Deal Pipeline
Monday 27 February 2017
The following is a list of deals covered in detail by M and A Navigator this week:

-CLEARLAKE CAPITAL MERGES GLOBE ENERGY, LIGHT TOWER RENTALS TO FORM GLOBELTR

US-based private equity firm Clearlake Capital Group, LP has merged two Texas-based companies, oilfield services provider Global Energy Services, LLC and industrial rental equipment supplier Light Tower Rentals, Inc., to form GlobeLTRI Energy, Inc., the company said.
GlobeLTR provides oilfield services to upstream oil and natural gas companies operating throughout the United States. GlobeLTR Energy is a Permian-focused provider of oilfield services to US onshore oil and natural gas exploration and production companies.
Status: Closed




-AES, AIMCO PARTNER TO ACQUIRE US SOLAR POWER DEVELOPER SPOWER FOR USD 853M

US-based power company AES Corp. (NYSE: AES) has partnered with Canada-based investment fund manager Alberta Investment Management Corp. (AIMCo), to acquire Utah-based solar power developer FTP Power LLC (sPower) from NY-based financial company Fir Tree Partners, the company said.
FTP Power (sPower), a sustainable power group, was acquired for USD 853m in cash plus the assumption of USD 742m in non-recourse debt. AES and AIMCo will each directly and independently purchase and own slightly less than 50% equity interests in sPower. After closing, AES' ownership of renewable energy projects in operation and under construction will grow from 8,278mw to 9,552mw, including hydro, wind, solar and energy storage.
Status: Agreed




-LAYER ACQUIRES MESSAGING STARTUP COLA

San Francisco-based messaging company Layer Inc. has secured USD 15m in Series B venture capital funding and acquired San Francisco-based messaging OS startup Cola, the company said.
Cola is known for its Cola messenger app and the Cola bubble platform, which transforms communications into actionable and collaborative messages. Tech Crunch reported Cola had raised USD 1.3m in seed funding from investors including Brad Garlinghouse, Steve Case, Naval Ravikant and Tribeca Angels.
Status: Closed




-CHERVON ACQUIRES POWER TOOL BRANDS SKIL, SKILSAW FROM BOSCH

Chicago, US-based power tool, outdoor power equipment manufacturer Chervon has acquired power tool brands Skil and SkilSaw from Ill.-based tool company Robert Bosch Tool to leverage its position in the North American market, the company said.
Chervon said it aims to provide resources to expand the Skil and SkilSaw brand with a focus on professional cutting, leveraging worm drive technology.
Status: Closed




-CAMBER ENERGY SUBSIDIARY TO ACQUIRE OIL/GAS LEASES IN PERMIAN BASIN FOR USD 11M

Texas, US-based Camber Permian II LLC (CPII) has entered into a definitive agreement with private sellers to acquire oil and gas leases covering approximately 13,000 net acres in the Permian Basin for USD 11.03m, the company said.
Camber Permian II is a subsidiary of oil and gas exploration and production company Camber Energy, Inc. (NYSE MKT: CEI). The company's acquisition of oil and gas leases, known as Arrowhead Project, covers a contiguous block of acreage across the Yoakum and Cochran County line of the Permian Basin and includes a completed horizontal San Andres well and a salt-water disposal well, both currently shut-in.
Status: Agreed

-TELEPIZZA TO ACQUIRE "PIZZA BLITZ" DELIVERY BRAND IN SWITZERLAND
Spanish pizza delivery company Telepizza has entered into a binding agreement to acquire Swiss pizza delivery brand Pizza Blitz, the company said.
This brings to 1,352 the number of stores owned by Telepizza. The company said it aims to triple its market share over the next three years. Telepizza operates in more than 15 countries through a network of own stores, franchisees and master franchisees, with EUR 506m in 2016 sales
Status: Agreed



-EAGLEPICHER TECHNOLOGIES ACQUIRES ENERGY STORAGE SYSTEM FIRM LITHIUMSTART

Missouri, US-based battery company EaglePicher Technologies, LLC, a company owned by St. Louis-based Vecta, has acquired San Francisco based energy storage system firm Lithiumstart Inc, the company said.
EaglePicher said the deal solidifies its position in integrated lithium ion energy storage systems. Lithiumstart has been renamed EaglePicher Lithiumstart.
Status: Closed

-CASTELLUM ACQUIRES 14 BORAS PROPERTIES IN EXCHANGE TRANSACTION
Sweden-based real estate company Castellum has acquired 14 Borås-based commercial properties in an exchange transaction with Klövern, selling nine Mölndal and Partille properties, increasing Castellum's portfolio of commercial properties in Borås by 80%, the company said.
The company said the acquisition price is approx. SEK 480m (USD 53m) including transaction costs. Castellum said the acquisition in Borås covers a total area of approx. 81,000 sq. m., and primarily consists of office and storage/logistics space.
Status: Closed

-ANI PHARMACEUTICALS ACQUIRES 2 HYPERTENSION DRUG BRANDS FROM CRANFORD HOLMDEL
Minnesota, US-based specialty pharmaceutical company ANI Pharmaceuticals, Inc. (NASDAQ: ANIP) has acquired two beta adrenergic blocker drugs to treat hypertension from US-based Cranford Pharmaceuticals, LLC and NJ-based Holmdel Pharmaceuticals LP, the company said.
The acquisitions were funded through a combination of cash and debt. ANI said it intends to transition both products to the ANI label at a future date. IMS Health said Inderal XL and InnoPran XL generated combined sales of USD 23.3m in calendar year 2016.
Status: Closed

-AUSTIN FOAM PLASTICS ACQUIRES EPI PROTECTIVE PACKAGING DEVISION
Texas, US-based packaging solutions provider Austin Foam Plastics, Inc. (AFP) has acquired the packaging division of Missouri, US-based Engineered Packaging Inc., the company said.
The company said EPI will continue to operate its temperature controlled packaging division and AFP will assume the protective packaging, distribution and returnable/consumable lines of business. 
Status: Closed

-OHIO'S FIRST DEFIANCE FINANCIAL CLOSES USD 63M ACQUISITION OF COMMERCIAL BANCSHARES
Ohio, US-based bank holding company First Defiance Financial Corp. (NASDAQ: FDEF) has closed the acquisition of Commercial Bancshares, Inc. (OTCQX: CMOH) in a transaction valued at USD 51.00 per share, the company said.
This value is based on the 20-day average closing price of First Defiance common stock of USD 43.19 ending 22 August 2016. Upon completion, Commercial's wholly owned subsidiary, Commercial Savings Bank, merged into First Defiance's subsidiary bank, First Federal Bank of the Midwest. Commercial Savings Bank is a community bank founded in 1920 and operates seven full-service banking locations. As of June 30, 2016, Commercial had USD 342m in assets, USD 298m in loans and USD 301m in deposits.
Status: Closed

-HENNESSY CAPITAL ACQUISITION II CLOSES USD 626M PURCHASE OF TEXAS TRUCKING FIRM DASEKE
Texas-based blank check company Hennessy Capital Acquisition Corp. II (NASDAQ: HCAC) has closed its acquisition of Texas-based trucking company Daseke, Inc., the company said. Under the deal, HCAC acquired all of the outstanding capital stock of Daseke in an all-stock merger transaction.
The proposed transaction will introduce Daseke as a publicly traded company, with an anticipated initial enterprise value of approximately USD 702m. Daseke consolidates open deck freight market in North America. Its family of companies own open deck equipment and open deck transportation and logistics solutions in North America.
Status: Closed

-SILVER BAY REALTY TRUST AGREES TO USD 1.4BN TRICON CAPITAL GROUP BUYOUT
US-based single-family rental real estate investment trust Silver Bay Realty Trust Corp. (NYSE: SBY) has entered into a definitive agreement under which Canadian real estate firm Tricon Capital Group Inc. will acquire Silver Bay in a transaction valued at approximately USD 1.4bn, the company said.
Silver Bay's stockholders will receive USD 21.501 per share in cash for each outstanding share of common stock held immediately prior to the closing of the transaction. This purchase price represents a 19% premium to Silver Bay's closing price on 24 February 2017 of USD18.01 and a 24% premium to the stock's 90 day trailing average price as of 24 February 2017. In addition, Tricon Capital Group Inc. will assume or repay a total of approximately USD600.0 m of Silver Bay's debt (net of cash on hand).
Status: Agreed

-MOZILLA ACQUIRES SAVE-FOR-LATER SERVICE POCKET
Web browser developer The Mozilla Corp. has completed the acquisition of save-for-later service Pocket's developer, Read It Later, Inc., the company said. This is Mozilla's first strategic acquisition. Pocket contributes to Mozilla's strategy by growing its mobile presence.
Pocket will join Mozilla's product portfolio as a new product line alongside the Firefox web browsers with a focus on promoting the discovery and accessibility of high quality web content. Its core team and technology will also accelerate Mozilla's broader Context Graph initiative.
Status: Closed

-ABBOTT CLOSES USD 4.325BN SALE OF MEDICAL OPTICS BUSINESS TO JOHNSON AND JOHNSON
US-based drugmaker Abbott (NYSE: ABT) has closed the sale of its Abbott Medical Optics vision care business to Johnson and Johnson (NYSE: JNJ) for USD 4.325bn in cash, the company said. Abbott's vision business has products in areas including cataract surgery, laser vision correction (LASIK) and corneal care products (contact solution, eye drops, etc.).
The net impact of this transaction is not expected to impact Abbott's overall targeted ongoing earnings per share in 2017. This targeted earnings per share excludes the expected gain on this transaction and any costs related to the transaction. Abbott is a healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare.
Status: Closed

-US REIT REGENCY CENTERS WINS SHAREHOLDER NOD FOR USD 15.6BN MERGER WITH EQUITY ONE
Shareholders of Florida, US-based real estate investment trust Regency Centers Corp. (NYSE: REG) have approved the company's agreement to merge with New York-based real estate investment trust Equity One, Inc. (NYSE: EQY) with Regency continuing as the surviving public company and creating the shopping centre REIT, the company said.
Under the terms of a November 2016 agreement, each share of Equity One common stock will be converted into 0.45 shares of newly issued shares of Regency common stock. On a pro forma basis, following the closing of the transaction, Regency shareholders are expected to own approximately 62% of the combined company's equity, and former Equity One shareholders are expected to own approximately 38%.
Status: Agreed

-FELCOR LODGING TRUST CLARIFIES BACKGROUND ON ASHFORD HOSPITALITY TRUST PROPOSAL
US-based hotel REIT FelCor Lodging Trust Inc. (NYSE: FCH) is offered clarification on an unsolicited, non-binding and conditional proposal to combine its business with US-based hotel REIT Ashford Hospitality Trust (NYSE: AHT) Ashford Hospitality Trust (NYSE: AHT), the company said.
Ashford announced the offer on 21 February. It follows several months of discussions between FelCor and AHT, during which FelCor said it repeatedly expressed numerous concerns regarding the value and structure of AHT's various proposals. For its part, Ashford Trust said it has attempted to conduct good faith discussions with FelCor since early October 2016.
Status: Agreed

-AUGUSTA METRO FEDERAL CREDIT UNION WINS MEMBERS NOD FOR PENFED MERGER
Members of Virginia, US-based Augusta Metro Federal Credit Union have voted to merge with America's second-largest federal credit union, Virginia, US-based PenFed Credit Union, the CU said.
As a result of joining PenFed, more than 22,000 members in the greater Augusta area will have access to PenFed's products and services. PenFed said its focus on the national defense community and those who support them, coupled with its broad field of membership, will enable it to continue serving and expanding in this community.
Status: Agreed

-DEXKO GLOBAL TO ACQUIRE GERMAN TRAILER RUNNING GEAR PRODUCER BPW FAHREUGTECHNIK
US-based running gear technology and chassis assemblies producer DexKo Global has expanded the operations of AL-KO Vehicle Technology through the acquisition of German automotive supplier BPW Bergische Achsen KG's BPW Fahrzeugtechnik subsidiary, the company said.
The German Antitrust Authority has approved the transaction, effective as of 1 March 2017. BPW Fahrzeugtechnik's focus lies particularly on the development and manufacturing of trailer running gear in the low axle load range. The company is an established manufacturer that provides high-quality and reliable products. Approx. 200 employees at the Paderborn location make sure of this.
Status: Agreed

-DELOITTE CORPORATE FINANCE ADVISES US FERTILISER FIRM TIGER-SUL IN SALE TO PLATTE RIVER EQUITY
US-based advisory services and M/A advice provider Deloitte Corporate Finance LLC acted as the exclusive financial advisor to US-based agriculture business H.J. Baker and Bro., Inc. in the sale of its Tiger-Sul, Inc. operating subsidiary to private equity firm Platte River Equity, the firm said.
Tiger-Sul is a Shelton, Connecticut-based manufacturer of sulphur- and micronutrient-enhanced fertiliser products. Tiger-Sul has manufacturing facilities in the US, Canada and China, Tiger-Sul is committed to providing premium-quality crop performance products to agricultural customers around the world. For more than 50 years, Tiger-Sul has produced specialty crop nutrients to improve crop yields across a range of crop types and geographies.
Status: Closed

-SYCAMORE PARTNERS ACQUIRES BANKRUPT US RETAILER THE LTD'S BRAND, RELATED IP
US-based private equity firm Sycamore Partners has acquired US-based retail store operator The Ltd.'s brand and other related intellectual property assets, the firm said. In January, Ltd. Stores has filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code.
Concurrently, the said it had entered into an asset purchase agreement with an affiliate of private equity firm Sycamore Partners to acquire the company's intellectual property and certain related assets pursuant to Section 363 of the Bankruptcy Code, subject to the receipt of higher or better offers.
Status: Closed

-RENESAS CLOSES USD 3.2BN ACQUISITION OF POWER MANAGEMENT SOLUTION FIRM INTERSIL
Japan-based advanced semiconductor solutions provider Renesas Electronics Corp. (TYO: 6723) has closed the acquisition of Milpitas, California-based power management solutions provider Intersil Corp. (NASDAQ: ISIL) for USD 22.50 per share in cash, representing an aggregate equity value of USD 3.2bn, the company said.
The transaction was announced last September. Renesas Electronics engages in the research, development, design, manufacture, sale, and servicing of semiconductor products worldwide. The company's offerings include microcontrollers and microprocessors, smart analog ICs, and secure microcomputer units. It was founded in 2002 and is headquartered in Tokyo, Japan.
Status: Closed

-PALACE CAPITAL SELLS LEEDS, UK LEASEHOLD FOR GBP 2.15M
UK-based property investment company Palace Capital plc (LSE: PCA) has sold its long leasehold interest in Warwick House, Wade Lane, Leeds to a private investment group for GBP 2.15m (USD 2.68m), GBP 0.75m above book value, the company said.
Warwick House was part of the Sequel Portfolio acquired from Quintain plc in October 2013. It comprises an office building with a net floor area of 14,800 sq ft and is held on a 125 year lease from Leeds City Council that commenced on 29 September 1980 at a minimum ground rent of GBP 8,000 per annum or 12.12% of rents received, whichever is the greater.
Status: Closed

-STOBART GROUP CLOSES ACQUISITION OF REMAINING STAKE IN PROPIUS FROM AER LINGUS
UK-based infrastructure and support services group Stobart Group Ltd. (LSE: STOB) has closed the acquisition of the remaining 33% interest in aircraft leasing firm Propius Holdings Ltd. from Irish carrier Aer Lingus for a cash consideration of USD 14.7m, the group said.
Following the acquisition of this stake, Stobart owns 100% of the share capital of Propius. Stobart said that the aggregate consideration for the purchase along with associated transaction costs will be funded by a sale to an institutional investor of ordinary shares of 10p each in the capital of the company, which are currently held in treasury.
Status: Closed

-ADAMAS FINANCE ASIA RECEIVES USD 700,000 IN PART SETTLEMENT DUE FROM EXERCISE OF PUT OPTION
Hong Kong-based investment company Adamas Finance Asia Ltd. (LSE: ADAM) has has received a payment of USD 700,000 in part settlement of the RMB 50m (approximately USD 7.2m) due from the exercise of a put option, the company said.
The remainder of the amount owed under the put option is expected to be paid when the due diligence process being undertaken by the purchaser, R/F Properties Co. Ltd., is finalised and payment conditions are met in accordance with the sale and purchase agreement. In January Adamas Finance Asia said it had agreed terms for the sale of its indirect 15% interest in the Tian Tong Shan Villa Project, a resort development in Fujian Province, China for a total consideration of up to RMB 113.58m (USD 16.4m), the company said.
Status: Closed

-TEJOORI COMPLETES DISPOSAL OF ARJAN PLOT IN UAE
Dubai-based Shari'a-compliant investment company Tejoori Ltd. (AIM: TJI) has now received the requisite final approvals from the Dubai Land Department for the disposal of the final remaining Arjan plot of land, the company said.
In addition, Tejoori Emirates LLC, a wholly-owned subsidiary of the company, received, on 23 February 2017, the gross consideration of AED 21,312,540.00 (approximately USD5.8 m) in consideration for the Disposal from Mr Mohammad Ali Abdulla. The company has transferred the title deed to the buyer and, as such, the disposal is deemed to have completed. The company no longer owns any of the Arjan Plots and has disposed of its entire investment portfolio.
Status: Closed

-COFFEE HOLDING ACQUIRES MASSACHUSETTS ROASTER COMFORT FOODS FOR USD 2.3M
New York, US-based wholesale coffee roaster and dealer Coffee Holding Co., Inc. (NASDAQ: JVA) has acquired Massachusetts, US-based regional roaster Comfort Foods Inc., the company said. Comfort Foods manufactures both branded and private label coffee for retail and foodservice customers located predominantly in the northeast marketplace. 
In connection with the acquisition, the company paid USD 2.3m for 100% of the capital stock of Comfort Foods which had approximately USD 7.3m in trailing twelve month revenues. Comfort Foods was incorporated in August 1992 as a distributor of quality gourmet coffee in distinctive expanded canisters.
Status: Closed

-ISA TO INVEST UP TO USD 80M IN TELECOMMUNICATIONS INFRASTRUCTURE FIRM ANDEAN TOWER PARTNERS
Latin American infrastructure company ISA Group has agreed to invest up to USD 80m in US-based telecommunications infrastructure firm Andean Tower Partners for the development of telecommunications infrastructure in Colombia and Peru, the company said.
ATP owns, operates, and manages passive telecommunications infrastructure in Colombia and Peru, with plans to expand into the Andean Region. Its business is to operate and manage towers and sites for mobile operator infrastructure deployment including new technologies like small cells and DAS (distributed antenna systems) to help meet mobile connectivity growing demand.
Status: Agreed

-PRGX GLOBAL CLOSES USD 11M ACQUISITION OF COST AND COMPLIANCE ASSOCIATES
Atlanta, Georgia-based recovery audit and spend analytics services provider PRGX Global, Inc. (NASDAQ: PRGX) has closed the acquisition of assets of UK- and US-based commercial recovery audit and contract compliance firm Cost and Compliance Associates, the company said.
Under the terms of the purchase agreement, PRGX will pay up to USD 11m in cash at closing. The actual closing consideration paid will be calculated based on the extent to which specified third party consents are obtained and is subject to a customary working capital adjustment. In addition, PRGX may be required to pay earnout consideration in cash over a period of two years, based on the performance of the acquired businesses following closing.
Status: Closed

-CHINESE DIGITAL TRAVEL FIRM QUNAR WINS SHAREHOLDER NOD FOR USD 4.44BN 'GOING PRIVATE' TRANSACTION
Shareholders of Chinese mobile and online travel platform Qunar Cayman Islands Ltd. (NASDAQ: QUNR) have approved the company's definitive agreement and plan of merger with Ocean Management Holdings Ltd. and its Ocean Management Merger Sub Ltd subsidiary under which Qunar will be acquired by Ocean Management in a transaction implying an equity value of the company of approximately USD 4.44bn, the company said.
Under the deal, at the effective time of the merger, each ordinary share of the company issued and outstanding immediately prior to the effective time of the merger will be cancelled and cease to exist in exchange for the right to receive USD 10.13 in cash without interest.
Status: Agreed

-US LITHIUM TO ACQUIRE SASKATCHEWAN NICKEL-COPPER-COBALT MINING PROJECT
US-based exploration and development company US Lithium Resources Inc. (OTC: LITH) has entered an agreement to acquire 100% of the Gochagar Lake Nickel-Copper-Cobalt project claims from Diamond Hunter Ltd., the company said.
The project, which consists of four claims covering 3,759 hectares, is located in northern Saskatchewan approximately 75 km north of the town of La Ronge. Historical exploration has identified semi-massive and massive Ni-Cu deposits with significantly elevated levels of Cobalt, a vital component in the manufacture of the latest generation of lithium ion batteries.
Status: Agreed

-HOME BANCSHARES CLOSES USD 96M ACQUISITION OF GIANT HOLDINGS, LANDMARK BANK
Arkansas, US-based bank holding company Home BancShares, Inc. (NASDAQ: HOMB) has closed the acquisition of Giant Holdings, Inc and its Landmark Bank, N.A. subsidiary, the company said. Under the terms of the deal, GHI merged with and into Home effective at the close of business 23 February and and Landmark merged with and into Home's Centennial Bank immediately thereafter.
As of January 2017, GHI had approximately USD 396.9m in total assets, USD 329.4m in loans, and USD 302.6m in deposits. With the completion of the acquisition, the company now operates 76 branches in Arkansas, 65 branches in Florida, six branches in South Alabama and one in New York City.
Status: Closed

-HEMP AND CBD FIRM HAENEPSOURCE TO MERGE WITH FLEXWEEK
US-based hemp and CBD company HaenepSource, LLC is merging with US-based timeshare marketplace FlexWeek, Inc. (OTC: FXWK), the company said.
HaenepSource, better known for its main brand Holy Grail, is one of the first companies in the legal hemp and CBD space. Haenep has transitioned from making the first legal CBD Vapor products into Wellness, Raw Bulk Oils, and Energy products. HaenepSource, or Holy Grail, is known for its strong internal brands, private label capability, and consistent high quality Hemp and CBD oils.
Status: Agreed

-GLADSTONE CAPITAL INVESTS IN UNIFIED COMMUNICATIONS BUSINESS
US-based business development company Gladstone Capital Corp. (NASDAQ: GLAD) has completed a USD 29m senior secured debt investment in support of US-based NetFortris Corp. acquisition of US-based unified communications provider Fonality Inc., the company said.
NetFortris is a portfolio company of Spire Capital. Headquartered in Seattle, NetFortris offers cloud communications solutions that enable people to work, collaborate, and deliver customer service.
Status: Closed