Deal Pipeline
Thursday 21 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-DRAPER ESPRIT ACQUIRES STAKE IN SWEDISH DIGITAL HEALTH FIRM
UK-based venture capital investor Draper Esprit (AIM: GROW) (ESM: GRW) has made its first investment since listing on AIM and the ESM last month, the firm said.
Draper Esprit has invested GBP 3.1m (USD 4.11m) to acquire a stake in Stockholm-based digital health company Lifesum. The firm has invested for the first time alongside Nokia Growth Partners, and existing investors Bauer Media and VC SparkLabs Global Ventures. Vishal Gulati, Venture Partner at Draper Esprit, will join the Lifesum board.
Status: Closed

-DOUGLAS DYNAMICS CLOSES USD 206M ACQUISITION OF DEJANA TRUCK AND UTILITY EQUIPMENT
US-based vehicle attachments and equipment manufacturer Douglas Dynamics, Inc. (NYSE: PLOW) has closed the acquisition of Dejana Truck and Utility Equipment for USD 206m, including a USD 26m performance earn out provision, the company said.
Over the past 59 years, Dejana has grown organically to an up fitter of Class 4-6 trucks and other commercial work vehicles in the Eastern US. Dejana is also specialised manufacturer of storage solutions for trucks and vans and cable pulling equipment for trucks.
Status: Closed

-US FEDERAL REGULATORS CLEAR TRIUMPH BANCORP TO ACQUIRE COLORADO'S COLOEAST BANKSHARES
Both the Federal Reserve Bank of Dallas and Federal Deposit Insurance Corp. have now approved US-based bank holding company Triumph Bancorp, Inc.'s (NASDAQ: TBK) USD 70m acquisition of Colorado East Bank and Trust parent ColoEast Bankshares, Inc. the company said.
Upon expiration of the public notice requirement specified by Texas state law, the Department of Savings and Mortgage Lending anticipates issuing its final approval. The transactions remain subject to the satisfaction or waiver of other customary closing conditions. Triumph expects to complete the transaction on or about 1 August 2016.
Status: Agreed

-MEMORIAL RESOURCE DEVELOPMENT SCHEDULES SHAREHOLDER VOTE ON USD 4.4BN RANGE BUYOUT
Shareholders of US-based natural gas and oil company Memorial Resource Development Corp. (NASDAQ: MRD) will vote on 15 September on whether to approve the company's agreed deal to be acquired by US-based oil and natural gas producer Range Resources Corp. (NYSE: RRC) all-stock transaction valued at USD 4.4bn, the company said.
The companies agreed the deal in May. Range Resources to Acquire Memorial Resource Development in USD 4.4bn deal. This valuation includes the assumption of MRD's net debt, which was USD 1.1bn as of 31 March 2016.
Status: Agreed

-HTG CAPITAL PARTNERS TO ACQUIRE OPERATIONS OF CHICAGO COMMODITY TRADING ADVISOR
US-based trading firm HTG Capital Partners, LLC has agreed to acquire the introducing broker, money management and proprietary trading businesses of Chicago, Illinois-based commodity trading advisor Kottke Associates, LLC, the company said.
The transaction is expected to close in 3Q16, subject to the completion of certain closing conditions. Neal Kottke, CEO of Kottke Associates, will remain integral to the business acquired by HTG.
Status: Agreed

-ENERGY GENERATION INVESTOR FORTISTAR ACQUIRES NEW YORK CASTLETON POWER PLANT
US-based energy asset management firm Fortistar has closed on its purchase of Castleton Power, LLC, the company said. Castleton Power owns a 72mw gas-fired combined cycle power plant located in Castleton-on-Hudson, New York.
The General Electric Frame 6 turbine power plant dispatches into the NYISO Zone F. The seller was Castleton Energy Center, LLC (a portfolio company owned by a private investment fund managed by Wayzata Investment Partners LLC).
Status: Closed

-ROYAL PHILIPS BUYS US POPULATION HEALTH MANAGEMENT FIRM WELLCENTIVE
The Netherlands-based advanced technology firm Royal Philips (NYSE: PHG) (AEX: PHIA) has agreed to acquire US-based health management solutions provider Wellcentive, the company said.
Wellcentive complements Philips' portfolio with cloud-based IT solutions to import, aggregate and analyse clinical, claims and financial data across hospital and health systems to help care providers deliver coordinated care that meets new healthcare quality requirements and reimbursement models.
Status: Closed

-DELTEK ACQUIRES UK PROJECT INFORMATION SOFTWARE FIRM UNION SQUARE
US-based enterprise software provider Deltek has acquired Nottingham, England-based project information software provider Union Square, the company said.
This acquisition broadens and deepens Deltek's portfolio of solutions for the architecture, engineering and construction (AEC) industry by enabling companies to organize and leverage information around each project. Union Square Software is a tailored information management solution, helping businesses working in the built environment to be more joined up in the way they manage information.
Status: Closed

-RENNOVA HEALTH ACQUIRES HARTFORD HEALTHCARE'S STAKE IN GENOMAS FOR USD 250,000
US-based healthcare industry software provider Rennova Health, Inc. (NASDAQ: RNVA) (NASDAQ: RNVAW) has bought all the outstanding assets of US-based biomedical company Genomas, Inc. held by US-based healthcare services provider Hartford Healthcare Corp. for USD 250,000 cash, the company said.
The Genomas assets are comprised of an aggregate of USD1m convertible promissory notes; 500,000 shares of series A preferred stock of Genomas; 345,000 shares of series B preferred stock of Genomas; and, intellectual property.
Status: Closed

-LRES ACQUIRES US REAL ESTATE VALUATION AGENCY INSIDEVALUATION
Orange County, California-based real estate services company LRES has acquired US-based real estate valuation agency InsideValuation, the company said.

Performed and reviewed by its network of more than 25,000 field agents, acquired with the InsideValuation acquisition in April 2016, these evaluation products contain thorough data and analysis to procure valuations for commercial properties.
Status: Closed

-ORANGE ACQUIRES DUTCH DESKTOP VIRTUALISATION INTEGRATION SPECIALIST LOG'IN CONSULTANTS
French telecommunications operator Orange's (Euronext Paris: ORA) (NYSE: ORAN) Orange Business Services unit has completed the acquisition of Netherlands-based desktop virtualisation integration services provider Log'in Consultants, the company said.
Log'in is a subsidiary of The Netherlands-based securities brokerage Log'in International Group BV. Founded in 2002, Log'in Consultants consists of three entities located in the Netherlands, Germany and Belgium, which offer VDI (Virtual Desktop Infrastructure) consultancy and infrastructure management services to companies of all sizes.
Status: Closed

-HEALTHCARE INVESTOR GHO CAPITAL ACQUIRES CAPRION BIOSCIENCES
Europe-based healthcare investor GHO Capital has acquired Montreal, Canada-based proteomics and immune monitoring services provider Caprion Biosciences, Inc., the company said.
Caprion is a specialist laboratory services company which provides testing services to pharmaceutical and biotechnology companies for research and development activities. Global Healthcare Opportunities, or GHO Capital Partners LLP, was founded in 2014 as a specialist healthcare investment adviser based in London.
Status: Closed

-FRANCE'S ELIOR TO ACQUIRE UK CATERING GROUP WATERFALL
France-based contracted food industry operator Elior Group (PAR: ELIOR) has acquired UK-based contract caterer Waterfall Catering Group through its Elior UK subsidiary, the company said.
The deal is worth around GBP 52m (USD 63.93m). Formed in 2007 Waterfall Catering Group has 803 sites across the UK with focus on the growing education and care markets. It employs 3,500 people with two customer-facing brands, Caterplus (a care specialist) and Taylor Shaw (an education specialist).
Status: Agreed

-THE KEYES MERGES WITH FLORIDA REAL ESTATE FIRM ILLUSTRATED PROPERTIES
Florida-based real estate company The Keyes Company has merged with Florida-based real estate company Illustrated Properties, the company said.
Following the merger, Keyes and Illustrated become the largest independently-owned real estate firm in Florida and a Top 25-ranked firm in the entire United States. In Palm Beach County alone, the companies have in excess of 1,100 sales associates and produce double the volume of their closest competitor.
Status: Closed

-BANK OF ANN ARBOR TO ACQUIRE MICHIGAN'S BANK OF BIRMINGHAM IN USD 33.3M DEAL
Michigan, US-based bank holding company Arbor Bancorp, Inc. has entered into a definitive agreement to acquire Birmingham Bloomfield Bancshares, Inc (OTC: BBBI) in an all-cash transaction valued at approximately USD 33.3m, the company said. Birmingham Bloomfield Bancshares is the holding company for Bank of Birmingham.
Bank of Birmingham is a full-service community bank established in 2006, with one location in Birmingham, Michigan, serving primarily the Oakland County business community. As of March 31, 2016, Birmingham had approximately USD 273.6m in assets, USD 227.1m in loans, and USD 250.3m in deposits in the vibrant Oakland County market.
Status: Agreed

-BANK OF THE OZARKS CLOSES USD 799.6M ACQUISITION OF COMMUNITY AND SOUTHERN
US-based financial services firms Bank of the Ozarks, Inc. (NASDAQ: OZRK) has closed its acquisition of Community and Southern Holdings, Inc. and its Community and Southern Bank subsidiary, the company said.
This all-stock transaction is valued at approximately USD 799.6m, or approximately USD 20.50 per fully diluted CSB share. The transaction is expected to be accretive to OZRK's diluted earnings per common share for the first twelve months after the transaction closes and thereafter.
Status: Closed

-AXALTA COATING SYSTEMS ACQUIRES AUTOMOTIVE INTERIOR COATINGS UNIT FROM UNITED PAINT
US-based financial services firms Bank of the Ozarks, Inc. (NASDAQ: OZRK) has closed its acquisition of Community and Southern Holdings, Inc. and its Community and Southern Bank subsidiary, the company said.
This all-stock transaction is valued at approximately USD 799.6m, or approximately USD 20.50 per fully diluted CSB share. Founded in 1953, United Paint is a formulator and manufacturer of coatings for automotive interior applications with approvals of its products by 25 of the world's largest vehicle manufacturers.
Status: Closed

-DASSAULT SYSTEMES TO ACQUIRE SIMULATION SOFTWARE FIRM CST IN 220M DEAL
French 3D design software specialist Dassault Systèmes (PAR: DSY) has entered into a definitive agreement to acquire German electromagnetic and electronics simulation specialist CST - Computer Simulation Technology AG for approximately EUR 220m (USD 242.51m), the company said.
With the acquisition of CST, based near Frankfurt, Germany, Dassault Systèmes will complement its industry solution experiences for realistic multiphysics simulation on the 3DExperience platform with full spectrum EM simulation.
Status: Agreed

-US MINING EQUIPMENT MAKER JOY GLOBAL AGREES TO USD 3.7BN KOMATSU BUYOUT
US-based mining equipment company Joy Global Inc. (NYSE: JOY) has inked a definitive merger agreement under which Japanese equipment maker Komatsu Ltd.'s (TYO: 6301) Komatsu America Corp. subsidiary will acquire Joy Global in a transaction valued at approximately USD 3.7bn, the company said.
The total includes Joy Global's outstanding indebtedness.
Status: Agreed

-MONOTYPE TO ACQUIRE USER-GENERATED CONTENT SPECIALIST OLAPIC FOR USD 130M
US-based digital typesetting and typeface design company Monotype Imaging Inc (NASDAQ: TYPE) plans to acquire Olapic for approximately USD 130m, the company said.
Olapic's Earned Content Platform helps brands collect, curate, use and analyse user-generated content in the form of images and videos in their ecommerce experiences and across multiple marketing channels.

Status: Agreed

-US SPECIAL EDUCATION SPECIALIST PEDIATRIC THERAPY SERVICES ACQUIRES ALPHAVISTA SERVICES
US-based special educational services provider Pediatric Therapy Services has closed the acquisition and recapitalization of AlphaVista Services, the company said. PTS is a portfolio company of Shore Capital Partners. It was formed in May 2014 through the combination of MyTherapyCompany and Cumberland Therapy Services.
AlphaVista provides speech language pathology, occupational therapy, special education, school psychology and related services to a range of public school districts and private learning centers.
Status: Closed

-DRUM INCOME PLUS REIT BUYS EDINBURGH OFFICE PROPERTY FOR GBP 4.5M
UK-based property investor Drum Income Plus REIT plc (LSE: DRIP) has acquires 3 Lochside Way, Edinburgh Park, Edinburgh, for a consideration of GBP 4.5m (USD 5.97m), the company said.
3 Lochside Way is a 24,000 sq ft Grade A office prominently situated on a Central Scotland business park with Lockheed Martin, Exception and GL Industrial Services as key tenants.
Status: Closed

-BCA MARKETPLACE ACQUIRES PARAGON AUTOMOTIVE FOR GBP 105M PLUS EARNOUTS
UK-based automotive supply chain company BCA Marketplace plc (LSE: BCA) has acquired UK-based outsourced vehicle services firm Paragon Automotive Ltd., the company said.
Paragon is a UK operator in the provision of outsourced vehicle services to automotive manufacturers and major fleet operators, including rental, leasing and corporate fleets. It has been acquired for an initial Enterprise Value of GBP 105m (USD 139.19m), with further earn-out payments of up to a maximum of GBP 30m, subject to the achievement of financial and market targets over the two financial years 2016/7 and 2017/8.
Status: Closed

-PANTHEON RESOURCES ACQUIRES INCREASED WORKING INTEREST IN TEXAS PROSPECTS
UK-based oil and gas exploration company Pantheon Resources plc (LSE: PANR) has acquired additional working interest in Polk County, East Texas, the company said.
Pantheon already has a 50% working interest in several projects in Tyler and Polk Counties, onshore East Texas. The company has acquired an additional 8% working interest in the "West Double A"* and "West West Double A"** prospects (previously referred to respectively as "New Prospect A" and "New Prospect D"), located in Polk County, East Texas.
Status: Closed

-TEVA PRICES USD 15BN OF NOTES IN CONNECTION WITH ACTAVIS GENERICS ACQUISITION
Israeli generic drug company Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) (TASE: TEVA) has priced a debt offering by its special purpose finance subsidiary Teva Pharmaceutical Finance Netherlands, the company said.
The notes will be guaranteed by Teva Pharmaceutical Industries Ltd. Additional senior, unsecured benchmark-sized offerings of EUR and/or CHF-denominated multi-tranche debt securities are contemplated, subject to market conditions. Teva said that the net proceeds from this offering will be approximately USD 14.9bn, after the underwriting discounts and estimated offering expenses payable by Teva.
Status: Agreed

-TX DUMPSTERS CONSOLIDATES FIVE INDEPENDENT DUMPSTER RENTAL COMPANIES
US-based dumpster rental services company TX Dumpsters has closed a brand consolidation, the company said.
Under the deal, five independently operated locations recently combined their asset hauling companies into one central brand that is designed to serve customers throughout all of Texas and Chattanooga, Tennessee. The five locations include West Texas Dumpsters, Houston Dumpsters, Inc., South Texas Dumpsters, DFW Roll Off and Chattanooga Waste.
Status: Closed

-SAVARA PHARMACEUTICALS CLOSES ACQUISITION OF DANISH INHALATION THERAPIES SPECIALIST SERENDEX
US-based specialty pharmaceutical company Savara Pharmaceuticals has closed the acquisition of the assets of Danish inhalation therapies provider Serendex Pharmaceuticals, the company said.
Savara Pharmaceuticals is a specialty pharmaceutical company focusing on innovative drugs for the treatment of serious and life-threatening rare respiratory diseases.
Status: Closed

-BB/T CLOSES CONVERSION OF ACQUIRED NATIONAL PENN BRANCHES
US-based bank holding company BB/T Corp. (NYSE: BBT) has completed of its conversion of National Penn, including core systems, products and most signage changes, the company said. BB/T acquired National Penn in a cash and stock transaction for total consideration valued at approximately USD 1.8bn. The National Penn acquisition was announced in August 2015.
National Penn, headquartered in Allentown, Pa., had USD 9.6bn in assets, USD 6.7bn in deposits and 124 banking offices in Pennsylvania, New Jersey and Maryland.
Status: Closed

-CHINESE REAL ESTATE PORTAL SOUFUN ADVANCES DEAL TO ACQUIRE CONTROLLING STAKE IN WANLI
Chinese real estate Internet portal SouFun Holdings Ltd. (NYSE: SFUN) has advanced its proposed acquisition of a controlling stake in Chongqing Wanli New Energy Co., Ltd. and the sale of Chinese storage battery company Wanli's assets, the company said.
On 18 July, the company announced that Wanli had advised the company that it had submitted an application for withdrawal of the application materials on the restructuring to the China Securities Regulatory Commission considering that the relevant parties were unable to submit the required supplementary materials to the CSRC in a timely manner due to the workload.
Status: Agreed