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Top of the Morning
HD Supply (Nasdaq: HDS) has agreed to sell its waterworks products distribution business to Clayton Dubilier & Rice for $2.5 billion. Goldman Sachs managed the sell-side process.
- Why it's the BFD: This business could become a significant beneficiary of a boost in federal and municipal infrastructure spending, as it distributes around 23,000 products for underground water, wastewater and drainage projects.
- Coming attractions: U.S. waterworks distribution is a $13 billion industry, but it's highly fragmented. So expect CD&R to use this as a platform to make smaller, tuck-in acquisitions.
- LBO once-removed: HD Supply put its waterworks unit on the block, in part, to reduce a debt load that can be traced back to its $8.5 billion carve-out from Home Depot back in 2007. Among the private equity sponsors on that earlier deal? Clayton, Dubilier & Rice.
Venture Capital Deals
Private Equity Deals
• Delivery Hero, a European meal delivery company, said that it plans to raise upwards of €900 million via a Frankfurt IPO that could value the company at around €4 billion. Around half of the offered stock would come from founding shareholder Rocket Internet. Overall, the company has raised around $1.7 billion in private equity funding. http://reut.rs/2rwetbR
• Alteryx (NYSE: AYX) has acquired Yhat, a Brooklyn, N.Y.-based provider of self-service data science tools. No financial terms were disclosed. Yhat had raised $1.5 million in seed funding from Steelhead Ventures and Point Reyes Management. www.yhathq.com
• GI Partners has agreed to sell a portfolio of over 3,100 single-family rental properties to Colony Starwood Homes (NYSE: SFR) for around $815 million. www.colonystarwood.com
• Snap (NYSE: SNAP) has acquired Placed, a Seattle-based provider of analytics for the offline success of online ads, for around $125 million, according to Bloomberg. Placed had raised around $13 million in VC funding from firms like Madrona Venture Group and Two Sigma Ventures. https://bloom.bg/2rH7cER
• Accenture (NYSE: CAN) has agreed to acquire LabAnswer, a Sugar Land, Texas-based provider of laboratory informatics consulting services, for an undisclosed amount. http://zd.net/2qOyAhQ
• Alitalia has received "32 expressions of interest" in purchasing the troubled Italian air carrier, according to administrators. http://reut.rs/2rHEWlu
• Grupo BTG Pactual of Brazil has agreed to acquire Weyerhaeuser's (NYSE: WY) Uruguay timberlands and a related manufacturing business for $403 million. http://bit.ly/2qZe2Du
• Synnex Corp. (NYSE: SNX) has agreed to acquire Westcon-Comstor, a Tarrytown, N.Y.-based distributor of technology and services for network security and data centers, from South Africa's Datasec (J: DTCJ) for upwards of $800 million. http://reut.rs/2rP1qTA
• Alpha Private Equity has closed its seventh pan-European private equity fund with €903 million in capital commitments. http://bit.ly/2rwfDUK
• L Catterton, a Connecticut-based private equity firm focused on consumer brands, is targeting $1.25 billion for its third Asia-focused fund, per an SEC filing.