M&A daily wrap: Medidata, Shyft Analytics, Audax, OEP, Naked Brand
Medidata (Nasdaq: MDSO) has agreed to buy the stake it did not already own in healthcare data company Shyft Analytics for $195 million. Medidata held a 6 percent stake in the target before the deal was announced. “Together, Medidata and Shyft are powering customers’ digital transformation with artificial intelligence and real-world analytics to reduce risk, optimize revenue, and ultimately help patients,” says Medidata CEO Tarek Sherif. Shyft's data and cloud services combines information together to provide insights and visualizations. Medidata uses research and third party data to help pharmaceutical, biotech and medical device companies develop drug discoveries. Medidata and Shyft formed a partnership in 2016 in an effort to add real-time data to electronic medical records, and to help life science companies more accurately collect information from clinical trials and assess patient health. Medidata also participated in Shyft's Series B funding round in 2016. Healthcare information technology companies are proving increasingly attractive to buyers. For example, in 2018, Inovalon (Nasdaq: INOV), a provider of cloud-based software for the healthcare industry, agreed to acquire healthcare software company Ability Network, and GPB Capital acquired a majority stake in Health Prime International.
Audax Private Equity-backed Smart Care Equipment Solutions has acquired Restaurant Equipment Maintenance Corp., an equipment parts and repair company for the convenience store and restaurant sectors. The deal is Audax's first add-on since it invested in the buyer in November 2017.
Fashion company Naked Brand Group Inc. (Nasdaq: NAKD) is merging with Bendon Group, New Zealand-based seller of intimate apparel and swimwear. Naked Brand makes men's and women's sleepwear, swimwear and sportswear that are sold in retailer's such as Nordstom, Bloomingdale's and Dillard's. Duane Morris is representing Naked Brand.
Calera Capital-backed Evans Network of Cos. has bought logistics company New Age Transportation, Distribution & Warehousing Inc. Mesirow Financial advised the target.
One Equity Partners-backed Rizing LLC has purchased professional services firm Aasonn LLC. The target offers consulting services to human resources departments.
Patrick Industries Inc. (Nasdaq: PATK) has bought Marine Accessories Corp. from Blue Sage Capital. The target supplies boating products, such as tows and covers, to dealers and retailers. Raymond James & Associates Inc. (NYSE: RJF) and Queen Saenz + Schutz Pllc advised the sellers.
Real estate investment firm CBRE Group Inc. (NYSE: CBRE) bought FacilitySource LLC, a technology-based facilities management services provider, from Warburg Pincus for $290 million. Willkie Farr & Gallagher LLP represented the sellers.
Fashion company Naked Brand Group Inc. (Nasdaq: NAKD) is merging with a Bendon Group, New Zealand-based seller of intimate apparel and swimwear. Duane Morris is representing Naked Brand.
John Adam Kanas was hired by the Carlyle Group LP (Nasdaq: CG) as a senior advisor, where he will be advising the firm on financial services issues. Kanas currently serves as non-executive chairperson at BankUnited (NYSE: BKU).
Cyrille Perard has joined Perella Weinberg Partners as a managing director, where he will be helping the firm expand its coverage in France. Perad previously served as co-head of M&A for the France, Belgium and Luxembourg region at Goldman Sachs (NYSE: GS).
Covenant-lite loans are “bleeding down” to the middle market, says Twin Brook Capital Partners co-founder Trevor Clark in this video interview shot at ACG InterGrowth 2018. Watch the video interview: With rise of cov-lite loans, experience matters, says Twin Brook’s Trevor Clark. Twin Brook won Mergers & Acquisitions' M&A Mid-Market Award for 2017 Lender of the Year.
“The rise in private debt has been tremendous over the last three or four years,” says Sunil Mehta, managing director, Madison Capital Funding LLC, in this video interview shot at ACG InterGrowth 2018. Madison, a subsidiary of New York Life Insurance Co., has long been a stellar source of capital in the middle market. Watch the video: Investors from all over the globe are attracted to private debt, says Madison's Sunil Mehta. Also, see our Q&A with Jennifer Cotton: Abundance of capital drives highly competitive loan process, says Madison Capital's chief underwriter.
“At the end of the day, it really matters how you behave if there’s a problem,” says Karin Kovacic, managing director, East Coast region, of middle-market lender Monroe Capital. Watch our video interview, shot at ACG InterGrowth 2018: Trust counts in lending to the middle market, says Monroe Capital’s Karin Kovacic.
“If there's one theme we're seeing across all of our deals, it is the digital transformation of all companies,” says Matt Conaty, director, financial sponsors, William Blair, in this video interview, shot at ACG InterGrowth 2018. William Blair won Mergers & Acquisitions’ M&A Mid-Market Award for 2017 Investment Bank of the Year. Watch the video: Digital transformation is the name of the game, says William Blair’s Matt Conaty.
With summer road trips in mind, check out our slideshow on auto deals: Car parts makers fuel M&A, as industry readies for self-driving vehicles. Highlights include: Intel bought Mobileye, and Delphi bought nuTonomy. Meanwhile, private equity firms, including Clearlake, CenterOak Partners and Wabash National, are scooping up all sorts of car-related companies from parts makers to service providers.
In our updated Buyer’s Guide, we profile nine categories of product and services designed to help M&A professionals perform in today’s highly competitive dealmaking arena. Read the full story: From fund administrators to VDRs, dozens of firms help M&A pros compete.
Read full coverage of Mergers & Acquisitions' 11th annual M&A Mid-Market Award winners: Campbell Soup, Huron Capital, Idera CEO Randy Jacops, LLR Partners, McGuireWoods, Stryker, Twin Brook and William Blair.