Adobe to acquire Marketo
for US$ 4.7 bn
17 - 22 September 2018
Univar to acquire Nexeo for US$ 2 bn
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
Sempra Energy to sell solar assets to Consolidated Edison for US$ 1.5 bn
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
Lucid signs US$ 1bn investment agreement with PIF of
Cargill’s expands into Poland with acquisition of Konspol
Medtronic to acquire Mazor Robotics
for US$ 1.6 bn
Varroc Lighting Systems announced a JV with ELBA
Adobe to acquire Marketo for US$ 4.75 billion
Jupiter Chain and Deloitte collaborate for the Southeast Asia market
A5 acquires Salesforce Practice Ramsey Solutions
Planet and Orbital insight expand Satellite Imagery Partnership
Greystar announces completion of US$ 4.6 billion EdR acquisition
Univar to acquire Nexeo for approximately $2 billion
TRATON GROUP and Solera launch a strategic partnership
Lucid Motors receives US$ 1 bn investment from Saudi Arabia
General Electric expands footprint in Malaysia with aviation
Sempra Energy to sell U.S. solar assets to Consolidated Edison for $1.5 bn
Atlantic Power to acquire two contracted Biomass Plants in South Carolina
Infosys to acquire Fluido
Medtronic to acquire Mazor Robotics for US$ 1.6 billion
Babylon to invest US$100 million to expand its team and AI capabilities
Cambria Hotels introduces Indianapolis Hotel in Growing Market
Hayatt will open its first Hyatt-branded hotel in the French Normandy
S&W Seed and AGT Food creates JV in South Africa for Sorghum and Sunflower
IHG to open first Kimpton in the UK next month
Swander Pace Capital has acquired Fine Choice Foods
InterContinental Hotels and Resorts opens newest property in the heart of downtown San Diego
Nuvo Pharma to acquire Commercial Products and Infrastructure from Aralez Pharmaceuticals
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Adobe announced it has entered into a definitive agreement to acquire Marketo, the market-leading cloud platform for B2B marketing engagement, for $4.75 billion, subject to customary purchase price adjustments. With nearly 5,000 customers, Marketo brings together planning, engagement and measurement capabilities into an integrated B2B marketing platform. Adding Marketo’s engagement platform to Adobe Experience Cloud will enable Adobe to offer an unrivaled set of solutions for delivering transformative customer experiences across industries and companies of all sizes.
Today, consumers have a very high bar for what constitutes a great customer experience and Adobe Experience Cloud has enabled B2C companies to successfully drive business impact by harnessing massive volumes of customer data and content in order to deliver real-time, cross-channel experiences that are personalized and consistent. When businesses buy from other businesses, they now have the same high expectations as consumers.
Marketo’s platform is feature-rich and cloud-native with significant opportunities for integration across Adobe Experience Cloud. Enterprises of all sizes across industries rely on Marketo’s marketing applications to drive engagement and customer loyalty. Marketo’s ecosystem includes over 500 partners and an engaged marketing community with over 65,000 members.
This acquisition brings together the richness of Adobe Experience Cloud analytics, content, personalization, advertising and commerce capabilities with Marketo’s lead management and account-based marketing technology to provide B2B companies with the ability to create, manage and execute marketing engagement at scale.
A5, a full-service System Implementation and Digital Transformation expert, announced it has completed the acquisition of Ramsey Solutions, a Salesforce technology consulting company that implements solutions to help businesses improve their processes using the Salesforce Platform.
This acquisition will enable A5 to leverage Ramsey Solutions' Salesforce expertise and further expand its current offerings which include marketing cloud, configure price quote (CPQ), sales performance management (SPM) and billing solutions. A5 customers can look forward to enhanced Salesforce solution capabilities while Ramsey Solutions' customers will now have access to additional platforms such as Oracle, Apttus, Anaplan and SnapLogic.
Ramsey Solutions, founded in 2008, was targeted for acquisition due to its experience, strategic positioning in the San Francisco and New York markets, but most importantly, its reputation for excellence in customer care. Ramsey Solutions boasts a five star rating on the Salesforce AppExchange, making it a top-rated organization for businesses to work with.
"A5 wants to be the best in the Salesforce ecosystem, so we went out and got the best," says Vinay Kruttiventi, President and CEO of A5. "The procurement of Ramsey Solutions is going to elevate A5s' capabilities and adds new resources to help our clients reach their goals."
Infosys, a global leader in consulting, technology and next-generation services, announced a definitive agreement to acquire Fluido, the leading Salesforce advisor and consulting partner in Nordics and a recognized leader in cloud consulting, implementation and training services. Executing on its strategy to help clients navigate the next in their digital transformation journey, this acquisition strengthens Infosys’ position as a leading Salesforce enterprise cloud services provider, and enhances its ability to provide clients an unparalleled cloud-first transformation.
Fluido, is one of the largest and longest tenured independent Salesforce Platinum Consulting Partners in Europe and an Authorized Salesforce Training Delivery partner in the Nordics. Fluido brings to Infosys globally recognized Salesforce expertise, alongside a world-class agile delivery process that simultaneously simplifies and scales digital efforts across channels and touchpoints.
With offices in Finland, Denmark, Sweden, Norway and Slovakia, Fluido elevates Infosys’ presence across the Nordics region with developed assets and deep client relationships, a great team and an effective local culture. Fluido customers are represented across industries, such as manufacturing, energy, retail and telecommunications, to whom Fluido delivers services that span from strategy consulting to implementation and training.
Ravi Kumar, President and Deputy COO, Infosys, said, “This acquisition demonstrates Infosys’ commitment to the Salesforce ecosystem to address our client’s digital priorities. Fluido will be an important addition to the Infosys family, bringing a unique combination of market presence, deep salesforce expertise, agile delivery and training, that combined with our existing capabilities will help companies reimagine and transform their businesses. This acquisition also aligns to our efforts to invest in local capabilities in the regions in which we operate.”
Fluido Founder and CEO, Kai Mäkelä added, “Over the past eight years Fluido customers have seen tremendous success as the scope of our Salesforce deliveries have grown.
Singapore-based Jupiter Chain and Deloitte announced a strategic collaboration to implement in Southeast Asia an innovative data exchange which provides consumers with a fully transparent avenue for monetising their data by connecting with businesses on the blockchain.
The partnership will leverage the strength of Jupiter Chain's blockchain solutions along with the breadth and depth of Deloitte's technology and regulatory risk management services designed to improve business capabilities in the areas of technology, risk, governance, compliance and regulation. This style of exchange is seen as the next wave of data mining, in the wake of recent scandals involving unauthorised use of data and stricter regulations around the ownership and portability of data.
Set to change the way data is handled, shared and monetised, the data exchange platform developed by Jupiter Chain will allow exchanges to happen securely, protecting the privacy of the individual's personal information. Data owners will have greater control over their data, gain better access to tailored services and be rewarded directly for their data contributions.
In turn, Deloitte will advise on relevant regulations such as data laws and potential GDPR considerations for the data exchange model envisioned by Jupiter Chain, and on the technical front, Deloitte will review Jupiter Chain's blockchain architecture, design and processes.
This relationship also has a research and technical collaboration component that will see Deloitte become one of the validating nodes on Jupiter Chain's network; the first of its kind between Deloitte in Southeast Asia and a blockchain company.
"We look forward to work with a globally renowned and respected brand such as Deloitte to elevate our platform solution. I strongly believe that this strategic relationship will fuel the development of not only Jupiter Chain but the adoption of blockchain technology on a wider scale," said Miss Daphne Ng, CEO of Jupiter Chain.
"Deloitte is at the forefront of technological innovation for business growth and we view blockchain as an important enabler with potential to exponentially change the way markets operate," said Mr. Eden Spivakovsky, Deloitte Singapore Risk Advisory Director, who leads this relationship for Deloitte in Southeast Asia.
Planet, who operates the largest constellation of imaging satellites, and Orbital Insight, the leader in geospatial analytics, announced a multi-year contract for Orbital Insight to source daily, global satellite imagery from Planet. The contract is an expansion of their previous imagery-sharing agreement.
"Orbital Insight has been a fantastic partner for Planet, and we are looking forward to continuing our relationship as they develop analytics that make our imagery more accessible and actionable for businesses," said Will Marshall, CEO and co-founder of Planet. "The partnership signals the market's confidence in the growing number of use cases for insights derived from daily global imagery with advanced analytics."
Orbital Insight develops analytics software using geospatial datasets, such as Planet's imagery collections, providing timely intelligence to decision-makers across various industries. Now, Orbital Insight will have greater access to Planet's daily, 3.7 meter resolution PlanetScope imagery, as well as .72 centimeter resolution SkySat imagery for any location on Earth. The high-frequency revisit rate and broad geographic coverage of Planet's imagery makes it well-suited to specific Orbital Insight use cases, including counting cars, trains, and ships, as well as monitoring commercial and residential real estate construction. The spirit of the partnership is to foster a closer working relationship across commercial markets and humanitarian initiatives.
"Our goal is to build the best geospatial analytics in the world. To achieve that end, we rely on Planet as a key partner to provide high-quality satellite imagery," said Dr. James Crawford, founder and CEO of Orbital Insight. "Both companies are early movers in the commercial space industry, so we are pleased to continue and deepen our relationship."
Sempra Energy announced that it has entered into an agreement to sell its U.S. non-utility operating solar assets, solar and battery storage development projects and one wind facility to Consolidated Edison, Inc. for $1.54 billion in cash, subject to adjustments for working capital and pre-closing cash contributions.
"This sale represents an important step forward in the portfolio-optimization plan we announced in June to support market growth opportunities," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "We plan to work closely with Consolidated Edison to ensure a smooth transition."
The portfolio-optimization - announcement followed a year-long, comprehensive strategic review by Sempra Energy's executive team and board of directors. In addition to the assets included in this sale, Sempra Energy intends to sell the rest of its non-utility U.S. wind and certain U.S. midstream natural gas assets.
The assets included in the sale to Consolidated Edison are: Mesquite Solar 2 and 3 in Arizona; Copper Mountain Solar 1 and 4 in Nevada; Great Valley Solar in California; and solar and battery storage development projects.
Additionally, Consolidated Edison will acquire the facilities jointly owned with Sempra Renewables including: Mesquite Solar 1; Copper Mountain Solar 2 and 3; the Alpaugh, Corcoran and White River solar facilities in California; and the Broken Bow II wind facility in Nebraska.
Sempra Energy to sell U.S. solar assets for US$ 1.5 bn
Atlantic Power Corporation to acquire two contracted Biomass Plants in South Carolina
Atlantic Power Corporation announced that it has executed an agreement to acquire two biomass plants in South Carolinafrom EDF Renewables Inc. for $13 million. The Allendale plant is located in Allendale, South Carolina and the Dorchester plant in Harleyville, South Carolina. Each of the plants has a capacity of 20 megawatts.
Closing of the transaction is expected to occur late in the third quarter or in the fourth quarter of 2019, following a restructuring of the plants' ownership structure by EDF Renewables after the end of relevant tax credit recapture periods. The transaction is not subject to regulatory approval. Atlantic Power will assume operation of the plants at closing, or potentially earlier, subject to negotiation of an agreement with EDF Renewables. The purchase will be funded from the Company's discretionary cash.
The two plants are identical in design and have been in commercial operation since 2013. The biomass fuel for the plants consists primarily of mill and harvesting residues. All of the output of the two plants is sold to Santee Cooper, a state-owned utility, under Power Purchase Agreements ("PPAs") that run to 2043. Under the terms of the PPAs, the plants receive energy payments for energy produced. The fuel cost component of the energy revenues is based on a biomass market index. There is no project-level debt at either plant.
"This acquisition represents our second external growth investment following a three-year business restructuring process. Earlier this summer, we closed the acquisition of the remaining interests in the Koma Kulshan hydro project," said James J.
EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, announced the completion of the previously disclosed acquisition led by funds managed by an affiliate of Greystar Real Estate Partners. The announcement follows EdR stockholders’ vote to approve the merger at a meeting held September 14, 2018. The total transaction value is approximately $4.6 billion.
“This transaction greatly expands Greystar’s U.S. student housing portfolio and opens up even more opportunities for our current and future university partners who are looking at expanding their on-campus housing through Public-Private Partnerships (P3). The integration of EdR’s on-campus experience and operating expertise with Greystar’s investment platform and access to capital positions us to help even more of America’s prestigious universities enhance their campus housing and achieve their student retention and success goals.”
“Completing this highly strategic transaction provides us with an institutional-quality student housing platform at a scale that would be very difficult to replicate in the private market,” said Bob Faith, the Founder, Chairman and Chief Executive Officer of Greystar. “It also advances our long-term strategy to grow our global student housing footprint, and we look forward to leveraging our proven platform to enhance the company’s performance and value. EdR boasts a deep bench of talent and we look forward to welcoming their team into the Greystar family.”
EdR’s student housing platform will operate under the Greystar brand and retain its leadership team and operational headquarters in Memphis, Tenn.
BofA Merrill Lynch served as exclusive financial advisor, and Morrison & Foerster LLP and Venable LLP served as legal advisors to EdR. J.P. Morgan Securities LLC served as exclusive financial advisor, and Hogan Lovells US LLP and King & Spalding served as legal advisors, to Greystar.
Lucid signs US$ 1bn investment agreement with PIF of Saudi Arabia
Lucid Motors announced that it has executed a $1bn+ (USD) investment agreement with the Public Investment Fund of Saudi Arabia, through a special-purpose vehicle wholly owned by PIF.
Under the terms of the agreement, the parties made binding undertakings to carry out the transaction subject to regulatory approvals and customary closing conditions.
The transaction represents a major milestone for Lucid and will provide the company with the necessary funding to commercially launch its first electric vehicle, the Lucid Air, in 2020. Lucid plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Casa Grande, Arizona, begin the global rollout of its retail strategy starting in North America, and enter production for the Lucid Air.
Lucid and PIF are strongly aligned around the vision to create a global luxury electric car company based in the heart of Silicon Valley with world-class engineering talent. Lucid will work closely with PIF to ensure a strategic focus on quickly bringing its products to market at a time of rapid change in the automotive industry.
Varroc Lighting Systems announced the signing of a joint venture agreement with ELBA, a privately-held lighting and electronics company based in Romania.
The joint venture will focus on electronics manufacturing, and – given the constantly increasing electronic content of lighting products - will significantly support Varroc Lighting's successful growth in Europe. The joint venture will be located in Timisoara, Romania. Terms of the agreement were not disclosed.
"Varroc already designs and develops all of its own electronics hardware and software, the addition of vertically integrating the manufacturing will further support our profitable growth," said Varroc Lighting Systems President and CEO Stephane Vedie. "ELBA is recognized as a lighting specialist in the European market, and we are looking forward to a successful partnership with them."
Univar to acquire Nexeo for approximately US$ 2 billion
Univar Inc., a global chemical and ingredient distributor and provider of value-added services, and Nexeo Solutions, Inc., a leading global chemicals and plastics distributor, announced they have entered into a definitive agreement for Univar to acquire Nexeo in a cash and stock transaction valued at approximately $2.0 billion.
Univar's president and CEO, David Jukes, said: "This transformational combination is designed to create the premier global chemical and ingredients distributor, with exciting opportunities for our customers, suppliers, employees and investors. Together, we will drive growth and shareholder value with the largest North American sales force in chemical and ingredients distribution, the broadest product offering, and most efficient supply chain network in the industry. We expect the transaction to be accretive to earnings and cash flow beginning in the first full year post closing and to generate $100 million of annual run rate cost savings by the third year following close and reduce annual capital expenditures by $15 million immediately."
"By combining the best capabilities, talent, and resources from our two companies we will be even better equipped to deliver superior service and expanded value to our customers and supplier partners. We expect to leverage Univar's leading e-commerce and digital capabilities across Nexeo's financial systems and centralized ERP platform to accelerate the digital transformation already underway at Univar and reduce costs, while enhancing the ease of doing business. Our shared commitment to safety and innovation and our common organization structures provide a strong foundation for a smooth and successful integration," Mr. Jukes concluded.
GE Chairman & CEO John Flannery reaffirmed the company’s continued commitment to Malaysia with a major US$80 million investment in GE Aviation's Malaysian engine services facility. GE also announced the establishment of the Global IT Service Desk, located at its headquarters in Kuala Lumpur.
GE Aviation's Malaysian engine services facility will enter into a long-term tenancy agreement with Impeccable Vintage Properties (IVP), a wholly-owned subsidiary of Malaysia Aviation Group Berhad, subject to terms to be mutually agreed in relation to GE's Subang facility. This long-term tenancy agreement is part of the facility's plans to invest in tooling, testing and skills capabilities to support the maintenance, repair and overhaul (MRO) of CFM International’s cutting-edge LEAP engine.
The LEAP engine, produced by a 50/50 joint venture between GE and Safran Aircraft Engines, represents a leap ahead in terms of aviation technology and material, and powers aircraft such as the Boeing 737 MAX, Airbus A320neo and Comac C919 single-aisle jets. The MRO work on LEAP will introduce the next chapter of engineering excellence for the Subang workshop, making it the first such facility outside the United States for GE.
GE Aviation’s presence in Malaysia dates back to over 25 years ago when national carrier Malaysia Airlines began using GE’s engines for their A300 and DC10 aircraft. Incorporated in 1997, the Subang site was developed as a Center of Excellence for CFM56 engines. Today it employs 300 highly skilled local employees, providing MRO services for over 40 airlines globally.
At the IAA Commercial Vehicles in Hanover, Germany, TRATON AG (“TRATON”) and Solera Holdings, Inc. (“Solera”) announced a strategic partnership aimed to shape the future digital landscape of global transportation and logistics. This collaboration includes fleet management, driver services and digital sales solutions for participants in the global commercial vehicle ecosystem.
The decision to launch the new partnership was made following the highly successful cooperation of TRATON’s MAN Truck & Bus AG and Solera, which have jointly developed a driver-focused after sales application set. Now, TRATON and Solera are taking the cooperation to the next level.
Both companies have united to help their customers solve the biggest challenges the transportation industry is facing: driver shortage and retention, security, truck utilization and load efficiency, solutions for predictive maintenance, analytics and vehicle uptime.
Medtronic plc, a global leader in medical technology, and Mazor Robotics, a pioneer in the field of robotic guidance systems, announced the companies have entered into a definitive merger agreement under which Medtronic will acquire all outstanding ordinary shares of Mazor for approximately $1.64 billion, or $1.34 billion net of Medtronic's existing stake in Mazor and cash acquired. The boards of directors of both companies have unanimously approved the transaction.
Medtronic's acquisition of Mazor strengthens Medtronic's position as a global leader in enabling technologies for spine surgery, and drives Mazor Robotics' vision to bring its core technology to the forefront of the global market. Mazor's proprietary core platform technology, including the Mazor X(TM) Robotic Guidance System (Mazor X), and the Renaissance® Surgical-Guidance System (Renaissance), are transforming spinal surgery from freehand procedures to accurate, state-of-the-art, guided procedures. By combining Medtronic's market-leading spine implants, navigation, and intra-operative imaging technology with Mazor's robotic-assisted surgery (RAS) systems, Medtronic intends to offer a fully-integrated procedural solution for surgical planning, execution and confirmation. The companies plan to showcase this technology integration at the upcoming NASS (North American Spine Society) 2018 Annual Meeting in Los Angeles.
"We believe robotic-assisted procedures are the future of spine surgery, enhancing surgeons' abilities to perform complex procedures with greater precision, consistency and control. Medtronic is committed to accelerating the adoption of robotic-assisted surgery and transforming spine care through procedural solutions that integrate implants, biologics and enabling technologies," said Geoff Martha, executive vice president and president of the Restorative Therapies Group at Medtronic. "The acquisition of Mazor adds robotic-assisted guidance systems to our expanding portfolio of enabling technologies, and we intend to further cultivate Mazor's legacy of innovation in surgical robotics with the site and team in Israel as a base for future growth."
This transaction builds on a relationship originated in May 2016 under a multi-phased strategic and equity investment agreement between Medtronic and Mazor. In August 2017, Medtronic expanded the partnership to become the exclusive worldwide distributor of the Mazor X system, leading to the successful installation of more than 80 Mazor X systems since launch. With today's announcement bringing the two companies together, Medtronic aims to accelerate the advancement and adoption of RAS in spine to the benefit of patients, providers, and the healthcare system more broadly.
Babylon, the leading digital healthcare specialist, announced plans to invest US$100 million to create the world’s largest and most advanced multidisciplinary team dedicated to building next-generation, AI-powered healthcare technologies.
As Babylon continues to scale its operations internationally (via recently announced partnerships with the likes of Tencent, Samsung, Bupa, Prudential, The Gates Foundation and TELUS), the ground-breaking AI work that the company intends to undertake forms part of a longterm product and service strategy to apply AI to chronic disease management.
Approximately half of the adult US population has at least one chronic condition (25% have at least two); an estimated 25% of the population in developed countries suffer some form of mental health challenge2 ; and diabetes and anti-obesity treatments alone cost NHS England an estimated £10 billion and £5 billion respectively each year . Babylon believes the prohibitive burdens being borne by public and private health systems around the world can be eased by augmenting the existing models of support with a proactive, AI-powered solution. Babylon is developing features such as AI health assessment, health planning, coaching and monitoring in order to permit users to compile a more holistic view of their health and help manage conditions in ways that are the most appropriate for them.
Babylon considered multiple locations across the world in which to build its expanded AI operations (including various cities in Asia, Europe, the United States and Canada), but has chosen to remain in London because of the abundance of scientific and clinical talent as well as its multinational and multi-dimensional open culture.
Nuvo Pharmaceuticals Inc. a globally focused, healthcare company with a portfolio of commercial products and pharmaceutical manufacturing capabilities, announced the signing of definitive, binding purchase agreements with Aralez Pharmaceuticals Inc. (Aralez) to acquire a portfolio of more than 20 revenue-generating products, as well as the associated personnel and infrastructure to continue the products' management and growth (the Proposed Transaction or the Transaction).
Upon closing of the Proposed Transaction, Nuvo would pay Aralez US$110 million in cash, which Nuvo would satisfy through funding provided by certain funds managed by Deerfield Management Company, L.P. (Deerfield), a leading, global, healthcare-specialized investor. Deerfield is also the senior secured lender to Aralez. Assuming completion of the Transaction at the beginning of 2017, Nuvo's pro forma 2017 revenues would have been approximately 4x higher than reported for fiscal 2017 and 2017 pro forma adjusted EBITDA would have been greater than 10x higher than that reported for fiscal 2017. All references to dollars are in Canadian dollars, unless otherwise specified. Completion of the Transaction is subject to a number of conditions set out in the definitive purchase agreements and binding commitment letter.
Assuming completion of the Transaction, Nuvo would acquire Aralez's Canadian specialty-pharmaceutical business, which was formerly known as Tribute Pharmaceuticals Canada Inc. (Tribute). This is a growing business that includes Cambia®, BlextenTM, SuvexxTM(sold as Treximet® in the U.S.), as well as the Canadian distribution rights to Resultz,® and would create a platform for Nuvo to acquire and launch additional commercial products in Canada. The Transaction would also include the worldwide rights and royalties from licensees for Vimovo®, Yosprala® and global, ex-U.S. product rights to MT400 (to be sold as Suvexx in Canada once registered and currently commercialized in the U.S. as Treximet).
Nuvo Pharmaceuticals agreements to acquire Commercial Products and Infrastructure from Aralez Pharmaceuticals
Nestlé to sell the Gerber Life to Western & Southern Financial Group
for USD 1.5 billion
Nestlé announced that it agreed to sell the Gerber Life Insurance Company, to Western & Southern Financial Group for USD 1.55 billion in cash. Gerber Life is a highly recognized and trusted leader in the juvenile and family life insurance market, with statutory capital and surplus of approximately USD 285 million (as of June 30, 2018). The business had sales of USD 856 million in 2017.
The deal allows Western & Southern Financial Group to market insurance products under the Gerber Life brand. The transaction does not include Nestlé’s Gerber Products business, a household brand in baby food and baby care, which Nestlé will continue to develop.
Nestlé CEO Mark Schneider said: "We are delighted to have found an outstanding new home for Gerber Life at Western & Southern, where it will flourish as part of a larger financial services organization. This move is part of the ongoing evolution of our portfolio. It will allow us to invest further in our core food and beverage business and in consumer healthcare."
The agreement follows Nestlé’s announcement in February 2018 that it was exploring strategic options for the Gerber Life business. The transaction is expected to close in late 2018 or early 2019, following the completion of customary regulatory approvals and closing conditions.
Swander Pace Capital, a leading private equity firm specializing in investments in consumer product companies, announced that it has acquired Fine Choice Foods, a leading developer, manufacturer, and distributor of fresh and frozen Asian-flavored appetizers to retail and foodservice channels in Canada and the U.S.
Since its founding in 1986, Fine Choice has grown from a small, family-run store on Vancouver’s Cambie Street to become one of the largest and most recognized providers of on-trend international foods. The company’s products, which include items sold under its Sum-m! brand, enjoy a wide distribution network among prominent North American retailers, including Costco, Loblaws, and Sobeys, as well as select foodservice customers. In addition, the company has a leading position in the refrigerated appetizers category, which is one of the fastest growing segments in the category.
“As a leader in one of the fastest growing segments of an already dynamic industry, Fine Choice is a very attractive investment for us,” said Heather Smith Thorne, managing director at Swander Pace Capital. “What’s more, the company’s ability to bring innovative, Asian-inspired flavors to a diverse marketplace–using clean, high-quality, natural ingredients–has earned Fine Choice a strong distribution footprint and high customer loyalty.”
S&W Seed Company and AGT Food creates JV in South Africa for Sorghum and Sunflower
S&W Seed Company announced that it has created a joint venture with Canadian-based AGT Food and Ingredients (“AGT”) subsidiary, AGT Foods Africa (Pty) Ltd, to form a new company registered in South Africa to operate under the name of SeedVision SA (Pty.) Ltd.. S&W provides expertise in agricultural breeding, production and processing for the alfalfa, sunflower, sorghum species, and stevia industries. AGT is one of the largest suppliers of value-added pulses, staple foods and food ingredients in the world.
SeedVision plans to leverage AGT Foods Africa’s production and processing facilities to produce S&W’s hybrid sunflower, grain sorghum and forage sorghum for sale by SeedVision in the African continent, Middle East countries and Europe. AGT Foods Africa has agreed to utilize its production resources in South Africa, Zambia and Tanzania, and its seed cleaning and warehousing facilities at Krugersdorp, South Africa.
S&W has created an elite portfolio of hybrid sorghum and hybrid sunflower germplasm that is ideally suited for the African market. S&W accessed elite grain sorghum germplasm from around the world to develop and bring to market varieties of superior field performance with key attributes such as high yield, tolerances to extreme weather conditions (such as drought), insect and disease resistance, grain quality and harvestability. As sorghum is grown in drier zones where corn cannot be grown, yield, drought tolerance, standability, and disease resistance are important attributes for sorghum growers. S&W’s Australian based sorghum breeding program provides excellent products for the African environments.
As forage sorghum is used mainly for cattle grazing, hay production and silage, S&W’s forage sorghum varieties feature superior stem quality, standability, high sugar levels, high dry matter production, and low prussic acid levels.
Cargill has reached an agreement to acquire Konspol, one of Poland’s leading value-added food companies, providing an array of products in the chilled convenience, frozen and cold cut categories. This acquisition marks the introduction of Cargill’s global protein business into the Polish market and strengthens the company’s global poultry footprint, expanding operations to 14 countries.
Konspol has more than 1,700 employees in Poland and operates a feed mill, five broiler farms and two processing complexes. The acquisition will increase Cargill’s production capacity and proximity to existing customers to offer expanded value-added and poultry products. Upon completion of the acquisition, Cargill plans to continue to grow and develop the business.
”Konspol’s commitment to high-quality food and passion for innovation is the perfect fit for Cargill’s Global Poultry business. This acquisition allows us to better serve our customers through a diversified portfolio of value-added products,” said Chris Langholz, President of Cargill Global Poultry. ”Konspol is a strong and established fresh chicken and value-added food company whose products are the preferred choice across Poland.”
“Cargill is a company with huge accomplishments and a global reach. It is also family-owned company that shares our values,” said Konspol Founder Kazimierz Pazgan. “I am certain this is the best guarantee of a future for Konspol, a company I have expanded with my family for almost 40 years.”
Cargill expands into Poland with acquisition of Konspol
IHG will soon debut its boutique luxury brand Kimpton Hotels & Restaurants in the UK with the opening of Kimpton Fitzroy London late October 2018.
Kimpton Fitzroy London, the first UK hotel for the brand, will open in London’s Bloomsbury neighbourhood in an iconic heritage building which originally opened in Russell Square in 1898. The hotel will be named after the original architect of the hotel, Charles Fitzroy Doll; a titan of British architecture in the Victorian and Edwardian eras who specialised in designing hotels. Today, the Kimpton Fitzroy London stands for vision and craft, history and modernity, and luxury and timelessness. The hotel also further honours the name with Fitz’s bar, the hotel’s glamorous cocktail bar.
Earlier this year IHG and Covivio entered an agreement to rebrand and operate 12 hotels (and one pipeline hotel) currently operating under the Principal and De Vere brands. The Principal London is the first of these hotels to be re-branded as Kimpton Fitzroy London. Next year will see a continuation of the brand’s momentum with additional Kimpton hotel openings in highly desirable cities such as Edinburgh, Glasgow and Manchester.
Kimpton first opened in Europe last year with the opening of Kimpton De Witt in Amsterdam, and since then the brand has rapidly increased its global footprint following signings in Tokyo and Paris, both set to open in 2020, and Kimpton Frankfurt, due to open in 2023. In the next few months Kimpton Da An Hotel in Taipei will also open its doors.
IHG (InterContinental Hotels Group), one of the world’s leading hotel companies, announces the opening of InterContinental San Diego – a new build 400-room property overlooking the scenic San Diego bayfront. This stunning hotel ushers in a new wave of luxury and sophistication to the downtown area. InterContinental San Diego redefines the San Diego waterfront, creating a new urban retreat and social epicenter for guests and locals. This is the third InterContinental Hotels & Resorts property in Southern California and joins the recently opened InterContinental Los Angeles Downtown and the InterContinental Los Angeles Century City.
The InterContinental San Diego hotel is owned by Portman Holdings and is managed by IHG. The hotel, developed through a partnership with Portman, Lankford & Associates and Hensel Phelps, is part of the second phase of BRIC, Portman’s mixed-use development at the nexus of Broadway and Pacific Highway, conveniently close to the downtown’s finest shopping, dining and area attractions.
Located on the historic grounds of Lane Field – the former baseball stadium of the San Diego Padres from 1936 through 1957 – InterContinental San Diego’s preeminent location is steps away from the Embarcadero, which docks both the famed USS Midway and Maritime Museum of San Diego, in addition to several cruise ship ports. It is also close to downtown hotspots, including Little Italy, the San Diego Convention Center, Gaslamp Quarter, Seaport Village, and more. At 19 stories tall, the hotel boasts 400 elegant guestrooms with 24 spacious panoramic suites; five on-property restaurants, bars and coffee shops; 95,000 square feet of meeting and event space; and impeccable service synonymous with Intercontinental Hotels & Resorts.
Aria Hotels, the renowned collection of boutique hotels and holiday residences around Greece, has announced its expansion into Spain, joining forces with local entrepreneur Ignacio Moreno de los Ríos, who will be the CEO of Aria Hotels Spain. Since 2012, Aria has been building a diverse portfolio of 25 boutique hotels and villas throughout Greece and the Greek islands based on providing a wholly authentic hospitality experience. The properties are often of historic importance in lesser-known island and mainland destinations and include unique locations such as a winery, a converted windmill, and a house with its own olive press. From its new offices in Madrid, Aria will now be applying its established philosophy to properties across Spain and plans to announce its first opening in the months ahead.
Commenting on the announcement Makis Pantazatos, Chief Executive Officer of Aria Hotels, stated, "Today's discerning travellers want to experience the most authentic taste of their destination. This means unspoilt hotels or villas in equally unspoilt locations with a distinctive style and atmosphere. This is the formula we have created very successfully in Greece - from wine tourism in Crete, to aristocratic living in Santorini, to a writers' escape in the Peloponnese - or an escape to the mountain wonderland of Epirus. Every holiday destination at Aria is beautifully different and beautifully individual. Spain is also extremely popular with tourists from around the world and we aim to apply this niche market philosophy in the Iberian Peninsula with its vast coastlines, plains, islands and landscapes.
"Greece and Spain share the attributes of mature tourism markets," added Ignacio Moreno de los Ríos. "Aria´s success in Greece confirms that there is still scope in developed markets for well-conceived, original concepts. Travel based on immersion with the local environment and culture is a welcome alternative to mass-market holidays. Aria Hotels Spain intends to stand out in this sector providing a collection of small properties offering unquestionable comfort in locations that enrich the traveller's life."
Aria Hotels expands into Spain
On the heels of record tourism growth in Indianapolis, the Cambria Hotels brand debuted its second hotel in the area with the grand opening of the Cambria Hotel Westfield. Located at 18592 Carousel Lane, the 152-room upscale hotel highlights the brand's continued expansion in key U.S. markets.
"Indianapolis boasts a diversified economic landscape anchored by the health care, education, and financial sectors, as well as a tourism industry that has experienced six-straight years of growth. The Cambria Hotel Westfield is the ideal location for business and leisure travelers looking to maximize their time and take advantage of all that the city has to offer," said Janis Cannon, senior vice president, upscale brands, Choice Hotels. "We know guests visiting Indianapolis will enjoy a sense of place and a sense of space at this hotel with all of the little luxuries modern travelers look forward to when on the road."
The Cambria Hotel Westfield features several hallmarks of the Cambria Hotels brand, including:
An indoor pool and state-of-the-art fitness center
Contemporary and sophisticated guest rooms with plush bedding
Menus featuring freshly handcrafted food, local craft beer, wine, specialty cocktails, and small bites
3,800 square-feet of multi-function meeting space and business services
The upscale property is a part of the Westfield Grand Park Village, directly across from Westfield'sGrand Park Sports Campus. The hotel is a short drive from downtown Indianapolis, offering guests access to many of the city's corporate offices and major attractions, including the Indianapolis Convention Center, National Collegiate Athletic Association, the Klipsch Music Center, and the Indianapolis Motor Speedway, home to NASCAR's iconic Indy 500. The city, with a rich history in professional and collegiate athletics, will host the NBA All Star Weekend and the National College Football Championship Game in coming years.
The Cambria Hotels brand is franchised by Choice Hotels International, Inc. (NYSE: CHH), one of the largest and most successful lodging franchisors in the world. The Cambria Hotel Westfield was developed in collaboration with Ceres Enterprises and The Orlean Company.
Hyatt will open its first Hyatt-branded hotel in the French Normandy
Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into a franchise agreement with a subsidiary of Matmut S.A.M. to develop the first Hyatt-branded hotel in Rouen, the capital of Normandy, France.
Managed by Cycas Hospitality, Hyatt Place Rouen will be the second Hyatt Place hotel in France, and will join the dual-branded Hyatt Place and Hyatt House hotels at Paris Charles de Gaulle Airport that are currently under development. The Hyatt Place project in Rouen reflects the brand’s strong momentum in the fast-growing select service category as Hyatt Place hotels continue to expand across Europe.
The Hyatt Place brand is rooted in extensive consumer insights indicating that guests seek stylish, comfortable, seamless experiences that accommodate their lifestyles and familiar routines. To embody this, the brand offers casual hospitality and purposeful service in a smartly designed, high-tech and contemporary environment.
Slated to open in 2021, Hyatt Place Rouen will offer 78 guestrooms, meeting spaces for approximately 100 guests, a state-of-the-art gym, and a swimming pool. Hyatt Place Rouen will also feature a restaurant and the Gallery Market with grab and go meals and snacks available around the clock. The hotel will be developed from a former school building, located close to businesses, the railway station and the old city center.
“Managing Hyatt Place Rouen will mark the third collaboration with Hyatt, which makes us very proud,” said Asli Kutlucan, partner at Cycas Hospitality. “Our knowledge of Hyatt’s select service brands, along with our experience in the European market, will allow us to provide exceptional levels of service, which we expect to set this hotel apart from its competitors.”
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