M&A daily wrap: MSG, New York Knicks, New York Rangers, Amazon, PillPack, Audax, Bain Capital
The Madison Square Garden Co. (NYSE: MSG) may separate its sports and live entertainment businesses into two publicly-traded companies, with James Dolan serving as CEO of both companies. The sports division includes the National Basketball Association's New York Knicks, the Women's National Basketball Association's New York Liberty (currently up for sale) and the National Hockey League's New York Rangers. The entertainment business houses the Madison Square Garden and Radio City Music Hall venues. "We believe this proposed transaction would provide each company with enhanced strategic flexibility, its own defined business focus and clear investment characteristics," Dolan said in a statement. J.P. Morgan (NYSE: JPM), PJT Partners, and Sullivan & Cromwell are advising MSG. Read the full story from Bloomberg News: Madison Square Garden explores spinoff of Knicks and Rangers.
Amazon.com Inc. (Nasdaq: AMZN) is buying online pharmacy PillPack. The target, founded in 2013, delivers medications in pre-sorted dose packaging, coordinates refills and renewals, and makes sure shipments are sent on time. The company's strategy aims to make taking medication easier for people on multiple daily prescriptions. "PillPack is meaningfully improving its customers’ lives, and we want to help them continue making it easy for people to save time, simplify their lives, and feel healthier," says Jeff Wilke the CEO of Amazon Worldwide Consumer. PillPack delivers products in every state except Hawaii.
Audax Private Equity has purchased Revolution Dancewear, a supplier of dance recital costumes, competition costumes, footwear, and dancewear, from Incline Equity Partners. Robert W. Baird and Cohen & Grigsby PC advised the sellers. Kirkland & Ellis advised Audax.
Bain Capital Private Equity is buying Italmatch Chemicals SpA from Ardian. Italmatch manufactures chemical additives for water and oil treatment, lubricants, flame retardants and plastic additives.
BV Investment Partners has made a majority investment in Risk International, an independent, risk management and benefits information services provider. Risk International helps mid-market and large-cap businesses reduce their recurring total cost of risk for commercial insurance and employee benefits, while preserving or improving coverage.
Schott AG, a glass and ceramic materials materials manufacturer based in Mainz, Germany, is expanding into the U.S. through acquisitions. The company is seeking targets that have up to $174 million in sales. "Our activities have seen acquisitions across the globe lead to high value creation, and we expect the same results from further U.S. investments," says Schott CFO Jens Schulte.
Larry Prior has joined the Carlyle Group LP (Nasdaq: CG) as an operating executive consultant for the aerospace, defense and government services team. Prior is the former CEO of information technology services company CSRA Inc.
James McGinnnis has been hired by nvestment bank PJ Solomon as a managing director to the lead the firm's renewables coverage. McGinnis was most recently the CEO of Mainstream Renewable Capital Inc.
Sophie Kornowski is joining healthcare-focused investment firm Gurnet Point Capital as a senior partner. Kornowski was formerly an executive vice president at Roche.
Today’s portfolio companies choose private equity funds “based on not just who's going to pay them the most money, but who's going to be more involved in helping them get to that next step, helping them to execute the strategy,” says BDO USA’s Bob Pearlman in this video interview shot at ACG InterGrowth 2018. Watch the full video: PE firms take a more strategic approach to portfolio companies than in the past.
"Clamoring to be the loudest person in the room” is not the way to bring more women into the middle market, says Suzie Doran of SingerLewak, in this video interview shot at ACG InterGrowth 2018. Doran serves as president of ACG Los Angeles, which recently took the Women of ACG Los Angeles on a private viewing of the 100th Anniversary Exhibition of King Tut at the California Science Center. “We're about making connections and being able to take those connections to the next level.” Watch the full video: No “clamoring to be the loudest person in the room” at women dealmaker events.
More than 2,000 dealmakers from 1,100 companies, representing 16 countries, headed to sunny San Diego for three days of networking at ACG InterGrowth 2018. Jeff Immelt, who served as CEO and chairman of General Electric Co. (NYSE: GE) from 2001 to 2017, was the keynote speaker. Check out our slideshow: InterGrowth 2018 in pictures.
Peter Van Raalte, co-founder of Corinthian Capital, and Mary Kathleen Flynn, editor-in-chief of Mergers & Acquisitions, were featured speakers at the ACG NY Industrial Conference at the New York Athletic Club. The conference is part of the ACG Northeast Industry Tour, sponsored by ACG New York, ACG Boston and ACG Philadelphia. View our slideshow: Manufacturing M&A: high prices but plenty of opportunities.
From stories of star athletes Arnold Palmer, Keith Hernandez and Tiger Woods to advice from entrepreneurs Bridgewater Associates’ Ray Dalio, KPCB’s John Doerr, Nike’s Phil Knight and Brava Investments’Nathalie Molina Niño, plus strategies to help business leaders in general, and female dealmakers in particular, the 15 books on Mergers & Acquisitions’ summer reading list entertain, instruct and inspire. Check out our listicle: Dealmaker’s guide to summer reading: 15 new books.
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.