Nice, a global manufacturer of smart home, security, and home & building automation solutions, completed the acquisition of Nortek Security & Control, a provider of indoor environmental technology for homes and offices, from Melrose Industries, a company engaged in manufacturing and supplying electricity generating equipment, for $285m.
“This acquisition reinforces our strong commitment to North America and significantly expands our global footprint. Nice now employs over 3k people across five continents, encompassing the most diverse backgrounds and cultures with 16 R&D centers and manufacturing facilities servicing partners and customers in over 100 countries,” Lauro Buoro, Nice Chairman and Founder.
Nice was advised by PricewaterhouseCoopers, BNP Paribas, Bain & Co, Banco BPM, Cassa depositi e Prestiti, Credit Agricole, Natixis Partners, Rothschild & Co, UniCredit, Legance, Raines Feldman and Caster Communications. Financial advisors are advised by Gianni Origoni Grippo Cappelli & Partners.
Thoma Bravo completed the acquisition of Stamps, a provider of e-commerce shipping software solutions, for $6.6bn.
“Today’s announcement marks a significant milestone in the history of Stamps.com and will provide us with a new and exciting platform from which we can continue to execute our global strategy driven by best-in-class software and technology solutions. With the financial and operational support of Thoma Bravo, Stamps.com can continue to innovate and pursue growth opportunities to capture the expanding e-commerce shipping market and extend our position as the leading global multi-carrier e-commerce shipping software company," Ken McBride, Stamps Chairman and CEO.
Thoma Bravo was advised by Ares Management, PSP Investments, Thoma Bravo Credit, Kirkland & Ellis and Finsbury Glover Hering. Debt financing was provided by Ares Management, Blackstone Capital Markets and PSP Investments. Stamps was advised by JP Morgan and Proskauer Rose.
TPG Capital agreed to acquire a majority stake in Nintex, a global standard for process management and automation. Thoma Bravo plans to make a new equity investment in the company and maintain a significant minority interest. Financial terms were not disclosed.
"In today's landscape, digital process automation and management are critical to any company's ability to work effectively and efficiently. The automation of the enterprise is a core investment theme for our software team, and we believe Nintex is at the forefront of enabling this transformation. While the company serves thousands of organizations today, we believe they are only scratching the surface in terms of the breadth of departmental and industry process solutions needed. We look forward to working with the teams at Nintex and Thoma Bravo to accelerate the company's growth," Nehal Raj, TPG Co-Managing Partner.
TPG is advised by Morgan Stanley and Ropes & Gray. Debt financing is provided by Blackstone Capital Markets and Thoma Bravo Credit. Nintex is advised by Bank of America, Macquarie Capital and Wilson Sonsini Goodrich & Rosati. Thoma Bravo is advised by Kirkland & Ellis and Finsbury Glover Hering.
Apax, an asset manger, and Oak, a venture and growth equity investment firm, agreed to acquire Eating Recovery Center, a provider of eating disorder treatment for female and male children, from CCMP Capital, a private equity firm. Financial terms were not disclosed.
“We are thrilled to partner with Apax and Oak HC/FT on the next phase of our journey to expand access to mental health treatment in the US. In addition to growth capital, we believe our new partners bring the right digital DNA to accelerate the growth of our virtual care offering. CCMP has been instrumental in furthering our mission and fuelling our expansion through new facility development, capacity, and service line growth, and establishing our virtual care platform to support our patients and their families. We thank them for their partnership," Rebecca Steinfort, ERC CEO.
Apax is advised by PricewaterhouseCoopers and Simpson Thacher & Bartlett. Eating Recovery Center is advised by Alvarez & Marsal, Jefferies & Company, Moelis & Co and Ropes & Gray. Oak is advised by Finn Dixon & Herling.
Linden Capital, a healthcare private equity firm, completed the acquisition of a majority stake in BioIVT, a provider of mission-critical biological specimens and value-added services, from Arsenal Capital, a private equity firm. Financial terms were not disclosed.
"We are delighted to have worked with the talented management team and employees of BioIVT in executing an ambitious growth strategy to build a market-leading company. BioIVT is uniquely positioned to facilitate the safe and effective progress of research to bring therapeutics and diagnostics to all of us whose health and wellbeing are supported by advances in science and clinical care," Dave Spaight, Arsenal Operating Partner.
Linden Capital was advised by RBC Capital Markets. Debt financing was provided by Ares Management and Golub Capital. BioIVT was advised by Jefferies & Company, Perella Weinberg Partners and Kirkland & Ellis. Arsenal was advised by Prosek Partners.
Blackstone completed the investment in GTCR-backed Simpli.fi, a provider of workflow software and programmatic advertising solutions, at a $1.5bn valuation.
“Simpli.fi’s highly differentiated technology platform and superior customer service have made it a clear leader in its space. Digital advertising is a high-conviction investment theme at Blackstone and Simpli.fi sits at the intersection of multiple attractive tailwinds, including the continued shift in local media spend to programmatic digital and CTV. We are very excited to partner with the management team and GTCR to further accelerate the Company’s growth," Sachin Bavishi, Blackstone Managing Director.
Simpli.fi was advised by Evercore, LUMA Partners, Kirkland & Ellis and SHIFT Communications. Blackstone was advised by Simpson Thacher & Bartlett. GTCR was advised by The Harbinger Group.
Southwest Gas, an energy holding company, agreed to acquire Questar Pipeline, a FERC-regulated, long-term contracted, transportation and underground storage assets, from Dominion Energy, a firm that engages in the provision of electricity and natural gas, for $1.98bn.
"We are pleased with the result of our sale process for these high-quality assets. This transaction represents another significant step in our evolution as a company, allowing us to focus even more on fulfilling the energy needs of our utility customers and continuing growth of our clean-energy portfolio, including development of the largest offshore wind farm in North America," Robert M. Blue, Dominion Energy Chair, President & CEO.
Southwest Gas is advised by Lazard and Morrison & Foerster. Dominion Energy is advised by Barclays and McGuireWoods.
Boston Scientific, a manufacturer of medical devices used in interventional medical specialties, agreed to acquire Baylis Medical Company, a medical device company, for $1.75bn.
"A leader in many of the fastest growing markets in our industry, we believe that Baylis Medical Company will add meaningful revenue, operating income, and new research and development capabilities across multiple Boston Scientific businesses, while complementing existing offerings within our electrophysiology and structural heart portfolios," Mike Mahoney, Boston Scientific Chairman and CEO.
Baylis is advised by Piper Sandler, BCF Business Law and Cooley.
Dream Finders Homes, a firm engaged in the home building business, completed the acquisition of McGuyer Homebuilders, a privately held Texas-based homebuilder, for $471m.
“We are very excited about the future. MHI has been consistently recognized as one of the nation’s top homebuilders and the company has earned an impeccable reputation over the past 30 years. We believe we can provide capital and efficiencies to help the current team grow well beyond its 2k homes produced annually. We also believe we structured the deal in a highly accretive way for DFH shareholders, allowing us to maintain our asset-light business model and generate industry-leading returns on shareholder capital," Patrick Zalupski, Dream Finders Homes Chairman and CEO.
Dream Finders Homes was advised by Holland & Knight. McGuyer was advised by Builder Advisor Group and Foley & Lardner.
Evolent Health, a clinical and administrative solutions deliverer, completed the acquisition of Vital Decisions, a health care counseling services provider, from WindRose Health Investors, a private equity firm, for $130m.
"We believe Vital Decisions is a strong strategic fit for Evolent, as it adds patient engagement capabilities to New Century Health that should deliver strong clinical and financial outcomes, and presents two-way cross-sell opportunities. We believe this transaction also unlocks patient engagement and telehealth as levers for ensuring patients with complex illness receive high-quality, coordinated care," Seth Blackley, Evolent Health CEO.
Evolent Health was advised by Bass Berry & Sims. Vital Decisions was advised by McDermott Will & Emery. WindRose was advised by Lambert & Co.
Apollo-backed Takkion, a provider of logistics and transloading services catering to the renewable energy industry, completed the acquisition of Airway Services, a provider of technical staffing, project management and operations and maintenance, from investment managers, Northaven Capital Partners and Concentric Equity Partners. Financial terms were not disclosed.
"Airway joining Takkion strengthens our position as the 'Premier Full-Service Solution' for all of our customers. As an organization, we are excited that the Airway team brings their expertise and leadership, which will allow our combined teams to provide our customers with greater bandwidth and a larger set of solutions," Justin Orr and Travis Harkins, Takkion Co-COOs.
Takkion was advised by Vinson & Elkins. Airway Services was advised by Cascadia Capital and Foley & Lardner.
AstraZeneca-backed Alexion, a company focused on rare diseases, completed the acquisition of the remaining stake in Caelum Biosciences, a clinical-stage biotechnology company, from Fortress Biotech for $350m.
"With a median survival time of less than 18 months following diagnosis, there is an urgent need for new treatments for this devastating disease. CAEL-101 has the potential to be the first therapy to target and remove amyloid deposits from organ tissues, improve organ function, and, ultimately, lead to longer lives for these patients," Marc Dunoyer, Alexion CEO.
Caelum Biosciences was advised by Alston & Bird. Fortress was advised by 6 Degrees.
Industrial Growth Partners, a private investment partnership, completed the acquisition of APCT, an integrated manufacturer of complex, quick-turn printed circuit board prototypes, from Angeles Equity Partners, a private equity firm. Financial terms were not disclosed.
"We are proud of what we have accomplished with CEO Steve Robinson and the entire APCT team. The strategic and operational transformation we executed is a testament to the Angeles value creation model and another example of our ability to partner with management teams to build exceptional industrial businesses," Timothy Meyer and Jordan Katz, Angeles Equity Co-Founders and Managing Partners.
APCT and Angeles Equity were advised by Jefferies & Company and Massumi + Consoli.
Alkeon Capital, a privately owned registered investment adviser, led a $250m Series D funding round in Tekion, a developer of a cloud-built platform intended to connect digital experiences to automotive retail. Additional investors include Durable Capital, Hyundai Motor, Advent International, Index Ventures and FM Capital.
"We’re impressed by Tekion’s talented team of innovators who have transformed the automotive retail market with a game-changing platform dedicated to delivering the best dealer and retail experiences. Tekion is disrupting the industry with its cutting-edge cloud-based platform, and we believe in the company’s capacity for value creation and exponential long-term growth through scalability,” Henry Ellenbogen, Durable Chief Investment Officer.
Left Lane Capital, a venture capital and early growth equity firm, led a $110m Series A funding round in Masterworks, an investment platform to securitize blue-chip art. Other investors include Galaxy Interactive and Tru Arrow Partners.
"We are thrilled to complete our Series A with such a high-quality group of investors, including our lead investor, Left Lane Capital. Left Lane understood our market, business model mechanics and drivers in a more nuanced way than anyone else. Art is among the largest asset classes remaining that has never been securitized. There are more than 9k firms that help investors allocate to venture and private equity, but none other than Masterworks that facilitates fractional investment in art," Scott Lynn, Masterworks Founder.
Northwest Pipe, a manufacturer for water related infrastructure products, completed the acquisition of Park Environmental Equipment, a provider of construction solutions, for $87m.
"As a result, we will be focused on bringing the production of ParkUSA's products to our historic facilities. The solid organic growth potential, margin characteristics, asset efficiency and cash flow profile were key determining factors in this acquisition and will remain integral as we build upon the $67m in revenue and $14m in adjusted EBITDA that ParkUSA generated for the full year of 2020," Scott Montross, Northwest Pipe President and CEO.
Northwest Pipe was advised by Jefferies & Company.
Southfield Capital-backed Protos Security, a technology-enabled security services company, completed the acquisition of Off Duty Services, a provider of off-duty police officers to the private sector nationwide. Financial terms were not disclosed.
"This acquisition greatly accelerates the growth of our organization and enhances our service offering while also positioning us as the fourth largest security services provider nationally. Customers can expect business as usual, with added support for security guarding on the ODS side and off-duty police on the Protos side. We couldn't be prouder of what this combined team brings to the marketplace," Anthony Escamilla, Protos CFO.
ARMOR, a manufacturer of security equipment, completed the acquisition of the industrial segment of International Imaging Materials, a global developer and manufacturer of printing, imaging and marking solutions, from ACON Investments, a private equity investment company. Financial terms were not disclosed.
"Our partnership with ACON has produced strong results. Their investment, guidance and support over the last three years has been invaluable. ACON's growth-oriented mindset and focus on teamwork and collaboration with management has been critical to IIMAK's success. We are now looking forward to continuing the journey with ARMOR," Doug Wagner, IIMAK CEO.
Baillie Gifford, an investment management firm, and Perceptive Advisors, a private equity investment firm, led a $370m Series E funding round in Honor, a senior care network. Other investors include T. Rowe Price Associates, Prosus Ventures, Andreessen Horowitz, Thrive Capital and Ares Management.
“This helps us with the opportunities around the acquisition of Home Instead. Honor’s technology and operations platform will be offered and diffused throughout the full Home Instead network. This will create new capabilities for the entire Home Instead network and increase more capacity to provide care. This also drives new product development — new R&D," Seth Sternberg, Honor CEO and Co-Founder.
Soros Fund hopes Rivian IPO prices to be below $80bn. (FS)
Soros Fund Management, one of Rivian Automotive’s investors, hopes the electric-vehicle startup will list at a valuation lower than the $80bn target, Bloomberg reported.
“I think my compliance people might yell at me for talking about this, but we think that is a great company. Candidly, we hope they come public a little bit cheaper than that because we want there to be a long-term value play there," Dawn Fitzpatrick, Soros CEO.
Allbirds walks back sustainable IPO.
Allbirds, an ethical shoe maker, recently announced plans to launch its first “sustainable initial public offering,” retreating some of its ESG commitments prior to its planned market debut.
San Francisco-based start-up will comply with the August IPO prospectus, a “Sustainability Principles and Objectives Framework” developed in collaboration with a group of consultants advised by scholars, rating agencies and charities.
Nvidia, an American multinational technology company, made early concessions to European Union regulators examining $40bn bid for Arm, a British semiconductor and software design company, from SoftBank Vision Fund and SoftBank Group, Bloomberg reported.
The European Commission extended deadline to rule on the deal until October 27, 2021. The EU is likely to extend its review by at least another 4 months, which may also give it the chance to negotiate more complicated concessions.
Arm Holdings is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. SoftBank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case
Blue Prism, a British software company, defended Vista Equity's $1.5bn takeover offer days after Coast Capital, a minority shareholder in the company, opposed the deal, Reuters reported.
The sale process was flawed and there were multiple conflicts of interest, said Coast Capital. Blue Prism reached out to 15 strategic parties and 12 financial sponsors during its sale process and that assertions of conflicts of interest were "entirely flawed".
Blue Prism is advised by Bank of America, Investec, Qatalyst Partners, CMS and Brunswick Group. Vista Equity is advised by Goldman Sachs, Kirkland & Ellis, Simpson Thacher & Bartlett and Prosek Partners.
GN Store, a Danish manufacturer of hearing aids and headsets, agreed to acquire SteelSeries, a Danish manufacturer of gaming peripherals and accessories, including headsets, keyboards, mice, controllers, and mousepads, from Axcel, a private equity firm, for $1.25bn.
"SteelSeries is a premium gaming gear brand with a single-minded focus on helping gamers achieve glory. We are thrilled to become part of GN. The fit is perfect as we both share a relentless drive for creating cutting-edge technology to delight our customers. We see great upside in leveraging each organization's unique strengths to build an even more formidable, unified company," Ehtisham Rabbani, SteelSeries CEO.
GN Store is advised by BNP Paribas, Credit Suisse, Moelis & Co, Nordea Bank, Accura and Allen & Overy.
GIC, a sovereign wealth fund, completed the acquisition of a 40% stake in The Oxford Science Park, a science and technology park, for $217m.
"We are delighted to welcome GIC as a partner in The Oxford Science Park, and look forward to working together to enhance TOSP’s position as the science park of choice for leading science and technology companies. As a long-term investor with a strategic outlook, its objectives are aligned with ours, those of our occupiers and of Magdalen College," Rory Maw, The Oxford Science Park CEO.
Magdalen College was advised by Cushman & Wakefield and Bryan Cave Leighton Paisner.
Statkraft, a generator of renewable energy, completed the acquisition of the 39 wind farms across Germany and four wind farms in France from Breeze Three Energy, a wind farm operator. Financial terms were not disclosed.
“Statkraft has an ambition to grow further within hydropower, wind and solar power. We aim to be a major wind and solar developer with a development rate of 2.5 to 3 gigawatts per year towards 2025. Today’s acquisition further strengthens our role as a key renewables player in Europe and gives us the ability to further grow our portfolio in Germany and France,” Birgitte Ringstad Vartdal, Statkraft EVP European Wind and Solar.
SoftwareONE, a global provider of end-to-end software and cloud technology solutions, completed the acquisition of Centiq, a certified SAP services partner. Financial terms were not disclosed.
"Through this acquisition, we are continuing to strengthen our global SAP Services practice and extending our reach in the EMEA market. Centiq’s incredible capabilities will equip our customers with the skilled guidance and solutions required to migrate to the cloud. In addition to the proven capability we are now adding to our global SAP services practice, I am also greatly impressed by Matt and his leadership team. Centiq is a purpose-driven organization, and so are we; their collaborative approach and strong focus on delivering excellence makes them a perfect fit,” Daniel Da Vinci, SoftwareONE Global Practice Leader.
Sandvik, a Swedish multinational engineering company, completed the acquisition of Accuratech Group, a niched medical wire forming and component manufacturer. Financial terms were not disclosed.
“The medical sector is one of Sandvik Materials Technology’s defined areas of growth, and through this acquisition we are strengthening our position by adding wire forming and component manufacturing capabilities. The geographical footprint of Accuratech will increase our ability to support our customers in EMEA," Göran Björkman, Sandvik President.
Eutelsat, a European satellite operator, completed the acquisition of a 5.3% stake in OneWeb, a global communications company, for $165m.
“We are hugely excited to grasp this opportunity to deepen our commitment to OneWeb. The significant progress it has made in the run-up to its now imminent entry into service, together with the vote of confidence demonstrated by the commitment of both its investors and future customers, makes us even more convinced of OneWeb’s right-to-win in the low earth orbit constellation segment," Rodolphe Belmer, Eutelsat CEO.
LVMH, a French multinational luxury goods conglomerate, completed the acquisition of Officine Universelle Buly, a luxury perfumes and cosmetics producer. Financial terms were not disclosed.
"Buly perfectly matches the philosophy that we find in the Maisons of the LVMH Group, combining an unparalleled heritage, craftsmanship and a unique experience in exceptional boutiques. Its refined products enjoy a significant success around the world and we will do everything we can to ensure that this great family entrepreneurial adventure, led by Victoire de Taillac and Ramdane Touhami, continues to grow within the LVMH family," Bernard Arnault, LVMH Group Chairman and CEO.
Telefonica considers selling stake in its Spanish fibre network.
Telefonica, a mobile and broadband operator, is considering selling a minority stake in its extensive Spanish fibre network following interest from the market, Reuters reported.
European telcos have been casting around for ways to reduce their debt and generate cash following years of high costs and dwindling margins, particularly in Spain where telecom firms struggle in a hypercompetitive, fragmented and low-cost climate.
Mediolanum not necessarily looking at selling stake in Mediobanca.
"A power struggle at Italy’s Mediobanca does not necessarily mean that Banca Mediolanum would sell its 3.3% stake in the merchant bank," Massimo Doris, Mediolanum CEO.
Billionaires Leonardo Del Vecchio and Francesco Gaetano Caltagirone have built up stakes in Mediobanca and have been at odds with Mediobanca CEO Alberto Nagel over strategy at Italy’s top insurer Generali. Mediobanca is the largest shareholder in Generali.
Chronext postpones IPO.
Chronext, an online luxury-watch retailer, is postponing its initial public offering, joining dozens of listings that have been pulled worldwide over the past month.
The listing was due to have taken place this week on the SIX Swiss Exchange, but has been stopped without a revised date being announced.
Tesco raises outlook and plans share buyback.
Tesco, a grocery and general merchandise retailer, raised its full-year earnings forecast on September 6, after the unmatched scale of its store and online operations helped it outperform rivals in the first half and beat expectations with a 16.6% jump in profit.
British retailers are battling supply chain disruptions and labor shortages. Supermarkets also face tough comparisons against record sales during Covid-19 lockdowns.
Shinsei Bank, a commercial bank headquartered in Tokyo, Japan, is forming a panel of independent directors to weigh its response to a takeover bid from SBI Holdings, Reuters reported.
The company wants to ensure "fairness and objectivity of the evaluation". On September 27, 2021, Shinsei Bank rejected SBI Holdings 50 business days extension and requested a 60 business days extension.
Shinsei Bank is advised by Morgan Stanley. SBI Holdings is advised by Citigroup.
The Competition Commission of India approved Carlyle Group’s bid to acquire Hexaware Technologies, a provider of information technology, business process outsourcing and consulting services, from Baring Private Equity Asia for $3bn.
BPEA bought a controlling stake in Hexaware in 2013 for about $420m and took the company private from the local stock exchanges late last year. Hexaware provides automation, cloud and customer services-related technology to a wide range of industries including finance, education, hospitality and manufacturing.
Oxshott Capital, an independent boutique investment banking and advisory firm, led a $300m Series F funding round in Byju’s, an Indian educational technology and online tutoring firm. Other investors include XN Exponent, Edelweiss, Verition Master Fund, IIFL and Time Capital.
The startup has used a significant portion of its recent fundraises to acquire firms. Byju’s is continuing to explore more merger and acquisition opportunities. These acquisitions are helping Byju’s aggressively broaden its offerings and tap international markets in more meaningful ways.
Edelweiss was advised by Stratage Law Partners.
Apollo and Brookfield are among bidders for Aramco pipeline stake. (FS)
Apollo Global Management and Brookfield Asset Management are among parties that made first-round bids for a potential multibillion-dollar stake in Saudi Aramco’s natural gas pipeline network.
BlackRock, EIG Global Energy Partners and Global Infrastructure Partners also submitted non-binding offers for the asset late last week, Bloomberg reported.
GoTo and Multipolar to increase stakes in Lippo Group's retail unit.
GoTo Group, a technology group formed by merging Gojek and Tokopedia, and Multipolar, an investment company that specializes in retail and telecommunications, will boost its stake in local retailer Matahari Putra Prima, a multi-format retailer.
MPPA said it plans to use the capital to increase its market share, strengthen its balance sheet and boost its omnichannel retail strategy, DealStreetAsia reported.
NEC plans overseas acquisitions to attain 70% profit growth.
NEC, a Japanese information technology and electronics corporation, after several years of record-setting acquisitions, plans to buy more overseas companies to expand its portfolio of services that help governments and companies digitize their operations.
"The acquisitions will focus on the US and Europe, while expansion in Asia can come from organic growth. NEC is looking to add to its digital government and finance offerings and may also purchase companies that have 5G wireless network expertise," Takayuki Morita, NEC CEO.
Rebel Foods aims to raise funding at a $1.5bn valuation. (FS)
Rebel Foods, an Indian online restaurant company, is in advanced talks with investors to raise $150-200m at a valuation of as much as $1.5bn.
Those investors include Qatar Investment Authority, a sovereign wealth fund, and Carlyle, a buyout fund. Among the company's exsisting investors are Sequoia Capital, Coatue Management, Goldman Sachs, Gojek and Travis Kalanick.
iQiyi picks banks for Hong Kong second listing.
iQiyi, a Chinese streaming video site, picked banks for its Hong Kong second listing.
The Netflix-style service is working with advisers including Bank of America, CLSA and Goldman Sachs on the share sale. The listing could take place as soon as the end of this year, Bloomberg reported.
CBRE Investment Management raises $1.7bn for Asia Value Partners VI. (FS)
CBRE Investment Management received total capital commitments of $1.7bn from 13 institutional investors. This exceeds the initial target for the fund of $1.2bn.
“We are honored by the continued support from our existing partners as well as new clients who have shown confidence in our team even when due diligence was limited to virtual formats amid international travel restrictions,” Bernie McNamara, CBRE Investment Management Global Head of Investor Solutions.
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