M&A daily wrap: Tyson Foods, General Atlantic, Pandion Mine Finance, Alvarez & Marsal
Tyson Foods Inc. (NYSE: TSN) hired Goldman Sachs Group Inc. (NYSE: GS) to seek buyers for its pizza crust business, which is sold under the Bonici brand. The Springale, Arizona-based company will focus on its proteins division instead. The sale will include partially baked crusts, self-rising crusts and flat breads, but not Tyson's tortilla production lines. “We’re focused on maximizing the full potential of our core business, and this divestiture will help pave the way for growth in our protein brands,” says Sally Grimes, president of Tyson's prepared foods. Strategic buyers are streamling their portfolios through M&A to focus on fast-growing business lines. Newell Brands Inc. said it will further expand its transformation plan; Conagra Brands Inc. (NYSE: CAG) has been selling off assets; and Procter & Gamble Co. (NYSE: PG) sold a number of brands.
General Atlantic invested in Landmark Health, a provider of home-based medical care for chronically ill patients. The deal provides an exit for Francisco Partners. Landmark has a significant presence in California, Massachusetts, New York, Oregon, Pennsylvania, and Washington State. The target will use the investment from General Atlantic to expand into other markets including: Kansas, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, and Ohio. Barclays and Latham & Watkins advised Landmark. Paul Weiss Rifkind, Wharton & Garrison LLP represented General Atlantic.
RV retailer Camping World Holdings Inc. (NYSE: CWH) agreed to acquire Dixie RV Superstore located of Newport News, Virginia. The deal is part if Camping World's strategy to grow geographically through acquisitions. The company recently announced plans to buy B&B RV Center in Anderson, California.
Pandion Mine Finance LP, an investment firm that provides financing to mining companies and is backed by MKS PAMP Group and Ospraie Management, raised its inaugural fund, called Pandion Mine Finance Fund, at $175 million. The fund will seek investments between $10 million and $40 million. New York-based Pandion already committed about $60 million to four mining companies: Lupaka Gold Inc.; Gowest Gold Ltd.; FMS Investimentos e Participações LTDA; and Firesteel Resources Inc.
Equistone Partners Europe bought WHP Telecoms, a provider of telecom infrastructure services in the United Kingdom, from Palatine Private Equity. Equistone is a London-based middle-market private equity firm that recently agreed to invest in Small World Financial Services.
Peak Rock Capital-backed water treatment products manufacturer Hasa Inc. acquired competitor Inter Valley Pool Supply Inc.. Peak Rock purchased Hasa in 2017.
Debra Richman was hired by Alvarez & Marsal as a managing director in the firm's healthcare group in New York. In her role, Richman, will advise payors and providers to hospital systems on revenue growth strategies. Richman was previously the vice president of healthcare business development and strategy for Nielson.
Dealmakers love March Madness, and many middle-market firms have roots in the same communities as the teams that made it to the NCAA Tournament’s Final Four. Check out our slideshow, which features the Final Four teams-Loyola-Chicago, Michigan, Villanova and Kansas, and the middle-market firms that share the teams’ home towns.
Read full coverage of the 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.