AMERICAS
Kaseya, a provider of unified IT management and security software, agreed to acquire Datto, a firm engaged in providing cloud-based software and technology solutions, for $6.2bn. Insight Partners, TPG Capital, Temasek and Sixth Street also participate in the deal.
“This is exciting news for Kaseya’s global customers, who can expect to see more functional, innovative and integrated solutions as a result of the purchase. The alignment of our missions and focus makes us a natural fit, that will help our greatly appreciated customers reach new levels of success. We couldn’t be more excited about what lies before us - Kaseya and Datto will be better together to serve our customers," Fred Voccola, Kaseya CEO.
Datto is advised by Qatalyst Partners and Kirkland & Ellis. Kaseya is advised by Evercore and Willkie Farr & Gallagher. Debt financing is provided by Ares Management, Blackstone, Carlyle Global Credit, Golub Capital, Oak Hill Advisors and Owl Rock Capital. Debt provider are advised by Davis Polk & Wardwell and Paul Weiss Rifkind Wharton & Garrison. TPG and Sixth Street are advised by Ropes & Gray. Temasek is advised by Sullivan & Cromwell.
Thoma Bravo, a US-based private equity firm, agreed to acquire SailPoint, an Austin Texas tech company that provides identity management and governance for unstructured data access, for $6.9bn.
"Identity security is core to cyber security and businesses have realized that to fuel business growth and success, they must start with identity as the foundation for secure business transformation. We've experienced rapid growth and see a tremendous opportunity ahead of us to continue to set the pace in the identity security market as the category leader," Mark McClain, SailPoint Founder and CEO.
Thoma Bravo is advised by Finsbury Glover Hering and Kirkland & Ellis. Debt Financing is provided by Owl Rock Capital, Golub Capital and Blackstone. SailPoint is advised by Morgan Stanley, Goodwin Procter and ICR.
Delek Logistics Partners, a firm that owns and operates logistics and marketing assets for crude oil and intermediate and refined products, agreed to acquire 3Bear Delaware Holding, a crude oil and gas gathering, processing and transportation business, for $625m.
"We are pleased to announce the acquisition of 3Bear. The 3Bear management team has developed strong producer relationships and a world-class asset base in the heart of the Delaware Basin. We are excited to expand our operations in one of the most prolific oil and gas producing basins, providing long-term growth that is highly complementary to Delek Logistics' current asset footprint," Uzi Yemin, Chairman, Delek Logistics President and CEO.
Delek is advised by RBC Capital Markets and Baker Botts. 3Bear is advised by Tudor Pickering Holt and Vinson & Elkins.
Simmons First National Bank, a US commercial bank, completed the merger with Spirit of Texas Bank, a provider of bank services, in a $581m deal.
“Strengthening our Texas franchise has been a strategic priority and to partner with Spirit not only enhances our current footprint, but also establishes a platform for growth in Houston, Austin, San Antonio and College Station. These markets have been among the fastest growing in the nation in terms of population and economic activity and projections call for this trend to continue. We believe this merger places us in an advantageous position to capture future growth in the Lone Star State,” George Makris, Simmons First National Bank Chairman and CEO.
Simmons First National Bank was advised by Keefe Bruyette & Woods and Covington & Burling. Spirit of Texas was advised by Stephens and Hunton Andrews Kurth.
BlueScope, an Australian-based steelmaking firm, agreed to acquire the coil coatings business of Cornerstone Building Brands, a manufacturer of exterior building products, for $500m.
“Our key value creation levers are integral to advancing our strategy towards profitable growth. As part of our expansive innovation engine lever, we look to partner with companies with complementary capabilities creating greater opportunities. We are excited to expand our relationship with BlueScope, who has been a customer and supplier of ours for many years and is well-positioned to take the coil coatings business even further. We will continue to focus on investing in our core growth markets and driving value through our primary selling channels," Rose Lee, Cornerstone President and CEO.
Cornerstone is advised by Alvarez & Marsal, Rothschild & Co and Sullivan & Cromwell.
Investment firms Tiger Global and Insight Partners led a $100m Series D funding round in Viz.ai, an AI-powered disease detection and care coordination platform, with participation from Scale Ventures, Kleiner Perkins, Threshold, GV, Sozo Ventures, CRV, and Susa.
“Viz.ai is committed to helping patients get better, faster and more equitable access to life saving treatments. We will continue to invest heavily in cutting-edge technology and services to integrate deeply into the clinical workflow, allowing us to automate disease detection, increase diagnostic rates, and enhance workflows across the entire hub and spoke health system. More patients receive the right treatment, resulting in better patient outcomes and improved financial efficiency for the health system," Chris Mansi, Viz.ai Co-Founder and CEO.
Viz.ai was advised by Pazanga Health Communications.
BigBear, an AI-powered analytics and cyber engineering solutions provider, completed the acquisition of ProModel, a provider of simulation-based predictive analytics software for manufacturing, healthcare, shipbuilding, and other industries. Financial terms were not disclosed.
"ProModel's solutions uncover new insights to improve quality and efficiency in manufacturing, distribution, and many other industries, making them a great fit for our commercial strategy. ProModel's focus on helping organizations make better decisions faster, coupled with its unrivaled corporate culture, perfectly aligns with our vision and mission. Our AI-powered decision support technology will offer tremendous advantages to ProModel's customers. We're excited to welcome them and all ProModel employees and partners into the BigBear.ai community," Reggie Brothers, BigBear CEO.
BigBear was advised by Bluetext.
General Atlantic, a global growth equity firm, led a $152m Series B funding round in Jüsto, an online grocer in Latin America, with participation from Tarsadia Capital, Citius, Arago Capital, Foundation Capital and Quiet Capital.
“We view this latest growth investment as a testament to our investors’ trust in Jüsto, our business model, our team and the exciting opportunity we are pursuing. We are fully committed to transforming the grocery industry in Latin America, and with this investment we are one step closer. We are thrilled with our partners’ continued support and look forward to our next phase of growth in Brazil, Mexico and Peru and across Latin America more broadly," Ricardo Weder, Jüsto Founder & CEO.
Wolters Kluwer, a global information services company, completed the acquisition of International Document Services, a developer of compliance and document generation software, from Reynolds and Reynolds, a software and document printing company, for $70m.
“IDS is well-positioned to take advantage of continuing digital adoption trends and has a strong track record of innovation in the mortgage industry. This strategic and exciting acquisition will further solidify Wolters Kluwer’s market leadership in expert solutions for loan compliance and, alongside our eOriginal product suite, positions us as the leading provider of digital lending solutions," Steven Meirink, Wolters Kluwer Executive Vice President and General Manager, Compliance Solutions.
Installed Building Products, a diversified installer of complementary building products, completed the acquisition of Central Aluminum Supply, a full service wholesale rainware/gutter distributor. Financial terms were not disclosed.
"With approximately $45m of annual distribution revenue, CAS has successfully grown its business independently and we support management’s continued effort to provide exceptional customer service while expanding into new markets. To date in 2022, we have acquired approximately $54m of annual revenue. Acquisitions remain a key component of our growth strategy and we continue to have a robust pipeline of opportunities across multiple geographies, products, and end markets. On behalf of everyone at Installed Building Products, I would like to welcome CAS onto our team," Jeff Edwards, IBP Chairman and CEO.
Thoma Bravo, a private equity firm, completed the investment in Imprivata, a digital identity company for mission- and life-critical industries. Cove Hill Partners will retain a minority stake in the combined company. Financial terms were not disclosed.
"Our long-term partnership with Imprivata reflects our passionate belief in the business-enabling power of security in the digital future. With the addition of SecureLink's capabilities, Imprivata is creating a new class of cybersecurity providers that unlocks digital freedom across platforms and applications by seamlessly securing identity interactions at every access point," Scott Crabill, Thoma Bravo Managing Partner.
SkillStorm, an IT services company, completed the acquisition of Talent Path, a firm that provides strategic training and prepares high potential, young talent for high-demand tech jobs, from Achieve Partners, a private equity firm. Financial terms were not disclosed.
"Talent Path is a company we've been following for several years. Like SkillStorm, Talent Path hires and trains tech talent based on client demand. And like SkillStorm, Talent Path is solving a major problem for their clients. We're delighted to welcome Talent Path's consultants and clients to the SkillStorm family," Justin Vianello, SkillStorm CEO.
One credit market defies deal slowdown. (FS)
A part of the global credit market defying war, inflation and recessionary fears to forge a new record for mergers and acquisitions. And its dealmakers don't seem done yet, Bloomberg reported.
The buying frenzy is over collateralized loan obligations, the $1tn market that purchases leveraged loans and repackages them into bonds of varying risks. Carlyle Group nabbed Todd Boehly's CBAM Partners last month to become the biggest manager of CLOs, while Blue Owl Capital purchased Wellfleet Credit Partners in April to jump-start an entry into the space.
Voestalpine plans to sell a majority stake in the Texas plant.
Austrian specialty steelmaker Voestalpine is in advanced talks to sell a majority stake in its Texas plant, Reuters reported.
"In recent months, voestalpine has been conducting an open-ended market sounding to stabilize the business model of its direct reduction plant in Corpus Christi, Texas. As a result of this examination, voestalpine is currently in negotiations to sell 80% of its shares in voestalpine Texas," Voestalpine.
J&F Investimentos hopes to acquire a nearly 75% stake in Braskem.
Holding company J&F Investimentos prepared an offer to purchase a controlling stake in Brazilian petrochemical firm Braskem, Reuters reported.
Under the terms of the offer, J&F would acquire the 36% stake held in Braskem by state-run oil company Petrobras and the roughly 38% stake held by industrial conglomerate Novonor, formerly known as Odebrecht.
Mindbody might go public again. (FS)
Mindbody, the fitness and wellbeing tech platform that owns exercise subscription service ClassPass, plans to go public as demand for in-person workouts grows following pandemic shutdowns, FT reported.
Havencrest Capital Management, a Dallas-based healthcare private equity firm, announced the final closing of its second private equity fund, Havencrest Healthcare Partners II. Fund II, which was oversubscribed, closed at its hard cap of $356m, exceeding the $300m target.
Fund II will exclusively focus on investing in healthcare companies in the United States. Havencrest seeks to partner with top management teams to acquire founder-owned companies and drive value through operating improvements as well as organic and strategic M&A growth initiatives.
Twitter's biggest shareholder Elon Musk declined to join the board. (People)
Twitter's shares slid after Elon Musk decided not to join its board, a stunning twist to a week-long saga that has captivated the tech community and touched off renewed speculation about the company's future, Bloomberg reported.
Musk held "many discussions" with Twitter's directors but the entrepreneur ultimately declined their offer of a board seat, CEO Parag Agrawal tweeted. Musk informed Twitter of his decision April 9, the same day he was slated to formally join the board.
EMEA
KKR-backed Mirastar, a specialist pan-European developer, investor and manager of logistics and industrial real estate assets, completed the acquisition of 4 logistics assets of Stoford, a property specialist company, and TPG Capital, a private equity firm, for $209m.
"We're delighted to announce our first UK acquisition for KKR's Core+ strategy for Real Estate. High-quality logistics assets are one of the main investment themes for our Core+ strategy in Europe and this marks the second successful transaction in just three months since the platform was launched last year. The combination of protection on the downside and optionality on the upside is compelling," Ian Williamson, KKR Managing Director.
KKR was advised by Gerald Eve, Nova Ambiente, Gibson Dunn & Crutcher, Osborne Clarke, Simpson Thacher & Bartlett, Finsbury Glover Hering, Deloitte, Arcadis and Savills. Debt financing was provided by KKR Capital Markets. TPG was advised by DTRE, Gateley, Greenbrook and Deloitte.
Advent International, a private equity firm, agreed to acquire IRCA, a manufacturer of ingredients and base food products, from Carlyle, a private equity firm. Financial terms were not disclosed.
“We have identified IRCA as a structural winner in a sector with secular growth tailwinds. IRCA’s long-term growth track record comes from a consistent focus on understanding customer needs, creative innovation, and Italian excellence in high-quality food ingredients. We believe IRCA is perfectly placed for further expansion, reaching a growing number of chefs globally with increasingly innovative solutions. We are very excited to support the management team in the next phase of IRCA’s journey," Francesco Casiraghi, Advent Managing Director.
Advent is advised by Morgan Stanley, Vitale & Co, BonelliErede and Community Group. Carlyle is advised by BNP Paribas, Rothschild & Co, Latham & Watkins and Barabino & Partners.
Goldman Sachs completed the acquisition of NN Investment Partners, an asset management company, from NN Group, an insurance and asset management company, for €1.7bn ($2bn).
"This acquisition advances our commitment to put sustainability at the heart of our investment platform. It adds scale to our European client franchise and extends our leadership in insurance asset management. We are excited to welcome the talented team at NN Investment Partners, a center of excellence in sustainable investing, to Goldman Sachs and together we will focus on delivering long-term value to our clients and shareholders," David Solomon, Goldman Sachs Chairman and CEO.
Goldman Sachs was advised by Freshfields Bruckhaus Deringer, Sullivan & Cromwell, Goldman Sachs and Brunswick Group. NN Group was advised by JP Morgan and De Brauw Blackstone Westbroek.
International Game Technology, an end-to-end gaming company, agreed to acquire iSoftBet, an igaming content provider and third-party game aggregator, for €160m.
"The acquisition of iSoftBet will provide market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent to IGT's PlayDigital operations. This will enhance PlayDigital's competitive capabilities with a proven, complementary content portfolio across Europe and North America as we provide best-in-class games and technology to our fast-growing igaming customers," Vince Sadusky, IGT CEO.
IGT is advised by KPMG, Oakvale Capital and Wachtell Lipton Rosen & Katz. iSoftBet is advised by BDO, M. Firon & Co and Wiggin.
Platinum Equity-backed Club Car, a firm producing small-wheel vehicles, agreed to acquire Garia, a Denmark-based manufacturer of electric low-speed vehicles, from Lars Larsen, a firm that owns companies furniture, golf cars, restaurants. Financial terms were not disclosed.
"We have great respect for Garia and Melex, which design and build some of the most impressive electric golf, leisure and compact utility vehicles in the world. We are excited to welcome their teams to the Club Car family," Mark Wagner, Club Car President.
Club Car is advised by Bech-Bruun, Morgan Lewis & Bockius and Soltysinski Kawecki & Szlezak. Debt financing is provided by Goldman Sachs. Goldman Sachs is advised by Willkie Farr & Gallagher.
DigitalBridge, a digital infrastructure REIT, agreed to lead a £295m ($385m) funding round in Netomnia, a provider of fiber-to-the-premises broadband services, and YouFibre, a full fibre broadband provider, with participation from Soho Square Capital and Advencap.
“We are thrilled to partner with DigitalBridge and benefit from their support and industry expertise as we work towards our target of one million premises passed in the next two years. We are scaling rapidly and aim to play an active role in unleashing the UK’s digital potential by delivering the benefits that come with multi-gigabit fibre broadband," Jeremy Chelot, Netomnia CEO and Founder.
DigitalBridge is advised by Vinson & Elkins and Joele Frank. Netomnia and YouFibre are advised by Greenhill & Co and Stephenson Harwood.
Andreessen Horowitz, a venture capital firm, and SoftBank Vision Fund 2, a fund with a goal to invest in AI-based technology, led a $150m funding round in Improbable, a UK-based metaverse technology company, with participation from Mirana, DCG, CMT, SIG and Ethereal Ventures.
“ I believe the metaverse and Web3 movement, though very early, represent a once-in-a-generation redefinition of our society towards a ‘fulfilment economy’ where experiences made by an open network of creators and businesses can create enormous opportunity for everyone. M² is our contribution to establishing this future and we hope to help our partners catalyse an open metaverse with many participants and success stories. We are excited to be actively working with some of the best investors in the space in building out this new ecosystem," Herman Narula, Improbable CEO.
Sonos, a company engaged in providing home sound systems, completed the acquisition of Mayht Holding, a developer of audio technology, for $100m.
“We are very excited and proud to become a part of Sonos. Our dream has always been to set a new standard in the audio industry. The integration of our technology into Sonos products will further revolutionize high quality sound," Mattias Scheek, Mayht CEO.
One Rock Capital, a private equity firm, agreed to acquire Prefere Resins, a manufacturer of thermoset resins and products intended for construction, insulation, automotive and mechanical engineering industries, from Silverfleet Capital, an investment firm. Financial terms were not disclosed.
"We are excited to partner with Prefere, a leader in the resins industry. We look forward to working closely with the management team to further grow into underpenetrated markets and expand the Company's product portfolio, while maintaining the Company's commitment to delivering high-quality products and superior customer service," Michael T. Koike, One Rock Partner.
zvoove, an innovative software solutions developer, completed the merger with Pivoton, a SaaS provider. Financial terms were not disclosed.
"The Netherlands is one of the most important markets for temporary staffing companies worldwide. The merger has a high strategic value for us and further expands our European market leadership. At the same time, our customers in Germany and Switzerland will benefit from the transaction, as we now have even more temporary staffing market experts within Europe which are driven to deliver further competitive advantages via innovative software to our customers," Oliver Muhr, zvoove CEO.
Interros Capital, an investment firm, agreed to acquire a 99% stake in Rosbank, a Russian universal bank whose, from Societe Generale, a French multinational investment bank and financial services company. Financial terms are not disclosed.
"Interros will do its utmost to develop Rosbank business, it considers integration of digital technologies and products into the traditional banking services as a priority. The key objective of Interros is to maintain the stability of Rosbank and to create new opportunities for its clients and partners. We intend to run the bank's business in accordance with the best standards and practices. We are confident that the professional Rosbank team is able to cope with any challenges and ensure sustainable development of the bank," Vladimir Potanin, Interros President.
Benettons in talks with GIC and Fondazione CRT towards Atlantia plan. (FS)
The billionaire Benettons, the biggest shareholder in Italy's Atlantia, is in talks with the company's other long-term investors about involving them in the family's plan to buy out and de-list the infrastructure giant in what could be one of the biggest deals of the year, Bloomberg reported.
The family's Edizione holding and Blackstone Group, who've joined forces for a full takeover bid on Rome-based Atlantia, are in talks with Singapore sovereign fund GIC and Fondazione Cassa di Risparmio di Torino on investing in a new company they plan to set up for the deal. The funds are nearing a decision on joining the bid. GIC and Fondazione CRT own a combined 13% of Atlantia.
APAC
The Hina Group, an investment banking firm, and Industrial Bank, a joint-stock commercial bank, offered to acquire VNET Group, an operator of data center business, for $800m.
“There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the proposed transaction or any other transaction will be approved or consummated,” VNET.
KKR, a private equity firm, agreed to acquire a 9.99% stake in Shriram General Insurance, a complete range of general insurance products provider, from Shriram Group, an Indian financial services conglomerate, and Sanlam, a pan-African financial services group. Financial terms are not disclosed.
"We are delighted to welcome KKR as our investor, and look to benefit from their global insurance expertise, as well as significant experience taking Indian companies to the next level. We look forward to collaborating closely to strengthen Shriram General Insurance's offerings to Indian consumers and achieve continued success," Anil Kumar Aggarwal, Shriram General Insurance Managing Director and CEO.
Coda Payments nears a $2.5bn funding from Insight and GIC. (FS)
Singaporean firm Coda Payments is nearing a deal to raise funds at about a $2.5bn valuation, Bloomberg reported.
The online payment processing company is poised to announce a fresh fundraising deal to fuel growth plans as early as this week. The round is led by venture capital firm Insight Partners, while Singaporean sovereign wealth fund GIC is among investors.
Coda has been working with Goldman Sachs on a strategic review of options including a potential sale of the business, an initial public offering and a private round. The company was seeking a valuation of at least $4bn.
Vingroup's VinFast seeks the US financing for expansion.
The chairman of Vietnam's Vingroup conglomerate said the company's auto unit, VinFast, would seek financing from the US government to support its expansion with a planned plant in North Carolina, Reuters reported.
"It is also one of our financing options, but we need to prove to them that we are qualified," Pham Nhat Vuong, Vingroup Chairman.
OfBusiness plans IPO for one of their startups within a year.
An Indian couple that became the country's first husband and wife to build separate billion-dollar startups is angling to debut one of those firms on public markets as soon as this year, Bloomberg reported.
OfBusiness, a supplier of raw materials from steel to chemicals to small businesses, could go for an initial public offering in six months to a year, Ruchi Kalra, who co-founded the startup with husband Ashish Mohapatra. The couple's other endeavor, digital lending startup Oxyzo, could float shares in about two years.
GoTo Group's shares jumped after an oversubscribed IPO.
Shares of Indonesia-based GoTo Group jumped in their public trading debut, catapulting the ride-hailing, e-commerce and financial services company into the ranks of the country's most valuable stocks, WSJ reported.
GoTo soared as much as 23% above its initial public offering price in early trading on the Indonesia Stock Exchange. Shares closed 13% higher, giving the company a market capitalization equivalent to more than $30bn.
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