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Deal Wrap: H.I.G. Capital sells Tastes On The Fly; Sumeru to take Q4 private


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Deal Wrap: H.I.G. Capital sells Tastes On The Fly; Sumeru to take Q4 private

Deal Wrap is updated as of 4 p.m. ET.

– H.I.G. Capital LLC completed the sale of Tastes On The Fly San Francisco LLC, an operator of airport food and beverage concessions, to Lagardere SA's North American travel retail division, Paradies LaGardere Inc. William Blair & Co. was financial adviser to Tastes On The Fly, while Kirkland & Ellis was the legal counsel to the company and H.I.G.

– An entity controlled by Sumeru Equity Partners LP agreed to acquire all outstanding shares of capital markets access platform Q4 Inc. for C$6.05 per common share, other than those held by certain shareholders rolling their equity interests, by way of an arrangement transaction. Funds associated with Ten Coves Capital LP, Q4 founder, President and CEO Darrell Heaps, Neil Murdoch and another individual shareholder will exchange an aggregate of 13,715,467 common shares for equity interests in the purchaser having an equity value equivalent to the cash purchase price payable under the arrangement. The rollover shares represent about 34.1% of the issued and outstanding common shares. Upon completion of the deal, Q4 will become a privately held company. Osler Hoskin & Harcourt LLP is legal adviser and Dorsey & Whitney LLP is special US legal adviser to Q4. Blake Cassels & Graydon LLP is legal adviser to the rolling shareholders. National Bank Financial Inc. is exclusive financial adviser to Sumeru, and Gibson Dunn & Crutcher LLP and Stikeman Elliott LLP are legal advisers.

– Greater Sum Ventures LLC announced its majority investment in Utility Associates Inc., which provides digital systems for law enforcement officers and first responders. Shea & Co. was the exclusive financial adviser to Utility.

– Aesthetic Partners LLC, a clinical aesthetics-focused practice management company, announced a strategic partnership with venture and growth equity investment firm Norwest to accelerate growth in new markets.

– Bonaccord Capital Partners made a passive minority investment in middle-market private credit platform Kayne Anderson Private Credit. Moelis & Co. LLC was financial adviser to Kayne Anderson Private Credit, and Kirkland & Ellis LLP was legal counsel. Fried Frank Harris Shriver & Jacobson LLP advised Bonaccord.

– Through cleaning, janitorial, housekeeping and disinfection services company 4M Building Solutions Inc., O2 Investment Partners LP made an investment in janitorial and facility maintenance services provider LCS Facility Group.

– RTC Partners closed strategic growth investments in four marketing and sales services companies: Fama PR Inc., MarketBridge Inc., Quarry Integrated Communications Inc. and Intelisent.

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.