EMEA
Reuters reported that Fiat Chrysler had resolved key differences with France over its proposed merger with Renault.
An emerging compromise over French influence on a combined FCA-Renault could clear the way for Renault's board to approve a framework deal and begin the long process of a full merger.
FCA, Renault and its 15% shareholder, the French state, have been in talks over creating the world's third-biggest carmaker. France has broadly welcomed the deal, on condition it guarantees Renault's domestic blue-collar jobs and plants.
Renault's board adjourned after a three-hour meeting on Tuesday and agreed to meet again in 24 hours after more negotiations.
Groupe Renault was advised by Ardea, Societe General, Davis Polk & Wardwell, NautaDutilh and Skadden Arps Slate Meagher & Flom. Fiat Chrysler was advised by Goldman Sachs, Normura, d'Angelin, Darrois Villey Maillot Brochier and Sullivan & Cromwell.
DIC Asset, one of Germany's leading listed property companies, has agreed to acquire German Estate, a fast-growing, sustainably profitable property investment and asset manager from KKR, investment company and TTL Real Estate, real estate company for $253m.
The acquisition enables DIC to strengthen its market position as a specialist in the commercial real estate segment with a focus on office properties while also increasing its assets under management.
"GEG perfectly complements our business model and will significantly accelerate our planned growth in the institutional fund business. We are considerably strengthening our investor base and expanding our spectrum of investment products for our clients," Sonja Wärntges, DIC CEO.
DIC Asset AG was advised by Bankhaus Lampe, White & Case, Rödl & Partner, and PricewaterhouseCoopers. KKR and TTL were advised by Rothschild & Co.
Neil Woodford, had come under intense pressure as withdrawals from his funds had mounted amid concerns over performance, forcing him to block redemptions from one of the funds that holds a stake in NSF.
Janus Henderson spoke out publicly against the deal, taking total opposition to at least 21%. Schroders, M&G and Coltrane had already issued statements saying they would not support NSF, instead giving their backing to Provident’s management.
The decision came because the combined group would not have sufficient regulatory capital at completion. A significant level of minority investors would remain in Provident.
UK Competition and Markets Authority are considering whether a merger of Charter Court Financial Services and OneSavings Bank would substantially reduce competition.
OneSavings, as part of a private equity KRBS, has been well protected so far by its focus on providing mortgage credit to professional landlords and tightened lending criteria for financing smaller developments.
The banks announced the merger in March 2019. The merger would create one of Britain's biggest specialist lenders with a combined market value of £1.8bn ($2.3bn).
Charter Court Financial Services was advised by Citigate Dewe Rogerson, Credit Suisse, RBC Capital Markets, Linklaters. OneSavings Bank was advised by Barclays, Rothschild & Co and Brunswick Group.
Private equity firm Vespa Capital invested in La Marche de Leopold, a French organic food store operator. The firms manager and majority shareholder, Benjamin Quiras, ceded control of the firms head structure Biomen Distribution to Vespa Capital, while retaining the presidency. Financial terms were not disclosed.
"We are very pleased to announce our acquisition of a majority stake in the Leopold Market, which corresponds in all respects to Vespa Capital's investment strategy in successful SMEs, alongside their founders. We are delighted to accompany the CEO in this new phase, to enable him to accelerate his development and to associate the management team to the success of the group." said Vespa in a statement.
SODICA and Alitair Law advised La Marche de Leopold. Indefi, Oderis, Volt Associes and Agilt advised Vespa Capital. LCL provided financing.
Rheem to acquire Intergas from Bregal Freshstream. (FS)
Rheem, the US-headquartered provider of gas furnaces, heat pumps, air conditioners, air handlers, indoor air quality products, gas, and electric water heaters has agreed to acquire Intergas, the leading Dutch manufacturer of space and water heating equipment from Bregal Freshstream. Financial terms were not disclosed.
Rheem's investment in Intergas is a crucial step in the company's strategy to become a global leader in water heating.
"We are very proud of the progress that Intergas has made over the last few years, reinforcing its leading position in the Netherlands and further building its international distribution network. We look forward to watching its progress in the coming years. We are extremely pleased with the level of return we have generated for our investors." Patrick Smulders, Bregal Freshstream's Managing Partner.
Michael Reeder, founder and CEO of Rehacon, emphasizes: "Rehacon is now even more present thanks to the partnership with fysioconcept in the Lower Rhine region. The integration into our group shows that we are resolutely pursuing our course and want to continue to grow by integrating more complex and successful therapy centers in the highly fragmented physiotherapy market."
Arkea invested in Children Worldwide Fashion. (FS)
Arkea Capital Managers, the private equity and venture capital arm of Crédit Mutuel Arkéa, invested in Children Worldwide Fashion, a european leader in top of the range and luxury children's fashion under licence. Based in Les Herbiers in the Vendée region, CWF employs 800 people and is the number one licensed, luxury and high-end children's ready-to-wear kid in Europe. Financial terms were not disclosed.
Luc Jullet, CEO of Hansea: "We are convinced to be able to continue our growth strategy started with Cube and Gimv with the support of our new shareholder to become the indispensable mobility provider in Belgium.”
DWS was advised by Macquarie Group and Stibbe. Cube Infrastructure was advised by DC Advisory and Linklaters. Gimv was advised by Linklaters.
Sports Direct, a British retailing group, agreed to acquire Game Digital, a British video game company, for £52m ($66m). The offer represents a premium of approximately 27.4% to the Closing Price of a GAME Share of 23.55 pence on 4 June 2019.
Sports Direct believes that the Offer, in providing GAME with the wider benefit of Sports Direct's operating and other experience and increased support, will secure GAME's future and allow it to navigate these pressures whilst contributing to GAME's long-term sustainability by escalating the evolution of the BELONG business and accelerating the next stage of GAME's development.
Numis Securities is advising Sports Direct.
DMC Canotec CEO, Simon Davey, said “We agreed a clear acquisition strategy with our investors, Horizon Capital, and that was to buy first-class companies with long-standing reputations for quality service. The acquisition of United Carlton brings with it great staff, products and customers, and together we will develop a single platform that will enable all stakeholders to thrive.”
Advent has entered exclusive talks to acquire Industria Chimica Emiliana. (FS)
Advent, a private equity fund, in talks to buy Industria Chimica Emiliana, Italian chemicals firm. The offer values ICE at about €600m ($677m), Reuters reported.
ICE hired PWC earlier this year to sound out potential investors. The business, which is wholly-owned by the Bartoli family, had revenues of about €115m ($129m) in 2017.
VW’s Truck IPO might include a sale of Ducati.
Volkswagen initial public offering of its truck unit might be including the potential the sale of Ducati, iconic motorbike brand.
Because of VW’s diesel emissions scandal that erupted in 2015, Ducati was one of the first to a potential sale. VW’s powerful labor unions and a reclusive billionaire-owner family scuppered that attempt.
Tikehau Capital and Le Groupe de l'Hôtellerie to acquire two hotels in Paris. (FS)
Tikehau Capital, the alternative asset management and investment group, and Le Groupe de l'Hôtellerie, the hotel management, investment, and development specialist, has agreed to acquire the Hotel Corona Opéra and the Hotel Touraine Opéra through Tikehau Capital's Real Estate value-added fund. Financial terms were not disclosed.
"This investment is another step in the deployment of our value-added fund and confirms our interest in the hospitality sector as part of the dynamic expansion of our Real Estate activity." Frédéric Jariel, Tikehau Capital's Head of Real Estate.
RUAG is planning a $500m acquisition in private US space projects.
RUAG, Swiss defense, and aerospace company is planning a $500m acquisition in private US space projects.
Reuters reported that the firm wants to get out of defense and concentrate on expanding its space business before a planned flotation in the next couple of years.
Switzerland said in March it wanted to privatize RUAG. “There has been a big change in the space industry in recent years. It has moved from institutions to the commercial sector." Urs Breitmeier, RUAG Chief Executive.
Searchlight in talks to buy control of Bezeq.
Searchlight in talks to buy control in Bezeq, a telecommunication company.
All the business and legal aspects for the acquisition have already been agreed. If the bondholders approve the deal, it will be signed in the following days.
Peter Kellner's PPF closing in on acquisition of Heureka.
Peter Kellner's investment fund PPF is closing in on acquisition of Heureka, the leading online shopping comparison platform in the Czech Republic and Slovakia, which was launched in October 2007. The transaction is reportedly caused by the fact that the Czech e-commerce firm is struggling to reach profitability. PPF already owns 40% in the company.
EQT Partners in talks to launch Asia-focused Fund IV. (FS)
EQT Partners, a Swedish investment firm, is considering the launch of its next Asia mid-market fund, which may be much larger than its $800m predecessor. The fund enables EQT to maintain its investment momentum in the region, DealStreetAsia reported.
Westbridge Capital closes WestBridge II Fund having raised £140m.
Westbridge Capital raised £140m ($178m) in fund commitments and associated earmarked co-investment monies.
WestBridge II will typically invest between £10m ($13m) and £20m ($26m) in established, profitable, and ambitious UK SMEs with enterprise values of between £15m ($19m) and £40m ($52m). The fund is expected to invest in 10 to 12 companies.
WestBridge II is almost 20% deployed with a strong pipeline of new investments that may complete later this year.
“WestBridge II will be transformational for our business. Having successfully invested our first fund and delivered three exits at an average of 4x money multiple, we set out to raise £100m ($130m) from our existing and new institutional LPs." Guy Davies, WestBridge managing partner.
AMERICAS
Warburg Pincus to acquire Pregis from Olympus Partners. (FS)
Warburg Pincus, a leading global private equity firm focused on growth investing, has agreed to acquire Pregis, leading protective packaging materials, and automated systems manufacturer, from Olympus Partners, private equity firm. Financial terms were not disclosed.
"Pregis has built an attractive market leadership position by providing innovative protective packaging solutions and we look forward to partnering with management to continue the company's success. Pregis aligns well with our industrials investing strategy to partner with best-in-class companies and management teams with attractive growth tailwinds including e-commerce enablement and automation," Dan Zamlong, Warburg Pincus managing director.
"We are analyzing the scope of this resolution and the measures we will adapt since we are sure that this operation is positive for the competitive environment and the consumer, and that it drives the development of eCommerce in Mexico," said Walmex in a statement.
Walmex announced a deal to acquire Cornershop for $225m in September 2018. The acquisition was to show a company's growing investments in online delivery services across the globe as it aims to compete with Amazon.
Teledyne Technologies to acquire 3M's gas and flame detection business for $230m.
Teledyne Technologies, technologies for industrial growth markets, has agreed to acquire the gas and flame detection business of 3M, electronics, telecommunications, industrial, consumer and office devices producer, for $230m in cash. The gas and flame detection business includes Oldham, Simtronics, Gas Measurement Instruments, Detcon, and selects Scott Safety products.
"The gas and flame detection business utilizes similar technology and serves related markets as our portfolio of environmental instrumentation businesses. However, our respective products do not compete, and we generally serve customers in complementary geographies. This business will become a long-term core business of Teledyne, and we look forward to welcoming it and its employees to Teledyne." Robert Mehrabian, Teledyne Executive Chairman.
3M was advised by Houlihan Lokey.
Marlin & Associates is advising Zoomdata.
ParkOhio completed its acquisition Erie Press Systems.
ParkOhio, a leading provider of supply chain management services and highly-engineered manufactured products, has acquired Erie Press Systems, an industry recognized leader in the manufacturing of advanced forging presses, hydraulic and mechanical presses, and metal stretch-forming and carbon extrusion machines for several end markets, including aerospace and defense, primary metals and high-speed rail. Financial terms were not disclosed.
The acquisition has been announced on 21st May 2019 and closed on 5th June 2019.
"The acquisition of Erie Press, with annual revenues of approximately $20m, will be immediately accretive to earnings. Erie Press has an impressive history of designing and building engineered-to-order equipment for the aerospace and other industries for over 120 years and is a complement to our Engineered Products forging strategy." Edward F. Crawford, ParkOhio President.
Milliken & Company to acquire Andover Healthcare.
Milliken & Company, a global innovation company, protective textile, specialty chemical and floor covering expertise provider, has agreed to acquire Andover Healthcare, a leading manufacturer of cohesive bandages and compression systems spanning healthcare, animal health, and sports medicine markets. Financial terms were not disclosed.
The acquisition strategically aligns two respected brands in patient care, bringing streamlined, comprehensive, and innovative solutions to healthcare providers.
"Andover Healthcare is a natural fit for Milliken. We are equally committed to improving the patient healing experience through innovative solutions, and our shared focus on ethics and integrity unites us culturally. Our combined expertise and a common drive to create innovative solutions invite us to set the bar for comprehensive patient care that helps create a healthier future." Halsey Cook, Milliken & Company president and CEO.
Wipro, a leading information technology, consulting, and business process services company, has agreed to acquire International TechneGroup, a global digital engineering and manufacturing solutions company. Financial terms were not disclosed.
“As enterprises innovate and invest in ‘EngineeringNXT,’ they are looking for ways to build a Digital Thread across design, engineering, and manufacturing. This acquisition complements Wipro’s core strengths in Industry 4.0 and allows us to offer end-to-end solutions in Digital Engineering and Manufacturing. We are pleased to welcome ITI’s employees and are confident that their unique offerings and solutions will add value to our organization,” Harmeet Chauhan, Wipro Senior Vice President, Industrial & Engineering Services.
Excel Courier to acquire Custom Courier Systems.
Excel Courier, a high touch, time-critical delivery, and warehouse management service provider, has acquired Custom Courier Systems, a full-service delivery and warehouse provider, specializing in biomedical services. Financial terms were not disclosed.
The acquisition strengthens Excel’s commitment to providing specialized services by adding cold storage options, expanding biomedical clientele, and adding a full-service facility. Excel’s six strategic locations in Maryland, Virginia, and Pennsylvania grows Excel’s footprint and resources to better serve the Mid-Atlantic.
“Custom Courier’s focus on biomedical services is what attracted us to this acquisition. We believe it will complement our current offerings and allow us to provide more services to our present and future clients.” Chris Marchetti, Excel Group CEO and President.
Enclara Pharmacia to acquire Avanti Health Care Services.
Enclara Pharmacia, the market leader in comprehensive pharmacy benefits management services to the hospice community has acquired Avanti Health Care Services, a full-service, direct delivery pharmacy provider in the greater New York region. Financial terms were not disclosed.
The acquisition represents a strategic expansion to optimize medication access options and to support underserved regional markets, as well as Enclara’s development into the home care pharmacy market.
“The addition of local, same-day direct delivery pharmacy capabilities, through a highly regarded, longstanding provider in the New York market, further bolsters our PBM and national mail order services, allowing for a more seamless experience for our hospice partners’ medication delivery needs. This arrangement is part of Enclara’s larger strategy to execute on opportunities in key markets that serve to strengthen operational efficiencies and improve medication availability for hospices and their patients.” Andy Horowitz, Enclara CEO.
"California American Water and Rio Plaza Water Company share a goal of providing dependable water services to customers in Ventura County, We believe California American Water will provide the best service to our customers, and we look forward to their active participation in the community." John Chris Nickel Sr., Rio Plaza Water Company.
The San Francisco Public Utilities Commission has hired an adviser to PG&E's potential acquisition.
The San Francisco Public Utilities Commission has hired Jefferies as a buy-side financial adviser to explore the potential acquisition of PG&E Corp’s distribution assets, Reuters reported.
There are three options for the city, which include the acquisition of PG&E assets in San Francisco to achieve self-sufficiency in power generation. As an effect of the acquisition the city's electric grid could potentially benefit in the long-term. PG&E said it would remain open to communication and is "committed" to working with the city.
PetSmart takes Chewy.com public at a proposed valuation circa $7bn. (FS)
After an ownership battle between PetSmart's creditors and its private equity investors, Petsmart, a pet accessories provider, is to take Chewy.com, a pet food retailer, public at a proposed valuation circa $7bn.
PetSmart is hoping to cash in on company's growth. Chewy on Monday filed an amended registration form setting a price range of $17 to $19 for its initial public offering of 42m shares. Based on the midpoint of that range, PetSmart stands to raise $648m with the sale of 36m shares, and Chewy would reap $101m by offering 6m shares, Bloomberg reported.
Mitsubishi Heavy Industries is in talks to buy Bombardier CRJ program.
Mitsubishi Heavy Industries, heavy machinery provider in talks to buy Bombardier CRJ, aircraft program.
Reuters reported that an announcement could come as soon as the Paris Air Show, which starts June 17, if a deal is finalized.
A deal would be the latest shuffling in aircraft competition and manufacturing after Bombardier sold a majority stake in its 110-130 seat CSeries jetliner program to Europe's Airbus. The Bombardier CRJ competes against aircraft made by Brazil's Embraer SA which struck its deal with US planemaker Boeing.
General Atlantic, TA Associates and Genstar looking to sell Insurity. (FS)
Private equity firms General Atlantic, TA Associates and Genstar Capital are reportedly looking to sell their stakes in Insurity, a provider of insurance software. Connecticut-based Insurity develops enterprise data solutions and insurance decisions suite that provides policy, billing, and claims decisions, reinsurance administration, claims, and billing solutions.
Lazard is advising the sellers.
ANEEL rejected the proposed transfer of Alto Sertao III from Renova Energia.
ANEEL, Brazil's power sector regulator rejected the proposed transfer of Alto Sertao III, wind power complex, from Renova Energia, developer and operator of renewable sources to AES Tietê.
ANEEL directors stated that the companies hadn't shown the possible gains for the consumer or guarantees for the conclusion of the project. Renova and AES Tietê were also seeking from ANEEL suspension of some fines related to delays in the complex's completion.
"In light of this decision, (AES Tietê) will reassess its interest in the acquisition of Phase B of this project. Phase A and the pipeline were not subject to Aneel's decision and therefore follow their normal course within the schedule for the completion of the transaction," AES Tietê said.
SentinelOne has raised $120m in Series D funding led by Insight Partners. (FS)
SentinelOne, the autonomous endpoint protection company, has raised $120m in Series D funding led by Insight Partners. The round brings SentinelOne’s total funding to more than $230m.
The funding will be used to accelerate the company’s rapid displacement of legacy and next-gen competitors in connecting endpoint, cloud, and IoT protection through its autonomous AI platform deployed throughout the enterprise.
“We recognize SentinelOne’s strong leadership team and vision to be unique in the market, as evidenced through the company’s explosive growth and highly differentiated business model from its peer cybersecurity companies.” Teddie Wardi, Insight Partners Managing Director.
APAC
Greenko continues to scale up on its innovation and digitization efforts in the power sector – working towards transforming renewable energy to reliable, schedulable and flexible energy through forecasting and digitization, building an intelligent energy utility platform as round-the-clock adjustable renewable power is expected to replace fossil fuels. Greenko's investment in Storage Projects is the first step towards this direction and expected to deliver over 15bn units of schedulable power generation.
"Its innovative use of hydro storage and renewable power will enable utilities to mitigate the intermittency issues of renewable power, facilitate the increased penetration of renewable power and reduce the country's reliance on conventional thermal power over time. As a long-term investor, we are very pleased to be supporting Greenko's next phase of growth, which will enhance clean energy offerings and benefit communities in India in the long run." Ang Eng Seng, GIC Chief Investment Officer of Infrastructure.
SoftBank will gain $11.1bn via selling part of its stake in Alibaba Group.
SoftBank will book a pretax profit of ¥1.2tn ($11.1bn) for selling part of its stake in Alibaba Group, Chinese e-commerce leader, completing a deal announced three years ago.
SoftBank, Alibaba’s biggest shareholder, was selling Alibaba share for the first time in 16 years as it looked to strengthen its balance sheet and step up investments in startups, Bloomberg reported.
Hahn considering options for H-Line Shipping. (FS)
Hahn, a private equity company, is considering options for H-Line Shipping, marine transportation services, including a partial or full sale of the South Korean freight company.
Hahn works with financial advisers on the potential transaction. The offer can be valued at $3.5bn to $4bn, including debt. Some investors that helped buy the shipping assets five years ago are seeking to cash out, Bloomberg reported.
ESR Cayman opened an IPO in order to raise to $1.24bn. (FS)
ESR Cayman, logistics real estate developer opened an initial public share offering, hoping to raise to $1.24bn in Hong Kong’s biggest float so far this year.
Seven existing shareholders are selling shares in the IPO, including Warburg Pincus, Goldman Sachs Investments Holdings (Asia) Ltd and e-commerce firm JD.com Inc’s Jingdong Logistics Group Corp, Reuters reported. Main shareholder Warburg Pincus unit WP OCIM plans to decrease its holding to about 28% from 38%.
“We had to ask some of the existing shareholders to sell some shares to meet the desire by other public market investors for us to have a meaningful free float,” Jeffrey Perlman, ESR chairman.
Wesfarmers appointed Sharon Warburton to the company's board.
Wesfarmers announced the appointment of Sharon Warburton to the board of the company, effective from 1 August 2019. Ms. Warburton has extensive board and executive experience in corporate strategy, business operations, finance and risk management, particularly in the resources and infrastructure sectors, along with significant expertise in governance and remuneration. She is currently a Non-Executive Director and Co-Deputy Chairman of Fortescue Metals Group and a Non-Executive Director of Gold Road Resources, NEXTDC and WorleyParsons.
"Sharon brings valuable, complementary and diverse experience to the Wesfarmers Board, particularly as the Group continues to evolve its portfolio," Wesfarmers Chairman Michael Chaney said. "Her appointment further strengthens the Board's mix of skills, knowledge and experience and continues an orderly process of balancing renewal and continuity."
|
