Deal Wrap: Merck to acquire Caraway Therapeutics; Pelican Energy buys Spring ATG

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

– Merck & Co. Inc.'s private equity firm, MRL Ventures Fund LLC, agreed to acquire biopharmaceutical company Caraway Therapeutics Inc. for total potential consideration of up to $610 million. Selling investors include SV Health Investors LLC, Amgen Ventures, AbbVie Ventures Inc. and Eisai Innovation Inc., according to S&P Global Market Intelligence data.

– Pelican Energy Partners LP fund Pelican Energy Partners Base Zero LP acquired Spring ATG LLC, which manufactures containment solutions for the nuclear industry, from Machine Build Technologies LLC. Spring ATG will be rebranded as Advanced Technology Group. Locke Lord LLP served as legal counsel to Pelican Energy Partners while Dvorak Law Group was the legal adviser to Machine Build Technologies.

– SKKY Partners LP agreed to buy a significant minority stake in luxury pantry staples brand Truff for an undisclosed amount. The firm expects to close the deal in the first quarter of 2024. Kirkland & Ellis served as legal adviser to SKKY Partners while Buchalter was the legal adviser to Truff.

– Levine Leichtman Capital Partners LLC sold Therapeutic Research Center, which provides education and training for healthcare professionals and institutions, to Gridiron Capital LLC portfolio company Colibri Group. Morgan Stanley & Co. LLC was the lead financial advisor to TRC, with support from William Blair & Co. LLC and Deloitte Corporate Finance LLC. Kirkland & Ellis LLP acted as legal counsel.

– Bregal Unternehmerkapital GmbH acquired a controlling interest in cloud-managed service provider Netrics Holding AG from Waterland Private Equity GmbH for an undisclosed amount.

– Mill Point Capital LLC agreed to sell International Designs Group LLC, which supplies slab, tiles, appliances and specialty products for the kitchen and bath industry, to The Home Depot Inc. The firm expects to close the deal by the end of 2023.

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.