AMERICAS
Vacasa, a vacation rental management platform, agreed to go public through a SPAC merger with TPG Pace Solutions in a $4.5bn deal.
“The integration of our purpose-built technology with our local, expert service teams brings exceptional care and greater returns to our homeowners, delivers a consistent and reliable experience to our guests, and helps us offer a large supply of professionally managed homes for our distribution partners,” Matt Roberts, Vacasa CEO.
Vacasa is advised by JP Morgan, PJT Partners and Latham & Watkins. TPG Pace Solutions is advised by BTIG, Deutsche Bank, Goldman Sachs, JMP Securities, Needham & Co, Northland Capital Partners, Oppenheimer & Co, TPG Capital and Weil Gotshal and Manges. JP Morgan is advised by Mayer Brown.
Starboard Value Acquisition, a US publicly traded special purpose acquisition company, announced that its shareholders approved the business combination with Cyxtera Technologies, a retail colocation and interconnection services company.
Cyxtera Technologies is advised by Citigroup, JP Morgan, Morgan Stanley, RBC Capital Markets, UBS and Latham & Watkins. Starboard Value is advised by Cowen & Company, Stifel, UBS, Akin Gump Strauss Hauer & Feld, Hughes Hubbard & Reed and Gagnier Communications. BC Partners is advised by Prosek Partners.
Hilton Grand Vacations, a global timeshare company, announced that its shareholders approved the proposed acquisition of Diamond Resorts International, a timeshare company. The closing of the transaction is expected to occur on August 2, 2021, and remains subject to customary closing conditions.
"We are pleased that HGV shareholders overwhelmingly see value in our acquisition of Diamond. This is an important step toward completing this transformational merger, which will accelerate our growth and provide exciting opportunities for our team members, owners and guests," Mark Wang, Hilton Grand Vacations President and CEO.
Diamond Resorts is adivsed by Credit Suisse, Goldman Sachs, Paul Weiss Rifkind Wharton & Garrison and Goldin Solutions. Hilton Grand is advised by Bank of America, Alston & Bird, Foley & Lardner and Simpson Thacher & Bartlett. Debt financing is provided by Bank of America, Barclays, Deutsche Bank and PJT Partners. Apollo Global is advised by Paul Weiss Rifkind Wharton & Garrison.
Aerospace company Archer's enterprise value was cut to $1.7bn as part of a revised deal. The combined company is still expected to receive about $1.1bn of gross proceeds as part of the deal, Reuters reported.
The move comes at a time of growing regulatory concerns over SPACs taking many companies, often loss-making or even without revenue, public at too-high valuations.
Archer is advised by Barclays, Moelis & Co, Cooley, ICR and LaunchSquad. Atlas Crest is advised by Cantor Fitzgerald, Duff & Phelps, Moelis & Co and Kirkland & Ellis. Stellantis is advised by Sullivan & Cromwell.
TSG Consumer Partners, a private equity firm, completed the acquisition of a majority stake in Rough Country, a provider of branded aftermarket performance-enhancing products and accessories, from Gridiron Capital, an investment firm. Financial terms were not disclosed.
"TSG is the global leader in building world-class consumer brands, and we are excited to enter our next phase of growth with their support. Over the past few years, we have experienced great success under Gridiron’s ownership. With TSG’s unrivaled auto aftermarket and digital marketing expertise, we’ll continue to expand our brand reach, digital presence and diversified customer base as we help fulfill consumers’ passions for off-road and outdoor lifestyles around the world," Ken Dunn, Rough Country CEO.
TSG Consumer Partners was advised by Jefferies & Company, Ropes & Gray and Sard Verbinnen & Co. Gridiron Capital was advised by Robert W Baird, Benesch Friedlander Coplan & Aronoff and Joele Frank.
Aquiline Capital Partners, a private investment firm, agreed to acquire Avera eCare, a virtual health networks provider, from Avera Health, a medical center provider. Financial terms were not disclosed.
“Avel eCare has developed an innovative solution that provides critical services to underserved communities in the growing telemedicine market. It aligns with our expertise in establishing corporate carve-outs and helping to build tech-enabled service businesses. We look forward to building on Avel eCare’s strengths and working closely with the management team to expand their services and enhance their offerings for clients around the country,” Jeff Greenberg, Aquiline Chairman and CEO.
Avera Health is advised by Ziegler and Foley & Lardner.
FLSmidth, a Danish multinational engineering company, agreed to acquire the mining business of thyssenkrupp, a German multinational conglomerate, for €325m ($384m). Closing of the transaction is expected in H2 2022 and is subject to customary approvals from relevant authorities.
"FLSmidth is an excellent owner and a very good new home for our mining activities. The companies have a strong cultural fit and are a good match: the business models are comparable; the technologies complement each other well. The result is a world-leading technology provider from pit to plant. This is also a great opportunity for our employees. The merged new company will be able to drive innovation and digitalisation even faster and will increasingly focus on sustainability and ways to reduce environmental footprint," Martina Merz, thyssenkrupp Group CEO.
FLSmidth is advised by JP Morgan.
WM Partners, a private equity firm, completed the acquisition of Vega, a company in the plant-based nutrition industry. Financial terms were not disclosed.
"We believe we will be able to leverage our operational know-how to continue to grow Vega, as well as leverage Vega's distribution strengths with our current portfolio of brands," Jose Minski, WM Partners Co-Founder.
WM Partners was advised by King & Spalding.
Drive Capital, a venture capital firm, and Premji Invest, an office specializing in private equity and venture capital investments, led a $150m Series C funding round in SonderMind, a company specializing in improving mental health clinical outcomes. Additional investors included General Catalyst, Partners Group, Smash Ventures, Kickstart Fund, and F-Prime Capital.
"I co-founded SonderMind in large part because of my frustration in trying to identify the right therapist who could help with my unique needs, had availability, and accepted my insurance. Getting high-quality behavioral health support should be simple and result in a great match," Mark Frank, SonderMind Co-Founder and CEO.
SonderMind was advised by Sloane & Company.
Lincoln Electric, a developer and manufacturer of arc welding products, completed the acquisition of Overstreet-Hughes Company and Shoals Tubular, copper and aluminum headers manufacturers. Financial terms were not disclosed.
“We are excited to welcome FTP and Shoals to Lincoln Electric and integrate their industry-leading offering and expertise into our Harris Products Group business. Our combined portfolio now offers HVAC OEMs with the broadest portfolio of solutions and application expertise for high-quality and efficient HVAC coil fabrication. The acquisition also positions HPG to better capitalize on the attractive HVAC growth opportunity as part of our Higher Standard 2025 Strategy,” Christopher L. Mapes, Lincoln Electric Chairman President and CEO.
CCL Industries, a company specializing in specialty label, security and packaging solutions, completed the acquisition of Uniter Group, a provider of sustainable and innovative solutions for labeling and product identification, for $54m.
“The acquisition of Uniter significantly strengthens Checkpoint’s commercial position in the important Iberian retail apparel market as well as adding to its global manufacturing footprint. We are pleased to welcome Charly L. Conde, Uniter’s founder, and his team to the ALS global leadership team headed by Scott Mitchell-Harris, Group Vice President," Geoffrey Martin, CCL industries President and CEO.
BlackRock led a $450m Series D funding round in PsiQuantum, a quantum computing firm. The round was joined by Baillie Gifford, M12, Blackbird Ventures and Temasek.
“It is my conviction that the way to bring this technology into reality is by using photonics. Our company was founded on the understanding that leveraging semiconductor manufacturing is the only way to deliver the million qubits that are known to be required for error correction, a prerequisite for commercially valuable quantum computing applications. This funding round is a major vote of confidence for that approach,” Jeremy O'Brien, PsiQuantum CEO and Сo-Founder.
RA Capital Management, a multi-stage investment manager, led a $220m Series C funding round in Exo, a medical device startup. The round was joined by BlackRock, Sands Capital, Avidity Partners and Pura Vida Investments.
"It is clear to us that ultrasound is the future — it is nonradiating and has no harmful side effects. We want to take the technology and put it in the palms of physicians. We also want to bring it down to the patient level. The beauty of having this window into the body is you can immediately see things," Sandeep Akkaraju, Exo CEO.
Sequoia Capital China led a $100m Series B funding round in Bota Bio, a global industrial biotechnology company. The round was joined by Matrix Partners China, Source Code Capital, Sherpa Healthcare Partners and 5Y Capital.
The new funds will be used to expand the company's global operations and build out Bota Bio's lab-to-pilot scale platform to facilitate the rapid scale-up and deployment of the company's product pipeline in consumer goods, food, nutrition, and pharmaceutical products.
"Bota Bio is rapidly delivering bio-based and biologically produced products at scale to replace fossil-fuel-based, energy-intensive products and processes with biologically produced sustainable alternatives. The Bota Bio team has developed a leading integrated platform to bring innovative and efficient solutions to market for their partners. We are confident that Bota will keep enhancing their ability to accelerate the development of bio-based products, creating more value for consumers, while contributing to sustainability on a global scale," Neil Shen, Sequoia Capital China Founding and Managing Partner.
HillRom rejects a $9.6bn takeover bid from Baxter.
HillRom, a medical equipment maker, rejected a $9.6bn takeover offer from Baxter International, a multinational health care company.
HillRom sees Baxter’s proposal of about $144 per share as too low. Considerations are ongoing, and Baxter could return with a higher bid, Bloomberg reported.
Nanosys is in talks to go public via GigInternational1.
Nanosys, a company developing quantum-dot technology for electronic displays, is in talks to go public through a merger with GigInternational1, a SPAC.
A transaction is set to value the combined entity at about $1bn, though terms aren’t final and talks could still fall apart, Bloomberg reported.
Duolingo notched a $6.5bn valuation in strong debut.
Duolingo, a company that designs and develops mobile learning platform, notched a valuation of $6.5bn after its shares surged nearly 40% in the company's Nasdaq debut on Wednesday, becoming the latest education technology startup to impress Wall Street.
"Being a public company will allow us to operate at a higher level, and get going from the minor leagues to the major leagues," Luis von Ahn, Duolingo Co-Founder and CEO.
Duolingo was advised by Latham & Watkins.
Clarios postpones $1.8bn IPO. (FS)
Brookfield-backed Clarios, a car battery maker, postponed an initial public offering that was scheduled for Thursday.
The IPO, which was planned to raise $1.8bn, was delayed indefinitely because of market conditions, Bloomberg reported. “Clarios will reassess the market conditions in the coming months and will keep the market informed,” Clarios.
Traeger prices shares at the top end of the range.
Traeger, a maker of high-end barbecue grills, priced its initial public offering at the top of its marketed range.
The company had been marketing 23.5m shares between $16 and $18 apiece, Bloomberg reported.
Brookfield gets $7bn for the fund. (FS)
Brookfield raised $7bn for the initial close of its new impact investment fund, pulling in money from Singapore’s sovereign wealth fund and Canadian pension managers for an investment vehicle that will help businesses cut their carbon emissions.
“As the world increasingly focuses on sustainability, the required capital and investable opportunities are expanding faster than originally expected, creating an even greater opportunity for large-scale investments that address climate change and generate attractive returns,” Mark Carney, Brookfield Vice Chairman.
Blue Owl closes Opportunistic Fund with $2.5bn of firepower. (FS)
Blue Owl Capital, the asset manager created in May through the merger of Owl Rock and Altimar Acquisition, closed its Opportunistic Fund. Owl Rock Opportunistic Fund will have $2.5bn in investable capital, including anticipated leverage, targeting investments across a range of debt and equity instruments.
“This strategy allows us to offer our investors opportunities for higher potential returns while also providing bespoke financing solutions to support leading middle market companies and financial sponsors in navigating complex situations," Douglas Ostrover, Blue Owl CEO.
EMEA
Cellnex, a Spanish phone tower operator, does not doubt that the CMA will approve its deal with CK Hutchison, Reuters reported.
The Competition and Markets Authority said it would refer the UK telecom tower deal for a more profound "Phase 2" investigation after it initially warned it could lead to higher prices and lower quality services for network operators.
Cellnex is advised by PricewaterhouseCoopers, Arthur D Little, AZ Capital, Goldman Sachs, HSBC, PricewaterhouseCoopers, Clifford Chance, Kromann Reumert, McCann FitzGerald, Wolf Theiss, Brunswick Group, Roman y Asociados and PricewaterhouseCoopers. CK Hutchison is advised by Deutsche Bank, Moelis & Co, Morgan Stanley, Freshfields Bruckhaus Deringer and Linklaters. Investor is advised by Roschier Attorneys and Weil Gotshal and Manges.
Volkswagen, Attestor, an asset management company, and Pon Holdings, a mobility group, offered to acquire Europcar Mobility Group, a French car rental company, for $3.4bn.
"The mobility market is changing rapidly as customers increasingly demand new and innovative on-demand mobility solutions, such as subscription and sharing models to complement car ownership. Europcar provides advanced fleet management capabilities as well as a broad network of stations at major airports, railway stations and city locations and will help accelerate Volkswagen's delivery of its ambitious mobility services targets," Herbert Diess, Volkswagen CEO.
Europcar is advised by Rothschild & Co. Volkswagen is advised by Freshfields Bruckhaus Deringer.
BNP Paribas agreed to acquire FLOA, a provider of web and mobile payment solutions, from Casino Group, a French mass-market retail group, and Credit Mutuel Alliance Federale, a provider of banking services, for €258m.
"Take-up of digital payment solutions is massive and is gaining further momentum with the sharp growth in e-commerce. In this environment, with support from Casino and Crédit Mutuel Alliance Fédérale, FLOA has become France's leading provider of innovative payment solutions, offering particularly innovative, market-leading solutions and customer experiences. With BNP Paribas, FLOA will launch a second phase of its development in France and Europe, especially with vendors and e-tailers. The planned transaction is perfectly aligned with our payments development strategy in Europe," Thierry Laborde, BNP Paribas Group Chief Operating Officer.
Casino Group is advised by Rothschild & Co and Image Sept.
Cinven, an investment firm, agreed to acquire a majority stake in Restaurant Brands Iberia, a Spanish restaurants firm, for c.€1bn ($1.18bn). The transaction is subject to customary anti-trust and regulatory approvals.
“RB Iberia has been incredibly successful under the leadership of founder, Gregorio Jiménez, and is regarded as one of Restaurant Brands International’s best performing businesses. The company has a strong strategic position in the attractive and growing QSR market in Iberia and we are excited by the prospect of partnering with this ambitious and experienced team to accelerate growth,” Jorge Quemada, Cinven Partner.
Cinven is advised by Clifford Chance.
Raymond James, an American multinational independent investment bank, agreed to acquire Charles Stanley, a UK investment management company, for $387m. The transaction, subject to UK Financial Conduct Authority and Charles Stanley shareholder approval, is expected to close in the calendar fourth quarter of 2021.
"We have long admired Charles Stanley's reputation, heritage and its talented pool of wealth managers and professionals. The two firms share a common, and increasingly rare, client-centric approach whereby the primary client relationship is held by the individual wealth managers. We both offer employed and self-employed affiliation models, while Raymond James also provides platform services, enabling the flexibility that wealth managers value. Further, Charles Stanley meets Raymond James's historical acquisition criteria, in particular as an excellent strategic fit with a complementary culture," Paul Reilly, Raymond James CEO.
Charles Stanley is advised by Rothschild & Co.
Colfax-backed DJO Global, a global provider of medical technologies, completed the acquisition of Mathys, a Switzerland-based company that develops and distributes products for artificial joint replacement, synthetic bone graft solutions, and sports medicine. The transaction is expected to close in the third quarter of 2021, subject to receipt of applicable regulatory approvals and the satisfaction of other closing conditions. Financial terms were not disclosed.
“Combining these two leading orthopedic businesses into one global platform creates an exciting opportunity to build on the strengths of both Mathys and DJO in developing and delivering the next generation of orthopedic innovations,” Benjamin Reinmann, Managing Director, Mathys CEO.
Colfax was advised by Homburger.
Swiss Life Asset Managers, an investment manager, and Gelsenwasser, a German utilities company, agreed to acquire Infrareal, the owner and operator of two growing life science industrial parks in Germany. Financial terms were not disclosed.
“Based on the Gelsenwasser Group's existing industrial footprint, our investment in the Infrareal Group represents another step towards growth in this strategic business area and helps strengthen the Group's competitiveness. We are very much looking forward to working together with the management and customers of Infrareal," Henning R. Deters, Gelsenwasser CEO.
Infrareal is advised by Rothschild & Co.
Securitas, an intelligent protective services partner, agreed to acquire Protection One, the German firm specializing in remote technology-driven security solutions and electronic security, for €72m ($85m).
"We are excited about the new opportunities that Protection One's strong experience in customized client solutions will enable, given their high client satisfaction and Securitas' increased focus on the SME segment," Peter Karlströmer, Securitas Divisional President Security Services Europe.
Sartorius Stedim Biotech, a life science company, completed the acquisition of Xell, a provider of cell culture media and feed solutions, for €50m.
"With this acquisition, we are expanding our current media offering specifically by specialized media for manufacturing viral vectors and, additionally, in the area of media analytics. At the same time, we are accelerating the expansion of our production network in this fast-growing area. I would like to cordially welcome the Xell team to Sartorius Stedim Biotech and am looking forward to our collaboration in this demanding time," René Fáber, Sartorius Stedim Biotech Member of the Board of Directors.
Tipico joins £1.5bn race for William Hill. (FS)
CVC-backed Tipico Group, an international provider of sports betting and casino games, joined the £1.5bn race to take control of William Hill’s operations in Britain.
Tipico is up against bids from Apollo Global Management, 888 Holdings and Betfred, SkyNews reported.
Trendyol looks to raise fresh funding at a $16.5bn valuation. (FS)
Trendyol, an e-commerce company backed by Alibaba Group, is close to raising fresh funding at a $16.5bn valuation, making it Turkey’s biggest startup, Bloomberg reported.
The company is in talks to raise about $1.5bn from investors, including General Atlantic and could complete the deal as soon as next week. SoftBank Group is also in talks to invest in the round, and proceeds will be used to expand the business in Turkey and abroad.
Ibex Capital sets up a $200m fund for secondary buyouts in Asian startups. (FS)
Ibex Capital, a provider of confidential asset management services, is setting a $200m fund for secondary equity buyouts in Asia following demand from its current clients.
“As far as the Asian startup ecosystem is concerned, companies are staying private longer, and IPOs do not really happen that often,” Henry Prabowo, Ibex Capital Investment Manager.
Hughes and Company holds a $116m first close for debut fund. (FS)
Hughes and Company, a specialist private equity firm, held the first close of its debut fund on $116m, beating its $100m target.
“We intentionally designed our firm’s investment strategy around a smaller pool of committed capital to stay hyper-focused on helping companies eliminate their constraints and maximize growth. We are pleased to have the support of a group of leading institutional investors including several sophisticated family offices, pension funds and insurance companies," Travis Hughes, Huges & Co-Managing Partner and Founder.
APAC
Wesfarmers, a retail conglomerate, terminated the $509m acquisition of Australian Pharmaceutical Industries, a pharmacy chain. Australian Pharmaceutical Industries rejected the proposed bid, saying it undervalued the company.
IFC, a provider of investment, advisory, and asset-management services, completed the acquisition of a 4.99% stake in Federal Bank, an Indian bank, for $126m.
"This move is in line with IFC's strategy to support green growth by spurring investments to build back better and greener, seizing the opportunities to help India meet its climate goals and build a greener, resilient future. The investment is also expected to create tens of thousands of jobs, with micro, small and medium sized enterprises gaining access to much needed financing, which will also help ensure an inclusive recovery," Roshika Singh, IFC India Acting Country Manager.
Didi denies media report that it plans to go private.
Didi, a Chinese vehicle for hire company, denied a media report that the company was considering going private to appease Chinese authorities and compensate investor losses since it listed in the US, Reuters reported.
"The company affirms that the above information is not true. The company is fully cooperating with the relevant government authorities in China in the cybersecurity review of the company," Didi.
Ires rejects a $2.2bn bid from EQT. (FS)
Iress, a technology company providing software to the financial services industry, rejected two bids from private equity firm EQT, the latest of which valued the software provider at up to A$3bn ($2.2bn), as they did not provide compelling value to its shareholders.
The Iress board “unanimously concluded that the indicative proposal was conditional and did not represent compelling value for Iress shareholders,” the company said in a statement, adding that it had provided EQT with “limited, non-public information” to work on a better offer, Reuters reported.
BharatPe eyes $350m fundraise from Tiger Global. (FS)
BharatPe, an offline acquirer of merchants, providing a QR code for UPI payments, eyes $350m fundraise from Tiger Global, an investment firm.
BharatPe is likely to become India’s next unicorn with New York-based Tiger Global Management set to initiate an investment of c.$350m in the startup at a valuation of more than $2bn, Livemint reported.
Krafton priced IPO to raise $3.75bn.
Krafton, a South Korean game developer, said on Thursday it had priced its initial public offering at the top of its indicative range to raise $3.75bn.
"Krafton plans to expand on the IP through new games to be launched this year and next, as well as through other media forms such as short films and animations," Kim Changhan, Krafton CEO.
WM Tech’s $1bn IPO in Hong Kong IPO delayed.
WM Tech’s planned initial public offering in Hong Kong is facing delays as the city’s bourse questions the supermarket owner on its business operations, Bloomberg reported.
The Beijing-based company behind the Wumart chain and Metro’s outlets in China is addressing queries Hong Kong Exchanges and Clearing raised during the IPO vetting process.
Nykaa files for an IPO at a $4bn valuation.
India’s Nykaa is preparing to file for an initial public offering that could value the startup at more than $4bn as another sign of the growing interest in India’s technology sector, Bloomberg reported.
The country’s top e-commerce company for beauty, founded by Falguni Nayar, aims to file its draft red herring prospectus, or DRHP, within the next few days. It plans to sell just more than 10% of the equity, one of the people said, which could raise $400m or more.
Macquarie closed the infrastructure fund after reaching $6.9bn in commitments.
Macquarie Infrastructure Partners V is Macquarie Asset Management’s sixth Americas-focused, unlisted infrastructure fund. It continues the investment strategy of the MIP platform, which spans nearly two decades of local operational expertise and long-standing sector relationships in the Americas.
“We greatly appreciate investors’ strong support for MIP V as part of our broader global infrastructure platform. We remain focused on delivering for our investors and ensuring that we manage investments responsibly and sustainably for the benefit of all stakeholders,” Leigh Harrison, Macquarie's infrastructure Global Head.
Airwallex launches a $200m venture capital fundraise. (FS)
Airwallex, a global payments platform, launched a $200m venture capital fundraise to target early-stage, high-growth technology-enabled companies powered by the company’s infrastructure.
“We are so excited to share the news of our new fund. As part of the fintech and start-up ecosystem, we have consistently observed that a clear technological advantage is incredibly important for a business to stand out from the competition," Jack Zhang, Airwallex CEO.
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