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AMERICAS
Forward Air, an asset-light provider of transportation services, completed the acquisition of Omni Logistics, a logistics and supply chain management company, from Ridgemont Equity and EVE Partners, two private equity firms, for $2.1bn.
"This is an exciting day for Forward and we are pleased to welcome the Omni team to the Forward family. Together, we are now uniquely positioned to be the premier provider of choice in high-quality freight transportation to a larger customer base with an expanded domestic footprint," Tom Schmitt, Forward Air Chairman and CEO.
Vista Equity Partners, a global investment firm, completed the acquisition of EngageSmart, a provider of vertically tailored customer engagement software and integrated payments solutions, for $4bn.
"EngageSmart's success is based upon the company's demonstrated track record of innovation and product leadership. "With our transaction now complete, we are eager to leverage our resources and value creation expertise to support the company's next phase of growth. We look forward to partnering with their team to build on EngageSmart's strong momentum and bolster its position as a leader in the vertical software and payments space," Michael Fosnaugh, Vista Senior Managing Director.
Eden Capital-backed Intelvio, a tech driven healthcare education company, agreed to acquire Classward, a web-based education company. Financial terms were not disclosed.
"With this acquisition, Intelvio aims to extend its reach in EMS, a vital allied health segment, ensuring that a broader spectrum of healthcare professionals can access high-quality test preparation and continuing education resources. EMS is a natural extension to our work in phlebotomy," Brian Treu, Intelvio Founder and CEO.
Intelvio is advised by Willkie Farr & Gallagher (led by Joseph F. Kaczorowski and Ramon LaSoya). Eden Capital is advised by CohnReznick and Hogan Marren Babbo & Rose. Debt financing is provided by Byline Bank.
Pathos AI, a clinical stage biotechnology company, completed the acquisition of a 77% stake in Rain Oncology, a precision oncology company. Financial terms were not disclosed.
"After a thorough assessment, the Rain Board determined that this Transaction is in the best interests of our stockholders, as it leverages Rain's strong cash position to provide a confirmed cash takeout for our stockholders and retains some future potential upside due to Pathos' continued interest in further developing milademetan for cancer patients using their proprietary PathOS Platform," Avanish Vellanki, Rain Co-Founder and CEO.
Rain Oncology was advised by Leerink Partners (led by Anurag Jindal), Gibson Dunn & Crutcher and LifeSci Public Relations. Pathos AI was advised by Goodwin Procter (led by Mitchell Bloom).
Ansys, an American multinational company, agreed to acquire a minority stake in Humanetics, a high-tech global industrial technology group, from Bridgepoint, a global private equity firm. Financial terms were not disclosed.
"Humanetics' mission is to protect humans in mission critical environments, by providing engineers with data that is used to drive innovation and improve control. Combining our safety and sensor expertise with Ansys' simulation capabilities is an opportunity to add value to our customers and save more lives. Ansys' partnership will jointly enable us to further unleash new levels of innovation in the human safety ecosystem. We remain committed to working with all our existing and future partners to drive innovation in the industry," Christopher O'Connor, Humanetics CEO and President.
Ankura Consulting Group, a global expert services and advisory firm, completed the acquisition of Lumeri, a strategic business consulting firm specializing in strategy and transformation solutions for Fortune 500 companies. Financial terms were not disclosed.
"We are excited to welcome Lucinda, Doug, and the entire Lumeri team to Ankura. Integrating Lumeri's expertise with the existing services of Ankura underscores our position as a first-in-class firm committed to delivering exceptional business results for our clients as they undertake complex enterprise transformations," Kevin Lavin, Ankura CEO.
Ankura Consulting was advised by Davis Polk & Wardwell (led by Harold Birnbaum).
Raydia Food Group, a foodservice distribution company, completed the acquisition of B & B Foods Distributors, a full-line food distributor, restaurant equipment supplier and wholesale grocery store. Financial terms were not disclosed.
"Our acquisition of B & B Foods is a perfect example of how Raydia Food Group plans to preserve the legacy and long-standing brand equity of the companies we acquire. The goal of our platform is to invest in and help fuel growth for other local food distribution companies that join the Raydia family while enabling them to retain their individual culture and heritage," Moe Alkemade, Raydia Food Group CEO.
Woolpert, an architecture, engineering, geospatial, and strategic consulting firm, completed the acquisition of Bermello Ajamil & Partners, a global architecture and engineering firm. Financial terms were not disclosed.
"Woolpert provides BA with the opportunity to expand and integrate technologies across markets, accelerate our growth in geospatial technologies and artificial intelligence, increase our geographic footprint, and enrich what our talented staff can provide our clients. Together with Woolpert, we will be able to develop and deliver comprehensive and potentially trailblazing services to coastal zones worldwide. Additionally, the combination will allow us to accelerate the growth of our aviation, health care, commercial, and municipal markets," Willy Bermello, Bermello Ajamil & Partners Chairman.
Bain-backed Zelis weighs sale, IPO at $15bn-plus valuation. (FS)
The private equity owners of Zelis are weighing options for the health-care technology company, including a possible sale. Zelis could be valued at $15bn or more in any deal, Bloomberg reported.
Bain Capital and Parthenon Capital have been speaking with potential advisers about exploring a sale or initial public offering of US-based Zelis. They’re also open to bringing in new investors to Zelis in a private transaction as well.
EnCap eyes $5bn sale of shale producer Grayson Mill. (FS)
Private equity firm EnCap Investments is exploring a sale of Grayson Mill Energy that could value the Bakken shale-focused oil and gas producer at around $5bn, inclusive of debt, Reuters reported.
EnCap has tapped investment bank Jefferies Financial Group to run a sale of Grayson Mill. The process will kick off later in 2024, subject to market conditions.
Bret Taylor to win funding for AI startup at near $1bn value.
OpenAI Chairman Bret Taylor is close to finalizing new investment that could confer unicorn status on Sierra, an enterprise-focused AI startup he co-founded with a former Google colleague last year, Bloomberg reported.
Sequoia Capital is expected to lead an $85m investment. The deal would value the company at almost $1bn. The deal marks the latest infusion of capital into the burgeoning AI arena. Investors from the US to China are examining AI ventures and projects, energized after ChatGPT’s rollout a year ago showcased the technology’s potential.
TCW launches new asset-backed finance business.
The TCW Group, a global investment firm with over $200bn of assets under management, announced the launch of a dedicated asset-backed finance business that will be anchored with over $1bn in capital commitments from TCW, partners, and affiliates.
TCW was an early entrant to private credit and the continued expansion of its alternatives capabilities will build upon the firm’s multi-decade track record in direct lending and its recently announced strategic partnership with Lakemore Partners to support the growth of TCW’s CLO platform.
KKR-backed BrightSpring prices IPO below range to raise $633m.
BrightSpring Health Services, which is backed by private equity firm KKR & Co, priced its initial public offering below its targeted range to raise $633m, Reuters reported.
BrightSpring, which was aiming to price its offering between $15 and $18 apiece, sold about 53.3m shares at $13 per share. The IPO values BrightSpring at $2.2bn.
Chipmaker Cerebras Systems weighs IPO as soon as 2024.
Chipmaking startup Cerebras Systems is weighing an initial public offering as soon as this year, Bloomberg reported.
The Silicon Valley company has held early discussions with potential advisers for an offering that would value it above the $4bn figure achieved in its 2021 funding round. It is targeting the listing in the second half of the year at the earliest.
EMEA
Bridgepoint, a fund focused on investing in mid-market growth businesses, completed an investment in Kerv, a next-generation cloud and digital transformation services provider. Financial terms were not disclosed.
"The investment from BDC represents a significant milestone in our short history. Kerv has quickly established itself as a significant player in the UK digital services market with our sector-leading organic growth. This success is underpinned by our relentless focus on employee engagement and customer experience. In BDC, we have found the best possible partner to help write the next chapter for Kerv, in terms of shared values, sector experience and a scale that matches our ambition," Alastair Mills, Kerv Group Group Executive Chairman.
Kerv was advised by Ernst & Young, Altman Solon, Houlihan Lokey, Jamieson, Pinsent Masons and Intechnica. Bridgepoint was advised by Deloitte, Marsh, McKinsey & Company, Anthesis, Lincoln International, Ropes & Gray (led by Helen Croke and Angela Becker), Deloitte and Analysys Mason. Debt financing was proivded by Apera Capital.
Vodafone's push to combine its UK unit with CK Hutchison's Three to create the country's largest mobile operator by revenue is to be investigated by Britain's antitrust watchdog, Bloomberg reported.
The Competition and Markets Authority said it had started the first stage of its merger review process into the proposed joint venture, months after the agency sought views from the market on the tie-up. The announcement starts the clock on one of the most closely-watched antitrust reviews in 2024, with an initial deadline of March 22.
Holcim said to plan separation of North American business.
Swiss building materials giant Holcim is nearing a deal to separate its North American business, Bloomberg reported.
The deal may be announced as soon as Monday. It may value the business at $30bn, though there's no guarantee the company can achieve the targeted valuation.
Johnson Controls weighs sale of HVAC assets at $5bn Value.
Johnson Controls International is exploring a sale of a portfolio of heating and ventilation assets that could be valued at as much as $5bn, Bloomberg reported.
The Milwaukee-based building products company is working with advisers as it seeks to gauge buyer interest in the assets, which sit within its Heating, Ventilation and Air Conditioning, or HVAC, division.
Serbia secures $2.2bn investment from China for renewable energy facilities.
China has agreed to invest €2bn ($2.18bn) in Serbia to build wind and solar power plants and a hydrogen production facility, the biggest investment in renewable energy in the Balkan country to date, Reuters reported.
A memorandum of understanding between the ministry and China's Shanghai Fengling Renewable Co and Serbia Zijin Copper, a local subsidiary of Zijin Mining, was signed on January 26.
Carlyle mulls a $1bn sale of tech services firm HSO. (FS)
Carlyle Group is considering a sale of HSO, in a deal that could value the Dutch technology services firm at about $1bn, Bloomberg reported.
The buyout firm has talked to potential advisers to evaluate exit options. A formal sale process could start later this year, with other private equity firms as the most likely suitors.
APAC
Institutional Shareholder Services advised shareholders in Hollysys Automation Technologies to reject a takeover proposal from private equity firm Ascendent Capital Partners, Bloomberg reported.
The sale process was "relatively short" and appeared to have "included little effort at price maximization," ISS said. That follows a recommendation from Glass, Lewis & Co. to also vote against the offer on the basis that Hollysys could fetch "potentially materially greater value" from other bidders.
Ascendent Capital is advised by Appleby, Morrison & Foerster and Zhong Lun Law Firm. Hollysys Automation Technologies is advised by Deutsche Bank, Davis Polk & Wardwell, Haiwen & Partners, Mourant Ozannes, White & Case (led by Denise A. Cerasani, Steven Sha and Daniel Yeh) and Brunswick Group (led by Daniel Del Re).
Neora, a global relationship marketing company offering age-fighting skincare and wellness products, completed the acquisition of ACN Korea, a provider of direct sales telecommunications and essential services. Financial terms were not disclosed.
"I am thrilled to welcome ACN Korea into the Neora family. The ACN team has built an impressive legacy, and our shared commitment of 'Making People Better' aligns perfectly with our global mission. I eagerly anticipate the Emerge Event on February 17, where we can get to know each other better and share our vision for the future. Together, we are poised to build a transformative legacy in the Korean market," Jeff Olson, Neora Founder and CEO.
US firms look to invest $8bn in Vietnam.
Fifteen US companies, including semiconductors firms, have expressed interest in investing $8bn in Vietnam, contingent on the country’s commitment to renewable energy, DealStreetAsia reported.
Jose Fernandez, undersecretary for economic growth, energy and the environment at the State Department, said those firms had obligations to shareholders so the investment would be conditional on development of a renewables regime in Vietnam.
Japan plans to list Tokyo Metro as stock market hits 34-year peak.
Tokyo Metro, which operates most of the Japanese capital’s subway system, is set to go public—a major privatisation effort by Japan as it seeks to take advantage of a stock market that has shot to 34-year peaks, DealStreetAsia reported.
The company, which is 53.4% owned by the central government with the rest held by the Tokyo government, will be listed in the financial year that begins in April. Half the company is slated to be sold with each government planning to sell half their stakes.
InnoVen Capital reaches first close of latest $250m China fund. (FS)
Venture debt firm InnoVen Capital has reached a first close of $130m for its second China fund, which has a target of $250m, DealStreetAsia reported.
The USD and RMB InnoVen China Fund II is aiming for a close a year from now in early 2025.
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