A US judge late on Tuesday granted the Federal Trade Commission's request to temporarily block Microsoft's $69bn acquisition of video game maker Activision Blizzard and set a hearing next week, Reuters reported.
US District Judge Edward Davila scheduled a two-day evidentiary hearing on the FTC's request for a preliminary injunction for June 22-23 in San Francisco. Without a court order, Microsoft could have closed on the $69bn deal as early as Friday.
Veritone, an enterprise AI software and services provider, completed the acquisition of Broadbean, a human resources software developer, from CareerBuilder, an employment website developer, for $52m.
"This transformative acquisition signifies Veritone's focused approach to expanding and scaling our AI-powered HR Solutions portfolio globally. The acquisition will build on the strength of our organic growth, will expand our HR Solutions addressable market opportunity, is expected to be immediately accretive, and will unlock new sales growth and development opportunities as Veritone integrates PandoLogic's recruitment technology into Broadbean's global distribution software and network. The combination of our companies will extend the reach of leading AI technology and HR SaaS solutions globally to the world's largest multinational employers that require more efficient and scalable human resource and hiring solutions," Ryan Steelberg, Veritone President and Chief Executive Officer.
Veritone was advised by UBS, Cooley (led by Bram Couvreur), Global Results Communications (led by Valerie Christopherson) and Prosek Partners. CareerBuilder was advised by LionTree Advisors, PJT Partners and Sidley Austin.
Executives at Canaccord Genuity Group walked away from a plan to take the company private after they couldn’t get speedy approval from regulators for the deal, Bloomberg reported.
A group led by Chief Executive Officer Dan Daviau and Chairman David Kassie in January offered about $825m for the Canadian financial firm, with the support of a large outside shareholder. But the company warned last month it was dealing with an “ongoing regulatory matter” at one of its foreign divisions that would prevent it from getting regulators’ consent for the leveraged buyout by the June 13 expiry.
Darden Restaurants, a multi-brand restaurant operator, completed the acquisition of Ruth's Hospitality Group, a restaurant company with a focus on American steakhouse restaurants, for $715m.
"Ruth's Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests. It fits the criteria we have for adding a brand to our portfolio and supports our winning strategy. Ruth's Chris is a great complement to our portfolio of brands, and I'm pleased to welcome their nearly 5k team members to Darden," Rick Cardenas, Darden President and CEO.
Apollo, an American global private equity firm, agreed to invest in Intermodal Tank Transport, a global provider of ISO tank transportation logistics and depot services for bulk-liquid chemical and food-grade products. Financial terms were not disclosed.
"We are thrilled to partner with Apollo to help accelerate our next phase of growth. We have a number of compelling opportunities to strengthen our global platform, and we believe Apollo's deep understanding of our business, scale and extensive value-creation expertise will help us unlock the significant growth potential of our business. I look forward to continuing to lead the dedicated, hardworking team at ITT as we continue driving value and enhancing customer experience," Jon Hulsey, ITT President and CEO.
ITT is advised by Raymond James and McGinnis Lochridge. Apollo is advised by Paul Weiss Rifkind Wharton & Garrison (led by Brian P. Finnegan and Brian Kim).
Ardian, a private investment house, agreed to invest in Tom Barrow Company, a provider of commercial HVAC solutions in the US Southeast. Financial terms were not disclosed.
"The commercial HVAC industry benefits from particularly strong secular tailwinds. Building owners and tenants are increasingly focused on both indoor air quality and energy-efficient buildings. Healthcare facilities, Life sciences labs, EV and battery plants, solar panel plants, and data centers are also all HVAC-intensive, increasing the need for clean room levels of purity, specialized cooling, or both. We believe Tom Barrow is well positioned to capture significant share in this attractive market," Kevin Kruse, Ardian Managing Director.
Tom Barrow Company is advised by Truist Securities. Ardian is advised by Configure Partners and The Neibart Group (led by Rachelle Gaynor).
Arcline Investment Management, a private equity firm, completed the acquisition of International Water-Guard, a provider and servicer of proprietary potable water systems and components for use in business and commercial jet applications. Financial terms were not disclosed.
"IWG has established an exceptional reputation over its 35-year history as a technology and performance leader in the aircraft water systems space. The Company's steadfast commitment to its customers through design innovation, customer service, and aftermarket support underpin this reputation and provide a strong base for future growth. We look forward to partnering with the IWG management team to support the exciting opportunities that lie ahead," Arcline.
Arcline Investment was advised by Janes Capital Partners and Joele Frank (led by Tim Ragones).
Michael Andlauer, the founder and Chief Executive Officer of Andlauer Healthcare Group, agreed to acquire a 90% stake in Ottawa Senators, a professional ice hockey team based in Ottawa, for $950m.
"My family and I are very excited to be a part of the Ottawa Senators Hockey Club. I believe that the Senators' fanbase is one of the most passionate in the league and I'm excited to take the franchise's success both on and off the ice to the next level," Michael Andlauer.
Michael Andlauer is advised by Bulldog Capital Partners.
Canada Life, an insurance and financial services company, agreed to acquire Value Partners, a Winnipeg-based investment firm. Financial terms were not disclosed.
"We started Value Partners to improve the lives of families across Canada by partnering with the best advisors and investing in the best businesses. Today, our clients have $1.45bn more than they initially invested. Together with Canada Life's world-class insurance and investment products and exceptional advisors, we're going to help far more Canadians build their wealth," Gregg Filmon, Value Partners President.
Value Partners is advised by BMO Capital Markets.
BurstIQ, a data-driven healthcare solutions provider, completed the acquisition of the business intelligence solution of Olive AI, a software company. Financial terms were not disclosed.
"We are thrilled to add Olive's business intelligence solution to our portfolio, allowing organizations to see and leverage their data in exciting new ways. In the future, we plan to enhance LifeGraph Intelligence to address crucial healthcare challenges such as total cost of care reduction, quality measure reporting, clinical trial matching, and supply chain management," Frank Ricotta, BurstIQ Founder and CEO.
BurstIQ was advised by 4PR Group.
MiCare Path, a digital health company, completed the acquisition of SmarTrac, a patient compliance sensor provider, from OnTracMD, a smart monitoring devices developer. Financial terms were not disclosed.
"Adding this virtual physical therapy solution to our portfolio is a testament to MiCare Path's commitment to providing solutions aimed at optimizing MSK care solutions, within a broad diversity of markets, such as remote therapeutic monitoring, managed care, worker's compensation and real-world evidence generation for med-tech manufacturers. The SmarTrac technology will be a great leaping off point to continue our focus to drive deep innovation in these markets that can see the biggest impact of savings by providing technology-driven, preventative solutions," Scott Laster, MiCare Path CEO and Co-Founder.
Audax Private Equity-backed Flow Control, a provider of sanitary-flow components to the pharmaceutical, food, and beverage end markets, completed the acquisition of Strahman, a manufacturer of washdown equipment, sampling valves, and valve automation products. Financial terms were not disclosed.
"We are thrilled to welcome the Strahman business and team to FCH. Strahman has an impressive line of products and a strong track record of innovation in the US dairy and washdown markets. The entire Strahman lineup is complementary to our offering of flow control components and in particular, we are excited about adding the Strahman brand of washdown equipment to the FCH portfolio," Scott Kerns, Flow Control Holdings CEO.
Resilience Capital, a private equity firm, and DealerShop, a distributor and paint application company to auto body shops and dealerships, completed the acquisition of Jobbers Automotive, a full-service supplier of automotive paint, janitorial supplies, body shop equipment, bulk oil, and WeatherTech products serving automotive dealerships and collision centers. Financial terms were not disclosed.
"Jobbers Automotive has a long-standing reputation for providing exceptional service and high-quality products to the Ohio market for over 70 years. We are delighted to have the talented and experienced Jobbers Automotive team join the DealerShop family of companies. The acquisition will enable us to provide our customers with a broader range of products and services and leverage the synergies from the consolidated footprint to drive growth and enhance value," Bill Gryzenia, DealerShop President and CEO.
Hidden River raises $245m for its new fund. (FS)
Hidden River Strategic Capital, a Philadelphia-based investment firm, announced that its inaugural fund, Hidden River Strategic Capital I, closed on $245m of committed capital, significantly above its initial target.
Founding Partners Steve Gord, Todd Morrissey and Kevin Condon are lower middle market veterans who were most recently founders and leaders at two well-regarded private equity firms. Hidden River was formed to focus exclusively on flexible junior capital for small business owner-operators, an area underserved by the well-worn investment approaches of growth equity, buyout, and mezzanine/credit funds.
