Deal Pipeline
Wednesday 20 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-INTEROIL BOARD DETERMINES EXXONMOBIL BUYOUT PROPOSAL SUPERIOR TO OIL SEARCH DEAL
Singapore-based oil and gas business InterOil Corp.'s (NYSE: IOC) (POMSoX: IOC) has determined that an unsolicited proposal to acquire the company received on 30 June from Exxon Mobil Corp. (NYSE: XOM) is superior to the company's existing deal to be acquired by Papua New Guinea oil and gas exploration and development firm Oil Search (ASX: OSH), the company said.
Under the previously agreed deal, Oil Search will pay 8.05 Oil Search shares plus a contingent value right for each InterOil share.
Status: Bidding

-TRAMEC ACQUIRES KANSAS, US PLASTICS MANUFACTURER
US-based fastener manufacturer Tramec, LLC has acquired US-based injection molded components and assemblies manufacturer Kansas Plastics Co, the company said.
Tramec said that Kansas Plastics Co will align with its Tramec Sloan business unit, adding injection-molding expertise to the company's existing portfolio of diversified United States based manufacturing capabilities. Kansas Plastics Co, an ISO 9001:2008 and UL certified company, is located in Wellington, Kansas, approximately 25 miles south of Wichita, Kansas.
Status: Closed

-US DRUGMAKER ICAGEN CLOSES ACQUISITION OF SANOFI'S ORO VALLEY, ARIZONA RESEARCH FACILITY
North Carolina-based biopharmaceutical company Icagen, Inc. has closed the acquisition of French drugmaker Sanofi's (NYSE: SNY) ultra high-throughput biology, screening and chemistry capabilities and research facility in Oro Valley, Arizona, to collaborate in a multi-year services contract for long term discovery services, the company said.
Icagen will retain the majority of the scientists working at the Tucson site in the transition. The transaction is expected to close in the near future.
Status: Closed

-PRESIDENTIAL REALTY INKS LOI TO ACQUIRE FIRST CAPITAL REAL ESTATE TRUST
US-based property investors First Capital Real Estate Trust Inc. and Presidential Realty Corp. (OTC: PDNLA/PDNLB) have executed a letter of intent calling for Presidential to acquire FCRETI, the companies said.
The LOI relates to a proposed transaction pursuant to which presidential would acquire substantially all of the assets of FCRETI in exchange for newly issued shares of presidential. 
Status: Agreed

-JOHNSON AND JOHNSON CLOSES USD 3.3BN ACQUISITION OF HAIR CARE COMPANY VOGUE
US-based healthcare and consumer product company Johnson and Johnson's (NYSE: JNJ) Johnson and Johnson Consumer Inc. unit has closed the acquisition of hair care firm Vogue International for approximately USD 3.3bn in cash, the company said.
The acquisition will include the OGX collection of shampoos, conditioners, treatments, styling products, body care and bath products, the FX line of hair styling products, and the Proganix and Maui Moisture hair care lines.
Status: Closed

-US PRINTING FIRM PHOENIX COLOR CLOSES USD 7M ACQUISITION OF COLOR OPTICS PACKAGING BUSINESS
New York-based outsourcing company ALJ Regional Holdings Inc.'s (NASDAQ: ALJJ) Phoenix Color Corp. printer subsidiary has closed the acquisition of the Color Optics packaging business from US-based sampling solutions provider AKI, Inc, the company said.
This business operates under the Arcade Beauty name. The aggregate consideration for the acquisition is USD 7m.
Status: Closed

-UK INSURER RANDALL AND QUILTER BUYS AGENCY PROGRAM INSURANCE FOR USD 1.4M
UK-based insurer Randall and Quilter Investment Holdings Ltd. has acquired Bermuda-based Agency Program Insurance Co, Ltd. from its base of predominately individual shareholders, the company said.
APIC is registered as a Class 3 insurer and was incorporated under the laws of Bermuda on January 4, 2005.
Status: Closed

-ATI PHYSICAL THERAPY ACQUIRES OREGON, US RECOVERY PRACTICE
US-based rehabilitation provider ATI Physical Therapy has acquired Oregon-based recovery and performance enhancing practice The KOR Physical Therapy, the company said.
KOR has locations in Beaverton, Hillsboro and Tigard, Oregon. The KOR is a physical therapist-owned, private practice that has been committed to helping athletes and people with active lifestyles for over six years.
Status: Closed

-ROUNDTABLE HEALTHCARE PARTNERS TO SELL DEVICE MAKER BEAVER-VIVITEC TO TPG CAPITAL
Lake Forest, Illinois-based healthcare industry-focused private equity firm RoundTable Healthcare Partners has agreed to sell Waltham, Massachusetts-based surgical device maker Beaver-Visitec International Holdings, Inc. to California-based private investment firm TPG Capital, the company said.
BVI develops, makes, and markets specialized surgical devices for the ophthalmic marketplace. Its products serve a wide variety of ophthalmic surgeries, including cataract, refractive, oculoplastic and vitreoretinal sub-specialty procedures.
Status: Agreed

-ENGINUITY COMMUNICATIONS ACQUIRES ASSETS OF TELECOMMUNICATIONS ACCESS PRODUCTS FIRM PULSECOM
US-based fiber and copper networks service interface products maker Enginuity Communications, Inc. has acquired assets of US-based telecommunications access products maker Pulse Communications, Inc, the company said.
Incorporated in 2001, Enginuity Communications is a privately held company founded on the principle of building successful relationships with customers, employees and business associates in order to provide innovative and intelligent solutions at the network edge.
Status: Closed

-BLUEROCK RESIDENTIAL GROWTH REIT ACQUIRES ATLANTA APARTMENT COMMUNITY FOR USD 74.5M
US-based equity real estate investment trust Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) has acquired a leasehold interest in the class A, 336-unit, mixed-use Tenside Apartment Homes in Atlanta, Georgia to be rebranded the Arium Westside, the company said.
The company acquired the property through a joint venture for USD 74.5m, or approximately USD 197,900 per residential unit and USD 205 per square foot of retail space. This property was built in 2008 and features one-, two- and three-bedroom units averaging 900 square feet. The ground floor retail includes a mix of local, regional and national tenants.
Status: Closed

-US SILICA TO ACQUIRE REGIONAL FRAC SAND PRODUCER FROM NEW BIRMINGHAM FOR USD 210M
Maryland, US-based commercial silica producer US Silica Holdings, Inc. (NYSE: SLCA) has agreed to acquire a regional sand producer for USD 210m, subject to certain adjustments at closing.
The transaction will be funded using a combination of cash on hand and restricted stock. This deal, for the NBR Sand unit of the privately owned New Birmingham Inc. is expected to close in August 2016, pending customary regulatory and other approvals. The business, located in Tyler, Texas, operates a single sand mine and plant that has the capacity to produce just over two million tons of fine-grade frac sand per year.
Status: Agreed

-UK MANAGED SERVICES PROVIDER SYSGROUP TO SELL SME BUSINESS TO HOST EUROPE GROUP FOR USD 3.55M
UK-based managed services and cloud integrator SysGroup plc (AIM: SYS) has agreed to sell all business and assets of its SME mass market business, operated by UK-based web hosting services provider Daily Internet Services Ltd, to a subsidiary of Europe-based hosting provider Host Europe Group for about USD 3.55m (GBP 2.7m) in cash, subject to adjustment, the company said.
The transaction is due to complete on Friday 22 July 2016. As a result of the transaction, SysGroup's financial function will be transferred to Liverpool.
Status: Agreed

-5D ROBOTICS ACQUIRES ULTRA WIDEBAND TECHNOLOGY SPECIALIST TIME DOMAIN
California-based technology developer 5D Robotics, Inc. has acquired ultra-wideband technology products and services provider Time Domain, the company said.
Time Domain provides small, low-power UWB ranging radio and radar sensors which measure distance, send data, and detect objects, people and obstacles. 5D has partnered with Time Domain since 2012. The merged enterprise will continue to support Time Domain's diverse worldwide customer base.
Status: Closed

-ADVANCED DERMATOLOGY AND COSMETIC SURGERY ACQUIRES DENVER SKIN CARE
US-based dermatology group Advanced Dermatology and Cosmetic Surgery (ADCS Clinics) has acquired Denver, Colorado-based medical clinic Denver Skin Clinic, the company said.
ADCS, founded in 1989, is a dermatology-focused practice with over 149 clinics in Arizona, Colorado, Florida, Georgia, Maryland, Michigan, Nevada, Ohio, Pennsylvania, South Carolina, Virginia and Wyoming providing clinical, cosmetic, surgical and pathology services.
Status: Closed

-STOLT-NIELSEN AGREES TO ACQUIRE CHEMICAL TANKER OPERATIONS OF JO TANKERS FOR USD 575M
UK-based bulk liquids transporter Stolt-Nielsen Ltd. (Oslo Børs: SNI) has agreed to acquire the chemical tanker operations of Norway-based deep-sea transportation services provider Jo Tankers, the company said.
The total purchase price is approximately USD 575m, including the proportional share of the newbuildings in the joint venture. Funding for the transaction has been secured through some of Stolt-Nielsen Ltd.'s main banks with a combination of bridge financing, secured term loans and available corporate funds.
Status: Agreed

-LIBERTY GLOBAL, VODAFONE NAME CEO, CFO FOR DUTCH JV
US cable company Liberty Global plc (NASDAQ: LBTYA) and UK-based telecommunications company Vodafone Group Plc (LSE: VOD) plan to appoint Jeroen Hoencamp as chief executive and Ritchy Drost as chief financial officer of the two companies' proposed 50-50 joint venture business combining Vodafone Netherlands and Ziggo, the companies said.
Jeroen Hoencamp is currently the chief executive of Vodafone UK. A Dutch citizen, he has led Vodafone's UK business since September 2013 and was previously chief executive of Vodafone Ireland. Before that, he spent 12 years in a number of senior executive roles (including sales director and enterprise business unit director) with Vodafone Netherlands.
Status: Agreed

-MONSANTO REBUFFS REVISED OFFER FROM BAYER
US-based agricultural company Monsanto Co's (NYSE: MON) board of directors unanimously views a revised buyout proposal from German drugs and chemicals group Bayer AG as financially inadequate and insufficient to ensure deal certainty, the company said.
In May, Monsanto received an unsolicited, non-binding proposal from German drugs and chemicals group Bayer AG for a potential acquisition of Monsanto, the company said. Last week, Bayer increased its all-cash offer from USD 122 to USD 125 per share, or USD 64bn, the company said.
Status: Bidding

-DIFFERENTIAL BRANDS ACQUIRES SCANDINAVIAN LIFESTYLE BRAND SWIMS
US-based branded apparel, footwear and accessories platform Differential Brands Group Inc. (NASDAQ: DFBG) has completed the acquisition of Scandinavian lifestyle brand Swims AS, the group said.
Swims distributes its range of footwear, swimwear, outerwear, ready-to-wear and accessories worldwide through high-end department stores, independent specialty stores, and luxury resorts. The company also sells product through its own website and through ten licensed Swims-branded stores. This transaction is expected to be immediately accretive for Differential Brands.
Status: Closed

-VERIDIAN INTERNATIONAL MANAGEMENT ACQUIRES ASSETS OF CRIUS ENERGY'S NETWORK MARKETING SALES UNIT
US-based socially responsible company Viridian International Management, LLC has acquired certain assets previously held by the network marketing sales unit of US-based green energy retailer Crius Energy, the company said.
The Viridian sales network was launched in March 2009 with a single electricity product. The company currently offers a range of energy products including solar energy and natural gas. Viridian connects customers through a vibrant network of more than 22,000 independent associates.
Status: Closed

-PREDICTIVE ACQUIRES MACHINE LEARNING STARTUP 2338 TECHNOLOGIES
US-based operations technology startup Predictive, Inc. has acquired US-based machine learning technologies startup 2338 Technologies, the company said.
As part of the transaction, 2338's founder and CEO, Carl P. Evans III, has agreed to join Predictive, Inc. as co-founder, chief product officer, and corporate counsel. Prior to founding 2338, Evans was an intellectual property lawyer in Sidley Austin's technology transactions practice.
Status: Closed

-INCIPIO CLEARS US ANTITRUST HURDLE IN USD 177M ACQUISITION OF AUDIO DEVICE MAKER SKULLCANDY
The Federal Trade Commission has granted early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with US-based consumer technology solutions platform provider Incipio LLC's deal to acquire US-based audio device maker Skullcandy, Inc. (NASDAQ: SKUL), the company said.
Termination of the HSR Act waiting period satisfies one of the conditions to consummate the tender offer. Other closing conditions remain, including, among others, a minimum tender of a majority of the issued and outstanding shares of Skullcandy's common stock.
Status: Agreed

-GRANGES TO CLOSE USD 324.2M ACQUISITION OF NORANDA'S US ALUMINIUM ROLLING BUSINESS BY END OF JULY
Swedish aluminium products supplier Gränges AB (STO: GRNG) has won a court supervised auction to acquire US-based downstream aluminium rolling business Noranda Aluminum Holding Corp., the company said.
This deal was announced on 8 July, 2016. At that time, Gränges had emerged as the winner in the court supervised auction to acquire Noranda Aluminum Holding Corp.'s downstream aluminium rolling business in the United States, the company said.
Status: Closed

-JPMORGAN CHINA REGION FUND IN MERGER TALKS WITH KOREA EQUITY FUND
US-based closed-end management investment company JPMorgan China Region Fund, Inc (NYSE: JFC) is in talks with the board of Korea Equity Fund, Inc concerning a possible merger of the two funds, JFC said.

The fund announced on 9 June that it had been pursuing various initiatives intended to increase the fund's appeal and reduce the Fund's discount.
Status: Talks

-RONNOCO ACQUIRES WISCONSIN'S BLACK WATERS COFFEE
US-based Ronnoco Coffee has acquired the route business of Black Waters Coffee Co of Beaver Dam, Wisconsin, the company said.
Black Waters Coffee services convenience store and foodservice accounts in southern and central Wisconsin. This is the seventh acquisition Ronnoco has made in the past 3.5 years to further its plans for growth both geographically and in market share.
Status: Closed

-THE HILB GROUP ACQUIRES FLORIDA INSURANCE AGENCY
US-based middle market insurance agency The Hilb Group, LLC has acquired Florida-based Carrier Insurance Agency, Inc, the company said.
This deal continues THG's rapid nationwide growth through acquisitions and expands THG's strong regional presence in central Florida. Carrier Insurance has been serving central Florida for the past 30 years with Leo Carrier as the owner and president.
Status: Closed

-PROPERTY INVESTOR HANSTEEN ACQUIRES 66.7% OF ASHTENNE INDUSTRIAL FUND SHARE CAPITAL
Europe-based property investment company Hansteen (LSE: HSTN) has acquired 66.7% of the share capital of Ashtenne Industrial Fund (General Partner) Ltd. from Norwich Union (Shareholder GP) Ltd. for USD 0.16m (GBP 0.12m) in cash, the company said.
The net assets of the General Partner at 31 December 2015 were GBP 0.17m and the profits for the year ended 31 December 2015 were GBP 0.005m. The General Partner has an investment of 0.03% in Ashtenne Industrial Fund Ltd. Partnership. Hansteen now owns 100% of the share capital of the General Partner and has increased its interest in AIF by 0.02% to 85.60%.
Status: Closed

-UK STUDENT HOUSING OPERATOR EMPIRIC ACQUIRES BATH PROPERTY FOR GBP 2.6M
The board of UK-based student accommodation operator Empiric Student Property plc (LON: ESP) has acquired the freehold of a 31-bed student accommodation property in Bath for USD 3.42m (GBP 2.6m), the company said.
This property has been acquired from UK-based student accommodation developer IESIS Ltd. The acquired property is a newly constructed student accommodation asset that was completed in May 2016 for the 2016/17 academic year.
Status: Closed

-PLASTICS CAPITAL ACQUIRES VACUUM BAG MAKER SYNPAC IN GBP 3.1M DEAL
UK-based niche plastics products group Plastics Capital plc (AIM: PLA) has acquired UK-based vacuum bags maker Synpac Ltd. for a maximum cash consideration of USD 4.08m (GBP 3.1m), to be satisfied from existing debt facilities, the company said.
The acquisition is expected to be earnings enhancing in the first full financial year following completion. Established in 1984 and based in Hessle, Yorkshire, Synpac is a specialist manufacturer of high barrier, flexible packaging solutions, especially vacuum bags and pouches, for the food processing industry.
Status: Closed

-CANADIAN GOLD EXPLORER ABEN ACQUIRES FORREST KERR PROJECT IN BRITISH COLUMBIA
Canada-based gold exploration company Aben Resources Ltd. (TSX Venture: ABN) (OTCBB: ABNAF) (Frankfurt: E2L2) has had the TSX Venture Exchange accept for filing three agreements with third parties, whereby the company will acquire a 100% interest in the 23,000 hectare Forrest Kerr Gold Project within British Columbia's "Golden Triangle" region north of Stewart, British Columbia, the company said.
The Golden Triangle is host to significant mineral deposits including Galore Creek, Copper Canyon, Schaft Creek, Valley of the Kings, Snowfield, KSM, Snip, Granduc, Red-Chris and numerous others.
Status: Closed

-EQT REAL ESTATE ACQUIRES OFFICE REFURBISHMENT PROJECT IN PARIS FOR EUR 33M
Stockholm, Sweden-based private equity group EQT has initiated its first real estate acquisition, a 5,700 square metre office investment, located on Rue Lauriston in Paris, for a purchase price of USD 36.32m (EUR 33m), the company said.
The acquisition, an office refurbishment project, is made in joint venture with local partner STAM Europe. The seller is a private investor. This deal comprises two adjacent buildings, a parking garage and a private mansion. The asset is located in the 16th Arrondissement of Paris, close to the Arc de Triomphe.
Status: Closed

-ACCENTURE ACQUIRES DUTCH PROFESSIONAL SERVICES FIRM MOBGEN
Chicago, Illinois-based professional services company Accenture (NYSE: ACN) has acquired Netherlands-based digital services company Mobgen, the company said.
With offices in the Netherlands and Spain, Mobgen has over 160 employees and develops holistic solutions with a focus on the user experience, for both mobile devices and the Internet of Things. Mobgen serves clients across a range of industries including finance, retail and travel. Accenture provides services and solutions in strategy, consulting, digital, technology and operations.
Status: Closed

-CLARION BRANDS ACQUIRES DIETARY SUPPLEMENT FLORAJEN
US-based over-the-counter healthcare solutions company Clarion Brands has acquired the probiotic Florajen, the company said. Florajen is a high-potency probiotic dietary supplement that contains high concentrations of the same beneficial microorganisms that occur naturally in healthy people to help maintain the balance of flora in the intestinal tract.
Clarion Brands is a boutique company of US-based private equity firm Swander Pace Capital that distributes over-the-counter branded products.
Status: Closed

-PLURASIGHT ACQUIRES VIDEO TRAINING FIRM TRAIN SIMPLE
US-based technology professionals online learning company Pluralsight has acquired Adobe-centric video training company Train Simple, the company said. Pluralsight now becomes a provider of Adobe training online, offering more than 1,200 courses covering the entire Adobe Creative Cloud suite as well as other Adobe flagship technologies.
This acquisition will add more than 150 new courses to Pluralsight's Adobe library. Train Simple courses will be incorporated into Pluralsight's subscription-based platform and be available to users effective immediately.
Status: Closed

-MARQUEE DENTAL PARTNERS ACQUIRES ALABAMA MULTI-SPECIALTY PRACTICE BRYANT DENTAL
Nashville, Tennessee-based dental support organisation Marquee Dental Partners has entered into an affiliation agreement with Alabama-based multi-specialty dental practice Bryant Dental, the company said.
Bryant Dental's Founder, W. Forrest Bryant, DMD, FAGD, will continue to be actively involved in the practice. From a patient perspective, the transition will be seamless.
Status: Closed