11 Oct, 2023

Deal Wrap: EQT to buy VetPartners; SK Capital agrees to purchase J&K Ingredients

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

– EQT AB (publ)'s BPEA Private Equity Fund VIII agreed to purchase VetPartners from National Veterinary Associates Inc. and expects to close the transaction around the end of the year, subject to customary conditions and approvals.

SK Capital Partners LP announced a deal to acquire J&K Ingredients Inc., which manufactures preservation ingredients for bakery, food and beverage, and pet food markets, from CORE Industrial Partners LLC. The firm expects to close the deal before the end of the year but did not disclose terms of the transaction. Kirkland & Ellis LLP served as legal counsel to SK Capital. Debt financing will be provided by KeyBanc Capital Markets, Kayne Anderson Private Credit, and Benefit Street Partners.

– Acorn Growth Companies LLC entered into a partnership with Eirtrade Aviation Ireland and invested in the aviation asset management solutions company for an undisclosed amount. Irwin Mitchell LLP acted as lead legal counsel to Acorn. Philip Lee LLP was the lead legal counsel for EirTrade.

– Citation Capital Management LLC will acquire a majority stake in Cibo Vita Inc., which produces private-label snack products. Citation did not disclose additional terms of the transaction. The deal is expected to close later this year. Nelson Mullins was the legal adviser to Cibo. Gibson Dunn acted as legal adviser to Citation. Wells Fargo, Bank of America, and American Ag Credit will lead the financing commitments for the deal.

– Spin Master Corp. agreed to acquire early childhood play brand Melissa & Doug LLC for $950 million in a cash deal. Spin Master will fund the transaction with about $450 million in cash and the remaining in debt financing. The company expects to close the deal in the first quarter of 2024. Private equity firm AEA Investors LP is exiting Melissa as part of the deal, according to S&P Global Market Intelligence data. Evercore Group LLC, RBC Capital Markets and TD Securities are acting as financial advisers to Spin Master while Torkin Manes LLP and Pillsbury Winthrop Shaw Pittman LLP are its legal counsel. Harris Williams & Co. is the financial adviser to Melissa and Fried Frank Harris Shriver & Jacobson LLP is acting its legal counsel.

– AirSlate Inc. completed the acquisition of Instapage Inc. for an undisclosed amount. Sellers include Morgan Stanley Private Equity, according to S&P Global Market Intelligence data. Silicon Valley Bank, a division of First Citizens Bank, provided financing for the deal.

– TPG Capital LP's global impact investing platform TPG Rise Climate LP signed an agreement to acquire testing, inspection and certification company AmSpec Services LLC for an undisclosed amount. Sellers include Olympus Advisors LLC and Olympus Growth Fund VI LP, S&P Global Market Intelligence data shows. Olympus will retain a minority stake in AmSpec, and the companies expect to close the transaction in the fourth quarter. Goldman Sachs and Baird were the financial advisers while Morgan Lewis served as legal counsel to AmSpec.

– TA Associates Management LP and OceanSound Partners LP will make a strategic investment in Kinective, which provides connectivity, workflow and analytics software for the banking sector. On completion, TA and OceanSound will become equal partners in the company. Skadden Arps Slate Meagher & Flom LLP was the legal counsel to Kinective and OceanSound. Goodwin Procter LLP served as legal counsel to TA Associates.

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.