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AMERICAS
Western Midstream, a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets, agreed to acquire Meritage Midstream Services II, a privately held midstream company headquartered in Denver, Colorado, for $885m.
"Since 2013, Meritage has been hard at work building upon its brand as a leading midstream operator in the Powder River Basin, expanding its services into rich gas gathering, processing, and NGL transport. Through the unwavering dedication of our team, we have developed a best-in-class infrastructure platform driven by safe and intelligent operations and founded on strong relationships with our customers and stakeholders. Today's announcement is a testament to the many years of focused efforts, and I am extremely proud of our team's many accomplishments. We look forward to watching the combined WES/Meritage team continue to advance this generational asset." Nick Thomas, Meritage CEO.
Meritage Midstream Services II is advised by Jefferies & Company and Vinson & Elkins (led by Jim Fox and Dan Komarek). Western Midstream is advised by Citigroup and Gibson Dunn & Crutcher.
Atria Wealth Solutions, a multi-channel wealth management holding company, completed the acquisition of Grove Point Financial, an independent wealth management firm, from Kestra Financial, a wealth management platform. Financial terms were not disclosed.
"We are thrilled to join forces with Grove Point's financial professionals, talented executive team and employees. This is the most exciting time in our industry's history and one that is creating the opportunities of a lifetime for all of us. Our combined organization will make us stronger as we continue to support and meet the ever-growing demands of financial professionals and their clients. What is of critical importance in any partnership is fit – both cultural and strategic. This is very much true of our new relationship with Grove Point – the cultures, priorities and philosophies of our firms could not be more aligned, and our ability to grow and deliver a differentiated experience has never been more certain." Doug Ketterer, Atria CEO and Founding Partner.
Atria Wealth Solutions was advised by William Blair & Co and Haven Tower Group (led by Julian Arenzon). Kestra Financial was advised by Goldman Sachs and Gregory FCA (led by Haley Rosa).
Molina Healthcare, a company which provides managed healthcare services, completed the acquisition of My Choice Wisconsin, a health care provider, for $150m.
“The addition of My Choice Wisconsin to Molina’s expanding footprint is not only complementary to our existing Medicaid business in Wisconsin, but also representative of our strategic growth initiatives. Today’s announcement demonstrates our continuing success acquiring value enhancing revenue streams at attractive valuations,” Joe Zubretsky, Molina Healthcare President and CEO.
Timken, a provider of engineered bearings and industrial motion products, completed the acquisition of Des-Case, a Nashville-based manufacturer of specialty filtration products for industrial lubricants. Financial terms were not disclosed.
"Des-Case is a technical leader in branded filtration solutions that sit adjacent to our automatic lubrication systems. Des-Case is known for innovative products and services that improve equipment reliability, increase profitability and provide environmental benefits. By adding new products that complement our existing portfolio, this acquisition provides strong synergy opportunities, including cross-selling and international expansion," Christopher Coughlin, Timken Executive Vice President.
Arthur J. Gallagher & Co, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of Lifesure Group, a provider of personal lines insurance broking services. Financial terms were not disclosed.
"Lifesure has an excellent reputation for client relationships and will enhance our UK retail capabilities in the niche personal lines space. I am delighted to welcome Paul and his colleagues to Gallagher," J. Patrick Gallagher, Jr., Chairman, President and CEO.
Casella Waste Systems, a regional solid waste, recycling, and resource management services company, completed the acquisition of Consolidated Waste Services, a provider of collection, transfer, and recycling, for $219m.
"We believe that Twin Bridges fits well with our operations and provides a solid strategic platform to grow our services in this market. Twin Bridges was built on delivering quality service to its customers, and we are intently focused on continuing this commitment. We would like to welcome Twin Bridges' hardworking team members to Casella, and we are excited to serve our new customers," John W. Casella, Casella Waste Systems Chairman and CEO.
Applied Industrial Technologies, a value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, completed the acquisition of Bearing Distributors and Cangro Industries, providers of bearings, power transmission, industrial motion, and related service and repair capabilities. Financial terms were not disclosed.
“We welcome Bearing Distributors and Cangro to Applied’s US Service Center network as we continue to bolster our local presence and provide our customers with leading technical support. We have meaningfully enhanced our Service Center operations in recent years through strategic process improvements, systems investments, and talent additions. At the same time, the long-term demand outlook in our core Service Center network has never been stronger, reflecting emerging secular tailwinds around reshoring, customer capex investments, and technical supply chain requirements, as well as share gain opportunities tied to our service capabilities and cross-selling potential. Both Companies will immediately strengthen our position to fully leverage these tailwinds now and in the coming years.” Neil A. Schrimsher, Applied President & Chief Executive Officer.
Shell NGC weigh Venezuela's natural gas investment demands.
Shell and National Gas Company of Trinidad and Tobago are close to agreeing to credit Venezuela's state-run oil firm for its $1bn investment in a gas field the three want to jointly develop, Reuters reported.
If agreed, the move could help speed a long-stalled offshore development. The US in January granted Venezuela's PDVSA, Shell and NGC a two-year authorization to revive the project, which could boost Trinidad and Tobago's gas processing and exports.
Cellectar Biosciences announces up to approximately $103m private placement financing.
Cellectar Biosciences, a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of targeted drugs for the treatment of cancer, announced it has entered into a securities purchase agreement with certain institutional investors for a private placement financing that is expected to result in gross proceeds of up to $103m, including an initial funding of $24m.
“This financing with current and new investor funds of up to $103m reflects the significant value of our lead asset iopofosine and R&D pipeline. With the initial $24m, we are able to fully fund all corporate activities through the completion of our pivotal trial and expected reporting of top-line data later this year. The additional tranches of financing provide ample capital through the potential accelerated approval of iopofosine and subsequent commercialization,” James Caruso, Cellectar President and CEO.
Ex-Morgan Stanley COO Pruzan tapped as Pretium’s president. (People)
Jonathan Pruzan, former chief operating officer at Morgan Stanley, is joining single-family rental giant Pretium as the company seeks to continue its rapid growth, Bloomberg reported.
Pruzan, once seen as a contender to succeed James Gorman as chief executive officer of Morgan Stanley, will be president of Pretium. He will report to Don Mullen, founder and CEO.
Illumina names Agilent exec Jacob Thaysen as CEO. (People)
Illumina's board named Agilent Technologies executive Jacob Thaysen as the US genetic testing company's CEO, months after its former head stepped down following a proxy fight with billionaire Carl Icahn, Reuters reported.
Thaysen, who has been part of the analytical instruments division leadership at Agilent since 2018, would take on his role at Illumina effective September 25.
EMEA
Ontario Teachers' Pension Plan Board, a global investor, agreed to acquire a majority stake in Seven Investment Management, a wealth management, asset management and platform services company, from Caledonia Investments, a self-managed investment trust company for £255m ($322m).
"The team and I would like to thank Caledonia for their support and resources over the years in helping 7IM to deliver on its strategy and vision. Caledonia's enduring capital approach has allowed us to focus on what is right for 7IM, our colleagues and, most importantly, our clients. We are now well positioned for our next phase of growth, and I am excited about our new partnership with OTPP, who are deeply supportive of the team and the firm's strategy. With OTPP's support, we look forward to starting a new chapter in 7IM's history and accelerating our growth to cement our position as one of the leading vertically integrated wealth managers in the UK which encompasses an award-winning platform and leading multi-asset investment management capabilities," Dean Proctor, 7IM CEO.
Private equity firms General Atlantic and L Catterton led a £280m ($353m) funding round in Butternut Box, the UK-based fresh dog food company known for its innovative approach to pet food.
"We are delighted to now partner with General Atlantic, who is an incredible investor and shares our long-term vision of developing the category of Fresh pet food across Europe. It is also fantastic to receive further support from our long-standing partner, L Catterton who we've been proud to work with for several years now and who also believes in the power of Fresh and that we are only really at the starting line. Most notably we are incredibly excited by what this investment will unlock for our customers (dogs and humans) in the years to come as we are nothing without them," Kevin Glynn, Butternut Box Co-Founder.
Butternut is advised by Harris Williams & Co and Orrick Herrington & Sutcliffe. General Atlantic is advised by Houlihan Lokey and Freshfields Bruckhaus Deringer. L Catterton is advised by PricewaterhouseCoopers and Latham & Watkins. Literacy Capital is advised by Singer Capital Markets (led by Robert Peel) and MHP Communications (led by Reg Hoare).
ECI Partners, a private equity firm, agreed to acquire Commify, a provider of business messaging products and services to SMEs and corporate customers, from Hg Capital, a private equity firm, for €300m ($324m).
"Commify has built a differentiated position in an exciting global market, and with messaging becoming the number one customer engagement channel, there is a clear and compelling growth opportunity across Europe, the US and Australia. We're delighted to be partnering with Richard and the Commify team to support them on further organic and acquisitive growth for the next stage of their journey," Paul McCreadie, ECI Partner.
Commify is advised by Ernst & Young, KPMG, Liberty Corporate Finance, Moelis & Company, Strategy&, Baker Botts and Linklaters. ECI Partners is advised by EY, Houlihan Lokey, Datasite, and Squire Patton Boggs. HG Capital is advised by Brunswick Group (led by Azadeh Varzi).
CVC Capital Partners, a global private markets manager focused on private equity, secondaries and credit, agreed to acquire a majority stake in DIF Capital Partners, an infrastructure manager. Financial terms were not disclosed.
"Expanding into infrastructure is a logical next step for us, given the long-term secular growth trends in infrastructure and its adjacency to our existing strategies. We have known the DIF team for several years, and we are delighted to partner with one of the top pure-play global infrastructure managers, with an impressive track record of performance and growth," Rolly van Rappard, CVC Chair and Co-Founder.
DIF Capital Partners is advised by PricewaterhouseCoopers, Morgan Stanley, De Brauw Blackstone Westbroek (led by Pete Lawley) and Loyens & Loeff (led by Antoinette van der Hauw). CVC is advised by JP Morgan.
Amber Therapeutics, a developing a closed-loop neuromodulation therapy, completed the acquisition of Bioinduction, a medical laboratory. Financial terms were not disclosed.
“We are very excited to announce the acquisition of Bioinduction and its Picostim-DyNeuMo platform. Our teams worked together developing the platform from concept to first-in-human trials in under two years. This deal formally brings together an experienced group of professionals with decades of design, clinical and manufacturing experience, who can now focus on taking our first therapy to market.” Aidan Crawley, Amber CEO.
Amber Therapeutics was advised by MEDiSTRAVA Consulting (led by Mark Swallow).
Main Capital-backed Bizzdesign, a developer of a SaaS enterprise architecture platform, completed the acquisition of a majority stake in Edifit, an enterprise architecture software and consulting services provider. Financial terms were not disclosed.
"Joining Bizzdesign, a recognized leader in enterprise architecture, marks an exciting milestone for Edifit. By aligning our expertise with Bizzdesign's leadership, we can collectively provide unparalleled solutions and services to our customers. We're thrilled to be part of this journey with Bizzdesign." Eddie Walker, Edifit CEO.
KKR, an American global investment company, agreed to acquire a 45% stake in Zenobe, a British battery storage company, for £360m ($455m).
Chaired by Steve Holliday, the former chief executive of National Grid, Zenobe describes itself as an international EV fleet and battery storage specialist.
Thelios, an Italian eyewear brand, completed the acquisition of Vuarnet, a French sunglasses company, from NEO Investment Partners, a private equity firm. Financial terms were not disclosed.
“The opportunity to buy Vuarnet came at the right moment for us, we felt ready for this kind of operation after six years in business taking major steps in our industrial set up.” Alessandro Zanardo, Thelios CEO.
UBS to absorb Credit Suisse's securities research offering.
UBS will absorb Credit Suisse's securities research service, wrapping the business into its own research operations. Integrating the banks' Global Markets services is a further step along UBS's tricky path to absorbing its fallen rival in the first-ever merger of two global systematically important banks.
Institutional customers are to be switched to UBS Global Research. Credit Suisse's Wealth Management clientele will not be affected by the transition as they have access to UBS IB Research, Reuters reported.
L'Occitane's billionaire owner decides against deal to take company private.
Hong Kong-listed skincare specialist L'Occitane International said its controlling shareholder had decided against a potential deal to take the company private, curbing speculation of a possible European listing, Reuters reported.
L'Occitane updated the market last month about a potential buyout offer from Chairman Reinold Geiger's investment holding company, L'Occitane Groupe, at no less than $3.32 per share.
APAC
China to launch $40bn state fund to boost chip industry.
China is set to launch a new state-backed investment fund that aims to raise about $40bn for its semiconductor sector, as the country ramps up efforts to catch up with the US and other rivals.
It is likely to be the biggest of three funds launched by the China Integrated Circuit Industry Investment Fund, also known as the Big Fund. Its target of CNY300bn ($41bn) outdoes similar funds in 2014 and 2019, which according to government reports, raised CNY138.7bn ($19bn) and CNY200bn ($27bn) respectively, Reuters reported.
GIC weighs sale of Tokyo building for more than $2bn. (FS, RE)
Singapore sovereign wealth fund GIC is considering the sale of a top-grade Tokyo skyscraper and has approached potential buyers about the property, Bloomberg reported.
The tower, 43-story Shiodome City Center in one of Tokyo’s central business districts, may fetch a price of at least JPY300bn ($2bn). Any deal of that size would make it one of the most expensive office building transactions ever in Japan.
WSB has raised over $102m, surpassing its initial target commitment of $60m. (FS)
WSB has raised over $102m, surpassing its initial target commitment of $60m. The fund's objective is to invest in residential real estate projects, particularly targeting the mid-income and affordable housing segments within select tier-I cities.
The fund has raised capital from a diverse group of investors, including family offices, large corporate houses and domestic as well as offshore high-net-worth individuals, The Economic Times reported.
IndoSpace raises $150m more led by QIA. (FS)
Indian logistics parks operator IndoSpace has raised an additional $150m in the second close of its fourth fund led by the Qatar Investment Authority and Grosvenor’s Diversified Property Investments, DealStreetAsia reported.
The company had raised $243m in the initial close of IndoSpace Logistics Parks IV, which will add an additional 25-30m sq. feet to its portfolio.
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