EIG-backed MidOcean Energy completed the acquisition of a 20% stake in Peru LNG from SK Earthon for $256m. (FS)
EIG-backed MidOcean Energy, an LNG company,completed the acquisition of a 20% stake in Peru LNG, a natural gas liquefaction company, from SK Earthon, a refining company, for $256m.
“The completion of this investment is an important milestone in our efforts to create a global, diversified and resilient portfolio of LNG assets. As the only LNG export facility in South America, PLNG is uniquely positioned in the global marketplace. PLNG also plays an important role in providing gas and LNG to customers in Peru. We look forward to a strong partnership with the PLNG co-venturers and our work towards sustaining PLNG’s positive impact for many years to come," De la Rey Venter, MidOcean Energy CEO.
MidOcean Energy was advised by Morgan Stanley and Latham & Watkins (led by Charles Carpenter and Justin T. Stolte). EIG Global Energy Partners was advised by FGS Global (led by Kelly Kimberly and Brandon Messina). SK Earthon was advised by JP Morgan.
JD Sports Fashion to acquire Hibbett for $1.1bn.
JD Sports Fashion, an omnichannel retailer of sports fashion brands, agreed to acquire Hibbett, an athletic-inspired fashion retailer, for $1.1bn.
“Today’s announcement is a true testament to all that our Hibbett | City Gear teams have built over the years and reinforces the strength of our brands, our close relationships with our vendor partners, and our team of dedicated colleagues across the country. JD Sports is a well-respected global leader in athletic footwear and fashion that, like us, is committed to the communities and customers it serves. We are thrilled to begin this new chapter with JD Sports, and believe the transaction will enable us to fulfill our customer-oriented mission even more effectively for years to come," Mike Longo, Hibbett President and CEO.
Hibbett is advised by Solomon Partners and Bass Berry & Sims. JD Sports is advised by Robert W Baird and Freshfields Bruckhaus Deringer.
Lilly to acquire Pleasant Prairie facility from Nexus Pharmaceuticals.
Lilly, a medicine company, agreed to acquire Pleasant Prairie facility from Nexus Pharmaceuticals, a pharmaceutical company. Financial terms were not disclosed.
“The acquisition of this state-of-the-art facility underscores our unwavering commitment to growth and innovation, and we look forward to welcoming talented new Nexus colleagues to Lilly from the Pleasant Prairie facility. We are investing boldly to serve our patients, to meet product demand and to build capabilities for our robust pipeline of the future," Edgardo Hernandez, Lilly Executive Vice President.
Nexus Pharmaceuticals is advised by Centerview Partners and Sullivan & Cromwell (led by Matthew G. Hurd). Lilly is advised by Weil Gotshal and Manges.
Grain Management to acquire a majority stake in 123NET.
Grain Management, a solutions provider to the broadband and communications industry, agreed to acquire a majority stake in 123NET, a fiber internet, colocation, and business voice services provider based in Michigan. Financial terms were not disclosed.
"123NET's operations have continuously grown through a series of strategic investments that ultimately created one of the Midwest's largest and most significant telecom enterprises. Grain is a sophisticated investor that shares our values and unwavering commitment to best-in-class service for Michigan businesses and communities. Together, our capable teams and combined resources will better enable us to serve current customers while attracting new opportunities, including expanding our high-density, A.I.-capable data centers and pursuing BEAD funding to improve affordable, reliable connectivity to unserved and underserved areas," Dan Irvin, 123NET CEO.
123NET is advised by Bank Street Group and Liebler Group PR (led by Patrick Liebler).
Cornerstone Building Brands completed the acquisition of Harvey Building Products.
Cornerstone Building Brands, a manufacturer of exterior building products, completed the acquisition of Harvey Building Products, a manufacturer of high performing windows and doors. Financial terms were not disclosed.
“Harvey Building Products has a strong reputation as a premium R&R manufacturer and is an ideal addition to Cornerstone Building Brands as we forge ahead in our journey to be a premier exterior building products company. This transaction will strengthen our presence across the Northeast and the Midwest with key leading brands. It will also enable us to be a stronger partner of choice for our customers and to better serve them," Rose Lee, Cornerstone Building Brands President and CEO.
Cornerstone Building Brands was advised by Moelis & Co and Debevoise & Plimpton (led by Christopher Anthony).
KKR-backed Fortifi completed the acquisition of Nothum Food Processing Systems. (FS)
KKR-backed Fortifi, a provider of automated processing solutions designed to solve tomorrow's problems for the entire food industry, completed the acquisition of Nothum Food Processing Systems, a food processing equipment and automation solutions provider. Financial terms were not disclosed.
“Nothum provides innovative, high-quality equipment backed by strong customer service. Thanks to Nothum’s technology leadership, this acquisition expands Fortifi’s advanced processing offerings and allows us to continue serving our customers with excellence," Massimo Bizzi, Fortifi Chief Executive Officer.
Fortifi was advised by Robert W Baird (led by Mike Barina). Nothum Food was advised by William Blair & Co.
Infinite Reality to acquire Drone Racing League for $250m. (FS)
Infinite Reality, a provider of virtual, AI-powered immersive experiences, agreed to acquire Drone Racing League, a futuristic sports property, for $250m.
"Infinite Reality revolutionizes fan and customer engagement across platforms, making every moment more interactive, accessible and captivating. DRL epitomizes our belief that fans don't just want to sit in a stadium or watch broadcast highlights on social media. The future of sports and entertainment involves new and disruptive formats that are wildly more immersive. Now, with our combined assets, iR and DRL are set to usher in a new era of sports entertainment, powered by cutting edge tech and fueled by fandom, creativity and community,” John Acunto, Infinite Reality CEO.
Infinite Reality was advised by ICR (led by Brett Milotte).
ShiftMed completed the acquisition of CareerStaff Unlimited from Genesis HealthCare Partners.
ShiftMed, an on-demand workforce technology provider, completed the acquisition of CareerStaff Unlimited, a company that delivers workforce solutions and staffing services for the healthcare industry, from Genesis HealthCare Partners, a post-acute care provider. Financial terms were not disclosed.
"The integration of CareerStaff with ShiftMed allows us to fulfill 100% of our clients' On Demand needs through one workforce platform. By merging ShiftMed's acclaimed mobile-first suite of products with CareerStaff's top-tier MSP solution, we're establishing the industry's first end-to-end digital MSP," Todd Walrath, ShiftMed CEO.
Activist Jana urges Wolfspeed to eye sale and other strategic alternatives. (FS)
Activist investor Jana Partners, which owns what it called a "significant" stake in Wolfspeed, is urging the company to explore all ways to improve shareholder value, including a potential sale, Reuters reported.
Jana, which owns what it called a "significant" stake in Wolfspeed, said it is high time for the 37-year-old company with a market value of $2.8bn to pursue "all avenues to improve WOLF's performance" and begin a "comprehensive review of strategic alternatives."
Carlyle-backed Crescent Midstream explores sale. (FS)
Carlyle Group-backed Crescent Midstream, an oil pipeline company, is exploring a potential sale after receiving takeover interest. The company is working with an adviser on options. Crescent Midstream could be valued at about $1.3bn, including debt, Bloomberg reported.
Crescent Midstream owns more than 1.2k miles of pipelines around Louisiana and the Gulf of Mexico that are used to transport almost 200m barrels of crude oil each year. Carlyle invested in Crescent’s former parent, Crimson Midstream, in 2019. Any sale would add to a string of transactions involving midstream companies in North America.
Citi sees dealmaking stymied with rates still stubbornly high.
Citigroup is seeing a number of clients begin to consider smaller acquisitions in their hunt for growth even as higher interest rates stymie the broader dealmaking environment, Bloomberg reported.
While corporate chiefs are still eschewing larger, transformative deals, smaller clients are pursuing acquisitions with a $10m to $20m price tag, according to Tasnim Ghiawadwala, who leads the bank’s burgeoning commercial banking business.
UBS to open Menlo Park office, hires lynch for tech deals.
UBS Group plans to open an office in Menlo Park, California, and hired Sean Lynch from Barclays to bolster its business advising technology companies ahead of a predicted revival in dealmaking and initial public offerings, Bloomberg reported.
The Swiss bank will open the premises on Sand Hill Road — a hub for venture capital firms — in the coming months. Some staff currently working out of UBS’s San Francisco offices will be moved to the new location.
Cliffs’ CEO calls share buybacks better use of money than deals.
Cleveland-Cliffs’s top boss says buying back shares make more sense than takeovers — a view that underpins the US steelmaker’s decision to repurchase as much as $1.5bn in stock, Bloomberg reported.
“Buying our own stock is clearly a better use of capital than any M&A opportunities at current valuations — so that’s our primary focus,” Lourenco Goncalves, Cleveland-Cliffs CEO.
Kushner targets Zamp board after $200m bet with Mubadala. (FS)
Affinity Partners, the private equity firm founded by Jared Kushner, is seeking to add a director to the board of Brazil-based fast-food firm Zamp after investing in the company earlier this year, Bloomberg reported.
Affinity invested $200m alongside controller Mubadala Capital, a unit of Abu Dhabi’s sovereign wealth fund. Some of the capital will be used to expand the company’s portfolio beyond its current Burger King and Popeyes franchised restaurants. Zamp is also in talks to acquire the rights to represent Starbucks locally.
The Sterling Group raises $3.5bn in oversubscribed sixth private equity fund. (FS)
The Sterling Group, an operationally focused, industrial middle market private equity firm, is pleased to announce the closing of Sterling Group Partners VI. Fund VI exceeded its target of $2.75bn and was significantly oversubscribed at its hard cap of $3.5bn. Sterling's previous fund closed in June 2020 with $2bn of limited partner commitments.
"Sterling has a four-decade track record of value creation across the economic cycle. The secular tailwinds underpinning today's industrial middle market, when combined with our proven Seven Lever value creation strategy, present tremendous opportunities for Fund VI," Franny Jones, The Sterling Group Partner.
The Sterling Group is advised by Evercore and Kirkland and Ellis.
Crosslink launches tenth flagship venture fund with $350m. (FS)
Crosslink Capital announced today the closing of its tenth flagship venture capital fund, Crosslink Ventures X, aimed at backing early-stage entrepreneurs. The new fund, which includes support from both new and existing investors, closed with $350m of capital commitments. The firm’s previous venture fund was also capitalized at $350m in January 2021.
Crosslink remains dedicated to investing in early-stage founders from inception, which includes pre-seed and seed, through Series A, and supporting them at every stage of their growth. This year, the firm is celebrating 35 years of partnering with ambitious entrepreneurs developing enterprise, consumer, and vertical technologies.
Airbus hires former JetBlue CEO Robin Hayes to lead North America unit. (People)
Airbus hired Robin Hayes, the former chief executive officer of JetBlue Airways, to lead its operations in North America, Bloomberg reported.
Hayes will replace Jeff Knittel, who is retiring as chairman and CEO of Airbus Americas. He will oversee the North American aircraft unit and be responsible for coordinating among Airbus’s helicopter, space and defense units.
Archer Daniels Midland CFO to resign amid DOJ investigation. (People)
Archer Daniels Midland’s Chief Financial Officer, Vikram Luthar, will resign later this year as the company faces an investigation by the Justice Department amid scrutiny over its accounting practices, WSJ reported.
The agriculture company said in a filing that it and Luthar on April 19 entered into an agreement in which the finance chief will resign effective Sept. 30 unless an earlier date is mutually agreed upon. He will be able to assist and provide transition support as needed, as a non-executive employee, until his resignation is effective.
Disney Technology chief departs. (People)
Aaron LaBerge, a top Disney technology executive involved in major projects from ESPN’s streaming efforts to Hulu’s integration with Disney+ and a new sports-betting venture, is leaving the company and will be joining betting company Penn Entertainment, WSJ reported.
Penn named LaBerge as its new chief technology officer, effective July 1. LaBerge’s departure comes amid several high-stakes technological initiatives within Disney as it works to build a streaming-centric future. He has played a key role in building the technological backbone of the entertainment giant’s streaming strategy, including work on a direct-to-consumer version of its flagship ESPN sports network.
Jefferies Fintech co-heads Greene and Freiman resign from the bank. (People)
Jefferies Financial Group, a financial technology investment banking co-heads Kegan Greene and Rob Freiman have resigned from the firm, Bloomberg reported.
Greene was head of insurance technology investment banking, while Freiman led payments investment banking. Both joined Jefferies in 2022 from Houlihan Lokey.
KKR, a global investment firm, agreed to acquire a stake in Immedica, a pharmaceutical company, from Impilo, a Nordic healthcare investment firm. Financial terms were not disclosed.
“The Immedica team is one of the best that we have encountered in a space that we have been following for some time. We are deeply impressed by the accomplishments of Immedica under Impilo’s ownership and the establishment of a rare disease player with a highly promising pipeline. We look forward to working with the management team alongside Impilo to accelerate growth further,” Kugan Sathiyanandarajah, KKR Partner and Head of Health Care Strategic Growth Europe.
KKR is advised by Clearview Healthcare Partners, Alvarez & Marsal, Bank of America, PricewaterhouseCoopers, Cooley, Gibson Dunn & Crutcher, Setterwalls Advokatbyra, FGS Global (led by Alastair Elwen) and Fogel & Partners (led by Ludvig Gauffin). Impilo is advised by Boston Consulting Group, Morgan Stanley, PricewaterhouseCoopers, Latham & Watkins and Mannheimer Swartling.
PAI Partners to acquire a majority stake in Audiotonix from Ardian for £2bn. (FS)
PAI Partners, a pre-eminent private equity firm, agreed to acquire a majority stake in Audiotonix, a professional audio mixing console and ancillary products provider, from Ardian, a private equity investment company, for £2bn ($2.5bn).
“I would like to thank Ardian for the confidence and solid support of Audiotonix, the management team and our staff. The team invested alongside us just as the Covid lockdown began, and from our first meeting were aligned with us, making sure Audiotonix emerged in a stronger position than before. As management, the most critical challenge with a process like this is selecting the right partner moving forward, who understands what the business is today and can get behind the vision of what it can become. With PAI, it is clear this is a team and partner we can take Audiotonix to the next level with, while preserving the passion and energy that have made the group the success it has become in our industry," James Gordon, Audiotonix CEO.
Audiotonix is advised by PricewaterhouseCoopers, Liberty Corporate Finance and Macfarlanes. PAI Partners is advised by McKinsey & Company, Alvarez & Marsal, Weil Gotshal and Manges (led by Jonathan Wood) and Greenbrook. Ardian is advised by PricewaterhouseCoopers, McKinsey & Company, Goldman Sachs, Allen & Overy and Headland Consultancy.
Legrand to acquire Enovation from Main Capital Partners for €500m. (FS)
Legrand, a French industrial group, agreed to acquire Enovation, a healthcare software in the market for connected health and assisted living, from Main Capital Partners, an investment management company, for €500m ($533m).
"We are very pleased to announce these investments in areas that are at the heart of buoyant trends (connected solutions, datacenters) and as such, of our growth acceleration strategy. We are also excited to work with the teams of these industry-leading companies," Benoît Coquart, Legrand CEO.
Lavazza to acquire a minority stake in IVS Group for €185m.
Lavazza, an Italian coffee roaster, offered to acquire a minority stake in IVS Group, a vending machine operator, for €185m ($197m).
"The structure of the operation, in the event that, starting from 2027, the options provided for in the agreements are exercised, would allow the Lavazza Group to strengthen its ability to compete with other major coffee players on the international stage, thanks to an increasingly significant scale, particularly in the strategic Vending channel," Antonio Baravalle Lavazza CEO.
UK grocer Asda seeks to tackle debt wall with new loan and bond.
Asda Group is planning a bond and loan issuance to help refinance the debt pile that supported its acquisition by gas-station entrepreneurs Mohsin and Zuber Issa, Bloomberg reported.
Britain’s third-largest supermarket chain is looking to raise $2.16bn through the bond sale. Separately, it is also marketing a $1.1 bn term loan.
Telecom Italia averts Vivendi showdown at AGM. (FS)
Telecom Italia's management has averted a showdown with its top investor Vivendi as the French conglomerate said it would abstain on a vote to reappoint the group's chief executive at a shareholder meeting on April 23, FT reported.
Vivendi, which owns a 24 per cent stake in the Italian phone carrier, has challenged chief executive Pietro Labriola's plan to split the group's network from its services business and sell it to US private equity firm KKR in a bid to cut debt.
Top buyer of banks in Romania sees M&A deals drive slowing.
Romania’s largest bank said it’s likely to slow a buying spree in the Black Sea country after clinching a deal to acquire the local unit of Hungary’s OTP Bank Nyrt, Bloomberg reported.
Banca Transilvania, the most active buyer of banks in Romania over the past decade, is still scouting for opportunities, but “it’s getting harder” to consider small-scale deals because of rising integration costs, Chief Executive Officer Omer Tetik said.
Telecom Italia CEO wins investor backing for Grid sale.
Telecom Italia’s chief executive officer defeated an attempt by a group of shareholders to unseat him at the phone carrier’s annual meeting, an outcome expected to speed up the process for a network sale, Bloomberg reported.
Investors backed three more years for CEO Pietro Labriola and his slate of candidates for the board. Corporate lawyer Alberta Figari was indicated as chairman.
Getir investors to fund European exit with new cash injection.
Investors in Getir, the grocery delivery app which at one point attained a valuation of almost £10bn ($12.3bn), are to inject yet more money into the company to fund its exit from the UK and Europe, Sky News reported.
Shareholders in the company have drawn up provisional plans to commit tens of millions of pounds more into Getir in the coming weeks, even as its retrenchment poses a threat to thousands of jobs.
Hong Kong developer weighs stake sale in London office skyscraper project.
Hong Kong developer Lai Sun Development is considering options for a planned office tower in the City of London, including a potential sale of a stake in the project, Bloomberg reported.
The group has appointed Eastdil Secured and DBS Group to advise on finding a partner for the 100 Leadenhall Street project. The financial advisers are currently undertaking due diligence on the project and could seek a funding partner later in the year or in early 2025.
Russia's Tinkoff plans share issue to fund Rosbank deal. (FS)
Russian online bank Tinkoff plans to issue up to 130m additional shares to help fund a deal to integrate fellow lender Rosbank into its holding structure, Reuters reported.
Both Tinkoff owner TCS and Rosbank are controlled by billionaire Vladimir Potanin's Interros group, and the planned integration could strengthen Potanin's foothold in Russia's banking sector.
Fosun’s Fidelidade says it plans to carry out an IPO in 2025.
Fidelidade-Companhia de Seguros, a Portuguese insurer controlled by China’s Fosun International, said it’s planning to carry out an initial public offering in 2025, Bloomberg reported.
That share sale would take place after Fidelidade completes a planned IPO of hospital operator Luz Saude, which said earlier this month that it plans to list its shares in the Euronext Lisbon exchange. Luz Saude is set to be Portugal’s first IPO in three years.
Bankers lose hope of London IPO revival for another year.
Banks have mostly given up hope this year will bring a long-awaited recovery in UK IPOs, as stock exchanges within the European Union and Switzerland have so far proved more tempting, Reuters reported.
London, which was Europe's most popular listing venue in the boom of 2021, has attracted only 2% of all European IPO volumes since January, with Zurich and Frankfurt the busiest venues.
Spinneys’ $375m Dubai IPO draws Franklin Templeton. (FS)
The family behind high-end supermarket chain Spinneys is seeking to raise as much as AED1.38bn ($375m) in a rare private sector listing in Dubai that’s drawn Franklin Templeton as a cornerstone investor, Bloomberg reported.
Al Seer Group is selling 900m shares at AED1.42 ($0.39) to AED1.53 ($0.42) apiece in IPO that values the grocer at as much as AED5.5bn ($1.5bn). Investors snapped up all shares on offer in minutes.
Ex Gucci CEO joins board of Golden Goose. (FS, People)
Former Gucci CEO Marco Bizzarri has been appointed to the board of directors of Golden Goose, as the Italian luxury sneaker maker favored by Taylor Swift and Selena Gomez prepares for a possible listing in Milan, Bloomberg reported.
Permira-backed Golden Goose's potential IPO, one of the most anticipated in Italy, is expected to value the company at between €3b ($3.2b) and €4b ($4.2b). The IPO could come on the Milan Stock Exchange as soon as May or June. Bizzarri left Gucci last year after heading the Italian fashion house for eight years.
ION Group’s Cerved unit CEO Mignanelli is set to step down. (People)
Cerved Group’s CEO Andrea Mignanelli is stepping down from the Italian financial services firm, as part of a top management reshuffle following the acquisition by ION Group.
Mignanelli is leaving two years after ION completed its public tender offer on Cerved, as the ownership is focusing on a digital transformation and a revamp of the firm. Mignanelli will remain at Cerved as adviser and will keep board of directors roles in some of the firm’s units, Bloomberg reported.
Barclays hires Credit Suisse banker Pick as new EMEA M&A head. (People)
Barclays named Stephen Pick of Credit Suisse as the new head of its mergers and acquisitions business in the Europe, the Middle East and Africa region on April 22, Reuters reported.
Pick, who was previously managing director for EMEA M&A at Credit Suisse before the Swiss bank's merger with UBS, succeeds Pier Luigi Colizzi who has been named chairman of M&A for the region. Insider Asim Mullick will take on the newly created role of M&A head for EMEA Financial Sponsors.
Barclays names UBS’s Stephen Pick as head of mergers in EMEA. (People)
Barclays named Stephen Pick of UBS Group as head of mergers and acquisitions in Europe, the Middle East and Africa, one of a series of appointments as the UK lender bolsters its regional advisory team, Bloomberg reported.
Pier Luigi Colizzi was also appointed as chairman of M&A for EMEA, while the banker named Asim Mullick to a new position as head of M&A for financial sponsors in the region.
