Arsenal to acquire Sonoco's ThermoSafe unit; Hg buys into Payworks

Deal Wrap is updated as of 3 p.m. ET.

– Arsenal Capital Management LP, doing business as Arsenal Capital Partners, agreed to buy ThermoSafe, the temperature-assured packaging business of Sonoco Products Co., for up to $725 million in a deal expected to close by year-end. Morgan Stanley & Co. LLC was financial adviser and Freshfields LLP was legal adviser to Sonoco. Kirkland & Ellis LLP was legal counsel to Arsenal.

– HgCapital LLP, doing business as Hg, made a strategic investment in Payworks Inc., a Canadian workforce management company.

– Capitol Meridian Partners LP and Stellex Capital Management LP will buy Beaufort, Survitec Group Ltd.'s aerospace and defense division, in a carve-out deal. Houlihan Lokey was Survitec's financial adviser and Greenberg Traurig was its legal counsel. Evercore was the financial adviser and Latham & Watkins LLP was legal adviser to Capitol Meridian and Stellex.

– Signal Hill Equity Partners invested in architecture and engineering services provider Kluber Architects + Engineers. Taft Stettinius & Hollister LLP was Signal Hill's legal adviser. AEC Advisors LLC was financial adviser and Lawson & Weitzen LLP was legal adviser to Kluber.

– The Founders Fund LLC led a more than $400 million funding round for Cognition AI Inc., an autonomous AI software developer. The round gave Cognition a post-money valuation of $10.2 billion.

– UK-based neuroscience drug discovery company NRG Therapeutics Ltd. raised £50 million in a series B funding round led by SV Health Investors LLC's Dementia Discovery Fund.

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