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AMERICAS
Antin, a private equity firm, agreed to acquire a majority stake in OpticalTel, a fiber broadband provider. Financial terms were not disclosed.
“We see this partnership with the OpticalTel team as an immense growth opportunity. Fiber is at the core of modern infrastructure, providing mission-critical, low-latency bandwidth services to a customer base that has increasing demand for data. We believe OpticalTel is very well-positioned to meet this need in the fast-growing Florida market," Kevin Genieser, Antin Senior Partner.
OpticalTel was advised by Lazard, RBC Capital Markets and Latham & Watkins (led by Ravi Purohit and James Gorton). Antin was advised TD Securities, Greenberg Traurig and Brunswick Group (led by Tristan Roquet Montegon). Debt financing was provided by TD Securities, Citizens and CIT Bank.
Prime Therapeutics, a management services company, completed the acquisition of Magellan Rx, a pharmacy benefits manager, from Centene, a publicly traded managed care company, for $1.35bn.
"This is a timely and important move. As pharmacy costs balloon, bold action is necessary. By bringing together the capabilities and talents of Prime and Magellan Rx, we are positioned to deliver breakthrough value to the clients and members we serve. We are excited about the solutions our shared teams will bring to the industry as we strive to deliver progress against the Quadruple Aim," Ken Paulus, Prime Therapeutics CEO and President.
Prime Therapeutics was advised by Solomon Partners, Fox Rothschild (led by Timothy J. Scallen) and McDermott Will & Emery (led by Mark J. Mihanovic). Centene was advised by Allen & Company, Barclays, Evercore and Skadden Arps Slate Meagher & Flom (led by Jeremy London).
Desjardins Group, a Canadian financial service cooperative and the largest federation of credit unions in North America, agreed to acquire Guardian Capital Group, a provider of investment management services, for $557m.
"This acquisition strengthens Desjardins in the important life insurance and wealth management sectors across Canada. On the insurance side, it extends our market reach and positions us as a leader in life insurance independent distribution in Canada. On the financial advisory side, the mutual fund and securities dealers will enhance and strengthen our distribution of retail investment products. With this added bench strength, Desjardins will be able to serve more Canadians and achieve critical mass to generate the financial flexibility to innovate and invest to better meet the needs of our members, clients and advisors," Guy Cormier, Desjardins Group President and CEO.
Guardian Capital Group is advised by BMO Capital Markets, Borden Ladner Gervais and KPMG. Desjardins is advised by Desjardins and Stikeman Elliott.
Webster Financial, an American commercial bank based in Stamford, Connecticut, agreed to acquire StoneCastle Insured Sweep, a technology-enabled deposit management platform, from StoneCastle Partners, a provider of banking and associated technologies. Financial terms were not disclosed.
"The acquisition complements our strategy to build a bank with diverse funding capabilities and technology-enabled businesses. interLINK is a unique deposit channel that provides a scalable source of liquidity for the company," John Ciulla, Webster Financial President and CEO.
Webster Financial is advised by Bank of America and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest). StoneCastle is advised by Keefe Bruyette & Woods and Dechert.
NBT Bancorp, a financial holding company, agreed to merge with Salisbury Bancorp, a premier community bank franchise headquartered in Lakeville, CT, in a $204m deal.
"We are very excited to partner with Salisbury and to extend our footprint into their attractive and complementary markets. Importantly, the organizational values upheld by the Salisbury team align very well with those of NBT. We look forward to welcoming these dedicated financial professionals to NBT and growing our combined company together. We are also pleased that Rick Cantele, Salisbury's President and CEO, will become a member of NBT's Executive Management Team. Salisbury has an impressive history of service to their customers, communities and shareholders, and we are honored to have the opportunity to build on these relationships," John H. Watt, NBT President and CEO.
Salisbury Bancorp is advised by Janney Montgomery Scott and Updike Kelly & Spellacy. NBT Bancorp is advised by Piper Sandler and Hogan Lovells.
Dine Brands, a food and beverage company, agreed to acquire Fuzzy’s Taco Shop from NRD, a restaurant franchisee company, for $80m.
"Fuzzy’s Taco Shop is a compelling business with a loyal customer base and a distinct identity. It is an attractive asset with a tremendous growth trajectory and will be a complementary addition to our highly franchised portfolio. By adding Fuzzy’s to the Dine Brands family, we are investing in a high growth concept as part of our longer-term growth agenda, which is aligned with our strategy to build shareholder value," John Peyton, Dine Brands CEO.
Fuzzy’s Taco Shop is advised by Arlington Capital Advisors and Cheng Cohen. Dine Brands is advised by Centerview Partners and Sidley Austin.
ProFrac, an energy services company, agreed to acquire Eagle Ford sand mine from Monarch Silica, a mining company. Financial terms are not disclosed.
"We are pleased to add the Monarch mine to the growing portfolio of in-basin sand mines we operate through Alpine Silica. This transaction further demonstrates ProFrac's commitment to its vertical integration strategy, providing the Company with access to high-quality, local proppant in the Eagle Ford, where we currently operate 8 active fleets. With Monarch's production capacity expected to expand to nearly 4m tons per year by Q1 2023, ProFrac will be well positioned to bundle internally sourced proppant across our active fleets in the region," Matt Wilks, ProFrac Executive Chairman.
Monarch Silica is advised by Piper Sandler and Chamberlain, Hrdlicka, White, Williams & Aughtry. ProFrac is advised by Winston & Strawn and Dennard Lascar (led by Ken Dennard).
Lincolnshire Management, a private equity firm, completed the acquisition of Whitewater Brands, a supplier of productivity-enhancing consumables and light equipment. Financial terms were not disclosed.
“The Whitewater brands are well recognized in the collision repair community and their reputation positions them to be a promising platform for growth as a leader in a very large, broad, and highly fragmented market," T.J. Maloney, Lincolnshire Management Chairman and CEO.
Lincolnshire was advised by Acclaro, PricewaterhouseCoopers, Greenberg Traurig and Stanton PRM (led by Charlyn Lusk). Whitewater was advised by Brown Gibbons Lang & Company.
Audax-backed DISA Global Solutions, a provider of employee testing and workplace health solutions, completed the acquisition of Global HR Research, a comprehensive suite of employee testing, screening, and compliance management solutions, from Renovo Capital, a private equity firm. Financial terms were not disclosed.
“Global HR Research is a longstanding brand that has built its reputation on trust and prioritizing the customer experience. I have followed them over the years and have always been impressed with their organic growth and successful strategic acquisitions. Like DISA, customer care distinguishes GHRR from the competition and is exemplified by an impressive retention rate and net promoter score. I believe that the combination of our two entities will enhance the depth of our expertise and ensure we continue to provide the most comprehensive employee screening services. Together, we will identify best practices, implement innovative solutions, and assist our customers as they mitigate risk and safeguard their businesses," John Peterson, DISA CEO.
Global HR was advised by Stifel. Audax was advised by FGS Global (led by Julie Rudnick). DISA Global was advised by Ropes & Gray.
Keywords Studios, the international technical and creative services provider to the global video games industry, agreed to acquire Helpshift, an innovative consumer-facing digital support platform, for $75m.
"We are excited to welcome the talented Helpshift team to Keywords after partnering with them for a number of years. We have seen first-hand the power of their technology and its ability to improve player engagement and retention. We believe being able to deliver a holistic player experience solution will be a compelling offering for our clients and further support our strategic partnership ambitions with them. We are really looking forward to working with the team and supporting their growth as we continue to deliver against our long-term strategy for the Group," Bertrand Bodson, Keywords Studios CEO.
Coatue, an American technology-focused investment manager, and Dragoneer, an American investment firm based in San Francisco, led a $140m Series B round in UpStream Healthcare, a value-based primary care services and technology company, with participation from Avidity Partners, Define Ventures and Mubadala.
"I am thrilled that such a prestigious group have come forward to invest in UpStream in such a significant way," Nick Loporcaro, UpStream Board Chair.
UpStream was advised by JP Morgan.
Fortress Investment Group, a highly diversified global investment manager, completed an $80m investment in Broad Street Realty, a fully integrated and self-managed publicly owned real estate company.
"We are proud to announce the expansion of our successful relationship with Fortress by entering into a new joint venture. Just as important as their capital, they bring to the table a world-class institutional real estate team that we believe will help accelerate us towards the next step in the growth and profitability of our organization and liquidity for our shareholders," Michael Z. Jacoby, Broad Street Realty Chairman of the Board of Directors and CEO.
Top Hat, a student engagement solutions provider, agreed to acquire Aktiv, a company revolutionizing education and learning technology in STEM disciplines. Financial terms were not disclosed.
“As a leader in student engagement, we have significant reach across a wide range of students and subject areas. This acquisition reflects our commitment to be the partner of record for higher education institutions – from broad engagement to discipline-specific solutions that enable active, personalized learning, especially in STEM courses that are so crucial to the overall student experience," Joe Rohrlich, Top Hat CEO.
Aktiv is advised by Good Harbor Partners (led by Mark Miller).
Valor Equity Partners, an operational growth investment firm, led a $1.48bn Series E round in Anduril Industries, a defense technology company, with participation from Founders Fund, Andreessen Horowitz, General Catalyst, 8VC, Lux Capital, Thrive Capital, DFJ Growth, Elad Gil, Lachy Groom, Human Capital, Marlinspike, WCM Investment Management, MVP Ventures, Lightspeed Ventures and US Innovative Technology Fund.
"Anduril has made incredible progress delivering on its mission to transform US and allied national security capabilities with advanced technology. Since its founding five years ago, Anduril has designed, built and fielded innovative capabilities at scale, at unprecedented speed. Anduril has a massive opportunity to create even more impact for the US and its allies, and we grow more confident in its mission with every opportunity to invest. Valor is excited to continue supporting the company operationally and financially as the business grows and scales," Antonio Gracias, Valor Equity Partners Founder, CEO and Chief Investment Partner.
Convergint, a provider of service-based systems integration, completed the acquisition of Beckwith Electronic, which specializes in communication, security, and life safety systems. Financial terms were not disclosed.
"For 60 years, we've provided our colleagues with a great place to work and our customers with quality products, competitive pricing, and excellent service. Partnering with Convergint is the natural next step to enhance our capabilities. Our guiding philosophy is well-aligned with Convergint's core Values and Beliefs, and we look forward to working together to bring new opportunities and possibilities to our valued colleagues and customers," Thomas Schluter, Beckwith CEO.
Wealth Partners-backed Waverly Advisors, an investment advisor, completed the acquisition of Wall Advisors, a financial advisory firm. Financial terms were not disclosed.
“Waverly’s philosophy is dedicated to supporting our clients and the related financial decisions and challenges. Wall Advisors’ core values align with our own. We are thrilled to welcome the talented Wall Advisors’ team to Waverly, as we look forward to continued growth in 2023," Josh Reidinger, Waverly CEO.
Partech raises $127m for the latest seed fund to invest in US, Europe & SE Asia. (FS)
Global tech investment firm Partech Ventures has announced raising $127m for its fourth seed fund that will invest in Europe, the US, and Southeast Asia, DealStreetAsia reported.
The latest fund, Partech Entrepreneur IV, will invest at pre-seed and seed stages in about 50 startups as a lead investor or co-investor, with initial cheques ranging from $316k to $3.2m. The fund will also reinvest until Series B.
EMEA
BC Partners, an international investment firm, completed the acquisition of a 50% stake in Fedrigoni, a global producer of self-adhesive labels and fibre-based packaging products, from Bain Capital, a global private investment firm, for $1.6bn.
This new partnership will support Fedrigoni's management team as they look to build on their successful track-record of M&A. BC Partners' owner-manager mindset has helped its portfolio companies execute over 400 add-on transactions over the last decade, and as such is the natural partner for Fedrigoni and Bain Capital to help drive value-creation opportunities.
Fedrigoni was advised by Bain & Co, New Deal Advisors and Studio d’I comunicazione (led by Stefania Vicentini). BC Partners was advised by PricewaterhouseCoopers (led by Giovanni Tinuper, Guiseppe Cerfeda and Max Lehmann), Bain & Co, Afry, Canson Capital Partners, Goldman Sachs, JP Morgan, Nomura, Santander, Facchini Rossi Michelutti, White & Case (led by Michael Immordino), Barabino & Partners (led by Rossana Garavaglia) and Kekst CNC (led by Neil Maitland). Bain Capital was advised by Morgan Stanley, Rothschild & Co (led by Nicola Paini and Irving Bellotti), Kirkland & Ellis (led by Jacob Traff, Adrian Christopher Maguire, Matthew Merkle and Neel V. Sachdev), Latham & Watkins (led by Cataldo Piccarreta and Giorgia Lugli), Pirola Pennuto Zei & Associati and Camarco (led by Georgina Whittle).
Centaury Management, the investment office of the Markus family, completed the acquisition of the filters business of Essentra, a global provider of essential components and solutions, for £262m ($322m).
"The strategic review of Filters was launched in October 2021 and has built on the significant progress the division has made since 2017 when announcing its strategy for future growth. The business is delivering on all of the strategic "game changers" and has attractive long-term growth prospects. I am confident that Filters will continue to make excellent progress under its new ownership," Paul Forman, Essentra CEO.
Essentra was advised by Goldman Sachs, Lazard, Peel Hunt and Tulchan Communications (led by Olivia Peters).
A group of Electricite de France employee shareholders had appealed the French stock market regulator’s approval of the government’s $10.2bn bid to take the utility back into full state ownership, arguing the ongoing tender offer undervalues the company, Bloomberg reported.
FCPE Actions EDF and FCPE EDF ORS, which together own about 1.6% of the utility, filed the claim at the Paris appeals court on Friday.
Electricite de France is advised by Barclays, JP Morgan and Morgan Stanley. French Republic is advised by Cleary Gottlieb Steen & Hamilton (led by Pierre-Yves Chabert).
Valgroup, a provider of flexible, laminated and rigid packaging products, completed the acquisition of Nuovaplast, a plastic fabrication company in Italy, from IGI Private Equity, a private equity firm. Financial terms were not disclosed.
"With this operation we want to diversify the group's core business, also geographically, by expanding our presence in Europe," Luigi Geronimi, Valgroup President.
Nuovaplast was advised by Mediobanca.
Cinven and Ontario Teachers-backed group.ONE, a European provider of online presence solutions via mass hosting and software products, agreed to merge with dogado group, a provider of online presence solutions in Germany, Austria and Switzerland. Financial terms were not disclosed.
"group.ONE has performed very strongly under Cinven's ownership since its original investment in the business in 2019 and we are delighted to be continuing to support group. ONE's growth strategy through this transaction. The combination of group.ONE and dogado will create a leading pan-European player in the online presence market, with significant opportunity for further growth, both organically and through buy and build. This is a sector we know well through Cinven's successful investments in HEG and one," Thomas Railhac, Cinven Partner.
Credit Suisse rises as Saudi Crown Prince weighs investment.
Credit Suisse Group rose as much as 7.5% on the prospect that Saudi Arabian Crown Prince Mohammed bin Salman will take a stake in the Swiss firm’s planned investment bank spin out.
Bin Salman may put about $500m into the vehicle, Bloomberg reported. Other investors may include former Barclays chief executive Bob Diamond’s Atlas Merchant Capital. It’s unclear whether the Crown Prince’s interest would come in a personal capacity or through other investment vehicles in the Kingdom.
EQT, Macquarie eye Morgan Stanley’s 40% PNE stake. (FS)
EQT and Macquarie Group are among potential suitors eyeing Morgan Stanley’s 40% stake in German wind park developer PNE, Bloomberg reported.
PNE, which has a project pipeline of more than 9GW and a generation portfolio worth 261MW, has a current market capitalisation of $1.4bn, valuing Morgan Stanley’s stake at $560m.
Mill Point Capital partners with Seviroli Foods. (FS)
Middle market private equity firm Mill Point Capital has partnered with Seviroli Foods, a manufacturer of frozen pasta and other food products, and Vertullo Imports, a specialty food importer.
Mill Point focuses on control-oriented investments in the business services, industrials and technology sectors in North America.
Supercar-maker McLaren in talks with investors about £250m fundraising.
McLaren Group, the supercar manufacturer and Formula One team-owner, is in talks to raise hundreds of millions of pounds in new funding aimed at steering the British-based company into the electric vehicle era.
McLaren has opened talks with existing shareholders including the sovereign wealth funds of Bahrain and Saudi Arabia about injecting at least £250m ($307m) into the business in the coming months, SkyNews reported.
Saudi Aramco's Luberef expects to raise up to $1.32bn from IPO.
Saudi oil giant Aramco's base oil subsidiary Luberef expects to raise up to $1.32bn from its initial public offering.
Luberef will sell nearly 30% of the company's issued share capital, or 50m shares, at between $24.23 and $26.36 each, Reuters reported.
Russia's Whoosh eyes $400m valuation in upcoming IPO.
Russian electric scooter company Whoosh is moving towards a possible $400m valuation in its upcoming initial public offering, the first Russian market debut since Moscow sent troops into Ukraine in February, Reuters reported.
The company said it expects up to $80.4m of shares could be sold in the IPO - both through an additional stock issue and as existing shareholders sell down their stakes - at a launch price of between $2.96-$3.60 per share.
CVC Credit closes third European direct lending fund at €6.3bn. (FS)
CVC Credit, the global credit management business of CVC, has held the final close of its third European Direct Lending fund with €6.3bn ($6.6bn) to deploy across the European Direct Lending opportunity, representing a significant increase over CVC’s prior European Direct Lending fund.
CVC Credit now manages total assets of more than €35bn ($37bn) across its Performing Credit and Private Credit businesses. The Private Credit platform comprises its European Direct Lending and Capital Solutions strategies with assets of more than €10bn ($10.5bn).
AlbaCore Capital Group closes flagship Partners III fund at €2.2bn. (FS)
European credit specialist AlbaCore Capital Group has held the final close of its third flagship fund, AlbaCore Partners III Fund, with €2.2bn ($2.3bn) in capital commitments, exceeding its €2bn ($2.1bn) target.
Fund III will follow a similar strategy as its predecessors, with a goal of delivering capital growth for investors by leveraging strategies across the firm’s expertise, including private capital solutions, opportunistic credit, and dislocation.
New CEO at BNP Paribas Cardif in the Nordics. (People)
Åsa Blessner joins BNP Paribas as CEO for the group’s insurance company, BNP Paribas Cardif, in the Nordic region.
“Proud to have Åsa on board to develop our offering in the Nordic region. In addition, her extensive background will make her a valued member for the overall franchise in the Nordics. Responsible insurance is an essential part for our customers to meet the future with confidence and move forward with their plans,” Eirik Winter, BNP Paribas Group Nordic region CEO.
APAC
D Capital, a private equity fund, agreed to acquire Oyatsu, a Japanese snack manufacturer, from The Carlyle Group, a global investment firm. Financial terms were not disclosed.
"We are proud to have supported Oyatsu to enhance its innovation excellence, operational efficiency and global scale. We believe the Company is well-positioned to capture opportunities in its next phase of growth with the solid foundation it has built over the past eight years. We thank Oyatsu's leadership team for their trust and partnership and wish them every success moving forward," Takaomi Tomioka, Managing Director and Deputy Head of Carlyle Japan.
V Ventures, a venture capital firm based in Singapore, agreed to acquire Zipmex, a cryptocurrency exchange, for $100m.
The acquisition report comes weeks after local media reported that V Ventures and Zipmex were on track to sign a majority buyout agreement.
Azelis, a service provider in the specialty chemicals and food ingredients industry, agreed to acquire Chemiplas Agencies, a distributor of specialty chemicals. Financial terms were not disclosed.
“This acquisition is another illustration of our strong commitment to continued growth in the Asia Pacific region, and is an important milestone in our strategic vision of becoming a market leader in Australia and New Zealand. The acquisition of Chemiplas provides Azelis with a broader, more comprehensive lateral value chain, an experienced team with a shared vision, and a stronger regional presence across key market segments. Customers and principals will benefit from the enhanced solutions offered thanks to our collective innovation capabilities and complementary product portfolio," Hans Joachim Müller, Azelis CEO.
KKR-backed EQuest, an educational services provider, completed the acquisition of a majority stake in Khoi Nguyen Education, an education programs provider. Financial terms were not disclosed.
Khoi Nguyen Education was established in 2010 with the purpose of bringing the best foreign education programs to the students of Vietnam. With 5 schools in Ho Chi Minh City and over 3k students in our system of schools, Khoi Nguyen Education Holdings prides itself on educating free, confident and adaptable people.
Billionaire Gautam Adani’s conglomerate is set to become the biggest shareholder of New Delhi Television, with a nearly 38% stake in the Indian news broadcaster as its hostile takeover bid enters the final lap, Bloomberg reported.
But a potential showdown looms for control of one of the few media outlets still relatively critical of the Prime Minister Narendra Modi’s government, as NDTV’s founders - who opposed the politically-savvy billionaire’s acquisition bid - remain its second-largest shareholder.
Apple makes plans to move production out of China.
In recent weeks, Apple has accelerated plans to shift some of its production outside China, long the dominant country in the supply chain that built the world’s most valuable company, WSJ reported.
It is telling suppliers to plan more actively for assembling Apple products elsewhere in Asia, particularly India and Vietnam, they say and looking to reduce dependence on Taiwanese assemblers led by Foxconn Technology Group.
Sunshine Insurance is said to consider pricing HK IPO at bottom.
Sunshine Insurance Group is leaning toward pricing its Hong Kong initial public offering at the bottom of its marketed range, Bloomberg reported.
The Beijing-based firm weighs whether to sell 1.15bn new shares at $0.75 apiece. At that price, the listing would raise about $863m.
Chinese snack maker Weilong Delicious seeks to raise up to $141m in Hong Kong IPO.
Chinese spicy snack food maker Weilong Delicious Global is aiming to raise up to $141m in a Hong Kong initial public offering launched on Monday, well below its initial target of about $1bn.
The company is selling 96m shares in the range of $1.33-$1.46 each, DealStreetAsia reported.
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