Deal Pipeline
Thursday 02 June 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-AEROSTAR AEROSPACE CLOSES ACQUISITION OF WARMELIN PRECISION PRODUCTS
US-based aircraft systems components manufacturer Aerostar Aerospace has acquired US-based aerospace components maker Warmelin Precision Products, the company said.
Aerostar, headquartered in Phoenix, Arizona, is a portfolio company of private equity firm Nautic Partners VII, L.P. and Nautic Partners VII-A, L.P., which partnered with management to acquire Aerostar in October 2015.
Status: Closed

-MICHAEL KORS ACQUIRES GREATER CHINA LICENSEE FOR USD 500M IN CASH
New York-based luxury accessories and ready-to-wear design company Michael Kors has completed the acquisition of Michael Kors Ltd., the exclusive licensee of the company in China and certain other jurisdictions in Asia, for USD 500m in cash, the company said.
Michael Kors said that the Greater China business generated total revenue of USD 197m for the year ended 31 March 2016, and had a network of 91 company operated retail stores and six travel retail locations, across China, Hong Kong, Macau and Taiwan.
Status: Closed

-KINDRED HEALTHCARE, SELECT MEDICAL CLOSE ACQUISITION OF HOSPITALS FROM EACH OTHER
US-based hospital operator Kindred Healthcare, Inc. (NYSE: KND) has closed an agreement to sell four of its transitional care hospitals (licensed as long-term acute care hospitals) and acquire five LTAC hospitals currently operated by US-based Select Medical Holdings Corp. (NYSE: SEM), the company said.
Under the deal, Kindred acquired leased hospitals in Indianapolis, Indiana (45 licensed beds), San Antonio, Texas (44 licensed beds), Houston, Texas (86 licensed beds), Denver, Colorado (28 licensed beds) and Colorado Springs, Colorado (30 licensed beds). Kindred sold its owned hospital in Cleveland, Ohio (108 licensed beds) and three leased hospitals in Cleveland, Ohio (75 licensed beds), Atlanta, Georgia (72 licensed beds) and Northern Indiana (32 licensed beds) to Select.
Status: Closed

-HORIZON BANCORP CLOSES USD 22.5M ACQUISITION OF KOSCIUSKO FINANCIAL
Indiana, US bank holding companies Horizon Bancorp (NASDAQ: HBNC) and Kosciusko Financial, Inc. have closed an agreement whereby Horizon will acquire Kosciusko and its wholly-owned subsidiary, Farmers State Bank, an Indiana state chartered bank, through a stock and cash merger, the companies said..
Under the terms of the merger agreement, shareholders of Kosciusko had the option to receive USD 81.75 per share in cash or 3.0122 shares of Horizon common stock for each share of Kosciusko's common stock or a combination thereof, provided the overall shares exchanged consist of 65% stock and 35% cash.
Status: Closed

-BROWN-FORMAN CLOSES GBP 285M ACQUISITION OF SCOTCH WHISKY DISTILLER
US-based spirits and wine company Brown-Forman Corp. (NYSE: BFB) (NYSE: BFA) has closed the acquisition of British single malt whisky distillery The BenRiach Distillery Co Ltd. for approximately GBP 285m (USD 416.71m), the company said.
Brown-Forman's purchase brings The GlenDronach, BenRiach, and Glenglassaugh brands into its whiskey portfolio. The purchase includes brand trademarks, three malt distilleries, a bottling plant, and the company's headquarters in Edinburgh, Scotland. BenRiach Distillery, which has a workforce of 165 employees including 55 seasonal and casual workers, will operate as a subsidiary of Brown-Forman.
Status: Closed

-TA ASSOCIATES, REVERENCE CAPITAL PARTNERS CLOSES ACQUISITION OF RUSSELL INVESTMENTS
US-based private equity firm TA Associates has closed the acquisition of US-based investment manager Frank Russell Co's asset management business from UK-based London Stock Exchange Group plc in a transaction valued at USD 1.15bn, the firm said.
Reverence Capital Partners partnered with TA Associates and will make a significant minority investment in Russell Investments. Russell Investments is a global investment manager, with a nearly 80-year heritage of delivering innovative solutions, strong investment results and high quality client service to institutional and retail investors globally.
Status: Closed

-ETOUCHES ACQUIRES HOSPITALITY SOURCING AND BOOKING FIRM ZENTILA
Norwalk, Connecticut-based cloud event management software provider eEtouches has acquired Winter Garden, Florida-based venue sourcing and booking firm Zentila, the company said. Zentila's platform is designed to streamline the process of sourcing and booking venues and capturing data to increase meeting ROI.
In addition to handling requests for proposals for venues, Zentila provides enriched tools to help planners get meetings booked. Zentila CEO Mike Mason will join etouches as vice president, sourcing and hospitality solutions.
Status: Closed

-CBRE GROUP ACQUIRES UK RETAIL PROPERTY ADVISOR MICHAEL HOROWITZ
US-based commercial real estate firm CBRE Group, Inc. (NYSE: CBG) has acquired London, England-based retail property advisor Michael Horwitz and Company, the company said. Horwitz was founded in 1996 and is led by Michael Horwitz.
The company has a client base of British and international aspirational and luxury retail brands, especially French and Italian premium brands seeking to expand their real estate strategies in the UK. Michael Horwitz and his team will join CBRE's UK retail team in London.
Status: Closed

-SERVICENOW ACQUIRES MANAGEMENT SOLUTIONS STARTUP BRIGHTPOINT SECURITY
California-based enterprise cloud company ServiceNow (NYSE: NOW) has agreed to acquire US-based management solutions provider BrightPoint Security in an all-cash transaction expected to close this month, the company said.
More details about the acquisition will be shared in conjunction with the ServiceNow 2Q16 financial results announcement. With this acquisition, ServiceNow expansion of its Security Operations offering, enabling customers to more quickly identify and respond to relevant threats.
Status: Closed

-PARTNERS GROUP TO ACQUIRE PACKAGING SPECIALIST PCI PHARMA SERVICES
Swiss-based markets investment manager Partners Group has agreed to acquire US-based global pharmaceutical services provider PCI Pharma Services on behalf of its clients from US-based venture capital provider Frazier Healthcare Partners, the company said.
The terms of the transaction have not been disclosed. However, Fortune is reporting the deal as being just north of USD 1bn. Frazier acquired PCI in 2012 and will retain a minority investment in the company. PCI, headquartered in Philadelphia, in the United States, offers its clients outsourced services across the entire pharmaceutical supply chain, including drug development and manufacturing, clinical trials and packaging services.
Status: Agreed

-MINNEAPOLIS PR FIRM PADILLACRT BUYS FOOD, NUTRITION CONSULTING FIRM
Minneapolis, US-based public relations firm PadillaCRT has acquired US-based food and nutrition consulting company FoodMinds, LLC, the firm said. The FoodMinds team will be joining PadillaCRT's 200 employee owners.
FoodMinds, which has 35 employees (including 14 registered dietitians), will operate as a division of PadillaCRT and will leverage the agency's resources in creative, digital, research, branding and crisis/critical issues communications.
Status: Closed

-US INSURANCE BROKER NFP ACQUIRES ERISA FIDUCIARY ADVISORS
US-based insurance broker NFP has acquired US-based investment advisor ERISA Fiduciary Advisors, Inc., the company said. EFA was founded in 2005 and is an independent, fee-based registered investment advisor and retirement plan consultant with offices in Weston and Stuart, Florida.
It specialises in implementing fiduciary management processes for plan sponsors, as well as providing wealth management services with fiduciary oversight.
Status: Closed

-ALLIANZGI CLOSES ACQUISITION OF UK FIXED INCOME SPECIALIST ROGGE GLOBAL PARTNERS
Germany-based investment management company Allianz Global Investors has completed its acquisition of London-based global fixed income specialist Rogge Global Partners, the company said.
AllianzGI has acquired 100 percent of the issued share capital in RGP from Old Mutual and RGP management for an undisclosed sum. Consistent with AllianzGI's previous integrations, RGP's 30 year-old investment philosophy will be maintained within AllianzGI's global investment platform.
Status: Closed

-I3 VERTICALS ACQUIRES ELECTRONIC PAYMENT PROCESSOR AXIA
Nashville, Tennessee-based technology and payment processing company i3 Verticals, LLC has acquired Santa Barbara, California-based electronic payment processing service Axia Payments, LLC, the company said.
Axia, founded in 1999, provides services to business, government and non-profit organisations. For 2015, Axia's charge volume exceeded USD2.5bn.
Status: Closed

-VISTA EQUITY BUYS CLOUD SECURITY SOLUTIONS FIRM PING IDENTITY
Denver, Colorado-based cloud security and management solutions provider Ping Identity has been acquired by US-based software-focused private equity firm Vista Equity Partners, the company said.
The transaction is expected to close in 3Q16. According to the principals, the acquisition will allow Ping to accelerate growth and innovation through strategic acquisitions and focused investment in its leading enterprise Identity-as-a-Service (IDaaS) capabilities, which places identity at the core of enterprise security.
Status: Closed

-GENEX SERVICES ACQUIRES MEDICAL EXAM, DIAGNOSTICS NETWORK SERVICES FIRM MED-EVAL
US-based medical cost management services provider Genex Services has acquired Sterling, Virginia-based examination and diagnostic network services provider Med-Eval, the company said.
Med-Eval was founded more than 20 years ago. It manages a network which provides medical evaluations, peer reviews, and diagnostic studies for several national and leading insurance carriers, third-party administrators, employers, and other organizations that need assistance with medical review services.
Status: Closed

-ARIAD CLOSES USD 140M SALE OF EUROPEAN OPERATIONS TO INCYTE
US-based orphan oncology company Ariad Pharmaceuticals, Inc. (NASDAQ: ARIA) has completed the sale of its European operations to Incyte Corp., the company said. Ariad said it also entered into license agreement for Incyte to exclusively license Iclusig (ponatinib) in Europe and other select countries.
Under the deal, Ariad transferred all rights to its EU operations to Incyte, which has acquired all shares of Ariad Pharmaceuticals (Luxembourg) S.a.r.l., the parent company of Ariad's European subsidiaries responsible for the commercialisation of Iclusig in the licensed territory, for a payment to Ariad at the closing of approximately USD 140m.
Status: Closed

-SWEDEN'S BOLIDEN CLOSES USD 712M ACQUISITION OF KEVITSA MINE IN FINLAND
Swedish metals and mining company Boliden AB (STO: BOL) has closed an agreement with First Quantum to acquire the Kevitsa nickel-copper-gold-PGM mine in Northern Finland, the company said.
The total consideration on a debt free basis is USD 712m in cash. Kevitsa started production in the end of 2012 and is an early stage mine, which we believe can provide good synergies with our existing business in mining, concentrating, smelting and regional exploration. The Kevitsa mine is a nickel-copper-gold-Platinum Group Metals mine located in northern Finland.
Status: Closed

-CARTER VALIDUS MISSION CRITICAL REIT II ACQUIRES CALIFORNIA'S VIBRA REHABILITATION
US-based property investor Carter Validus Mission Critical REIT II, Inc. has acquired California-based Vibra Rehabilitation Hospital of Rancho Mirage for a purchase price of USD 9,466,287, the company said.
Vibra Rehab is under construction to become a 40,688 square foot, 50-bed inpatient rehabilitation hospital. Construction costs are budgeted at approximately USD 27.6m to be funded by CVMC REIT II, for a total acquisition cost of USD 37,093,787. The facility is 100% net leased to Vibra Rehabilitation Hospital of Rancho, LLC, for a 16-year term beginning 30 days from the earlier of certificate of occupancy or 15 September 2017.
Status: Closed

-CARTER VALIDUS MISSION CRITICAL REIT ACQUIRES TENNESSEE DATA CENTER FOR USD 19.4M
US-based property investor Carter Validus Mission Critical REIT II, Inc. has acquired Tennessee Data Center for a purchase price of approximately USD 19.4m, the company said.
The Tennessee Data Center, which is under construction to become a Tier III colocation data center, was purchased as a cold dark shell totaling 71,726 rentable square feet on 8.26 acres of land in Franklin, Tennessee. This centre is currently 100% triple-net leased to Peak 10 Rentech, LLC, for a 15-year term beginning on the earlier of July 27, 2016 or on the date in which business operations commence.
Status: Closed

-NOW CLOSES ACQUISITION OF OILFIELD EQUIPMENT FIRM POWER SERVICE
US-based energy and industrial market equipment distributor NOW Inc. (NYSE: DNOW) has closed the acquisition of US-based Power Service, Inc., Industrial Tool and Repair, Inc., d/b/a/ Power Service of Montana and Power Transportation LLC, the company said.
Founded in 1954, Power Service provides rotating and process equipment engineering, design, installation, fabrication and service solutions.
Status: Closed

-OPENGATE CAPITAL TO ACQUIRE UMICORE ZINC CHEMICALS
US-based private equity firm OpenGate Capital has signed a definitive agreement with Belgian materials technology firm Umicore (EBR: UMI) for the acquisition of its Umicore Zinc Chemicals zinc chemicals production business, the company said.
The acquisition is expected to be complete in the second half of 2016. UZC has industrial operations in Belgium, the Netherlands, Norway, China and Malaysia. The business comprises six legal entities organized across three product lines: fine zinc powders, zinc oxide and zinc for batteries.
Status: Agreed

-DENALI HOLDING CLOSES NOTES OFFER; WILL FINANCE PART OF EMC/DELL MERGER
US-based computer hardware and storage firm Dell's holding company, Denali Holding Inc., has closed a private offering of multiple series of first lien notes to be issued by two of its wholly-owned subsidiaries as co-issuers, the company said.
The company intends to use the net proceeds from the offering of the notes as part of its financing for its acquisition of EMC Corp.
Status: Agreed

-NATIONAL OILWELL VARCO TO ACQUIRE TRICAN WELL SERVICE'S COMPLETION TOOLS BUSINESS
US-based oilfield equipment company National Oilwell Varco, Inc. (NYSE: NOV) has entered into a definitive agreement to acquire the completion tools business of Trican Well Service Ltd. (TSX: TCW), the company said.
National Oilwell will pay around CDN 53.5m (USD 40.81m) for the business. The business designs and sells a range of innovative and patented downhole tools for multi-stage fracturing and multi-zone completions in North America and select international markets.
Status: Agreed

-ANGELES EQUITY PARTNERS ACQUIRES CONTROLLING INTEREST IN LED DRIVER PRODUCTS MAKER ERP POWER
US-based private investment firm Angeles Equity Partners, LLC has acquired, through an affiliated entity, a controlling interest US-based LED driver business inERP Power, LLC, the firm said.
Angeles Equity Partners is partnering with ERP management in the deal. Based on research, analysis and information from IHS, the commercial and industrial LED driver power supply market is predicted to increase at a compound annual growth rate of 25% from over USD 2bn in 2015 to USD 4.8bn in 2019.
Status: Closed

-CAI ACQUIRES ASSET-LIGHT TRUCK BROKERS HYBRID LOGISTICS, GENERAL TRANSPORTATION FOR USD 12M
US-based transportation finance and logistics company CAI International, Inc. (NYSE: CAI) has acquired Hybrid Logistics, Inc. and its General Transportation Services, Inc affiliate, the company said.
The combined purchase price was USD 12m, a portion of which is subject to the future performance of the companies. Headquartered in Portland, Oregon, the companies operate as asset-light truck brokers with a focus on flatbed truck and over-dimensional shipments.
Status: Closed

-FARMERS NATIONAL BANC ACQUIRES OHIO INSURANCE AGENCY
Ohio, US-based financial services firm The Farmers National Bank of Canfield has completed the acquisition of the Bowers Insurance Agency, Inc., the firm said.
Farmers National said that the transaction is expected to be accretive to earnings immediately. The Bowers Group will continue to operate under its name from its current location in Cortland, Ohio, but is expected to merge with Farmers National Insurance, LLC, Farmers' wholly-owned insurance agency subsidiary.
Status: Closed

-TYLER TECHNOLOGES ACQUIRES SCHEDULING SOFTWARE FIRM EXECUTIME
US-based local government n management solutions and services provider Tyler Technologies, Inc. (NYSE: TYL) has acquired scheduling software solutions firm ExecuTime Software, the company said.
ExecuTime has approximately 200 public sector clients nationwide, including municipalities, school districts and counties, many of which are also Tyler clients. The firm, founded in 2007 by Kevin Malone, is based in Tulsa, Oklahoma.
Status: Closed

-BEACON ROOFING SUPPLY ACQUIRES OREGON DISTRIBUTOR
US-based residential and commercial roofing materials distributor Beacon Roofing Supply, Inc. (NASDAQ: BECN) has acquired Portland, Oregon-based Woodfeathers, Inc. the company said.
Woodfeathers is a distributor of primarily residential roofing and related products. Founded in 1955, Woodfeathers has grown to four branches, with Oregon locations in Portland, Beaverton, and Oregon City and one location in Vancouver, Washington.
Status: Closed

-FERRO CLOSES ACQUISITION OF SPANISH GLASS COATINGS MANUFACTURER PINTURAS BENICARLO
US-based coatings and color solutions company Ferro Corp. (NYSE: FOE) has completed the acquisition of Spanish glass coatings manufacturer Pinturas Benicarló, S.L. for EUR 15m (USD 16.73m) in cash, the company said.
Pinturas is one of the world's largest producers of waterborne industrial paints that specializes in the niche sector of organic paints for application on glass substrates. The company serves some of the largest international glass manufacturers and processors.
Status: Closed

-RUBIO'S RESTAURANTS CLOSES ACQUISITION OF NEW FLORIDA LOCATIONS
US-based fast-casual seafood restaurant operator Rubio's Restaurants has completed the acquisition of eight restaurant locations in Florida previously operated as Lime Fresh Mexican Grills, the company said.
Rubio's said it will soon begin construction to convert these to new Rubio's Coastal Grill restaurants, marking the California-based company's first expansion to the East Coast. Last fall, Rubio's announced it agreed to acquire the select Florida Lime Fresh Mexican Grill restaurant locations from its parent company, Ruby Tuesday Inc.
Status: Closed