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AMERICAS
CVS-Aetna merger was cleared on Wednesday by a U.S. Department of Justice after an unprecedented court battle.
Under the terms of the merger agreement, Aetna shareholders are to receive $145 per share in cash and 0.8378 CVS Health shares for each Aetna share. The transaction values Aetna at approximately $207 per share or roughly $69bn. Including the assumption of Aetna's debt, the total value of the transaction is $77bn.
Allen & Company, Evercore, Lazard, Davis Polk & Wardwell, Simpson Thacher & Bartlett, and Sloane & Company are advising Aetna. Bank of America Merrill Lynch, Barclays, Centerview Partners, Goldman Sachs, Dechert, McDermott Will & Emery, Shearman & Sterling, and Kekst & Company are advising CVS. Bank of America Merrill Lynch, Goldman Sachs, and Barclays are providing financing. Sullivan & Cromwell and Weil Gotshal and Manges are advising the debt providers.
OpGen, a precision medicine manufacturer, agreed to merge with Curetis, a developer of molecular diagnostic solutions. Financial terms were not disclosed.
"We are convinced that the combination of OpGen and Curetis will help maximize value for our stockholders and will result in an organization with a robust pipeline of molecular diagnostic and bioinformatics products, significant management experience, and proprietary assets for developing and commercializing novel data-driven solutions in infectious disease diagnostics,” Evan Jones, OpGen Chairman, and CEO.
HC Wainwright and Linklaters are advising Curetis. Crosstree Capital and Ballard Spahr are advising OpGen.
Amynta Group, a premier insurance services company and provider of warranty protection products and services, agreed to acquire American Auto Guardian, a leading provider of protection products and services to an extensive network of automotive Original Equipment Manufacturers, agents, independent auto dealers, and dealer groups. Financial terms of the transaction were not disclosed.
"AAGI has built an outstanding company over 20 years, focused on consistently delivering performance to their distribution partners and dealers, with a successful track record of growth and profitability under the leadership of Tim Brugh," Rob Giammarco, Chairman and CEO of Amynta. "AAGI brings new distribution partners, OEM relationships, dealer networks, and geographic reach, broadening our presence, particularly in the Midwest. AAGI expands our warranty offerings, providing incremental opportunities to drive growth across our business."
Houlihan Lokey and Bryan Cave Leighton Paisner advised American Auto Guardian. Bank of America Merrill Lynch, MHT Partners and Kirkland & Ellis advised Amynta Group.
Waud Capital Partners, a leading growth-oriented middle-market private equity firm, acquired Health & Safety Institute, an industry-leading compliance and training technology platform enabling organizations to create safer workplaces and reduce financial and reputational risk. Financial terms of the transaction were not disclosed.
“Our new partnership with Waud provides HSI with growth capital and operational expertise, which will enable the company to continue building its technology platform and further its commitment to making the workplace and community safer. Waud’s investment is a testament to the Company’s excellent products, technology and value proposition to our customers, and we look forward to their support as we execute the next phase of HSI’s growth.” Chad Birckelbaw, HSI’s Chief Executive Officer.
HSI is advised by Harris Williams.
Priority Power Management, an independent energy management services and consulting firm, closed the acquisition of EE Partners. Priority is backed by Ara Partners Group, an industrial private equity firm that invests in companies with sustainable competitive advantages employing greater resource efficiency. Financial terms were not disclosed.
EEP, headquartered in Midland, Texas, offers specialized electrical engineering and technical services. EEP will strengthen Priority's electric infrastructure solutions, including the development of private microgrids that deliver optionality to customers.
"We have worked alongside EE Partners for many years serving many of the same customers. EE Partners brings incremental technical resource additions to our team. Together with Charlie Adams and his team, I am confident we can further enhance our service offering to our joint existing customer base, as well as new prospective customers."John Bick, Managing Principal at Priority.
Kekst advised Ara Partners.
TCV and JMI Equity, two of US-based private equity firms invest $250m in Clio (Themis Solutions), a leader in cloud-based legal technology.
“Clio is not only solving some of the biggest pain points for the legal profession, but it is also creating a platform for the future of legal services, and we look forward to partnering with the team in the company’s continued growth and success,” Sureel Sheth, JMI Principal.
Raymond James is advising TCV.
The Carlyle Group invested in HireVue, a provider of the most comprehensive suite of AI-driven talent assessment and video interviewing solutions, as its majority investor. Existing shareholders, including TCV, Granite Ventures, and Sequoia, together with HireVue management, will remain minority investors. Financial terms were not disclosed.
"HireVue is the recognized video interviewing and talent assessments leader. Innovative global enterprises are driving more efficient and effective hiring through HireVue, accessing a broader, more diverse talent pool, and significantly reducing bias.” Patrick McCarter, Managing Director and Co-Head of TMT at The Carlyle Group.
Goldman Sachs acted as exclusive financial advisor to HireVue.
Commvault, a leading provider of software solutions, acquires Hedvig, a provider of software-defined storage, for $225m.
"This acquisition demonstrates how Commvault is leading the way towards the intersection of storage and data management," said Sanjay Mirchandani, Commvault CEO. "We believe joining Hedvig's innovative software-defined storage capabilities with Commvault's industry leading data protection reduces fragmentation and leapfrogs other solutions in the market."
Ametek, a leading manufacturer of electronic instruments, acquires Pacific Design Technologies, a leading provider of advanced, mission-critical thermal management solutions, for $125m.
PDT joins AMETEK as part of its Electromechanical Group – a differentiated supplier of thermal management systems, and automation and engineered solutions.
"PDT is an excellent acquisition for AMETEK as it enhances our position in the attractive aerospace and defense sectors," David Zapico, Ametek Chairman, and CEO.
Resonetics, a leading laser micro-manufacturing in life since industry, acquires Tru Tech Systems, a leading supplier of precision grinding services for the medical device market. Financial terms were not disclosed.
"We are excited to welcome the Tru Tech team to Resonetics as customers will benefit greatly from our combined capabilities," Tom Burns, Resonetics President, and CEO.
O'Donnell & Naccarato, a structural engineering firm headquartered in Philadelphia, PA, has merged operations with Carmel, Indiana based architectural engineering firm, McComas Engineering. Financial terms were not disclosed.
With four offices in the Mid-Atlantic region, this merger strengthens O&N's geographic position and services on a national level. The addition of McComas increases the firm's core building design services by offering specialty engineering services for precast concrete, cold-formed-steel, and other contractor services. McComas also provides a specialized structural design to the aquatics industry for competition pools, dive towers, and leisure swimming pools throughout the country.
"This move to establish a position in the Midwest has been a strategic objective for some time, and McComas was a natural fit. We were impressed by their technical capabilities, relationship-driven approach, the potential for expansion, and their inclusive, welcoming culture." Anthony Naccarato, President of O&N.
WEC Energy Group has acquired an 80% ownership interest in Thunderhead Wind Energy Center. The Thunderhead site will consist of 108 GE wind turbines with a combined capacity of 300 megawatts. WEC Energy Group's investment will total $338m for the 80% ownership interest.
The project is being developed in Antelope and Wheeler counties, Nebraska by Invenergy - a leading developer and operator of sustainable energy solutions. Commercial operation is expected to begin by the end of 2020.
"This investment fits exceptionally well with our strategy of deploying capital in renewable energy assets that will serve strong, vibrant companies for years to come," Gale Klappa, WEC Energy Group executive chairman.
TC Transcontinental has acquired a 60% participation in Industrial y Commercial Trilex, a plastic packaging supplier located in Guayaquil, Ecuador, employing about 170 people. Financial terms were not disclosed.
Trilex specializes in the production and sale of packaging materials and banana farm plastics for protection and pest control. As the largest plastic supplier to the banana industry in Ecuador, Trilex enjoys a solid reputation for developing and providing a full range of solutions in this field.
"The acquisition of a majority participation in Trilex, a leading supplier to the banana export industry, is aligned with our growth strategy for the Packaging Sector. Trilex expands our already well-established footprint in Latin America with a second location in Ecuador, in addition to our plants in Guatemala and Mexico, and our sales office in Costa Rica. We are pleased to acquire majority participation in such a respected company that has fostered solid business relationships with a large customer base over the years. Today, we wish to extend a warm welcome to all of Trilex’s talented employees who are joining our team of committed, innovative, and results-oriented people.” François Olivier, TC Transcontinental President, and Chief Executive Officer.
FirstOnSite Restoration, Canada’s leading independent disaster restoration services provider, has acquired JPL Disaster Recovery, a company with more than 50-years’ experience and expertise in disaster restoration in Gatineau, Ottawa, and the Outaouais region. Financial terms were not disclosed.
“FirstOnSite and Interstate have had the vision to be a global leader in the disaster restoration industry, and this acquisition represents another important milestone for our combined company,” Dave Demos, CEO, FirstOnSite.
Diversified, a leading global technology solutions provider, acquires Advanced Presentation Products, a provider of audiovisual communications solutions. Financial terms were not disclosed.
"When we recently partnered with Advanced on a complex next-gen solution for a large Canadian organization, I was instantly impressed," said Fred D'Alessandro, Diversified founder and CEO. "Their values of Quality, Integrity, Service, and Excellence fit perfectly into our culture and I have no doubt that our success together will continue to grow in the future and provide long-term value for our clients."
Reece Group, the holding group for a range of innovative engineering companies, acquired Todd Pipe & Supply, a plumbing supply wholesaler serving Southern California, for $160m.
Peter Wilson, CEO and Managing Director of the Reece Group, said of the acquisition, “Todd Pipe is an example of us acting on opportunities to consolidate the fragmented plumbing market in the US Sun-Belt region. We acquired MORSCO last year to create a growth platform for the Group, and we will do this through organic, and considered in-organic opportunities as they arise.”
US Risk, a leading property and casualty insurance broker acquires Regency Insurance Brokerage Services, a wholesale broker and an MGA. The Regency team will join US Risk Brokers, the wholesale brokerage division of US Risk. Financial terms were not disclosed.
“We are excited to join the US Risk family of companies. We view this acquisition as a very positive event for our employees and are looking forward to being able to better serve our agents with the additional markets, products, and resources available through US Risk.” Paul A. Riemer, Regency CEO.
Advancing Eyecare, a leading US distributor of ophthalmic instruments and high-tech instrumentation to ophthalmologists and optometrists, acquires Ophthalmic Instruments, a leading distributor of quality ophthalmic instruments. Financial terms were not disclosed.
"It is fascinating to be joining one of the leaders in the industry, and we look forward to building our business in partnership with the Advancing Eyecare team of professionals." Scott Shone, Ophthalmic Instruments President.
PalletOne, America’s most significant new pallet manufacturer, has purchased Bay Wood Products, a pallet and crate manufacturing business. Financial terms were not disclosed.
“We are very pleased to welcome such a well-run operation in the southern Alabama market. Jimmy and the Bay Wood team are well respected in our industry. It’s an honor to move forward with them.” Howe Wallace, PalletOne CEO.
ASSA ABLOY, a leader in access solutions, acquires LifeSafety Power, a leading supplier of access control power solutions. Financial terms were not disclosed.
"I am very pleased to welcome LifeSafety Power into the ASSA ABLOY Group. LifeSafety Power constitutes a strategic addition to the Group and reinforces our position in access control solutions,” Nico Delvaux, ASSA ABLOY President, and CEO.
Founder Thomas D. Sullivan to take Lumber Liquidators private. (FS)
Founder of Lumber Liquidators Holdings, a leading hardwood flooring retailer, plans to take the company private as he wishes to consider options for the chain which include a sale.
Thomas D. Sullivan -- who owns about 6% of the company’s shares through his F9 Investments - said he is already in talks with private equity and banks about a possible bid for the retailer. If he were successful, he’d be interested in merging the chain with his current company Cabinets To Go, Bloomberg reported.
Great Hill Partners recapitalized Pareto Health. (FS)
Private equity firm Great Hill Partners recapitalized Pareto Health, a leading employee benefits group captive manager that helps businesses with 50+ employees self-fund health benefits with greater savings and lower volatility.
"Our investments in the self-insured ecosystem have demonstrated the value that self-insurance provides to employers while highlighting the obstacles that small and medium-sized businesses encounter if they try self-funding on their own. Pareto solves these challenges while providing employers with best-in-class cost containment solutions to help the companies take control of their healthcare costs," said Rafael Cofiño, Partner at Great Hill. "We are thrilled to partner with the market leader in employee benefit group captives and support the Pareto team as they help more employers rein in their healthcare spend."
TripleTree, Sullivan & Cromwell and Kurtz & Revness advised Pareto Health. Goodwin Procter advised Great Hill Partners.
VkusVill aims to go public on Nasdaq and expand overseas.
VkusVill, a leading Russian supermarket chain, is planning an IPO at New York and is targeting its expansion into the European market and China.
With annual revenue growth of 60%, VkusVill could become the first Russian food retailer to go public since 2014. The management is considering to go public by 2021, and the final decisions regarding the IPO are not conclusive yet.
CAOA to buy Ford's Brazilian plant, could slash 1.3k jobs post acquisition.
Reuters reported that Brazilian automaker CAOA reached an initial agreement to buy Ford Motor’s plant in Sao Bernardo do Campo and that CAOA could slash 1.3k jobs.
CAOA and Ford have been negotiating the purchase since late February.
Vivid Seats and KKR to bid for Stubhub. (FS)
Bloomberg reported that StubHub, the ticket marketplace eBay is selling, has drawn interest from suitors including rival Vivid Seats and buyout firm KKR.
Chicago-based Vivid Seats is backed by the private equity firms GTCR and Vista Equity Partners.
Freeman Spogli raises $2bn in recent fund. (FS)
Middle market focused private equity firm Freeman Spogli closes its new fund, FS Equity Partners VII, at its hard cap of $1.85bn.
"We are grateful and humbled to have received such a high level of interest for Fund VIII," says Freeman Spogli Co-Founder and Co-Chairman, Ron Spogli. "Our team is deeply appreciative of the long-term support from existing limited partners, and we are excited to welcome new investors to Fund VIII. We value these relationships, and the continued support our limited partners have shown us."
Lazard and Ropes & Gray advised the transaction.
Ford Financial Fund closes the recent fund with $1bn in commitments. (FS)
Ford Financial Fund, a leading private equity fund focusing on investment in community banks, closes its new fund, Ford Financial Fund III with over $1bn in commitments.
“We are very pleased with the significant interest in Ford Financial Fund III, which attracted an exceptional base of investors,” says Ford. “It is gratifying to have many existing investors reaffirm their faith in us by participating in Fund III. We also had the opportunity to welcome many new and highly sophisticated investors as well.”
Former Domino's Pizza CEO is teaming up with The Carlyle Group. (FS) (People)
Patrick Doyle, former Domino's Pizza CEO, is teaming up with The Carlyle Group and plans to acquire established consumer companies worth as much as $10bn. The partnership will focus on public and closely held companies, including family businesses, initially targeting the consumer and retail sectors in North America and Europe that can benefit from a technology overhaul.
“We are looking for established companies that consider technological and digital improvement a top priority but haven’t yet had the adequate resources or expertise to pursue this evolution of their businesses,” said Jay Sammons, Carlyle’s head of global consumer, media and retail, who will be working with Mr. Doyle.
Kinnevik leads $100m funding round in VillageMD. (FS)
Kinnevik, a leading private equity firm, led the $100m Series B funding round with a $75m investment in VillageMD, a leading provider of primary care.
"As we continue to transform and disrupt the healthcare system, we want partners who embrace our mission of changing U.S. healthcare for the better," Tim Barry, CEO, and co-founder of VillageMD. "Partnering with these world-class investors, who share our vision and bring us fresh capital and new capabilities, allows us to impact more patients and ultimately improve the quality of care in our country."
Repare Therapeutics raises $83m in recent round. (FS)
Repare Therapeutics, a precision oncology company, closed its recent funding round at $83m. Cowen Healthcare Investments led the recent Series B Financing round.
Other firms participating in the round are investors OrbiMed, Redmile, BVF Partners, Logos Capital, Versant Ventures and existing investors MPM Capital, Fonds de solidarité FTQ, and BDC Capital.
“We are pleased to include this exceptional group of new investors along with our strong existing group of shareholders to continue building Repare’s leading position in synthetic lethality and DNA damage repair precision oncology treatments,” Lloyd M. Segal, Repare President, and Chief Executive Officer.
EMEA
Premier Asset Management Group, a British investment management company, and Miton Group, an asset manager, announced a merger deal. Under the terms of the Merger, holders of Miton Shares will be entitled to receive 0.3 Premier shares in exchange for each Miton share.
Commenting on the Merger, Mike O'Shea, CEO of Premier, said: "This merger will bring together two complementary and culturally-aligned businesses. Both are focused on delivering added value for clients through actively-managed, strongly-performing, and relevant investment products. The combined group will create a company with greater scale and financial strength to invest for future growth, with broader and deeper investment capabilities, enhanced distribution, and a more efficient operating platform. Ultimately, this should position us well for continued growth and deliver value for clients, shareholders, and employees."
Liberum Capital, Spencer House, Stephenson Harwood and MHP Communications are advising Miton. Numis Securities, Fenchurch Advisory Partners, Burges Salmon and Smithfield are advising Premier Asset Management.
Reuters reported that France’s Vivendi condemned Mediaset’s refusal to allow its trust to vote at a shareholder meeting to be held by the Italian broadcaster. The French media giant said it would challenge in court Mediaset’s plan to reorganize its businesses.
“Mediaset is disregarding the most basic shareholder rights and principles of corporate governance with the sole objective of favoring Fininvest (Mediaset’s controlling shareholder), without even recognizing a premium to minorities,” Vivendi said in a statement.
Banca IMI, JP Morgan, Citigroup, and Mediobanca are advising Mediaset.
GIC invested $600m for a 6% stake in pipeline infrastructure of the Abu Dhabi National Oil Company. This marks the successful closing of the total investment transaction, following the formal end of the initial investment agreement with BlackRock and KKR on June 27.
Ahmed Jasim Al Zaabi, Group Director Finance, and Investment at ADNOC said: “The successful final closing of this landmark transaction is a clear vote of confidence by the global investment community in both the UAE and ADNOC as attractive investment destinations. The caliber of these leading global and domestic investors underlines the quality and attractiveness of ADNOC’s infrastructure assets and our ability to efficiently structure and close value-creating investment opportunities for our partners and investors.”
Essling Expansion, Essling Capital’s Small & Lower-Mid Cap fund, completes its second investment supporting Ubitransport’s growth. Financial times were not disclosed.
Ubitransport offers a suite of comprehensive digital mobile solutions dedicated to school transportation management (2School), intercity, and employee transportation (2Place) and on-demand transportation (2Tod).
“In a market full of opportunities, Ubitransport is expected to become a key player in mobility.” Vincent Maignaut, Investment Director of Essling Expansion and Head of the Lyon office.
The industrial conglomerate Ernströmgruppen acquires the Ouman Group and establishes itself as a significant player in building automation Northern Europe. Financial terms were not disclosed.
Ouman develops, manufactures, and sells products and services for building automation and energy-saving measures of real estate and industries. With the head office in Finland, the company has a strong presence in Estonia, Sweden, and Russia. The main production plant is based in Estonia.
“Ernströmgruppen continues to build a strong industrial conglomerate with companies working in future niches. Building automation has long been a priority area as it fits very well with our ambition to be an owner who positively influences social development towards a digital and sustainable future." Pontus Cornelius, Ernströmgruppen CEO.
Mirova, a french investment management firm, agreed to acquire an 80% stake in Altiservice, the private ski operator, from Engie, which offers a full range of electricity, gas and associated energy and environment services throughout the world. Financial terms were not disclosed.
Altiservice, which manages the first and third ski resorts of the French Pyrenees, Saint-Lary and Font Romeu-Pyrénées 2000, has changed its shareholder by public service delegation majority. With the support of its new shareholder, Altiservice plans to invest in snow cannons, track works and even ski lifts at Font Romeu-Pyrénées 2000 and Saint-Lary.
"Engie wanted to refocus on renewable energies, and we looked for a new partner to invest in the resorts," Yves Rougier, CEO of Altiservice.
ORIOR, the internationally active Swiss food & beverage group, has increased its interest in Casualfood to 70%, which further strengthens its broader strategic footprint by adding a new center of competence specialized in small scale food islands in the fast-growing foodservice to-go market. Financial terms were not disclosed.
ORIOR announced the multi-stage acquisition of Casualfood, beginning with an initial 35% interest in the company. Having purchased an additional 35% interest, ORIOR now owns a majority stake, and Casualfood has been integrated into the ORIOR International segment as an independent center of competence. Casualfood will, therefore, be fully consolidated as of September 2019. The purchase of this additional interest has been financed with internal funds and through existing lines of credit. ORIOR intends to acquire all remaining Casualfood shares in stages by 2022.
“Casualfood is a great company. The fine sense for brand worlds and trends is remarkable. Their success is also based on an unconventional, agile, and creative way how this team creates new brand worlds with short stories and their proximity to consumers with a strong focus on small scale food islands.” Daniel Lutz, ORIOR Group CEO.
Sonneveld Group, a wholly-owned subsidiary of Orkla Food Ingredients, the leading bakery and ice cream ingredient player in the Nordic region, agreed to acquire Vamo produkten voor de Bakkerij, which manufactures specialized concentrates and ingredient mixes for sale to manufacturers of artisan and industrial bakery products. Financial terms were not disclosed.
“Vamo is a well-run company with a good customer base and a product portfolio that is a good fit with Sonneveld. The acquisition of Vamo will complement Sonneveld’s position as a supplier of ingredients and accessories to the bakery market,” says Peter Verhagen, CEO of Sonneveld.
WSP Global, a leading provider of professional services, acquires Orbicon, a provider of engineering and environmental consultancy. Financial terms were not disclosed.
The acquisition, which was financed using WSP’s available cash and credit facilities, is aligned with WSP’s 2019-2021 Global Strategic Plan. The addition of Orbicon will bolster WSP’s presence in the Nordics while strengthening its Strategic Advisory Services offering in the environment.
“Becoming a member of WSP is great news for Orbicon and its employees. By joining WSP, we will significantly strengthen our competitive position across the Nordic region, providing us with access to the global network and the world-class expertise of one of the leading firms in our industry." Per Christensen, Orbicon CEO.
Vision33, a leader in SAP Business One implementation, completes the acquisition of B1 Systems, a provider of SAP Business One in the UK. Financial terms were not disclosed.
"Together as Vision33, we look forward to delivering even greater value to our customers in the UK by offering additional products and capabilities to our current customers and helping even more businesses grow on a global scale with the right technology – SAP Business One.” Brendan Mizzi, B1 Systems Director, and Co-founder.
Mitsubishi, Japan's largest trading company and a member of the Mitsubishi keiretsu, agreed to invest in Finland's MaaS Global, a mobility-as-a-service provider. Financial terms were not disclosed.
Leveraging this third-party share acquisition, Mitsubishi plans to take advantage of its global network and broad industry presence to develop MaaS Global's operations throughout Asia and other parts of the world. Mitsubishi is also aiming to form tie-ups with mobility players in other sectors like real estate, retail, and tourism to develop a new "Beyond MaaS" business model that encompasses more than mobility services.
Sberbank denies taking ownership of Antipinsky refinery. (FS)
Sberbank, Russia's largest lender, denies taking ownership of Antipinsky oil refinery which filed for bankruptcy in May. Antipinsky has halted operations on several occasions because of a lack of funds to pay for crude oil deliveries. Sberbank had been its principal creditor which estimates the bankruptcy case would amount to more than $5.2bn.
Hammerson considers selling a stake in Value Retail, Bicester Village owner.
Hammerson weighs a sale of its £1.9bn ($2.3bn) stake in Value Retail, the retail outlet business that owns Bicester Village. The FTSE 250 shopping center owner is reviewing options for its 39% interest in Value Retail, which owns nine shopping outlet villages in Europe comprising more than 1k stores.
Bicester Village in Oxfordshire is an outlet center that attracts more than half of all Chinese visitors to the UK with discounted prices for luxury brands such as Gucci and Burberry.
Antin Infrastructure hires banks to help dispose of CATS. (FS)
Antin Infrastructure Partners, a private equity firm, hires Bank of America-Merrill Lynch and Citi to assist the sale of its British gas pipeline asset Central Area Transmission Systems (CATS).
The sale is expected to be closed in the next 12 months and could fetch more than $1.5bn.
Apax and Apollo to bid for Ferrovial Servicios. (FS)
Two leading private equity firms Apax Partners and Apollo enter final bidding round for the infrastructure advisor Ferrovial Servicios.
Austrian billionaire Rene Benko raises cash in the wake of Kaufhof acquisition.
Benko has received the regulatory approval for the 50% stake in Kaufhof which he didn't already have.
Stirling looking to acquire Ipsen. (FS)
Stirling Industries, a United Kingdom-based company, formed to acquire companies in the industrial sector, confirmed that it is considering a £190m ($229m) bid for Apple Watch supplier Ipsen. Quadriga Capital, a German private equity firm, currently owns Ipsen.
Montfort Communications and Numis Securities are advising Stirling.
Lindsay Goldberg to buy Bilcare Research for $329m. (FS)
Private equity firm Lindsay Goldberg is set to acquire Bilcare Research, a pharmacology packaging industry company, for $329m including debt, Reuters reported citing undisclosed sources.
La Perla to file for IPO in Paris.
La Perla, the indebted Italian lingerie brand owned by Lars Windhorst’s investment company, will list its shares on the Paris stock exchange to help access capital at a difficult time, Bloomberg reports.
APAC
Permira, a leading private equity firm, acquires a majority stake in aircraft parts and equipment distributor, Topcast Aviation Supplies. Financial terms were not disclosed.
"We are delighted to partner with Permira as we pursue our plans for further growth in the aviation world. Permira’s expertise in backing businesses to become global leaders is crucial to enable the next stage of Topcast’s development, after nearly three decades of operational success.” Thomas Hung, Topcast Managing Director.
RBC Capital Markets and Kikrland & Ellis are advising Topcast. HSBC is advising Permira.
CATL invested in Pilbara Minerals, as an A$91m ($62m) of equity raising process. The Placement will comprise the issue of approximately 305m new Pilbara Minerals ordinary shares at a price of A$0.3 ($0.2) per share. In addition to the Placement, an SPP is expected to rise to an additional A$20m ($13m) from eligible shareholders, for potential total raising proceeds of A$111m ($75m).
“While there has been commentary talking down the current state of lithium markets, it has belied the significant interest we have continued to see from the strategic players in the lithium-ion supply chain and their focus on lithium raw material supply. In particular, the focus is on the quality and security of the lithium raw material supply and matching the raw material demand growth to growth downstream in the lithium-ion battery supply chain." Ken Brinsden, Pilbara Minerals’ Managing Director.
Pilbara Minerals is advised by Macquarie Capital and Hartleys. CATL is advised by CMB International.
Spark owned subsidiary, Qrious, has acquired NOW Consulting, the New Zealand-based data consulting division of WhereScape Software, in a strategic move that will give Qrious a unique data and analytics offering in the New Zealand market. Financial terms were not disclosed.
The merged business will operate under the Qrious brand combining the precious data, analytics, AI and data-powered customer engagement capabilities of Qrious with NOW Consulting’s wealth of expertise and skill in data integration, engineering, and visualization.
Jolie Hodson, CEO of Spark, says that Spark is focused on further growing its data services, and this acquisition is a critical step in doing so. “Data is fast becoming a business’s most valuable asset. When unleashed effectively, it provides a real competitive advantage. We are proud of the position Qrious has already built as a leading innovator in New Zealand’s data and analytics space, particularly following Qrious’ successful acquisition and integration of marketing automation business Ubiquity in 2017. The acquisition of NOW Consulting is an excellent opportunity to accelerate the next stage of Qrious’ growth.”
Metro Pacific files for IPO, aims to raise $1.6bn. (FS)
DealStreetAsia reported, Philippines’ largest hospital chain has filed for an IPO, as bidders are reportedly lining up to buy a 40% stake in the business from its parent Metro Pacific Investments.
Metro Pacific Hospitals Holdings plans to sell as much as 457.86m shares, including the over-allotment option, at a maximum price of $3.47 per share. Buyout firms KKR, Blackstone and CVC are among bidders competing for a stake in the hospital unit.
IDBI Bank plans to dispose of insurance assets.
DealStreetAsia reported that a day after the Union Cabinet approved infusion of banks, IDBI Bank is now looking to sell its stake in IDBI Federal Life Insurance Company and has mandated JP Morgan India to manage the process.
“JP Morgan India Private has been mandated for advising and managing a strategic review process for IDBI Federal Life Insurance which may result in, inter alia, potential divestment of all or part of the stake held by IDBI Bank in IDBI Federal Life Insurance Company,” the announcement said, adding that JP Morgan invites expressions of interest by way of submission of comprehensive, non-binding proposal from potential investors for evaluating the possible transaction.
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