Deal Wrap is updated as of 3 p.m. ET.
– Haveli Investments agreed to acquire external cybersecurity provider ZeroFox Holdings Inc. in an all-cash deal with an enterprise value of roughly $350 million. ZeroFox will become a privately held company upon completion of the transaction, which is likely to occur in the first half of 2024. Piper Sandler is serving as lead financial adviser to ZeroFox and Stifel served as an additional financial adviser, while Venable LLP is acting as legal adviser. BTIG and Evercore are serving as financial advisers to Haveli, with BTIG also serving as structuring adviser on debt financing. Ropes & Gray LLP is acting as legal adviser to Haveli.
– Tailwind Capital Group LLC sold specialty technical services provider Loenbro LLC, a Fund III portfolio company, to Braemont Capital Management LLC for undisclosed terms. Stifel and BlackArch Partners served as financial advisers and Davis Polk & Wardwell LLP acted as legal counsel to Tailwind and Loenbro. Kirkland & Ellis LLP was legal counsel to Braemont.
– Ardian purchased a minority stake in My Pie, a producer and distributor of hot snacks to supermarkets in France. Alvarez & Marsal, OC&C Strategy, McDermott and ODDO BHF advised Ardian, while Oaklins, Winston & Strawn and Wincap advised My Pie's management.
– General Atlantic Service Co. LP acquired 1,224,603 shares, or a 24% stake, in real estate classifieds site Funda BV from Stichting Administratiekantoor funda. Stichting continues to own a 5% interest in Funda, and NVM Holding BV is still the majority shareholder with a 71% stake. Rothschild & Co. was financial adviser to General Atlantic, and Weil Gotshal & Manges and De Brauw Blackstone Westbroek were legal advisers. NVM was advised by M&A advisory firm Axeco and by Pels Rijcken as legal adviser. ABN AMRO was financial adviser to Funda, and Van Doorne and DLA Piper were legal advisers. Dentons, JB Law and Laus Legal were legal advisers to Stichting.
– Kennet Partners Ltd. and Federated Hermes Private Equity invested $27 million in Screendragon Ltd., an automated workflow platform. Pagemill Partners was financial adviser to Screendragon, and Wilson Sonsini was legal counsel. Fladgate served as legal adviser to Kennet and Hermes.
– New State Capital Partners LLC transferred ownership of cloud communications service provider NWN Corp., or NWN Carousel, to affiliates of American Securities LLC. Jefferies LLC served as financial adviser and Kirkland & Ellis LLP acted as legal counsel to American Securities. Harris Williams was financial adviser and Morgan Lewis & Bockius LLP acted as legal counsel to NWN Carousel and New State.
– Main Post Partners LP made a strategic growth investment in Highland Arms Enterprises, a franchisee operator within Neighborly. Boxwood Partners was the exclusive sell-side adviser to Highland Arms. Moore & Van Allen was legal adviser to Main Post. East West Bank, in partnership with ECS Debt Advisory, provided debt financing for the transaction.
– TowerBrook Capital Partners LP agreed to buy CBTS LLC, an IT solutions and services provider in North America, from Cincinnati Bell Inc., doing business as altafiber. The deal is expected to be completed during the second half of 2024. Cravath Swaine & Moore LLP was legal adviser to altafiber, and Sidley Austin LLP was legal adviser to TowerBrook.
– Advantage Capital Management Corp. invested $3 million in Malone's CNC Machining Inc., which makes replacement parts and assemblies for US military aircrafts.
– Charlesbank Capital Partners LLC is set to become a lead private equity investor in UK-based independent financial adviser firm Perspective Financial Group Ltd., pending regulatory clearance. Perspective Financial's management team will remain significant shareholders of the business, while CBPE Capital LLP will exit. Fenchurch Advisory Partners, Kirkland & Ellis, KPMG, Oliver Wyman and West Monroe Partners advised Charlesbank. Liberty and Squire Patton Boggs advised Perspective Financial's management. Houlihan Lokey, Mayer Brown, Deloitte, LEK, Thistle Initiatives and Crosslake advised the sellers.
For more private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.
