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Apollo reaches out to Paramount about deal.
Nidec, KPS compete for Siemens' $3bn Innomotics unit.
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The Campbell's Company , a manufacturer of branded convenience food products, completed the acquisition of Sovos Brands , a food and beverage company, from Advent for $2.7bn.
“We’re thrilled to add the most compelling growth story in the food industry and welcome the talented employees who have built a nearly $1bn portfolio. This acquisition fits perfectly with and accelerates our strategy of focusing on one geography, two divisions and select key categories that we know well. Our focused strategy has enabled us to deliver strong results over the last five years, enhance our brands and capabilities, and generate strong cash flow to lower debt. With all this progress, I am confident in our readiness to execute and integrate this important acquisition. The Sovos Brands portfolio strengthens and diversifies our Meals & Beverages division and paired with our faster-growing and differentiated Snacks division, makes Campbell one of the most dependable, growth-oriented names in food,” Mark Clouse , Campbell President and CEO.
Sovos Brands was advised by Centerview Partners (led by Tony Kim ), 高盛 (led by Timothy Ingrassia), Cooley LLP (led by Jamie Leigh ), 霍金路伟 (led by Keith Flaum , Richard Climan , and Jalpit Amin ), Richards, Layton & Finger . Financial advisors were advised by Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Alexandra McCormack and Paul Schnell ). Campbell Soup Company was advised by Evercore and Davis Polk & Wardwell LLP (led by Daniel Brass and John Amorosi ). Advent International was advised by Weil, Gotshal & Manges LLP (led by Ramona Nee and Jim Griffin ) and FGS Global (led by Zachary Tramonti ).
Dai-ichi Life Vietnam , a private insurance company, agreed to acquire Benefit One, a company mainly engaged in the provision of corporate welfare agency services and other membership services, from Pasona Group Inc. Global Network , a Japanese employment and staffing solutions provider, for up to $2bn. Dai-ichi outbid previous bidder, M3.
Dai-ichi Life turned to the deal as it seeks growth beyond the shrinking domestic life insurance market. It intends to use Benefit One to expand in services including health care and employee benefits.?
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Benefit One is advised by Mitsubishi UFJ Morgan Stanley Securities.
Hudson Bay Capital Management LP -backed Liberty Strategic Capital led a $1bn investment round in New York Community Bank (NYCB) , a bank holding company, with participation from Reverence Capital Partners , Citadel Global Equities , other institutional investors and certain members of the company's management. Liberty will invest $450m, Hudson Bay will invest $250m, and Reverence will invest $200m as part of the transaction.
"The completion of this major equity raise demonstrates the confidence these strategic investors have expressed in the turnaround currently underway at the company and allows us to execute on our strategy from a position of strength. Our company enters this next phase with an enhanced balance sheet and liquidity position." Alessandro DiNello , NYCB Executive Chairman, President and CEO.
NYCB was advised by Jefferies and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Christopher Barlow ). Jefferies was advised by Latham & Watkins . Liberty Strategic Capital was advised by Sullivan & Cromwell LLP . Hudson Bay was advised by Schulte Roth & Zabel LLP .
Apollo reaches out to Paramount about deal. (FS)
Private equity firm Apollo Global Management, Inc. in recent days has reached out to a special committee formed by multinational mass media and entertainment conglomerate Paramount Global about a possible takeover or asset purchase, Axios reported.
Apollo is said to be evaluating a deal only with Paramount, whose major assets include Paramount Pictures , broadcaster CBS , a slew of Viacom cable networks, and streaming services Paramount+ and PlutoTV. It is also possible that Apollo could wind up bidding only on select assets.
Nidec, KPS compete for Siemens' $3bn Innomotics unit.
Japan's Nidec Conversion and US-based private equity firm KPS Capital Partners are competing to acquire 西门子 's Innomotics large motors business, Reuters reported.
The sale of the motors and drives business could fetch German engineering group about €3bn ($3.28bn).
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