Terminix, a provider of essential termite and pest management services to residential and commercial customers, announced it has completed the divestment of its pest management businesses in the UK and Norway. The businesses were acquired by Norvestor VIII, a fund managed by Nordic mid-market private equity firm Norvestor Advisory.
Completion of the divestment and the previously announced completion of the antitrust review process in the US satisfy two of the closing conditions to the company’s pending merger with Rentokil, a pest control services provider.
Terminix is advised by Lazard, Macfarlanes, Wachtell Lipton Rosen & Katz and Joele Frank. Lazard is advised by Gibson Dunn & Crutcher. Rentokil is advised by Barclays, Goldman Sachs, Davis Polk & Wardwell, Freshfields Bruckhaus Deringer and FTI Consulting.
Altamont Capital Partners, a private equity firm, agreed to acquire Service Minds, a provider of electrical, plumbing and HVAC services. Financial terms were not disclosed.
"Service Minds holds great potential for growth thanks to a strong business model that provides critical services, delivers industry leading customer service, has developed best-in-class training and apprenticeship programs, and offers exciting career development opportunities for its team members. We could not be more excited to have an opportunity to partner with this team and leverage our experience driving growth through infrastructure investment, team member recruitment and retention, organic sales drivers, and mergers and acquisitions within franchise systems," Kevin Mason, Altamont Managing Director.
Altamont Capital is advised by Boxwood Partners, Morrison & Foerster, Ropes & Gray and Narrative Strategies. Debt financing is provided by Principal Alternative Credit, Stellus Capital Management and Varagon Capital Partners. Service Minds is advised by Truist Bank and Shumaker Loop & Kendrick.
Forbes, a business information brand, failed to merge with Magnum Opus Acquisition, a special purposes acquisition company, in a $630m deal. Investor in PIPE included Binance.
“The Forbes brand is a sought-after and trusted brand with more than 100 years of equity that is synonymous with success and validation. Our digital transformation has delivered double-digit revenue and EBITDA growth over the past year, which not only significantly outperformed the financial targets provided at the start of the SPAC transaction last year but continues to deliver high quality cashflows and compelling year-over-year and sequential growth since then. This is a testament to the incredible team we have assembled at Forbes that is delivering across our media, and brand extensions business, as well as our newer consumer conversion strategy that has shown triple digit revenue growth over the past two years," Mike Federle, Forbes CEO.
SmartStop Self Storage REIT, a self-managed and fully-integrated self storage company, completed the acquisition of Strategic Storage Growth Trust II, a private REIT sponsored by an indirect subsidiary of SmartStop, for $280m.
"We are excited to announce this transaction and look forward to combining the high-quality assets in the SSGT II portfolio with SmartStop's existing portfolio. With this merger, the combined company will be better positioned to recognize expense efficiencies and aggregate size and scale for the future. Since all of the SSGT II portfolio is already branded as SmartStop® Self Storage, there will be total continuity of operations throughout the process," H. Michael Schwartz, SmartStop Chairman and CEO.
SmartStop was advised by Robert A. Stanger & Co, Nelson Mullins Riley & Scarborough and Venable. Strategic Storage Growth Trust II was advised by KeyBanc Capital Markets, Bass Berry & Sims and Shapiro Sher Guinot & Sandler.
One Rock Capital Partners, a private equity investment management firm, completed the acquisition of Therm-O-Disc, a sensors manufacturer, from Emerson, a technology and engineering company. Financial terms are not disclosed.
"Therm-O-Disc is well-positioned as a leading global manufacturer of branded, essential sensor and safety products. We are excited to collaborate with management to drive innovation, enhance strong operational capabilities and serve Therm-O-Disc's customers, building on the long history as an industry leader," R. Scott Spielvogel, One Rock Managing Partner.
One Rock Capital Partners was advised by Morgan Stanley, RBC Capital Markets, Latham & Watkins and Prosek Partners. Emerson Electric was advised by Evercore and Davis Polk & Wardwell.
Corsair, a global alternative investment firm, completed the acquisition of a majority stake in HungerRush, a cloud-based software provider for the restaurant industry, from The CapStreet Group, a middle market private equity firm. Financial terms were not disclosed.
“We are excited to welcome a like-minded partner with an impressive track record of supporting payments and software companies as we enter the next stage of our growth. Corsair’s investment and partnership provides an opportunity for HungerRush to capitalize on organic and inorganic growth opportunities, enhance our product offerings and go-to-market strategy, and continue to support clients with comprehensive payment and restaurant management solutions that are individually tailored to their values and business goals," Perry Turbes, HungerRush CEO.
Corsair was advised by Raymond James, Simpson Thacher & Bartlett and Sard Verbinnen & Co. HungerRush was advised by William Blair & Co and Willkie Farr & Gallagher. CapStreet was advised by Lambert & Co.
Zayo Group, a provider of fiber-based communications solutions, completed the acquisition of Education Networks of America, a managed network connectivity and security services provider, from ZMC, a private equity firm. Financial terms are not disclosed.
“ENA is a leader in delivering comprehensive managed network and security solutions for educators, enhancing academic quality and productivity driven by digital transformation and the growing need for remote learning. As Zayo looks to expand its strong public sector capabilities and serve the critical connectivity needs of our nation’s education system, ENA brings the technology, geographic reach, and service delivery we need to help our customers thrive. We are committed to expanding this business, providing enhanced services to ENA customers and supporting the ENA team as we drive growth and innovation together," Andrés Irlando, Zayo President.
Education Networks of America was advised by Evercore and Kirkland & Ellis. Zayo Group was advised by Morgan Lewis & Bockius, Skadden Arps Slate Meagher & Flom and BLASTmedia.
Owens Corning, a manufacturer of glass fiber utilized in composites and building materials, completed the acquisition of WearDeck, a producer of composite weather-resistant decking for commercial and residential applications in North America, from JR Plastics, a manufacturer of paper coated and laminated packaging. Financial terms were not disclosed.
“The acquisition of WearDeck is a positive step in advancing our strategy to drive continued growth in Owens Corning and pivoting our Composites business to focus on high-value material solutions within the building and construction space. WearDeck brings exciting opportunities to further leverage our building materials expertise and glass fiber material science technology to significantly expand our current addressable markets," Marcio Sandri, Owens Corning Composites President.
Owens Corning was advised by Calfee Halter & Griswold and Jones Day. JR Plastics was advised by Eversheds Sutherland, Hogan Lovells and Klein and Klein.
Aquiline Capital Partners, a private equity capital firm, agreed to invest in Planet DDS, a developer of a cloud-based enterprise-ready dental practice management software. Level Equity Management also participates in the deal. Financial terms were not disclosed.
"Today's announcement is an exciting next chapter in our story as we continue to scale and improve our offerings to meet the needs of the dental industry. Aquiline brings new capabilities to the business that will help drive growth. Level Equity has been a great partner since 2019 and I am excited they will continue to support the business," Eric Giesecke, Planet DDS CEO.
Aquiline is advised by Ropes & Gray and Prosek Partners. Planet DDS is advised by SVB Leerink, Goodwin Procter and Innsena Communications.
G-III Apparel Group, a global fashion provider with expertise in design, sourcing, and manufacturing, completed the acquisition of the remaining 81% stake in Karl Lagerfeld Brand, a fashion brand, for $210m.
“This transaction marks yet another significant milestone for G-III. Since acquiring a stake in the brand in 2015, G-III has built Karl Lagerfeld into an important and rapidly growing part of our North American business. Fully owning this visionary brand is a continuation of our successful partnership with the Karl Lagerfeld management team. Importantly, the addition of this iconic fashion brand to the G-III portfolio advances several of our key priorities, namely an increase in the direct ownership of brands and their licensing opportunities and further diversification of our global presence,” Morris Goldfarb, G-III’s Chairman and CEO.
G-III Apparel was advised by Barclays, De Brauw Blackstone Westbroek, Simpson Thacher & Bartlett and Brunswick Group.
Rally Communitas, a technology company for mass mobility in the United States, agreed to go public via a SPAC merger with Americas Technology Acquisition in a $208m deal.
“Today’s announcement represents a tremendous milestone for the shareholders of ATA. We are incredibly excited to announce the merger with Rally. Rally is innovating with advanced technology solutions in a large, global sector which is ripe for transformation. Consumers, corporations, and governments have a vested interest in developing and improving mass transit solutions. Rally is repurposing existing resources to deliver solutions that benefit all stakeholders. We look forward to our partnership and opportunities to leverage our expertise and relationships to scale Rally’s platform," Jorge Marcos, ATA CEO.
Rally is advised by Chardan, Nelson Mullins Riley & Scarborough and MZ Group North America. Americas Technology Acquisition is advised by Ellenoff Grossman & Schole.
Luminate Capital, a private equity firm, completed the investment in Growth Street-backed Suralink, a developer of a workflow engagement platform. Financial terms were not disclosed.
"This is an important milestone for us as a company. We have always believed in the value our products provide to our customers and industry and have a vision for a broader platform as we continue to scale. We chose to partner with the Luminate team because we felt they shared in that vision for the future. With this investment, Luminate's history of successfully scaling SaaS companies, and our team's deep domain knowledge, we are poised for even greater success in the coming years. We could not be more excited about what's ahead for us, for our customers, and for our industry," Tim Ballantyne, Suralink Founder and CEO.
Luminate Capital was advised by Kirkland & Ellis and Chris Tofalli Public Relations. Suralink was advised by Vista Point Advisors and Goodwin Procter.
SeatGeek, a mobile-centric technology platform that is transforming the live-event experience for fans, teams, and venues, failed to merge with RedBall Acquisition, a SPAC, in a $1.35bn deal.
“Given the volatility in the public markets, together, we determined that a termination of the business combination was in the best interest of all parties. We have a tremendous amount of respect for the great team at RedBall and appreciate their partnership throughout the process. SeatGeek recently announced two record-breaking quarters – Q3 and Q4 of 2021 – and we remain confident in our continued long-term growth trajectory," Jack Groetzinger, SeatGeek CEO and Co-Founder.
North Hudson Resource Partners, a Houston-based energy investment firm, agreed to acquire LOGOS Resources, an operator of an oil and gas exploration and production company, from ArcLight Capital, a private equity firm, for $402m.
"We are excited to partner with North Hudson and will use our new resources to accelerate the development of our Mancos and Gallup reserve base following the success of our 2021 horizontal drilling program. Our operating and development track record, basin-leading ESG programs, and financial and strategic support provided by North Hudson, place LOGOS in an excellent position to execute on the next phase of value creation," Jay Paul McWilliams, LOGOS CEO.
LOGOS is advised by Jefferies & Company. North Hudson is advised by Kirkland & Ellis and Skadden Arps Slate Meagher & Flom.
Aramex, a provider of comprehensive logistics and transportation solutions, agreed to acquire MyUS, a provider of shipping and package forwarding services, for $265m.
“MyUS's business and expertise are a natural extension of our solutions, a complementary to our flagship product- Shop & Ship, and we see significant benefits to be derived from this acquisition. We believe this transaction will open new trade lanes for both companies, as well as increase trade flow from major global trade hubs into the Middle East, where Aramex is a leading player. We are acquiring a profitable business and this transaction is value accretive to Aramex and our shareholders. It will also create great value for our customers and partners," Othman Aljeda, Aramex CEO.
Aramex is advised by Citigroup and Brunswick Group.
ReliaQuest, a force multiplier of security operations, agreed to acquire Digital Shadows, a developer of cyber threat protection platform, for $160m.
“Combining the internal visibility provided by ReliaQuest with the external threat intelligence and digital risk monitoring brought by Digital Shadows creates an end-to-end picture for enterprises around the world. The complementary technical capability, shared cultural values, and geographic synergies offered by the combined companies make this a great opportunity for our customers and our partners," Alastair Paterson, Digital Shadows Co-Founder and CEO.
ReliaQuest is advised by Highwire PR. Digital Shadows is advised by PJT Partners.
Fairbanks Morse, a manufacturing firm with over 55 years experience in electrical-systems hardware design and metal stamping fabrication, completed the acquisition of Research Tool & Die, a privately owned manufacturer of marine electrical-systems hardware. Financial terms were not disclosed.
“FMD has a prestigious reputation as a top-of-the-line defense contractor for clients that RT&D also serves. This merger makes perfect sense. Our companies are forward-thinking and well-positioned to provide top-tier parts and services to our customers,” Kevin Perrault, RT&D President.
Fairbanks Morse was advised by P&M Corporate Finance and Mercom Communications.
ASGN Incorporated, a IT and professional service provider, agreed to acquire GlideFast Consulting, an Elite ServiceNow Partner and leading IT consulting, implementation, and development company, from BV Investment Partners, a private equity firm. Financial terms were not disclosed.
"We partnered with the founders of GlideFast because we shared their vision that the company could build upon its presence in the ServiceNow ecosystem and help companies optimize their investments in the ServiceNow platform. We're extremely proud of what the team, led by Mike Lombardo, has accomplished over such a short time horizon and look forward to seeing the business continue to expand and innovate in partnership with ASGN," Matt Kinsey, BV Investment Managing Partner.
BV Investment Partners is advied by Chris Tofalli Public Relations.
OrbiMed, a healthcare-focused investment firm, and Maruho, a pharmaceutical company, led a $200m Series A funding round in Upstream Bio, a biotech company focused on inflammation, with participation from Access Biotechnology, Decheng Capital, HBM Healthcare Investments, TCG X, Omega Funds, Samsara BioCapital, and Altshuler Shaham Provident Funds.
“Beyond asthma, we plan to pursue additional inflammatory diseases with UPB-101 and explore new additions to our pipeline where we believe we can deliver meaningful outcomes for patients. Upstream is thrilled that Dr. Aaron Deykin has joined the team to lead translational and development efforts. We will benefit from his deep experience in both drug development and clinical care for patients with asthma and other inflammatory diseases,” Samantha Truex, Upstream Bio CEO.
Upstream Bio was advised by MacDougall.
Vexus Fiber, provider of fiber-based communications solutions, completed the merger with MetroNet, a 100% fiber optic network provider. Financial terms were not disclosed.
“Vexus has a fast growth and high customer service mentality, very similar to MetroNet, and joining with them allows us to quickly expand our service area to even more Americans,” John Cinelli, MetroNet CEO.
MetroNet was advised by RunSwitch PR.
Wrench, a mobile vehicle services and technology marketplace, completed the acquisition of the mobile vehicle repair network from YourMechanic, a provider of car repairing services. Financial terms were not disclosed.
"This is a significant milestone for Wrench as it adds more automotive experts to our marketplace and enables us to expand on our ability to deliver the flexibility and trustworthy service that today's vehicle owner expects. By welcoming the YourMechanic ecosystem to Wrench, we are expanding what was already the largest mobile vehicle service network in existence. This network of highly skilled technicians gives our customers the comfort in knowing they can schedule the service they need, when and where they need it," Ed Petersen, Wrench CEO.
Wrench was advised by Jefferies & Company.
Regeneron, a biotechnology company, agreed to acquire a stake in Libtayo, a prescription medicine, from Sanofi, a French multinational pharmaceutical company, for $1.1bn.
"This strategic acquisition is a major step towards Regeneron's goal of becoming a global oncology leader, centered on Libtayo as an important choice in settings where PD-1 inhibitors can be used as monotherapy and, excitingly, in potential new combinations with our differentiated and diverse pipeline of oncology assets. In 2021, Libtayo was approved for two new monotherapy indications in the US and EU and global net product sales increased 32% year-over-year, providing a strong foundation for our multi-faceted oncology strategy and helping to maximize the potential value of our pipeline," Leonard S. Schleifer, Regeneron President and CEO.
Qiming Venture Partners USA announces $260m US healthcare fund III. (FS)
Qiming Venture Partners USA (Qiming US), a US healthcare investment firm, announced the closing of its third fund, raising $260m in an oversubscribed fundraise with strong support from new and existing investors. Qiming US will continue to execute on the same strategy as previous funds, deploying Fund III in early-stage therapeutics and healthcare technology companies in the US and EU that aim to improve patient outcomes and address unmet medical needs.
“We are incredibly proud of the entrepreneurs and healthcare innovations we have supported in just a few short years, and we are grateful for the continued support of our limited partners that make this possible,” Anna French, Qiming Partner.
Sheryl Sandberg stepping down as COO of Meta. (People)
Sheryl Sandberg on Wednesday said she would be leaving her role as chief operating officer of Facebook parent Meta Platforms, closing out her tenure helping lead one of the world’s most profitable and controversial companies.
In a post on her Facebook profile, Ms. Sandberg said she would continue to serve as a member of Meta’s board. In a securities filing, Meta said she informed the company of her intention to resign,
WallStreetJournal reported.
Ardian, a private investment house, agreed to invest in TA Associates-backed Odealim, a provider of real estate insurance and financing services. Financial terms were not disclosed.
“We have followed Odealim closely for several years and have been impressed by the development project led by Xavier Saubestre and Xavier Paturel. We are convinced of the company’s future growth prospects as the French leader in insurance and financing brokerage for real estate professionals. Odealim has demonstrated an impressive organic growth during this period and strong resilience throughout the Covid-19 pandemic, as well as in the current inflationary market context,” Yann Bak, Ardian Managing Director.
Ardian is advised by KPMG, Roland Berger, Indefi, Mirabaud Securities, Nomura, Weil Gotshal and Manges, Headland Consultancy and Magellan Consulting. Odealim is advised by Epoka. TA Associates is advised by Deloitte, Lazard and Latham & Watkins.
Aterian Investment-backed US Zinc, a manufacturer of diversified zinc products, completed the acquisition of EverZinc, a manufacturer of zinc-based specialty chemicals, from OpenGate, an investment firm. Financials terms were not disclosed.
“When we acquired EverZinc, we believed the business had tremendous potential for geographic expansion and innovation, and, under Vincent’s leadership, new products were developed and new markets penetrated, which re-positioned the company for growth and enhanced profitability. It has been a truly rewarding experience working with Vincent and his team, and we’re confident that EverZinc is in great hands as it embarks on a new phase of growth," Julien Lagrèze, OpenGate Partner and Head of Europe.
US Zinc was advised by Moelis & Co and Kirkland & Ellis. OpenGate was advised by Jefferies & Company, Stifel, Willkie Farr & Gallagher and Prosek Partners.
News, a media and publishing company, completed the acquisition of the base chemicals business of financial data analytics companies IHS Markit and S&P Global, for $295m.
“We are delighted with the opportunistic acquisition of Base Chemicals, which complements our purchase of OPIS, and will certainly strengthen the highly profitable and decidedly digital Professional Information Business at Dow Jones. From setting price benchmarks for chemicals, to tracking renewables and monitoring resource trends that impact most companies, we expect the incomparable intelligence of Base Chemicals, combined with the news and analysis of Dow Jones, will be formidable and lucrative," Robert Thomson, News CEO.
News was advised by Gibson Dunn & Crutcher. IHS Markit was advised by Davis Polk & Wardwell. S&P Global was advised by Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank.
Nexi, a provider of payment services, agreed to acquire the merchant acquiring business of BPER, a banking group, and the POS management business, from Banco di Sardegna, a banking services provider, for $410m.
The transaction strengthens the relationship between Nexi and its long‐term partner BPER, which will be able to adopt the technological solutions and the innovative services developed by Nexi while maintaining an economic exposure to the business itself for the entire duration of the agreement.
Nexi is advised by KPMG, Mediobanca, Rothschild & Co, BonelliErede and Legance.
SGT Capital, a private equity firm, completed the acquisition of Utimaco, a provider of professional cybersecurity solutions, from EQT, a global investment firm. The transaction is subject to regulatory conditions and approvals and is expected to close in Q4 2021. Financial terms were not disclosed.
"In the last years, we have built a global platform leader for trusted cybersecurity solutions, providing the highest level of security and compliance to the world's largest corporates and governments. We look forward to the next phase of growth together with SGT Capital," Stefan Auerbach, Utimaco CEO.
SGT Capital was advised by Ernst & Young and Willkie Farr & Gallagher. Debt financing was provided by Bain Capital.
Akzo Nobel, a coatings company, agreed to acquire the African paints and coatings activities from Kansai Paint, a firm that manufactures and sells a variety of coatings and paint products, for $450m.
“Acquiring Kansai Paint’s activities in the region will help us to further expand our paints and coatings business in Africa and provide a strong platform for future growth. Kansai Paint shares our commitment to innovation and sustainability, and we look forward to combining our expertise, which will result in a wider range of innovative products and more sustainable solutions for our customers," Thierry Vanlancker, AkzoNobel CEO.
Kansai Paint is advised by Mitsubishi UFJ Financial Group and Morgan Stanley.
RWE, a renewable energy provider, agreed to acquire Magnum power plant of Vattenfall, an European energy company, for $535m.
“In RWE we have found an expert and experienced buyer in the energy field with a clear role for the Magnum plant in the future. This gives employees security and the opportunity to further develop themselves and the power plant. Magnum is a profitable and state-of-the-art gas-fired plant with an important role in the security of supply in the Netherlands," Alexander van Ofwegen, Vattenfall CFO.
Eurofins, a provider of food, environment, pharmaceutical and cosmetic product testing services, agreed to acquire majority stake in Ajal for Laboratories, a food, tobacco and pharmaceutical testing laboratory. Financial terms were not disclosed.
This is Eurofins’ first acquisition in the Kingdom of Saudi Arabia and represents a commitment to building a network of local and regional laboratories to support customers in the Middle East, and the rapidly growing food production and biopharma sectors in the KSA.
Fransad Gestion management team to acquire Fransad Gestion, a Geneva-based wealth management firm, from Julius Baer, a provider of private banking services. Financial terms were not disclosed.
"The transaction, which was executed on 1 June 2022, follows the decision of Julius Baer to reduce the complexity of its portfolio of companies and allows Fransad to strengthen its positioning as a major Swiss independent wealth manager under the ownership of the existing management team."
Barclays nears deal for part of Blackstone’s Kensington. (FS)
Barclays is nearing a deal to acquire Kensington Mortgage’s lending platform for specialized mortgage loans,
Bloomberg reported.
Barclays is in exclusive talks and a deal could be reached in the coming weeks. Any deal could value the business at more than $500m.
Kensington’s owners, private equity giant Blackstone and Sixth Street, are also selling the remaining part of the business, which is a run-off portfolio. Blackstone and private equity house TPG acquired Kensington from South African bank Investec in 2014, when Sixth Street was part of TPG.
UK says Chinese buyers abandon purchase of Perpetuus Group after security probe.
Chinese investors led by Shanghai Kington Technologies have abandoned an attempt to buy Welsh company Perpetuus Group, which specialises in graphene and nanomaterials, Britain's government said after launching a security probe,
Reuters reported.
"The proposed acquisition has been abandoned. The UK Government monitors the market at all times to identify acquisitions of potential national security interest. We will intervene where necessary," Kwasi Kwarteng, British Business Minister.
Citigroup among banks leading Aramco Refinery unit’s IPO.
Citigroup is among the banks leading the planned initial public offering of Saudi Aramco Base Oil, a unit of the state-controlled oil producer,
Bloomberg reported.
Luberef, as the refining company is also known, plans to launch its IPO in the second half of the year. The local unit of HSBC Holdings and SNB Capital are also advising on the offering, which could raise about $1bn.
Cathay Capital hits $240m first close of Growth RMB Fund II, targets $450m. (FS)
Global investment firm Cathay Capital has secured the first close of its second RMB-denominated growth fund at over $240m while it targets $450m for the final closing, the firm announced.
Cathay Growth RMB Fund II is backed by cornerstone investors Valeo, a publicly-listed automotive supplier based in France, and the French container shipping line CMA CGM,
DealStreetAsia reported.
