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AMERICAS
VillageMD, a value-based primary care provider, completed the acquisition of Summit Health-CityMD, a provider of primary, specialty and urgent care, for $8.9bn. The transaction includes investments from Walgreens Boots Alliance and Cigna-backed Evernorth.
"This is an epic milestone in our journey to transform healthcare in the United States. Summit Health-CityMD has been a leader in delivering coordinated, multi-specialty care for decades. We are honored to work side-by-side with their 13k strong workforce who are passionately committed to delivering the best outcomes for millions of patients. Both organizations share a deep commitment to keeping our patients and clinicians at the forefront of what we do to best serve them," Tim Barry, VillageMD CEO and Chair.
Summit Health-CityMD was advised by Barclays, Credit Suisse, Jefferies & Company, Cleary Gottlieb Steen & Hamilton (led by Matthew Salerno and Paul Imperatore). Financial advisors were advised by White & Case. Cigna was advised by Citigroup. Evernorth was advised by Wachtell Lipton Rosen & Katz (led by David Shapiro and Jenna Levine), Wallgreen Boots was advised by Davis Polk & Wardwell. VillageMD was advised by Centerview Partners, JP Morgan, Morgan Stanley and Latham & Watkins (led by Nathan Ajiashvili).
Naver, an internet company, completed the acquisition of Poshmark, a social e-commerce marketplace for new and secondhand style, for $1.2bn.
"We're thrilled to close the transaction and welcome Poshmark to the Naver family, creating the strongest platform for powering communities and re-fashioning commerce. I'm confident Naver's leading technology in search, AI recommendation, and e-commerce tools will enhance the user experience for the Poshmark community and create additional value for all our stakeholders. Naver and Poshmark will immediately be well-positioned to compete globally in the future and benefit from C2C as a major revenue source," Sooyeon Choi, Naver CEO.
Qatar Investment Authority, a sovereign wealth fund, completed the acquisition of a minority stake in Advanced Integration Technology, a manufacturer of automated tooling and equipment intended for the global aerospace, defense and space launch vehicle industries, from Onex, an investment company. Financial terms were not disclosed.
“QIA is among the world’s most sophisticated investors. We’ve been deliberate in our choice of partner and are excited for this next chapter in our history. AIT is emerging from the pandemic with the highest quality contracted backlog in its history. Our ability to attract high quality investors is testament to the critical role automation technology is playing in restoring factory production rates, easing cost pressures and enabling industry product launches after a two-year pandemic disruption," Ed Chalupa, AIT Founder, Chairman and CEO.
AIT was advised by Citigroup, Morgan Stanley, Fried Frank Harris Shriver & Jacobson and White & Case. QIA was advised by Sullivan & Cromwell.
Phillips 66, an integrated energy company, offered to acquire an additional 43.4% stake in DCP Midstream, a partnership engaged in the business of gathering, processing, transporting, storing and marketing natural gas, for $3.8bn.
“We are delivering on our commitment to grow our NGL business. Our wellhead-to-market platform captures the full NGL value chain. As we continue integrating DCP Midstream, we are unlocking significant synergies and growth opportunities," Mark Lashier, Phillips 66 President and CEO.
DCP Midstream is advised by Evercore, Hunton Andrews Kurth and Richards Layton and Finger. Phillips 66 is advised by Barclays, Bracewell and Morris Nichols.
Golden Gate Capital, a private equity firm, completed an investment in Parallel Advisors, a wealth management firm. Financial terms were not disclosed.
“Parallel has demonstrated an impressive trajectory of both organic and inorganic growth, underscored by a holistic platform approach and full array of wealth services offerings. We believe the firm is well-positioned to continue this momentum through the execution of its strategic plan, which includes a significant increase in organic growth as well as further M&A activity, and are thrilled to support C.J. and the rest of the Parallel management team on these initiatives in the coming years,” Dan Haspel, Golden Gate Capital Managing Director.
Parallel Advisors was advised by Republic Capital Group, Alston & Bird and Riezman Berger. Golden Gate was advised by Paul Weiss Rifkind Wharton & Garrison (led by Jeremy Veit) and FGS Global (led by David Isaacs).
First National of Nebraska, an interstate bank holding company, agreed to acquire Northland Capital, a capital markets firm. Financial terms are not disclosed.
“First National of Nebraska is proud to add Northland’s full-service securities brokerage firm to our portfolio of products and services. Our companies share similar core values, ways of doing business, and approaches to serving our customers and communities. We look forward to working together to meet the financial goals of our corporate, government, and non-profit clients with the highest levels of integrity and accountability," Clark D. Lauritzen, First National of Nebraska Chairman and President.
First National of Nebraska is advised by Piper Sandler and Kutak Rock. Northland Capital is advised by Faegre Drinker Biddle & Reath.
NOVA Infrastructure, an infrastructure investment firm, completed the acquisition of ATS Logistics, a provider of transportation and warehousing services. Financial terms were not disclosed.
“ATS is an essential component of the Port of Charleston’s supply chain and import/export activity. Combining the talented ATS team with Harbor Logistics brings additional operating expertise and complementary customer relationships to a strategically located port market with structural tailwinds," Allison Kingsley, NOVA Infrastructure Founder and Partner.
NOVA Infrastructure was advised by Jones Day (led by Tom Devaney), Scudder Law Firm, and Sloane & Company (led by Zef Vataj).
The Column Group, a venture capital firm, led a $100m Series C round in Synthekine, an engineered cytokine therapeutics company.
“Synthekine has made significant progress since our founding in 2019. We have advanced our alpha/beta-biased IL-2 partial agonist, STK-012, into the clinic, developed a novel cytokine approach to empower CAR-Ts and other adoptive cell therapies, matured our three distinct cytokine engineering platforms, and secured our first pharmaceutical partnership through a deal with Merck. We are thankful for the support from these elite healthcare investors, which enables us to pursue our bold vision of advancing novel cytokine science to benefit patients with debilitating cancers and inflammatory diseases," Debanjan Ray, Synthekine CEO.
Synthekine was advised by Evoke Canale (led by Will Zasadny).
Cressey & Company, a private investment firm, and Health Enterprise Partners, a healthcare-focused investment firm, completed the acquisition of The InterMed Group. Financial terms were not disclosed.
"The Cressey and HEP teams will help us further our mission as a trusted provider to our clients and serve an even greater number of healthcare providers with leading-edge, cost-effective health technology products and equipment maintenance solutions. Cressey and HEP are ideal partners for our next phase of growth with extensive track records of investing in many of the country's leading healthcare services and technology companies. We look forward to what's next, particularly in terms of the enhanced benefits we'll be able to provide our clients," Rick Staab, InterMed CEO.
The InterMed Group was advised by Harris Williams & Co (led by Andy Dixon).
Certara, a pharmaceutical company, completed the acquisition of Vyasa Analytics, a software developer. Financial terms were not disclosed.
“We are pleased to announce the acquisition of Vyasa, a cutting-edge company that will enhance existing Certara software platforms and further expand our capabilities across our product portfolios. By incorporating AI into our suite of products, we are building capabilities that will continue to expand our leadership for biosimulation use cases in drug research and development," William F. Feehery, Certara CEO.
Triwise Capital, an investment firm, led a $131m in Series B round in Immune-Onc Therapeutics, a clinical-stage cancer immunotherapy company, with participation from Proxima Ventures and Wuxi Biologics.
"Immune-Onc had an incredible year of growth and development with two myeloid-checkpoint inhibitor programs progressing in the clinic in the US and China for multiple types of cancer where great unmet needs remain. We are confident in the long-term growth prospects for Immune-Onc and believe that our progress this past year provides a compelling foundation for continued success in 2023," Charlene Liao, Immune-Onc Founder and CEO.
Trinity Industries, a railcar products and services provider, completed the acquisition of Holden America, a manufacturer of market-leading multi-level vehicle securement and protection systems, for $80m.
“This acquisition fits well into our strategy to increase exposure to less cyclical and higher margin aftermarket parts, giving us more opportunities to serve our customers and diversify our revenue stream. Furthermore, as we see automobile preference move more toward SUVs and heavier electric vehicles, securement systems will become even more critical, and we look forward to being a market-leading chock provider and continuing to provide the quality and service that Holden’s customers have come to expect," Jean Savage, Trinity President and CEO.
Taylor Corporation, a graphic communications firm, completed the acquisition of Acrylic Design Associates, a manufacturer and merchandiser of signage, fixtures and architectural elements. Financial terms were not disclosed.
“The addition of ADA will take our Taylor Visual Impressions business to the next level. Together with ADA, Taylor Visual Impressions will broaden its assistance to clients to achieve their goals for innovation, design, quality, speed-to-market, cost and sustainability. Their expertise in the retail, financial, healthcare and OEM markets makes ADA a perfect fit with Taylor’s customer base in those same markets,” Mike Robinson, Taylor President.
Ad Populum, an advertising agency, completed the acquisition of Enesco, a designer and wholesaler of gifts, from Balmoral Funds, a private equity fund. Financial terms were not disclosed.
“This sale further strengthens the future for Enesco, our artist partners, our thousands of independent retailers, and our valued end consumers. The winning combination of Enesco’s world class brands coupled with Ad Populum’s brands, intellectual property, and growth assets lay the foundation for another 50+ years where Enesco remains the Company for “bringing joy every day,” Todd Mavis, Enesco CEO.
Arlington Capital Partners, a private equity firm, completed the acquisition of avian vaccine services business of Charles River Laboratories, a pharmaceutical company. Financial terms were not disclosed.
“Identifying and investing behind mission-critical inputs within the biologic manufacturing end market has long been an area of focus for Arlington. Over its 60+ year history, AVS Bio has established itself as the global leader in its market with an extensive domestic manufacturing footprint and an unmatched reputation for quality, biosecurity, and reliability. We are eager to partner with current management to not only establish the Company as a standalone entity, but also capture the opportunities we have collectively identified to produce additional growth through both new product development and strategic acquisitions," Malcolm Little, Arlington Partner.
Lone Star in talks to acquire Titan for $2bn. (FS)
Lone Star Funds, a private equity firm, has held buyout talks with the owners of Titan Acquisition Holdings that could value the military contractor at about $2bn.
Lone Star has held talks with lenders about financing for an acquisition. While Lone Star is among the groups circling Titan, a final agreement hasn’t been reached and the owners could elect to keep the business or sell to another party.
Titan’s owners, Carlyle Group and Stellex Capital Management, have been working with an adviser to examine strategic options for the company, including a sale, Bloomberg reported.
Chamath Palihapitiya says Musk might take Starlink public this year.
Chamath Palihapitiya, a prominent investor known for his blank-check companies, is predicting that SpaceX’s internet-from-space initiative Starlink will go public in 2023, years earlier than planned.
Palihapitiya said on his podcast All-In that a Starlink initial public offering could give chief executive Elon Musk more financial flexibility and would be an obvious outcome in 2023, Bloomberg reported.
Raytheon Technologies explores sale of its actuation unit.
Raytheon Technologies is considering a sale of a unit that makes products including flight controls, which could fetch about $1bn.
Raytheon Technologies is working with an adviser to examine strategic options for the actuation unit. The unit is expected to attract interest from corporate suitors and private equity firms, Bloomberg reported.
Baxter International plans to spin off kidney care units.
Baxter International, an American multinational healthcare company, said it plans to spin off its kidney care units, becoming the latest medical device maker to slim down in the face of supply chain challenges.
The spinoff will become an independent publicly traded company within the next 12 to 18 months. Baxter is also pursuing strategic alternatives for its BioPharma Solutions business that provides contract manufacturing services to the pharma and biotech industries, including a possible sale or separation.
Baxter is advised by Perella Weinberg Partners, JP Morgan and Sullivan & Cromwell.
Vince McMahon is back at WWE to ensure a smooth sale process.
Vince McMahon has returned to the World Wrestling Entertainment board of directors to facilitate potential sale talks ahead of the company’s media rights renewal.
WWE has hired JP Morgan to help the company advise on a potential sale. If a deal occurs, it would likely occur in the next three to six months. WWE plans to talk to potential buyers before it makes a decision on TV rights renewal agreements, CNBC reported.
“My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder,” Vince McMahon.
US VC funding cools from 2021. (FS)
Funding for US startups fell by one-third from their peak in 2021, despite record amounts of capital raised by new and existing venture funds. Private venture-backed companies raised a total of $238.3bn last year, 31% lower than the record of $344.7bn in 2021, Reuters reported.
"VCs didn’t want to price a falling knives situation so things came to a near-screeching halt. No one wants to lean in when they aren’t sure how far the bottom is," Pegah Ebrahimi, FPV Ventures Co-Founder.
Andros Capital Partners closes second energy fund at $750m. (FS)
Andros Capital Partners, a private equity firm, announced the closing of its second investment fund Andros Energy Capital at its $750m hard cap.
“We are extremely grateful for the continued support and confidence that our investors and partners have placed in our firm. Our team continues to source and execute on compelling investment opportunities during this period of fundamental macro dislocation in global energy markets caused by the rapid recovery of hydrocarbon demand and continued global underinvestment," Phillip A. Gayle, Andros Founder and Managing Partner.
Andros is advised by Gibson Dunn & Crutcher.
EMEA
Nucleus Financial Group, a financial services provider, agreed to acquire Curtis Banks, a financial services company, for £242m ($293m).
"The Board of Curtis Banks is pleased to be recommending the Nucleus Group's offer for the company, which represents a significant premium in cash and offers certain value for our shareholders. Curtis Banks recognises Nucleus' established reputation and strength in the adviser platform market, as well as our shared customer-centric approach and aligned corporate values. We believe that the Combined Group's greater scale, efficient platform, broader product proposition and enhanced ability to invest in technology and service will benefit all stakeholders," David Barral, Curtis Banks Chairman.
Curtis Banks is advised by Singer Capital Markets, Peel Hunt (led by Miles Cox), Fenchurch Advisory Partners (led by Graham Marchant), Addleshaw Goddard and Instinctif Partners (led by Tim Linacre). Nucleus Group is advised by Evercore, Slaughter & May and TB Cardew (led by Tom Allison).
Stora Enso, a manufacturer of pulp, paper and other forest products, completed the acquisition of De Jong Packaging, a specialist in corrugated trays and boxes, for $1bn.
"I am pleased to officially welcome De Jong Packaging Group as part of Stora Enso. This acquisition advances Stora Enso's strategic direction by accelerating revenue growth and building market share in renewable packaging in Europe," Annica Bresky, Stora Enso President and CEO.
Alpha Dhabi, a business conglomerate and Mubadala, a private equity firm, agreed to form a joint venture to invest $2.5bn over next five years.
“We have continued to assess the private credit market asset class recently with a keen interest, particularly given the current global market environment. We are proud to partner with Mubadala and Apollo – both of which are renowned in this space – to address the global market need for alternative forms of liquidity and credit. The asset class provides further diversification to our portfolio and attractive risk adjusted returns," Hamad Salem Al Ameri, Alpha Dhabi CEO and Managing Director.
Fleetcor, a global corporate payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes, completed the acquisition of Global Reach Group, a UK-based cross-border payments provider. Financial terms were not disclosed.
“Since entering the cross-border payments space five years ago, we’ve built a market-leading cross-border payments business that will play an important role in our growth moving forward. The acquisition is expected to be immediately accretive in 2023,” Ron Clarke, FLEETCOR Technologies Chairman and CEO.
Nouryon, a chemical manufacturer, agreed to acquire ADOB, a fertilizer manufacturer. Financial terms were not disclosed.
“The acquisition of ADOB reflects Nouryon’s continued commitment to the Agriculture & Food end-market and allows Nouryon to expand its services and product offerings for customers in the industry,” Ignacio Garin, Nouryon Vice President of Agriculture and Food.
Nouryon is advised by Morrison & Foerster (led by Jorg Meissner).
Bencis, an investment company, completed the acquisition of Heytex Group, a functional technical textiles manufacturer, from Deutsche Beteiligungs, a private equity company. Financial terms were not disclosed.
Heytex Group is a global leading manufacturer of engineered technical textiles offering customers a differentiated combination of materials, application expertise, coating technology and global manufacturing capabilities. The Company employs a range of coating technologies, including knife coating and calendaring, as well as a variety of lamination techniques to produce its products.
Brown-Forman, a spirits and wine business, completed the acquisition of Diplomático, a rum brand, from Destillers United Group. Financial terms were not disclosed.
“Brown-Forman’s super-premium portfolio continues growing to meet the preferences of global spirits consumers. Today, we’re pleased to officially welcome more than 100 new employees to Brown-Forman as we close on our acquisition of the Diplomático Rum family of brands, and add the No. 1 super-premium and ultra-premium rum to our portfolio," Lawson Whiting, Brown-Forman President and CEO.
EY earmarks $2.5bn for consulting arm M&A splurge after the planned split.
EY is setting aside $2.5bn to fund an acquisition spree for its consulting arm following its planned separation from the Big Four firm’s audit business, as it presses ahead with preparations for the historic split.
The war chest will allow the new company, which EY is aiming to float in New York, to double the pace of dealmaking as it battles to win market share from its Big Four rivals and standalone consulting firms.
Splitting from the audit business would make acquisitions more attractive for the spun-out consulting arm because it would no longer have to terminate relationships with clients of the acquired company that are audited by EY, FT reported.
BC Partners explores a £3bn sale of VetPartners. (FS)
BC Partners, a private equity firm, has hired JP Morgan and Jefferies to oversee a £3bn ($3.5bn) sale of VetPartners later this year.
A deal will see one of the industry's biggest operators changing hands. A number of large buyout firms have begun to prepare bids for the company, with those already having investments in the sector including CVC Capital Partners, which has a stake in Medivet, a rival operator, Sky News reported.
Finance in Motion explores a sale.
Finance in Motion, a German asset manager focused on environmental, social and governance investing, is exploring a sale.
The company is working with advisers as it considers a possible sale that could value it in the hundreds of millions of euros. Deliberations are ongoing and there’s no certainty they’ll result in a sale, Bloomberg reported.
American investment fund could take PSG minority stake. (FS)
An American investment fund is interested in taking a minority shareholding in French soccer champions Paris Saint-Germain.
The unnamed firm is reportedly hoping to land a ten to 15% stake in the Ligue 1 club. PSG are currently valued at $3.2bn by Forbes, meaning any potential deal could be worth north of $300m.
The arrival of an external investor would also reportedly not be the beginning of the end for PSG’s current owner Qatar Sports Investments, SportsPro reported.
Frasers Group reduces stake in Hugo Boss.
The owner of Sports Direct and House of Frasers has reduced its stake in Hugo Boss after previously upping its investment into the luxury fashion house.
Frasers said it now owns 3.9% of Hugo Boss’s shares while it also has a 25% interest via put options, down from the 28.5% it previously had. Frasers revealed its maximum exposure in Hugo Boss had dropped to around $700m.
Frasers Group is advised by Brunswick Group, Numis and Liberum.
Ivory Coast sells a $228m stake in the local Orange unit in a rare IPO.
Ivory Coast raised $228m listing part of its stake in the local unit of Orange on the West African stock exchange, becoming the regional bourse’s second initial public offering in three years.
The December 30 listing on the Bourse Régionale des Valeurs Mobilières, or BRVM, raised 141bn CFA francs ($228m) as the Ivorian government sold a stake of about 10% in Orange Cote d’Ivoire to investors. The stock gained 7.5% on its first day of trading, Bloomberg reported.
Advent International, a private equity firm, led a $180m Series D round in KreditBee, a fintech platform, with participation from Azim Premji, Motilal Oswal, NewQuest Capital Partners, Mirae Asset Ventures and MUFG Bank.
"The latest round will help us to achieve our vision of serving over 400m middle-income population in the country,” Madhusudan Ekambaram, KreditBee Co-Founder and CEO.
Advent was advised by Avendus.
CapitaLand Investment Management, a REIT, completed the acquisition of the Shanghai office project of Tishman Speyer, a real estate firm, for $1.1bn.
“We set out to create a vibrant mixed-use community, powered by the world’s most technologically advanced companies over a decade ago. CapitaLand’s investment is a testament to the tremendous success of our vision," Rob Speyer, Tishman Speyer CEO.
Fosun offloads stakes in four firms for $975m.
Chinese conglomerate Fosun International will completely exit its stake in four separate firms for a combined $975m to prop up its general working capital.
Fosun held 25.7% in Tianjin Jianlong Iron & Steel Industrial and 26.7% each in Beijing Northern Jianlong Industrial, Jianlong Steel Holdings and Janeboat Holdings.
"The share sale will enable the group to focus more resources on key development strategies and key projects," Fosun.
Adani among potential suitors eyeing stake in government-backed PTC India.
A stake for sale in state-backed electricity trader PTC India is attracting initial interest from potential suitors including Asia's richest man Gautam Adani.
Mr Adani is among possible bidders reviewing preliminary information on the business. Other Indian conglomerates are also evaluating whether to bid. A deal would help Adani Group bolster its grip on India's energy value chain. The conglomerate already has significant interests in India's energy sector via coal mining and trading businesses, as well as electricity transmission and distribution services through Adani Transmission.
State-owned entities NTPC, NHPC, Power Grid of India and Power Finance are working with an adviser to weigh selling their stakes of around 4% each. Bids are due as soon as the end of this month. Deliberations are at an early stage and the parties could decide not to submit bids, NDTV reported.
Digital Edge partners with NIIF and AGP to build pan-India data center platform. (FS)
Digital Edge, an IT services provider, has entered into a partnership with the private equity firms National Investment and Infrastructure Fund and AGP to develop a pan-India portfolio of hyperscale data centers. The facilities will operate under the brand name Digital Edge DC and intend to support the country’s ongoing digital transformation and provide much needed capacity to the rapid growth of India’s cloud industry.
“This project is another key milestone in our ongoing growth journey and adds breadth and depth to our regional platform which now spans 16 data centers across six Asian markets. NIIF and AGP bring solid local know-how to our data center expertise, making a strong combination when it comes to executing the project at speed and to international standards.” He added, “Our mission is to build the foundation for the world’s digital future and we are excited to enter this dynamic market and contribute to India’s incredible digital transformation," Samuel Lee, Digital Edge CEO.
Olam Agri picks banks for $1bn Singapore listing.
Olam Group has picked banks to lead a planned Singapore listing of its agribusiness unit that could raise as much as $1bn.
The company selected Citigroup, DBS Bank, HSBC and Morgan Stanley to arrange the planned initial public offering of Olam Agri. It is aiming to complete the share sale later this year.
The deliberations are ongoing and details of the listing could change. Olam said the company continues to focus on executing its reorganisation plan and will make a public announcement about any material developments, Bloomberg reported.
Sony Honda Mobility weighs future IPO options for EV joint venture.
Sony and Honda’s year-old electric vehicle joint venture is considering a stock offering as one option to raise cash in the future, although those discussions are preliminary.
"The costs of building a “high-value” electric vehicle such as the newly unveiled Afeela, would be significant, and a stock offering has been discussed as one potential avenue for raising funds," Yasuhide Mizuno, Sony Honda Mobility Chairman.
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