Happy Monday. Here’s what we’ve got today…

• A look at sponsor exits in the mobility space

• Plus, Ardian picks up a campus parking asset from QIC

Mobility exits rolling in:

PE Hub reports that Cinven has invited banks to pitch for an advisory role on the sale of portfolio company National Seating & Mobility (NSM), one of the U.S.’ largest distributors of motorized wheelchairs, citing three sources close to the matter.

The process is still early, and no specific timeline has been set.

Cinven acquired the business in 2019 for around $850 million from Court Square Capital Partners. At the time, sources close to the company said NSM had hit around $75 million in pro forma adjusted EBITDA, implying an entry multiple of around 11x.

Cinven is now said to be marketing NSM with an EBITDA of between $100 - $120 million and has valuation expectations in the 12 - 15x range, or between $1.5 - $1.8 billion.

NSM’s growth includes contribution from significant inorganic activity, with at least seven add-on acquisitions completed through Civnen’s hold, according to data from S&P.

News of the planned sales process comes shortly after Nordic Capital reached a deal earlier this month to sell German wheelchair manufacturer Sunrise Medical in a dual-track process—a Platinum Equity acquisition was announced less than a week after Nordic outlined plans for a Frankfurt listing.

“We were very focused on the IPO,” Nordic Partner Fredrik Näslund told the WSJ. Näslund noted that discussions with Platinum had started some time ago but said that, at the time of the listing announcement, “we did not foresee that we could get, sort of, over the line with Platinum.”

Terms of the deal were undisclosed, but the listing was expected to value the business at around €2 billion. Näslund called Platinum’s offer an “attractive alternative.” Even if the targeted IPO valuation wasn’t matched, the prospect of a full exit to Platinum may have been too tempting to forego for the partial liquidity of a public offering.

Nordic’s exit caps off a more than nine-year hold, while Cinven’s planned NSM sale could come after the five-year mark.

Another sponsor nearing the tail end of a mobility investment is AEA Investors, which acquired Numotion, a competitive U.S.-based rehabilitation products distributor, from LLR Partners and Audax Group in 2018.

With the demonstrated market appetite for similar assets and the platform’s timeline, AEA may start considering exit options of its own.

• Noble Corporation agreed to acquire Diamond Offshore Drilling, an offshore oil rig contractor, for $1.6 billion in stock and cash.

• Cognizant (Nasdaq: CTSH) agreed to acquire Belcan, a provider of automotive and A&D engineering services, for around $1.3 billion in cash and stock from AE Industrial Partners.

• Magellan Group agreed to acquire Danish Ship Finance for north of €700 million from Axcel, PFA, and PKA.

• Ardian acquired CampusParc, the parking manager for The Ohio State University's flagship campus in Columbus, from QIC and Australian Retirement Trust for around $850 million.

• Cineworld Group is working with AlixPartners on options for its UK cinema business, which could lead to a sale or restructuring, per Sky News.

• Stellex Capital Management acquired TriplePoint MEP, a non-union provider of HVACR installations, from Caymus Equity Partners.

• Blackford Capital acquired Eight12 Automation, an automation and controls engineering provider.

Growth & Minority Stakes

• FFL Partners invested in Apex Infusion, an ambulatory infusion platform.

• Ipsen announced a partnership with Marengo Therapeutics, a clinical-stage biotech developing novel TCR-targeting antibodies, covering up to two assets for an upfront payment and potential milestone payments up to $1.2 billion, plus tiered sales royalties.

Portfolio Company Add-Ons

• Ambar Energia, owned by J&F Group, agreed to acquire Eletrobras' portfolio of gas-powered electric plants for $878 million.

• Alumis, a Phase 3-ready biotech developing kinase inhibitors for immune-mediated diseases, filed on Friday for an IPO with plans to raise up to $100 million in a Nasdaq listing.

Tech, Vertical SaaS, & Misc. Enterprise

• Relay, a Raleigh, NC-based communications platform for frontline teams, raised $35 million in Series B funding led by G2 Venture Partners, with participation from Wind River Ventures and Sovereign's Capital.

• Tomato.ai, a call center accent softening software, raised $2.1 million in seed extension funding from Cardumen Capital, Recursive Ventures, and Gaingels.

• Visibly, a regulated infrastructure training provider, raised $7.5 million in Seed funding led by Creandum, with participation from Seedcamp, Brighteye Ventures, and Triple Point.

Healthcare

• Anterior, an AI-powered healthcare insurance approval tool, raised $20 million in Series A funding led by NEA, with participation from Sequoia Capital, Blue Lion Global, and Neo.

Industrials, Greentech, & Other

• ARX Robotics, a Munich-based manufacturer of robotic defense systems, raised €9 million in seed funding led by the NATO Innovation Fund, with participation from Project A Ventures and Discovery Ventures.

• Harlan Capital Partners raised $130 million for its fifth opportunistic credit fund.

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