Deal Pipeline
Tuesday 16 August 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-TPG CAPITAL TO ACQUIRE US REGIONAL BROADBAND FIRMS RCN, GRANDE COMMUNICATIONS FOR USD 2.25BN
US-based alternative asset firm TPG's TPG Capital private equity fund has entered into definitive agreements to acquire two regional broadband services providers, RCN Telecom Services, LLC and Grande Communications Networks LLC in separate transactions from Abry Partners for USD 1.6bn and USD 650m, respectively, TPG said on Monday.
TPG will combine the assets to create a top ten US cable company and a regional market-provider of next-generation, high-speed data to residential and business customers. The transaction is expected to close in 1Q17 and is subject to customary closing conditions, including regulatory approvals.
Status: Agreed

-NEW YORK-AREA INVESTMENT ADVISORS NATIONAL FINANCIAL NETWORK, AEGIS WEALTH PARTNERS MERGE
New York, US-based financial services firm National Financial Network is expanded its footprint by merging with Connecticut-based financial services firm Aegis Wealth Partners, the firm said on Monday.
National Financial Network said that the new alliance creates a regional presence with five offices serving the Tri-state area. The merged company, operating under the existing names, now serves more than 25,000 clients with over USD 10bn in life insurance benefits in force, and over USD 1bn in client policy and account values administered.
Status: Closed

-SHAREHOLDERS CLEAR MERGER OF WESTERN ASSET GLOBAL PARTNERS INCOME FUND, WESTERN ASSET GLOBAL HIGH INCOME FUND
Shareholders of US-based closed-end management investment companies Western Asset Global Partners Income Fund Inc. (NYSE: GDF) have approved the company's merger with Western Asset Global High Income Fund Inc. (NYSE: EHI), GDF said on Monday.
GDF Shareholders voted to approve the merger of GDF with and into Western Asset Global High Income Fund Inc. (NYSE: EHI). EHI Shareholders previously voted to approve the merger of GDF with and into EHI at EHI's Special Shareholder Meeting held on Friday, July 22, 2016.
Status: Agreed

-SHAREHOLDERS OF WESTERN ASSET MANAGED HIGH INCOME FUND, WESTERN ASSET HIGH INCOME OPPORTUNITY FUND APPROVE MERGER
Shareholders of US-based investment companies Western Asset Managed High Income Fund Inc. (NYSE: MHY) and Western Asset High Income Opportunity Fund Inc. (NYSE: HIO) have approved their planned merger in separate meetings.
Shareholders of both MHY and HIO voted to approve the merger of MHY with and into HIO. The merger is expected to be effective prior to the opening of business on August 29, 2016.
Status: Agreed

-US RAILROAD OPERATOR GENESEE AND WYOMING TO ACQUIRE PROVIDENCE AND WORCESTER IN USD 126M DEAL
US-based railroad operator Genesee and Wyoming Inc. (NYSE: GWR) has agreed to acquire railroad operator Providence and Worcester Railroad Co. (NASDAQ: PWX) for USD 25.00 per share, or approximately USD 126m, the company said on Monday.
Subject to satisfaction of customary closing conditions, the acquisition is expected to close following the receipt of P/W shareholder approval in 4Q16. Headquartered in Worcester, Mass., and operating in Rhode Island, Massachusetts, Connecticut and New York, P/W is contiguous with G/W's New England Central Railroad and Connecticut Southern Railroad.
Status: Agreed

-YOUTH SPORTS MANAGEMENT FIRM BLUE STAR SPORTS ACQUIRES SDI CAMPS AND RACES
US-based youth sports management company Blue Star Sports has acquired US-based sports camp and online registration management solution SDI Camps and Races, LLC, the company said on Monday.
SDI Camps creates, hosts, and manages custom websites for sport camps, including registration, merchandise sales, and customer support.
Status: Closed

-US INSULATION INSTALLER INSTALLED BUILDING PRODUCTS ACQUIRES SOUTHERN INSULATORS
US-based insulation and complementary building products installer Installed Building Products, Inc. (NYSE: IBP) has acquired Southern Insulators and Specialties, LLC, the company said.
Located in Covington, Louisiana, Southern has provided installation services, primarily fiberglass insulation and spray foam insulation to residential customers since 2007. Installed Building Products is the nation's second largest insulation installer for the residential new construction market and is also a diversified installer of complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, throughout the United States.
Status: Closed

-COMPASS MINERALS TO ACQUIRE FULL OWNERSHIP OF BRAZILIAN PLANT NUTRITION FIRM
US-based mining company Compass Minerals (NYSE: CMP) has agreed to buy all outstanding interest in Brazilian specialty plant nutrients manufacturer and distributor Produquímica Indústria e Comércio S.A. (Produquímica), the company said on Monday.
Compass Minerals purchased 35% of Produquímica in December 2015. The expected price for the remaining 65% of equity is approximately USD 310m to USD 330m, is based on Produquímica's expected 2016 performance, and will be subject to customary, post-closing adjustments.
Status: Agreed

-US OIL, GAS FIRM CONCHO RESOURCES TO ACQUIRE MIDLAND BASIN ASSETS FOR USD 1.625BN
US-based oil and natural gas company Concho Resources Inc. (NYSE: CXO) has reached a definitive agreement to acquire approximately 40,000 net acres in the core of the Midland Basin from Midland-based energy company Reliance Energy for USD 1.625bn, the company said on Monday.
The privately negotiated acquisition is consistent with Concho's opportunistic and disciplined portfolio management strategy as it expands its core Midland Basin position to more than 150,000 net acres and production of 30 thousand barrels of oil equivalent per day (MBoepd). This deal adds approximately 40,000 net acres with an average 99% working interest to Concho's core Midland Basin position.
Status: Agreed

-ARCH CAPITAL TO ACQUIRE INSURER UNITED GUARANTY FROM AIG FOR USD 3.4BN
Bermuda-based insurance and reinsurance company Arch Capital Group Ltd. (NASDAQ: ACGL) has entered into a definitive agreement to acquire insurers United Guaranty Corp. and AIG United Guaranty Insurance Ltd. from American International Group, Inc., the group said on Monday.

The combination of Arch's existing mortgage insurance business with UGC's established business will create the largest private mortgage insurer in the world, based on insurance in-force, with a global footprint.
At closing, Arch will pay to AIG aggregate consideration of approximately USD 3.4bn, payable in a combination of cash and securities. Upon closing, Arch or its subsidiaries will assume AIG's quota share of UGC's mortgage insurance on a prospective basis.
Status: Agreed

-MEXICAN HOTEL REIT FIBRA INN BUYS COURTYARD BY MARRIOTT CHIHUAHUA HOTEL
Mexican hotel REIT Deutsche Bank México, S.A., Banking Institution, Trust Division F/1616 or Fibra Inn (BMV: FINN13) (OTC: DFBRY) has acquired the Courtyard by Marriott Chihuahua hotel, the REIT said.
This deal adds 152 rooms to the Fibra Inn portfolio. The transaction, which was paid in cash with resources obtained from a bank credit line, represented an investment of MXN 234.4m (USD 12.96m) plus MXN 8.7m in taxes and acquisition-related expenses, as well as the corresponding VAT.
Status: Closed

-MERZ UNIT ACQUIRES AESTHETICS MEDICAL DEVICE FIRM ON LIGHT SCIENCES
German healthcare company Merz Pharma's US-based Merz North America unit has expanded its aesthetic portfolio through the acquisition of US medical device company On Light Sciences, Inc., Merz said on Monday.
On Light Sciences is developing technologies to enhance laser-based dermatologic procedures, including the FDA 510(k) cleared and CE marked DeScribeTransparent PFD (perfluorodecalin) patch used in laser tattoo removal.
Status: Closed

-US DRUGMAKER SCINTILLA PHARMACEUTICALS TO ACQUIRE PAIN DRUG SPECIALIST SEMNUR
US-based drugmaker Sorrento Therapeutics, Inc.'s (NASDAQ: SRNE) Scintilla Pharmaceuticals, Inc subsidiary has entered into a binding term sheet to acquire pain drug specialist Semnur Pharmaceuticals, Inc, the company said.
Scintilla's lead program is resiniferatoxin for the treatment of intractable cancer pain. Semnur, based in Los Altos, CA, is a specialty pharmaceutical company focused on the clinical and commercial development of products that meet the needs of pain management practitioners and their patients.
Status: Agreed

-US AUTOMOTIVE SUPPLIER COOPER STANDARD ACQUIRES FUEL AND BRAKE BUSINESS FROM AMI INDUSTRIES
US-based automotive supplier Cooper Standard (NYSE: CPS) has agreed to acquire the automotive fuel and brake business of AMI Industries and related companies, the company said.
The acquisition of the China portion of the business is subject to regulatory approval. AMI Industries was established in 2000 to provide tube products to the agriculture, construction, automotive, heavy truck and marine industries. As a natural extension of the tube product line, the company expanded into the fuel and brake business in 2008.
Status: Closed

-TRIDENT MARITIME TO ACQUIRE SWEDISH MARINE CLIMATE CONTROL SPECIALIST CALLENBERG TECHNOLOGY
US-based marine systems company Trident Maritime Systems has signed a definitive agreement to acquire Swedish marine climate control specialist Callenberg Technology Group from Wilhelmsen Maritime Services AS, the company said.
Trident Maritime is a portfolio company of private equity firm J.F. Lehman and Co. Callenberg designs, assembles, integrates, and supports HVAC, electrical energy management, and insulation systems for commercial and government vessels around the world. The company is headquartered in Gothenburg, Sweden and employs approximately 900 employees in 14 countries.
Status: Agreed

-US RIDESHARE FIRM LYFT, ALC FORGE ON-DEMAND MEDICAL TRANSPORT PARTNERSHIP
US-based passenger transportation management company American Logistics Co, LLC is partnering with rideshare company Lyft, to provide on-demand non-emergency medical transportation and paratransit services, the companies said. ALC provides health plans and government agencies with wheelchair, gurney, door-to-door and curb-to-curb transportation services.

As part of its collaboration with Lyft, on-demand NEMT and paratransit trips will be scheduled through the ALC dispatch center, which will then dispatch the trip directly to a Lyft driver in real-time. The ALC dispatch centre can also help clients book Lyft trips in advance, validate client eligibility and validate the requested destination.
Status: Agreed

-US FINANCIAL SERVICES FIRMS REHMANN, SOBB ROBERTS TO MERGE
US-based financial services firms Rehmann and Sobb Roberts are merging, the firms said. A CPA firm that's been supporting Toledo clients since 1993, Sobb Roberts offers range of services, including tax, audit and consulting.
That portfolio is set to grow notably with Rehmann's own accounting services added to the mix, as well as its wealth management and corporate investigation offerings. All of Sobb Roberts' 15 associates will join Rehmann. A new Toledo office location that can accommodate the combination is underway.
Status: Agreed

-CRESTLINE'S SPECIALTY LENDING FUND SUPPORTS BENEFITEXPRESS' ACQUISITION OF BENEFITSCONNECT
US-based alternative asset manager Crestline Investors, Inc's Crestline Specialty Lending unit will support of Illinois-based middle market, cloud-based employee benefits platform benefitexpress with its add-on acquisition of California-based broker-centric benefits administration and online enrollment solution BenefitsConnect, the firm said.
Following the acquisition, the combined company's clients will have access to a suite of solutions, including integrated ACA compliance to fulfill annual reporting and determine full-time employee equivalency and benefits eligibility.
Status: Agreed

-FREEDOM MORTGAGE CLOSES ACQUISITION OF MORTGAGE OPERATIONS FROM STERLING NATIONAL BANK
US-based mortgage lender Freedom Mortgage Corp has completed its acquisition of the residential mortgage origination operations of US-based Sterling Bancorp's (NYSE: STL) Sterling National Bank  subsidiary, the company said.
Sterling Bancorp operates mainly in the greater New York and Hudson Valley markets through its principal subsidiary, Sterling National Bank. Freedom Mortgage officially transitioned the residential business and its team of approximately 70 professionals to its banner on 12 August 2016.
Status: Closed

-EUROMONEY INSTITUTIONAL INVESTOR TO BUY MARKET INFORMATION PROVIDER FASTMARKETS
UK-based online information and events group Euromoney Institutional Investor plc (LSE: ERM) has signed a binding contract to acquire 100% of the shares of FastMarkets Ltd, the company said. Euromoney Institutional Investor is the owner of Metal Bulletin, the global metals and mining price reporting agency.
FastMarkets is a provider of real-time metals market information. It will become an integral part of Euromoney's extensive portfolio of digital pricing products that include Metal Bulletin and American Metal Market.
Status: Agreed

-VINALAND SELLS STAKE IN VIETNAM RESORT PROJECT
Cayman Islands-based investment vehicle VinaLand Ltd (LSE: VNL) has divested its stake in a resort project, situated on 28.5ha of land in Danang, the company said.
The company acquired the property in 2006. VNL has disposed of its entire stake at a total valuation 1.0% below the 30 June 2016 unaudited net asset value and 66.8% below the net asset value at the time of VNL's previous extraordinary general meeting in November 2012, including adjustments for additional investments over this period. This transaction has resulted in net cash proceeds of USD 7m to VNL which at the time of this announcement have been received in full.
Status: Closed

-SENSE TECHNOLOGIES NEARS END OF DUE DILIGENCE IN ACQUISITION OF FOOD AND FEED COMPANY
US-based safety products maker Sense Technologies, Inc. (OTC: SNSGF) is nearing the completion of its due diligence efforts in evaluating the acquisition of US-based industrial food and feed products company Scribner Natural Products, the company said.
Scribner Natural Products is an industrial food and feed products company in Scribner Nebraska, where it operates a soybean crushing mill, along with interest in a trucking, logistics and consulting company. Scientifically designed, Scribner Natural Products are all natural and are manufactured with no harsh chemicals or solvents used in the production process. 
Status: Agreed

-IGAMBIT TO ACQUIRE CERTAIN ASSETS OF CYBERCARE HEALTH NETWORK FROM ENCOUNTERCARE
US-based energy and healthcare company EncounterCare Solutions (OTC: ECSL) has entered into a LOI with US-based iGambit, Inc. (OTCQB: IGMB), the company said.
Under the terms of the LOI, iGambit Inc. will buy certain assets of online health and wellness plan management service CyberCare Health Network, Inc. and will assume certain specifically identified liabilities. Payment for the acquisition will be made in the form of iGambit common stock which EncounterCare expects to disperse in the form of a dividend to existing EncounterCare stock holders of record at the closing of the transaction.
Status: Agreed

-ORGANIC FOODS FIRM WHITEWAVE SCHEDULES 4 OCTOBER SHAREHOLDER VOTE ON DANONE BUYOUT
Shareholders of US-based consumer packaged food and beverage company The WhiteWave Foods Co (NYSE: WWAV) will vote on 4 October on a proposal to approve the company's agreement and plan of merger with French food products company Danone S.A. and Danone's July Merger Sub Inc indirect wholly owned subsidiary under which Danone will acquire WhiteWave for USD 56.25 per share in an all-cash transaction, the company said.
This deal, which was announced on 6 July, is worth around USD 10bn. The board of directors of WhiteWave is recommending that stockholders vote in favour of the merger with Danone. WhiteWave continues to expect the transaction to close by the end of the year, subject to the approval of WhiteWave's shareholders, regulatory approvals, and customary conditions.
Status: Agreed

-WSFS FINANCIAL CLOSES USD 101M ACQUISITION OF PENN LIBERTY
US-based bank holding companies WSFS Financial Corp. (NASDAQ: WSFS) has closed its acquisition of US-based Penn Liberty Financial Corp., the company said. Upon the closing of the transaction, Penn Liberty Bank, the wholly owned bank subsidiary of Penn Liberty, will merge into WSFS Financial Corp.'s wholly owned bank subsidiary, WSFS Bank.
Headquartered in Wayne, Pennsylvania, Penn Liberty Bank was founded in 2004 to offer a range of financial products and services to small and mid-size businesses, professional real estate developers and investors, and retail customers throughout the western suburban Philadelphia marketplace.
Status: Closed

-UNILEVER ACQUIRES SWEDISH AIR PURIFICATION SPECIALIST BLUEAIR
Sweden-based air purifying solutions provider Blueair has agreed to be acquired by UK-based consumer goods company Unilever, the company said. Founded in 1996 in Stockholm, Sweden, Blueair innovates, manufactures and commercialises air purifying technologies and products for consumers and businesses.
Available in over 62 markets worldwide, Blueair air purifiers remove airborne allergens, asthma triggers, viruses, bacteria and other pollutants in home, work and leisure environments.
Status: Closed

-TANGER ACQUIRES 100% OWNERSHIP OF GEORGIA, US SHOPPING MALL CHAIN
North Carolina-based REIT Tanger Factory Outlet Centers, Inc. (NYSE: SKT) now owns 100% of Georgia-based shopping mall chain Tanger Outlets Savannah after the redemption of its partner's ownership interest on 12 August, 2016, the company said.
The joint venture distributed all outparcels along with USD 15m in cash consideration from Tanger with borrowing under its unsecured lines of credit to the other partner in exchange for the partner's ownership interest. Tanger paid a capitalisation rate of approximately 5.9% based on a valuation of USD 197m for the outlet center and the company's forecasted 2017 property level net operating income.
Status: Closed

-B.I.G. LOGISTICS ACQUIRES TEXAS-BASED KFS
Southlake, Texas-based shipping company Business Intelligence Group, LLC has acquired Fort Worth, Texas-based logistics company KFS, Inc., the company said. KFS will operate under the brand B.I.G. Logistics.
The KFS brand has been in business for more than 25 years. B.I.G. Logistics plans to leverage the brand name and good will as well as the existing team of managers and employees to grow their three current facilities while exploring acquisition opportunities in other markets.
Status: Closed

-US MEDICAL DEVICE MAKER ZIMMER BIOMET ACQUIRES CD DIAGNOSTICS
Indiana-based musculoskeletal healthcare provider Zimmer Biomet Holdings, Inc. (NYSE: ZBH) (SIX: ZBH) has acquired Delaware-based diagnostics company CD Diagnostics, the company said.
Zimmer Biomet and CD Diagnostics initially partnered in 2012 to co-develop and market diagnostics in the field of musculoskeletal healthcare. As part of the original agreement, Zimmer Biomet successfully marketed the Synovasure Periprosthetic Joint Infection test, specifically designed and validated for the diagnosis of PJI.
Status: Closed

-BLACKFORD CAPITAL'S MICHIGAN PROSPERITY FUND ACQUIRES AUTOMOTIVE PLASTICS FIRM DAVALOR MOLD
Grand Rapids, Michigan-based private equity firm Blackford Capital has invested in Chesterfield, Michigan-based injection molded plastic products maker Davalor Mold Corp., the company said. Troy, Michigan banking company Talmer Bank provided financing for the transaction.
Davalor's products are primarily sold to the automotive sector and include crucial safety equipment, such as seatbelt retractor components, buckle covers, webbing guides, air bag systems, and other products.
Status: Closed

-PCG ACQUIRES WASHINGTON, DC CONSULTANT BLEGROUP
Massachusetts-based public sector consulting firm Public Consulting Group has acquired Washington, DC-based consulting services provider BLEgroup, the company said. The BLEgroup will join PCG's Education practice area.
Founded in 1994, the BLEgroup is based on the premise that effective education depends on the quality of digital products and the management capacity of schools. Public Consulting Group partners with health, education, and human services agencies to improve lives. Founded in 1986 and headquartered in Boston, Massachusetts, PCG has nearly 2,000 professionals in more than 60 offices around the US, in Canada, and in Europe.
Status: Closed

-TALL TREE FOODS ACQUIRES CHINESE-STYLE MEATS SPECIALIST THE JANUARY COMPANY
US-based food holding company Tall Tree Foods, a portfolio company of San Francisco, California-based private investment firm Altamont Capital Partners, has acquired Kent, Washington-based Chinese-style meat products maker January Company, the company said. January, founded in 1948, has been owned and operated by the company's current president and CEO, Jim Ding, for over four decades.
The company makes Chinese-style sausage and BBQ pork products sold throughout the United States under the Kam Yen Jan and Yangtze brands.
Status: Closed

-BENEFICIENT TO ACQUIRE NEVADA ACCOUNTS ADMINISTRATOR PROVIDENT TRUST
Delaware-based liquidity and administrative services provider The Beneficient Company, LP (BEN) has agreed to acquire Nevada-based independent accounts administrator Provident Trust Group, the company said.
The transaction is subject to regulatory approval. Provident Trust Group's clients range from small family trusts to larger accounts, including individuals, multi-generational families, family offices and retirement accounts.
Status: Agreed

-AGILE NETWORK AGREES TO ACQUIRE SEATTLE SHIPPING TECHNOLOGY FIRM AJILLUS
Chesterfield, Missouri-based transportation management execution technology and solutions provider Agile Network has agreed to acquire Seattle, Washington-based shipping technology company Ajillus, the company said. Ajillus CEO Mike Murphy will be accepting a senior management position within Agile Network to expand and enhance their PMO.
Agile Network provides enterprise shipping software, returns management solutions, and transportation management solutions with more than three decades of experience supporting more than 1,200 clients and hundreds of companies in the United States, Canada, Latin America, United Kingdom, European Union and Asia-Pacific.
Status: Agreed

-MANUFACTURED HOME COMMUNITIES OPERATOR YES SELLS EQUITY INTEREST
Denver, Colorado-based manufactured home communities owner and operator YES! Communities has sold an approximately 71% equity interest in its combined businesses to two global institutional investors, including affiliates of Singapore-based wealth fund GIC, the company said.
In connection with the transaction, YES!'s three manufactured home community portfolios will be consolidated into a single entity, whose principal owner and sole general partner will be Yes Communities, LLC, a newly formed real estate investment trust.
Status: Closed

-HYDRO ONE TO ACQUIRE CANADIAN UTILITY ORILLIA POWER DISTRIBUTION FOR USD 41.3M
Ontario, Canada-based electricity transmission company Hydro One Ltd. (TSX: H) has agreed to acquire 100% of Canada-based electric generation and transmission company Orillia Power Distribution Corp. from the city of Orillia, Ontario, Canada, for USD 26.35m and the assumption of USD 14.9m of debt and regulatory liabilities for a total transaction value of USD 41.3m. The acquisition and facility investments are conditional upon the satisfaction of customary closing conditions, and approval of the Ontario Energy Board.
Orillia Power, with a rate base of USD 28.2m, serves approximately 14,000 customers and is located in Simcoe County, part of the Huronia region of Central Ontario. Hydro One's territory includes the areas surrounding the city of Orillia.
Status: Agreed

-JLL ACQUIRES INTERIOR DESIGN PRACTICE PDM INTERNATIONAL
Chicago, Illinois-based financial and professional services company JLL (NYSE: JLL) has acquired Hong Kong-based interior design practice PDM International, the company said. With more than 180 professional staff, PDM delivers innovative and creative design and construction solutions for office, retail, hospitality, residential and leisure real estate projects.
With the addition of PDM, JLL will be able to provide design and construct services in 19 cities, with the addition of Beijing, Shanghai, Bangkok, Kuala Lumpur and Seoul, and continue to provide project management in 27 cities across Asia Pacific.
Status: Closed

-YOUNGEVITY INTERNATIONAL ACQUIRES MUSCADINE GRAPE PRODUCTS FIRM NATURE'S PEARL
California-based direct marketer of nutritional and lifestyle products Youngevity International, Inc. (OTCQX: YGYI) has agreed to acquire the assets of US-based Muscadine grape products grower and direct seller Nature's Pearl Corp., the company said. Additionally, Youngevity has entered into an agreement for the exclusive rights to manufacture Muscadine products utilizing Nature's Pearl's technology.
Nature Pearl's Muscadine grape extract has recently been the subject of research studies conducted at Wake Forest School of Medicine.
Status: Closed

-FIRSTSERVICE BRANDS ACQUIRES PROPERTY RECOVERY SPECIALIST PAUL DAVIS RESTORATION
Toronto, Ontario, Canada-based property services company FirstService Corp. (TSX: FSV) (NASDAQ: FSV) has acquired Connecticut-based recovery, reconstruction, and restoration company Paul Davis Restoration (PDR) of Fairfield and Westchester, the company said.
FirstService serves customers in the property services sector through two service platforms: FirstService Residential and FirstService Brands. FirstService generates more than USD 1.3bn in annual revenues and has more than 16,000 employees across North America.
Status: Closed