Casino operator Boyd Gaming Corp. (NYSE: BYD) and fantasy sports company FanDuel Group are forming a strategic partnership in which the two companies will leverage each other's brands and technology to pursue online gaming across the U.S. The partnership comes on the heels of the U.S. Supreme Court's overturning a 1992 federal law that barred most states from authorizing sports betting. The decision could pave the way for states to allow sports gambling. Under the partnership agreement, Boyd will expand into online sports betting using FanDuel's technology, while FanDuel will establish an online sports gaming presence in states where Boyd is licensed. "Through this partnership, Boyd Gaming and FanDuel Group will be in an excellent position to successfully capitalize as sports betting and online gaming expand across the country," says Boyd CEO Keith Smith. "By joining forces with FanDuel's nationally-known brand, as well as their considerable technical expertise and resources, we will be positioned to build market-leading sports-betting and online gaming operations in each state as they move forward with these new forms of entertainment." Sports betting and gaming provider Paddy Power Betfair has recently acquired a 61 percent stake in FanDuel. DraftKings, a rival of FanDuel's, became the first company to roll out mobile sports betting in New Jersey with a soft-launch of a new app. Moelis & Co. (NYSE: MC) is advising on the partnership.
Eye Health America has acquired Montgomery & Riddle Eyecare and the Surgery & Laser Center at Professional Park, an eye care provider in South Carolina. Eye Health is backed by LLR Partners, and also owns Clemson Eye and Piedmont Surgery Center.
Intertek ITRK is buying Alchemy Systems, a software-as-a-service food and safety training provider to food companies and retailers, from the Riverside Co. Houlihan Lokey Inc. (NYSE: HLI), Vaquero Capital, Jones Day, and Deloitte are advising Riverside.
For more deal announcements, see The weekly wrap: Cisco, Genstar, US Foods.
For more on which PE firms are raising funds, see PE fundraising scorecard: Audax and Advent.
BDO USA has promoted seven people to partner. Marie Burzo was promoted from director; John Cuesta was promoted from director; John Kwon was promoted from managing director; Amy Rosenthal was promoted from managing director; Marcelo Suarez was promoted from director; Nicole Sliger was promoted from managing director. Sean Windsor was promoted from managing director.
Josh Sartisky was promoted from associate to vice president at Lariat Partners. Sartisky, who joined the PE firm in 2016, focuses on investments in the consumer, environmental services and industrials sectors.
Exponent, a new group of women dealmakers, brought together 200 women from private equity funds, investment banks, entrepreneurs and advisors for the Exponent Exchange, featuring Sallie Krawcheck as the keynote speaker. Previously the CEO of Wall Streetbanks, including Merrill Lynch Wealth Management and Citi Private Bank, Krawcheck serves as the CEO of Ellevest, an online investing platform for women. Mergers & Acquisitionsparticipated in the event as an in-kind sponsor, and editor-in-chief Mary Kathleen Flynnmoderated Spotlight Panel, From Startups to Showtime: Investment Case Studies. Check out our slideshow, Exponent drew 200 women dealmakers to event featuring Sallie Krawcheck.
Mergers & Acquisitions has announced the Rising Stars of Private Equity. These 11 up-and-coming investors are expected to play significant leadership roles in the future. Congratulations to:
Daniel Hopkin, Partner, Kainos Capital
John Kos, Principal, GTCR
Erik Latterell, Director, Stone Arch Capital
Ethan Liebermann, Principal, TA Associates
Jaime McKenzie, Director, Monomoy Capital
Jennifer Roach, Vice President, Yellow Wood Partners
Joseph Rondinelli, Principal, Frontenac
David Shainberg, Vice President, Balmoral
Tom Smithburg, Vice President, Shore Capital Partners
Nicholas Stone, Managing Director, Cyprium Partners
Afaf Ibraheem Warren, Senior Associate, Siris Capital
For profiles of the emerging leaders, see Meet Mergers & Acquisitions' 11 Rising Stars of Private Equity.
Summer reading list: 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’ list entertain, instruct and inspire. Check out our listicle: Dealmaker’s guide to summer reading: 15 new books.