Deal Pipeline
Monday 25 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-MARLIN MERGES RECENTLY-ACQUIRED TERADATA DIVISION WITH EMAIL MARKETING SOFTWARE FIRM BLUEHORNET
US-based private equity firm Marlin Equity Partners has merged its existing portfolio company, US-based SaaS email marketing software and services provider BlueHornet, with the marketing execution business of the Marketing Applications division it recently acquired from Teradata Corp. (NYSE: TDC), the firm said.
BlueHornet enables marketers to create and execute personalised email campaigns, and simplifies the campaign management process with its unique, intuitive segmentation interface.
Status: Closed

-US GROCER KROGER MERGES AXIUM PHARMACY WITH SPECIALTY PHARMACY MODERN HC HOLDINGS
US-based grocery store operator The Kroger Co.'s (NYSE: KR) has inked a deal under which its Axium Pharmacy Holdings, Inc. unit will acquire the outstanding shares of US-based specialty pharmacy Modern HC Holdings, Inc. to create a combined specialty pharmacy that will operate as a wholly-owned subsidiary of The Kroger Co., the company said.
ModernHEALTH, based in Orlando, is one of the nation's largest independent providers of specialty pharmacy services.
Status: Agreed

-MIDWEST BANCENTRE CLOSES USD 14M ACQUISITION OF BREMEN BANCORP
US-based bank holding company Midwest BankCentre, Inc. has completed its contemplated acquisition of Bremen Bancorp Inc. (OTC: BBIM) and its Bremen Bank and Trust Co. banking subsidiary, the company said.
Consideration for the transaction was approximately USD 14m, or USD 93.93 per share. In March, Midwest BankCentre announced the deal to buy Bremen Bank, which is one of the oldest banks in St. Louis, Missouri. Bremen Bank was founded in 1868, and had more than USD 175m in assets at the time the deal was struck.
Status: Closed

-BOSTIK ACQUIRES PERFORMANCE SEALANTS FIRM DEN BRAVEN
French high-performance materials, industrial specialties and coating solutions group Arkema's Bostik unit has agreed to acquire French performance sealants maker Den Braven, the group said. The deal has an enterprise value of EUR 485m (USD 532.75m), which is 11 times 2016 EBITDA estimate.
Den Braven posts around EUR 350m in sales and an EBITDA margin of 12.5%. Bostik said that the deal allows it to participate in the consolidation of the still fragmented adhesives and sealants market, and to create a global market leader in high performance sealants for insulation and construction.
Status: Closed

-SOCAN ACQUIRES DIGITAL MUSIC LICENSING SERVICES FIRM AUDIAM
Canadian music performing rights organisation SOCAN has purchased 100% of New York-based Audiam, the group said.
SOCAN said the acquisition allows it to provide a unique global music industry solution with respect to licensing digital services and royalty payment for songwriters, composers and music publishers. With Audiam, Socan now has a database and metadata of all musical works and commercially released digital sound recordings, and the technology and business understanding to match and connect the two, issue licenses and get rights-holders paid all they have fairly earned.
Status: Closed

-BANKERS PETROLEUM, GEO-JADE EXTEND MERGER DEADLINE PENDING CHINA NOD
Canadian oil and gas company Bankers Petroleum Ltd. (TSX: BNK) (AIM: BNK) and affiliates of Geo-Jade Petroleum Corp. have extended their arrangement agreement deadline from June 30, 2016 to July 31, 2016 in order to secure approvals from the People's Republic of China the companies said.
The companies inked an arrangement agreement on 19 March 2016, under which Geo-Jade will acquire all the issued and outstanding common shares of Bankers through its affiliates at a cash price of CDN 2.20 per Bankers share. This deal values Bankers at approximately CDN 575m (USD 436.38m) before the assumption of the outstanding indebtedness of Bankers.
Status: Agreed

-IMPLANT SCIENCES TO ACQUIRE FRENCH JET-POWERED TECHNOLOGIES SPECIALIST ZAPATA INDUSTRIES
US-based explosives trace detection solutions manufacturer Implant Sciences Corp. (OTCQB: IMSC) has signed a letter of intent to acquire French single user hydro-and jet-powered technologies and products manufacturer Zapata Industries SAS, the company said.
Zapata offers commercial, defense, and homeland security technology applications. The company's proprietary methodology, algorithms, and patented designs are currently commercialised and in development within recreation, entertainment, military, medical, and industrial sectors.
Status: Agreed

-FNB TO ACQUIRE NORTH CAROLINA'S YADKIN FINANCIAL IN USD 1.4BN DEAL
Pennsylvania, US-based bank holding company F.N.B. Corp. (NYSE: FNB) and North Carolina, US-based Yadkin Financial Corp. (NYSE: YDKN) have signed a definitive merger agreement pursuant to which F.N.B. Corp. will acquire Yadkin Financial Corp. and its Yadkin Bank in an all-stock transaction valued at approximately USD 27.35 per share, or USD 1.4bn, the companies said.
Following the merger of the parent holding companies, Yadkin Bank will merge with and into FNB's subsidiary, First National Bank of Pennsylvania. The acquisition of the North Carolina-based bank will provide FNB with approximately USD 7.5bn in total assets, USD 5.3bn in total deposits, USD 5.4bn in total loans and 100 banking offices located in North Carolina and South Carolina.
Status: Agreed

-PEOPLE'S UNITED BANK TO BUY NEW YORK INVESTMENT MANAGER GERSTEIN FISHER
US-based People's United Bank, N.A.'s People's Securities, Inc. subsidiary has entered into a definitive agreement to acquire New York City-based investment management firm Gerstein Fisher, the bank said.
Gerstein Fisher is a USD 3bn firm serving individuals and families, institutions, and third-party platforms. The transaction is expected to bring People's United Wealth Management's total assets under administration to nearly USD 20bn, of which approximately USD 8bn is under discretionary management.
Status: Agreed

-EVERFI ACQUIRES COMPLIANCE EDUCATION FIRM LAWROOM
US-based education technology company EverFi has acquired compliance education specialist LawRoom, the company said. With the addition of LawRoom, EverFi grows its customer base to 3,300 partners, including 2,000 corporations, foundations, and nonprofits and over 1,300 higher education institutions.
The acquisition includes LawRoom subsidiary CampusClarity, which together with EverFi forms the industry's largest campus prevention education provider.
Status: Closed

-DIGITAL SIGNAGE FIRM INDUSTRY WEAPON ACQUIRES ANODE'S FIRESIGN PLATFORM
US-based digital signage content management and distribution company Industry Weapon has acquired Anode's FireSign Dynamic Digital Signage platform, the company said.
Anode, Inc., a Nashville, Tennessee based creative agency, originally developed the FireSign platform in 1991. At the end of last year, Anode decided to move away from owning and maintaining a proprietary digital signage platform.
Status: Closed

-EXXONMOBIL WINS, WILL ACQUIRE INTEROIL IN USD 2.5BN DEAL
US-based oil and gas major Exxon Mobil Corp. (NYSE: XOM) and Singapore-based oil and gas business InterOil Corp. (NYSE: IOC) (POMSox: IOC) have inked a deal worth more than USD 2.5bn under which ExxonMobil will acquire all of the outstanding shares of InterOil, the companies said.
Last week, InterOil's board determined that an unsolicited proposal received on 30 June from Exxon Mobil was 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.
Status: Agreed

-CLAYTON, DUBILIER AND RICE CLOSES ACQUISITION OF INSURANCE SALES, MARKETING SOLUTIONS FIRM
US-based private investment firm Clayton, Dubilier and Rice has closed a deal under which CD/R-managed funds acquired US-based insurance industry direct-to-consumer sales and marketing solutions provider Tranzact, the company said.
Tranzact provides a turnkey, direct-to-consumer sales capability to insurance carriers. The company leverages and integrates digital, data and direct marketing solutions that combined with licensed sales execution capabilities deliver new policy holders to carriers seeking to acquire and manage large numbers of customers in three primary insurance verticals: Health, Life, and P and C/Auto.
Status: Closed

-FIRST RESERVE FUND TO ACQUIRE UK INFRASTRUCTURE SERVICES FIRM MORRISON UTILITY
UK-based utility infrastructure services provider Morrison Utility Services has agreed to be acquired by private equity and infrastructure investment firm First Reserve, the company said.
First Reserve is exclusively focused on energy, including utilities. Bregal Capital and Motion Equity Partners acquired MUS in March 2008 from Anglian Water Group, investing alongside company management. With history dating back to 1884, MUS is one of the UK's providers of infrastructure services to utilities, operating in the electricity, gas, water and telecommunication sectors.
Status: Agreed

-HORIZON NORTH LOGISTICS ACQUIRES EMPIRE CAMP EUQIPMENT IN CDN 44.5M DEAL
Canadian camp management accommodations company Horizon North Logistics Inc. (TSX HNL) has entered into a binding letter of intent with respect to the acquisition of Canadian camp and wellsite buildings provider Empire Camp Equipment Ltd., the company said.
Horizon North and Empire have agreed to a purchase price of approximately CDN 44.5m (USD 33.77m), payable through a combination of cash and newly issued Horizon North common shares. The binding letter of intent is subject to certain conditions including the results of formal due diligence and the receipt of all necessary and required consents including from the TSX and the Corp.'s lending syndicate.
Status: Closed

-KAHALA BRANDS WINS SHAREHOLDER NOD FOR MTY FOOD MERGER
US-based restaurant franchising company Kahala Brands, Ltd.'s (OTC: KAHL) proposed merger with a wholly-owned subsidiary of Canadian restaurant franchisor and operator MTY Food Group, Inc., has approved by the company's shareholders during a special shareholder meeting, the company said.
On May 25, the companies announced a deal under which MTY would acquire Kahala in a cash and shares deal worth USD 301.03m. The aggregate consideration for Kahala Brands consists of 2,253,930 common shares of MTY (woth around CDN 80.420m or USD 61.03m at current prices) and USD 240m cash less actual closing costs, indebtedness and other customary adjustments.
Status: Agreed

-SILVER RUN ACQUISITION TO BUY CONTROLLING STAKE IN US OIL AND GAS FIRM CENTENNIAL RESOURCE PRODUCTION
US-based oil and natural gas company Silver Run Acquisition Corp. (NASDAQ: SRAQ) has agreed to acquire a controlling interest in Southern Delaware Basin oil and gas operator Centennial Resource Production, LLC, the company said.
The deal is subject to approval of the Silver Run stockholders. On July 6, 2016, an affiliate of investment firm Riverstone Holdings LLC entered into a definitive agreement to purchase an approximate 89% interest in Centennial from funds controlled by, and affiliates of, NGP Energy Capital Management, L.L.C.
Status: Agreed