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PNC Finds a Use for BlackRock Cash With $11.6 Billion BBVA Deal November 16, 2020 BV Investment Partners Invests in PixelMedia January 19, 2021 AEI-Backed Redwire Buys Oakman Aerospace January 19, 2021 Thermo Fisher Scientific Acquires Mesa Biotech January 19, 2021 Software Consultancy ThoughtWorks Picks Up $720M January 18, 2021 Huron Capital Creates New Infrastructure Services Platform January 18, 2021 Deloitte Consulting Acquires HashedIn Technologies January 18, 2021 Pegasystems Acquires Qurious.io for AI-Powered Speech Analytics January 14, 2021 TPG’s The Rise Fund Buys Element Markets January 14, 2021 GTCR-Backed Cole-Parmer Buys ZeptoMetrix January 12, 2021 SK Capital Acquires Majority Interest in Lacerta January 12, 2021 Spartronics Buys Primus Technologies January 12, 2021 Equifax is Buying Kount from CVC January 12, 2021 Mercer Global Advisors Acquires Women-Led MWM January 11, 2021 Wealth Partners Backs Merit Financial January 11, 2021 Francisco Partners Closes Forcepoint Deal January 11, 2021 Australis Partners Acquires Mexican Insurance Brokerage Sekura January 11, 2021 Kellermeyer Bergensons Services Acquires Beck Facility Services January 11, 2021 Navisite Acquires Velocity Technology Solutions January 11, 2021 Charter Backs Media Company Comscore January 8, 2021 GCP Buys Equine from Active Interest January 8, 2021 May River Expands with Unibloc Purchase January 8, 2021 HKW-Backed Infab Purchases MediDrapes January 8, 2021 Lincolnshire-Backed Dalbo Adds Blazer January 8, 2021 Stephens-Backed Kele Acquires Lesman January 8, 2021 Diversis Invests in Black Box Intelligence January 8, 2021 Hellman & Friedman Backs PointClickCare January 8, 2021 Falfurrias Takes Stake In Crosslake Technologies January 8, 2021 Francisco Invests In News Break January 8, 2021 Alpine Continues Backing Team Following Secondary Transaction January 8, 2021 PE-Backed Mercer Acquires Atlanta Financial January 7, 2021 Ara Partners Backs Polar Sapphire January 7, 2021 Partners Group Buys Careismatic from New Mountain January 7, 2021 Neighborly Purchases Precision Door Service January 7, 2021 SK Capital Invests In Tilley Chemical January 7, 2021 Levine Leichtman-Backed Trinity Adds AWN January 7, 2021 Odyssey Acquires Service Champions January 7, 2021 Align-Backed Marco Buys Premiere from KLH January 7, 2021 IOP Backs Little Giant Ladder January 7, 2021 Relativity Makes VerQu Add-On January 7, 2021 IQ-EQ Purchases Constellation Advisers January 7, 2021 Coolsys Acquires C.E. Holt Refrigeration January 7, 2021 Peak Rock Buys Shipley Do-Nuts January 6, 2021 Clearlake Invests In Siris-Backed Web.com January 6, 2021 Sagewind Invests in Sigma Defense January 6, 2021 Behrman-Backed Emmes Adds Neox January 6, 2021 Revelstoke Backs Empire January 6, 2021 PE-Backed ZyWave Purchases ITC from Accel-KKR January 6, 2021 Rockefeller Acquires Whitnell from Associated Banc-Corp January 6, 2021 Centre-Backed Vision Purchases Pennsylvania Practice January 5, 2021 JLL Acquires JES from Levine Leichtman January 5, 2021 Watermill Buys Canadian Weston Forest January 5, 2021 AutoVitals Purchases Software Company BayIQ January 5, 2021 Core-Backed Incodema Makes Mark Two Add-On January 5, 2021 LLR Partners Backs Dizzion January 5, 2021 SVB Financial Acquires Boston Private January 5, 2021 Neuberger Berman and QIA Back Paycor January 4, 2021 HelpSystems Acquires FileCatalyst January 4, 2021 CD&R Buys Plumbing and Heating Company Wolseley January 4, 2021 Mercuria Acquires Beyond6 from HC2 January 1, 2021 Accel-KKR Adds OrthoBanc to OrthoFi Investment January 1, 2021 Central Garden Purchases Green Garden January 1, 2021 Carlyle-Backed Manna Pro Acquires Bullymake December 31, 2020 Imperial Buys Industrial Soap Company December 31, 2020 Thermo Fisher Adds Phitonex December 31, 2020 OEP Purchases Spain-Based IT Company Vass December 31, 2020 Aspen Dental Purchases ClearChoice Management December 30, 2020 Olympus Makes Veran Purchase December 30, 2020 Mcormick Buys Fona for $710M December 30, 2020 Onex Acquires Falcon Investment December 30, 2020 Constellation Expands with Cybercom and Coastal Acquisitions December 30, 2020 Wynnchurch Acquires Huntington Foam December 30, 2020 Avalara Makes Inposia Addition December 29, 2020 J.F. Lehman Makes CTS Purchase December 29, 2020 Apax Acquires 3i’s Software Business December 29, 2020 Permira Backs Boats Group December 29, 2020 JPMorgan Strengthens Travel Rewards Program December 29, 2020 Goldman-Led Group Buys White Ops December 28, 2020 Brightstar Invests in Amerit December 28, 2020 Infogain Purchases Absolutdata December 28, 2020 Bloomberg Adds Analytics Firm Second Measure December 28, 2020 NPM Buys Futurewhiz From Levine Leichtman December 28, 2020 Genstar-Backed Apex Acquires GFin December 28, 2020 Bain and HGGC Invest in Software Company Buildertrend December 28, 2020 Vance Street-Backed Jet Parts Buys AeroSpares December 25, 2020 Core-Backed Incodema Adds Majestic Metals December 25, 2020 Rotunda-Backed Amware Purchases Moulton December 24, 2020 PE-backed Symplr Buys TractManager from Arsenal December 24, 2020 Lindsay Goldberg Backs Pike December 23, 2020 Bowman Purchases KTA Group December 23, 2020 Jordan Invests in SBP December 23, 2020 Gryphon Backs Proctoring Company Meazure December 23, 2020 Lincoln Road and Trivest Invest in Landmark December 23, 2020 Shanghai Wanye Acquires Compart from Platinum December 22, 2020 Clearlake’s Janus Goes Public Through Merger December 22, 2020 Elridge and Snowflake Invest in Knoema December 22, 2020 Revelstoke Raises $111M for Rural Healthcare Fund December 22, 2020 Thoma Bravo Invests in Zipari December 21, 2020 Revelstoke Backs FCC Expansion December 21, 2020 Core-backed Incodema Buys Dahlquist December 21, 2020 CapVest Purchases IPN from L Catterton December 21, 2020 Arlington-backed BlueHalo Acquires Base2 and Fortego December 21, 2020 Cognizant Expands with Inawisdom Add-on December 21, 2020 HGGC Buys U.K.-based SRG from Pollen December 21, 2020 PPG Acquires Finland-based Tikkurila December 18, 2020 Ten Coves Launches with Former Napier Park Team December 18, 2020 Gryphon Adds PRN From Silver Oak December 18, 2020 4iQ and Alto Merge to Form Constella December 18, 2020 BIC Buys Notebook Maker Rocketbook December 18, 2020 Marlin Takes Stake in Luminate-backed Star December 18, 2020 Fiserv Expands with Ondot Purchase December 17, 2020 Corsair Backs Credit Reporter IDIQ December 17, 2020 Bertram Buys Pacific Handy Cutter from Levine December 17, 2020 Gridiron Closes Fourth Fund at $1.35B December 17, 2020 Raymond James Acquires Financo December 17, 2020 Deloitte Buys India-based HashedIn December 17, 2020 TA Backs Victor Maker Mid America Pet Food December 17, 2020 Trinseo Buys PMMA Business from Arkema December 16, 2020 CenterOak-backed Shamrock Purchases VAI December 16, 2020 Align-backed Southwest Merges with Action December 16, 2020 OpenGate Adds Kongsberg from Esko-Graphics December 16, 2020 Evolve Acquires Appraisal Technology December 16, 2020 GTCR-backed Cedar Gate Buys Deerwalk December 16, 2020 TA Backs Benefits Manager Benecon December 15, 2020 Apollo and Hudson Take Cardtronics Private December 15, 2020 Odyssey Acquires Audax-backed PPE Supplier December 15, 2020 J.D. 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Grace Gets $4 Billion Bid From Top Shareholder 40 North November 9, 2020 Bilfinger Said to Explore Sale After Getting Private Equity Interest November 6, 2020 SoftBank-Backed GoPuff Buys Liquor Store Chain BevMo November 6, 2020

PNC Finds a Use for BlackRock Cash With $11.6 Billion BBVA Deal

November 16, 2020 | By Bloomberg News


PNC Financial Services Group Inc. agreed to buy Banco Bilbao Vizcaya Argentaria SA’s banking operations in the U.S. for $11.6 billion, vaulting past rivals to become the country’s largest regional bank.

PNC’s purchase uses the $14 billion it raised earlier this year from selling its stake in BlackRock Inc. to fuel an expansion into Texas and California and compete with U.S. retail banking giants. For BBVA, the deal sheds a recent source of writedowns while giving the Spanish lender capital to possibly pursue acquisitions of its own.

U.S. regional lenders are seeking to bulk up to compete with banking giants such as JPMorgan Chase & Co. and Bank of America Corp., which are moving into new states and spending billions annually on digital offerings. The question becomes whether PNC’s move will spur regional rivals into their own expansions or simply takes the most vocal buyer off the market.

”We’ve been consistently focused on expanding into new markets with the ultimate strategic objective of building a national franchise,” PNC Chief Executive Officer William Demchak said on an investor call Monday. “BBVA is gonna supercharge these national expansion efforts.”

Last year’s $28 billion combination of BB&T Corp. and SunTrust Banks Inc. was widely seen as the possible start of a new wave of mergers with the potential to build regional banks into national players. Then the Covid-19 pandemic hit, bringing concerns about a potential wave of loan losses and the prospect of years of prolonged low interest rates weighing on revenue.

PNC saw the turmoil as a possible opportunity, and has been on the prowl for a takeover candidate since its BlackRock sale in May. Demchak has faced investor questions about how he would turn that haul into more growth as the bank missed out on an almost 50% rally in BlackRock shares after it sold.

Monday’s acquisition is the largest U.S. banking deal since the merger of BB&T and SunTrust. The deal will vault PNC in size past U.S. Bancorp and Truist Financial Corp., which is the new name of the combined BB&T and SunTrust.

The cash deal will boost PNC’s earnings by about 21% in 2022 and generate more than $900 million of cost savings, the bank said in a statement on Monday. The addition of BBVA branches across the southern and southwestern U.S. gives PNC a presence in 29 of the country’s 30 largest markets.

For BBVA, the deal allows it to exit a business which has weighed on group earnings while at the same time bolstering its firepower to pay dividends or make acquisitions as consolidation in Spanish banking takes hold.

BBVA took a 2.1 billion-euro ($2.5 billion) goodwill impairment charge on the business in the first quarter, which followed a writedown of 1.4 billion euros in the previous three-month period.

The all-cash deal values the business at 1.34 times its tangible book value as of September and will boost the bank’s capital ratio by about 300 basis points to a pro-forma CET1 ratio of 14.5%. The Spanish lender said the deal will give it the option of carrying out buybacks to boost a share price that has plunged by 36% this year.

“There may be value-creating opportunities in the markets where we have superior franchises,” BBVA Chairman Carlos Torres said on a conference call. “The buyback is very exciting and tremendously attractive, investing in organic growth as well. Those are the options to redeploy.”

BBVA USA has more than 600 branches in several states, including Texas, Florida and Alabama. About half of the business’s deposits are located in Texas, according to Bloomberg Intelligence. BBVA acquired the company in 2007, when it was called Compass Bancshares, accordingto its website.

The transaction excludes broker dealer BBVA Securities and the branch in New York, which will continue to provide corporate and investment banking services to large corporate and institutional clients. It also excludes the representative office in San Francisco and fintech investment fund Propel Venture Partners.

PNC, which is based in Pittsburgh, primarily has branches in the mid-Atlantic, southeast and midwest U.S.

The deal “would bolster PNC’s existing southeastern presence and jump-start the bank’s forays into Texas, where it currently employs a branch-lite model in Dallas and Houston,” Herman Chan, a Bloomberg Intelligence analyst, wrote in a note Sunday.

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BV Investment Partners Invests in PixelMedia

January 19, 2021 | [email protected]

BV Investment Partners, a middle-market private equity firm focused on the tech-enabled business services, software and IT services sectors, has invested in PixelMedia LLC, a digital commerce services firm dedicated to helping brands launch, manage, and grow their ecommerce business on Salesforce.

PixelMedia co-founders Erik Dodier, CEO, and Thomas Obrey, CTO, will continue in their current roles and maintain a significant ownership interest in partnership with BV.

Matthew Kinsey, senior managing director at BV, said, “Digital commerce continues to garner a greater share of B2C and B2B spend, correspondingly driving demand from brands for scalable enterprise-grade ecommerce software and related expertise. Pixel stood out for its domain expertise, unique partnership approach with brands, reputation, scale, and strong management team.”