Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Washington Federal, a bank, agreed to acquire Luther Burbank, a bank holding company, for $654m.
“One thing I have learned is that you do not find the right deal - the right deal finds you. That is the case here. It checks all the boxes. It creates scale. It creates a contiguous footprint from Seattle to Austin. Unlike so many comparable transactions, this transaction does not negatively affect our tangible book value and is accretive to forward-estimated earnings and capital. Frankly, the near-term positive impact to our financial position and physical footprints are bonuses, not our objective," Brent Beardall, Washington Federal President and CEO.
Washington Federal is advised by Keefe Bruyette & Woods and Davis Wright Tremaine. Luther Burbank is advised by Piper Sandler and Holland & Knight.
TriSalus Life Sciences, an oncology therapeutics company, agreed to go public via a merger with MedTech Acquisition, a special purpose acquisition company, in a $244m deal.
“TriSalus is scaling a differentiated, integrated and disruptive approach to the treatment of tumors in the liver and pancreas, and this transaction is an important step forward in enabling better patient outcomes. Our commercial-stage drug delivery technology, together with the continued development of our promising immunotherapeutic, positions TriSalus to capitalize on a significant opportunity in an area with high unmet need," Mary Szela, TriSalus President and CEO.
MedTech is advised by Raymond James and Foley & Lardner. Raymond James is advised by Paul Hastings. TriSalus is advised by Cooley and Joele Frank (led by Aaron Palash).
Indivior, a global pharmaceutical company, agreed to acquire Opiant Pharmaceuticals, a biopharmaceutical company developing treatments for addiction and drug overdose, for $145m.
"Our work in combatting addiction has never been more critical, with overdose deaths in the United States occurring at near-record numbers. Opiant's portfolio of product candidates is an excellent strategic fit that diversifies and strengthens our offerings, while Indivior's strong commercial capabilities are expected to propel a combined product pipeline with the potential to help patients along a continuum from substance use disorder and rescue to recovery. The combination with Opiant will provide Indivior with one of the most comprehensive and relevant treatment platforms to address the ongoing US opioid and overdose epidemic and extends our leadership position in addiction treatments. We look forward to working with Opiant's talented team as we undertake our shared mission of changing patients' lives through access to life-transforming treatment for substance use disorders," Mark Crossley, Indivior CEO.
Opiant Pharmaceuticals is advised by Lazard and Latham & Watkins. Indivior is advised by Centerview Partners, Covington & Burling and Tulchan Communications.
AE Industrial, a middle market private equity firm, completed the acquisition of a majority stake in York Space Systems, a firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. BlackRock invested alongside AE Industrial. Financial terms were not disclosed.
"York has transformed the small satellite market with its complete mission solutions and mass manufacturing capabilities. The Company has become a critical partner to the Space Development Agency, Space Force, and other national security customers given its ability to deliver new satellite technology solutions faster and more cost efficiently than any other player in the market," Kirk Konert, AEI Partner.
AE Industrial was advised by Ernst & Young, Kirkland & Ellis and Lambert & Co (led by Jennifer Hurson). York Space was advised by Jefferies & Company, Gibson Dunn & Crutcher and Jones Day ( Lisa Lathrop).
Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, agreed to go public via merger with TLG Acquisition One, a publicly traded special purpose acquisition company, in a $495m deal.
"Electriq and TLGA together is a strategic combination for both companies, and consistent with TLGA's continuing evaluation and pursuit of target companies. Our proposed merger comes at the right time to address the rapidly growing demand in the residential solar energy storage market, technology development and innovation, consumer and provider demand, and government policy and environmental initiatives. We believe that together we can create exciting new opportunities and value for our people, customers, partners, and investors," Mike Lawrie, TLGA CEO.
Electriq Power is advised by Ellenoff Grossman & Schole. TLGA is advised by Kroll, Truist Bank and Gibson Dunn & Crutcher.
Genstar Capital, a private equity firm focused on investments in targeted segments of the financial services, healthcare, software, and industrials industries, agreed to invest in Jet Support Services, an independent provider of aircraft maintenance support and financial tools for the business aviation industry. Financial terms were not disclosed.
"We are laser focused on creating value for our customers by simplifying and easing the complexities of aircraft maintenance. My team and I are appreciative for the ongoing collaboration with GTCR, which has been a fun and rewarding partnership since 2020. As we start this next chapter, Genstar is an ideal partner, with a tremendous track record, to support our ambitious growth plan," Neil Book, JSSI CEO.
Jet Support Services is advised by 8020 Communications. Genstar Capital is advised by Simpson Thacher & Bartlett and Chris Tofalli Public Relations (led by Chris Tofalli). GTCR is advised by Kirkland & Ellis.
Zekelman Industries, a North American manufacturer of industrial steel pipe and tube products, agreed to acquire EXLTUBE, a provider of hollow structural sections, mechanical tubing, standard pipe and specialty products, from SPS Companies, a diversified metals company. Financial terms were not disclosed.
"EXLTUBE is a fantastic business, and SPS has been fortunate to have owned it for nearly 20 years. The people and culture at EXLTUBE are truly special, as evidenced by its track record of sustained profitable growth. SPS has a longstanding relationship with Zekelman, and we are excited for EXLTUBE to embark on this next phase with the support of Zekelman's ownership," Matt Crocker, SPS President and CEO.
Zekelman Industries is advised by BakerHostetler. SPS is advised by JP Morgan and Weary Davis.
L Catterton, the largest global consumer-focused private equity firm, agreed to invest in CantuStore, an omnichannel aftermarket tire retailer and distributor in Brazil. Financial terms were not disclosed.
"With its distinctive brand positioning, impressive portfolio, long-standing supplier relationships, and pioneering omnichannel capabilities, CantuStore represents a unique opportunity to invest in the undisputed leader in the attractive and resilient tire aftermarket category in Brazil. We see numerous organic and inorganic value-creation levers for CantuStore and look forward to supporting the company's efforts to unlock its full potential," Julio Babecki, L Catterton Managing Partner.
United Rentals, an equipment rental company, agreed to acquire Ahern Rentals, an equipment rental company, for $2bn.
“Our acquisition of Ahern Rentals supports our strategy to deploy capital to grow the core business and drive shareholder value. We view ourselves as the ideal owner of these assets within our network, as customers will benefit from the combination of the two organizations moving forward together. We’re leveraging our competencies in larger-scale M&A to augment both our near- and long-term earnings power," Matthew Flannery, United Rentals CEO.
United Rentals is advised by Sullivan & Cromwell (led by Frank Aquila) .
Cornell Capital-backed Advancing Eyecare, a provider of ophthalmic instruments, completed the acquisition of Veatch Ophthalmic Instruments, a distributor of ophthalmic equipment. Financial terms were not disclosed.
"As we continually evaluate opportunities to scale our business and enhance how we serve customers, we are thrilled to welcome Veatch Ophthalmic Instruments to the AEC family of brands. Veatch has built a tremendous reputation over the last 30 years, centered around a commitment to customer satisfaction and improvement of patient outcomes. Their product and service offerings, complemented by a service-oriented team, make them a natural partner to add to AEC," Brad Staley, AEC CEO.
Sole Source-ID Images, a provider of product identification solutions, completed the acquisition of Hickman Label, a provider of highly-customized label solutions for the on-demand inkjet market. Financial terms were not disclosed.
"We are thrilled to partner with the team at Hickman Label. Hickman's impressive online ordering platform and expertise in the rapidly growing on-demand label market introduces a compelling new growth avenue for IDI's platform," Scott Sussman, Sole Source Capital Partner and CIO.
Sole Source Capital was advised by Mendel Communications (led by Bill Mendel).
Mercuria, an energy and commodity group, completed the acquisition of a minority stake in Natron Energy, a manufacturer of sodium-ion batteries. Financial terms were not disclosed.
“Mercuria’s investment bolsters Natron’s expansion into oil and gas and alternative energy markets and advances carbon reduction initiatives in the oilfield and elsewhere. This is the third such investment in Natron in the last four months, consistent with market enthusiasm for our technology. Mercuria’s investment will accelerate our plans for the world’s first mass production of sodium-ion batteries," Colin Wessells, Natron Co-Founder and CEO.
Natron Energy was advised by Fahlgren Mortine Public Relations (led by Susan Bruns).
HR Acuity, a human resources SaaS solution, completed the acquisition of Speakfully, a platform for employees to voice workplace concerns. Financial terms were not disclosed.
"Creating a transparent and trusted relationship between employees and their employer has never been more critical. Speakfully is the best solution I have seen when it comes to ensuring an employee's voice is heard when something goes wrong. This is a first and necessary step companies must take if they want the insights that will enable them to take proactive steps toward creating better, more inclusive workplaces. I am excited to be welcoming the Speakfully team and its clients to the HR Acuity family! This acquisition elevates our offering by enabling organizations with a full, end-to-end employee relations and investigation solution from allegation to aftercare," Deb Muller, HR Acuity CEO.
Amazon founder Jeff Bezos plans to give most of his $124bn fortune away.
Jeff Bezos has revealed plans to give away most of his $124bn fortune during his lifetime, Sky News reported.
The Amazon founder, 58, is the world's second-richest man after Elon Musk, the Tesla boss and new owner of Twitter, according to Forbes. This is the first time he has said he plans to give away most of his money.
FTX collapse being scrutinized by Bahamas authorities.
The collapse of cryptocurrency exchange FTX is the subject of scrutiny from government investigators in the Bahamas, who are looking at whether any "criminal misconduct occurred," Reuters reported.
FTX founder Sam Bankman-Fried told Reuters on Saturday that he was in the Bahamas, denying speculation on Twitter that he had flown to South America after the exchange filed for bankruptcy and he was removed as chief executive.
FTX filed for bankruptcy on Friday, one of the highest profile crypto blowups, after traders rushed to withdraw $6bn from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal.
Skyward Specialty files for initial public offering.
Skyward Specialty, a P&C insurance holding company part of Westaim, has filed a registration statement with the US Securities and Exchange Commission for an initial public offering of its common stock. The firm submitted a draft registration statement in April 2022.
According to the announcement, the number of shares to be offered and the price range for the IPO have not yet been determined. The IPO will be made only by means of a prospectus.
EMEA
DIF, a global independent investment manager, agreed to acquire a majority stake in Alight, a developer of subsidy-free solar projects in the Nordics, for €150m ($155m).
"We have been impressed by Alight's track record as a first mover in the growing Nordic solar market, in addition to their top quality customer-led approach to winning long-term solar contracts. We also share Alight's vision on how to accelerate the energy transition in Europe and more specifically for their C&I customers, whilst also providing them with energy security at low cost in the current high power price environment. Alight's team and outlook are a strong foundation to build upon and we are pleased to take this step, enabling Alight to realise its growth ambitions," Gijs Voskuyl, DIF Partner.
Alight is advised by Newsec and Mannheimer Swartling. DIF is advised by Augusta & Co and DLA Piper.
EnOcean, the developer of the patented energy harvesting wireless technology, agreed to go public via merger with Parabellum Acquisition, a special purpose acquisition company, in a $120m deal.
According to Parabellum and EnOcean, EnOcean has pioneered and is a leader in energy harvesting-based IoT devices, devoted to commercial buildings and smart spaces. The business combination is expected to provide EnOcean with growth capital to expand deployment of its innovative technology and provide capital for strategic acquisitions.
Parabellum Acquisition is advised by Peak Strategies (led by Mo Shafroth).
Duke Street, a private equity firm, completed the acquisition of Suir Engineering, a provider of mechanical, electrical and instrumentation engineering services. Financial terms were not disclosed.
"We are delighted to acquire Suir Engineering, a market-leading business that is a great fit for our investment program. The Duke Street team has previous successful experience in industrial services as well as Suir's underlying sectors. The company has a highly skilled workforce, an extremely strong safety record and a healthy pipeline of projects across Europe in all of its highly attractive end-sectors. We have been impressed with Suir's growth strategy and we look forward to actively supporting the existing management team in delivering their ambitious plans," Paul Adams, Duke Street Partner.
Schaeffler, a manufacturer of rolling element bearings, agreed to acquire Ceraspin, a producer of high quality ceramic wear parts, from Ceratizit Group, a manufacturer of hard material products. Financial terms were not disclosed.
"CERASPIN's expertise in ceramic components for rolling bearings is of critical importance to Schaeffler. In acquiring CERASPIN, we are strengthening our supply chain, especially in Europe, while at the same time building up a strong position in high-value components for strategically important growth sectors," Michael Pausch, Schaeffler Chief Technology Officer.
Houlihan Lokey, an investment bank, agreed to acquire Oakley Advisory, an independent advisory firm. Financial terms were not disclosed.
“Chris and Christian have created the leading independent advisory firm in Europe focused on the telecoms and digital infrastructure sector and we are delighted to be welcoming their team to Houlihan Lokey. As we continue to expand our corporate finance business, we are seeking to add strength where we see client demand with individuals or teams that share our track record of success driven by outstanding sector knowledge, a strong corporate culture, and an unerring focus on superior client outcomes. Oakley Advisory is clearly driven by all of these traits and will be highly effective as part of our global team,” Scott Adelson, Houlihan Lokey Co-President and Co-Head of Corporate Finance.
Saudi sovereign wealth fund PIF reduces majority stake in stock exchange operator. (FS)
Saudi Arabia’s Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising $612m, DealStreetAsia reported.
The sovereign wealth fund with over $600bn in assets said it sold 12m shares through an accelerated bookbuild offering. The fund’s remaining stake amounts to 72m shares or 60% of the company.
Stellantis strikes deal with Infineon to secure silicon carbide chips.
Global carmaker Stellantis has signed a non-binding memorandum of understanding with German chipmaker Infineon for a multi-year supply of silicon carbide semiconductors, Reuters reported.
According to the agreement, Infineon will reserve production capacity and supply the power semiconductors directly to Stellantis suppliers in the second half of the 2020s.
EIF promises €2.5bn of climate action investment. (FS)
At the COP27 climate conference, the European Investment Fund signed investments totalling €247m ($256m) to enable five equity funds to back €2.5bn ($2.58bn) of climate action investment that the European Commission says will help to deliver the European Union’s climate and energy targets.
The new funding from the European venture capital and private equity financier contributes to the European Green Deal, the roadmap for Europe to become the first climate-neutral continent by 2050, and REPowerEU, the plan to rapidly reduce dependence on Russian fossil fuels and fast forward the green transition.
MVM closes oversubscribed fund at $500m hard cap. (FS)
MVM Partners is pleased to announce the closing of its sixth healthcare fund, MVM VI, with $500m in limited partner commitments. Demand was well above the hard cap.
“We are grateful for the strong support from sophisticated investors. This fund will continue our disciplined focus on accelerating the commercial growth of companies that develop innovative products to improve healthcare,” Eric Bednarski, MVM Managing Partner.
APAC
India Resurgence Fund, an India-focused investment platform, completed a $68m investment in Impresario, a food and beverage company.
"IndiaRF is delighted to partner with Impresario, which has built a profitable business on the back of strong brands, a professional team and a culture that allows the Company to stay nimble and creative. We plan to work alongside and augment the efforts of the management team, by leveraging on our deep operational engagement across multiple sectors. We believe that the next decade will see significant opportunities for Impresario as non-metro cities come up India's aspirational curve and become major economic centres," Shantanu Nalavadi, IndiaRF Managing Director.
Impresario was advised by Lodha & Co.
Sembcorp, an energy and urban development company, agreed to acquire Vector Green, an independent power producer with renewable power generation assets, from Global Infrastructure Partners, an infrastructure investment fund, for $345m.
"Sembcorp remains committed to growing its renewables portfolio in India, one of the fastest growing renewables markets in the world. This acquisition is aligned with the Group's brown to green transformation strategy. With the completion of this acquisition, Sembcorp's gross renewable energy capacity will increase to 8.5GW, pushing us closer towards our 2025 target of 10GW," Wong Kim Yin, Sembcorp President and CEO.
Powerbridge Technologies, a provider of multi-industry technology solutions, completed the acquisition of a 19% stake in DTI Group, a technology company specializing in international trade digitalization and platforms. Financial terms were not disclosed.
"We see that the market demand for international trade digitalization is growing rapidly. We look forward to working with DTI to integrate our technology and market resources in developing and implementing the United Nation's Project. We believe this acquisition is critical to our growth and will enhance investor value," Stewart Lor, Powerbridge CEO.
Temasek said to be weighing sale of Advanced MedTech at around $1bn valuation. (FS)
Temasek Holdings is exploring selling Advanced MedTech, after the medical devices firm, fully-owned by the Singaporean state investor, received interest from suitors including buyout funds, DealStreetAsia reported.
Two investment banks have been tapped to launch a sale process for Singapore-headquartered MedTech, which could be valued at roughly $1bn.
Ant's consumer finance unit to more than double capital to $2.6bn.
The consumer finance unit of China's Ant Group will increase its registered capital to $2.6bn from $1.1bn previously, and take on new investors, Reuters reported.
Ant, which will retain its 50% stake in the unit, Chongqing Ant Consumer Finance, will invest $743m as part of the capital injection, according to the filing made by the unit's minority shareholder Yuyue medical.
SoftBank shares crash on hefty Vision Fund losses. (FS)
Shares in Japan’s SoftBank Group Corp plunged on Monday after the company reported a heavy loss at its Vision Fund investment arm for a third consecutive quarter.
The shares sank 13% in early afternoon trade – heading for their biggest one-day loss in more than two and a half years.
Indonesia's Pertamina NRE invests $500m in energy fund with MDI Ventures. (FS)
Indonesian state-owned firm Pertamina’s new renewable energy subsidiary, Pertamina NRE, will be investing $500m in an energy fund set up in collaboration with state-owned Telkom Indonesia’s venture capital arm, MDI Ventures, DealStreetAsia reported.
Pahala Mansury, Indonesia’s vice minister of state-owned enterprises, said the energy fund will invest over a five-year period. “We expect more investors to join,” Pahala Mansury.
Indonesia's SWF, China's CATL, CMBI to set up $2bn fund for electric vehicles. (FS)
Sovereign wealth fund Indonesia Investment Authority, Chinese battery manufacturer Contemporary Amperex Technology and CMB International Capital have signed a Memorandum of Understanding to establish, and invest in, a $2bn fund targeting electric vehicles, DealStreetAsia reported.
All parties will jointly invest in the formation of the Green Fund focusing on building the EV value chain in Indonesia, from upstream to downstream. This is part of efforts in supporting Indonesia’s plan to reach carbon neutrality by 2060.
Renewables-focused Alcazar Energy Partners II raises $337m from AIIB, others. (FS)
The Middle East-focussed power producer and developer Alcazar Energy Partners has received $337m for its fund Alcazar Energy Partners II, which targets solar and onshore wind technologies, DealStreetAsia reported.
The fund, which is aiming to achieve up to $500m in its final closing, with a hard cap of $650m, will deploy capital in clean energy infrastructure in the Middle East, North Africa, Turkey, Eastern Europe and Central Asia.
Taiwan's AppWorks to make first close of fourth fund this month. (FS)
Taiwan-based venture capital firm AppWorks is looking to make the first close of its fourth flagship fund at about $200m as early as this month, DealStreetAsia reported.
The total corpus that the firm is targeting to raise by mid-2023 is $360m, even as the global economic uncertainty has slowed down the overall fundraising activity of several investors – both in the private equity and VC space.
|
