M&A wrap: Pipeline Angels, Exponent, Tastemakers Africa, United Natural, Supervalu, Audax
Pipeline Angels investors Seble Tareke-Williams and Lorine Pendleton were among the speakers at Exponent Exchange, an event that brought together 200 women from private equity funds, investment banks, entrepreneur-led startups and M&A advisory firms. As a consultant at the Vanbarton Group, Tareke-Williams led the NYC Interborough Fund, which targets retail, multifamily, and office investments across New York’s five boroughs. She spoke on a panel about fundraising. On a panel moderated by Mergers & Acquisitions editor-in-chief Mary Kathleen Flynn, Pendleton discussed her investment in Tastemakers Africa, a startup founded by entrepreneur Cherae Robinson. Tastemakers Africa provides “the definitive guide for people who want to travel Africa and skip the mediocre,” according to the company website. Pipeline Angels founder Natalia Oberti Noguera also spoke at the event. Pipeline Angels is “changing the face of angel investing and creating capital for women and non-binary femme social entrepreneurs,” according to its website. Since Pipeline Angels launched in 2011, more than 300 members have graduated from the angel investing bootcamp, including Tareke-Williams and Pendleton. Banker-turned-entrepreneur Sallie Krawcheck, the CEO of Ellevest, delivered the keynote talk. The event was hosted by Exponent, a group founded in 2017 by a wide array of women in the M&A world, including Cortney Stapleton, Bliss Integrated Communication; Marilyn Adler, Medley Management; Michelle Van Hellemont, Accordion; Justine Mannering, Alantra Partners; Amy Ludwig Weisman, Sterling Investment Partners; Astrid Soto, Agro Imports U.S.; Sarah Robson, Comvest Partners; Nanette Heide, Duane Morris LLP; and Lou Halstead, Exponent Women LLC. 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.
United Natural Foods Inc. (Nasdaq: UNFI) is buying Supervalu Inc. (NYSE: SVU) for about $2.9 billion, in the latest consolidation in the grocery industry. The distributor of natural and organic foods to Whole Foods Market and other grocery chains will pay $32.50 a share in cash for Supervalu. Read the full story from Bloomberg News, Whole Foods supplier United Natural buys Supervalu.
Audax-backed Active Day has bought Sunrise Miami Adult Day Care Center and two Minnesota adult care centers from Sunrise Community and Millennium Adult Day Care. The acquisitions will expand Active Day's in the Florida and Minnesota markets.
European private equity firm Argos Wityu has acquired toy company Juratoys from Alex Brands. Harris Williams & Co. advised Alex Brands.
Total transaction volume in the financial technology and information industry in the first half increased from 207 to 239 deals from the 2017 second half, according to a report from investment bank Berkery Noyes. Total transaction during the same time period rose from $24.27 to $32.53 billion.
Duncan Ainscough has joined Gordon Brothers' London office as a managing director where will be focusing on expanding the firm's industrials services throughout Europe. Ainscough was previously with supply chain services company Liquidity Services.
Eric Roth has joined MidOcean Partners as a managing director. Roth was most recently the head of the consumer retail group at Lazard Middle Market.
The newly enacted tax act presents asset buyers, both large and small, with a new opportunity to increase post-transaction cash flow via tax savings. This opportunity results from the very generous expansion of an old rule with no prior significant relevance to asset acquisitions: bonus depreciation. Read the full guest article by Frank Vari of FJV Tax: Tax reform: how buyers and sellers can benefit from expanded bonus depreciation.
High valuations and abundant use of debt continued to mark completed deal activity in the first quarter of 2018, according to GF Data. Two hundred and eight private equity groups and other deal sponsors reported on 52 transactions closed in the quarter. The overall average valuation mark for the quarter was 6.9x valuation multiple, a marked retreat from the torrid 8.0x valuation multiple average in the prior quarter. At first blush, valuations in 2018 seem to have retreated to pre-2017 levels. However, GF Data gravitates to the view that the random fall of completed deals in 4Q 2017 versus 1Q skewed artificially high in the first period and low in the second. Averaged together, the result is a continuation of already unprecedented aggregate valuations attained in the middle quarters of GF Data. Read the full story: Valuations dropped slightly but are still higher than average.
Serena Williams dazzled at Wimbledon. Out of the grand slam game for 16 months as she started a family and suffered post-delivery complications, Williams, seeded 25th, fought her way into the finals. Meghan, Duchess of Sussex and Catherine, Duchess of Cambridge watched from the All England Club's Royal Box, as Williams finished second to Angelique Kerber on July 14. Williams is among many star athletes who have excelled in business as well as in sports. If you’ve had a beer and chicken wings while waiting for a flight at the Raleigh-Durham International Airport, or grabbed a smoothie while shopping at the Federal Plaza in Rockville, Maryland, or enjoyed a steak dinner at New York’s Grand Centralterminal, you’ve got a sports celebrity athlete to thank. Among the athletes investing are Dale Earnhardt Jr.,LeBron James, Michael Jordan and Greg Norman. View our slideshow: Danica Patrick, LeBron James, Serena Williams invest in food & wine.
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.