8 Mar, 2022
McNally invests in Smith & Oby; Solace Capital buys Sun Mountain Sports
By Ali Imran Naqvi
* McNally Capital LLC's buyout vehicle, McNally Capital Fund II, invested in The Smith & Oby Co., which provides heating, ventilation and air-conditioning, or HVAC, and plumbing mechanical services in industries ranging from healthcare to education.
* Private equity firm Solace Capital Partners LP acquired golf equipment and apparel manufacturer Sun Mountain Sports Inc.
➤ Deal tracker: US infotech M&A activity drops in February
Deal-making activity in the U.S. information technology sector fell in February, down 19.5% year over year to 178 transactions, according to S&P Global Market Intelligence data. The February deal total also marked a decline from January.
➤ After raking in cash in 2021, APAC fintechs face investor test in 2022
Fintechs with strong market positions will likely have no trouble attracting investors in 2022 as accelerated digital trends set them up for an enhanced role as financial intermediaries.
DEALS
* Funds managed by Blackstone Inc.'s Blackstone Tactical Opportunities platform agreed to make a £140 million strategic investment in Currencies Direct Ltd., a provider of digital foreign exchange and international payment services. Currencies Direct is backed by Palamon Capital Partners LP and Corsair Capital LLC.
* Funds managed by the infrastructure and power strategy of Ares Management Corp. made an up to $600 million strategic equity investment in SoftBank Group Corp.'s U.S. climate infrastructure technology platform, SB Energy Global LLC.
* Inflexion Partners, through its Inflexion Buyout Fund VI, acquired Astrak Group, a European distributor of parts for construction equipment.
* Affiliates of Clayton Dubilier & Rice LLC agreed to acquire Cary, N.C.-based exterior building product maker Cornerstone Building Brands Inc. in an all-cash deal worth roughly $5.8 billion, including debt.
* Pritzker Group Private Capital purchased Bardstown, Ky.-based The Bardstown Bourbon Co., a distiller, producer and bottler of Kentucky bourbon and rye whiskey brands.
* Inverleith LLP acquired a majority stake in U.K.-based online butcher Farmison & Co., Private Equity Wire reported.
VENTURE CAPITAL
* Tabby Inc., a Dubai-based buy now, pay later platform, raised $54 million in a series B extension round co-led by Sequoia Capital India LLP and STV, TechCrunch reported. Arbor Venture Management Co., Mubadala Investment Co. PJSC and Global Founders Capital Management GmbH took part in the round.
* Healthcare technology company Health Gorilla Inc. raised $50 million in an series C funding round led by Signalfire LLC. Epsilon Health Investors LLC, IA Capital Group Inc. and Nationwide Ventures LLC participated in the round.
* Israeli software company Cider Security Ltd. secured $38 million in a series A funding round led by Tiger Global Management LLC. Glilot Capital Partners, through its Glilot+ fund, participated in the round.
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