achievements in a short time integrating the power of machine learning with its deep drug development expertise to create two differentiated lead programs, each offering a compelling opportunity to address unmet medical needs in autoimmune diseases in a new way. We look forward to collaborating with the Seismic team to realize the full potential of its unique approach to immunology drug development, enabled by machine learning,” Andrew Hedin Bessemer Venture Partners Biotech and Healthcare Partner.
Seismic Therapeutic is advised by The Yates Network (led by Kathryn Morris)
Post Holdings, a consumer packaged goods holding company, completed the acquisition of Perfection Pet Foods, a manufacturer and packager of private label and co-manufactured pet food and baked treat products, for $235m.
The acquisition includes two manufacturing facilities in Visalia, California, which will provide Post with additional manufacturing capacity to insource a portion of its current pet food business and an entry point into the private label and co-manufacturing pet food category.
Perfection Pet Foods was advised by Lincoln International.
Russel Metals, a Canadian metals distribution and processing company, agreed to acquire the Western Canadian and US carbon plate Service Center operations of Samuel, Son & Co, a metals distributor and industrial products manufacturer, for $225m.
"Samuel has a longstanding reputation as one of North America's leading metals distribution companies. We will continue to build on this legacy with a Service Center business that will now focus on growing customer relationships in Central and Eastern Canada and the US, while simultaneously accelerating our investment in additional growth opportunities across the business. We are proud of the strength of the operations we are selling to Russel, which we believe can be made even stronger as part of this newly combined business. On behalf of Samuel, I would like to extend our appreciation to the team members who will be joining Russel for playing such an important role in our Service Center business," Colin Osborne, Samuel President and CEO.
Sandvik, an engineering group, completed the acquisition of Buffalo Tungsten, a US-based manufacturer of tungsten metal powder and tungsten carbide powder. Financial terms were not disclosed.
With the acquisition of BTI, Sandvik further expands its presence in the North American market and strengthens its regional capabilities in the component manufacturing value chain.
O2 Investment Partners-backed BerlinRosen, a media company, completed the investment in BerlinRosen, a content, data and analytics agency working at the intersection of marketing and communications. Financial terms were not disclosed.
"We're thrilled to be joining BerlinRosen. BerlinRosen shares our vision for how communications is evolving and the key role that storytelling and the ability to measure performance will play moving forward. This partnership will allow us to take our work to the next level," Ben Worthen, Message Lab CEO.
Trinidad's Atlantic LNG restructuring to shrink Shell's stake, boost BP's.
Shell's ownership in Trinidad and Tobago's Atlantic LNG facility will shrink, while BP and Trinidad's state-owned National Gas will increase their stakes in a restructuring agreement to be signed this week, Reuters reported.
The new agreement would mark the end of five years of talks and pave the way for the largest liquefied natural gas export facility in Latin America to return to full production. The first of four liquefaction trains has been idled since 2020 due to reduced gas supplies from Trinidad's offshore fields.
Judge offers Berkshire possible speedy trial over Pilot dispute. (FS)
A Delaware judge said she will grant a January trial requested by Warren Buffett's Berkshire Hathaway, if it agrees to certain conditions, to resolve claims that billionaire Jimmy Haslam tried to improperly inflate his stake in a truck stop chain, Reuters reportes.
Vice Chancellor Morgan Zurn of Delaware's Court of Chancery said in ruling on December 1 that efficiency favored hearing Berkshire's allegations next month alongside a January 8-9 trial over claims by the Haslam family that Berkshire was deflating the value of Pilot Travel Centers.
Mexico’s Fibra Next IPO said to be delayed until next year. (FS)
Mexican industrial real estate trust Fibra Next is unlikely to carry out its highly anticipated IPO until early next year, Bloomberg reported.
The trust, which this week delayed its plans to go public in Mexico, still lacks needed paperwork from the tax authority and stocks regulator.
Insurer Aspen chooses New York over London for $4bn IPO. (FS)
Aspen Insurance is targeting its $4bn IPO next year in New York instead of London partly due to management concerns about valuations and more stringent listing requirements in Britain, Reuters reported.
Bermuda-based Aspen, owned by private equity group Apollo, is being advised by Goldman Sachs, Citi and Jefferies on an IPO planned for the first half of next year.
Activist investor Blackwells plans Wendy's board challenge. (FS)
Activist hedge fund Blackwells Capital is preparing to challenge Wendy's board of directors in a push for improvements to the fast food chain's financial performance, Reuters reported.
The challenge pits Blackwells against another activist hedge fund, Trian Fund Management, which owns a 16% stake in Wendy's and has three representatives -- Trian CEO Nelson Peltz, Trian President Peter May and Trian research co-head Matthew Peltz -- serving on the Dublin, Ohio-based company's board.
TD Securities appoints co-heads of expanded FIG banking team. (People)
TD Securities has named new heads of its financial institutions group as part of a raft of appointments across its investment banking business, Bloomberg reported.
An expanded FIG team will be led by managing directors Geoff Bertram in Toronto and Jim Spencer in New York, TD Securities said in a statement. Bertram has spent 12 years with TD Securities, while Spencer was most recently at Credit Suisse.
EMEA
TA Associates and MCI Capital-backed Netrisk, a fintech company, completed the acquisition of online comparison businesses from Bauer Media, a media company. Financial terms were not disclosed.
"We are very excited to welcome the customers, employees, and partners of Rankomat, ePojisteni, Srovnejto, and Superpoistenie to the fast-growing Netrisk. Joining forces will accelerate our growth and expand our reach, and it will enable us to invest in commercial and technological capabilities that will deliver more value to our customers. We hope our new colleagues in Poland, Czechia and Slovakia will feel at home with us," Robert Sokolowski, Netrisk CEO.
Bridgepoint, an investment firm, agreed to acquire a 75% stake in Fera Science, a provider of environmental testing, research, and advisory, from Capita, an international business process outsourcing and professional services company, for £60m ($76m).
"We are very pleased to have agreed the sale of our stake in Fera after a competitive auction process. Capita and Defra have partnered together to grow and professionalise Fera over the past eight years, creating significant value for us and the taxpayer," Jon Lewis, Capita CEO.
Capita is advised by Strata Partners.
Vertiv, a global provider of critical digital infrastructure and continuity solutions, agreed to acquire CoolTera, a provider of liquid cooling infrastructure solutions. Financial terms were not disclosed.
"This bolt-on technology acquisition is consistent with our long-term strategic vision for value creation, and further strengthens our expertise in high-density cooling solutions. And while the purchase price is not material to Vertiv, the acquisition is essential to further reinforce our liquid cooling portfolio, enhancing our ability to serve the needs of our global data center customers and strengthening our position and capabilities to support the needs of AI at scale," Giordano Albertazzi, Vertiv CEO.
Vertiv is advised by FleishmanHillard.
Arab Energy Fund plans up to $1bn for decarbonisation technologies.
The Arab Energy Fund, formerly known as APICORP, plans to invest up to $1bn over the next five years in decarbonisation technologies, Reuters reported .
The planned investment and new name are part of a five-year strategy to 2028 to support the regional energy transition towards net-zero goals. The announcement was made during the COP28 climate summit in Dubai.
Oilfield services firm Petrofac mulls asset sale, warns on cash flow.
Petrofac said on December 4 it was in discussions to sell some non-core assets and warned it would no longer be able to meet its annual forecast of "broadly neutral free cash flow", dragging the oilfield services provider's shares down nearly 8%, Reuters reported.
The London-listed firm blamed delays in collecting advance payments on the new contracts it secured in 2023 for the warning.
Its shares were down to a record low of 15.64 pence in early trading, making it the top loser on the FTSE small-cap index.
Abu Dhabi state-backed fund moves to take control of Daily Telegraph. (FS)
An Abu Dhabi state-backed vehicle has moved closer to taking full control of The Daily Telegraph just hours after the launch of a regulatory probe that prevents it from removing key journalists from their posts, Sky News reported.
RedBird IMI has given the newspaper's board and the government notice of its intention to activate a call option that will convert loans secured against the Telegraph titles and Spectator magazine into shares.
Kester Capital eyes £100m sale of Jollyes. (FS)
The private equity owner of pet specialist retailer Jollyes is understood to be considering a sale of the business for more than £100m ($127m), The Times reported.
The retailer’s private equity owner, Kester Capital, is working with financial advisors at Houlihan Lokey on “strategic options” for the business.
Maersk to invest more than $500m to boost South-East Asia supply chain.
Danish shipping company Maersk on December 4 said it will invest more than $500m to expand its supply chain infrastructure in South-East Asia, Reuters reported.
Maersk intends to scale up its warehousing and distribution in the region by up to 50% and expects to add nearly 480k square metres of capacity across Singapore, Malaysia, Indonesia and the Philippines by 2026.
The Barclays regain UK's Telegraph after Abu Dhabi helps repay debt.
The Barclays regained control of the Telegraph on December 4 after Abu Dhabi helped repay its £1.2bn ($1.5bn) debt to Lloyds Bank, despite Britain blocking a transfer to an Emirates-backed group on concerns about press freedom, Reuters reported.
A battle to own the right-leaning newspaper and the Spectator political magazine was launched earlier this year when Lloyds Bank seized control of the titles following a long running dispute over the debt.
Manchester United and Ratcliffe to confirm stake sale next week.
Manchester United Football Club and Sir Jim Ratcliffe, the petrochemicals billionaire, aim to announce within days a £1.25bn ($1.59bn) deal that will see him take a 25% stake in the Red Devils, Sky News reported.
Sky News understands that the two sides have pencilled in early next week to confirm the long-awaited transaction, which will involve Sir Jim's Ineos Sports taking two boardroom seats at Old Trafford.
APAC
Aspen Pharmacare Holdings, a global multinational specialty pharmaceutical company, agreed to acquire the Chinese business of Sandoz, a pharmaceutical company for $101m.
“The acquisition represents an attractive opportunity for Aspen to take a major step in our stated strategic objective of increasing our presence in China. Sandoz’s product portfolio, pipeline, well-established infrastructure, and experienced team, will expand Aspen’s footprint and capabilities in the world’s second largest pharmaceutical market, and further strengthen our foundation for future growth in China,” Stephen Saad, Aspen Group Chief Executive.
TPG Capital takes aim at $4bn payday with Novotech exit. (FS)
TPG Capital is shaping up for a big start to the new year, after 2023 saw it sweep death care services business InvoCare, off the ASX-boards, and explore an exit of pets & vets business Greencross, Financial Review reported.
Now the private equity giant is bringing Novotech, a clinical research organisation, to market, mandating long-time advisors Goldman Sachs to explore options for the business. It was valued at $3bn in the private markets early last year.
GLP Capital Partners launches onshore fund with Chinese insurance provider. (FS)
Global venture capital firm GLP Capital Partners has established a new CNY4.3bn ($603m) onshore income fund in partnership with a Chinese insurance provider, Reuters reported.
The global asset manager said the fund is seeded with 13 stabilised income-generating industrial park assets, with a total leasable area of more than 970k square meters located in core markets, including Shanghai and Kunshan.
Indonesia, ADB, owners agree to shutter first coal-fired power station early.
Indonesia and the Asian Development Bank have agreed a provisional deal with the owners of the Cirebon-1 coal-fired power plant to shutter it almost seven years earlier than planned, Reuters reported.
The deal, announced during the COP28 climate talks in Dubai on December 3, is the first under the ADB's Energy Transition Mechanism programme, which aims to help countries cut their climate-damaging carbon emissions.
Warburg Pincus reshuffles leadership team in Asia. (FS, People)
Warburg Pincus is tapping a new boss to oversee its entire Asia private equity business, placing a region that’s increasingly complex to navigate under one chain of command, Bloomberg reported.
Vishal Mahadevia, a Warburg veteran since 2006 and the firm’s India chief, will become head of Asia private equity, the company plans to announce on December 4. It’s part of a sweeping overhaul of Asia top brass at the firm. Warburg is also naming new heads in China, India and Southeast Asia.
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