Deal Pipeline
Wednesday 06 April 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-ALLY BRIDGE GROUP INVESTS IN CHINESE ONCOLOGY BIG DATA FIRM LINKDOC
Hong Kong-based cross-border healthcare-focused investment group Ally Bridge Group has closed a series B investment into Chinese oncology-focused big data company LinkDoc Technology Ltd., alongside other Chinese and international investors, the firm said.
Cancer cases and cancer-related deaths are expected to reach an annual rate of 4m and 3.5m in China by 2020, respectively, according to estimates by the World Cancer Society. Lung cancer, which LinkDoc has made a key area of focus, has emerged as a particularly prevalent disease.
Status: Closed

-INTREXON FORMS JV TO DEVELOP TYPE 1 DIABETES TREATMENT
Belgian drug developer Intrexon Corp. (NYSE: XON) has formed Intrexon T1D Partners, LLC, a joint venture with a group of external investors led by White Rock Capital Partners, LP, to develop ActoBiotics based antigen-specific immunotherapy to treat type 1 diabetes in humans, the company said.
Through an exclusive channel collaboration agreement, Intrexon received a technology access fee of USD 10m. Intrexon T1D Partners, LLC, in which Intrexon owns a 50% interest, will be responsible for all costs related to the development, manufacture, approval and commercialization of the product.
Status: Closed

-CITIUS PHARMACEUTICALS CLOSES ACQUISITION OF LEONARD MERON BIOSCIENCES
US-based drugmaker Citius Pharmaceuticals, Inc (OTCQB: CTXR) has closed its acquisition of all of the outstanding shares of drugmaker Leonard Meron Biosciences, Inc., the company said.
Under the deal, Citius acquired all of the outstanding shares of LMB common stock in exchange for shares of Citius common stock. LMB's lead drug candidate, Mino-Lok, is an antibiotic lock solution used to treat patients with catheter-related bloodstream infections, or CRBSIs.
Status: Closed

-WESTLAKE CHEMICAL UPS BID FOR AXIALL, TO USD 3.1BN IN CASH/SHARES
US-based petrochemicals and building products maker Westlake Chemical Corp. (NYSE: WLK) has increased its proposal to acquire all of the outstanding shares of Axiall Corp. (NYSE: AXLL) to an aggregate value of USD 23.35 per share, comprised of USD 14.00 in cash and 0.1967 of a Westlake share, based on the closing price of Westlake's common stock on 1 April, Westlake said.
The revised proposal represents a premium of over 143% to Axiall's closing price of USD 9.60 per share on January 22, 2016, the last trading day before Westlake submitted its initial proposal to Axiall, and an increase of approximately 17% to Westlake's initial proposal of USD 20.00 per share.
Status: Bidding

-ANI PHARMACEUTICALS CLOSES ACQUISITION OF INDERAL LA ASSET PORTFOLIO FROM CRANFORD PHARMACEUTICALS
US-based drugmaker ANI Pharmaceuticals, Inc. (NASDAQ: ANIP) closes the acquisition of a portfolio of Inderal LA assets from Cranford Pharmaceuticals, LLC, the company said.
ANI said that the acquisition was funded through cash on hand. The acquired portfolio include the NDA and trademark for Inderal LA as well as finished goods inventory. Cranford Pharmaceuticals, LLC owns the NDA for Inderal LA 60mg, 80mg, 120mg and 160mg sustained release capsules as well as the authorised generic, propranolol ER capsules, both of which are indicated for hypertension, angina pectoris, migraine and hypertrophic subaortic stenosis. 
Status: Closed

-VTECH CLOSES USD 72M ACQUISITION OF LEAPFROG
Approximately 56.60% of all issued and outstanding shares of common stock of US educational entertainment developer LeapFrog Enterprises, Inc. (NYSE: LF) had been validly tendered and not withdrawn as of 11: 59 pm ET on 1 April 2016, the expiration date of the cash tender offer conducted by Bonita Merger Sub, L.L.C., an indirect wholly-owned subsidiary of Hong Kong-based electronic learning products and cordless telephones company VTech Holdings, VTech said.
LeapFrog said it has not received any offers or proposals other than the proposal from L/M acquisition, which the LeapFrog board determined was not a superior proposal to the VTech transaction. VTech plans to acquire 100% of the outstanding common stock of LeapFrog through an all cash tender offer followed by a second-step merger.
Status: Closed

-MERGED SAMSON CAPITAL ADVISORS, WILKINSON O'GRADY TO OPERATE UNDER FIERA CAPITAL
US-based investment managers Samson Capital Advisors and Wilkinson O'Grady Inc. and Co will now operate under Canadian asset management firm Fiera Capital Corp.'s (TSX: FSZ) brand, Fiesta said.
Samson and Wilkinson O'Grady were acquired by the Firm in 2015 and 2013, respectively and together they now form the backbone of Fiera Capital's US division, as Fiera Capital Inc. The retirement of the Samson and Wilkinson O'Grady names is the culmination of a process set in motion at the end of last year when Samson and Wilkinson O'Grady were combined as one unified team and shortly thereafter moved in together into new offices in midtown Manhattan in December.
Status: Closed

-BROCADE TO ACQUIRE RUCKUS WIRELESS IN USD 1.2BN, CASH AND SHARES DEAL
US-based data and storage networking products company Brocade Brocade Communications Systems (NASDAQ: BRCD) has entered into a definitive agreement to acquire US-based wireless networking device supplier Ruckus Wireless (NYSE: RKUS) in a cash and stock transaction, the company said.
Under the terms of the agreement, Ruckus stockholders will receive USD 6.45 in cash and 0.75 shares of Brocade common stock for each share of Ruckus common stock. Based on the closing price of Brocade's stock on 1 April 2016, the transaction values Ruckus at a price of USD 14.43 per common share, or approximately USD 1.5bn, and may fluctuate until close. Net of estimated cash acquired, the transaction value is approximately USD 1.2bn.
Status: Agreed

-ARCLIGHT CAPITAL PARTNERS CLOSES ACQUISITION OF ALBERTA HUB GAS STORAGE INTERESTS
US-based private equity firm ArcLight Capital Partners, LLC's Amphora Canada Gas Storage ULC affiliate has completed the purchase of Chevron Alberta Gas Storage ULC from Chevron Canada Properties Ltd., the firm said.
CAGS owns a 43% non-operated interest in Alberta Hub Gas Storage. Iberdrola Canada Energy Services Ltd. owns the remaining interest and operates the Facility. The facility is a 42.7 Bcf depleted-reservoir natural gas storage facility located 80 miles west of Edmonton, Alberta.
Status: Closed

-FRANKLIN SQUARE UPSIZES LOAN TO SUPPORT AIR ENERGI GROUP, SWIFT WORLDWIDE MERGER
US-based alternative investment fund manager Franklin Square Capital Partners has upped its senior secured unitranche loan to support the merger of Air Energi Group Ltd. with Swift Worldwide Resources Ltd., a portfolio company of the New York-based middle market private equity firm Wellspring Capital Management, to form Airswift Holdings Ltd., the firm said.
In late January, UK-based Air Energi Group Ltd. and US-based Swift Worldwide Resources Ltd. merged to form Airswift Holdings Ltd., a USD 1.2bn turnover company specialising in global workforce solutions for the energy, process and infrastructure industries, the companies said.
Status: Closed

-MACHINISTS UNION CAUTIOUS ON ALASKA AIRLINES, VIRGIN AMERICA MERGER
US-based labour union the International Association of Machinists and Aerospace Workers has released a cautious statement regarding the proposed merger of unionised Seattle, US-based Alaska Airlines and non union, California-based Virgin America Airlines, the union said.
The IAM represents 3,600 Alaska Airline ramp service, customer service, office and clerical, reservation and stores agents at the Seattle-based carrier. Virgin Atlantic employees in similar classifications are non-union. On 4 April, the boards of Alaska Air Group, Inc. (NYSE: ALK) and Virgin America, Inc. (NASDAQ: VA) announced merger agreement, under which Alaska Air Group will acquire Virgin America for approximately USD 4bn.
Status: Agreed

-KEYWORDS STUDIOS TO ACQUIRE VIDEO GAME ARTWORK SERVICES FIRM MINDWALK
Irish video games industry technical services provider Keywords Studios plc (LSE: KWS) has entered into an agreement to acquire the business and assets of Chinese outsourced art creation services provider Mindwalk Studios Inc and Mindwalk Studios Ltd for a total consideration of USD 5.5m, the company said.
Mindwalk is based in Beijing and provides outsourced art creation services to the video games industry internationally.
Status: Agreed

-NORCROS ACQUIRES UK KITCHEN SINK DESIGNER ABODE FOR GBP 4.8M
UK-based showers, taps, bathroom accessories, tiles and adhesives provider Norcros has completed the acquisition of 100% of the share capital of UK-based kitchen taps and sinks designer Abode Home Products Ltd from Swiss company Croneta S.A. and managing director Darren Holliday for a total consideration of GBP 4.8m (USD 6.8m), the company said.
Of the total, GBP 3.9m has been settled in cash and GBP 0.9m is payable in the year to 31 March 2019. Norcros said that the acquisition has been funded entirely by debt through existing facilities. The company's board expects the transaction to be earnings enhancing immediately.
Status: Closed

-TAHOE RESOURCES CLOSES CDN 945M ACQUISITION OF CANADIAN GOLD PRODUCER LAKE SHORE
Canadian mining exploration company Tahoe Resources Inc. (TSX: THO) (NYSE: TAHO) has closed its acquisition of Canadian gold producer Lake Shore Gold Corp. (TSX: LSG) for an implied equity value of CDN 945m (USD 719.19m), the company said.
Under the terms of the arrangement agreement, all of the Lake Shore Gold issued and outstanding common shares were exchanged on the basis of 0.1467 of a Tahoe common share per each Lake Shore Gold common share. The deal was announced in early February.
Status: Closed

-ANTARES CAPITAL LEADS FINANCING FOR RIVERSIDE'S ACQUISITION OF MOMENTUM TEXTILES
US-based middle-market financing specialist Antares Capital is serving as administrative agent, joint lead arranger and joint bookrunner on a senior secured credit facility to support the acquisition of Momentum Textiles by US private equity firm The Riverside Co., Antares said.
Headquartered in Irvine, California, Momentum Textiles designs and manufactures commercial upholstery for the office, healthcare and hospitality markets. The Riverside Co is a global private equity firm focused on making control and non-control investments in growing businesses valued at up to USD 400m.
Status: Closed

-PHYSICIAN SERVICES FIRM SHERIDAN ACQUIRES NORTH FLORIDA ANESTHESIA CONSULTANTS
US-based healthcare services company AmSurg Corp.'s (NASDAQ: AMSG) Sheridan physician services division of AmSurg Corp. (NASDAQ: AMSG) has expanded its anesthesiology services business through the acquisition of North Florida Anesthesia Consultants, Inc., the company said.
North Florida Anesthesia is comprised of over 70 physicians, certified registered nurse anesthetists and anesthesiologist assistants, who provide services to 18 facilities in Florida. The group delivers both inpatient and outpatient anesthesia services, predominantly at Ascension Health's St. Vincent's hospitals and Hospital Corp. of America's surgery centers in Jacksonville, among other facilities.
Status: Closed

-PARSLEY ENERGY TO ACQUIRE SOUTHERN DELAWARE, MIDLAND BASIN OIL AND GAS PROPERTIES
US-based oil and natural gas company Parsley Energy, Inc. (NYSE: PE) has entered into agreements to acquire certain undeveloped acreage and producing oil and gas properties located adjacent to the company's existing operating areas in the Southern Delaware and Midland Basins for an aggregate purchase price of USD 359m in cash, the company said.
According to Parsley, the properties have an estimated current net production of approximately 2,300 Boe per day from nine producing horizontal wells and 97 vertical wells.
Status: Agreed

-UNUM TO ACQUIRE LOUISIANA-BASED STARMOUNT LIFE INSURANCE FOR USD 127M
US-based insurer Unum (NYSE: UNM) has entered into a definitive agreement to acquire H/J Capital, LLC, the parent of Starmount Life Insurance Co. and dental and vision benefits company AlwaysCare Benefits, the company said.
Unum, a provider of financial protection benefits at work, including disability, life and supplemental health products, is acquiring Starmount for USD 127m plus net assets. Starmount covers more than 940,000 lives nationally, manages in-force annualized premium in excess of USD 180m and has access to significant national dental and vision networks.
Status: Agreed

-KMG ACQUIRES SINGAPORE ELECTRONIC CHEMICALS MAKER NAGASE FINECHEM
US-based specialty chemicals company KMG (NYSE: KMG) has acquired Singapore-based electronic chemicals manufacturer Nagase FineChem, the company said.
KMG paid a cash purchase price of USD 2.8m for Nagase FineChem, including USD 1mof estimated net working capital. Established in 2001, NFC manufactures wet process chemicals, including solvents, acids and custom blends for the liquid crystal display, electronics and semiconductor markets.
Status: Closed

-LITTLEFUSE ACQUIRES ITALIAN VEHICLE SWITCH MAKER MEMBER'S
US-based circuit protection company Littelfuse, Inc., (NASDAQ: LFUS) has completed the acquisition of Italian vehicle power connection systems specialist Menber's S.p.A., the company said.
Menber's specialises in the design, manufacturing, and selling of manual and electrical battery switches and trailer connectors for commercial vehicles. The company had sales of approximately USD 23m (EUR 21m) in 2015 and employs approximately 120 associates.
Status: Closed

-MASSACHUSETTS, US FI WESTFIELD TO ACQUIRE CHICOPEE BANCORP IN USD 110M DEAL
Massachusetts, US-based bank holding company Westfield Financial, Inc. (NASDAQ: WFD) has agreed to acquire fellow Bay State FI Chicopee Bancorp, Inc. (NASDAQ: CBNK) and its Chicopee Savings Bank subsidiary, in a stock deal worth around USD 110m, the company said.
The merger will create the largest locally managed bank in Hampden County, Massachusetts and the second largest bank in terms of deposit market share in the county. The combined company will have total assets of USD 2.1bn, tangible equity of over USD 215m and 21 branch locations serving customers throughout western Massachusetts and northern Connecticut.
Status: Agreed

-US PHARMACY MANAGEMENT SOFTWARE FIRM RX30 ACQUIRES VMEDEX
US-based pharmacy management software company Transaction Data Systems, Inc., dba Rx30 has completed its acquisition of vMEDEX, the company said.
Rx30 said that the deal brings SaaS-based medication therapy management and STAR rating management capabilities to its customers. Rx30, headquartered in Ocoee, Florida, is a developer and supplier of pharmacy management software solutions to the independent, hospital, long-term care and specialty pharmacy markets.
Status: Closed

-ACCENTURE TO ACQUIRE MAJORITY STAKE IN JAPANESE DIGITAL MARKETING AGENCY IMJ
US-based professional services company Accenture (NYSE: ACN) is acquiring a majority stake in Japanese digital agency IMJ Corp., the company said. Founded in 1996, IMJ currently has approximately 600 employees and is one of Japan's largest digital agencies.
It provides a range of digital marketing services, including strategy, content design and development, customer acquisition, campaign management and data and analytics. Accenture said that the acquisition, once completed, will enhance the capabilities of Accenture Interactive in the local market, bringing together creativity, advanced digital technology and consulting capabilities from Accenture and IMJ to provide digital marketing services.
Status: Agreed

-IPS ACQUIRES CANADIAN ADHESIVES MAKER
US-based adhesives, solvent cements, and plumbing products maker IPS Corp. has acquired Canadian specialty adhesives maker Integra Adhesives from its founder and president, Doug Turner, and its shareholders, the company said.
IPS is a portfolio company of Nautic Partners VII, L.P. and Nautic Partners VII-A, L.P. which partnered with management to acquire IPS in February 2015.
Status: Closed

-NOVARIA GROUP ACQUIRES ESNA FROM MACLEAN-FOGG
US-based aerospace and defense products supplier Novaria Group has acquired substantially all the assets of US-based fastener manufacturer ESNA, Elastic Stop Nut Corp. of America, (formerly MacLean ESNA) from MacLean-Fogg Component Solutions, the company said.
According to Novaria, the ESNA brand will immediately expand to include complementary aerospace products such as tight tolerance bushings, mechanical standards, fluid fittings, machined products, and other internally threaded fasteners.
Status: Closed

-MATTER COMMUNICATIONS ACQUIRES B2B VIDEO AGENCY SKYSCOPE
US-based PR and social media firm Matter Communications has acquired B2B video production agency Skyscope, the firm said. Skyscope has offices in Worcester and Cambridge, Massachusetts.
Though terms of the deal were not disclosed, the acquisition effectively doubles the video capabilities of Matter's own video/creative services group, Studio-C, which serves a range of both consumer and B2B brands nationwide.
Status: Closed

-TOPTAL ACQUIRES US BUSINESS TALENT MARKETPLACE SKILLBRIDGE
US-based freelance software engineer and designer network Toptal has acquired on-demand business talent specialist Skillbridge for an undisclosed sum, the company said.
With this acquisition, Toptal said it will represent the top 3% of freelance developers, designers, and business professionals, connecting them with companies around the globe. Skillbridge has grown over the past two years, building its client base to include private equity firms in the US, startups, and Fortune 500 clients.
Status: Closed

-HUB INTERNATIONAL ACQUIRES CANADIAN INSURANCE BROKERAGE
US-based insurance brokerage Hub International Ltd. has acquired the assets of Canadian insurance brokerage Harmony Insurance Ltd., Hub said.
Based in the city of Hinton, located within the Canadian province of Alberta, Harmony specialises in providing commercial lines insurance for small businesses and personal insurance solutions. The Harmony team will join Hub Barton.
Status: Closed

-H.I.G. CAPITAL CLOSES ACQUISITION OF PERSONAL FINANCE SOFTWARE FIRM QUICKEN
US-based investment firm H.I.G. Capital has completed its acquisition of US-based personal finance software company Quicken from software company Intuit, the firm said. Effective 31 March 2016, Quicken began operating independently from Intuit Inc.
Status: Closed

-ANTARES CAPITAL LEADS FINANCING FOR JORDAN'S ACQUISITION OF HARDWARE FIRM TK ENTERPRISES
US-based Antares Capital is serving as administrative agent and lead arranger on a USD 224m senior secured credit facility to support the acquisition of US-based hardware company TK Enterprises by US-based private equity firm The Jordan Co, Antares said.
Founded in 1994 and headquartered in Dallas, Texas, TKE is a designer, distributor and manufacturer of decorative and functional hardware as well as decorative wood and other products for the kitchen and bath industry. The Jordan Company founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of USD 8bn.
Status: Closed

-JENSEN HUGHES ACQUIRES AON FIRE PROTECTION ENGINEERING
US-based fire protection engineering and consulting company Jensen Hughes has completed the acquisition of Aon Fire Protection Engineering Corp., the company said.
Formerly known as Schirmer Engineering, Aon FPE is provider of fire protection engineering, fire code consulting and security services to commercial, industrial and government facilities through 15 office locations in North America and a significant presence in the Middle East. Jensen Hughes is majority-owned by Gryphon Investors, a middle market private equity firm based in San Francisco, which purchased the company in partnership with management in December 2015.
Status: Closed

-HEALTHCARE PAYMENTS FIRM SWERVEPAY ACQUIRES COST TRANSPARENCY SPECIALIST STATPAYMD
US-based healthcare payment solution provider SwervePay, LLC has acquired healthcare cost transparency specialist StatPayMD, the company said. The acquired firm offers healthcare consumers information, tools and transparency needed to manage their healthcare payments.
StatPayMD (formerly Symbiosis Health) is a graduate of Blueprint Health, a healthcare IT accelerator in New York, and most recently based at Matter in Chicago. StatPayMD is designed to make it easy for patients to understand "out-of-pocket" costs before and at care.
Status: Closed

-SWEDEN'S ADDTECH ACQUIRES UK CABLE COMPONENTS FIRM ETS
Swedish industrial group Addtech's Addtech Energy business area has signed an agreement to acquire all the shares in UK-based cable accessories provider ETS Portsmouth Ltd., the group said.
ETS Cable Components supplies products, systems and services in the field of cable accessories for power cable installation, including cable cleats brackets, cable glands, cable lugs, flexible conduits, cable ties and cable tooling above all for the UK market.
Status: Closed