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AMERICAS
Apollo completed the acquisition of Univar Solutions for $8.1bn. (FS)
Apollo Global Management, a high-growth, global alternative asset manager, completed the acquisition of Univar Solutions, a global specialty chemical and ingredient distributor, for $8.1bn.
"We are excited to partner with David and the talented Univar Solutions team to build on the Company's strong foundation and track record of innovation, leveraging our extensive industry experience. We have strong conviction in Univar's potential and look forward to embarking on a number of exciting initiatives to help accelerate the Company's growth," Sam Feinstein, Apollo Partner.
Univar Solutions was advised by Deutsche Bank, Goldman Sachs, Wachtell Lipton Rosen & Katz (led by Andrew Brownstein and John L. Robinson) and Joele Frank (led by Matthew Sherman). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by James E. Langston) and Ropes & Gray. ADIA was advised by Cleary Gottlieb Steen & Hamilton. Apollo was advised by BMO Capital Markets, BNP Paribas, Credit Suisse, Guggenheim Partners, HSBC, JP Morgan, Mizuho Securities, RBC Capital Markets, Wells Fargo Securities, Paul Weiss Rifkind Wharton & Garrison (led by Taurie M. Zeitzer and Justin S. Rosenberg) and Skadden Arps Slate Meagher & Flom (led by Brian J Egan).
WEF-backed Strathcona Resources, a private oil and gas producer, agreed to acquire Pipestone Energy, an oil exploration company, for $8.7bn.
"The acquisition of Pipestone by Strathcona reflects the successful culmination of growing and delineating our asset base over the past four years. This all-share transaction delivers shareholders ongoing exposure to one of the largest, well diversified, upstream producers in North America, which has the capacity to grow its production meaningfully over the next decade," Dustin Hoffman, Pipestone COO and interim CEO.
Pipestone Energy is advised by BMO Capital Markets, Raymond James and McCarthy Tetrault. Strathcona Resources is advised by ATB Capital, CIBC World Markets, Mizuho Securities, RBC Capital Markets, Scotiabank, TD Securities and Blake Cassels & Graydon. WEF is advised by Stikeman Elliott.
A consortium of investors completed the acquisition of TIAA Bank. (FS)
Investment management firms Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management completed the acquisition of TIAA Bank, a provider of financial services and products for individuals and small and mid-size business clients nationwide. Financial terms were not disclosed.
"TIAA undertook this transaction from a position of financial strength, and the close of the bank sale marks an important execution milestone in pursuing our strategic focus on providing a secure retirement for our millions of clients. Additionally, we are pleased that TIAA's clients will be able to continue to benefit from the banking services they have previously enjoyed through our continued relationship with EverBank," David Nason, TIAA Chief Operating Officer.
Stone Point was advised by Goldman Sachs, Jefferies & Company, Skadden Arps Slate Meagher & Flom (led by Brian Christiansen) and Wachtell Lipton Rosen & Katz (led by Richard Kim, Mark Stagliano, Edward D. Herlihy and Mark F. Veblen). Sixth Street was advised by Cleary Gottlieb Steen & Hamilton. Bayview was advised by Simpson Thacher & Bartlett (led by Lee Meyerson and Sebastian Tiller). TIAA was advised by Davis Polk & Wardwell (led by William L. Taylor and Cheryl Chan) and JP Morgan.
Freeman, a marketing events company, completed the acquisition of Sparks, a digital experiential marketing agency. Financial terms were not disclosed.
“Our combination with Sparks creates a unique opportunity to accelerate Freeman’s vision to become a leader in the corporate space. Sparks, like Freeman, is built by great people, has a long history of success, and is one of the most respected names in the industry. We couldn’t be more excited to have Sparks’ talented team join Freeman at this exciting time for the industry,” Bob Priest-Heck, Freeman CEO.
Sparks was advised by Cozen O'Connor. Freeman was advised by JP Morgan, King & Spalding and FGS Global (led by Jared Levy). Debt financing was provided by KKR Capital Markets.
ZOOZ Power, a provider of flywheel-based power boosting solutions for the EV charging infrastructure market, agreed to go public via a SPAC merger with Keyarch Acquisition, a special purpose acquisition company, in a $100m deal.
"This transaction is an important phase for ZOOZ and comes at a perfect time. As we further develop our world-wide installed base and with the initiation of our US presence, we believe expanding from being traded on the TASE to being traded on Nasdaq as well, will provide us with enhanced geographic exposure and simpler access to working capital. We are excited about the partnership with Keyarch and we look forward to working together with their experienced executives," Avi Cohen, ZOOZ Chairman.
ZOOZ Power is advised by Lowenstein Sandler and Shibolet & Co. Keyarch is advised by Ellenoff Grossman & Schole and Goldfarb Seligman & Co.
Dril-Quip, a developer, manufacturer, and provider of highly engineered equipment, service, and innovative technologies, completed the acquisition of Great North Wellhead, a provider of mission-critical wellhead products and well-completion solutions, from Industrial Growth Partners, a private equity firm, for $80m.
"We are excited to welcome Great North to the Dril-Quip team. Great North has a talented employee base that brings a wealth of expertise and a solid reputation for delivering technologically different products to a diverse base of blue-chip clients. This acquisition marks a milestone in our mission to expand our Well Construction portfolio and we are excited for the growth opportunities that lie ahead. Our clients' satisfaction will remain our top priority; combining Great North's differentiated product offering with Dril-Quip's extensive footprint brings many benefits to our valued clients. In addition, this transaction will be immediately accretive to our shareholders in terms of returns on invested capital, adjusted EBITDA, and free cash flow," Jeff Bird, Dril-Quip President and CEO.
Great North was advised by RBC Capital Markets and Stikeman Elliott. Dril-Quip was advised by Morgan Stanley and Gibson Dunn & Crutcher.
Graphic Packaging, a provider of fiber-based consumer packaging solutions, agreed to acquire Bell, a packaging provider. Financial terms were not disclosed.
"We grew Sales, Adjusted EBITDA and Adjusted EBITDA margins year over year in the second quarter while actively managing supply to meet demand in response to short-term inventory destocking by retailers and our customers. Importantly, our global team continued to advance key initiatives to drive sustained future organic growth and higher profitability through commercial execution, quality improvement and cost reduction. Our focus remains on delivering renewable and recyclable, fiber-based packaging solutions preferred by consumers," Michael Doss, Graphic Packaging President and CEO.
Bell is advised by Jefferies & Company.
March Capital, a venture capital & growth equity firm, and Sanabil Investments, a sovereign wealth fund, led a $175m Series C round in Nile, an enterprise networks company, with participation from stc, Prosperity7, Liberty Global Ventures, 8VC, Geodesic Capital, FirstU Capital, and Valor Equity Partners.
"Nile is in a strong position to take advantage of several paradigm shifts occurring across the technology ecosystem. Cloud-born edge infrastructure solutions are altering the way we engage with each other and interact with physical spaces in offices, schools, and venues. AI is enabling data-driven decision-making to be adopted at a rapid pace. Cloud migration strategies for anywhere access to enterprise apps is top of mind for all IT executives, creating a tremendous opportunity for Nile," Pankaj Patel, Nile CEO and Co-Founder.
CRH-backed Oldcastle, a manufacturer of architectural building products, completed the acquisition of the US certainteed fence, railing and decking business business from Saint-Gobain, a company that designs, manufactures and distributes materials and solutions. Financial terms were not disclosed.
These divestments are part of Saint-Gobain's continued business profile optimization strategy, in line with its "Grow & Impact" plan.
RWC International, a heavy truck dealership, completed the acquisition of the commercial dealership operation of Kyrish Truck Centers, a commercial truck dealer. Financial terms were not disclosed.
"I am thrilled to have the opportunity to acquire KTC. Our respect for Duane, Wayne and Jeff is immense. The legacy of Ed Kyrish and his family is very special. The successful integration of RWC and KTC represents an enormous opportunity for everyone at both companies. I am really looking forward to getting the process started," Bob Cunningham, RWC CEO.
Peak Rock Capital, a middle-market private investment firm, completed the investment in CollegeNET, a web technologies developer. Financial terms were not disclosed.
“We welcome Peak Rock’s financial and strategic support as well as their commitment to our ambitious growth plans. Their innovative structured investment solution gives us the runway to continue developing the large market for our patent-pending AI Opportunity Drivers,” Jim Wolfston, CollegeNET CEO.
La Visual, a brand experience agency, completed the acquisition of At Play Creative, an acclaimed multidisciplinary design studio. Financial terms were not disclosed.
“This acquisition represents a pivotal step for La Visual. At Play Creative’s imaginative approach and portfolio align with our vision for the future. Having Gary Smith join our senior leadership team as ECD solidifies our commitment to delivering human-centered design and branding solutions that drive real business results. Together, we’re positioned to redefine the boundaries of digital transformation,” Braven Greenelsh, La Visual CEO.
Camber Energy, a diversified energy company, completed the acquisition of additional 38% stake in Viking Energy, a diversified energy and power solutions provider, Financial terms were not disclosed.
"We sincerely appreciate the patience and support of our stakeholders for affording us the opportunity to finally close this merger, and in no way do we view the acquisition as a ‘finish line' of any kind. Rather this is merely an early, albeit significant, step within our comprehensive plan to transform this organization into what we firmly believe will be a revolutionary and profitable participant in the energy industry," James Doris, Camber President & CEO.
Blackstone’s real estate trust redemption requests decline to the lowest point this year. (FS)
Blackstone's giant real estate trust for wealthy individuals saw redemption requests ease to the lowest point this year as it limited withdrawals for a ninth consecutive month, Bloomberg reported.
Investors sought to cash out $3.7bn in July from Blackstone Real Estate Income Trust. BREIT returned about $1.3bn, or about 34% of what was requested.
EMEA
EP Equity Investment, an investment company, agreed to acquire tech foundations business of Atos, a multinational information technology service and consulting company, for €2bn ($2.2bn).
“In consistency with our announcements of June 2022, we have decided to present to our shareholders vote, the separation of the Group through the divestiture of TFCo, our legacy business, together with its liabilities. This will create value for our shareholders by both taking away the risk of TFCo’s turnaround and its various liabilities and refocusing Atos on Eviden and its good future growth prospects. We will hold an Investor Day on Eviden before our shareholders’ vote,” Bertrand Meunier, Atos Chairman.
Atos is advised by JP Morgan, Perella Weinberg Partners, BNP Paribas, Rothschild & Co and Darrois Villey Maillot Brochier.
micromobility, a pioneer in sustainable transportation and micromobility services, offered to acquire VanMoof, an innovative e-bike startup known for its successful subscription business model. Financial terms were not disclosed.
"This potential acquisition is part of our long-term strategy to consolidate our leadership in the micromobility market and diversify our portfolio of solutions. VanMoof's strong brand reputation, innovative e-bike technology, and its unique subscription model perfectly align with our vision for the future of urban transport," Salvatore Palella, micromobility CEO.
micromobility is advised by Blueshirt Group (led by Gary Dvorchak).
Rapyd, a fintech company, agreed to acquire PayU GPO, a payment technology company, from Prosus, a global investment group, for $610m.
“Rapyd’s been on a mission to build bold, and our global expansion continues unabated with a nearly 100% year-over-year growth rate in 2023. Our strategy focusing on both organic growth and acquisitions uniquely positions Rapyd to be one of the largest integrated global fintechs in the world, clearly delivering on our vision of a single, integrated Fintech-as-a-Service platform,” Arik Shtilman, Rapyd CEO and Co-Founder.
CCL Industries, a security and packaging solutions provider, completed the acquisition of Faubel, a pharmaceutical company, for $186m.
"Clinical trials labeling has long been an important component of our North American Healthcare business. This acquisition adds organizational and operational capacity in Europe to build a global presence in the space. We have known and admired Faubel for more than 15 years and are very pleased to welcome their outstanding team to our Company. It will become an integral part of the global Healthcare & Specialty business led by Lee Pretsell, Group Vice President, who reports to Guenther Birkner, President - Healthcare & Specialty, Food & Beverage and Innovia," Geoffrey T. Martin, CCL Industries President & CEO.
X5 Group, a food retailer, agreed to acquire Victoria Baltia, the operator of Victoria stores in the Kaliningrad Region, Moscow and the Moscow region, Deshevo stores in the Kaliningrad Region, as well as two distribution centres and a CASH hypermarket in Kaliningrad. Financial terms were not disclosed.
“The Kaliningrad Region is an exciting market that has high growth potential for X5 Group’s business, while alsohaving a unique profile. In particular, it offers a limited number of locations to open new stores. The deal to acquire Victoria and Deshevo stores will help to consolidate our position in the Kaliningrad Region while improving the logistics support for our stores in this market,” Igor Shekhterman, X5 CEO.
BP jumps on Big Oil’s buyback train.
BP became the latest Big Oil firm to boost shareholder returns against a backdrop of weaker quarterly earnings. The company raised its dividend and announced a $1.5bn buyback as it bets on sustained strong oil prices in the coming months, Bloomberg reported.
The results come ahead of a meeting with the UK government, in which the heads of British energy companies will be urged to reinvest profits in new North Sea oil and gas ventures.
Rio Tinto looking at possible lithium deals.
Rio Tinto Group, the world’s biggest iron ore miner, is looking at a number of possible lithium acquisitions and would like to buy an asset to produce the key battery material in Canada, Bloomberg reported.
The London-based company was “looking at a number of opportunities” in lithium, Jakob Stausholm, Rio Tinto CEO.
Standard Chartered’s CCIB co-head Manish Jain to join Yes Bank. (People)
Standard Chartered co-head of corporate, commercial and institutional banking for India is leaving the firm after more than 23 years. Manish Jain is set to join Yes Bank as its head of corporate banking, Bloomberg reported.
Joining in 2k, Jain began his latest position in 2020. His role includes responsibility for large local corporates, mid-market companies, commercial real estate, supply chain finance and transaction banking sales.
APAC
Kao, a manufacturer and marketer of globally recognized beauty brands, agreed to acquire Bondi Sands, a self tanning brand, for $450m.
“Bondi Sands is an incredible brand and a perfect fit for the Kao Consumer Care Business portfolio. Quality, innovation, environmental responsibility, accessibility and community are at the forefront of everything it does, ideally aligning Bondi Sands to our own brand values and corporate philosophy, which we call the ‘Kao Way'," Karen Frank, Kao President, Consumer Care Business, Americas and EMEA.
Bondi Sands is advised by Citigroup.
Macquarie-backed Vocus, an international telecommunications company, agreed to acquire a 12% stake in the enterprise, government and wholesale assets from TPG Telecom, a telecommunications company, for $4.21bn.
TPG previously announced a strategic review of its wholesale residential fixed access business, Vision Network, in October 2022, following which TPG received a number of nonbinding expressions of interest in its fixed network infrastructure assets.
Kerry Group, a taste & nutrition company, completed the acquisition of Shanghai Greatang Orchard Food, a provider of taste solutions for local foodservice chains, for $209m.
"This acquisition strongly complements Kerry's leading authentic taste position in China, broadening and deepening its capability and portfolio of local taste solutions in the region, most notably in the significant foodservice hotpot market. Greatang's expertise strengthens and expands Kerry's strategic positioning and capability as an innovation partner for local and international customers in China," Kerry Group.
Alteration Earth, a special purpose acquisition company, agreed to acquire Verdant Earth Technologies, a green energy solutions company, for £125m ($161m).
"This is a very exciting opportunity to bring an asset backed, renewable energy business with a clear, scalable, and deliverable growth plan to the public markets. The Verdant business aligns perfectly with ALTE's ambition to change the way we use earth's resources for the better," Matthew Beardmore, ALTE Director.
China private fund deregistrations jump amid regulatory scrutiny. (FS)
Chinese private funds have been losing their licenses at a faster pace this year than in 2022, as regulators tighten scrutiny on the $2.9tn industry to curb operational irregularities, Reuters reported.
The number of private fund deregistrations, both voluntary and forced, reached 2k from January to July, twice the number in the same period last year.
Pacific Equity Partners closes $265m continuation fund. (FS)
Australia-based Pacific Equity Partners has reportedly closed an A$400m ($265m) single-asset continuation fund for a portfolio company in its fifth fund, Up Education. AlpInvest Partners is to be the anchor investor in the fund, which drew participation from a group of global institutional investors, DealStreetAsia reported.
PEP sold half of its stake in New Zealand-based Up Education before rolling the remaining into the continuation vehicle. The buyout firm first invested in Up Education in 2015.
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