M&A daily wrap: Francisco Partners, Ryder System, Liberty Hall, LLR
Francisco Partners is buying Bomgar, a seller of secure access software for computer systems and devices, from Thoma Bravo. Bomgar helps customers quickly access and protect endpoints, defend privileged credentials, and support technology end-users to help businesses fight cyber threats while speeding performance. Cyber and data security providers are becoming more crucial to help businesses protect against potential cyber attacks, and that is driving M&A in the sector. For example, KMPG KMPG LLP has reached a deal to buy the identity and access management business from Cyberinc. Thoma Bravo acquired Bomgar in 2016. “Bomgar has become a key competitor in the secure remote and privileged access management markets," says Francisco Partners CEO Dipanjan “DJ” Deb. Paul Hastins, RBC Capital Markets and Jefferies are advising FP. William Blair and Kirkland & Ellis are advising Bomgar. Financial terms were not disclosed.
Logistics and transportation services provider Ryder System Inc. (NYSE: R) acquired e-commerce fulfillment company MXD Group for about $120 million. The deal comes as more businesses look to strengthen their online offerings with the rise of e-commerce sales. "This acquisition will enable many of the businesses we serve to better meet their customers’ demands, which are constantly and rapidly changing amid a heightened e-commerce era," says Ryder CEO Robert Sanchez. For example, FedEx Corp. (NYSE:FDX) acquired P2P Mailing Ltd., a U.K. provider of e-commerce transportation services worldwide. Blank Rome represented Ryder,
Aerospace-focused private equity firm Liberty Hall Capital Partners acquired AeroCision, a supplier of airplaine engine parts. The target will be integrated into Bromford Industries, which Liberty purchased in 2016. "As the industry continues to see dramatic growth in the delivery of next generation, fuel efficient engines, we believe the acquisition of AeroCision is highly strategic to Bromford and fully supports our vision of building a fully-integrated, diversified engine component supplier," says Liberty partner Rowan Taylor. MidCap Advisors and Locke Lord advised Aerocision. Financial terms were not disclosed.
Middleby Corp. is purchasing Firex Srl, a Sedico, Italy-based manufacturer of steam cooking equipment for the commercial foodservice industry. “The Firex acquisition extends our product offerings in steam and sous vide cooking, categories which continue to grow due to health benefits and enhanced food quality," says Middleby CEO Selim Bassoul.
GenNx360 Capital Partners bought Subsea Global Solutions, a provider of underwater ship repair and maintenance, from Lariat Partners. Financial terms were not disclosed. Houlihan Lokey Inc. (NYSE: HLI) and Brownstein Hyatt, Farber and Schreck advised the sellers.
River Associates purchased Quikserv, a maker of drive-thru ticket windows. Browns Gibbons & Lang advised the target. Financial terms were not disclosed.
Land O'Frost bought deli meats supplier Wellshire Farms for undisclosed terms. Bulkey Capital and Reed Smith advised the buyer.
Alibaba Group Holding Ltd. is buying full control of the startup Ele.me as it steps up efforts to expand in China’s fast-growing market for local delivery of food and other services. Read the full story here.
Private equity firm Veritas Capital is acquiring General Electric’s (NYSE: GE) value-based healthcare division for $1.05 billion. The line of business, which consists of three information technology businesses, will operate as a standalone business under Veritas and grow through acquisitions. Read the full story here.
LLR Partners, the winner of the 2017 Private Equity Firm of the Year, announced an investment in patient engagement software provider MedBridge. 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.