Finance Knuggets

Apr 10, 2024

I recently heard about several major acquisitions and investments in the financial market. For example, Guardian Restoration recently acquired DryLux Restoration, Dry Kings, and Midwest Restoration. Additionally, Apotex, a Toronto-based generic drugmaker, acquired Searchlight Pharma, a Montreal-based drug manufacturer. Moreover, Blackstone is in talks to back a take-private buyout of L’Occitane, a skin-care company. CoreRx also completed a purchase of Societal CDMO, a contract development and manufacturing organization. In addition, Crest Rock Partners invested in Relocity, and EMH Partners made a minority investment in Stonebranch.

Furthermore, there were several public offerings, including Centuri Holdings setting IPO terms and Ibotta also setting IPO terms for its digital rebates platform. Additionally, Seven & i Holdings, owner of 7-Eleven convenience stores, is planning to list supermarket unit Ito-Yokado. There were also various liquidity events, such as Bain Capital raising $429 million through the sale of its remaining stake in Indian lender Axis Bank.

Lastly, there were several notable fundraising efforts, including Adams Street Partners raising $1 billion for its first middle-market CLO, and AlleyCorp raising $250 million for a new fund. Additionally, there were various personnel changes, with Herb Allen joining Honigman LLP and Richard Fisher joining Jefferies as a senior adviser, among others.

The government’s approach to crypto has sparked debate, with some advocating for a more regulated market to protect investors and promote broader crypto adoption. Others believe in the “code is law” principle and see market manipulation as a way to incentivize market structure improvements. In the distressed debt space, companies are engaging in non-pro rata uptiering, where majority holders negotiate deals to benefit themselves at the expense of minority holders. Trump Media’s financial statements are under scrutiny, as its auditor, BF Borgers, has faced criticism for its quality of work and has been warned by regulators for taking on new clients faster than it can manage. In other news, Blackstone is making a significant real estate purchase, TikTok staff are facing tax issues on unsellable shares, and Elon Musk predicts AI will overtake human intelligence next year. The financial landscape is rife with complex and contentious issues, and it will be interesting to see how they unfold.

Stay Well!