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Top of the Morning
The U.S. Justice Department has filed an antitrust challenge to Parker Hannifin's (NYSE: PH) $4.4 billion purchase of Clarcor, which was completed back in February. At issue is DoJ's belief that the merger eliminated all competition in the market for airplane fuel filtration products. The Trump Administration isn't asking for the entire merger to be unwound, but does want the court to force Parker Hannifin to sell off either its own airplane filtration business or Clarcor's.
- Why it's the BFD: This is the first antitrust action brought by Trump's DoJ, although his FTC earlier sought to block the DraftKings-Fanduel merger (which was subsequently canceled).
- Bottom line: The antitrust "waiting period" for this deal expired on Jan. 18, and Parker Hannifin formally closed the deal one month later. But DoJ now says that its lack of objection at the time wasn't reflective of de facto approval after review, but rather was the result of Parker Hannifin's failure to provide requested documents and data.
Venture Capital Deals
Private Equity Deals
• Salt Creek Capital has acquired Corporate Caterers, a Miami-based national franchisor catering company. No financial terms were disclosed. www.corpcaterers.com
• Bawag, an Austrian bank owned by Cerberus Capital Management, announced plans for a Vienna listing that reportedly could value the company at around $6 billion. http://reut.rs/2fxMmGq
• RYB Education, a Chinese provider of early childhood education services, raised $102 million in its IPO. The company priced 5.5 million shares at $18.50 per share (above $16-$18 range). It will trade on the NYSE under ticker symbol RYB, while Credit Suisse and Morgan Stanley served as lead underwriters. The company reports nearly $5 million in net income on $64 million in revenue for the first half of 2017.
• Varta, a German battery maker, is restarting its Frankfurt IPO process, with plans to float around 40% of its total shares (including those currently held by Switzerland's Montana Tech Components). http://reut.rs/2frQMuK
• Leah Busque, founder and executive chairwoman of TaskRabbit, has joined seed investment firm Fuel Capital as a general partner. http://axios.link/8BQE
• Daniel Dubé has joined WhiteHorse Capital, the direct lending affiliate of H.I.G. Capital, as a principal. He previously was a director with THL Credit. www.whitehorsecapital.com
• Michael Lucas has joined Bridgepoint Capital to work on the British buyout firm's forthcoming private credit fund, according to PE News. He previously was a managing director with ING Bank. http://axios.link/hcgv
• Alex Stirling has joined Centerbridge Partners as a London-based managing director. He previously was with The Carlyle Group. www.centerbridge.com
🚑 Carrie Williams and Irem Mertol have joined McKesson Ventures as a principal and director, respectively. Williams was previously VP of strategy and biz dev with Omada Health, while Mertol was director of client services and partnerships with Burd Health. www.ventures.mckesson.com
- More from Boston Consulting Group report: "Every industry in our database showed a significant increase in the shares of tech targets since 2012, as companies increasingly turned to M&A to acquire new capabilities and close innovation gaps."