Deal Pipeline
Thursday 04 August 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-BLUE HARVEST FISHERIES ACQUIRES MASSACHUSETTS FISH PROCESSOR HYGRADE OCEAN PRODUCTS
New York-based scallops harvester Blue Harvest Fisheries, LLC has acquired New Bedford, Massachusetts-based fish products processor Hygrade Ocean Products Inc, the company said.
Blue Harvest will begin marketing and distributing company-landed scallops, bluefin tuna, and swordfish directly to customers. With operations in Newport News, Virginia, and Fairhaven, Massachusetts, Blue Harvest owns a fleet of 15 scallop vessels and is an active participant in the bluefin tuna and swordfish fisheries.
Status: Closed

-EMERSON TO SELL LEROY-SOMER, CONTROL TECHNIQUES UNITS TO JAPAN'S NIDEC IN USD 1.2BN DEAL
St. Louis, Missouri-based manufacturing and engineering services company Emerson Electric Co (NYSE: EMR) has agreed to sell its France-based Leroy-Somer and UK-based Control Techniques business units to Japan-based electric motor maker Nidec Corp, the company said.
The transaction is valued at USD 1.2bn and is expected to close by December 31, 2016, subject to regulatory approvals. Leroy-Somer was acquired by Emerson in 1990. Control Techniques has been an Emerson business since 1995.
Status: Agreed

-SHRED-TECH ACQUIRES US SHREDDER MANUFACTURER AXO
Canada-based shredding and recycling systems manufacturer Shred-Tech Corp has acquired US-based shredding technology company AXO Shredders, the company said. Established in 2000, AXO Shredders manufactures mobile, stationary shredders and recycling systems; with operations in the UK, USA and Thailand serving hundreds of customers.
The company designs and builds shredding systems to meet the needs of numerous industries and applications. Shred-Tech was established in 1980. It designs and makes mobile and stationary shredding and recycling systems.
Status: Closed

-HEARTHSIDE FOOD SOLUTIONS ACQUIRES US BAKED GOODS MAKER OAK STATE PRODUCTS
Illinois-based independent baker Hearthside Food Solutions has acquired Wenona, Illinois-based baked goods maker Oak State Products, the company said.
Hearthside has 20 production facilities in the US and three in Europe, making bars and baked goods in North America and functional bars in the EU. The Oak State acquisition will add one additional US manufacturing location to Heathside, bringing the network to 24 facilities.
Status: Closed

-TPG CAPITAL TO ACQUIRE MAJORITY STAKE IN GERMAN LOGISTICS SOFTWARE FIRM TRANSPOREON
German industrial logistics business network Transporeon has received an investment from US-based private investment firm TPG Capital, the company said. Transporeon provides web-based centralised transport-management software. TPG Capital bought the stake from The Riverside Co, which made its investment in the company in 2013.
The company operates several web-based logistics platforms that provide shippers and carriers with a platform and software. TPG Capital, a part of US-based alternative asset firm TPG, has agreed to acquire a majority interest in Transporeon from New York-based private equity firm The Riverside Company and other shareholders.
Status: Agreed

-PING IDENTITY ACQUIRES CUSTOMER ID, ACCESS MANAGEMENT SOFTWARE FIRM UNBOUNDID
Colorado-based identity defined security provider Ping Identity has acquired Texas-based access management software provider UnboundID, the company said.
The acquisition is designed to accelerate digital enterprise transformation initiatives and improve how companies acquire, engage, manage and retain customers across all channels and devices. These two companies have been partners for nearly two years and share well over 20 enterprise customers across the US, EMEA and Asia, including Cisco, Telus and Wawa.
Status: Closed

-DUCK CREEK TECHNOLOGIES ACQUIRES UK INSURANCE SOFTWARE FIRM AGENCYPORT
Missouri-based insurance software solutions provider Duck Creek Technologies has purchased UK-based software solutions provider Agencyport, the company said.
Agencyport solutions focus on providing intuitive, digital experiences between P and C carriers and their agents, brokers, consumers and policyholders. Its flagship products include AgencyPortal, Turnstile, and BookSmart. For carriers using third-party or homegrown back-end systems, Agencyport products will be available as independent solutions, providing the ability to front-end any billing, claims or policy system.
Status: Closed

-COMPASS HEALTH BRANDS ACQUIRES GEL OVERLAYS MAKER MERIDIAN MEDICAL
Ohio-based medical holding company Compass Health Brands has acquired US-based gel overlays maker Meridian Medical, the company said.
With operations in Knoxville, Tennessee, Meridian Medical markets its products under six brands, including Air Lift, CareFore, Ultra Care, Gel Lite, Core Comfort and MediPress. It will continue to manufacture products in the United States.
Status: Closed

-MOTORSPORT.COM ACQUIRES ITALIAN GAMES DEVELOPER INTERACTIVE PROJECT
US-based digital mortorsport media brand Motorsport.com's Motorsport Network division has acquired a majority interest in Italy-based motorsports-based gaming developer Interactive Project, the company said.
As part of the agreement, Interactive Project will oversee the development of exclusive Motorsport.com-branded managerial and fantasy video games targeted at multiple motorsports series, in multiple languages.
Status: Closed

-BISSETT NURSERY, BISSETT EQUIPMENT ACQUIRED BY US LANDSCAPE ARCHITECTURAL SERVICES FIRM SITEONE
Georgia, US-based landscape architectural services provider SiteOne Landscape Supply, LLC has acquired New York-based horticultural distribution centre Bissett Nursery and New York-based equipment rental company Bissett Equipment Companies, the company said.
Bissett, started in 1963, has three locations on Long Island, New York where it distributes nursery, hardscapes and landscape supplies, as well as equipment sales, rental and repairs to landscape professionals.
Status: Closed

-SPARK ENERGY CLOSES USD 28M ACQUISITION OF PROVIDER POWER
US-based retail energy services company Spark Energy, Inc. (NASDAQ: SPKE) has completed its acquisition of US-based Provider Power LLC, the company said.
Provider Power is the parent company of Electricity Maine, a competitive power company in the US state of Maine. The purchase price was USD 28m. Spark expects the acquisition to be immediately accretive to earnings.
Status: Closed

-TRIUMPH BANCORP CLOSES USD 70M ACQUISITION OF COLORADO'S COLOEAST BANKSHARES
US-based bank holding company Triumph Bancorp, Inc. (NASDAQ: TBK) has closed the acquisition of Colorado East Bank and Trust parent ColoEast Bankshares, Inc. the company said. Simultaneously with the closing of the acquisition, ColoEast's wholly-owned bank subsidiary, Colorado East Bank and Trust, merged with and into the company's wholly-owned bank subsidiary, TBK Bank, SSB.
At June 30, 2016, ColoEast had approximately USD 753m of total assets, USD 464m of loans and USD 659m of deposits. Under the terms of the definitive agreement, Triumph Bancorp, Inc. paid USD 70m in cash for the outstanding common stock of ColoEast Bankshares, Inc.
Status: Closed

-POLYMETAL INTERNATIONAL CLOSES USD 100M ACQUISITION OF KAZAKHSTAN GOLD DEPOSIT
UK-based mining company Polymetal International plc (LSE: POLY) (OTC: AUCOY) closed an agreement with Glencore plc's Kazzinc LTD subsidiary for the acquisition of Orion Minerals LLP, the company said. Orion Minerals is the holding company for the Komarovskoye Gold Deposit in the Republic of Kazakhstan.
The total consideration payable to Orion at completion is USD 100m in cash, which was satisfied from Polymetal's existing cash balances and available credit facilities. In addition, Kazzinc will receive a deferred consideration linked to future production from the Komarovskoye and future gold price performance.
Status: Closed

-FLOWTECH FLUIDPOWER ACQUIRES UK-BASED HYDRAULIC EQUIPMENT DISTRIBUTOR TRIPLE SIX
UK-based technical fluid power products supplier Flowtech Fluidpower plc (AIM: FLO) has acquired UK-based hydraulics equipment distributor Triple Six Ltd., the company said. Total consideration comprised GBP 0.75m for the trading operation and a further GBP 0.35m for the net cash position held at completion, a total of GBP 1.1m (USD 1.44m).
Based in Yorkshire, TSL is a specialist designer and distributor of several ranges of hydraulic cylinders and semi rotary actuators to a wide variety of industries including civil engineering, railways, nuclear and marine.
Status: Closed

-DEFENX ACQUIRES ITALIAN CLOUD BACKUP BUSINESS MEMOPAL IN EUR 1.78M DEAL
UK-based mobile security software solutions company Defenx plc (AIM: DFX) has acquired 95.2% of Italian cloud backup and synchronisation business Memopal Srl a from majority owners Pi Campus Srl, Translated Srl, Thesis Impianti SpA and a further 14 private investors, the company said.
The total consideration is up to EUR 1.78m (USD 1.98m), of which EUR 0.38m is deferred. Memopal, founded in Rome, Italy in 2007, has developed and owns an innovative cloud storage platform and infrastructure. By combining predictive software with commodity hardware, Memopal's proprietary Global File System offers competitive cost per gigabyte cloud storage plans.
Status: Closed

-O'NEILL VINTNERS AND DISTILLERS ACQUIRES CALIFORNIA'S ROBERT HALL WINERY
California wine producer O'Neill Vintners and Distillers has bought Paso Robles, California-based Robert Hall Winery, the company said.
The sale includes the Robert Hall production facilities, hospitality centre, inventory, vineyards and brands. Robert Hall Winery was established by Robert and Margaret Hall in 1999. It has earned a reputation for producing wines from the Paso Robles appellation, especially Cabernet Sauvignon, Merlot and Rhone varietals.
Status: Closed

-CAL-MAINE FOODS TO ACQUIRE EGG PRODUCTION ASSETS OF FOODONICS
Jackson, Mississippi-based shell eggs business Cal-Maine Foods, Inc. (NASDAQ: CALM) has agreed to acquire substantially all assets of Florida-based egg production, warehousing, and distribution solutions Foodonics International, Inc. and its related entities doing business as Dixie Egg Company, the company said.
The assets to be acquired, subject to the completion of this transaction, include commercial egg production and processing facilities with capacity for approximately 1.6m laying hens and related feed production, milling and distribution facilities in Georgia, Alabama and Florida.
Status: Agreed

-FOUR CORNERS PROPERTY TRUST ACQUIRES TEXAS WENDY'S RESTAURANT FOR USD 2.1M
Mill Valley, California-based real estate investment trust Four Corners Property Trust (NYSE: FCPT) has acquired a Wendy's restaurant in Odessa, Texas for USD 2.1m, the company said.
FCPT funded the acquisition with cash on hand. The restaurant is occupied under a triple-net lease with approximately ten years of remaining term, and the transaction closed at a going-in cash cap rate of 6.5%, exclusive of transaction costs. FCPT is primarily engaged in the acquisition and leasing of restaurant properties.
Status: Closed

-THE WATERMILL GROUP ACQUIRES US PARTS PROTOTYPING SPECIALIST EXPERI-METAL
US-based private investment firm The Watermill Group has acquired Michigan-based metal-formed prototyped parts Experi-Metal, Inc. (EMI), the company said.
EMI specialises in highly engineered, metal-formed prototypes, sub-assemblies, full body-in-white assemblies and bridge production. A range of customers across automotive, aerospace, defense and the alternative energy sectors use EMI's services.
Status: Closed

-UK STUDENT TRAVEL BOOKER STUDENTUNIVERSE MERGES WITH JOURNEYS ARE MADE
UK and US-based student travel discounts provider StudentUniverse has completed a merger with social network Journeys are Made @ GapYear.com, the company said.
As a result of the merger, the GapYear.com website and its employees will merge with StudentUniverse UK. GapYear.com will still operate as an independent website. StudentUniverse and the team from the GapYear.com website will operate out of Flight Centre Travel Group's offices in Intel House, Southwark Bridge Road, London.
Status: Closed

-PENN NATIONAL ACQUIRES SOCIAL CASINO GAME DEVELOPER ROCKET GAMES FOR USD 60M
Pennsylvania-based casino games owner/operator Penn National Gaming, Inc. (NASDAQ: PENN) has acquired US-based social casino game developer Rocket Games, Inc. for approximately USD 60m cash, the company said.
The deal subject to working capital and other adjustments, including potential earn-out payments for certain members of the Rocket Games management team. Earn-out payments over the next two years will be based on a multiple of 6.25 times Rocket's then-trailing twelve month earnings before interest, taxes, depreciation and amortisation, subject to a cap of USD 110m for the earn-out.
Status: Closed

-TOTTEN INSURANCE ACQUIRES CANADIAN WHOLESALER
Canada-based national insurance managing general agency Totten Insurance Group has acquired the shares of Sudbury, Ontario, Canada-based insurance wholesaler Canadian Resources Insurance Solutions, Inc, the company said.
This strategic acquisition expands Totten's footprint in the Canadian marketplace and further defines its specialization in providing exceptional underwriting service in key industry segments.
Status: Closed

-SKYWORKS ACQUIRES REMAINING INTEREST IN FILTER JV WITH PANASONIC FOR USD 76.5M
Massachusetts-based analog semiconductors firm Skyworks Solutions, Inc. (NASDAQ: SWKS) has acquired for USD 76.5m the remaining 34% interest it did not already own in the filter joint venture it created with Panasonic in 2014, the company said.
At the core of the joint venture was Panasonic's engineering and process talent, expertise in filter design and products, as well as 412 fundamental filter patents and patent applications for surface acoustic wave and temperature compensated SAW devices.
Status: Closed

-DE SHAW RENEWABLE INVESTMENTS ACQUIRES CALIFORNIA SOLAR PROJECT
A New York-based investment company D. E. Shaw Renewable Investments, LLC (DESRI) affiliate has acquired the 11mw AC Rancho Seco Solar Project in Sacramento County, California, from Arizona-based solar energy solutions provider First Solar (NASDAQ: FSLR), the company said.
Rancho Seco is situated on 60 acres of property owned by the Sacramento Municipal Utility District, which holds a 20-year power purchase agreement for energy from the plant. Rancho Seco utilizes First Solar's advanced thin film modules mounted on single-axis tracking tables.
Status: Closed

-FIRE PROTECTION ENGINEERING FIRM JENSEN HUGHES ACQUIRES CASE FORENSICS
Maryland-based fire protection engineering company Jensen Hughes has completed the acquisition of Washinton-based forensic science consultants Case Forensics Corp, the company said.
This acquisition further supports Jensen Hughes' specialised science, research, and litigation consulting services, which the company provides worldwide through its more than 70 offices in North America, Asia and the Middle East. Jensen Hughes provides specialty engineering services in the fire protection engineering, fire code consulting and risk informed analysis services industry.
Status: Closed

-TWO US COLDWELL BANKER COMMERCIAL FRANCHISES CLOSE MERGER
Two affiliates of US-based real estate brokerage Coldwell Banker Commercial affiliates have merged, forming the largest independent commercial real estate operation in the world, the companies said.
Together, Coldwell Banker Commercial Advisors (CBC Advisors) and Coldwell Banker Commercial Alliance (CBC Alliance) comprise 500 professionals in 10 states. The combined network operates 30 office locations coast to coast with a transaction volume exceeding USD 3.7bn. The combination brings together the number one and number two Coldwell Banker Commercial organisations.
Status: Closed

-ALLERGAN CLOSES USD 40.5BN SALE OF GENERICS BUSINESS TO TEVA
Irish drugmaker Allergan plc (NYSE: AGN) has closed an agreement under which Israeli generics specialist Teva Pharmaceutical Industries Ltd. has acquired Allergan's global generic pharmaceuticals business for USD 40.5bn, the company said.
Under the agreement, Teva acquired Allergan's legacy Actavis global generics business, including the US and international generic commercial units, third-party supplier Medis, global generic manufacturing operations, the global generic R/D unit, the international over-the-counter commercial unit (excluding OTC eye care products) and some established international brands. Allergan will retain its global branded pharmaceutical and medical aesthetic businesses, as well as its biosimilars development programs and the Anda distribution business.
Status: Closed

-CAVIUM CLEARS US ANTITRUST HURDLE IN USD 1.36BN ACQUISITION OF NETWORKING INFRASTRUCTURE SOLUTIONS FIRM QLOGIC
The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired in connection with US-based semiconductor products company Cavium, Inc.'s (NASDAQ: CAVM) pending acquisition of networking infrastructure solutions provider QLogic Corp. (NASDAQ: QLGC) for approximately USD 15.50 per share, the company said.
QLogic offers server and storage networking connectivity products to OEMs and channel partners, who rely on QLogic for their server and storage networking solutions.
Status: Agreed

-US SILICA TO ACQUIRE LOGISTICS SOLUTIONS PROVIDER SANDBOX ENTERPRISE IN USD 218.3M DEAL
US-based commercial silica producer US Silica Holdings, Inc. (NYSE: SLCA) has entered into a definitive agreement to acquire US logistics solutions and technology provider Sandbox Enterprises LLC, the company said.
Sandbox Enterprises offers solutions and technology for the transportation of proppant used in hydraulic fracturing in the oil and gas industry. The transaction will be financed using a combination of USD 75m of cash on hand and approximately 4.2m US Silica common shares.
Status: Agreed

-APOTHECARY PRODUCTS CLOSES ACQUISITION OF CONSUMER PRODUCTS MAKER HEALTH ENTERPRISES
US-based consumer healthcare products and pharmacy supplies company Apothecary Products, LLC has acquired US consumer healthcare products maker Health Enterprises, Inc., the company said.
Health Enterprises develops, manufactures and markets a range of consumer health products under the Acu-Life brand, as well as private label. Health Enterprises will operate as an independent business unit of Apothecary Products. There will be no significant changes to day-to-day business operations for the foreseeable future.
Status: Closed

-CASCADE BANCORP CLOSES USD 17.1M ACQUISITION OF PRIME PACIFIC FINANCIAL SERVICES
Oregon, US-based bank holding companies Cascade Bancorp (NASDAQ: CACB) has closed its acquisition of Prime Pacific Financial Services (OTC: PPFS), the company said.
Prime Pacific Financial is the holding company of Prime Pacific Bank, a Snohomish county, national banking association with USD 119.4m in assets, USD 94.7m in net loans, USD 104.8 m in total deposits at 31 December 2015. Cascade expects the transaction will result in modest earnings accretion in 2016 (excluding one-time costs) and expects approximately 5% accretion to earnings in 2017.
Status: Closed