Deal Pipeline
Tuesday 19 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-GEORGIA BOARD OF PHARMACY CLEARS TRUE NATURE HOLDING TO ACQUIRE ATLANTA COMPOUNDING PHARMACY
US-based compounding pharmacy holding company True Nature Holding, Inc. has received Georgia Board of Pharmacy approval to acquire Atlanta, US-based compounding pharmacy Integrity Integrity Compounding, the company said.
In April, the companies entered into a letter of intent. Terms of the deal were not disclosed. Integrity Compounding sells a range of women's and men's health products aimed at the mature community, such as hormone replacement therapy.
Status: Agreed

-BENTLEY'S PET STUFF, ALONG WITH ENTREPRENEUR MARCUS LAMONIS, ACQUIRES GO DOG GO
US-based pet foods business Bentley's Pet Stuff and entrepreneur Marcus Lemonis have acquired Illinois, US-based pet products retailer Go Dog Go, the company said.
Bentley's has been in the Chicago market since 2008 and currently operates 25 stores in the Chicago, Milwaukee, Minneapolis and Denver markets after recent acquisitions. Bentley's Pet Stuff sells natural food, pet care essentials, toys, grooming products and treats for their four-legged friends. 
Status: Closed

-HOSPITAL M/A ACTIVITY WAS DOWN IN 2Q16, IRVING LEVIN RESEARCH FINDS
The hospital acquisition market posted a slight decrease in 2Q16, slipping 19% compared with 1Q16, according to a new report from Irving Levin Associates, Inc.
However, dollar volume based on disclosed prices totaled USD 1.9bn, an increase of 36% compared with 1Q16. The hospital acquisition market posted a slight decrease in the second quarter of 2016, slipping 19% compared with the previous quarter. 2Q16's 22 publicly announced hospital acquisitions were down 8% compared with the transaction volume in 2Q15.
Status: Closed

-COAL OF AFRICA OFFER FOR UNIVERSAL LAPSES
Australian coal company Coal of Africa Ltd.'s (ASX: CZA) (AIM: CZA) offer for UK coal producer Universal Coal Plc (ASX: UNV) has lapsed. It was announced on 17 June 2016 that the offer, which was made on 21 December 2015, had been extended until 15 July 2016.
At the offer's scheduled close, CoAL had received acceptances representing approximately 95.72% of Universal's issued share capital. As a result of the lapse of the offer CoAL now has no voting power in Universal.
Status: Agreed

-NEW CHINESE REGULATION MAY ALLOW COMBINATION OF FERTILISER FIRMS ADAMA, SANONDA TO CLOSE
A new regulatory framework published by China's securities commission may smooth the way toward Israeli crop protection manufacturer Adama Agricultural Solutions being able to complete its combination with Chinese agrochemical producer Sanonda. This new regulatory framework that facilitates contemplated combination of a global entity with a publicly-traded domestic one.
Last August, Adama announced it was exploring a potential combination with Chinese crop protection manufacturer Hubei Sanonda Ltd., which, if implemented, will allow the combined company to achieve full integration as well as public listing, Adama said.
Status: Agreed

-NEXTERA ENERGY, HAWAIIAN ELECTRIC INDUSTRIES NIX MERGER FOLLOWING REGULATORY REBUFF
US-based utility operators Hawaiian Electric Industries, Inc. (NYSE: HE) and US-based NextEra Energy, Inc. (NYSE: NEE) have terminated their merger agreement following a rejection of the deal by the Hawaii Public Utilities Commission, the companies said.
In December 2015, the companies agreed to combine. The transaction, which was valued at approximately 4.3bn, included the assumption of 1.7bn in HEI debt and excludes HEI's banking subsidiary.
Status: Terminated

-CHINESE INTERNET COMPANY QUIHOO 360 CLOSES "GOING PRIVATE" TRANSACTION
Chinese Internet company Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) has closed an agreed 18 December 2015 to take the company private in a USD 9.3bn deal, the company said.
The buyer group includes Tianjin Qixin Zhicheng Technology Co., Ltd., Tianjin Qixin Tongda Technology Co., Ltd., True Thrive Ltd. New Summit Ltd., and solely for purposes of Section 6.19 of the merger, Global Village Associates Ltd. and Young Vision Group Ltd. Qihoo 360 joins a growing list of (nearly 40) Chinese companies that are taking themselves off US stock markets. Qihoo 360's IPO on the Nasdaq took place in March 2011.
Status: Closed

-HUB INTERNATIONAL ACQUIRES BEVERLY HILLS INSURANCE BROKER
US-based global insurance brokerage Hub International Ltd. has acquired the assets of Beverly Hills, California-based insurance company Parq Advisors, the company said.
Parq Advisors specialises in providing life and disability insurance solutions to athletes, entertainers, and ultra-affluent professionals. Justin Siegel and Ryan Stromsborg, co-managing partners, will join Hub California and report to Andrew Forchelli, senior executive vice president, Hub California.
Status: Closed

-LEADING RIDGE CAPITAL PARTNERS SELLS RUGBY ARCHITECTURAL BUILDING PRODUCTS
US-based middle-market private equity investment firm Leading Ridge Capital Partners has closed on the sale of its portfolio company, New Hampshire-based architectural wood products distributor Rugby Architectural Building Products, to Canada-based wood products company Hardwoods Distribution Inc. (TSX: HWD), the company said.
The firm made its equity investment in Rugby in August 2011. Leading Ridge Capital Partners is a private equity firm, with offices in Maryland and New York, specialising in acquisitions, recapitalisations, and investments in value-added distribution, logistics, and light manufacturing companies in the lower-middle market.
Status: Closed

-LUXOFT ACQUIRES US IT CONSULTANT INSYS GROUP
Switzerland-based software development services provider Luxoft Holding, Inc (NYSE: LXFT) has acquired US-based IT consulting provider Insys Group, Inc., the company said.
The core service offering of INSYS includes advanced predictive analytics, business intelligence and data warehousing, digital marketing, and enterprise information management. NSYS Group expects to diversify Luxoft's client base and decrease current client and geographical concentration, measurably expanding Luxoft's North American footprint in particular.
Status: Closed

-SOVRAN ACQUIRES CALIFORNIA SELF-STORAGE OPERATOR LIFESTORAGE FOR USD 1.3BN
US-based self storage real estate investment trust Sovran Self Storage, Inc. (NYSE: SSS) has completed its acquisition of California-based self storage operator LifeStorage, LP for USD 1.3bn, the company said.
The purchase was funded primarily with the proceeds of a 6.9m share common stock offering the company completed in May 2016, and a June 2016 sale of USD 600m of 10-year notes with an interest rate of 3.5%. This newly acquired facilities will add 25 facilities in Chicago, 19 facilities in major Texas markets, and three each in Orlando and Los Angeles.
Status: Closed

-BUFFETT'S NATIONAL INDEMNITY TO BUY MEDICAL LIABILITY MUTUAL INSURANCE
New York-based medical professional liability insurance underwriter Medical Liability Mutual Insurance Company (MLMIC) has entered into a definitive agreement, pending regulatory and policyholder approval, to be acquired by Omaha, Nebraska-based property/casualty insurance provider National Indemnity Company, the company said.
The transaction is expected to close in 3Q17, subject to customary closing conditions and regulatory approvals. Based in New York, New York, Medical Liability Mutual Insurance Co began operations in 1975. The company predominantly underwrites professional liability insurance in New York. As of 31 December 2015, MLMIC policyholders' surplus was approximately USD 1.8bn.
Status: Agreed

-GRYPHON INVESTORS TO ACQUIRE TEXAS GOURMET DESSERTS MAKER LAWLER FOODS
San Francisco, California-based middle market private equity firm Gryphon Investors has agreed to acquire Texas-based gourmet desserts maker Lawler Foods, the company said.
The acquisition is expected to close by the end of July. Lawler Foods will be part of the same premium dessert platform as The Original Cakerie, which Gryphon acquired in December 2015. The Original Cakerie makes frozen desserts for retail and foodservice customers across North America.
Status: Agreed

-VECTOR CAPITAL ACQUIRES IP MANAGEMENT FIRM LONGITUDE LICENSING
US-based technology-focused private equity firm Vector Capital has acquired Dublin, Ireland-based intellectual property management company Longitude Licensing, the company said.
Longitude Licensing was founded in 2013 to acquire and commercialise a significant patent portfolio from Elpida, a supplier of DRAM products prior to its bankruptcy in 2012. The company currently manages nearly 3,500 active patents and patent applications related to semiconductor design and manufacturing, addressing current products and processes.
Status: Closed

-REGENCY CENTERS ACQUIRES KLAHANIE SHOPPING CENTER IN PUGET SOUND AREA FOR USD 36M
Florida-based grocery-anchored shopping centre owner Regency Centers Corp. (NYSE: REG) has acquired Klahanie Shopping Center in the Puget Sound area of the US Pacific Northwest for a gross purchase price of USD 36m, the company said.
Anchored by a 40,000 square foot retailer-owned Quality Food Centers, the centre includes an additional 67,000 square feet of space leased to a mix of national and regional retailers. With this acquisition, Regency now owns 11 properties in the Puget Sound area, including Grand Ridge Plaza in Issaquah, Sammamish Highlands, Broadway Market and Pine Lake Village.
Status: Closed

-TPG CAPITAL ACQUIRES MICROSURGICAL PRODUCTS MAKER BEAVER-VISITEC INTERNATIONAL
US-based private equity fund TPG Capital has entered into a definitive agreement to purchase US-based specialty microsurgical products maker Beaver-Visitec International from RoundTable Healthcare Partners, the company said.
The sale is expected to close during 3Q16. Additional terms of the transaction were not disclosed. Since 2007, TPG has invested more than USD 8bn in its healthcare portfolio across the platform.
Status: Closed

-MOODY'S ACQUIRES FULL OWNERSHIP OF KOREA INVESTORS SERVICE
New York-based credit rating company Moody's Corp. (NYSE: MCO) has acquired full ownership of Korea-based domestic credit ratings provider Korea Investors Service, the company said.
The terms of the deal were not disclosed. It is not expected to have a significant impact on Moody's earnings per share for 2016 and will be funded from international cash on hand. Under the terms of the deal, Moody's will also gain a majority ownership stake in KIS Pricing, a majority-owned subsidiary of KIS and provider of pricing services and analytics for fixed income and other local securities.
Status: Closed

-PREFERRED APARTMENT COMMUNITIES ACQUIRES GEORGIA, US SHOPPING CENTRE
US-based multi-family properties acquisition firm Preferred Apartment Communities, Inc. (NYSE: APTS) has acquired Georgia-based shopping center Lakeland Plaza, an approximately 301,711 square foot shopping centre anchored by a 29,855 square foot Sprouts grocery store and an 86,479 square foot Belk department store, the company said.
Lakeland Plaza is located in Forsyth County, Georgia. PAC acquired this asset through its wholly owned subsidiary New Market Properties, LLC. New Market Properties acquired this shopping center through a wholly-owned subsidiary and financed the acquisition utilizing a ten-year, 3.85% first mortgage loan from Protective Life Insurance Co.
Status: Closed

-VACO ACQUIRES US STAFFING FIRM MOMENTUM RESOURCES
US-based national consulting and talent solutions firm Vaco has acquired Richmond, Virginia-based staffing firm Momentum Resources, the company said. Momentum's founding partners, Whitney Forstner and Tanya Cummings, will remain with Vaco Richmond in a consulting role.
Vaco said that its acquisition in Richmond is reflective of the growing workplace trend towards enhanced flexibility, due in large part to the increasing number of Millennials entering the workforce and the rise in working mothers.
Status: Closed

-BANDLAB ACQUIRES IOS, WEB MUSIC-MAKING SERVICE COMPOSR
US-based cloud-based music sharing platform BandLab has acquired European-based iOS and web music-making service Composr, the company said.
Composr is an iOS and Web music collaboration app company founded by Nick den Engelsman, who joins the BandLab team. BandLab is a free, all-in-one (iOS, Android and web), cloud-based social platform that simplifies the process of making music.
Status: Closed

-INHOUSE VENTURES BUYS CALIFORNIA ORGANIC COFFEE PRODUCER TAYLOR MAID FARMS
Healdsburg, California-based investment fund InHouse Ventures has acquired California-based organic coffee and tea producer Taylor Maid Farms, the company said.
Taylor Maid Farms has always been deeply committed to organic agriculture and sustainability practices. The company has a long history of innovation, including it's well known can refill programme, which diverts tens of thousands of coffee bags and labels from landfills each year.
Status: Closed

-BATTENFELD TECHNOLOGIES TO ACQUIRE US KNIFE MAKER TAYLOR BRANDS FOR USD 85M
US-based firearms maker Smith and Wesson Holding Corp.'s (NASDAQ: SWHC) Battenfeld Technologies, Inc. accessories division has formed a subsidiary called BTI Tools, LLC to purchase assets of Kingsport, Tennessee-based knife maker Taylor Brands, LLC, the company said.
Under the deal, BTI Tools will pay USD 85m for Taylor Brands, utilising cash on hand. Taylor Brands has been a long-standing licensee for both Smith and Wesson and M/P branded knives and is the direct owner of a number of legacy brands.
Status: Agreed

-SABERT ACQUIRES PLASTIC PACKAGING MAKER MULLINIX
New Jersey-based food packaging company Sabert Corp. has acquired plastic packaging solutions provider Mullinix Packages, Inc. from US-based private equity firm Mason Wells, the company said. Mullinix is a US provider of plastic packaging solutions to food processors and the foodservice industry.
Operating primarily out of Fort Wayne, Indiana, Mullinix extrudes and thermoforms products using a wide array of materials including PP, APET, CPET, PLA and barrier materials. Sabert makes food packaging products and solutions.
Status: Closed

-US DEVELOPERS WHITE LODGING, REIT BUY INDIANAPOLIS MARRIOTT DOWNTOWN
Affiliates of US-based hotel developer White Lodging Services Corp. and US-based real estate developer REI Investments have purchased the 622-room Indianapolis Marriott Downtown hotel, the companies said.
A renovation set to begin in 2017 will include ten additional guestrooms as well as two new restaurants with open air seating and a reconcepted lobby bar. The hotel was originally developed and owned by White Lodging, REI Investments and Kite Companies and opened in February 2001.
Status: Closed

-DIGITAL MEDIA SOLUTIONS ACQUIRES US MORTGAGE REFERRAL SERVICE BEST RATE
US-based digital marketing company Digital Media Solutions has acquired US-based mortgage referral company Best Rate Referrals, the company said. The Best Rate Referrals senior leadership will remain in their current roles, and the company will maintain its autonomy within the DMS umbrella of brands.
The Best Rate Referrals headquarters is relocating from Las Vegas, Nevada to the DMS office in Clearwater, Florida.
Status: Closed

-TENEO ACQUIRES SPORTS ADVISORY PSG COMMUNICATIONS
US-based CEO advisory firm Teneo has acquired Dublin, Ireland-based communications and sports advisory practice PSG Communications, the company said.
PSG was founded in 2014 following a merger between leading Irish PR firms Pembroke Communications and Slattery Communications. The PSG senior management team, including chief executive Mick O'Keeffe and Executive chairman Padraig Slattery, will continue in their roles and to lead the business.
Status: Closed

-BERINGER CAPITAL ACQUIRES TRADE PUBLICATION ADWEEK FROM MEDIABISTRO HOLDINGS
Canada-based digital media private equity firm Beringer Capital has acquired US-based news and insight firm Adweek from US-based media and creative businesses group Mediabistro Holdings, the company said.
The acquisition also includes the nine industry blogs in the Adweek Blog Network, which includes AgencySpy, FishbowlNY, FishbowlDC, GalleyCat, LostRemote, PRNewser, SocialTimes, TVNewser and TVSpy.
Status: Closed

-SOFTBANK TO ACQUIRE ARM HOLDINGS FOR GBP 24.3BN DEAL
The boards of directors of Japanese telecommunications and Internet company SoftBank Group Corp. and UK-based semiconductor and software design firm ARM Holdings plc (NASDAQ: ARMH) have reached agreement on the terms of a recommended all cash acquisition of the entire issued and to be issued share capital of ARM by SoftBank, the companies said.
Under the terms of the acquisition, each ARM shareholder will be entitled to receive 1,700 pence in cash for each ARM share.
Status: Agreed

-READING INTERNATIONAL REJECTS USD 370M TAKEOVER APPROACH
US-based cinema operator Reading International, Inc. (NASDAQ: RDI) has rejected an unsolicited, non-binding indication of interest from a third party to acquire all of the company's outstanding stock at USD 17 per share, the company has confirmed.
The non-binding indication of interest, and its rejection, were disclosed last week by Reading International board member James J. Cotter, Jr., in a public filing he made in the derivative litigation in the District Court for Clark County, Nevada.
Status: Bidding

-INDIANA'S HORIZON BANCORP CLOSES USD 94.1M ACQUISITION OF LAPORTE
Indiana, US-based bank holding companies Horizon Bancorp (NASDAQ: HBNC) has closed its acquisition of LaPorte Bancorp, Inc. (NASDAQ: LPSB) in a stock and cash transaction worth around USD 94.1m, the company said.
LaPorte Bancorp is the parent company of The LaPorte Savings Bank. Based upon the March 9, 2016 closing price of USD 24.21 per share of Horizon common stock, the transaction has an implied valuation of approximately USD 94.1m.
Status: Closed

-CAPITAL AMENDS MERGER AGREEMENT WITH LIMBACH HOLDINGS
US-based startup 1347 Capital Corp. (NASDAQ: TFSCU) has entered into an amendment to the merger agreement relating to its combination with US-based mechanical systems solutions firm Limbach Holdings, LLC., the company said.
The amendment provides for the reduction of the minimum amount of cash that must be released from 1347 Capital's trust account from USD 20m to USD 18m and for the issuance of an additional 200,000 shares of 1347 Capital's common stock to Limbach equity holders (to an aggregate of 2.2m shares).
Status: Agreed