Deal Wrap is updated as of 4 p.m. ET.
– Apheon bought a majority interest in Salpa, an Italy-based producer of cookie-based food ingredients for the industrial ice cream, dairy and confectionary markets. The Cherubini family — Salpa's founder — and Equinox SA were the sellers.
– An affiliate of Antarctica Capital LLC wrapped up the purchase of technology-enabled life and annuity platform Midwest Holding Inc. for $27 per common share in cash. With the closing of the deal, Midwest has ceased trading of its common stock, which will be delisted from the Nasdaq. RBC Capital Markets was financial adviser, Fried Frank Harris Shriver & Jacobson LLP was transaction counsel, and Lamson Dugan & Murray LLP and Primmer Piper Eggleston Cramer PC provided insurance regulatory counsel to Midwest. Insurance Advisory Partners LLC rendered a fairness opinion to Midwest's board regarding the deal. Kirkland & Ellis LLP was legal adviser and Frohman Law Office LLC was regulatory counsel to Antarctica.
– Backcast Partners LLC made a follow-on investment in Guardian Fleet Services Inc., which provides commercial towing, recovery and specialized transportation services across the US. Guardian used the capital to fund the acquisition of its towing services peer, Euless Wrecker Service Inc.
– White Hat Capital Partners LP invested $50 million in fiber optic-based technology company Luna Innovations Inc. Luna used the investment proceeds in large part to fund the acquisition of Silixa Ltd. and related transaction costs totaling about $25 million. Cooley LLP was legal adviser to Luna, while Schulte Roth + Zabel LLP was legal counsel to White Hat.
– An affiliate of H.I.G. Capital LLC acquired Penhall Co. Inc., which provides specialty concrete services in North America.
– Monomoy Capital Partners agreed to buy iron casting supplier Waupaca Foundry Inc. from Proterial Ltd., formerly known as Hitachi Metals Ltd. BMO Capital Markets Corp. provided debt financing for the deal, which is likely to close in early 2024. BMO Capital Markets also was the financial adviser to Monomoy, while Kirkland & Ellis LLP was legal counsel. JPMorgan Securities LLC and Moelis & Co. LLC were financial advisers, and Ropes & Gray LLP was legal adviser to Waupaca Foundry.
For further private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
