The Simply Good Foods Company, a developer, marketer and seller of branded nutritional foods and snacking products, agreed to acquire Quest Nutrition, a healthy lifestyle food company, for $1bn.
“The acquisition of Quest strengthens Simply Good Foods’ position within the nutritional snacking category by expanding our portfolio of brands and product offerings while also providing us with greater consumer and channel diversification,” said Joseph E. Scalzo, President and Chief Executive Officer of Simply Good Foods.
JP Morgan and Winston & Strawn are advising Quest. Centerview Partners, Goldman Sachs and Kirkland & Ellis are advising The Simply Good Foods Company. Sullivan & Cromwell is advising Goldman Sachs.
UGI Corp, an energy distributor, and AmeriGas Partners, a retail propane marketer, closed their $2.4bn merger transaction. The deal was announced in April 2019.
John L. Walsh, president and chief executive officer of UGI, said, “We are pleased to announce the completion of this transaction, which fully consolidates our ownership of AmeriGas and creates a platform for future cash flow and earnings growth for UGI. The transaction enables us to build on our successful 60-year history in US propane distribution. Additionally, the merger presents an opportunity to further align our LPG distribution operations across the US and Europe to drive efficiencies and accelerate growth. Lastly, I would like to welcome the AmeriGas unitholders to UGI. We look forward to being exceptional stewards of your capital.”
Tudor Pickering Holt, Baker Botts and Potter Anderson & Corroon advised AmeriGas. JP Morgan, Latham & Watkins and Kekst & Company advised UGI. Simpson Thacher & Bartlett advised JP Morgan.
Sheridan Capital Partners, a Chicago-based healthcare private equity firm, invested in Oral Surgery Partners, an oral surgery practice management company. Financial terms were not disclosed.
“The oral surgery market is highly fragmented, and Oral Surgery Partners represents one of the only related practice management platforms of scale,” said Sean Dempsey, a Partner at Sheridan Capital Partners. “The Company has grown significantly due to the team’s patient-first approach, its adoption of leading-edge technology, and its support of the clinics’ efforts to attract talented oral surgeons.”
The Fortune Group and Lathrop Gage advised Oral Surgery Partners. McDermott Will & Emery advised Sheridan Capital Partners. Twin Brook Capital Partners provided debt financing.
GTCR-backed Ultimus Fund Solutions, a leading independent provider of fund administration, accounting and investor solutions to traditional and alternative fund managers, acquired LeverPoint Management, a leading independent provider of full-service fund administration, accounting, tax and back office support services. Financial terms were not disclosed.
"We're thrilled to join forces with LeverPoint and look forward to working together to continue to build on our shared reputation for high-quality client service," said Gary Tenkman, CEO of Ultimus. "Together, Ultimus and LeverPoint represent a leading independent and integrated fund solutions platform for both registered and alternative fund managers. Ultimus' leading position is unique in the marketplace and allows it to better service managers of all sizes and asset types."
Macquarie Group and Pepper Hamilton advised LeverPoint Management. Latham & Watkins advised Ultimus and GTCR.
New Mountain Capital, a New York-based investment firm, agreed to invest in Ontario Systems, a leading provider of enterprise software. Financial terms were not disclosed.
With its purchase of a majority share in Ontario Systems, New Mountain Capital will replace Arlington Capital Partners as the company’s largest investor.
“The New Mountain team’s expertise in growing software businesses will be invaluable as we look to deepen our revenue cycle management offerings and continue providing our customers market-leading solutions they have come to trust. Building on the momentum of this transaction, I look forward to working closely with New Mountain to unlock unique growth opportunities.” Jason Harrington, President of Ontario Systems.
Eir Partners and Ropes & Gray advised New Mountain Capital.
New State Capital Partners, an entrepreneurial-minded private equity firm, acquired a majority stake in Computer Data Source, a leading specialist provider of enterprise-level data center third-party maintenance, focused on high-end data storage. Financial terms were not disclosed.
"CDS boasts an industry-leading senior management team with an average of 25 years of experience and a proven track record of strong execution, even though diverse economic conditions," said Steve Larned, Senior Principal of New State Capital Partners. "They're supported by fully trained engineers with the same qualifications held by their counterparts at the OEMs. With global service capabilities and more than 500 contracts, CDS is customer-service focused and OEM neutral. Their customers have expressed great confidence in CDS' technical capabilities and service delivery."
Gartner, Piper Jaffray and Morgan Lewis & Bockius advised New State Capital Partners. Crystal Financial provided debt financing.
PLZ Aeroscience, a manufacturer and marketer of aerosol products, acquired Precise Packaging, a packing and crating services company, from Trive Capital, an investment advisory services firm. Financial terms were not disclosed.
“Precise’s capabilities in small-format production will enhance our ability to provide customers with a full suite of aerosol and liquid products. Shaun and the team have built a great business that we are proud to add to the PLZ family.” Ed Byczynski, PLZ Aeroscience President and CEO.
Lazard and King & Spalding advised Precise Packaging.
Private equity firm Lightview Capital invested in Buchanan Technologies, an IT service management company. Financial terms were not disclosed.
“Buchanan’s North American presence, scale, and reputation as a leading Managed IT Service Provider is a strong platform for continued expansion. The MSP sector is an attractive area for investment. We’ve worked with the Buchanan team for over a year and are excited to partner with an organization that is focused on growing and delivering high-quality multi-faceted IT solutions and services to their customer base,” said Rich Erickson, Co-founder and Managing Director of Lightview Capital.
Splunk, an American public multinational software corporation based in San Francisco, agreed to acquire SignalFx, a SaaS leader in real-time monitoring and metrics for cloud infrastructure, microservices and applications, for $1bn. Under the terms of the agreement, Splunk will acquire SignalFx for a purchase price paid approximately 60% in cash and 40% in Splunk common stock.
“Data fuels the modern business, and the acquisition of SignalFx squarely puts Splunk in position as a leader in monitoring and observability at massive scale,” said Doug Merritt, President and CEO, Splunk. “SignalFx will support our continued commitment to giving customers one platform that can monitor the entire enterprise application lifecycle. We are also incredibly impressed by the SignalFx team and leadership, whose expertise and professionalism are a strong addition to the Splunk family.”
World Fuel Services Corporation, a global energy management company, agreed to acquire UVair Fuel Business of Universal Weather and Aviation, a general aviation company, for $170m. UVair, headquartered in Houston, Texas, serves business and general aviation customers at more than 5k locations worldwide.
“We are excited to announce this strategic acquisition, which will further enhance our global business and general aviation fuel platform,” stated Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation. “We look forward to welcoming UVair’s fuel customers and providing them and Universal’s international trip planning customers with access to our best-in-class global fuel supply network.”
Forum Energy Technologies, a global oilfield products company, sold its stake in Ashtead Technology, a subsea rentals company, to Buckthorn Partners, a specialist oilfield services investment firm, for $48m.
Cris Gaut, Forum’s Chairman and Chief Executive Officer, commented, “The significant proceeds from this transaction will be used to further reduce debt, accelerating Forum’s debt reduction strategy. Over the last three quarters, Forum’s strong free cash flow generation has allowed us to reduce our net debt by approximately $54m, and we expect this momentum to continue in the second half of 2019."
BlackRock invested in Cofense, the global leader in intelligent phishing defense solutions, having acquired the equity of former investor Pamplona. Financial terms were not disclosed.
“We met with dozens of world-class financial institutions who were keen to invest. We’re delighted that BlackRock was the winning bidder, as they are familiar with our business and already have a strong relationship with Cofense,” said Rohyt Belani, Co-Founder and CEO, Cofense.
CoveMark, the Dallas-based private equity firm, invested in Capra Foods, an industry leader in the lamb proteins market. Financial terms were not disclosed.
"We are thrilled to partner with the Capra team and help scale their operations and meet existing customer demand," said CoveMark CEO, Aaron Cook. "The Capra team's commitment to animal welfare and ethical protein production as well as the land along with their long-standing relationships with key retailers such as Whole Foods are just a few reasons why we wanted to invest."
Syncsort, the global leader in Big Iron to Big Data software, acquired Texas-based SQData, a provider of enterprise-class data integration technology. Financial terms were not disclosed.
“Nearly all of our 7k customers need to leverage decades of investment in legacy data systems by integrating these critical data assets with Next Wave technologies such as hybrid cloud, blockchain and streaming,” said Josh Rogers, CEO, Syncsort. “SQData has been a strategic technology partner, contributing to our leadership in addressing this challenge with mainframe data. Bringing their highperformance data replication technology and skills in-house will enhance our ability to deliver real-time solutions for critical customer use cases, enabling predictive analytics, machine learning and AI.”
Best Western Hotels & Resorts, a company that owns and operates a chain of hotels, agreed to acquire AutoClerk, a developer of hotel management software. Financial terms were not disclosed.
According to David Kong, Best Western President & CEO, the acquisition is part of a longer-term plan that will perhaps allow an evolution to a single database shared between the central reservation and the property management systems.
“With the PMS, we’ve completed that entire value chain of Best Western owning the two-way connectivity between enterprise systems,” Greg Adams, Best Western Chief Digital Officer.
Valvoline, a leading worldwide marketer and supplier of premium branded lubricants and automotive services, agreed to acquire Minit Lube, an automotive maintenance company. Financial terms were not disclosed.
"The Minit Lube acquisition is significant for Valvoline because it will establish our first company-owned service centers in Canada. We think Minit Lube is a natural fit because of the focus on an outstanding customer service experience that Paul and his team have developed. We look forward to serving the communities in Alberta under the Valvoline Great Canadian Oil Change brand." Tony Puckett, President, Valvoline Quick Lubes.
VMware, a publicly-traded software company listed on the NYSE, acquired San Francisco-based security start-up Intrinsic. Financial terms were not disclosed.
“This acquisition brings us unique expertise and technology as we look to expand our VMware AppDefense platform into the public cloud,” a VMware spokesperson said.
Goldman Sachs explores the sale of auto warranty business Safe-Guard.
Goldman Sachs Group's buyout arm is exploring the sale of Safe-Guard Products International, which could value the auto warranty company at more than $1bn, including debt, Reuters reported.
Goldman Sachs is working with advisers on an auction for Safe-Guard, though there is no certainty a deal will be reached.
Premier Oil to sell stake in Mexico project amid the cost-cutting drive.
Premier Oil is selling its stake in a “world-class” project off the coast of Mexico and wants to reduce its holding in a long-awaited scheme north of the Falkland Islands as it tries to reduce its $2bn debt burden.
The company wants to sell its entire holding of roughly 15% in the vast Zama discovery, after raising its estimate of resources that could potentially be recovered from the discovery to between 670m and 970m barrels of oil.
Knotel raised $400m at $1.3bn valuation. (FS)
Bloomberg reported that Knotel, a workspace provider, raised $400m at a valuation that catapults the startup to unicorn status. The round drew investors including Kuwait-backed Wafra and Japan’s Mori Trust, Itochu Corp and Mercuria Investment Co.
“Some of the largest asset managers in real estate have doubts about the WeWork model," Knotel co-founder and Chief Executive Officer Amol Sarva said. “In looking for an alternative, they found us.”
thredUP raised $175m in financing. (FS)
thredUP, the world’s largest fashion resale marketplace, announced a raising of $175m in funding and a formal launching of Resale-As-A-Service, a platform powering apparel resale for retailers and brands. The investment was led by Park West Asset Management and Irving Investors with existing investors, Goldman Sachs Investment Partners, Upfront Ventures, Highland Capital Partners and Redpoint Ventures participating.
Reuters reported that Swiss telecoms firm Sunrise Communications stepped up efforts to rescue its takeover of Liberty Global’s Swiss unit amid criticism from its top shareholder, saying it had found new synergies and could cut a planned rights issue to fund the deal. German telecoms group Freenet, Sunrise’s largest investor, has called the all-cash $6.4bn takeover of UPC Switzerland unfavorable for Sunrise shareholders and has asked for the price to be cut and risks reallocated.
“Sunrise views Freenet as guided by its own short-term financial constraints and self-serving objectives which it seeks to solve at the expense of Sunrise and its shareholders,” Sunrise said, adding its board would now bar Freenet from deliberations.
PwC, Deutsche Bank, Morgan Stanley, UBS, Latham & Watkins, Lenz & Staehelin, Meyerlustenberger Lachenal, NautaDutilh, Slaughter & May and Deloitte are advising Sunrise. Credit Suisse, LionTree Advisors, JP Morgan and Shearman & Sterling are advising Liberty Global.
Reuters reported that Thyssenkrupp is filing a complaint with a European court to dispute an antitrust decision that blocks a planned joint venture with Tata Steel. The complaint to the General Court of the European Union comes after the Commission in June vetoed plans to create Europe’s second-biggest steelmaker, fearing it would overly hurt competition.
“In its competitive assessment of the product groups of packaging steel and hot-dip galvanized steel for the automotive industry, the Commission has for the first time set out a restrictive market definition that unduly extends the scope of the existing competition law,” Thyssenkrupp said in a statement.
EY, ALRUD, Bredin Prat, De Brauw Blackstone Westbroek, Hengeler Mueller and Slaughter & May advised Tata Steel. Ramboll, Chestnut Corporate Finance, Deutsche Bank, EY, Goldman Sachs, JP Morgan, Macquarie Group, Rothschild & Co, Linklaters and Finsbury advised Thyssenkrupp.
Mid Europa, a private equity investor focused on Central and Eastern Europe, completed the sale of Knjaz Milos, a Serbian carbonated mineral water producer and distributor, to Karlovarské Minerální Vody and PepsiCo. The deal was announced in June. Financial terms were not disclosed.
Robert Knorr, Co-Managing Partner of Mid Europa, commented: "Knjaz Milos is another example of Mid Europa's vision and capability to transform a Central European consumer company into a branded category leader. Following our recent sale of Bambi to Coca-Cola HBC, Knjaz Milos has also found its rightful place within the portfolio of a leading international player."
Bank of America Merrill Lynch, KPMG, Dechert, Karanovic & Partners and White & Case advised Mid Europa. JPM advised the buyers.
Reuters reported that Mediaset filed a complaint with Italy’s market watchdog, accusing hostile shareholder Vivendi of leaking information with the goal of scuppering a cross-border merger deal. Mediaset announced in June a corporate overhaul under which the company and its Spanish subsidiary would merge into a new Amsterdam-based holding.
Banca IMI, Citigroup, and Mediobanca are advising Mediaset. JP Morgan is advising Mediaset Espana.
Private equity firm BaltCap sold Estonian auto24, a leading automotive classifieds portal, to Apax-backed Baltic Classifieds Group, a portfolio of online platforms in the Baltics. Financial terms were not disclosed.
Margus Tomberg, CEO of auto24, said: “We look forward to the partnership with Baltic Classifieds Group and Apax Partners. They possess a wealth of experience and industry knowledge within the online classifieds market, which offers an exciting opportunity for auto24 and its customers.”
Cobalt and Simpson Thacher & Bartlett advised Baltic Classifieds Group. KPMG, Superia Corporate Finance and Ellex Raidla advised BaltCap.
Helmerich & Payne, a petroleum contract drilling company, acquired DrillScan, a leading provider of proprietary drilling engineering software, well engineering services and training for the oil and gas industry. Financial terms were not disclosed.
John Lindsay, H&P president and chief executive officer, said, “The capabilities DrillScan brings are highly complementary to H&P Technologies’ drilling optimization and automation solutions. These software solutions, like other offerings in our portfolio, will be available to all E&P operators and directional drillers, regardless of drilling rig contractor.”
Mailru Group, a Russian Internet company, acquired a controlling stake in YouDrive, a transportation service platform. YouDrive will use the raised funds to drive organic growth. The company will continue with data mining and focus on improving fleet efficiency. Financial terms were not disclosed.
Boris Golikov, co-founder and CEO of YouDrive, says: “YouDrive has been created to be a smart car-sharing and transportation services platform. We are delighted with the opportunities that are opening up to us now in this field. I am confident that together with our partners, we will be able to achieve our ambitious goals. Our key focus will be on data mining and developing new services available through our application in order to find the balance between fleet efficiency and user-friendliness.”
RWE, a German electric utility company, acquired a 49% stake in VSEH, a holding company based in Kosice whose subsidiaries are engaged primarily in the business of electricity supply and distribution in Slovakia, from a subsidiary of Innogy. Financial terms were not disclosed.
This activity is a further step aimed to realize RWE's transaction with E.ON. E.ON will seek to acquire the stake in VSEH next year.
Palatine-backed CET UK, a specialist in outsourced services across the UK, acquired Esseltest, a construction materials testing specialist based in the Midlands. Financial terms were not disclosed.
Richard Thomas, Head of Midlands at Palatine Private Equity said: “It has been a busy ten months since we invested in CET and the business continues to grow rapidly, both organically and through acquisition. We are pleased to support the management team with their second bolt-on since our investment, which demonstrates CET’s commitment to continuing to add additional expertise, scale and geographic reach to their growing business. We look forward to continuing to support the team with future acquisitions.”
Private equity firm Monterro invested in Stockholm-backed Specops Software, a leading provider of password and authentication solutions. Financial terms were not disclosed.
“We are excited to have Monterro as a majority investor,” says Marcus Kaber, CEO of Specops Software. “Their operational experience will help further accelerate the strong growth we are experiencing. The demand for our password security software is growing given that 80% of data breaches stem from weak or leaked passwords.”
Private equity firm VR Equitypartner acquired Germany-based Megabad, a bathroom furniture retailer. Financial terms were not disclosed.
Christian Futterlieb, Managing Director of VR Equitypartner, said: "Megabad is a strong medium-sized family business, which has developed very successfully into a leading multi-channel provider of sanitary products."
Shalag Industries, an Israel-based company, agreed to acquire Italy-based Texsus, a leading manufacturer of air-through bonded nonwovens and laminated products primarily for the hygiene market. Financial terms were not disclosed.
“We appreciate Texsus reputation in the market and believe that the high synergy between the companies will allow Shalag Group to provide its customers over the world with the best global services as well as increased company innovation and technology capabilities,” says Ilan Pickman, CEO of Shalag.
DevCo Partners agreed to acquire Czechia-based industrial valve manufacturer ARMATURY Group. DevCo will create a leading European provider of valve solutions for the wider energy sector by combining Vexve, a DevCo-owned district energy valve solution provider, with ARMATURY Group. Financial terms were not disclosed.
”We feel honored to have the opportunity to combine forces with ARMATURY, which has developed from a local valve trading business to a leading manufacturer of demanding valve solutions for the wider energy sector. We have excellent experiences from developing Vexve over the past three years, and see great potential in ARMATURY,” says Otto Kukkonen, Vice Chairman of Vexve Board of Directors and Partner at DevCo.
Dubai entrepreneur Balvinder Singh Sahni acquired a 10% stake in Yzer Group, a developer of Yzer, a secure cloud-based messaging app with inline audio/video calls that automatically translate chats, for $109m.
Commenting on the deal, Alibek Issaev, Founder, Chairman and CEO of YZER Group, said, “We are confident that we have developed a promising and technologically advanced product, and are thrilled to introduce such a dynamic product to the UAE. Moreover, the interest in the product from such a large player in the UAE market shows the high potential of the application not only in the region but also globally.”
Kärcher, the world's leading supplier of cleaning technology, agreed to acquire MAX Holder, one of the leading German manufacturers of multifunctional municipal vehicles. Financial terms were not disclosed.
"Holder is known in the industry for its expertise in the design and manufacture of municipal equipment carriers. This decades of know-how and the existing worldwide sales network are very interesting for Kärcher from a strategic point of view," Hartmut Jenner, Kärcher CEO.
Uniper workers ask Fortum to reveal plans for the combined company.
Reuters reported that labor representatives at Uniper, fearing a ratings downgrade in the event of a full takeover of the German energy group, have called on major shareholder Fortum to lay out plans for future cooperation between the two companies. It is the latest attempt to break a deadlock in Uniper and Fortum’s long-running talks over their future relationship strained by the Finnish group’s efforts to acquire a majority in Uniper against its will.
“The S&P report confirms our fears that Fortum has bitten off more than it can chew through the takeover of Uniper,” Holger Grzella, Uniper’s deputy works council head, said. “We want to avoid a further negative impact on Uniper at all costs."
Volkswagen denies reports about buying Tesla stake.
Volkswagen CEO Herbert Diess is rumored to be interested in acquiring a stake in Tesla, Reuters reported. Diess reportedly believes that Volkswagen could profit from Tesla’s competence in the fields of batteries and software, adding the German company had enough money to strike a deal.
VW denied all reports regarding a potential deal with Tesla.
Grieg Seafood may sell its Isle of Skye fish farms.
Fish farmer Grieg Seafood is considering whether to sell its operations in the waters off Britain’s Isle of Skye in order to better concentrate the company’s resources and operations, Reuters reported.
Grieg has two operating units in Norway and one in western Canada, as well as a joint unit handling operation in Shetland and Skye.
Harmony is in search for a deal amid depleting South Africa reserves.
Harmony Gold Mining is assessing the acquisition of new assets, including AngloGold Ashanti's last underground operation in South Africa, as it seeks to replace depleting reserves.
While gold output rose 17% in the year through to June, Harmony needs new capacity as its South African mines run out of viable ore and a project in Papua New Guinea stalls amid regulatory challenges. The Mponeng mine, being sold by AngloGold, is one opportunity, but the company is also looking for deals across Africa, Australia, and Southeast Asia, Bloomberg reported.
Two groups, one backed by China's Fosun, bid for NMC Health stake.
Two groups, including one backed by China's Fosun, have reportedly made competing for offers to buy a 40% stake in London-listed NMC Health worth up to $1.9bn, Reuters reported.
The target stake is jointly-owned by the chairman of Abu Dhabi-based investment firm KBBO Group, Khalifa Butti Bin Omeir, UAE-based businessman Saeed Bin Butti Al Qebaisi, and Infinite Investment, a vehicle linked to the two men.
The deal, which shows the growing interest of Chinese companies in the Middle East, could allow the UAE-based investors to realize significant gains after they bought the stake in 2011 for $1bn.
Australian retail-to-chemicals conglomerate Wesfarmers said it would not pursue its proposal to buy Australian rare earths miner Lynas Corp. In April, Wesfarmers said it was still interested in acquiring the only major producer of rare earth elements outside China and could table a less conditional bid after its earlier offer was rebuffed by Lynas’ board.
Wesfarmers’ offer was conditional on Lynas receiving a renewal of its operating license. The company received a six-month extension for the license, which was announced last week but was shorter than what investors and analysts had expected.
Moelis & Co and Allens advised Lynas. Highbury Partnership, UBS and Herbert Smith Freehills advised Wesfarmers.
Royal Dutch Shell, a British-Dutch oil and gas company, offered to acquire ERM Power, an Australian energy company that operates electricity sales and electricity generation businesses, for $419m.
“This acquisition aligns with Shell’s global ambition to expand our integrated power business and builds on Shell Energy Australia’s existing gas marketing and trading capability,” Shell Australia’s Country Chair Zoe Yujnovich said.
Luminis Partners and Herbert Smith Freehills are advising ERM Power.
Asahi Holdings, a beer and soft drink company, acquired Green Beacon Brewing, an Australian beer brewing company. Financial terms were not disclosed.
“This is a very exciting time for our business, as we add this great brand and great business to the Asahi Beverages family,” says Peter Morgan, executive chairman of Asahi Holdings Australia. “We are looking forward to working with Marc and Adrian to help grow the Green Beacon business and bring their great tasting beer to more consumers.”
Temasek and CPPIB interested in investing in Biocon Biologics. (FS)
Singapore’s investment company Temasek and Canadian pension fund CPPIB are interested in investing up to $300m for a minority stake in Bicon Biologics, an innovation-led fully integrated biopharmaceutical company based in India. The investment would value the firm at approximately $4bn.
HSBC is considering a bid for Aviva's Asian assets.
HSBC Holdings, the bank that shook up its senior leadership this month, is considering a bid for Asian operations being sold by Aviva as it seeks ways to diversify its business in the region.
London-based HSBC is in the early stages of weighing an offer for at least part of Aviva's Asian business. A deal would help HSBC bolster its insurance presence in Singapore and other parts of Southeast Asia, Bloomberg reported.
Zolostays in talks to raise up to $100m. (FS)
Nexus Venture Partners-backed co-living startup Zolostays Property Solutions is in advanced talks with new investors to raise up to $100m for its Series C round through a mix of equity and debt options.
“We are looking to close a $100m round, which will be used to fund the expansion of our workforce team as we have launched in new cities this year, and to help increase inventory size and upscale furnishing options across our current inventory as well," said Dr Nikhil Sikri, chief executive of Zolostays.
Potentia looking to invest in Education Horizons Group. (FS)
Specialist tech sector investor Potentia Capital is to invest in Education Horizons Group, an education technology solutions company based in Australia. The investment would be made from Potentia's maiden fund.
Tencent injects an additional $80m in Yijiupi.
Chinese internet giant Tencent Holdings invested an additional $80m in online beverage B2B trading platform Yijiupi. The additional investment came nearly a year after Tencent and on-demand services platform Meituan Dianping led a $200m financing for the Beijing-based online liquor retailer.
"In 2019, Yijiupi will achieve new breakthroughs in the industrial chain, while maintaining long-term growth on our platform. Data, cloud, AI-powered financing platform, and other new business segments will form the company's new growth and profitability achievement." Wang Chaocheng, Yijiupi founder, chairman and CEO.
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