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AMERICAS
Gentiva, a provider of home health care, agreed to acquire Heartland hospice and home care agencies from ProMedica, an integrated healthcare organization. Financial terms were not disclosed.
"This transaction is an exciting development for patients and their families that will enable us to extend our best-in-class caregiver recruitment and retention programs and provide high-quality care to more patients in more areas throughout the country. Gentiva consistently achieves industry-leading quality of care and patient family satisfaction scores by investing in our people and caregiving capabilities. Heartland is a high-quality hospice and home care provider that shares our values on compliance and putting patients first, and my colleagues and I look forward to growing our number of caregivers so we can expand access to the highest-quality care for more seniors," David Causby, Gentiva President and CEO.
Gentiva is advised by BNP Paribas, Citizens M&A, Deutsche Bank, Truist Securities, UBS, Wells Fargo Securities, Debevoise & Plimpton and Ropes & Gray. Debt financing is provided by Goldman Sachs. ProMedica is advised by Houlihan Lokey and BakerHostetler.
The US Federal Trade Commission is expected to challenge Intercontinental Exchange's $16bn deal for mortgage software company Black Knight, Reuters reported.
The FTC has been scrutinizing the Black Knight deal for months amid concerns from some US lawmakers the pricing power ICE would gain in the mortgage data market that lenders rely on could lead to higher costs for consumers.
Thoma Bravo, a private equity firm, completed the acquisition of Coupa Software, a cloud platform for business spend management, for $8bn.
"This is an important milestone for Coupa, underscoring our market-leading position and the value we're co-creating with our customer community. Thoma Bravo shares our vision and brings strategic and operational expertise. This move is an opportunity for us to strengthen our business fundamentals and continue delivering leading-edge innovation on our platform," Rob Bernshteyn, Coupa Chairman and CEO.
Park Cities, an alternative investment firm, completed the acquisition of Elevate, a provider of online credit solutions, for $67m.
“From the beginning, Elevate has strived to be the most trusted and preferred alternative credit provider for the ‘New Middle Class’—the more than 100m credit constrained Americans. I am excited to build on our partnership with Park Cities and continue our work as a leader and innovator in the non-prime market. I look forward to working with the Park Cities leadership team and believe the Company will greatly benefit from their expertise and comprehensive understanding of the credit landscape," Jason Harvison, Elevate CEO.
Riley Exploration Permian, a growth-oriented, independent oil and natural gas company, agreed to acquire oil and gas assets from Pecos Oil & Gas, a privately owned oil and gas exploration and production company, for $330m.
"We're excited to add this prolific asset and new region to our portfolio. Our team has been highly selective in reviewing acquisition opportunities, and this is a deal that fits our criteria, as it brings over 100 high quality drilling locations and provides immediate accretion to relevant financial metrics. This is an under-developed asset with extensive development potential, allowing for value creation potential through the drillbit. Our enhanced scale will improve our cost structure, will facilitate normalizing development cadence and may lead to oilfield service cost savings. Overall, we believe this transaction positions our Company to continue delivering strong financial performance and shareholder returns," Bobby Riley, Riley Permian CEO and Chairman.
Riley Exploration Permian is advised by Truist Securities, Holland & Knight and Kirkland & Ellis. Cibolo Energy Partners is advised by Jefferies & Company and Vinson & Elkins. Debt financing is provided by EOC Partners.
Ranger Oil, a pure-play independent oil and gas company, agreed to acquire a 37% stake in Baytex Energy, an oil and gas corporation, for $925m.
"I couldn't be more proud of the Ranger team and the company we've built together. We expect that combining with the balance sheet strength, deep asset base, and operational excellence of Baytex will create a unique company of scale which will deliver sustained free cash flow growth and differentiated shareholder returns. We look forward to bringing together our complementary teams and assets to realize the long-term value of this combination for our shareholders," Darrin Henke, Ranger President and CEO.
Ranger Oil is advised by Bank of America, Wells Fargo Securities, Kirkland & Ellis and Stikeman Elliott.
Pathstone, an independently operated, partner-owned advisory firm, agreed to acquire Rex Capital Advisors, an investment advisory services provider. Financial terms were not disclosed.
"From the first conversation with Arthur and his team, we saw alignment in the way we approach client service, embrace innovation, and view the future of the family office business model. We're thrilled to partner with such a culturally aligned group and to continue strengthening our presence in New England, in line with our goal of growing within our existing regional offices," Matt Fleissig, Pathstone CEO.
Rex Capital is advised by Morgan Lewis & Bockius (led by Robert Goldbaum). Pathstone is advised by Alston & Bird.
Lightspeed Venture and Greenoaks Capital, two investors, led a $300m Series D round in Wiz, a cloud security startup, with participation from Howard Schultz and Bernard Arnault.
“When we first launched Wiz, we set out to design a product with the world’s leading enterprises in mind, and all the complexity and operational considerations their dynamic cloud environments present. With Wiz, companies are developing a new maturity level in their cloud environments by improving security, increasing visibility and driving agility," Assaf Rappaport, Wiz Founder.
EIG, an institutional investor in the global energy and infrastructure sectors, and Modern Energy, a diversified clean energy company, completed the $90m investment in Industrial Sun, an energy company and developer of large-scale solar projects for power sale to industrial clients.
"We are excited to partner with Industrial Sun and join forces with their talented team. We have been impressed by their strong track record, innovative business model, and the opportunity they have created to generate significant value for their customers. This investment allows us to deepen our relationship with Modern Energy and participate in the scaling of a promising clean energy platform," Andrew Ellenbogen, EIG Managing Director.
Riverside, an investment firm, completed the acquisition of American Service Company, an alarm system company, and Advanced Fire Protection Systems, a fire protection service. Financial terms were not disclosed.
"Fire and life safety is a rapidly growing market, and the combined business is well-positioned to meet the ever-growing needs of the industry. During our partnership, we plan to invest in sales and marketing resources to enhance the organizations’ already-extensive customer base while extending service offerings that will address the compliance needs of new and existing customers," Loren Schlachet, Riverside Managing Partner.
EFL Global, a supply chain and logistics solutions provider, completed the acquisition of Trans American Custom House Brokers, a logistics provider. Financial terms were not disclosed.
"We're thrilled to add such a historically successful organization to our business and grow the EFL Global family. With this acquisition, we add more valuable solutions in the Customs Brokerage space and continue to expand our global footprint for existing and future customers," Evan Rosen, EFL Global President of Americas Region.
Bluefors, a Finnish manufacturer of cryogenic measurement systems, agreed to acquire Cryomech, a cryocooler technology and manufacturing company. Financial terms were not disclosed.
"We have a long history of working together with Cryomech, and this agreement is really the next stage in the evolution of collaboration between the Bluefors and Cryomech teams. The acquisition gives our new, combined company an even better opportunity to secure technological leadership, which will help us continue to serve our customers and continue our strong growth in the rapidly developing ultra-low temperature cryogenics market," Rob Blaauwgeers, Bluefors CEO and Founder.
Altria Group in talks to acquire NJOY for $2.75bn.
Marlboro maker Altria Group is in advanced talks to buy e-cigarette startup NJOY for at least $2.75bn and plans to divest its stake in Juul Labs, WSJ reported.
The deal for NJOY, one of the few e-cigarette makers whose products have clearance from federal regulators, could be announced as soon as this week. The proposed deal includes an additional $500m earnout if certain regulatory milestones are met.
Carmaker's investment gives McEwen Copper more time to go public.
Investments by European automaker Stellantis and mining giant Rio Tinto Group are giving Rob McEwen's copper venture more breathing space before going public, Bloomberg reported.
The Canadian entrepreneur now expects to hold an initial public offering for his namesake copper unit in the second half of the year instead of the first half. That's after Stellantis and a Rio unit each took a 14.2% stake in McEwen Copper, providing enough funding for its Argentine project until next year.
Goldman considers shrinking its consumer business.
Goldman Sachs Chief Executive David Solomon said that the bank is "considering strategic alternatives" for its consumer platforms business, which includes the specialty lender GreenSky and credit-card partnerships with Apple and General Motors, WSJ reported.
"I've certainly reflected a lot over the course of the last three years. There were some clear successes, but there were also some clear stumbles," David Solomon, Goldman Sachs CEO.
Brookfield plans second energy transition fund. (FS)
Brookfield Asset Management is looking to secure around $20bn in capital commitments for its latest fund which will focus on investments in the global transition to clean energy from fossil fuels.
The new second energy transition investment vehicle, is expected to start by the middle of the year. Depending on investor demand, the fund may eventually raise as much as $25bn.
Bain Capital Ventures closes $1.9bn in tech investment funds. (FS)
Bain Capital Ventures, the venture arm of the namesake private equity giant, has raised $1.9bn across two new venture funds targeting startups of all sizes, Bloomberg reported.
The funds, which set a new record for Bain Capital's 20-year-old venture capital business, will target investments in fintech, infrastructure, apps and commerce technology. The raise eclipses the $1.3bn BCV announced in May 2021 to invest in earlier-stage companies.
Lyric Capital closes $410m second music royalty fund. (FS)
Lyric Capital, a New York-based private equity firm that specializes in investing in music copyrights and the owner of global music publishing operation Spirit Music Group, announced that it has successfully closed its second fund, with total commitments of approximately $410m.
"I couldn't be more excited about completing our latest fundraise with the participation of existing and new investors which validates our unique and collaborative approach to acquiring high-quality assets from recording artists and songwriters. Thanks to our relationships and proven reputation as good stewards of legendary song catalogs and recordings, we have a robust pipeline of proprietary opportunities and the capital to pursue them," Jon Singer, Lyric Capital Managing Partner and Co-Founder.
Carlyle private equity CIO Peter J Clare to retire. (FS, People)
Peter J Clare, the Chief Investment Officer of corporate private equity and Chairman of the Americas at Carlyle Group, is to retire on 30 April after 31 years at the firm. He is also stepping down from his role as a member of the Carlyle Board of Directors, effective immediately.
Sandra Horbach and Brian Bernasek, Co-Heads of Carlyle's US Buyout and Growth platform, will assume the role of co-heads of the Americas to oversee the firm's private equity business across the region.
Cambridge Associates adds Chief Data Officer and Head of Corporate Strategy. (FS, People)
Global investment firm Cambridge Associates has expanded its executive leadership team with the appointments of Chief Data Officer Harinder Soin and Head of Corporate Strategy Adam Lester.
Soin reports to Jason Roberts, Chief Technology Officer and Lester reports to the firm's CEO, David Druley.
EMEA
ANIMA, an independent asset management operator, agreed to acquire an 80% stake in Castello, a company specialising in the promotion and management of alternative investment products, from Oaktree, an investment manager, for $63m.
“I am proud of this operation, and I thank ANIMA’s top management and the CEO Alessandro Melzi d’Eril for the trust and the quality of the activity carried out together during the past months. This agreement, with a distinctive industrial value, sets the ground for the creation of a reference Italian player in the market of alternatives’ investments with the aim to create further value for all stakeholder and the Country. With the strength of our track record, which we make available to ANIMA, I am sure we can play together the role of aggregator for Alternative asset management companies," Giampiero Schiavo, Castello CEO.
ANIMA is advised by KPMG, Banca Akros, Vitale & Co, Daverio & Florio, Shearman & Sterling (led by Andrea De Pieri), Barabino & Partners (led by Emma Ascani) and Di Tanno e Associati. Oaktree is advised by Mediobanca and Freshfields Bruckhaus Deringer.
Methode Electronics, a supplier of custom-engineered solutions for user interface, agreed to acquire Nordic Lights Group, a high-quality lighting solutions provider, for $140m.
“Methode considers Nordic Lights to be highly complementary to its own existing LED lighting solutions. In addition, the business aligns well with our inorganic growth framework given its focus on engineered solutions for OEMs, its industrial and non-auto transportation market exposure, and its customer and geographic diversity. We look forward to working closely with the talented Nordic Lights team to grow and strengthen their business even further," Donald W. Duda, Methode Electronics President and CEO.
Methode Electronics is advised by Moelis & Co, Hannes Snellman, Wachtell Lipton Rosen & Katz (led by Trevor S. Norwitz) and Hill+Knowlton Strategies.
Bridgepoint, a private investment company, completed the acquisition of a majority stake in Equativ, an independent ad platform. Financial terms were not disclosed.
"After three consecutive years of strong growth, our partnership with Bridgepoint is a key milestone in Equativ's history as the digital advertising industry continues to rapidly transform. Our vertically integrated platform is now uniquely positioned to offer publishers and advertisers around the world the ability to execute advertising transactions directly and efficiently, without intermediaries, in a brand-safe and transparent environment. This new chapter with Bridgepoint validates our strategy and positioning and will help to provide additional resources to accelerate our investments and achieve our ambitions," Arnaud Créput, Equativ CEO and Founder.
Bridgepoint was advised by Shearman & Sterling (led by Xavier Norlain). Equativ was advised by GingerMay.
LGT, a private banking and asset management group, agreed to acquire discretionary fund management business from abrdn, an investment company, for £140m ($168m).
"We are establishing one of the UK's leading personal wealth businesses, and this deal represents an important step forward in our strategy to focus on our high-growth, platform-led, businesses. Our track record over the past two years shows that where we identify non-core capabilities, we will look to divest and redeploy capital in ways that better align with the interests of our investors, clients and customers," Stephen Bird, abrdn CEO.
abrdn is advised by Evercore.
Enagás, an energy company, completed the acquisition of 130 km of natural gas pipelines from Reganosa, a gas company, for $57m.
“This is a historical agreement that reinforces the strategy of both companies and strengthens the Spanish Gas System. The agreement will also contribute to reinforce the terminal’s potential of the El Musel and promotes our investment plan in Galicia," Arturo Gonzalo, Enagás CEO.
ArisGlobal, a provider of life sciences software, completed the acquisition of Amplexor Life Sciences, a provider of regulatory, quality, and safety software solutions. Financial terms were not disclosed.
"For many years, ArisGlobal has been focused on building a regulatory platform that provides a market-leading, comprehensive set of products and streamlines processes supporting collaboration across distributed teams while adhering to extensive and evolving global regulatory requirements. By combining our core functionalities, we are elevating our end-to-end Regulatory capabilities to enhance our customers' journey," Mike Gordon, ArisGlobal CEO.
UK's big energy short pays off with £1.2bn windfall.
The UK government is set to make £1.2bn ($1.4bn) from a short position it took in power and natural gas markets after seizing control of collapsed supplier Bulb Energy last year, Bloomberg reported.
When Bulb was in the Special Administration process, Treasury rules prevented the buying of energy in advance to match the amount already sold to the failed utility's 1.5m customers. That set up a short position, and when energy prices fell, the government's position became profitable.
Vodafone's biggest shareholder e& ups stake to 14%.
United Arab Emirates-based telecoms group e& has increased its stake in Vodafone to 14%, saying its rationale was unchanged from May 2022 when it bought a 9.8% stake to "enhance and develop its international portfolio", Reuters reported.
Vodafone's shares have fallen 15% since e& first invested, as the London-listed group has struggled to improve weak performance in three out of its four biggest European markets, resulting in the departure of its Chief Executive in December.
Germany in talks to merge power grids through buyouts
Germany's government is accelerating efforts to merge four high-voltage grid operators because it believes that's the quickest way to modernize power lines for a coming influx of renewable energy, Bloomberg reported.
Chancellor Olaf Scholz's cabinet is in talks with the Dutch government to pay more than €20bn ($21bn) for the local unit of Dutch operator TenneT. Negotiations for stakes in rivals 50Hertz, TransnetBW and Amprion also are underway, with the eventual goal of forming a single unit.
IHS weighs bid for Telkom's African tower business.
New York-listed telecommunications infrastructure provider IHS Holding is weighing a bid for South Africa's Telkom's tower unit, Bloomberg reported.
Deliberations are focused on the structure of the potential deal, although Telkom remains open to offers from other companies and there is no guarantee IHS will buy the unit. The Swiftnet business is worth about $472m based on future expected cash flows.
Indorama Ventures seeks M&A deals in Europe and Africa.
Thailand-based petrochemical group Indorama Ventures is hunting for acquisitions especially in Europe and Africa as part of its strategy to speed up growth, Reuters reported.
"We don't have anything in Europe at the moment on integrated oxides and derivatives and therefore being a global firm, we can find some opportunities in IOD," Aloke Lohia, Indorama Founder and CEO.
Euronext CEO confident IPO conditions are poised to improve.
Euronext, Europe's largest stock-exchange group, says the pipeline for initial public offerings remains strong even amid a current drought, but companies are having difficulty picking the right time to list because of market volatility, Bloomberg reported.
There's a vibrant set of businesses, particularly in the technology sector, that are ready to go public, said Euronext Chief Executive Officer Stephane Boujnah.
APAC
Verveine, a special purpose vehicle equally owned by Mr Goh Geok Khim and Mr Goh Yew Lin, agreed to acquire the remaining 37% stake in GK Goh, an investment services company, for $108m
The privatisaton and delisting will allow the company to restructure its asset mix and provide greater flexibility to take strategic long-term decisions without the pressure of delivering profits in the short term.
Verveine is advised by MayBank, United Overseas Bank, and Allen & Gledhill. GK Goh is advised by WongPartnership.
Crescent Capital weighs sales of Healthcare Australia. (FS)
Private equity firm Crescent Capital Partners is exploring a sale of recruiting firm Healthcare Australia, Bloomberg reported.
Crescent Capital is working with an adviser to identify potential buyers for one of the biggest recruiters of health-care workers in Australia. A deal could value Healthcare Australia at about $471m or more.
Sequoia Capital deploys $480m from third fund. (FS)
Sequoia Capital's Chinese affiliate has officially started deploying capital from a $480m vehicle as the investor moves ahead with early-stage dealmaking anticipating an expected market rebound in China, DealStreetAsia reported.
Sequoia Capital China, founded in 2005 by investment guru Neil Shen, recently began investing money from the Sequoia China Seed Fund III, which the firm closed last year as part of its near-$9bn fundraising success.
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