EMEA
The Restaurant Group completed the £357m acquisition of Wagamama from PE owners.
Sun Corp looking to sell Cellebrite for $400m.
AMERICAS
Vista Equity Partners acquired MINDBODY for $1.9bn.
LS Power closed the buy of CPower from HIG Capital.
Kraft Heinz and Mondelez to participate in auction of Campbell’s international business.
APAC
Castlelake acquired 25 planes from AirAsia for $768m.
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EMEA
The Restaurant Group completed the £357m acquisition of Wagamama from PE owners.
Acquisition of Wagamama, a British restaurant chain, serving Asian food based on Japanese cuisine, by The Restaurant Group, a British chain of restaurants and public houses, was first announced on October 30. The firm was sold by Duke Street and Hutton Collins. Bridgepoint, CVC, L Catterton and KKR also made bids for the company.
Wagamama was advised by Goldman Sachs. JP Morgan, Numis Securities, RBC Capital Markets and MHP Communications advised the Restaurant Group. RBC also provided debt financing. Goldman Sachs and Latham & Watkins advised the sellers.
Fiera Capital, a leading independent asset management firm, acquired an 80% stake in Palmer Capital Partners, a leading UK focused real estate investment manager, for £30m ($28m).
"Palmer Capital is a perfect fit for us as we look to further grow our footprint outside of North America," said Vincent Duhamel, Global President and Chief Operating Officer, Fiera Capital. "This is a strategic acquisition with a growing business in Europe and the United Kingdom – key areas of focus for us as we expand globally."
Herbert Smith advised Fiera Capital.
Sun Corp looking to sell Cellebrite for $400m.
Japan’s Sun Corp, which operates mainly Pachinko related business, information and communication business, is looking to sell a 50% stake in Cellebrite, an Israeli digital intelligence provider. Cellebrite, fully owned by Sun Corp, specializes in forensics and extraction of data from mobile devices.
Potential buyers include Macquarie Group and KKR.
AMERICAS
Vista Equity Partners to acquiree MINDBODY for $1.9bn.
MINDBODY is the leading technology platform for the fitness, beauty and wellness services industries. Under the terms of the agreement, Vista will acquire all outstanding shares of MINDBODY for approximately $1.9bn. MINDBODY shareholders will receive $36.50 in cash per share, representing a 68% premium to the unaffected closing price as of December 21, 2018.
“MINDBODY’s position as the leading technology platform for the fitness, beauty and wellness industries makes it an ideal addition to the Vista family of companies,” said Brian Sheth, Co-Founder and President of Vista. “We look forward to partnering with Rick and the entire MINDBODY team to deliver innovation to customers that will help grow their businesses and to consumers who depend on MINDBODY to strengthen their health and well-being."
Qatalyst Partners and Cooley advised MINDBODY. Kirkland & Ellis advised Vista Equity Partners.
LS Power closed the buy of CPower from HIG Capital.
LS Power, a US power and energy infrastructure owner, acquired CPower, a leading demand-side energy management solutions provider, from HIG Capital on November 29. Financial terms were not disclosed.
John Horton, CPower’s President and CEO, said, “We have enjoyed partnering with HIG. Our team has valued the continued support and leadership provided throughout our partnership as we worked to achieve our goals and growth initiatives. HIG’s expertise was invaluable in developing CPower into market-leading demand response and energy management provider.”
Kraft Heinz and Mondelez to participate in auction of Campbell’s international business.
Kraft Heinz, an American food company, and Mondelez International, an American multinational confectionery, food, and beverage company, have been short-listed to participate in the second round of Campbell Soup Co’s auction of its international business. Both Kraft Heinz and Mondelez are interested in the assets so they can expand their global footprint. Based on the first-round bids received, Campbell Soup could fetch close to $3bn for its international business.
Bain Capital, KKR and FinTrek Capital will also participate in the second round of auction. Ferrero is currently in talks with Campbell over whether it will remain involved in the process.
APAC
MYOB Group, an Australian multinational corporation that provides tax, accounting and other business services software to small and medium businesses, is set to accept the A$3.4 ($2.38) per share offer from KKR. The fund initially offered A$3.77 ($2.65) per share, valuing the company at about A$1.8bn ($1.26bn) but lowered the price when global technology players such as Facebook and Google owner Alphabet have fallen sharply amid concerns about incursions on privacy, sparking a sell-off across the broader sector.
MYOB Chairman Justin Milne said the proposal was in the best interest of shareholders, considering “market uncertainty and the longer-term nature of the strategic growth plan the company has embarked upon.”
UBS and Clayton Utz advised MYOB Group.
Castlelake acquired 25 planes from AirAsia for $768m.
AirAsia Group Berhad is a Malaysian budget carrier. Castlelake will also purchase four new aircraft that will be delivered to AirAsia in 2019. All 29 acquired planes will be leased back to AirAsia.
Castlelake, a global fund focused on alternative investments, has been stepping up its exposure to aviation assets. In June last year, it raised $1bn from investors including family offices, sovereign wealth funds, endowments and pension funds.
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