M&A daily wrap: Phil Mickelson, Reis & Irvy's, Goldman Sachs, Launch at GS, female founders, Women of ACG LA
Phil Mickelson and his agent, Steve Loy, have reached a deal to invest in frozen yogurt chain Reis & Irvy's, a subsidiary of Generation Next Franchise Brands Inc. The deal includes for 30 new Reis & Irvy's stores to open throughout Mickelson's hometown of San Diego. “I’m absolutely thrilled to be part of such transformative industry change,” Mickelson said in a statement. “I’ve pushed boundaries my whole career and that mindset carries over into the business world. The energy and passion from the Generation Next team to both deliver a quality product and disrupt food retail is exciting.” Reis & Irvy's is known for using robots to dispense frozen yogurt, ice cream, gelatos and sorbet in under 60 seconds. The target operates 235 franchises throughout the U.S. Mickelson, also known by the nickname "Lefty," is a member of the World Golf Hall of Fame. He has won five major PGA Tour tournaments including three Masters, a PGA championship and a Open Championship. For more on golf-related deals, check out our slideshow: M&A in the Masters.
In an effort to fund more female entrepreneurs and investors, Goldman Sachs Group Inc. said it will invest $500 million worth of firm and client capital in businesses and financial products run by women. Read the full story on the Launch at GS program: Goldman Sachs pledges $500 Million to invest in female founders.
"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.
TPG Growth and the Rise Fund have agreed to buy energy efficiency program provider Clearesult from General Atlantic. The target partners with utilities and local governments to design, implement and maintain services and programs that provide energy optimization and efficiency to residential, institutional, commercial and industrial organizations to help them reduce energy use and costs. TPG Growth is the middle market growth equity platform of TPG. The Rise Fund is a global impact fund managed by TPG. KeyBanc Capital Markets Inc. (NYSE: KEY), Robert W. Baird & Co., and Vinson & Elkins are advising TPG and the Rise Fund. J.P. Morgan (NYSE: JPM) and Paul, Weiss, Rifkind, Wharton & Garrison LLP are advising General Atlantic. Goldman Sachs & Co. (NYSE: GS), UBS Investment Bank, Credit Suisse and KeyBanc are providing financing.
Bain Capital Private Equity has agreed to buy Varsity Brands from Charlesbank Capital Partners and Partners Group. Varsity sells team sports apparel and equipment through the BSN Sports, Varsity Spirit and Herff Jones divisions. In 2016, BSN acquired Lids Team Sports. Jefferies, Goldman Sachs (NYSE: GS), Peter J Solomon and Goodwin Procter LLP are advising the sellers. Kirkland & Ellis is representing Bain.
Cerberus Capital Management has agreed to purchase Worldwide Flight Services, an air cargo handler and ground handling provider, from Platinum Equity for about $1.39 billion. Bank of America Merrill Lynch and Morgan Stanley (NYSE: MS), and Baker McKenzie are advising Platinum.
Huron Capital-backed Drake Automotive has acquired DV8 Offroad, a a designer and distributor of off-road accessories and wheels. The deal marks the fifth add-on acquisition for Drake since its formation in 2016.
Genstar Capital has agreed to buy Drilling Info Holdings Inc. from Insight Venture Partners. Drilling Info is a data and analytics provider for oil and energy companies, serving more than 3,500 customers in 50 countries.
Penn National Gaming Inc. (Nasdaq: PENN) has agreed to acquire the Margaritaville Resort Casino in Bossier City, Louisiana for $115 million. The target has 395 hotel rooms, six restaurants, and 26,500 square feet of casino space in an island-style escape theme.
Ryder System Inc. (NYSE: R) has purchased Metro Truck & Tractor Leasing to expand its presence in Beltsville and Baltimore, Maryland. The target provides truck leasing, rental and maintenance services to more than 150 customers.
EQT VIII Fund and PSP Investments has entered into exclusive discussions to buy Azelis, a chemicals and food ingredients distributor, from Apax Partners.
WindRose Health Investors LLC-backed Ovation Fertility has formed a partnership with Institute for Reproductive Health.
Grain Management LLC, a private equity firm focused on investments in the communications sector, has agreed to acquire Great Plains Communications, the largest privately-owned telecommunications provider in Nebraska. TD Securities and Alston & Bird are advising Grain Management.
Brian Chibwe has joined private equity firm Orix Capital Partners as director of finance. Chibwe was previously the chief financial officer at Dublin & Co.
Numan Siddiqi has joined law firm BakerHostetler as a partner. Previously with Brown Rudnick LLP, Siddiqi focuses on M&A and private equity in the life sciences, software and semiconductor sectors.
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.
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.
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.
“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.
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.