AMERICAS
Twitter's board unanimously approved a $44bn deal with Elon Musk.
Twitter's board has recommended unanimously that shareholders approve the proposed $44bn acqusiition of the company to Elon Musk.
Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees. However, shares of Twitter remain far below his offering price, signaling that investors have considerable doubt that it will happen.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Sullivan & Cromwell. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell.
Thoma Bravo, a private equity and growth capital firm, completed the acquisition of Anaplan, a company which provides a connected planning platform that helps businesses make better-informed plans and decisions faster, for $10.3bn.
“Under Frank’s leadership, Anaplan emerged as a market leader in Connected Planning, and I am honored to work with the talented team at Anaplan to build upon this strong foundation as we begin this next chapter as a private company. The closing of this transaction represents an important milestone, and we are excited to leverage Thoma Bravo’s extensive expertise as we continue to solidify our leadership position and deliver best-in-class solutions for our customers," Charles Goodman, Anaplan CEO.
Anaplan was advised by Goldman Sachs, Qatalyst Partners, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Financial advisors were advised by Morrison & Foerster and Sullivan & Cromwell. Thoma Bravo was advised by Cadwalader Wickersham & Taft, Kirkland & Ellis, Finsbury Glover Hering, FGS Global and Joele Frank. Debt financing was provided by Apollo Global Management, Blackstone Credit, Golub Capital and Owl Rock Capital.
Ascension and TowerBrook-backed R1 RCM completed the acquisition of Cloudmed from New Mountain Capital for $4.1bn. (FS)
Ascension Capital and TowerBrook Capital-backed R1 RCM, a provider of technology-enabled revenue cycle management services, completed the acquisition of Cloudmed, a healthcare revenue intelligence services provider, from New Mountain Capital, a private equity firm, for $4.1bn.
"This transaction accelerates our strategy to build the most scalable, flexible, and integrated platform for the revenue cycle and consumer engagement in healthcare. Our combined solutions, including enhanced automation capabilities, will further transform the patient experience and drive continued improvement in our customers' financial results," Joe Flanagan, R1 President and CEO.
Cloudmed was advised by Barclays, Ropes & Gray and Abernathy MacGregor Group. Ascension was advised by Covington & Burling. TowerBrook was advised by Wachtell Lipton Rosen & Katz. R1 was advised by Centerview Partners, JP Morgan, Kirkland & Ellis and Joele Frank.
ProFrac, an energy services company, agreed to acquire US Well Services, a provider of electric pressure pumping services, for $93m.
"The acquisition of US Well Services solidifies ProFrac's position as an industry leader in electric hydraulic fracturing, which we believe represents the future of the industry. In today's environment, we believe electric frac fleets provide improved efficiency, lower R&M costs, greater value, and a lower overall cost of completion to our customer. It is a true win-win scenario for us, our customers, the environment and the communities in which we operate," Matt Wilks, ProFrac Executive Chairman.
ProFrac is advised by Jefferies & Company, Brown Rudnick, Kirkland & Ellis, Lowenstein Sandler and Dennard Lascar. US Well Services is advised by Piper Sandler, Paul Hastings and Porter Hedges.
Linden Capital to acquire a majority stake in Aspirion from Aquiline Capital. (FS)
Linden Capital, a private equity firm, agreed to acquire a majority stake in Aspirion, a provider of technology-enabled healthcare revenue cycle management, from Aquiline Capital, a private equity firm. Financial terms were not disclosed.
"We congratulate Jason and the entire Aspirion management team on their collective roles in building a highly regarded provider of specialized RCM solutions whose differentiated capabilities help hospital systems and providers navigate a difficult operating environment characterized by increasing denial rates and growing complexity in patient clinical records. We look forward to supporting Aspirion and positioning the Company for continued growth, particularly through strategic investments in technology, product, and M&A," Kam Shah, Linden Partner.
Linden Capital is advised by Cain Brothers, Guggenheim Partners and Kirkland & Ellis. Debt financing is provided by Twin Brook Capital Partners. Aspirion and Aquiline Capital are advised by Robert W Baird, Ropes & Gray and Prosek Partners.
Warburg Pincus completed a $200m investment in Tiptree-backed The Fortegra Group. (FS)
Warburg Pincus completed a $200m investment in Tiptree-backed The Fortegra Group, a provider of insurance products and third-party administration services.
“This investment accomplishes many of our strategic goals including raising capital to accelerate Fortegra’s growth and recapitalizing both companies balance sheets through the repayment of indebtedness. We are excited to continue working with Rick and the Fortegra team as they execute on their long-term objectives, and we look forward to a strong partnership with Dan Zilberman and the Warburg Pincus team. They bring significant expertise across many sectors, including insurance, and will be great partners in support of Fortegra’s continued success," Michael Barnes, Tiptree Executive Chairman.
Warburg Pincus was advised by Bank of America and Willkie Farr & Gallagher. Tiptree was advised by Barclays, Ropes & Gray and Sidley Austin.
ProFrac to acquire SP Silica of Monahans and SP Silica Sales for $90m.
ProFrac, a firm engaged in providing hydraulic fracturing, completion services, and other complementary products and services, to acquire SP Silica of Monahans and SP Silica Sales, West Texas subsidiaries of Signal Peak Silica, a logistic company that offers in-basin frac sand supply and logistics services, for $90m.
"Our acquisition of Signal Peak Silica's Permian Basin operations is the latest example of scaling our vertical integration strategy as we continue to consolidate supply chain components to better serve our customers, lower our costs and improve our operating margins and profitability," Ladd Wilks, ProFrac Holding CEO.
ProFrac is advised by Piper Sandler, Winston & Strawn and Dennard Lascar. Signal Peak Silica is advised by Evercore and Sidley Austin.
Angeles Equity and KJM Capital completed the acquisition of a majority stake in Freymiller. (FS)
Angeles Equity, a private equity firm, and KJM Capital, an investment firm, completed the acquisition of a majority stake in Freymiller, a provider of refrigerated transport and freight brokerage solutions. Financial terms were not disclosed.
“Angeles is excited to be investing in the freight logistics sector alongside industry veterans with a long history of building and leading trucking and logistics businesses. The transportation and logistics market has seen significant disruption from the Covid-19 pandemic. We believe that specialty providers with scale, like Freymiller, stand to benefit from the current macroeconomic environment, as demand for refrigerated logistics continues to grow in a market with tight capacity," Sam Heischuber, Angeles Principal.
Angeles Equity is advised by KPMG, Simpson Thacher & Bartlett and Chameleon Collective. Freymiller is advised by Houlihan Lokey and McAfee & Taft.
General Mills, an American multinational manufacturer and marketer of branded consumer foods, completed the acquisition of TNT Crust, a manufacturer of high-quality frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets, from Peak Rock Capital, a private equity firm. Financial terms were not disclosed.
"This acquisition advances our Accelerate strategy and builds on our strong position in the fast-growing away-from-home frozen baked goods category. We have clear competitive advantages in Foodservice with our strategic customer partnerships, best-in-class supply chain, and operator-first innovation capabilities. By adding the high-growth TNT Crust business to our frozen baked goods platform, we are adding to our scale in a category that is on trend with consumers and poised for continued rapid growth," Shawn O’Grady, General Mills Group President of North America Foodservice.
TNT Crust was advised by Evercore, Goldman Sachs and Kirkland & Ellis. General Mills was advised by Jones Day.
Global-e to acquire Borderfree from Pitney Bowes for $100m.
Global-e, a cross-border end-to-end platform for brands and retailers, agreed to acquire Borderfree, a provider of e-commerce services, from Pitney Bowes, a global shipping and mailing company, for $100m.
“This acquisition follows our strategy to support the global expansion of brands of all sizes in the most sophisticated way possible. By partnering with Pitney Bowes and utilizing Borderfree’s demand generation capabilities, Global-e will continue to enhance the value it brings to global brands looking to fully capitalize on their cross-border D2C channel. In addition, the acquisition will further cement our leadership as the end-to-end solution of choice for any size of merchant, from small and emerging brands all the way to the world’s largest enterprise brands," Nir Debbi, Global-e President and Co-Founder.
Global-e is advised by Headline Media and Sapphire Investor Relations. Pitney Bowes is advised by Cravath Swaine & Moore.
CORE Industrial Partners-backed RE3DTECH, a provider of additive manufacturing services, completed the acquisition of GoProto, a provider of custom manufacturing services. Financial terms were not disclosed.
“The acquisition of GoProto brings a large base of industry-leading customers, deep manufacturing expertise and a talented leadership team. Notably, the Company’s extensive in-house multi-jet fusion offering is uniquely suited to serve the expanding market for higher-volume additive production. We’re excited to leverage CORE’s sector experience as we partner with management and work to expand the platform," Matthew Puglisi, CORE Partner.
CORE was advised by Winston & Strawn and BackBay Communications. GoProto was advised by Stifel.
Thoma Bravo to invest in Grayshift. (FS)
Thoma Bravo, a private equity firm, agreed to invest in Grayshift, a provider of digital forensics solutions. PeakEquity Partners and C&B Capital will remain as shareholders in Grayshift. Financial terms were not disclosed.
"We're thrilled to partner with Thoma Bravo, one of the world's largest and most experienced software investors, as we continue to deliver on our promise of innovation. Since our inception, we have been laser-focused on building solutions that meet the modern-day investigative needs of public safety agencies. Thoma Bravo's strategic investment and partnership will fuel future growth as we continue to disrupt the legacy digital forensics marketplace and expand our public sector solutions," David Miles, Grayshift Co-Founder and CEO.
Grayshift is advised by Morgan Stanley and DLA Piper. Thoma Bravo is advised by Kirkland & Ellis.
Schneider Electric completed the acquisition of EV Connect.
Schneider Electric, a French multinational company that specialises in digital automation and energy management, completed the acquisition of EV Connect, a developer of an innovative, robust, flexible cloud-based software.
"We are thrilled to partner with Schneider Electric. They not only support our strategic goals, but fully embrace the value of electricity as a transportation fuel managed by a robust and feature-rich networked EV charging platform. With Schneider we are positioned to strengthen our presence in the EV market, and we look forward to the journey as we open a new chapter for EV Connect," Jordan Ramer, EV Connect CEO and Founder.
Schneider Electric was advised by Debevoise & Plimpton. EV Connect was advised by Technica Communications.
Owens Corning to acquire Natural Polymers.
Owens Corning, a manufacturer of glass fiber utilized in composites and building materials, agreed to acquire Natural Polymers, a manufacturer of spray polyurethane foam insulation for building and construction applications. Financial terms were not disclosed.
“This acquisition advances Owens Corning’s strategy to strengthen our core building and construction products and expand our addressable markets into higher-growth segments. Natural Polymers’ proven technology enables us to offer our customers a more diversified insulation product portfolio and solidify our commitment to provide long-term, sustainable solutions," Todd Fister, Owens Corning President of Insulation Business.
Owens Corning is led by Jones Day.
Talent to acquire a majority stake in GetFive.
Talent, a provider of tech-enabled career services, agreed to acquire a majority stake in GetFive, a provider of scalable solutions in career transition and career development. Financial terms were not disclosed.
"With the massive, post-pandemic shift to hybrid and remote opportunities, employers require contemporary coaching solutions that are aligned with the new world of work and can deliver major gains in engagement and retention. GetFive's recent investment from Talent enables us to gain access to additional capabilities and technology, which supports our platform, clients, and job seekers, and drives human capital ROI," Darren Kimball, GetFive Principal & CEO.
Talent is advised by Centerpiece Public Relations.
Fifth Wall, a venture capital firm, led a $198m Series B round in Electric Hydrogen, a decarbonization company, with participation from S2G Ventures, Silicon Valley Bank, Trinity Capital, Amazon’s Climate Pledge Fund, Cosan, Equinor Ventures, Honeywell, Mitsubishi Heavy Industries, Rio Tinto, Breakthrough Energy Ventures, Capricorn Partners, Energy Impact Partners, and Prelude Ventures.
“This round represents more than an investment in a company. It’s the biggest step yet toward meeting the urgent challenge of decarbonizing hard-to-decarbonize industries that are both essential to modern life and huge sources of GHG emissions. We’ve been searching for the most promising answers to that challenge and found one in EH2. Their team, cross-disciplinary expertise and visionary technology place them at the forefront of the race to make deep cuts in industrial emissions with compelling economics," Peter Gajdoš, Fifth Wall Partner.
GIC, a sovereign wealth fund, and B Capital Group, a multi-stage investment firm, led a $150m Series D funding round in FalconX, a developer of a digital asset trading platform, with participation from Thoma Bravo, Wellington Management, Adams Street Partners and Tiger Global Management.
“We partner with companies that will have lasting impacts on the industries and customers they serve. As a tech-first digital asset infrastructure platform, FalconX provides a holistic product offering paired with unparalleled execution that supports over 70m+ transactions on a monthly basis. They are well-positioned to lead the ongoing institutional transition to digital assets for years to come,” Rashmi Gopinath, B Capital General Partner.
Electric Capital and Greylock Partners led a $130m Series B round in Magic Eden. (FS)
Electric Capital, an early stage venture firm, and Greylock Partners, a venture capital firm, led a $130m Series B round in Magic Eden, a NFT marketplace, with participation from Lightspeed Venture Partners, Paradigm and Sequoia Capital.
“This valuation more than ever validates the industry and market we’re in. There’s investor appetite to bet on this market. We’re very bullish on the horizon, there’s a lot to build and most of the use cases are still early, so this gives us an opportunity to build that," Zhuoxun Yin, Magic Eden COO.
H.I.G. Capital completed the investment in Load One. (FS)
H.I.G. Capital, a private equity and alternative assets investment firm, completed the investment in Load One, a provider of expedited transportation and logistics services. Financial terms were not disclosed.
“We believe Load One represents an ideal opportunity to create a premier expedited transportation and logistics platform at a time when market tailwinds, as well as driver and equipment shortages, should continue to drive growth. We look forward to partnering with John and the rest of his talented executive team as they lead the organization through the Company’s next phase of organic and inorganic growth," Ryan Kaplan, H.I.G. Managing Director.
Helbiz, a micro-mobility services provider, agreed to acquire Wheels, an electric mobility platform. Financial terms are not disclosed.
“Our businesses are complementary in really powerful ways. There is minimal overlap of city permits, and we believe the combination of our businesses can create a uniquely diversified mobility offering that generates compelling synergies across a large footprint. Helbiz’s shared vision of safety and accessibility matches ours and will be a significant element of the foundation of this venture into the future," Marco McCottry, Wheels CEO.
ASSA ABLOY, an access solutions provider completed the acquisition of Caldwell, a manufacturer of fenestration hardware for window manufacturers. Financial terms were not disclosed.
“Caldwell is an excellent addition to the Pacific & North East Asia Division and provides complementary growth opportunities. The acquisition will strengthen our position with fenestration manufacturers and I look forward to working with the experienced team to continue Caldwell’s successful journey,” Simon Ellis, ASSA ABLOY Executive Vice President.
Democrats question Reckitt Benckiser's plan to sell baby formula unit.
Democratic lawmakers are urging the top US antitrust enforcer to scrutinize a proposed sale of Reckitt Benckiser's baby formula unit to a private equity group, warning that it "could shallow out" the market during a national supply shortage, FT reported.
US senators Elizabeth Warren, Cory Booker and Bernie Sanders, and House representative Katie Porter, sent a letter asking Jonathan Kanter, head of the US Department of Justice's antitrust unit, to probe the attempt to sell Reckitt's infant formula business, whose brands include Enfamil.
Accel announces a $4bn late-stage fund. (FS)
Accel, a global venture capital firm, announced a new $4bn global late-stage fund aiming to double down on investing in companies within its portfolio and new startups.
"This fund is a critical element in our global strategy, and will provide expansion capital to promising companies within our portfolio worldwide, as well as to aspiring companies new to the Accel family," Accel.
Franklin BSP completes a $235m equity capital raise and secures a $495m corporate revolver. (FS)
Franklin BSP, a real estate investment trust, announced the completion of a $235m equity capital raise and a $495m corporate revolver.
With the capital raise, FBLC will have over $1.7bn in equity and capital commitments, solidifying it as one of the largest Business Development Companies by equity once fully called. Benefit Street Partners now manages over $2.3bn in BDC equity and capital commitments through its two BDCs, FBLC and Franklin BSP.
Brookfield hires Barclays' managing director to lead healthcare PE. (People)
Brookfield Asset Management has hired Nicholas Apostolatos, Barclays managing director, to lead healthcare investing in its private-equity business, Bloomberg reported.
Nicholas Apostolatos will join the Toronto-based investment firm from Barclays, where he'd worked in the healthcare investment banking group. He'll be a managing director reporting to Cyrus Madon, Brookfield CEO of private equity group, when he starts at the firm in July.
Warner Music CEO to step down next year. (People)
Steve Cooper, Warner Music's longest-running CEO, will exit the company next year, WSJ reported.
His 11 years at the helm of the world's third-largest music company by sales came during a tumultuous and vibrant time for Warner Music and the industry. Mr. Cooper inherited a declining company and then steered its turnaround by embracing streaming, which led to the company doubling its revenue and taking market share from larger competitors.
EMEA
Gores Guggenheim, a SPAC, and Volvo-backed Polestar, a Swedish electric performance car company, announced they expect to close their $20bn business combination on June 23, 2022, subject to Gores Guggenheim stockholder approval.
The transaction is expected to raise at least $850m in gross proceeds though a combination of a fully committed PIPE and cash held in trust.
“To have limited redemptions in this challenging macro environment is an incredible feat and speaks to the strength of Polestar’s brand – as well as the high conviction our investors have in Polestar’s potential. We are proud of the momentum Polestar has built over the past several months and we look forward to the expected closing of our business combination this week," Alec Gores, Gores Guggenheim Chairman.
Polestar is advised by Citigroup, Kirkland & Ellis, WongPartnership and Tulchan Communications. Gores Guggenheim is advised by Barclays, Citigroup, Deutsche Bank, Guggenheim Partners, Morgan Stanley, Hannes Snellman and Weil Gotshal and Manges. Financial advisors are advised by Latham & Watkins and Sullivan & Cromwell.
Viasat, a global communications company, announced that, at its special meeting of stockholders, it received the necessary stockholder approvals for $7.3bn acquisition of Inmarsat.
"This approval is an important milestone as we move closer to completing our acquisition of Inmarsat. The overwhelming support of our shareholders confirms that this transformative combination is in the best interests of our company, shareholders, and allows for significant future growth in revenue, EBITDA and free cash flow. The combination of our unique teams, technologies, and resources will provide an incredible foundation to advance broadband communications and drive greater performance, reliability, and value for our customers. We are excited about what the future holds and look forward to the opportunities ahead," Richard Baldridge, Viasat President & CEO.
Inmarsat is advised by Barclays, JP Morgan, Trinity Advisors Corporation, Clifford Chance, Kirkland & Ellis, Steptoe & Johnson, Kekst CNC and Teneo. Viasat is advised by PJT Partners, Latham & Watkins, Linklaters and Brunswick Group.
Echobot, a developer of cloud-based software intended to enhance marketing and sales efforts, agreed to merge with Leadfeeder, a developer of a sales and marketing tool. Great Hill Partners, a private equity firm, invests €230m to support the merger and help the newly formed company drive product innovation. Financial terms were not disclosed.
“Our goal is to become the leading sales intelligence and go-to-market platform for our core European and North American markets. Now, thanks to Great Hill, we have brought together the best data, AI systems, talent and industry experience to achieve just that. We enable companies to supplement their own CRM data with up-to-date external data sources in order to achieve a better, more personalized sales approach. The combination of Echobot and Leadfeeder is thus uniquely positioned to benefit from a massively growing market segment," Bastian Karweg, Echobot Founder.
Echobot and Leadfeeder are advised by GP Bullhound, Avance, Choate Hall & Stewart, Hengeler Mueller, Latham & Watkins, Merilampi Attorneys and YPOG Law. Echobot is advised by Visibility Agency. Leadfeeder is advised by San Francisco Agency. Great Hill Partners is advised by FGS Global.
EQT, a private equity firm, agreed to acquire SPT Labtech, a manufacturer and designer of automated instruments and consumables for life science research, from Battery Ventures, a global, technology-focused investment firm, for $798m.
“We are excited to work with SPT Labtech and make an acquisition in our prioritized Life Science Tools subsector. We have been following the company for a long time and are thrilled to now be able to partner with CEO David Newble and his team. We believe the combination of our unique industry expertise, including our external EQT Advisor Network and in-house digital team, position us to support the company on its next phase of growth and enhance its mission of ‘making a difference in human health in everything we do’," Michael Bauer, EQT Partner and Global Co-Head of the Healthcare Team.
EQT is advised by Boston Consulting Group, The Footprint Firm, Deloitte, Evercore, Kirkland & Ellis and Ringstone. SPT Labtech and Battery Ventures are advised by JP Morgan, Charles Russell Speechlys and SecondSight Law.
Evolution, an IT-solutions provider, agreed to acquire Nolimit City, a producer of online slots games, for $358m.
“With the addition of Nolimit City to the Evolution family we extend our portfolio of truly innovative and cutting edge games from the top brands and game makers in the industry. We have followed Jonas, Emil and their team for a few years and been impressed as they have established a completely new style of slot games. I am proud that yet another of the very best minds in our industry has chosen to join the Evolution network," Jens von Bahr, Evolution Chairman.
Evolution is advised by Ernst & Young, Deloitte, Gernandt & Danielsson and Wiggin. Nolimit City was advised by Delphi.
Swiss Life Asset Managers, an investment management firm, and Vauban Infrastructure, an asset management company, completed the acquisition of Wascosa Holding, a provider of freight wagon systems, from Philipp Müller. Financial terms were not disclosed.
"We are very pleased to have Vauban Infrastructure Partners and Swiss Life Asset Managers as new shareholders of the Wascosa Group. Their long-term commitment as well as their expertise in the financing of infrastructure projects will secure Wascosa's position in the market as well as its future growth," Philipp Müller, Wascosa Chairman of the Board of Directors.
Swiss Life AM and Vauban are advised by Credit Agricole, Macquarie Capital and Latham & Watkins. Vauban is advised by Havas Paris.
Ardian, an asset management firm, agreed to acquire a majority stake in Aire Networks, a provider of telecommunication services, from Magnum Capital, a private equity firm, for €600m ($632m).
"Aire Networks is a company with a unique business model that makes it a key player in the digitalization of companies and the development of communications. We are very pleased to have the opportunity to support Raul, Miguel, Emilio and the entire Aire team in this new phase of growth,” Philippe Poletti, Ardian Member of the Executive Committee and Head of the Buyout Team.
Ardian is advised by Evercore and Headland Consultancy. Aire Networks is advised by Arma Partners.
Qatari Consortium of Investors agreed to acquire a 10.8% stake in Ennismore, a lifestyle hospitality company, from Accor, a multinational hospitality company, for $195m.
"In only a few years, Accor together with Sharan Pasricha, Fettah Tamince and Laurent de Gourcuff, the three talented founders of Ennismore, Rixos and Paris Society, have built a powerhouse of global lifestyle brands supported by dedicated entrepreneurs and talented teams. Pulling them together and joining forces with our Qatari partners will further unlock the value of Ennismore and take it to the next level. This is a recognition of the strength Ennismore's portfolio of lifestyle brands and its unique business model based on constant innovation, highest quality, sense of purpose and solid growth," Sebastien Bazin, Accor Chairman and CEO.
Accor is advised by Centerview Partners and Rothschild & Co. Debt financing is provided by Qatar First Bank.
Silversmith Capital Partners, a growth equity firm, completed the acquisition of a minority stake in Gearset, a software company, for $55m.
“When we started Gearset, DevOps was largely the province of highly technical software teams, and we wanted to change that. Over the last six years, we’ve focused unrelentingly on making our users successful, and built a product that solves the hard problems in Salesforce DevOps, while being easy to use for teams of all technical backgrounds. In doing that, we’ve grown way faster than we could’ve imagined, and today some of the biggest, and most impactful, companies on the planet rely on Gearset. Many enterprises are still early in their digital transformation, and we’ve got a huge opportunity to help them realize the benefits of DevOps as they increasingly rely on low-code solutions," Kevin Boyle, Gearset CEO and Co-Founder.
Gearset was advised by Shea & Co and Mills & Reeve. Silversmith was advised by Kirkland & Ellis.
Rivean Capital, a European mid-market private equity firm, agreed to acquire a majority stake in Trustteam, an IT managed services provider, from Ardian, an asset management firm. Financial terms were not disclosed.
"Over the last years, we have significantly accelerated our development and have further professionalized the group, tripling the revenues of the company. We would like to express our gratitude to the Ardian Expansion team for their continuous support and guidance over the past years. We look forward to starting a new chapter with our partner Rivean Capital who have demonstrated an outstanding understanding of our business and full compatibility with our culture," Stijn Vandeputte, Trustteam Founder & CEO.
Rivean Capital is advised by Allen & Overy. Ardian is advised by Linklaters and Headland Consultancy.
Springfield Properties, a housebuilder, agreed to acquire the Scottish housebuilding business of Mactaggart & Mickel, a family-owned home builder, for $57m.
"We are very pleased to welcome Mactaggart & Mickel's Scottish housebuilding business into the Springfield Group. As well as bringing another premium brand into the group, this acquisition gives us land, with planning permission, in areas of significant demand. The structure of the acquisition - with the majority of the payment to be made as homes are completed - de-risks the deal and creates an effective and efficient means of acquiring land," Innes Smith, Springfield Properties CEO.
Springfield Properties is advised by Singer Capital Markets and Luther Pendragon.
Lloyd's Register, a provider of maritime professional services, completed the acquisition of OneOcean, a supplier of voyage compliance, safety and environmental solutions, from Equistone Partners Europe, a European mid-market private equity firm. Financial terms were not disclosed.
“The acquisition of OneOcean propels LR to the position of a leading digital player in the maritime industry enabling clients to make better commercial day-to-day decisions, reducing risks, improving operation efficiencies and critically meeting complex maritime regulatory requirements. We recognise that there has never been a more pressing need for specialist maritime advisers to guide and support clients through the fundamental changes they face, helping to define the route to compliance, operational efficiency, sustainability and competitive agility," Nick Brown, LR Group CEO.
Lloyd's Register was advised by JP Morgan.
People2.0, a global employer of record and agent of record services platform, completed the acquisition of The Brookson Group, a provider of support services to freelancers and independent contractors in the UK. Financial terms were not disclosed.
“The addition of Brookson to the People2.0 family significantly enhances our ability to unburden independent contractors and facilitate flexible, remote and independent work arrangements. It also signifies a critical step towards our goal of being recognized as the premier provider of global ‘Total IC Solutions," Erik Vonk, People2.0 Executive Chairman.
The Brookson Group was advised by Speed Communications.
Balchem, a global specialty ingredients company, completed the acquisition of Kappa Bioscience, a science-based manufacturer of specialty vitamin K2 for the human nutrition industry, for $338m.
"This acquisition accelerates our strategy to expand our portfolio of science-based specialty nutrients with leading positions in growing markets. Vitamin K2 fits squarely with our strategic focus and our vision of ‘making the world a healthier place’. Kappa is the leader within its space and the only company offering a patented, 99.7% all-trans vitamin K2 as MK-7, identical to the bioactive vitamin K2 molecule found in nature. We believe the combining of our two companies will strengthen our scientific and technical expertise, geographic reach, and marketplace leadership while ultimately leading to accelerated growth for both companies’ portfolios," Ted Harris, Balchem Chairman, CEO and President.
Anora, a distilled beverage and wine company, agreed to acquire Globus Wine, a wine company, for $95m.
“I am very excited to be able to announce Anora’s first acquisition today. Globus Wine is a market leader in Denmark with consistent above-market growth during the last years. Through this acquisition, Denmark will be one of our markets where we have leading positions in both wine and spirits. Like Anora, Globus Wine believes in sustainable business, using wind power and significantly reducing the CO₂ footprint of wine with logistics solutions and climate-smart packaging. I warmly welcome Globus Wine to Anora,” Pekka Tennila, Anora CEO.
Battery Ventures, a technology-focused investment firm, completed the acquisition of a majority stake in Titian Software, a company that develops innovative sample-management software. Financial terms were not disclosed.
“The broader life-sciences sample-management market is poised for more growth, with trends such as personalized medicine and genomic sequencing driving more high-throughput, lab screening, as well as the creation of new labs to support this activity. All of this will drive growth at Titian," Jesse Feldman, Battery General Partner.
ECI, a private equity group, agreed to invest in BCN Group, a provider of information technology managed services. financial terms were not disclosed.
"In this age of digital transformation, there is a phenomenal growth opportunity for BCN Group to support clients to solve their IT challenges and achieve the best possible results from technology for their business. ECI are an experienced technology investor, so we are obviously delighted to be partnering with them to deliver on our organic growth potential and to continue to deliver on our M&A strategy. I’d also like to thank Beech Tree for their investment and support over the last four years," Rob Davies, BCN Group CEO.
Saipem sets terms for the cash call.
Saipem, an Italian energy services group, said it would launch a planned $2.1bn rights issue from June 27 as it strives to bolster its finances and refocus its business after a surprise profit warning in January, Reuters reported.
The move is part of a plan to get the group back into the black after it downgraded earnings by a billion euros due to a significant deterioration of margins on contracts, including offshore wind. The capital increase, which will only be completed if fully subscribed, is due to run until July 11.
Frasers increases a stake in Hugo Boss by €900m.
Frasers Group, a British retail, and intellectual property group, has raised its stake in Hugo Boss to about €900m in the latest move to boost its exposure to the German fashion brand, FT reported.
The UK-listed retail company, known for its Sports Direct, Flannels and House of Fraser brands, said that it had increased its direct holdings of Frankfurt-listed Hugo Boss shares to 4.9%, up from a previous level of 2.1%.
Thyssenkrupp and Tata lose fight against EU veto of a joint venture.
Thyssenkrupp, a German multinational conglomerate, and Tata Steel, an Indian multinational steel-making company, have lost their fight against a European Union antitrust veto of their proposed landmark joint venture, after Europe's second-highest court rejected their arguments, Reuters reported.
The two companies in 2019 had sought to tackle over-capacity and other challenges in the steel industry via the joint venture, which would have created Europe's second-largest steelmaker after ArcelorMittal. But the European Commission said the deal could result in significant price hikes and demanded remedies Thyssenkrupp at the time said would jeopardize the logic of the planned transaction.
UK PM not aware of plans to force ARM into London IPO.
British Prime Minister Boris Johnson's spokesman said he was unaware of any plans to try to compel chip designer ARM to list in London, Reuters reported.
Asked whether the government would use new national security powers to try and force ARM, which is owned by Japan's SoftBank, to list in London, the spokesman said: "I'm not aware of any plans to."
ICG closes fund dedicated to GP-led secondaries at $5bn. (FS)
ICG, an alternative asset manager, has held the final close of the ICG Strategic Equity IV fund, which is focused on GP-led secondaries, at over $5bn in capital commitments.
The report cites unnamed sources as revealing that the fund reached a final close after just 18 months in the market, launched in November 2020.
Phoenix Group has $500m to invest across four funds. (FS)
Phoenix Court Group, an early-stage European venture capital investor, has $500m to invest across its two existing funds - LocalGlobe and Latitude – plus two new funds – Solar and Basecamp.
The new funds were previously internally funded and will now begin to be institutionalized. Solar is Phoenix Court Group's scale-up fund focused on supporting tech businesses from private to public markets and beyond.
PATRIZIA completes the first close of the new €100m fund. (FS)
PATRIZIA, a real estate investment company, has completed the first close of a new €100m ($105m) venture capital fund Sustainable Future Ventures. The initial closing includes funds from a range of investors, including pension funds and family offices, as well as strategic real estate operators and investors.
The newly launched fund, which is the first in a new fund series, is led by partners Conan Lauterpacht and Matthew Chagan. It will target investments in technology companies that enable a more sustainable built environment and will focus on late Seed to Series B technology companies globally, with a strong focus on Europe.
APAC
Uncorrelated Ventures, a venture capital firm, Abstract Ventures, a venture capital firm, and Fasanara Capital, a boutique alternative asset manager, led a $270m Series C round in Stashfin, a neobanking platform, with participation from Altara Ventures, Tencent, Kravis Investment Partners and Snow Leopard.
“We believe these individuals are underserved because the banks cannot offer them cards or credit lines because of high operational costs,” Tushar Aggarwal, Stashfin Founder and CEO.
WestBridge Capital, a private equity firm, led a $153m Series C round in LeadSquared, a SaaS platform, with participation from Gaja Capital.
“Our story is vertical applications. Our product is not CRM-to-CRM comparison. So when we go to a new vertical, there are certain adjacencies that are relevant but may not necessarily fall in the classic lens of sales marketing, so those are opportunity areas for us,” Nilesh Pate, LeadSquared CEO and Co-Founder.
Bidders weigh offers valuing Toshiba at up to $22bn.
Bidders for Toshiba, a consumer and industrial electrical and electronic product producer, are considering offering up to $51.41 per share to take the company private, valuing the deal at about $22bn, Reuters reported.
Toshiba, which is exploring strategic options, said this month it had received eight initial buyout proposals and two proposals for capital alliances that would see it remain listed.
Yes Bank is close to raising up to $1bn from Carlyle and Advent. (FS)
Yes Bank, an Indian bank, is in advanced stages of negotiations to close a $1bn equity fundraise from private equity firms Carlyle and Advent International.
The fundraise talks with Carlyle and Advent picked up pace with the bank deciding to partner with JC Flowers for the ARC and the discussions are likely to be concluded soon. However, this may take some more time as the bank is seeking shareholder approval for a new board of directors.
Traveloka is in talks to raise over $200m. (FS)
Indonesian online travel unicorn Traveloka is in talks with investment management company BlackRock and others for a funding round of more than $200m.
Indonesia Investment Authority, the country's newly formed sovereign wealth fund, is also in talks to join the round. However, no final decision on the fundraising has been made.
Ant, Alibaba plan for less intertwined future after China crackdown.
Ant Group and Alibaba are untangling their operations from each other and independently seeking new business as the Jack Ma-founded companies navigate China's devastating regulatory crackdown, Reuters reported.
E-commerce company Alibaba Group created what would become payments and financial services provider Ant and spun it off in 2011, although it still retains a 33% stake and the two companies have some overlap in leadership.
KIAL and AIDA form a $590m realty fund for office spaces. (FS)
Kotak Investment Advisors, an alternate assets business, said it has formed a $590m real estate fund with Abu Dhabi Investment Authority, a globally-diversified investment institution, for investments in office assets in India. This is KIAL's 12th real estate fund. With this new fund, KIAL has so far raised, managed, or advised more than $2.8bn under its real estate fund series.
Set up in 2005 to bring sharper focus to Kotak's alternate assets practice, KIAL has raised, managed or offered advice on funds worth over $5.7bn across different asset classes. These include real estate, private equity, infrastructure funds, special situations fund, listed strategies, and investment advisory, all led by independent investment teams.
Matrix Partners India to raise $450m fund to back startups. (FS)
Matrix Partners India, an early investor in companies like Ola, payments startup Razorpay, new aggregator and short video player Dailyhunt among others, will raise a $450m India fund, as per regulatory filings made with the Securities and Exchange Commission in the US.
This will be the firm's fourth India-dedicated fund through which it will back startups in India and South Asian markets.
SoftBank names Alex Clavel as CEO. (People)
SoftBank said it has named Alex Clavel as the chief executive of its SoftBank Group International (SBGI) unit, replacing Michel Combes, Reuters reported.
Clavel, who is at present a managing partner at SBGI, will start in his new role from June 30. He spent 19 years at Morgan Stanley before joining SoftBank in 2015.
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