FullSpeed Automotive, a MidOcean Partners-backed provider of auto aftermarket services and owner of the Grease Monkey and SpeeDee brands, is in active conversations with potential targets, said Daniel Penn, managing director at MidOcean. The Greenwood Village, Colorado-based company, which offers oil changes, tire rotations, car washes, brake services and other…

‘Spotlight on SPACs’ is a weekly column that tracks the latest news, data, and analysis on special purpose acquisition companies, drawing on proprietary intelligence from Mergermarket and Dealreporter, as well as data from Dealogic.   Fintech a popular SPAC target   Technology has been the most active sector for special purpose acquisition company deal-making,…

European landscape ripe for M&A Private equity profits from mature, fragmented market; Ardian, Ambienta keen consolidators Smart lighting, horticultural LED applications peak investor interest   Demand for LED lighting is reaping the benefits of the global push towards sustainability and energy efficiency, in turn setting the stage for further M&A…

European landscape ripe for M&A Private equity profits from mature, fragmented market; Ardian, Ambienta keen consolidators Smart lighting, horticultural LED applications peak investor interest   Demand for LED lighting is reaping the benefits of the global push towards sustainability and energy efficiency, in turn setting the stage for further M&A…

Mansa, a French micro-lender for freelancers and gig workers, plans to raise a EUR 15m-EUR 20m equity round, co-founder and CEO Ali Rami told Mergermarket. 

Hylomorph, a Swiss medtech developing biocompatible materials to minimise post-surgical complications in medical implants, plans to raise a CHF 6.2m (EUR 5.7m) Series B round, CEO Simone Bottan told Mergermarket.

Facing regulatory pressure, special purpose acquisition companies are starting to play defense.   This year, sector advisors say SPACs are increasingly targeting defensive sectors like healthcare and industrials where revenue and profit projections are often easier to calculate than the high-flying technology startups that propelled the asset class to new…

Sector-specific ESG targets are driving a wave of M&A transactions but valuations remain a point of contention across deals, with some multiples on specific ESG-focused targets sky-rocketing, according to several advisors.  

Sasol’s [JSE:SOL] [NYSE:SSL] sale of its South African gas transmission and distribution business has garnered attention from French energy giant Engie [EPA:ENGI], two sources familiar with the matter said.

Buyout groups Bain Capital and Advent International have formed a consortium to explore a bid for Chubb Fire & Security, kicking off a sponsor-dominated battle for the British maker of fire extinguishers, sources familiar with the matter said.   Owner Carrier Global Corporation distributed information memoranda to a wide field of mostly financial suitors via sellside advisor Bank of…

The Private Equity Pitch identifies private equity-owned portfolio companies which are ripe for an exit in a particular sector and/or geography. You can receive the Pitch by creating a new alert with the “Private Equity Pitch” topic and find previous pieces under the “Private…

Naxicap is readying Germany-based audio-equipment maker Teufel for a sale that could launch as early as the second half of this year, six sources familiar with the matter told Mergermarket.   The Paris-based sponsor has held discussions with potential advisers but is yet to award a mandate, according to one of the sources.  …

DealTech (formerly known as M&ATech) covers technology trends aimed at M&A professionals. If you would like to give us any feedback, please contact [email protected]   The rollout of quantum computing in the years ahead is likely to have an impact on pricing deals as it facilitates views across multiple scenarios,…

Definitive Agreement is a new column for the corporate legal community in North America. The weekly report combines insights on M&A trends with analysis on the relationships behind important transactions.   Law firms aspire to build private equity practices but breaking into the fee-heavy, ultra-competitive market is challenging.   One…

ONWARD, a medtech company developing therapies to aid recovery from spinal cord injuries, plans to raise an additional USD 50m-USD 100m over the next 24-36 months, CEO Dave Marver told Mergermarket.

It will likely take a bold company willing to invest the time and effort to go through a lengthy consultation with securities regulators before the market sees the debut of a primary direct listing, advisors said.    Advocates tout direct listings as more efficient and less expensive than traditional IPOs…

Auxilius Pharma, a Poland-based start-up focused on value-added generic drugs, will look at fundraising later this year ahead of a possible listing in 2022, company executives told Mergermarket.

Divella, the Italian pasta maker, could bring in strategic investors to power its international expansion, CEO Vincenzo Divella told Mergermarket.

European energy majors are considering carving out portfolios of their most carbon-intensive assets as opposed to traditional multi-jurisdictional divestments, several sector advisers said.

TMF Group, a professional services firm backed by CVC Capital Partners, is ready to pursue acquisitions thanks to its positive cashflow and shrinking levels of debt, CEO Mark Weil told Mergermarket.

Big pharma’s search for innovative assets spurs bolt-on deals Flexible deal structures used to mitigate R&D risks Partnership deals establish paths to buyouts     M&A in the life sciences is likely to remain busy with a spree of bolt-on acquisitions and strategic partnerships in a few hot areas, according to…

InPost [AMS:INPST], a Polish parcel-locker operator, is actively seeking to acquire operators of pick-up and drop-off (PUDO) points across France to accelerate its international growth, founder and CEO Rafal Brzoska told Mergermarket. 

Buyout house Equistone is putting RENA Technologies on sale after holding the German wet-chemical equipment maker for just under two years, two sources familiar with the situation told Mergermarket.

Water treatment equipment provider Arvia Technology to unlock further growth via expansion or relocation of its headquarters, new CEO Simon Gatcliffe told Mergermarket.   The Runcorn, Cheshire-based company’s supportive shareholder base, which includes the private equity firm Earth Capital, has the capability to fund the growth.   Arvia has transitioned from…

ECM Europe Alert comprises a selection of key proprietary and aggregated intelligence over the weekend, including expected events and recent filings for live and upcoming transactions.   Key deals this week – Finland’s Kreate Group is conducting bookbuild for its IPO from 8 February to 16 February at EUR 8.2 per share…

Gambling exposure could raise investors’ eyebrows SPAC listing viable but seen as plan B Lofty valuation ambitions questioned Sweden’s Trustly has received inbound interest from special purpose acquisition vehicles (SPAC) en route to its planned IPO amidst criticism that environmental, social and corporate governance (ESG) concerns could turn off potential public market…

Gambling exposure could raise investors’ eyebrows SPAC listing viable but seen as plan B Lofty valuation ambitions questioned Sweden’s Trustly has received inbound interest from special purpose acquisition vehicles (SPAC) en route to its planned IPO amidst criticism that environmental, social and corporate governance (ESG) concerns could turn off potential public market…

Bitdefender, a Romanian cybersecurity company, is likely to pursue an IPO next year, according to two sources familiar with the situation.      Sponsor Vitruvian Partners is angling for a 2022 exit, said the first source, with a listing in the US or in London as the most likely route. While still…

Access to capital markets unaffected by one-notch downgrade More convertible or debt issuance on the cards MRO unit Technik joins AirPlus International on disposal list Empty seats, a lagging European vaccine rollout and a potential EUR 9bn state aid bill means Deutsche Lufthansa [ETR:LHA] is likely to leave no option off the…

Bain Capital is exploring a renewed attempt at an initial public offering for French auto components distributor Parts Holding Europe (PHE), known as Autodis, said three sources with knowledge of the matter.   The US buyout group is sounding out plans with advisers for a prospective listing of the group that could take place…

Peer Trustly could test fintech waters Stockholm listing still in play IPO advisers are positioning themselves for a potential stock market debut by Swedish fintech Klarna in the second half of this year, according to several bankers following the situation.   Bankers expect a Klarna IPO later this year, though RFPs have…

Capital Energy, Ecoener, Opdenergy, NextEnergy on IPO watchlist  FY20 European sector ECM values up 50% on year – Dealogic  Current valuations could be stretched – sector watchers Equity issuance in the European renewable energy segment is on the rise as lawmakers in the region push for more electricity generation from green…

Private equity firm Triton is in the market to sell portfolio company Seves Group, which manufactures high voltage electric insulators, three sources familiar with the situation told Mergermarket.

ITRS, a Montagu-backed software company, plans a pipeline of technology company acquisitions to grow its capabilities, CEO Guy Warren said.

In 2020, Mergermarket captured the movement of at least 88 senior-level hires, with a background in M&A, in the financial, legal and private equity advisory community in Australia. Of these, 28 moved within the financial advisory (FA) space, 53 within the legal advisory community, and seven in the private equity community.

Q-tips among assets for sale – source Sources tip Credit Suisse for mandate Sponsors seen as most likely buyers Unilever is readying to sell some personal-care brands with a collective EUR 600m in annual revenue, several sources familiar with the situation told this news service.   The brands on the block…

Daystar Power, an African solar-energy provider, will consider an equity raise, acquisitions and exit options in the mid-term, co-founder and executive Christian Wessels told Mergermarket. 

Metrics offer risk assessment and business opportunity Lack of standardization makes diligence harder Companies increasingly mention ESG in deal announcements   Strategics and financial sponsors are increasingly taking into account environmental, social and governance concerns when pursuing M&A as part of a broader shift in the market.   While ESG factors…

A little under a year ago M&A attorneys feared the global lockdown in response to the coronavirus pandemic might bring deal activity to a halt.    Instead, transactional work in the US quickly resumed and is showing no signs of slowing down, helped along in part by merger agreements that…

Hillhouse Capital and Amer Sports are among the bidders in the second round of Conzzeta’s sale of Mammut Sports Group, two sources familiar with the situation told this news service.   Lazard, which is advising Conzzeta on the sale of the Swiss outdoor sportswear brand, collected non-binding bids shortly before Christmas, a third source familiar…

The ASX online trading platform space is dominated by a few large incumbents at the top end belonging to the big four banks, namely: Commonwealth Bank’s [ASX:CBA] Commonwealth Securities (CommSec), National Australia Bank’s [ASX:NAB] Nabtrade, Westpac Bank’s [ASX:WBC] Westpac Online Investing, and Australia and New Zealand Banking Group’s [ASX:ANZ] ANZ Share Investing.

InPost‘s …

Business model to remain largely unchanged Obton expects investment level of more than EUR 1bn in 2022 To close next funding round by end-2021 Obton, the Danish solar energy investment and development company, will accelerate its plan to build a more than 5GW portfolio of assets within three years following…

Dr Martens Airwair Group’s planned London IPO is on course for a deal size of more than GBP 1bn, two sources familiar with the situation told this news service.   Permira, which owns the UK-based cobbler, is aiming for at least 25% free float plus an expected 15% over-allotment option in…

Triton Partners is preparing to exit portfolio company Polygon, a Swedish property damage control specialist, through a sale process led by Jefferies, four sources familiar with the situation said.   The process timeline is not yet clear, two of the sources and a fifth one said. It is planned for the first half…

Shallow Reefs Gold, a South African precious metals company, is looking at an equity raise of around USD 300m via a private placement ahead of its planned IPO to help finance an acquisition of a South African platinum asset, said CEO Mark Gilbert. Shallow Reefs Gold, a South African precious metals company, is looking at an equity raise of around USD 300m via a private placement ahead of its planned IPO to help finance an acquisition of a South African platinum asset, said CEO Mark Gilbert.    

CPC Engineering, the 50-year-old Australia-based engineering design, construction, and maintenance services firm, will consider acquisitions “down the line” as it grows into additional market segments, CEO Glen Weir said.  

Gilde Buy Out Partners is shopping Dutch meat-replacement products developer Vivera, two sources close to and three sources familiar with the situation said.    Houlihan Lokey is advising, all five sources said, and Rabobank is co-advisor, four of them added.     First-round bids are due next week, all three sources familiar said.     …

Telefonica could seek minority investor for Spanish fiberco in future Ongoing deals in UK, Brazil, and carve-outs are current priorities   Telefonica is receiving pitches from bankers to seek a financial investor for its domestic fiber business, said three sources familiar with the situation.    Telefonica has been reducing its debt.

 Investment ticket of up to EUR 10m per company  MusixMatch, Tannico raise investors’ interest  Mature investments include Cortilia, Velasca and Deporvillage Italy-based venture capital firm P101 has between EUR 70m and EUR 100m available for investments, Managing Partner Andrea Di Camillo said.    The venture capital fund has so far invested some…

This is an overview of Mergermarket proprietary intelligence in the TICC space over the last three months, featuring existing opportunities in the market. Dealmaking in the testing, inspection, certification and compliance (TICC) sector is thriving, driven largely by a growing demand for regulation and compliance in global trade and an…

Lemon Healthcare, a South Korean medical service platform provider, is actively seeking JV partners to penetrate overseas markets including Southeast Asia, the US, China and Europe, co-founder and Vice President Tony Lim told this news service.   The Seoul-headquartered company is in discussions with several potential partners, Lim said.  …

Lemon Healthcare, a South Korean medical service platform provider, is actively seeking JV partners to penetrate overseas markets including Southeast Asia, the US, China and Europe, co-founder and Vice President Tony Lim told this news service.   The Seoul-headquartered company is in discussions with several potential partners, Lim said.  …

Capital needed for building distribution capacity and new technologies  Vertical integration through hydrogen stack appealing to incumbents  Energy majors taking steps into space    Increasing pressure to step away from hydrocarbons in favor of clean energy sources sets up 2021 to be an active year for hydrogen, according to sector…

Roc Partners, an Australia-based alternative investment management firm, is seeking to raise AUD 300m (USD 226.4m) in a private equity fund to invest in agriculture and food businesses, Partner at the firm, Brad Mytton said.

Cytocom, an immunotherapy-focused biotech company set to go public next year by merging with Cleveland BioLabs [NASDAQ:CBLI], is looking to raise at least USD 50m in the next year to fund late-stage clinical trials of later-stage drugs in development, according to CEO Michael Handley.    Winter Park, Florida-based Cytocom agreed to an…

Edoc Acquisition Corp [NASDAQ: ADOCU] is looking to leverage its proprietary physician networks as it hunts for a target in the US or Chinese healthcare services sector, according to CEO Kevin Chen and CFO Christine Zhao.   The sweet spot for a deal is between USD 300m and USD 600m, they…

Nova Eye Medical [ASX:EYE], an Australian ophthalmology company, is looking to sell an interest in its AlphaRET subsidiary to finance a clinical study in the US to gain FDA approval for AlphaRET’s therapy to treat age related macular degeneration (AMD), Executive Director Tom Spurling said.

All but six refineries to be eventually sold or shut down “Not a great time” to be selling refinery businesses Growth expected in power, biofuel, marketing     Royal Dutch Shell [NYSE:RDS.A] continues to pare down its refinery portfolio and simultaneously grow investments in new energies, said Guus Greve, vice president…

CarepathRx, a Nautic Partners-backed pharmacy and medication management company, plans to prioritize business implementation after scooping up a string of significant acquisitions this year, including a pending deal with UPMC, said CEO John Figueroa and COO Randy Hyun.       Earlier this week, the Mercer Island, Washington-based company announced a USD 400m…

Buyers paused at the onset of the pandemic  Marked recovery in mega deals in Q3 Banner year for SPACs, expected to contribute to M&A Record bankruptcy filings indicate distressed M&A should continue    In the weeks following the onset of the pandemic, Mergermarket published a forward-looking analysis predicting what the M&A recovery…

Innovaero, an Australian privately held complex aeronautical technology development company, is fast-tracking growth through acquisitions towards either a trade sale or an initial public offering (IPO), said founder and Executive Director Mike von Bertouch.   Western Australia-based Innovaero, which has annual turnover of AUD 10m (USD 7.4m), would consider approaches…

Orbital Corporation [ASX:OEC], the Western Australian tactical unmanned aerial vehicles (UAVs) engine designer and maker, may consider acquisitions to secure its supply chain “amid a COVID environment”, CEO Todd Alder said.    The company, which has a market cap of AUD 86m (USD 63m), could seek to buy critical suppliers to…

Datasec Solutions, the Australian privately held emerging diversified cyber security group, is actively assessing two potential mergers ahead of an initial public offering (IPO) in 12-18 months’ time, Director John Hannaford said.   The Melbourne-based firm will formally engage investment banks, as well as financial and legal advisors in the…

Investiere, a Switzerland-based platform for venture capital investors, is looking to increase investment abroad in a bid to become a pan-European player and to take its yearly capital deployment rate to the CHF 100m mark in 2022, co-founder and CEO Steffen Wagner told Mergermarket.

Last month, Freshly, a meal delivery company, sold to Nestle [SWX:NESN] for USD 950m; this week, Supreme, the street fashion brand, sold to clothing giant VF Corp [NYSE:VFC] for USD 2.1bn. Both deals included an earnout component.   An earnout provision, typically one to three years in duration, allows a seller to receive additional payments after…

For the tech industry, the US presidential and general elections place the focus on three main areas, regardless of whether Joe Biden or Donald Trump wins.    Tax policy has already shaped M&A and looks set to continue to do so; regulatory policy has put Big Tech in the crosshairs…

Oil shock and curbed demand heated up long simmering deals Activity likely to stay heaviest in Permian Exxon Mobil, EOG, Diamondback among names tipped for possible deals     A flurry of energy deals in recent weeks was likely the culmination of years of calls for upstream oil and gas…

As companies stay private longer while raising multiple rounds of equity capital, the question arises: who is safeguarding the ownership data?     For public companies, the job falls to stock transfer agents and issuer services companies, two of the largest in the world being Australia-based Computershare [ASX:CPU] and Brooklyn, New York-based AST…

Blackstone Group [NYSE:BX] is interested in bidding for KIO Networks’ data centers, said two sources familiar with the situation.   KIO to date has asked for bids for the entire company, which comprises both data centers and its information technology (IT) services business, said the second source and a third source familiar.   Non-binding…

Hydal, a Monterrey, Mexico-based hospital management group, is in talks with financial investors, including private equity firms, to raise up to MXN 1bn (USD 46.8m) to continue growing, CEO Arturo Garza said.     The venture capital-backed company, which manages two hospitals, is looking to sell a minority stake to…

Advent International is one of the final bidders for Laureate Education’s [NASDAQ:LAUR] Mexican business, said three sources familiar with the situation.   Baltimore, Maryland-based Laureate owns two higher-education institutions in Mexico — Universidad del Valle de Mexico (UVM) and Universidad Tecnologica de Mexico (Unitec) — with 168,400 students.    With 38 campuses throughout the country, UVM…

Jaguar Exploracion y Produccion, a Mexico City-based oil company, plans to raise capital early next year to put some of the 11 onshore blocks it owns or has stakes in into production, CEO Warren Levy said.   The company, which is backed by energy-to-education conglomerate Grupo Topaz, estimates it will need…

Review may require a look at all of investors’ Mexican holdings Railroad regulator doesn’t have official say, could suggest conditions   Mexico’s competition regulator, Cofece, is not expected to oppose a potential sale of Kansas City Southern [NYSE:KSU] to financial investors, said three local competition attorneys.   The Wall Street Journal and Inframation News reported…

Cash-strapped Doosan Heavy Industries & Construction, the South Korean energy and industrial construction company, is on track to raise capital as part of its restructuring plan, but will need to raise more funds to repay debts, two sources familiar with the situation said.  

‘Spotlight on SPACs’ is a new weekly column that tracks the latest news, data, and analysis on special purpose acquisition vehicles, drawing on proprietary intelligence from Mergermarket and Dealreporter, as well as data from Dealogic.    The report, published weekly, features forward-looking insight on what to expect in SPAC M&A,…

Cholula, an L Catterton-backed producer and distributor of hot sauces, is exploring a sale, five sources familiar with the situation said. The sale process is in the early stages, three of the sources said. Morgan Stanley is advising the company on the sale, the fourth and fifth sources said. 

Nordic sponsor EQT Partners [STO:EQT] has mandated Houlihan Lokey to exit StormGeo, two sources familiar with the situation said. The auction for the Norwegian weather forecasting service firm is set to commence towards the end of 2020, one of these sources and a third source familiar said.

Monument Re, a Bermuda-based reinsurer and insurance consolidator, has several acquisitions in its pipeline, two of which could be signed before year-end, Group CEO Manfred Maske told Mergermarket.

Bialetti Industrie [BIT:BIA], a Sculptor Capital Management-backed Italian coffee-machine manufacturer, is working with advisor Studio Zulli to find a new investor, several sources told Mergermarket.

Invigor Group, the Australian data and analytics solutions company, will call a new shareholders meeting in the next two to three months to seek approval for modified recapitalization measures, including a capital raise, CEO Gary Cohen said.

Elite Dental Partners is exploring strategic options to reduce its debt load after the company's financials saw a hit from the coronavirus pandemic, four sources familiar with the matter said.

Whiting Petroleum, the Denver-based upstream oil and gas company, is most likely to position itself as a pure play target, according to a sector executive and a sector attorney following the company.

OrgHive, a Chinese online community platform for organic products, is seeking to raise up to USD 10m through a proposed Series A fundraise by 2021, offering an adequate war chest for customer acquisition, said Chief Executive Officer Anastasios Papadopoulos.    The first tranche, which equals to around USD 5m…

Harvest Hill Beverage Company, backed by Brynwood Partners, is looking again to find a buyer with its previous financial advisor JPMorgan, said four sources familiar with the situation.   The juice company, known for the Juicy Juice and SunnyD brands, has been sending books to potential suitors, three of the sources said. Harvest Hill is being…

Election, Biden tax proposal spur dealmaking September deal deluge expected   A potential change in tax regime following the US presidential election is pushing dealmakers to close transactions before the end of this year—potentially yielding a significant increase in M&A activity during a year that has seen serious lulls,…

Mindbody, the Vista Equity Partners-backed technology platform for the boutique fitness, wellness and beauty industries, is accelerating its pursuit of acquisitions to expand offerings and its geographic footprint, said CEO Josh McCarter.

Global Payments has “a full pipeline” of possible acquisition targets and could do a deal this year, said President and COO Cameron Bready. The Atlanta-based fintech company, which is coming up on a year since closing its USD 21.5bn acquisition of fellow Georgia-based payments company TSYS, is watching the COVID-19 recovery in markets around the world where it is looking at assets, Bready said.

LIXIL, the Tokyo-headquartered building materials and home equipment manufacturer, is mulling the potential sale of its Tokyo-based geotechnical investigation business Japan Home Shield Corporation, three sources familiar with the matter said.

Jumpstory, the Danish AI-technology company, is in dialogue with US business angels and seed investors for a smaller pre-seed round ahead of a Series A round in six to nine months, CEO and co-founder Jonathan Low told Mergermarket. The stake size up for grabs will be negotiable, he added.   The…

Textron's Specialized Vehicles (TSV) business would be a logical asset for the company to carve out, said four sector advisors and a source familiar with the company.

Private equity group Hellman & Friedman is weighing options for its stake in Nets, which is expected to lead to a full sale of the Danish payment services group, four sources familiar with the matter said.

This is an overview of the buy now, pay later (BNPL) sector in Australia, which will continue to undergo consolidation, according to advisors and dealmakers polled by Mergermarket journalist Christel Thunell. This overview features insights on the sector, investment rationale, recent deals and a selection of companies to watch.  …

Private equity group Hellman & Friedman is weighing options for its stake in Nets, which is expected to lead to a full sale of the Danish payment services group, four sources familiar with the matter said.

OnRobot seen as attractive target Teradyne, Robotiq among consolidators COVID-19 a short-term blip in M&A In little more than a decade, the Odense robotics cluster has become one of the world’s leading clusters for robotics technology, especially with collaborative robots (cobots) attracting large investments from global industrial giants, a trend…

Besieged miner SolGold risks alienating shareholders and potential acquirers as it approaches a requisitioned general meeting and the lifting of a standstill agreement with BHP in late October, shareholders and bankers following the situation said.

German women's fashion retailer Bonita has taken around 10 investors through to the second round of its insolvency sale process, two sources close to the situation said. Binding bids are due by the end of the month, these and a source familiar said.

Acesion Pharma, a Danish biotech company developing novel treatments for atrial fibrillation (AF), is planning to raise around EUR 60m-EUR 70m over the next year before an IPO in mid-2022, Executive Chairman Jorgen Soberg Petersen said.   The company is in ongoing talks with several investors for a bridge round,…

Play Communications has hired UBS as strategic adviser for the carve out and sale of its mobile towers in a deal likely to attract infrastructure funds, four sources familiar with the situation said.

Mergermarket reporter Florence Shiu recently interviewed Christina Bao, head of global issuer services at Hong Kong Exchanges and Clearing (HKEX), to discuss the bourse’s view on COVID-19 challenges, China-US political tensions, wave of China ADR dual-listings, and competition from mainland counterparts.  

    More sizeable transactions and targets in new cities considered   Advisory pitches welcome  Management focus on running public company   SATS , a Norwegian fitness-centre chain, could accelerate its M&A strategy on the back of the coronavirus pandemic and would consider more and bigger deals, CEO Sondre Gravir said.

Elevate Services, a Los Angeles-based provider of consulting, services and technology to the legal industry, is evaluating a possible merger, said Liam Brown, founder and executive chairman. Privately held Elevate was recently approached by some similar-sized players, Brown said. The company is weighing whether to merge now or wait to acquire a large peer after an expected capital raise or IPO in late 2021 or 2022, he explained.

Kalt Maschinenbau, the Swiss cheesemaking process technology specialist, is in talks with two targets in Europe and North America, Antonio Cives, partner of the company’s sponsor CGS Management, said.

Swiss agricultural technology firm Datamars is a top target for private equity sponsors and could come to market between the end of 2020 and 1Q21, according to two sources familiar with the situation and two sector bankers.

Carrus, a Lehi, Utah-based online healthcare training business, has been talking to a narrow group of interested suitors about a potential sale, said three sources familiar with the situation. The company doesn’t have a formal process or advisor set up yet and has been quietly having conversations with strategics and sponsors for now, the sources added.

Calix, an Australian industrial technology company, is actively scouting targets in Europe for its water and wastewater business area, CEO Phil Hodgson said. The company, with a market cap of AUD 110m (USD 78m), welcomes advisory approaches that could introduce targets, especially as it is more difficult to find targets during the COVID-19 pandemic, given the travel restrictions, the CEO said.

Integrated Security could be bought by one or multiple suitors Acquisitions primarily sought for Entrance Control and Safe Storage units Swedish security company Gunnebo’s implementation of strategic review regarding its Integrated Security division is likely to be delayed by six months due to Covid-19, CEO Stefan Syren said.   The group initiated the…

UK healthcare communications company Lucid Group is expected to come to market early next year, two sources familiar with the situation said. The Loudwater, Buckinghamshire-headquartered firm will likely conduct a beauty parade to appoint advisors later this year, the sources said. 

Danish biosciences group Chr. Hansen  is working with Goldman Sachs on the disposal of its Natural Colors division, according to two sources familiar with the matter.   The timeline for the collection of first-round bids is yet to be decided, one of the sources said, as the region enters into the summer vacation period.   Natural…

The sale of Clariant’s Pigments unit is set to be revived in September after COVID-19 forced management to postpone initial buyer meetings in April, according to three sources familiar with the matter. The Swiss specialty chemicals maker sent out information memoranda for the unit, which makes dyes for the car and construction industries, to potential suitors in March before the outbreak took hold, the sources said.

H.I.S., the Tokyo-headquartered travel and tour agency, is considering asset sales to regain financial health following the downturn of its core travel business due to the novel coronavirus pandemic, sources familiar with the matter said.

The Czech online supermarket Rohlik.cz has mandated UK-based Arma Partners to raise EUR 100m to accelerate its international growth, founder, CEO and majority owner Tomas Cupr told Mergermarket. The company has already seen strong interest from tens of investors but the process is still at an early stage and it would like to hear from other interested parties including VC and PE funds and strategic investors, he said. It is particularly interested in investors with an overseas presence who can bring in foreign market insights, he said.

The Czech online supermarket Rohlik.cz has mandated UK-based Arma Partners to raise EUR 100m to accelerate its international growth, founder, CEO and majority owner Tomas Cupr told Mergermarket.

Local big players attentive to M&A opportunities Chinese investors expected to play active role Water agency to unify scattered regulations   The approval of a new regulatory framework for Brazil’s water supply and sanitation sector is likely to draw local and foreign investors seeking to tap into the country’s pent…

Saankhya Labs, a Bengaluru-headquartered wireless communication solutions company, seeks funding of up to USD 75m as it looks to scale its presence internationally on the back of growing demand for wireless communication infrastructure globally, said cofounder and CEO Parag Naik.

Glennmont Partners has recently mandated Orrick Herrington & Sutcliffe to act as the legal advisor on the upcoming sale of a 245 MW onshore wind portfolio in Italy, two sources close to and four sources familiar with the matter told Mergermarket.

Swedish building materials and DIY supplier BHG Group’s M&A plans include bigger transactions and new-market acquisitions, CEO Adam Schatz told Mergermarket. The company, formerly known as Bygghemma Group, typically acquires targets turning over SEK 50m-SEK

Aims to close further acquisitions before year end SEK 10bn turnover target to be achieved within next couple of years Considers Western European acquisition targets  Swedish building materials and DIY supplier BHG Group’s [STO:BHG] M&A plans include bigger transactions and new-market acquisitions, CEO Adam Schatz told Mergermarket.   The company, formerly known…

NOVA Chemicals, the Calgary, Canada-based chemicals company, is collecting initial bids for its expandable styrenics unit next week, said three sources familiar with the situation.   Two of the sources said the asset has drawn strong interest initially from suitors signed up to participate in the process.   In April, this news…

Constellation HomeBuilder Systems, the Markham, Ontario-based home building software division of Constellation Software [TSE:CSU], acquired Redmond, Washington-based LandDev.   Deal Snapshot   Terms: Undisclosed Strategic Rationale: Will enable Constellation to expand deeper into the construction process as many of its customers are already using LandDev   Target (LandDev) Redmond, Washington   Ownership: Private, owned by Leverance, Inc. Business…

Private investment in public equity increased this year in response to the COVID-19 pandemic, but activity remains far below the amount of investment that took place during the 2008 financial crisis, Dealogic data shows.   Year to date through mid-May, public companies raised USD 8.8bn in private investment through 76 convertible debt…

F12.net, an Edmonton, Alberta-based managed IT services provider, is exploring a majority stake sale to fund geographic growth and acquisitions, said CEO Alex Webb.   The privately held company, which generated revenue of CAD 37m (USD 26.5m) in 2019, began speaking with US and Canadian investors in January. Given its desire for…

F12.net, an Edmonton, Alberta-based managed IT services provider, is exploring a majority stake sale to fund geographic growth and acquisitions, said CEO Alex Webb.   The privately held company, which generated revenue of CAD 37m (USD 26.5m) in 2019, began speaking with US and Canadian investors in January. Given its desire for…

Australian vitamins manufacturer Blackmores is likely to put its natural health products business Global Therapeutics on the block as part of its divestment of non-core assets, according to industry experts.The company, which has a market capitalization of about AUD 1.3bn (USD 850m), announced in February that it was seeking to divest non-core brand assets to free up resources, without specifying what could be for sale.

People Moves covers the regional movements of key people including C-level executives of corporates, financial & legal advisors, and PE professionals. Each featured corporate move is selected as one that might lead to a shift in M&A strategy. You can receive People Moves by creating a new alert with the “People Moves” topic. The…

European M&A looks set to remain at historically low levels through 2020 with a recovery unlikely until mid-2021, as the world continues to grapple with the coronavirus pandemic and its economic consequences, according to Mergermarket analytics.

Vida Health, a virtual care platform for physical and behavioral health, is focused on penetrating a frothy digital health market as it deploys a round of unsolicited funding spurred by the coronavirus pandemic, said Stephanie Tilenius, CEO and founder.

Anne Arundel Dermatology (ADM), the private equity-backed chain of Mid-Atlantic dermatology practices, was exploring a sale in the run-up to the coronavirus pandemic that it has since put on hold, according to three sources familiar with the matter.

Redbiotec, the Swiss developer of a therapeutic vaccine for genital herpes, is planning to close a CHF 9m Series A round this year, CEO Christian Schaub told Mergermarket.

Great Expressions Dental Centers (GEDC) recently received a USD 10m equity injection from sponsor Roark Capital Group, according to two sources familiar with the situation. The funding gives GEDC a much-needed jolt of liquidity, as the company’s revenues have declined, with visits to non-essential healthcare services providers being curtailed amid the COVID-19…

Compass Partners has put its planned sale of German ophthalmic lens and eyewear manufacturer Rodenstock on ice after the London-based sponsor appointed Jefferies to sell the business in February, according to three sources familiar with the matter.

Canadian dealmakers are closely watching a court case over a disputed tie-up between two auto financing companies that could provide a precedent in the country on how to interpret material adverse effect clauses in merger agreements.

After a pulled sale attempt earlier this year, Siccar Point Energy is moving ahead with developing its portfolio and seeking new opportunities amid a historic oil market and coronavirus disruption, CEO Jonathan Roger told Mergermarket.

• Waiving control rights to access PPP • Convertible notes on the rise • Non-bank lenders considered     Startups are increasingly asking their venture backers to waive control rights so they can access government loans and are looking at less-than-optimal funding instruments in a bid to stay afloat,…

The Madrid-based sponsor-backed company was approached by potential private equity suitors earlier this year, but talks broke down, two of the sources said. But Idealista remains a solid IPO candidate and could be one of the first to go ahead with a listing in the second half of the year, said the first source familiar with the situation.

OpenTeleHealth is looking to raise up to EUR 23m by 2021 after launching a platform to monitor COVID-19 patients remotely, CEO Henrik Ibsen said. The Danish company has developed a white-label cloud-based platform that healthcare providers can use to undertake remote consultations with patients with diabetes, chronic obstructive pulmonary disease (COPD), hypertension, asthma, pregnancy and congestive heart failure (CHF).  

China’s largest medical equipment manufacturer Shenzhen Mindray Bio-Medical Electronics, will be actively scouting for M&A targets throughout the next three to five years with its strong cash reserves at hand, the company’s IR official told Mergermarket.

Holista Colltech, an Australian specialist food ingredient and wellness product developer, is actively seeking strategic partners to accelerate a global roll-out of its NatShield hand sanitizer, which has been found to be more than 99.99% effective against the feline coronavirus, MD Rajen Manicka said.

Italy-based Saima, which specialises in supplying baked goods and ingredients to patisseries, restaurants and cafes, has tapped Lazard to find a majority investor, four sources familiar with the situation told Mergermarket.

Mumbai-based packaging company Parksons Packaging has mandated Credit Suisse to help with a majority stake sale including an exit for private equity sponsor Kedaara Capital, two sources familiar with the matter said.

Mergermarket predicts US M&A trends after COVID-19 using a combination of proprietary data and market insights to decipher market signals on future activity. Our methodology for predictions is included below.   report indicating that despite the steep decline in M&A, deals are expected “to proceed as agreed.” Of the…

Showa Denko, the Tokyo-based chemical manufacturer, is preparing a slew of non-core business divestitures upon the successful completion of its acquisition of Hitachi Chemical, sources familiar with the situation said. The divestitures are expected to come from both companies, they noted.

Showa Denko, the Tokyo-based chemical manufacturer, is preparing a slew of non-core business divestitures upon the successful completion of its acquisition of Hitachi Chemical, sources familiar with the situation said. The divestitures are expected to come from both companies, they noted.

This is a list of companies to follow in the Canada healthcare sector and their response to the COVID-19 crisis. They are compiled from company announcements, original reporting and local press reports.   AI-based Drug-discovery platform Cyclica partners with Chinese firm to find a COVID-19 medicine Virtual healthcare platform Dialogue plans to…

PathoQuest, a French biotech developing a next-generation sequencing based test to analyze blood samples for hundreds of different pathogens, is aiming to close a USD 15m Series B round by this summer, CEO Jean-François Brepson told Mergermarket.

Could look at Stockholm for IPO Does not see negative impact from coronavirus March downloads rise 60% yoy Readly, a Swedish all-you-can-read magazine app, plans to raise capital via a private funding round or an IPO, CEO Maria Hedengren told Mergermarket.   She declined to give details on the timeline for the fundraise or…

Companies scramble to apply for SBA loans VC and PE-backed companies seek counsel on CARES Act eligibility Speed is key in loan applications     San Francisco-based corporate travel company TripActions laid off 300 employees last week, even after securing USD 500m in debt financing in late February to launch a new…

No companies yet to publicly assert MAE claim Hexion case implies buyer has to make effort to close With a high bar to proving a material adverse effect (MAE), companies and lenders involved in struggling acquisitions will have different interests and approaches when working through merger agreements amid the coronavirus…

Australia could host a plethora of restructuring and recapitalization opportunities as the coronavirus pandemic decimates whole sectors, with cashed-up investors poised to snag struggling businesses and advisory firms expected to grow restructuring teams, industry sources said.

Porton Fine Chemicals (Bo Teng Zhi Yao), a Chinese medical research organization (CRO) company, will still look at M&A targets in Europe and the US in the long term in accordance with its global expansion strategy, said Chairman Ju Nianfeng on its earnings call on 30 March. 

Direct listing remains preferred route, before employee stock options expire next year Convertible debt issue an option to strengthen balance sheet amid COVID-19 tailspin     Airbnb still hopes to become a public company in 2020 despite the global economic damage inflicted by the coronavirus pandemic, three sources familiar with its…

West Africa-focused independent oil and gas company Seplat Petroleum is well placed to pursue further acquisitions once there is a return to oil and capital market stability, Chief Financial Officer and Executive Director Roger Brown said.

Funding dries up Focused on cash preservation Opportunity for cash-rich startups   In the technology startup world, a lot can change in a short space of time.   Two years ago, Mexico implemented a groundbreaking law regulating cryptocurrency exchanges, crowdfunding platforms, and mobile payment companies that spurred hundreds of millions…

While the coronavirus outbreak has put a stop to most Nordic M&A processes, pharma, technology and certain retail companies are considered more resilient and could thus be the first to return to the M&A arena once the market has adjusted, several sources told Mergermarket.

Molson Coors Beverage Company, the Denver, Colorado-headquartered brewery giant, has earmarked its Central and Eastern European (CEE) beer business for sale, two sources familiar with the matter and several sector bankers said.

Animal Pharmaceuticals, the Boca Raton, Florida-based animal health company, has hired BirdsEye Advisory Group to explore a sale, according to CEO Jason Braun.    First round bids are due in roughly two to three weeks, said Braun, who founded Animal Pharmaceuticals in 2003 and owns 100% of the business.   Teasers were…

Johnson & Johnson [NYSE:JNJ] is in the early stages of exploring a sale of its Mentor Worldwide breast implant business, according to three sources familiar with the matter.   However, the process is likely to be impacted by the current coronavirus outbreak, which is causing a major slowdown in the…

Midwest Can Company, a manufacturer of packaging for industrials and consumer end markets, is seeking complex packaging M&A opportunities in niche markets following its acquisition by Argand Partners, said managing director Heather Faust.   The Franklin Park, Illinois-based firm was acquired by Argand following a limited auction process on 2 March…

As the World Health Organisation (WHO) announced last week a coordinated global trial (SOLIDARITY) that spans 10 countries to test effective treatments against COVID-19, biotechs and large cap pharma have promptly stepped up efforts to develop vaccines.

This is a list of companies to follow throughout the EMEA region and their response to the COVID-19 crisis. It has been compiled from local press reports and original reporting.

Chomps, a privately held maker of premium meat snack sticks, sees COVID-19 “significantly” boosting sales as consumers flock to shelf-stable products, said co-founder and CEO Pete Maldonado. The executive said Naples, Florida-based Chomps was projecting 2020 revenue of USD 50m-USD 60m, up from nearly USD 35m in 2019, before the…

The COVID-19 outbreak has put a hold on most M&A among registered investment advisors (RIAs), but industry players expect accelerated deal flows after the dust settles as the forces behind consolidation remain strong. Deal pitches and ongoing talks have been largely interrupted with travel restrictions amid the pandemic, said a sector advisor and a sector investor.

Plastic Molding Manufacturing, a Hudson, Massachusetts-based manufacturer of molded plastic components, is carrying on with three deals it plans to complete in 2020, majority owner George E. Danis said.   As COVID-19, or the novel coronavirus, continues to spread and stall economic activity throughout the US, Danis said he has been “inundated” with calls from his…

CoverHound, a digital property and casualty insurance platform, is looking for investment bankers to explore a potential sale to a strategic, said Keith Moore, CEO. The San Francisco-based company, which was founded in 2010, is considering two separate sales: one of CoverHound and one of CyberPolicy, a subsidiary founded in 2016 for its…

Dealmaking in Southeast Asia, the first region to see the most COVID-19 infections after the Lunar New Year, has become murkier with fundraising and deal timetables up in the air amid volatility in the financial markets, according to industry advisors. However, bright spots in several regions are emerging from the commotion and dealmakers are taking note of these.

Australian corporates are expected to increasingly make "cross-sector" M&A moves across the board as they invest in or acquire technology companies to support their core business activities in 2020, with the coronavirus pandemic providing added impetus, according to advisory and industry sources polled by this news service. Technology will be one of the top sectors for investment and acquisition in the next 12 months as pressure to embrace digitization to drive growth compels executives to acquire outside of their sectors, said EY Oceania Transaction Advisory Services Leader David Larocca.

Japan Inc is largely adopting a “wait-and-see” stance with regards to M&A deals against the backdrop of a potential global recession sparked by the COVID-19 outbreak, according to dealmakers polled by this news service. Some advisors also noted that a few of their deals had been terminated and/or stalled due to increasing uncertainty. “For both sellers and buyers, it is not the right timing to push deals forward as conditions have changed subsequent to the outbreak,” the first banker and an advisor said.

The rapid spread of COVID-19 leaves the fate of many announced consumer M&A deals in jeopardy as the public markets fluctuate and consumers are encouraged to avoid places of public gathering. All-cash offers around halfway through an auction process still have a good chance at closing, said one beverage industry executive.

As the global spread of coronavirus continues, dealmakers in the US are trying to adjust to ongoing market volatility, with challenges for acquisition financing and some delays in sale processes expected, according to a survey of investment bankers.    Yet-to-launch auctions are largely delayed for the time being, according to…

Help At Home, a Wellspring Capital-backed homecare provider, is gearing up for a sale process, said four sources familiar with the matter.   The Chicago-based company held a bakeoff in late 2019 and was set to launch a process later this year or early next, two sources said. However, the…

Upstart, a San Carlos, California-based online lender, has confidentially filed an S-1 with the SEC, but current market volatility has put the IPO date up in the air, said two sources familiar with the situation.   If it proceeds with a listing, the fintech lender could raise up to USD…

Financial investors have traditionally been wary of the space Consumer demand and government regulations are driving large corporations to pursue sustainability policies Global plastics producers are acquiring in the space to meet those ESG commitments    A combination of government regulations and consumer pushback against single-use plastic, could bring investors off the…

US senior living providers are expected to take a hit as the already struggling industry grapples with the spread of the novel coronavirus, two sellsiders and four advisory sources said. Fear around the impact of the pathogen — which causes Coronavirus Disease 2019 (COVID-19) — intensified after a deadly outbreak occurred in late February inside…

Spire Health, a maker of wearable medical sensors for chronic respiratory conditions, is working to raise USD 25m in financing this year to reach cashflow break-even, CEO and co-founder Jonathan Palley said.   The San Francisco-based company plans to use the funds to expand its team and help meet the…

Story • Leveraged companies such as Whiting, Chesapeake face fight for survival • Occidental and Marathon scale back capital plans, leaving emerging plays unfunded • Federal intervention looms as possible salve     The oil price shock this week could in the near term stifle M&A among shale…

4Voice, a cloud-based phone and texting service provider for small and medium-sized businesses, will nearly double in size following its first-ever acquisition and sees the uptick in remote work as a significant growth driver this year, said CEO and co-founder Amruth Laxman.

The dramatic turbulence in global financial markets has all but put Australian M&A activity on hold for the time being, particularly deals that depend on debt funding, according to financial advisers and private equity dealmakers. The situation in the credit markets is developing so rapidly, though, that it is difficult to provide a view on what will happen next, they said.

COVID-19, or the novel coronavirus spreading throughout the US and abroad, has yet to concretely impact middle market industrials M&A in a negative way, though uncertainty is growing and investors are wary of access to capital eventually diminishing as a result.   “[COVID-19] has come up in one of the…

Market uncertainties may delay offerings ‘Mini-IPOs’ less vulnerable Infrastructure, technology, education, real estate had been in focus     The global market instability generated by the outbreak of Covid-19 is likely to lead a few Brazilian companies to postpone their IPO plans and follow-on offerings, throwing a bucket of cold…

Kore.ai, an Orlando, Florida-based conversational AI software startup, is looking to raise Series C capital to fund geographic growth, according to CEO Raj Koneru.

I-Mab, the China and US-based clinical stage biopharmaceutical company, has attracted big pharma for a potential partnership for its CD47-targeted candidate TJC4, with Gilead's USD 4.9bn takeover of Forty Seven unlocking the value of CD47, according to I-Mab’s CFO Jielun Zhu.

Zoono Group, a New Zealand antimicrobial product developer, has become a “very desirable” takeover target now after proving its Z71 Microbe Shield surface sanitizer prevents cross-contamination and is 99.99% effective against coronavirus COVID-19, said CEO Paul Hyslop.

Chinese medicine and herbal drink maker Guangzhou Baiyunshan Pharmaceutical is mulling a pre-IPO round of its proposed spin-off entity Guangzhou Pharmaceuticals Corporation (GP Corp) and has been in discussion with a couple of Chinese investors, according to three sources familiar with the situation.

Walmart is working with Rothschild in a renewed attempt to sell UK grocer Asda, two people familiar with the situation told this news service. Walmart opened the sale process to “a small number of interested parties” in response to inbound interest, the first person familiar said. The process is still “early-stage”,…

Buyout house Cinven is assessing options for portfolio company Kurt Geiger which could lead to the sale of the UK upmarket footwear and accessories retailer, three sources familiar with the situation said. Bank of America will be guiding the sponsor in its assessment, the sources said, with one of them…

Körber AG, a German industrial technology group, is ready to make acquisitions to expand its hardware platforms with software, robotics, and digital capabilities, Chief Executive Officer Stephan Seifert said.   The company has EUR 1bn in cash for all investment activities, a high equity ratio, and “no limit” for big…

Oatly could raise as much as USD 100m from new investors • Company could seek IPO within 18-24 months, with New York, London likely venues • Beyond Meat seen as likely comp   Oatly, a Sweden-based maker of oat milk, is evaluating fundraising options as well as potential exit scenarios,…

Private equity firm Ardian has appointed GCA Altium to sell portfolio company Gantner in a process expected to launch before the end of 1H20, three sources familiar with the situation said. The Austrian electronic security system manufacturer will be marketed off an EBITDA figure of around EUR 17m, according to two of the sources and a fourth source familiar with the matter.

ZoomInfo has tapped Morgan Stanley and JPMorgan to serve as underwriters on an initial public offering that could see the fast-growing B2B information provider valued at as much as USD 8bn on enterprise value basis, three sources familiar with the matter said. The listing comes a year after TA Associates and Carlyle Group-backed DiscoverOrg acquired ZoomInfo from Great Hill Partners before subsequently rebranding the entire group as ZoomInfo.   

Cinven is preparing to exit its stake in Spanish travel technology firm Hotelbeds in a process that could start as early as 2H20, three sources familiar with the matter said. Morgan Stanley is likely to land a mandate for the process, which could be a dual-track, the sources said. The bank declined to comment.

Showa, a Saitama, Japan-based automotive components maker, could evaluate acquisition offers for its wholly owned UK-based unit Showa UK Limited if approached by interested buyers, the company’s spokesperson said.   The company, which has a market cap of JPY 173.4bn (USD 1.5bn), announced last month it has started consulting with…

Shareholder activism is expected to strengthen even more in South Korea this year on the back of the government’s approval of the National Pension Service’s (NPS) finalized guidelines for shareholder activists’ rights, dealmakers told this news service.   The guidelines, despite only applying to the NPS and its external asset…

Goldman Sachs and Morgan Stanley have been mandated as global coordinators (glocos) on Springer Nature’s planned IPO, two sources close to the situation and a banker following it told this news service. The syndicate has six banks in total, the two sources said, with the first adding that BNP Paribas and Citi are among the mandated banks.

Medical Developments, a Melbourne-based Australian pain medication and respiratory device manufacturer, could attract takeover interest on the back of forthcoming regulatory milestones for its Penthrox pain relief medication in the US and China, industry and advisory experts told this news service.   John Sharman, CEO of the AUD 630m (USD…

Dutch trust administrator Intertrust is focusing on bolt-on acquisitions, but will target larger deals after it lowers its leverage over the next year, CEO Stephanie Miller told Mergermarket.   The company is looking at present on bolt-on acquisition targets in the US, Europe and Asia valued at EUR 15m or less, Miller said.

The late-stage sale process for West Coast dental practice management group Smile Brands is struggling to cross the finish line, said three sources familiar with the matter.   Smile and its private equity backer Gryphon Investors rejected a low double-digit EBITDA multiple bid from auction front runner Apax Partners late…

Global M&A activity in 2019 was down 6.9% on the exceptional 2018 vintage to USD 3.33tn (across 19,322 deals), according to Mergermarket Global & Regional M&A Report 2019 (with League Tables on Financial and Legal Advisors).  

Web.com Group is not finished divesting its non-core businesses as it enters the second year under Siris Capital’s stewardship, CEO Sharon Rowlands said.   When it was listed, the Jacksonville, Florida-based company became bloated with “a lot of random things not core to the business,” said Rowlands, who joined the company in February. Siris took Web.com private for…

Swedish private equity firm Priveq has mandated Carnegie to oversee the exit of its Norway-based eHealth company CSAM, four sources familiar with the situation said.   The process is in the early stages and information memoranda are due just before Christmas, two of the sources said. Indicative bids are expected…

SpaceX, a privately owned rocket company founded by Elon Musk, is actively raising up to USD 730m in new capital to fund its Starlink constellation project, according to two sources familiar with the matter.   The Ontario Teachers’ Pension Plan (OTPP) is leading the raise, which will value SpaceX, also known as Space Exploration Technologies, at approximately USD…

​ Dinner concepts may be complementary   Could partner with PE to accelerate global expansion   ​The Wendy’s Company could consider M&A opportunities in Europe if a deal were to bolster its upcoming expansion throughout the continent, CEO Todd Penegor told this news service.   The US-based company is entering the…

I Squared Capital could look at breaking up T-Solar in order to facilitate the sale of the Spain-based renewable energy portfolio company, a source familiar with the situation, two sector bankers and an infrastructure buysider said.   With both photovoltaic and solar thermal assets, and a footprint spread across six…

The auction for Gryphon Investors-backed Smile Brands, a major West Coast dental practice management group, has narrowed down to a few potential buyers in the second round of its sale process, according to four sources familiar with the matter. Private equity firms Apax Partners and TSG Consumer Partners appear to be the most active in vying…

Healthcare services group Medicover, present across central and eastern Europe and India, will examine acquisitions in dentistry, speciality outpatient clinics and advanced diagnostics providers, CEO Fredrik Rågmark told Mergermarket.   One key target area for M&A is Polish dentistry, of which market EUR 672m-turnover Medicover only has around 2%, Rågmark…

UK-based energy services business Sparrows Offshore Group is increasingly seen as a near-term exit candidate, four sector advisers tracking the target told Mergermarket.   New York-based sponsor AEA Investors is looking to bring the business to the market in the next 12-24 months, one of the advisers, who is in…

Monogram Foods, a Memphis, Tennessee-based food products manufacturer, will revisit acquisitions next year after a two year hiatus, said co-founder and CEO Karl Schledwitz.   Ideal targets are private label and co-packing food and beverage companies, the executive said. Monogram is particularly interested in the frozen appetizer and snacking space…

Chinese state-owned IT-focused enterprise China Electronics Corporation (CEC) is the front-runner to acquire Chinese debt-laden conglomerate HNA Group’s IT outsourcing firm Pactera Technology International, said two sources familiar with the matter.   The deal is close to completion, the sources noted.   Beijing-based Pactera is wholly-owned by HNA Ecotech Panorama…

The increasing use of low premium, all-stock deals in the energy sector is blunting the returns for investors, which is possibly dimming activist interest in the space, according to sector advisors.   Relatively steady but low oil and gas prices in North America have led to a slowdown…

Expensify, a business expense management company, aims to raise at least USD 200m at a unicorn valuation to provide liquidity to early investors, according to two sources familiar with the situation.    The San Francisco-based startup last month contacted financial advisors to run the funding round and is expected to…

Singapore-headquartered Affirma Capital, formerly known as Standard Chartered PE, is set to accelerate its investments and activities in South Korea and other investee regions with a new look, founding partner and Head of Korea Kim Taeyub said.   Though its core focus on mid-cap deals in emerging markets remains, it…

S4 Capital, a UK-based digital marketing and advertising group, has established a “robust” acquisition pipeline to help it expand into new territories, Chief Growth Officer Scott Spirit said.   The company, which comprises a content and a programmatic division, will make add-on deals over the next 12 months to enter…

GO Healthy, a New Zealand health supplement business backed by Asian private equity (PE) house CDH Investments, will continue its efforts to capture increasing demand from Asian consumers before starting discussions for an exit about 18 months later, CDH Managing Director Thomas Lanyi said.   CDH has received inbound expressions…

GO Healthy, a New Zealand health supplement business backed by Asian private equity (PE) house CDH Investments, will continue its efforts to capture increasing demand from Asian consumers before starting discussions for an exit about 18 months later, CDH Managing Director Thomas Lanyi said.   CDH has received inbound expressions…

Enel continues to prioritize investment into regulated distribution networks and renewable assets worldwide, CEO Francesco Starace told this news service.   On the sidelines of the Italy-USA Innovation Forum at Stanford University on Friday, where Starace spoke at the event designed to foster cooperation between Italy and the US in technology…

 Italian payment-app operator Satispay expects to close a EUR 50m financing round by year-end and could consider listing in 2022, co-founder and CEO Alberto Dalmasso told Mergermarket.   Satispay has been trying to attract international investors to the ongoing EUR 50m round, as it wants to accelerate international expansion, starting…

Private equity firm Advent International is preparing to exit portfolio company Rubix through an IPO in the first half of next year, two sources familiar with the plans told this news service.   While advisory roles are yet to be formalised, Goldman Sachs, Morgan Stanley and Rothschild are expected to…

Dynasty Sports and Entertainment, a private equity-backed ticketing analytics firm, is hoping to expand its data offerings through organic growth or acquisitions, said founder and CEO Cole Rubin.   Targets in the concert, theater or collegiate spaces are attractive, as well as companies that specialize in premium or exclusive content,…

• US auto sector could draw foreign buyers • All eyes on US in wait for ratification M&A is down noticeably this year in Canada and Mexico, two of the three parties to the new NAFTA.   And that makes it tempting to assign blame to new provisions in…

SoftBank, the Japanese conglomerate, is looking for new investment opportunities in Brazil, including in sectors where it has not yet invested, said Managing Partner in Brazil Andre Maciel. Brazil’s healthtech and agritech are two sectors SoftBank has been monitoring, Maciel said on the sidelines of the Corporate Venture in…

Independent sponsors are emerging as uniquely positioned participants in the middle to lower middle market, according to panelists at the McGuireWoods Independent Sponsor Conference.   Ballooning valuations continue pushing capital down-market, a phenomenon that has opened the door for independent sponsors to bring creatively-sourced, proprietary deals in the middle and…

Caribou Biosciences will consider testing the public markets in 2020 but a highly charged political atmosphere may keep it on the sidelines, Chief Business Officer Timothy Herpin said.    The Berkeley, California-based biotechnology company views an initial public offering as the logical next step after a private round of financing that…

Vista Equity Partners is looking to sell a minority stake in its UK fintech portfolio company Finastra, said four sources familiar with the matter. The stake sale comes more than two years after Vista formed Finastra through the merger of its portfolio company Misys with D+H, a Canadian fintech…

Audio content streaming service Spotify is still actively evaluating M&A targets in the podcasting space, even as a 2019 target of up to USD 500m in acquisitions has yet to play out, Paul Vogel, head of investor relations, FP&A and treasury said.   Speaking on the sidelines of the 28th Goldman…

Reynolds Group is exploring a sale of Reynolds Consumer Products via Credit Suisse, said three sources familiar with the matter. The business, known for its aluminum foil and Hefty waste bags, generated USD 650m in EBITDA last year, according to Reynolds filings. It may be able to fetch 11x…

Fresh Produce, a closely held women’s clothing company, is prepared to sell a minority or majority stake to help reach its goal of doubling sales within the next five years, co-founder Mary Ellen Vernon said. Vernon, who founded the Boulder, Colorado-based company with her husband in 1984, said it…

The owners of Kobelco & Materials Copper Tube (KMCT), a Tokyo, Japan-based copper tube production joint venture, are in late-stage talks with a potential buyer, three sources familiar with the situation said.   Mizuho Securities was retained as sell-side advisor, according to two of the sources.   Japanese private equity firm…

China Tobacco, the state-owned cigarette monopoly in China, is looking to raise its international profile via investments and acquisitions, two sources familiar with the situation said. This comes amid Chinese government efforts to curb smoking in the world’s largest cigarette market over health concerns, whilst the domestic economy also slows…

Terra Schwartz, a privately held Australia-based boutique consultancy firm, is in talks with a cyber security player as it seeks acquisitions to broaden its offerings, said Director and co-owner Jan Marais-van Vuuren. The Canberra-based company, which provides professional services to government agencies, is also holding conversations with potential investors about…

2019 has seen a surge of acquisitions of M&A advisory firms Sellers desire more resources to better compete Buyers attracted by more stable, profitable revenue streams   Rising compliance and technology costs and pressure on margins across many investment banking business lines are among the key drivers behind an increase…

LG Group’s M&A activity is expected to be strong in the next few years under new head Koo Kwang-mo, as it builds a roadmap for future growth and investment plans, industry analysts and advisors told Mergermarket.   This year and the next are likely to be “eventful” for the company…

Mayfair Equity Partners is assessing options for portfolio company Tour Partner Group, including further bolt-on acquisitions or an exit next year, according to Daniel Sasaki, managing director at the sponsor. Mayfair has yet to appoint an adviser to guide it on a potential sale of UK-based company, Sasaki said. There…

Fiserv is working with Citigroup to shop its investment services business, said two sources familiar with the situation. The divestiture comes as the Brookfield, Wisconsin-based financial software company increasingly focuses on the payments industry following the closing of its USD 38bn acquisition of First Data last month. Fiserv’s non-core…

The New Zealand Exchange (NZX), the country’s mainboard, has been urged to address a lack of new listings – an issue that has become more acute over the past two years – with some market participants suggesting a merger with Australian Securities Exchange as a solution, according to market participants that…

ElectrifAI’s stable base of recurring revenue makes it a “terrific IPO candidate,” said CEO Edward Scott. He said the provider of machine learning solutions would likely seek an IPO or sale when annual revenue reaches USD 150m, up from the current USD 50m, sometime after 2021. The Jersey…

Health-Ade, the third-largest kombucha brand in the US, has secured USD 20m in equity from existing investor Coca-Cola, according to two sources familiar with the matter.   Piper Jaffray assisted the Los Angeles-based beverage company with its growth capital raise, according to the sources. The transaction took place around early May, said…

Axel Springer is eyeing the acquisition of Scout24’s auto division as the latter mulls a separation of its car and property classifieds operations, two sources familiar with the situation said.   Scout24 has engaged in recent discussions about splitting its ImmobilienScout24 home listings in Germany and AutoScout24 car listings across Europe, the…

Fajita Pete’s, a Houston-based restaurant franchise focused on delivery and take-out services, could be ready to entertain exit or minority investment discussions by 2021, said CEO Pedro “Pete” Mora.   At that time, the company projects to generate roughly USD 25 to USD 30m in revenue and have roughly 35…

Bombardier is exploring a sale of its Belfast and Morocco aerostructures businesses with financial advisor Credit Suisse, said two sources familiar with the matter.   Marketing materials have been sent to prospective buyers, said three additional sources familiar with the matter. In addition to Belfast and Morocco, Bombardier has included a…

Azuri Technologies, an Africa-focused pay-as-you-go solar company, is targeting a sale or IPO in three to five years’ time, with its interim financing needs covered by debt capital, said Chief Executive Officer Simon Bransfield-Garth.   The topco equity investors will look for an exit opportunity at a certain date, and…

Private equity and early stage investors are pouring more capital into prefabrication companies, which are fast disrupting the US construction industry, industry experts said.

Swiss industrial conglomerate OC Oerlikon Corporation is looking to acquire companies that engineer and treat surfaces, and can spend up to CHF 2.5bn on a single acquisition, CEO Roland Fischer has told this news service.   The Pfaeffikon, Switzerland-based company is exploring deals that would bolster its core surface solutions business,…

Diamond Cold Storage Indonesia (Diamond), a private Indonesian producer of milk and processed milk consumer products, is in talks with investors to sell an approximate 25% stake in the company, said seven sources familiar with the matter.

  Neoway Business Solutions, a private equity-backed Brazil-based market intelligence software provider, plans to go public in the US in 2020, after closing a Series C round by late June to finance buys this year, said CEO Jaime De Paula. The Florianopolis-based company sees going public as “more likely” in 2020, after changing its initial IPO plan for this year, De Paula said. Neoway decided instead to raise a Series C to finance acquisitions and its organic growth, the CEO said.

Amadeus recently ended its pursuit of Shift4 Payments after the Spanish travel technology group was unable to meet Shift4’s valuation expectations, said five sources familiar with the matter. The Allentown, Pennsylvania-based fintech company has been looking to sell for more than USD 2bn, a tough ask for many suitors, some of…

RYCO Hydraulics, a privately held Melbourne, Australia-based hydraulic hose and fittings manufacturer, has appointed Deloitte to find a majority stake buyer, according to two sources familiar with the situation.

The French government has mandated JPMorgan to advise on the ongoing restructuring plans for Electricite de France (EDF), which could create a path towards a potential demerger, a source close to the matter, a source familiar with the situation and a banker following the deal said.   According to a…

Piedmont Lithium, an Australian-American lithium mine developer, is seeking financial and legal advisors to assist with strategic and financing options for its Piedmont lithium project in North Carolina, President and CEO Keith D. Phillips said.

Bosch Packaging Technology has admitted Italian engineering group Coesia, German holdings Haniel and Körber, and funds Bain and KKR to second round bids following a EUR 600m cut-off for indicative offers, according to sources familiar with the matter.   CVC did not proceed, but hopes to be accepted back into…

Bulletproof 360, the venture-backed food, beverage and supplement company known for its butter-infused coffee line, has retained Morgan Stanley to explore a sale, said three sources familiar with the matter.   The Bellevue, Washington-based company generates north of USD 100m in revenue, two of the sources said, with one noting…

Blueprint Genetics, a Finland-based genetic testing company with analytics and interpretation capabilities, aims to raise EUR 25m – EUR 50m of growth capital by YE19 to fund investments, possibly including acquisitions, CEO Tommi Lehtonen said.    The amount to be raised may increase to over EUR 50m, he added. Depending…

SenseTime [Shang Tang Ke Ji], a Beijing-based artificial intelligence company focused on computer vision and deep learning technologies, is working with China International Capital Corporation (CICC) on its planned initial public offering (IPO), two sources close to the situation said.   The AI unicorn is likely to choose Hong Kong…

Cloudflare, which last month closed a USD 150m funding round led by Franklin Templeton, could still launch an initial public offering later this year or early next year, two sector advisors said.     The San Francisco-based software performance and cyber security company had been working with Goldman Sachs on an IPO…

Snowflake Computing, which wants to stay independent, could go public in about two years after a USD 450m funding round earlier this month, said CFO Thomas Tuchscherer.   The San Mateo, California-based cloud data warehouse closed the Sequoia Capital-led round on 11 October. The company had raised USD 263m in…