Daily Review

Coeur Mining, a US-based precious metals producer, agreed to acquire SilverCrest Metals, a Canadian precious metals producer, for $1.7bn.

"The acquisition of SilverCrest creates a leading global silver company by adding low-cost silver and gold production and significant free cash flow to our rapidly growing production and cash flow driven by the recent expansion of our Rochester silver and gold mine in Nevada. Together with SilverCrest's large and growing cash balance and no debt, our balance sheet is expected to be materially strengthened on day one. This immediate deleveraging, along with the significant combined expected free cash flow, will allow for rapid debt repayment and investment in other organic growth opportunities while offering shareholders an unparalleled re-rating opportunity. With over 15 years of experience operating our Palmarejo underground silver and gold operation next door in Chihuahua, we look forward to adding the high-quality Las Chispas mine to create a leading global silver company at a time when the demand for silver in renewable energy and a wide range of electrification end uses is rapidly rising," Mitchell J. Krebs, Coeur Chairman, President and CEO.

SilverCrest Metals is advised by Cormark Securities, Raymond James, Scotiabank, Cassels Brock & Blackwell and Paul Weiss Rifkind Wharton & Garrison. Coeur is advised by BMO Capital Markets, Goldman Sachs, Gibson Dunn & Crutcher and Goodmans.

 

Strategic Value Partners, a global alternative investment firm, agreed to acquire Revelyst, a collective of world-class maker brands that design and manufacture performance gear and precision technologies, from Vista Outdoor, a designer, manufacturer, and marketer of outdoor sports and recreation products, for $1.125bn.

"We look forward to working with Eric Nyman and the rest of the team leading this world-class outdoor gear and technology business. For almost a year, we closely followed Revelyst's progress with this complex transaction. During that time, Revelyst has gained share through a difficult period for consumer spending thanks to the strength of its leadership, its employees and efforts like GEAR UP. With this investment, we plan to put SVP's full operating resources and network behind Revelyst to help accelerate the success of this market leader," David Geenberg, SVP Head of North American Corporate Investments.

SVP is advised by Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison and Kekst CNC (led by Todd Fogarty). Vista Outdoor is advised by Moelis & Co, Morgan Stanley, Cravath Swaine & Moore and Gibson Dunn & Crutcher. 

 

 

Natural gas company Tellurian's shareholders have voted in favor of the US LNG developer's proposed $1.2bn acquisition by Australian energy producer Woodside Energy Group, Reuters reported..

The agreement is expected help solve Tellurian's financial woes. The US company has been searching for financial partners to fund the LNG facility. 

Tellurian is advised by Lazard and Akin Gump Strauss Hauer & Feld (led by Jim Wetwiska). Lazard is advised by Gibson Dunn & Crutcher (led by Hillary Holmes). Woodside is advised by PJT Partners and Norton Rose Fulbright.

 

Martin Resource Management, a provider of transportation, terminalling, marketing and logistics management services for hydrocarbon products and by-products, chemical and other bulk liquids, agreed to acquire the remaining share in Martin Midstream Partners, a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. Financial terms were not disclosed.

The merger agreement provides for an all-cash transaction whereby each holder of the public common units would receive $4.02 per common unit owned.

Martin Midstream is advised by Houlihan Lokey, Munsch Hardt Kopf & Harr and Potter Anderson & Corroon. MRMC is advised by Wells Fargo Securities and Baker Botts (led by Preston Bernhisel).

 

CarelonRx, a pharmacy benefit manager subsidiary of Elevance Health, completed the acquisition of acquire the specialty pharmacy business of Kroger, an operator of supermarkets and convenience stores. Financial terms were not disclosed.

"Kroger Specialty Pharmacy has been part of our company since 2012, and we want to thank our management team and associates for their enduring commitment to their patients. As part of our regular review of assets, it became clear that our strong specialty pharmacy business unit will better meet its full potential outside of our business. One of the most important considerations was continued operations to ensure minimal disruption to our associates and patients. We are confident this transaction will help the business to grow and deliver better results for patients. We look forward to working toward a smooth transition for associates and patients," Colleen Lindholz, Kroger Health President.

Elevance Health was advised by White & Case (led by Matthew Barnett). Kroger was advised by RBC Capital Markets, Arnold & Porter Kaye Scholer and Weil Gotshal and Manges (led by Michael J. Aiello).

 

26North, an investment platform, completed the acquisition of Onelife Fitness, a health club operator, from Delos Capital, a private investment and financial advisory firm. Financial terms were not disclosed.

"Onelife is a fantastic opportunity to back what we believe to be a best-in-class operator and enduring platform in a growing category that is underpinned by a long-term consumer focus on physical fitness and wellness. We are excited to use 26North's Alpha Creation Team (ACT) to enhance Onelife's growth," Mark Weinberg, 26North Partner and Head of Private Equity.

Onelife Fitness was advised by Jefferies & Company and North Point Advisors. 26North was advised by Kirkland & Ellis.

 

Audax-backed BlueCat Networks, a provider of mission-critical network infrastructure management, automation, and security solutions, agreed to acquire LiveAction, a provider of network observability and intelligence solutions, from Insight Partners, a software investor. Financial terms were not disclosed.

"Adding LiveAction's industry-leading network performance monitoring, packet capture and forensics offerings considerably strengthens BlueCat's mission-critical DDI and network infrastructure management solutions. Our acquisition of Indeni in 2023 (re-branded BlueCat Infrastructure Assurance) recognized that organizations need to be able to assure the health and performance of these core services as well as dependent load balancing and security devices. The acquisition of LiveAction goes a step further on this journey to provide deep insight into the network's impact on business services, enabling organizations to isolate the source of response time issues, inform network policy and optimize network capacity," Stephen Devito, BlueCat CEO.

LiveAction is advised by Moelis & Co.

 

Blackstone-backed Power Grid Components, a multi-product line supplier of highly engineered, quality power equipment, completed the acquisition of Vizimax, a provider of innovative solutions to measure, control and switch high- and medium-voltage electric power systems. Financial terms were not disclosed.

"At PGC, we seek partners who share our values and commitment to delivering innovative solutions to build, maintain, and protect the electrical grid. By adding Vizimax to our portfolio of companies, we gain exceptional talent, including an experienced leadership team led by Jean-Guy, and a product that offers unparalleled protection for critical power devices utilized in electrical systems around the world. We look forward to helping Jean-Guy and his team accelerate the growth of Vizimax, particularly here in the United States," Rick McClure, Power Grid Components Founder and CEO.

PGC was advised by Nomura Greentech.

 

Cyient DLM, an integrated electronics manufacturing company, completed the acquisition of Altek Electronics, an electronic manufacturing services company. Financial terms were not disclosed.

"This acquisition is a pivotal moment for Cyient DLM. It expands our global footprint, brings us closer to our strategic customers, and significantly strengthens our capabilities. With this acquisition, Cyient DLM is not only broadening its reach into the Medical & Healthcare and Industrial sectors but also bolstering its capabilities for the Defense sector through ITAR compliance. Altek Electronics' proven track record with key industry leading clients will accelerate Cyient DLM's ability to deliver high-performance, reliable services across these sectors," Krishna Bodanapu, Cyient DLM Executive Chairman.

Cyient DLM was advised by Kaizzen PR.

 

Peak Rock Capital-backed HuFriedyGroup, a global manufacturer of dental products, completed the acquisition of SS White Dental, a manufacturer of branded, differentiated carbide and diamond burs and endodontic instruments and lab related tools for the dental industry. Financial terms were not disclosed.

"We are excited to welcome SS White into the HuFriedyGroup family. HuFriedyGroup and SS White share a long legacy of innovation in the dental space and a primary focus on creating high quality products and services for dental professionals worldwide. This strategic acquisition will create new opportunities to bring more value to our customers and support for dental clinicians," Andy Xilas, HuFriedyGroup CEO.

HuFriedyGroup was advised by Kekst CNC (led by Daniel Yunger).

 

Talen Energy, an independent power producer, completed the acquisition of the remaining 25% stake in Nautilus Cryptomine, a 200-megawatt bitcoin mining facility, from TeraWulf, an infrastructure-focused bitcoin mining company, for $85m.

"We are pleased to complete this strategic transaction. The transaction allows Talen the ability to reset a legacy below-market power purchase agreement and provides us with increased flexibility as we explore strategic alternatives in order to maximize the value per megawatt for our Susquehanna nuclear generation facility," Cole Muller, Talen Executive Vice President, Strategic Ventures.

 

XFS Global, a service-disabled veteran-owned manufacturer of state-of-the-art, fully integrated semi-permanent engineered fabric shelter and support equipment technologies, completed the acquisition of HeyTex USA, the manufacturer of Bondcote performance engineered fabrics. Financial terms were not disclosed.

"The Bondcote Performance Textiles organization has offered Berry Amendment compliant fabrics, integral to our shelter solutions that facilitate military operations worldwide. With this acquisition, XFS Global continues to enhance our vertical integration and streamline operations to the benefit of our customers, particularly the US military and Allied forces," Jacob Furbee, XFS Global President and CEO.