Bespoke Capital Acquisition, a special purpose acquisition company, agreed to merge with Vintage Wine Estates, a wine producer, in a $690m deal, with an additional $50m of potential deferred consideration. The combined company will be named Vintage Wine Estates.
"After evaluating over 100 companies, we are delighted to have identified VWE as the ideal merger partner. The company represents a unique and compelling investment opportunity in the consumer staples space. VWE's well-diversified portfolio of high-quality brands spanning all price points and differentiated omni-channel marketing approach bring great balance. In addition, the company has a deeply experienced management team with a strong track record of synergistic deal-making, which, on top of impressive organic growth, should continue and will help drive profitable growth as well as enhance shareholder value over the long term," Paul Walsh, BCAC Executive Chairman.
Vintage Wine Estates is advised by Cowen & Company, Foley & Lardner and Stikeman Elliott. Bespoke Capital Acquisition is advised by Canaccord Genuity, Citigroup, XMS Capital Partners, Blake Cassels & Graydon, Jones Day and ICR.
Stone Point Capital and Insight Partners to acquire CoreLogic for $6bn. (FS)
Private equity firms Stone Point Capital and Insight Partners agreed to acquire CoreLogic, a global property information, analytics and data-enabled solutions provider, for $6bn.
"This is a significant milestone for CoreLogic and a very positive outcome for our shareholders who will receive exceptional value for their shares in cash with a high degree of regulatory certainty and a closing expected in the near term. The transaction is the culmination of our Board’s extensive review of strategic alternatives, which included engaging with numerous potential buyers," Paul Folino, CoreLogic Chairman.
CoreLogic is advised by Evercore, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Insight Partners is advised by Willkie Farr & Gallagher. Stone Point Capital is advised by JP Morgan, Wells Fargo Securities and Kirkland & Ellis.
VG Acquisition, a special purpose acquisition company sponsored by Virgin Group, agreed to merge with 23andMe, a consumer genetics and research company, in a $3.5bn deal. Upon completion of the transaction, estimated in the second calendar quarter of 2021, VGAC will change its New York Stock Exchange ticker symbol, and the combined company's securities will trade under the ticker symbol "ME".
"As a fellow industry disruptor as well as early investor in 23andMe, we are thrilled to partner with Sir Richard Branson and VG Acquisition. As we approach the next phase of our business, which will create new opportunities to revolutionize personalized healthcare and medicine. We have always believed that healthcare needs to be driven by the consumer, and we have a huge opportunity to help personalize the entire experience at scale, allowing individuals to be more proactive about their health and wellness. Through a genetics-based approach, we fundamentally believe we can transform the continuum of healthcare," Anne Wojcicki, 23andMe CEO and Co-Founder.
23andMe is advised by Citigroup and Morgan Lewis & Bockius. VG Acquisition is advised by Credit Suisse, LionTree Advisors and Davis Polk & Wardwell.
AMCI Acquisition, a special purpose acquisition company, completed the merger with Advent Technologies, an innovation-driven company in the fuel cell and hydrogen technology space, in a $358m deal.
"Today is an important milestone for the entire Advent team as we continue on our mission to advance the development and manufacturing of our platform technology and unlock the hydrogen economy. Going forward, our new capital resources will enable us to accelerate product developments and our manufacturing of critical components for a diversified range of high-growth new energy markets. We have a proven business model and a technology that we believe represents the missing piece in fuel cells and advanced materials. I look forward to continuing our work to address the biggest challenges facing the hydrogen economy and am deeply proud of our team's work in getting us to this point," Vasilis Gregoriou, Advent CEO.
Advent was advised by Cantor Fitzgerald and Ropes & Gray. AMCI Acquisition was advised by Jefferies & Company, Ellenoff Grossman & Schole and Sloane & Company.
Veracyte to acquire Decipher Biosciences for $600m.
Veracyte, a global genomic diagnostics company, agreed to acquire Decipher Biosciences, a commercial-stage precision oncology company, for $600m.
"By combining Decipher Biosciences’ leadership in urologic cancers with our comprehensive genomic testing menu, Veracyte will be able to serve patients across the clinical care continuum in 7 of the 10 most prevalent cancers in the United States with highly differentiated and clinically impactful tests, significantly accelerating revenue growth and driving shareholder value. Further, with our best-in-class nCounter diagnostics platform, we are well-positioned to deliver comprehensive genomic cancer testing to physicians and their patients worldwide," Bonnie Anderson, Veracyte Chairman and CEO.
Decipher Biosciences is advised by Evercore and Cooley. Veracyte is advised by Goldman Sachs and Fenwick & West.
Surge Energy US Holdings, an oil and gas company, agreed to acquire a majority stake in midland basin assets of Grenadier Energy Partners, a private equity firm, for $420m.
"This acquisition is consistent with our strategy of building a long-term, sustainable oil and gas company. The combination of both production and high-quality inventory support both near-term cash flow and strong economic returns for years to come," Linhua Guan, Surge Energy CEO.
Surge Energy is advised by Citigroup and Thompson & Knight. Grenadier Energy is advised by Jefferies & Company and Vinson & Elkins.
Aquiline Capital Partners, a private investment firm based in New York and London, agreed to invest in National Medical Billing Services, a healthcare revenue cycle management company. Financial terms were not disclosed.
"The team at National Medical has built an impressive business that serves as a trusted advisor helping their clients navigate the increasing complexity of the healthcare system. We are excited to partner with National Medical, where we can employ our experience at the intersection of healthcare and insurance to help the company continue innovating to further enhance and expand its business and operations," Jeff Greenberg, Aquiline Capital Partners Chairman and CEO.
National Medical Billing Services is advised by Cain Brothers, Neal Gerber & Eisenberg and Prosek Partners. Aquiline Capital Partners is advised by Ropes & Gray.
Northern Oil and Gas, an independent energy company, agreed to acquire Marcellus shale from Reliance Industries, an Indian multinational conglomerate company, for $250m.
The assets, currently operated by affiliates of EQT, will be sold for the cash consideration and warrants, that will allow for the purchase of 3.25m common shares of NOG at an exercise price of $14 per common share over the next seven years.
Reliance is advised by Citigroup and Gibson Dunn & Crutcher.
T-Mobile, an American wireless network operator, agreed to acquire the wireless assets of Shenandoah Telecommunications Company, a publicly traded telecommunications company headquartered in Edinburg, Virginia, for $1.95bn.
This acquisition will include around 1.1m mobile customers from the areas of Virginia, West Virginia, Ohio, Kentucky, Maryland, and Pennsylvania.
Shenandoah Telecommunications Company is advised by Citigroup.
Zyter, a digital health product company, agreed to acquire Casenet, a provider of population health products, from Centene, a health care company. Financial terms were not disclosed.
"Casenet is a care management market and technology leader. This strategic acquisition adds capabilities that complement our expanding portfolio of digital health products for providers, patients and especially payers," Sanjay Govil, Zyter Founder and CEO.
Centene is advised by Skadden Arps Slate Meagher & Flom.
Kinnevik led a $155m Series D round in Vivino. (FS)
Kinnevik led a $155m Series D round in Vivino, the world's most downloaded mobile wine app and largest online wine marketplace, with participation from Sprints Capital, GP Bullhound and Creandum.
"This is a testament to the remarkable work that our teams around the globe have done to build an extraordinary business. This round has raised important capital for our rapidly growing company and drawn some exceptional new leaders to our board. The funding will enable us to continue to build on our core strengths, expand industry partnerships drawing more merchants and wineries to our marketplace, and support our continued global growth," Heini Zachariassen, Vivino Founder and CEO.
Vivino was advised by Factory PR.
Eldridge led a $125m Series G round in Stash. (FS)
Investment firm Eldridge led a $125m Series G round in Stash, a personal finance app, with participation from Owl Ventures, T. Rowe Price Associates, Goodwater Capital and Entree Capital.
"Stash's simple, affordable, and transparent product offers people a better solution to build wealth for the long term. The Stash team has achieved remarkable growth and scale. We are excited to support them as they continue to grow and build more tools to help Americans build diversified investment portfolios," Todd Boehly, Eldridge Chairman and CEO.
Eldridge was advised by Prosek Partners.
Welsh, Carson, Anderson & Stowe, a private equity firm focused exclusively on the healthcare and technology industries, agreed to invest $250m in Kiniciti, which will invest in non-therapeutic companies supporting cell and gene therapy innovation.
"Partnering with Kiniciti to help realize the promise of cell and gene therapy represents a natural extension for WCAS's Healthcare franchise. We will pursue opportunities where operational improvements, organic growth initiatives and strategic acquisitions can unlock full potential, for both our investments and the patients these companies serve. In today's cell and gene therapy landscape, we believe that there are many exciting therapy innovators that possess the right science but need the supporting ecosystem essential to advancing their therapeutics at the pace they require and deserve. We look forward to working with the Kiniciti team to help address these critical pain points to help deliver CGT at scale and lower cost," Nick O'Leary, WCAS General Partner.
emids, a digital engineering and transformation solutions provider, completed the acquisition of Macadamian, a Canadian software development company. Financial terms were not disclosed.
"Our merger with emids is a superior match of entrepreneurial mindset, complementary skill sets and healthcare specialization, and we're excited about what we'll be able to achieve together for our customers and for healthcare at large," Frederic Boulanger, Macadamian CEO.
Blackstone weighs options for TaskUs. (FS)
Blackstone Group, a private equity firm, explores options for outsourcing firm TaskUS, including a partial stake sale or listing. The private equity firm is working with advisers to study strategic alternatives. It is considering selling as much as a 25% to 30% stake in TaskUs at a valuation of as much as $3.5bn.
Blackstone has also been weighing a potential US initial public offering of the business services firm and has already filed confidential registration documents with the Securities and Exchange Commission. The private equity firm could raise about $1bn from the share sale if it moves ahead.
Thoma Bravo gears for MeridianLink IPO. (FS)
Private equity firm Thoma Bravo is gearing up for an initial public offering of MeridianLink, which could value the US financial software provider at more than $3bn, including debt,
Reuters reported.
The preparations come as MeridianLink, whose software is used by banks and credit unions to set up loans and deposit accounts, has benefited from the popularity of online banking and digital payments during the Covid-19 pandemic.
Thoma Bravo plans to take MeridianLink public later this year and has hired investment banks to handle the listing. It is possible that MeridianLink would go public by merging with a special purpose acquisition vehicle, rather than a traditional IPO.
Charlesbank Capital Partners closed Fund X at $3.75bn hard cap. (FS)
Charlesbank Capital Partners completed the fundraising for its latest flagship private equity fund, Charlesbank Equity Fund X, reaching the hard cap of $3.75bn less than six months after launch.
“While the market landscape is dynamic and ever-changing, we believe the ingredients for generating strong returns remain largely the same: rigorous discipline rooted in fundamentals, a consistent team united by a deeply ingrained culture of collaboration, and an agile and forward-thinking model driven by deep pattern recognition in our target sectors. We believe our investment approach is ideally suited to respond to the wide range of market conditions that we are likely to see over the next several years, and we are deeply grateful for the confidence our investors have placed in us to do so," Michael Choe, Charlesbank CEO and Managing Director.
Arcline Investment Management raises $2.75bn for its secoud fund. (FS)
Arcline Investment Management, a growth-oriented private equity firm, closed its second fund, Arcline Capital Partners II, with aggregate capital commitments of $2.75bn. Fund II comes approximately two years after Arcline closed on capital commitments of $1.5bn for its inaugural fund.
"We would like to thank our new and returning investors for their enthusiasm in backing the Arcline team. Fund II will continue to focus on opportunities where Arcline can create value by accelerating the growth of high-quality companies in partnership with talented business owners, industry executives and management teams," Rajeev Amara, Arcline CEO.
Blue Sea Capital closes $430m Fund II, exceeding the $350m target. (FS)
Blue Sea Capital, a private equity firm, successfully closed Blue Sea Capital Fund II and Blue Sea Capital Executive Fund II, a $430m private equity fund. Fund II included a $30m investment by the General Partner and was significantly oversubscribed, surpassing its target of $350m and exceeding its predecessor, Blue Sea Capital Fund I, by over 30%.
“We are thankful for the strong support of our existing limited partners, particularly given the challenging external environment, and are excited to add a select group of new investors. We are proud of the firm we are building, with a foundation of success in supporting a selective set of entrepreneurs and special, market-leading companies to accelerate growth," J.R. Davis, Blue Sea Capital Managing Partner.
Blue Sea Capital was advised by Lazard and Kirkland & Ellis.
Endicott Group announced the closing of Endicott Growth Equity Partners at $142m of capital. (FS)
Endicott Group, a New York-based investment firm, closed Endicott Growth Equity Partner, its debut private equity fund focused on the Information Services sector, with total committed capital of $142m.
"With the completion of the capital raise and the build-out of our team, EGEP is well positioned to execute our investment strategy, partnering with management looking to scale their already profitable businesses," Wayne K. Goldstein, Endicott Group Co-Founder.
