Tag: Acquisition

Chicago, USA – Mondelēz International has announced that it has signed an agreement to acquire a significant majority stake in Evirth, a manufacturer of cakes and pastries in China, subject to customary closing conditions, including regulatory approval. 

The move represents an important step forward in Mondelēz’s strategy to accelerate growth in the cakes and pastries category – a core focus for the company, alongside chocolate and biscuits.

It is worth noting that Mondelēz already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its iconic brands, including Oreo and Philadelphia. Evirth is growing rapidly, driven by its strong distribution in club stores across China, as well as its R&D and technical expertise.

Founded in 2013, Evirth is a leading company in frozen-to-chilled cakes and pastries in China, a category currently estimated at US$3b, growing at a compound annual growth rate of about 15%. Chinese consumers increasingly seek fresh, premium options with innovative and sophisticated taste profiles to meet a growing range of snacking occasions.

Dirk Van de Put, Mondelēz Chair and CEO, said, “We’re excited about the opportunity to accelerate our growth in cakes and pastries through continuous innovation, leveraging our high-value brands to create more premium tastes and formats.”

Meanwhile, Linfeng Xu, chairman, founder and general manager at Evirth, commented, “We are excited that Mondelēz International is increasing its investment in Evirth, and this is a historic moment for us. By bringing in Mondelēz’s brand experience, technical strength, and international network, Evirth can be better positioned to provide premium products for our customers and consumers.”

Mondelēz has strengthened its portfolio of cakes, pastries and other baked snacks through its April 2020 acquisition of Give & Go, a manufacturer of frozen-to-fresh brownies, cookies, cupcakes and related bakery products in North America, and its January 2022 acquisition of Chipita Global SA, a manufacturer in croissants, baked rolls and related snacks, focused in Central and Eastern Europe, with increasing expansion to additional markets.

India – After its acquisition by Bain Capital, Adani Group’s Adani Capital and Adani Housing Finance enlisted Conran Design Mumbai, a Havas-owned brand and design consultancy, to spearhead the rebranding to Tyger Capital and Tyger Home Finance.

The new Tyger Capital and Home Finance target an underserved Tier 2 to Tier 5 audience of budding entrepreneurs and first-time homeowners who seek credible, quick, and hassle-free loan approvals. 

As part of the rebranding initiative, Conran Design Mumbai was entrusted with developing the brand strategy, naming, and creating a cohesive brand identity, along with activating it across all touchpoints. The agency was tasked with crafting a brand that emphasises customer-centricity, agility, and digital innovation.

Anchored in flexibility, speed, and transparency and driven by a core belief in empowering customers to fulfil their dreams, Conran Design Mumbai introduced the bold name ‘Tyger,’ encapsulating the brand’s key attributes.

The newly launched Tyger Capital and Home Finance is designed to serve the underserved Tier 2 to Tier 5 markets, focussing on budding entrepreneurs and first-time homeowners seeking credible, quick, and hassle-free loan approvals.

Tyger’s new brand identity embodies speed, motion, and protection through dynamic green and trustworthy blue colours. The logo features a rupee symbol subtly integrated into the letter ‘R’, alongside horizontal lines and a forward arrow conveying agility. Unique elements like ‘The Window’ and ‘The Spotlight’ create a striking visual narrative that showcases Tyger’s world and the entrepreneurial stories it supports.

The rebranding initiative also involved developing a comprehensive suite of templates, a launch film, and detailed brand guidelines to ensure consistency and amplify the brand’s presence.

Gaurav Gupta, founder, CEO, and MD of Tyger Capital, said, “Conran Design Mumbai approached the rebrand of Tyger Capital and Home Finance with bold thinking and agility, embodying a true ‘one team’ spirit. This collaborative effort has resulted in a new brand purpose that transcends mere transactions, powerfully reflected in the name and identity. The rebranding initiative has successfully carved out a distinctive position for Tyger Capital and Home Finance within the industry.”

Meanwhile, Geet Nazir, managing director of Conran Design Mumbai, commented, “Conran Design Mumbai is proud to have partnered in the creation of the Tyger brand. It is rewarding to see the role design can play in bringing a larger vision of financial inclusion to life. Working alongside Gaurav and his wonderful team, who trusted us to realise their ambition to uplift and empower the nation, has been an incredible journey.”

Singapore – Regional personal finance group MoneySmart has officially rejected a recent offer from MoneyHero Group to acquire 100% of MoneySmart’s shared through a non-binding offer. It should be noted that MoneySmart released the statement a day after MoneyHero Group released its announcement stating its desire on the acquisition.

The MoneySmart board has unanimously determined that this approach is neither serious nor credible and that it will not be entertained. The manner in which the offer was made public, with no prior discussions with MoneySmart management, is highly unusual and has not engendered MoneySmart’s confidence in, or openness to, such discussions. Moreover, the proposed merger does not align with MoneySmart’s strategic objectives and would fail to deliver value to our shareholders. 

In addition, the adjoining press statement from MoneyHero makes reference to a recent private share transaction which was driven by specific circumstances and not representative of MoneySmart’s market value or future prospects.

Vinod Nair, founder and CEO at MoneySmart Group, said, “Our decision was a clear and definitive no. The two businesses currently operate in a similar space but are on diverging paths in terms of strategy, financial sustainability and outlook. Our focus remains on advancing our products, services and innovation, being a trusted partner to customers and executing our growth strategy. We believe that our current plans set up MoneySmart to succeed in the long term.”

Singapore – MoneyHero Limited, a publicly-traded personal finance and digital insurance platform in Greater Southeast Asia, has made a US$8m non-binding offer to acquire 100% of the shares of its competitor, MoneySmart.

MoneyHero’s acquisition of MoneySmart is designed to strengthen its market leadership and unlock significant synergies in Asia’s rapidly evolving personal finance and insurance sectors.

Under the terms of the offer, MoneyHero values MoneySmart at US$8.0m, with additional potential valuation upside. The US$8.0m will be paid in new MoneyHero shares, while any extra valuation upside will be settled in cash, contingent upon the results of a comprehensive due diligence process.

Although MoneyHero aims to acquire 100% of MoneySmart, the company is also considering purchasing shares from individual shareholders on a case-by-case basis.

The US$8.0m offer in MoneyHero shares, plus additional cash based on due diligence, accounts for MoneySmart’s recent capital reduction noted in filings with Singapore’s Accounting and Corporate Regulatory Authority. MoneyHero’s offer includes a premium, reflecting its confidence in the added value MoneySmart will bring to the combined entity. 

Rohith Murthy, CEO of MoneyHero, said, “Our offer to MoneySmart reflects the strategic value of combining our two companies. This acquisition will further strengthen our leadership in Greater Southeast Asia, delivering enhanced products, services, and technological innovation. Given MoneySmart’s recent share buyback, we believe we’ve made a fair and compelling offer that benefits both sides. Most importantly, we believe the synergies from this merger will drive significant value for our shareholders and customers.”

Singapore – PropertyGuru Group announced its agreement to be acquired by EQT Private Capital Asia, the Asia-focused arm of Swedish investment firm EQT AB, in an all-cash deal valuing the company at around US$1.1b.

According to an official release, PropertyGuru’s Board of Directors, following the recommendation of a special committee, has unanimously approved the merger and will recommend shareholder approval. The special committee negotiated the merger terms with support from financial and legal advisors.

Each ordinary share of PropertyGuru will automatically convert under the merger agreement into the right to receive US$6.70 in cash per share, without interest, at the time the merger takes effect. Certain excluded shares will not be included in this conversion.

Additionally, the merger offer is 52% higher than PropertyGuru’s share price on May 21, 2024, before media speculation began. It also represents a 75% and 86% premium over the company’s 30-day and 90-day average share prices, respectively, leading up to that date.

PropertyGuru also revealed that major shareholders TPG and KKR, which together hold 56% of PropertyGuru’s outstanding shares, have agreed to support the merger by entering into voting and support agreements with the company and EQT Private Capital Asia.

Hari V. Krishnan, CEO and MD of PropertyGuru Group, said, “We are pleased to embark on this new chapter with EQT. This partnership follows years of transformative growth, supported by TPG and KKR, which has established us as Southeast Asia’s leading PropTech platform. As we continue to innovate and deliver value to our consumers, customers, and stakeholders across the region, EQT’s global expertise in building marketplaces and commitment to sustainable growth will further strengthen our vision to power communities to live, work, and thrive in tomorrow’s cities.”

Janice Leow, partner in the EQT Private Capital Asia advisory team and head of EQT Private Capital Southeast Asia, added, “PropertyGuru has firmly established itself as the leading property marketplace platform in Southeast Asia, and we are deeply impressed by the strong foundation it has built over the past 17 years as well as with its talented team. We believe our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully harness its long-term growth potential. With EQT’s significant experience in the technology, online classifieds, and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers, and stakeholders.”

The transaction is expected to close in Q4 2024 or Q1 2025, pending shareholder and regulatory approvals. It is not subject to a financing condition.

Once the transaction is complete, PropertyGuru will go private, delisting from the New York Stock Exchange (NYSE), with its headquarters remaining in Singapore.

Illinois, USA – Global food companies Mars and Kellanova have announced that they have entered into a definitive agreement under which Mars has agreed to acquire Kellanova for US$83.50 per share in cash, for a total consideration of US$35.9b, including assumed net leverage.

Mars intends to apply its brand-building approach to further nurture and grow Kellanova’s brands, including accelerating innovation to meet evolving consumer tastes and preferences, investing locally to expand reach and introducing more better-for-you nutrition options to meet evolving consumer needs.

Kellanova is home to iconic snacking brands including Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, NutriGrain and RXBAR, as well as cherished food brands including Kellogg’s (international), Eggo and MorningStar Farms.

Kellanova’s portfolio complements the existing Mars portfolio, which includes billion-dollar snacking and confectionery brands like Snickers, M&M’s, Twix, Dove And Extra, as well as Kind and Nature’s Bakery. Mars also has 10 pet care brands including Royal Canin, VCA, Pedigree, Banfield, Whiskas, Bluepearl, Cesar, Sheba, Anicura And Iams.

Poul Weihrauch, CEO and office of the president of Mars, Incorporated, said, “In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future. We will honor the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers. We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team.”

Meanwhile, Steve Cahillane, chairman, president and CEO of Kellanova, commented, “This is a truly historic combination with a compelling cultural and strategic fit. Kellanova has been on a transformation journey to become the world’s best snacking company, and this opportunity to join Mars enables us to accelerate the realization of our full potential and our vision. The transaction maximizes shareholder value through an all-cash transaction at an attractive purchase price and creates new and exciting opportunities for our employees, customers, and suppliers.”

He added, “We are excited for Kellanova’s next chapter as part of Mars, which will bring together both companies’ world-class talent and capabilities and our shared commitment to helping our communities thrive. With a proven track record of successfully and sustainably nurturing and growing acquired businesses, we are confident Mars is a natural home for the Kellanova brands and employees.”

Australia – Envato, the online community for digital creative assets and templates, has launched a new visual brand identity, signalling a strategic transformation following its acquisition by Shutterstock.

Envato’s new brand identity features a refreshed look, an updated logo, and a redesigned website. Beyond a mere visual update, this rebrand represents a strategic transformation, poised to redefine Envato’s creative presence and enhance the overall product experience.

The rebrand involved extensive collaboration between Envato’s in-house creative teams and contributors from within the community. The new logo captures the essence of Envato and its creative spirit, incorporating the ‘Creative Spark’—a symbol of dynamism and energy—and the ‘Dynamic Dot,’ representing each individual’s unique contribution.

Speaking on the new logo, Arlyn Panopio, head of brand and creative at Envato, explained, “We had several designers sketching out logo directions over many rounds to craft our perfect mark. We wanted our logo to stand the test of time, and finding a design that felt current yet timeless was an iterative process of striking the right balance.”

Additionally, Envato adopted a brighter and bolder colour palette to reinvigorate the brand, infusing its visual identity with fresh, vibrant energy. The brand also revamped its sonic branding to better reflect its dynamic spirit.

Hichame Assi, CEO of Envato, said, “Bold, vibrant, and reflective of Envato’s spirit, this rebrand symbolises our evolution and unwavering commitment to supporting creatives. We’re excited to continue empowering our creative community and hope the refreshed Envato will inspire them to make their mark on the world.”

As part of the rebrand, Envato has also launched a new website featuring a modernised UI and enhanced UX. The revamped site offers a seamless creative journey, from sparking ideas to discovering the perfect assets.

Meanwhile, it will keep the same creative subscription but introduce a new toolkit to help users produce high-quality designs. 

Envato’s rebrand marks a pivotal moment in its growth, coinciding with the recent completion of its acquisition by Shutterstock. This timing is symbolic, representing both a fresh start and a significant milestone in the brand’s ongoing evolution.

Noelle Kim, chief marketing officer at Envato, said, “Those who’ve been part of our journey know how much heart and passion exists in the creative community we have cultivated. We wanted to evolve our brand to capture the feeling we hope to evoke in our community every time they interact with our brand and product: a sense of energy and a drive to do things differently. And we collaborated with our platform contributors Milos Mitrovic for the logo design and K. Sparks for our sonic branding to bring this to life.” 

Australia – Havas has announced its agreement to acquire Hotglue, an independent media agency and creative production company, as a strategic move to bolster its growth in the Australian market.

Founded in 2010, Hotglue has become renowned for its integrated social, digital, media, and content services. It has rapidly scaled in recent years, serving leading brands like L’Oreal, Dulux, and Transurban, among others. As the ‘glue’ in its integrated model, Hotglue aligns seamlessly with Havas’ integrated model.

With this acquisition, Hotglue is set to enhance Havas’ ability to deliver advanced media and activation solutions throughout the customer decision journey. It will also meet marketers’ growing demand for integrated strategies that maximise consumer engagement across various media and e-commerce channels.

Furthermore, Hotglue’s addition to Havas Village Australia will enhance and extend the group’s existing media, digital, and content services. Hotglue will merge with Havas Media Melbourne, creating a larger, more dynamic team with enhanced expertise and leadership across digital, e-commerce, media, and activation functions. 

Havas’ acquisition of Hotglue is the latest move to accelerate its Converged global strategy and shift towards a more client-centric, audience-first, and integrated approach.

Upon completion of the transaction, subject to customary conditions, the new Havas Media Melbourne team will be led by Hotglue’s founders: Nick Smith, Lewis Hearn, and Matt Hearn.

The combined team will include over 65 professionals at the Melbourne agency, expanding its scale and growth potential. This will elevate Havas’ Melbourne presence to over 120 staff across media, creative, PR, health, and digital project management.

Speaking on the acquisition, Smith said, “Since our inception 14 years ago, Matt, Lewis, and I set out to create the independent agency we always wanted to work in—one our clients deserved and an environment where our staff had the opportunity to flourish. It’s been a fun ride, and we’ve been successful in achieving just that.” 

“When Havas knocked on our door and we got to know Virginia’s future vision, Havas’s sense of purpose, and their strategy for the future, it became abundantly clear that this was the next logical step for Hotglue and our team of over 55 dedicated staff. We’re thrilled to bring our fantastic culture, social, media, and production capabilities and incredibly skilled workforce into the Havas network. This move not only adds support to existing clients but further establishes Havas as a formidable presence in the Melbourne market,” he continued. 

Meanwhile, Yannick Bolloré, chairman and CEO of Havas, said, “We are thrilled to welcome the Hotglue team to our Havas family. Hotglue is a forward-thinking business that perfectly aligns with Havas’ global Converged strategy, sharing our deep focus on clients’ ever-increasing needs for cross-functional, fully integrated communications solutions driven by standout creativity and the best technology. The momentum they’ve created through their integrated approach to digital, media, and content services is remarkable, and we are excited to see how their addition will support our continued, mutual growth.”

Virginia Hyland, CEO of Havas Media Network AUNZ, also said, “Following Hotglue’s success over many years, I have always admired the pedigree of the talented team, their strategic smarts, and their consistent delivery of high-quality results, which has driven their agency’s growth and success. Integrating Hotglue into Havas Media Melbourne will enhance our scale and ability to offer comprehensive solutions across the consumer decision-making journey for our clients. This acquisition supports our progressive Havas Converged strategy and operating system. I look forward to warmly welcoming the Hotglue team as we grow our Melbourne Village footprint, adding even greater depth of skills and expertise to our talented team.”

James Wright, group CEO at Havas Creative Network AUNZ and global chair of Havas PR Network, also commented, “As we look to strategically scale in Melbourne, it’s important we add greater talents and capability to our media agency business. With the expertise and brilliance of Nick, Lewis, Matt, and their team, we will have a significant foundation to further attract exciting new clients and talent to the Havas Group. We look forward to bringing the team across and building an even more powerful Melbourne Village.”

Singapore – Publicis Groupe has entered into a definitive agreement to acquire Influential, the influencer marketing platform and company known for authentically connecting brands to audiences through the development, deployment, and optimisation of creator-driven digital campaigns.

With this acquisition, Publicis Groupe will leverage Influential’s AI-powered technology and extensive network of 3.5 million creators to source top digital talent, craft effective strategies, and optimise media. Influential’s platform, with over 100 billion data points and access to 90% of global influencers with over 1 million followers, currently supports more than 300 brands worldwide.

By integrating Influential’s platform with Epsilon’s data and Publicis Groupe’s scale, the company will lead in ID-driven influencer marketing. This synergy will enable brands to identify creators who resonate with their target audiences and manage investments across social, digital, and affiliate channels more effectively.

The enhanced offering includes a premium creator network providing brand-safe, direct connections between leading brands and millions of diverse creators and their audiences. It also features influencer planning, leveraging Epsilon’s deep consumer insights to identify creators who effectively connect brands with their target customers across the internet. Additionally, the acquisition will maximise cross-channel outcomes by unifying and measuring the impact of social campaigns across digital and affiliate channels through a singular, AI-powered platform, enhancing the customer experience, and driving superior business results.

Led by founder and CEO Ryan Detert, Influential will be positioned centrally within Publicis Groupe, empowering all Publicis clients and teams with leading technology, expertise, and the delivery of influencer marketing services.

Commenting on the acquisition, Detert said, “I am thrilled for Influential to join Publicis Groupe, the world’s highest-performing and most innovative holding company. We look forward to combining our complementary capabilities and technology to deliver unparalleled influencer identification, content creation, amplification, and measurement for our clients—and to defining the next era of influencer marketing together.”

Arthur Sadoun, Publicis Groupe CEO, also shared, “It is a great pleasure to be welcoming Influential to the Publicis family. Beyond its proprietary AI-powered platform, 100 billion data points, an unrivalled network of over 3 million creators, and access to data on 90% of influencers with 1M+ followers, Influential is above all an outstanding team of talent at the very cutting edge of their sector. With the new creator economy set to exceed linear TV on adspend in the next year, thanks to Influential, we are able to fully embrace its outsized influence and put it at the service of all of our clients.” 

He added, “Not only does this acquisition mean we will take the leadership in influencer marketing, it also uniquely positions us at the centre of the new media ecosystem. By combining our Epsilon data, which allows us to see 2.3 billion people around the world, with Connected TV, Commerce, and now Creators, we can enable our clients to truly know and understand their customers and prospects and engage with them on a one-to-one basis, wherever they are, both online and offline. It’s how we are putting power back into the hands of brands in a fragmented media landscape and driving marketing transformation that delivers real business outcomes.”

The transaction is subject to the satisfaction of customary closing conditions, including regulatory approvals, and is expected to close in late August 2024.

Singapore – Grab, a ride-hailing company, has acquired the restaurant reservation platform Chope–according to various sources. Grab’s goal is to help level the playing field for small and medium-sized enterprises, who make up the great majority of merchants on its platform but lack the resources of large food and beverage companies. 

Grab will acquire Chope’s operations in Singapore, Indonesia, and Thailand. The acquisition of Chope will strengthen Grab’s omni-commerce strategy and help it enhance its goal of conquering the dining-out market. 

Speaking about the acquisition, Arrif Ziaudeen, founder at Chope, said, “Chope has built products that have served and delighted countless restaurants and their customers for over a decade. We have proudly achieved so much on our journey. Together (with Grab), we are poised to deliver even greater value to our customers and set new standards in a competitive industry.”

In line with acquisitions, Grab acquired the meal review and reservation service HungryGoWhere in 2022, which had shuttered in 2021. Grab redesigned the site and announced that it could use insights from Grab’s super app, such as cuisine trends and popular Singapore destinations.