Behind the Buyouts: Vestar's Bhat on Continuation Funds, Bilateral Recaps Podcast
Vestar’s Nikhil Bhat was interviewed by Nikitha Sattiraju for The Deal's Behind the Buyouts podcast where he discussed the Firm’s recent activity, including its exit of Edward Don & Company, its investment in Tech24 and the closing of its continuation vehicle for Circana. Nikhil also talked about Vestar’s partnership approach to investing and how it can provide the Firm with an advantage in a competitive deal market. Listen here or wherever you get your podcasts: https://lnkd.in/eXFS_rRk
Mergers & Acquisitions Reveals the 2024 Middle-Market Deals of the Year
Mergers & Acquisitions has named 11 deals as its 2024 Middle-Market Deals of the Year. Tech24 was named an Honorable Mention.
These exceptional transactions transcended a variety of market headwinds faced by dealmakers in the last year.
This marks our 17th annual Mid-Market M&A Awards. Here are this year’s winners, listed in alphabetical order and with links to full coverage. An additional 14 deals received honorable mentions. They are also listed below.
Authentic Restaurant Brands‘ take-private acquisition of Fiesta Restaurant Group was its largest acquisition to date.
The merger of Banyan Acquisition Corp. (NYSE: BYN), a publicly traded special purpose acquisition company, and Pinstripes Inc. resulted in an IPO.
Elf Beauty (NYSE: ELF)‘s acquisition of skincare brand Naturium is its largest so far.
Fanatics acquired PointsBet USA from Australian sports betting company Pointsbet Holdings after beating out competitor DraftKings (Nasdaq: DKNG) in a bidding war.
In a market where SaaS M&A activity has been down, LiveRamp Holdings (NYSE: RAMP)’s acquisition of startup Habu reflected its willingness to fund a significant inorganic expansion opportunity.
Lumentum Holdings (Nasdaq: LITE)’s acquisition of Hong Kong-based Cloud Light Technology involved a complex cross-border transaction.
Masonite International Corp. (NYSE: DOOR)’s acquisition of Fleetwood Aluminum Products broadened its product lineup and allowed it to enter new markets.
Mavis Tire Express Services Corp.’s acquisition of TBC Corporation’s retail tire business solidified its position as the largest independent tire retail dealership in North America.
In a deal that set a high benchmark for upfront consideration for the sale of a private, pre-clinical stage, biopharma company, Swiss pharmaceutical giant Novartis (NYSE: NVS) acquired DTx Pharma for $500 million in cash, plus an additional $500 million if certain milestones are met.
Canadian fintech company Nuvei Corp. (Nasdaq: NVEI)’s acquisition of payments company Paya Holdings from PE firm GTCR gave it a sizeable foothold in the United States.
Thermo Fisher Scientific (NYSE: TMO)’s acquisition of CorEvitas from Audax Private Equity complements its clinical research business.
Tech24 Strengthens its Board of Directors with Three New Members
GREENVILLE, S.C., May 1, 2024 /PRNewswire/ -- Tech24 (or "the Company"), a national industry leader in commercial foodservice equipment repair and maintenance, announced today that Steve Don, Jennifer Mintman and Bill Viveen all recently joined the Company's Board of Directors. Tech24 is backed by private investment firms Vestar Capital Partners ("Vestar") and HCI Equity Partners ("HCI").
"Steve, Jennifer, and Bill all possess specific, differentiated skillsets gained from decades in their respective fields that will be advantageous to the Tech24 leadership team as it looks to accelerate organic and acquisitive growth while continuing to provide excellent service to its customers," said Nikhil Bhat, Co-Head of Investments at Vestar, and Doug McCormick, Managing Partner and CIO of HCI. "All three are executives we've worked with over the years, and we are confident that they will add immediate value to the Board."
Mr. Don is the CEO and President of Edward Don & Company (DON), a leading distributor of foodservice equipment and supplies and former Vestar portfolio company, bringing to the Board significant experience both with foodservice customers and in the commercial kitchen equipment space.
Ms. Mintman is a Senior Advisor at Vestar, and previously was the Chief Strategy Officer of Brightview, the nation's largest commercial landscaping services company. She was also the former General Manager of GE Consumer Home Services, a consumer appliance repair and replacement parts and service business, and brings to the Board decades of experience in route-based facility services.
Mr. Viveen is CEO of HCI's latest technical service rollup focused on the residential lawn care treatment market. He is also the former CEO of Heartland Home Services, one of the largest residential HVAC providers in the country. He brings to the Board a strong track record of creating value in service providers through M&A, effective integration, and organic growth initiatives.
Mr. Viveen joined the Board in 2024. Mr. Don and Ms. Mintman were appointed to the Board at the time of Vestar's investment in 2023.
"I welcome Steve, Jennifer, and Bill to the Board. Their deep experience in foodservice and route-based facilities services will help us achieve our vision of becoming a premier commercial kitchen equipment repair services platform by providing an excellent customer experience from an outstanding team of technicians and employees," said Dan Rodstrom, CEO of Tech24.
