Deal Pipeline
Thursday 07 July 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-ASSET INTERNATIONAL CLOSES ACQUISITION OF MARKET METRICS, MATRIX SOLUTIONS
US-based business intelligence company Asset International has closed the acquisition of US-based financial consulting firm Market Metrics and UK-based financial consulting firm Matrix Solutions from US-based integrated financial information firm FactSet (NYSE: FDS) (NASDAQ: FDS), the company said.
Market Metrics and Matrix Solutions are data and research firms for advisor-sold investments and insurance worldwide. The acquisition expands Asset International's deep proprietary asset management and insurance industry data sets.
Status: Closed

-WORLD FUEL SERVICES CLOSES ACQUISITION OF US FUEL DISTRIBUTORS PAPCO, ASSOCIATED PETROLEUM PRODUCTS
A subsidiary of US-based World Fuel Services Corp. (NYSE: INT) has closed the acquisition of US land fuel distributors PAPCO, Inc. which and Associated Petroleum Products, Inc., the company said.
PAPCO services retail, commercial and industrial customers with fuel, price-risk management products, and fleet card solutions throughout the Mid-Atlantic region of the United States. Associated Petroleum Products provides fuel and related services to agricultural, automotive, construction, and commercial and industrial customers in the Pacific Northwest. The aggregate purchase price for both companies will be approximately USD 230m and will be funded through the company's existing credit facilities.
Status: Closed

-MEDIVATION ENTERS CONFIDENTIALITY AGREEMENT WITH SANOFI AFTER REBUFFING BUYOUT OFFER
US-based biopharmaceutical company Medivation, Inc. (NASDAQ: MDVN) has entered into confidentiality agreements with a number of parties that have expressed interest in exploring a potential transaction and demonstrated that interest to the board of directors' satisfaction, the company said.
Medivation also confirmed that it entered into a confidentiality agreement with French drugmaker Sanofi and that Sanofi agreed to terminate its consent solicitation.
Status: Bidding
-BABCOCK AND WILCOX CLOSES USD 173M ACQUISITION OF ITALIAN COOLING SYSTEMS AND SERVICES FIRM SPIG
US-based energy and technology services provider Babcock and Wilcox Enterprises, Inc. (NYSE: BW) has closed the acquisition of Italian cooling systems firm SPIG S.p.A., based on an enterprise value of USD 173.28m (EUR 155m), the company said.
SPIG will operate as a subsidiary of B/W under the trade name of Babcock and Wilcox SPIG. Its management team will continue to lead the company, which will maintain its headquarters in Arona. The transaction will be funded primarily by B/W's existing foreign cash. The purchase is expected to be completed during 3Q16.
Status: Closed

-AXTEL CLOSES ACQUISITION OF REMAINING STAKE IN MEXICAN IT FORM ESTRATEL
Mexican information and communications technology company Axtel, S.A.B. de C.V. (BMV: AXTELCPO) has acquired the remaining 49% of Mexican IT firm Estrategias en Tecnología Corporativa S.A. de C.V., the company said. 
Estratel is specialised in the integration of IT solutions for government and enterprise customers. The company mentioned that Alestra S. de R.L. de C.V. acquired 51% of Estratel in May 2015 to boost its IT and communications solutions in the western, Bajío and southeastern regions of the country.
Status: Closed

-TAYLOR ACQUIRES PRINTING SERVICES DIVISION FROM STAPLES
Minnesota-based communications, products, and technologies company Taylor Corp. has closed the acquisition of the assets of US-based office supply retailer Staples, Inc.'s (NASDAQ: SPLS) Staples Print Solutions printing services division, the company said.
The company announced the intended acquisition in April 2016. For Staples, the divestment was part of its proposed merger with Office Depot, which has been called off after facing determined opposition from the US FTC on competitiveness grounds.
Status: Closed

-KINGSWOOD CAPITAL MANAGEMENT CLOSES ACQUISITION OF AUDIO/VIDEO SOLUTIONS DISTRIBUTOR AVAD
A controlled affiliate of US-based private equity investment firm Kingswood Capital Management has acquired audio and video solutions distributor AVAD, LLC, the firm said. This deal includes AVAD's AVAD Canada Ltd. subsidiary.
AVAD is a distributor of high-end audio and video solutions focused on the commercial and residential custom installation markets in North America.
Status: Closed

-INFORMATION, ANALYTICS FIRMS HIS, MARKIT TO TRADE UNDER 'INFO" SYMBOL POST MERGER
US-based defense and industry information and analysis company IHS (NYSE: IHS) and UK-based financial data specialist Markit (NASDAQ: MRKT) will trade as "INFO" on the NASDAQ Global Select Market after their planned merger closes, the companies said.
Based on the closing prices of IHS and Markit common stock on 18 March 2016, the implied equity value of the transaction is more than USD 13bn. The transaction has been unanimously approved by the boards of each company. Upon completion of the merger, the combined company will be renamed IHS Markit and will be headquartered in London and have certain key operations based in Englewood, Colorado.
Status: Agreed

-US ASSET MANAGER AMG CLOSES INVESTMENTS IN THREE ALTERNATIVE FIRMS
US-based asset management company Affiliated Managers Group, Inc. (NYSE: AMG) has closed its investments in Capula Investment Management LLP Mount Lucas Management LP and CapeView Capital LLP, the company said.
Capula is a global fixed income specialist firm managing absolute return, enhanced fixed income, and tail risk strategies, focusing on developing innovative investment strategies that exhibit low correlation to traditional equity and fixed income markets.
Status: Closed

-FINTECH SCHEDULES 7 JULY SHAREHOLDER VOTE FOR USD 350M CARDCONNECT ACQUISITION
Shareholders of US-based -based conglomerate FinTech Acquisition Corp. (NASDAQ: FNTC) will vote on 7 July to approve the company's agreed deal to buy -based holding company FTS Holding Corp's US-based payment processing company CardConnect, the company said.
Under the deal, FNTC will acquire CardConnect for aggregate consideration of approximately USD 180m in cash and USD 170m in FNTC common stock. The cash portion of the consideration will be funded by a combination of cash held in trust by FNTC, borrowings under a new USD 100m first lien credit facility and a USD 40m second lien secured credit facility, and USD 30m in equity financing.
Status: Agreed

-NEXTERA ENERGY PARTNERS TO BUY CEDAR BLUFF AND GOLDEN HILLS WIND ENERGY CENTERS
US-based energy renewable energy investor NextEra Energy Partners, LP (NYSE: NEP) has completed the acquisition of approximately 285mw of contracted renewables projects from a subsidiary of its sponsor, NextEra Energy Resources, LLC, the company said.
Included in the acquisition are two modern wind facilities, commissioned in 2015 with GE technology. The acquisition expands the contracted renewable energy projects in NextEra Energy Partners' portfolio to approximately 2,656mw (excluding ownership interests in equity method investments). Cedar Bluff Wind Energy Center is an approximately 199mw facility located in Kansas.
Status: Agreed

-ASHFORD HOSPITALITY PRIME SELLS COURTYARD SEATTLE FOR USD 84.5M
US-based lodging REIT Ashford Hospitality Prime, Inc. (NYSE: AHP) has completed the sale of the 250-room Courtyard Seattle Downtown/Lake Union for USD 84.5m in cash or USD 338,000 per key, the company said.
The company realized approximately USD 15m in net proceeds from the disposition following the repayment of approximately USD 65m of debt and other transaction costs. Ashford Hospitality said that the removal of this hotel with a trailing 12-month RevPAR of USD 157 from the Ashford Prime portfolio, which had a trailing 12-month RevPAR of USD 200, should increase the remaining portfolio RevPAR.
Status: Closed

-SOLTERRA RECYCLING CLOSES ACQUISITION OF NEW JERSEY SOLID WASTE COLLECTOR BRIDGE DISPOSAL
US-based waste collection, hauling and recycling provider Solterra Recycling Solutions has completed the acquisition of US-based solid waste collection services provider Bridge Disposal, the company said.
Bridge Disposal, based in New Brunswick, New Jersey, services residential, commercial and industrial customers throughout Central New Jersey. The acquisition of Bridge Disposal comes on the heels of the company's refinancing of its credit facility in April 2016.
Status: Closed

-PATRICK INDUSTRIES CLOSES ACQUISITION OF PLASTIC PARTS MANUFACTURER VACUPLAST FOR USD 11M
US-based RV, manufactured component products maker Patrick Industries, Inc. (NASDAQ: PATK) has completed the acquisition of the business and certain assets of Elkhart, Indiana-based plastics manufacturer Vacuplast, LLC, d/b/a L.S. Manufacturing, Inc, the company said.
LS Mfg. is a manufacturer of a range of thermoformed plastic parts and components, primarily serving the recreational vehicle market, as well as certain industrial markets. The firm's trailing 12-month revenues through May 2016 were approximately USD 12m and the company expects the acquisition to be immediately accretive to 2016 net income per share.
Status: Closed

-US INSURER MASSMUTUAL CLOSES USD 165M ACQUISITION OF METLIFE'S RETAIL ADVISOR FORCE
US-based insurer Massachusetts Mutual Life Insurance Company (MassMutual) closed the acquisition of MetLife, Inc.'s (NYSE: MET) US Retail advisor force, MetLife Premier Client Group, the company said.
MassMutual said the purchase price of USD 165m, net of adjustments upon closing, is not material to MassMutual's capital and surplus. MetLife's US Retail advisor force, the MetLife Premier Client Group, is a retail distribution operation with more than 40 local sales and advisory operations and approximately 4,000 advisors across the country.
Status: Closed

-PARTNERS GROUP LEADS CONSORTIUM IN ACQUISITION OF FRENCH PROPERTY MANAGER FONCIA
Canadian institutional investor Caisse de dépôt et placement du Québec, private markets investment management firm Partners Group and Chinese investor CIC Capital Corp. have acquired French residential property management services provider Foncia, the consortium said.
The deal is worth around USD 2bn. This consortium, led by Partners Group, which is investing on behalf of its clients, is acquiring Foncia from private equity firms Bridgepoint and Eurazeo, which bought the company in 2011.
Status: Closed

-UTILITY OPERATOR SOUTHERN CO BUYS WIND PROJECT IN MAINE, USA
US-based utility operator Southern Co's (NYSE: SO) Southern Power subsidiary has acquired its first project in Maine, the Passadumkeag Windpark in Penobscot County with a nameplate capacity of approximately 43mw, the company said.
Southern bought the project from an affiliate of Quantum Utility Generation. The majority of the electricity and associated renewable energy credits generated by the facility are sold under a 15-year power purchase agreement to Eversource Energy. Southern Power will retain a small percentage of the electricity and RECs generated, which it may keep or sell.
Status: Closed

-CANADIAN MINER AMERICAN LITHIUM ACQUIRES NEVADA PROPERTY
Canadian mineral exploration company American Lithium Corp. (TSX Venture: Li) (OTCQB: LiACF) has entered into an agreement to acquire all of the outstanding share capital of British Columbia based mineral exploration firm 1074654 B.C. Ltd., the company said.
1074654 holds an option to acquire a seventy interest in and to a series of 77 placer claims covering 1,540 acres (623 ha) from Nevada Energy Metals Inc. The property is located on the north-western side of the original Clayton Valley playa, in Esmeralda County, Nevada.
Status: Closed

-MONARQUES GOLD INKS LOI TO ACQUIRE CANADIAN PROPERTY FROM 9265-9911 QUEBEC
Canadian junior gold company Monarques Gold Corp (TSX Venture: MQR) (FRANKFURT: MR7) has signed a letter of intent to acquire the Beacon property from 9265-9911 Québec Inc., the company said.
This property consists of a metallurgical processing plant, tailings management ponds, underground installations, a 500-metre deep shaft, a mechanical shop and all mineral rights attached to the transaction, namely one mining concession, one mining lease and 11 mineral claims totalling 180 hectares. The facilities are approximately 60 kilometres from the Croinor Gold property, and near other properties of Monarques, and other mining companies in the Abitibi-Temiscamingue region.
Status: Agreed

-ROYAL ADHESIVES AND SEALANTS ACQUIRES CALIFORNIA'S BACON ADHESIVES
Indiana, US-based bonding, laminating and sealing products company Royal Adhesives and Sealants LLC has acquired California, US-based adhesives manufacturer Bacon Adhesives from Cass Polymers, the company said.
Based in Irvine California, Bacon is a developer and manufacturer of highly specified electrically and thermally conductive adhesives for demanding aerospace and defense communications, avionics, satellite and other demanding electronics applications.
Status: Closed

-ROUNDTABLE HEALTHCARE PARTNERS CLOSES USD 140.3M ACQUISITION OF SYMMETRY SURGICAL
US-based private equity firm RoundTable Healthcare Partners has closed the acquisition of US-based surgical device provider Symmetry Surgical Inc. for a total equity value of around USD 140.3m, the firm said.
Symmetry, based in Nashville, Tennessee, is a marketer of reusable, reposable and single-use surgical instrumentation and specialty devices. The transaction is subject to customary closing conditions and is expected to close in late 2Q16 or early 3Q16.
Status: Closed

-NEXT GROUP HOLDINGS TO ACQUIRE CARD PROGRAMME MANAGER ACCENT INTERMEDIA
US-based mobile banking, mobility, and telecommunications solutions provider Next Group Holdings, Inc. (OTCQB: NXGH) has signed a definitive agreement to purchase from Dean Keatin Marketing, LLC and Transaction Processing Products, Inc. a controlling interest in card programme management firm Accent Intermedia (AIM), the company said.
AIM provides the support, enterprise stored value product management software, and logistics infrastructure to a range of brands to host Closed Loop (Gift Card) and Open Loop (Prepaid Debit / General Purpose Reloadable) card programmes.
Status: Agreed

-HRG GROUP TO SELL OIL AND GAS BUSINESS FOR USD 145M IN CASH
US-based holding company HRG Group, Inc.'s (NYSE: HRG) HGI Energy Holdings, LLC subsidiary has entered into an agreement to sell 100% of its equity interest in its Compass Production Partners oil and gas subsidiary to CPP WI Holding Co, LLC, the group said.
CPP WI Holding is an affiliate of Mountain Capital Management, a newly formed Houston-based energy private equity firm. Pursuant to the terms of the transaction agreement, Compass will be sold for USD 145m in cash, which will be reduced at closing by the balance of Compass' credit facility outstanding at closing (currently estimated to be USD 125m).
Status: Agreed

-WEINBERG CAPITAL ACQUIRES HEALTH, BEAUTY CARE DISTRIBUTOR MEDEX MERCHANDISING
US-based private equity firm Weinberg Capital Group's portfolio company Mechanical Servants LLC D/B/A Convenience Valet, has acquired US-based branded health and beauty care products provider Medex Merchandising, LLC, the firm said.
Headquartered in Melrose Park, Illinois, Medex is a national provider of branded health and beauty care products, including brand name over-the-counter medications, generic medications, condoms, automotive and other sundries supplied to the food, drug, mass merchandise and convenience channels.
Status: Closed

-MTS CLOSES USD 580M ACQUISITION OF SENSOR PRODUCER PCB GROUP
US-based test systems and position sensors supplier MTS Systems Corp. (NASDAQ: MTSC) has closed the acquisition of 100% of sensor technologies manufacturer PCB Group Inc. for USD 580m, the company said.
PCB is engaged in the design, manufacture and distribution of sensor technologies designed to both enhance the performance of its customers' products, and enable those products to enter the market more rapidly and reliably.
Status: Closed

-THOMA BRAVO TO ACQUIRE DIGITAL AUTOMOTIVE MARKETPLACE TRADER FOR USD 1.21BN
US-based private equity investment firm Thoma Bravo LLC has acquired Canada-based digital automotive marketplace Trader Corp. from funds advised by Apax Partners for approximately USD 1.21bn (CDN 1.575bn), the company said. The transaction, which is subject to customary closing conditions, is expected to close by 4Q16.
Trader provides marketing software solutions to Canadian automotive dealers. Its online properties -- autoTrader.ca, autoHEBDO.net and Autos.ca -- attract 13 million visits per month and are regularly relied upon by over 5,000 dealers, listing over 450,000 vehicles.
Status: Agreed

-INDUTRADE ACQUIRES UK HEAT TREATING SPECIALIST VACUUM ENGINEERING SERVICES
Sweden-based industrial components marketer Indutrade (STO: INDT) has agree to acquire all of the shares in Manchester, UK-based vacuum heat treating support company Vacuum Engineering Services, with annual sales of approximately GBP 9m, the company said.
The company will be part of Indutrade's Special Products business area. This acquisition is expected to have a marginally positive impact on Indutrade's earnings per share.
Status: Closed

-THULE GROUP ACQUIRES DUTCH CHILD BIKE SEAT FIRM GMG FOR USD 11.06M
Sweden-based sports and outdoor industry products maker Thule Group (STO: THULE) has acquired the Dutch child bike seats company GMG B.V., the company said. The total purchase price for GMG B.V. was USD 11.06m (EUR 10.0m), on a debt-free/cash-free basis.
The acquisition is not expected to have a material impact on Thule Group's total sales and profits. GMG B.V. had sales of EUR 6.1m in 2015, with a focus on child bike seats under the brand Yepp.
Status: Closed

-MIDSONA ACQUIRES LIFESTYLE FOOD PRODUCTS FIRM INTERNATURAL FRIM PRIVEQ
Sweden-based health foods products company Midsona AB (STO: MSONA) (STO: MSONB) has agreed to acquire all outstanding shares of Scandinavia-based lifestyle food products provider Internatural AB from Sweden-based investment company Priveq Investment Fund IV and minority shareholders, the company said.
Midsona has financed the transaction with a combination of a new acquisition financing facility from Danske Bank as well as existing credit facilities.
Status: Closed

-GORES HOLDINGS TO TAKE OVER TWINKIE-MAKER HOSTESS BRANDS IN USD 2.3BN DEAL
US-based bakery company Hostess Brands, LLC has entered into a definitive agreement with US-based acquisition company Gores Holdings, Inc. (NASDAQ: GRSHU) that will introduce Hostess as a publicly listed company, with an anticipated initial enterprise value of approximately USD 2.3bn, the company said.
This valuation represents 10.4 times the company's estimated 2016 Adjusted EBITDA of approximately USD 220m.
Status: Agreed

-BRISTOL-MYERS SQUIBB ACQUIRES SWEDISH ANTIBODY DEVELOPER CORMORANT
US-based biopharmaceutical firm Bristol-Myers Squibb Company (NYSE: BMY) has acquired all the outstanding capital stock of Stockholm, Sweden-based therapeutics developer Cormorant Pharmaceuticals, the company said.
The transaction includes upfront and near term contingent milestone payments of up to USD 95m and additional contingent consideration of up to USD 425m upon the achievement by Bristol-Myers Squibb of certain development and regulatory milestones.
Status: Closed

-AMSURG'S PHYSICIAN SERVICES DIVISION SHERIDAN ACQUIRES US RADIOLOGY SPECIALIST ALLERGIANTMD
Tennessee-based ambulatory and physician services provider AmSurg Corp. (NASDAQ: AMSG) physician services division Sheridan has acquired US-based radiology services provider AllegiantMD, Inc. and certain affiliated entities, the company said.
AllegiantMD will join Sheridan's existing roster of over 300 fellowship trained, board certified radiologists, who cover 150 facilities across 22 states. Sheridan radiologists cover all subspecialty designations with 100% US-based providers and offer 24/7/365 radiology-read capabilities.
Status: Closed

-HUB ACQUIRES ASSETS OF EMPLOYEE BENEFITS CONSULTING, BROKERAGE FIRM GATEWAY FINANCIAL
US-based global insurance brokerage Hub International Ltd. has acquired the assets of Pittsburgh, Pennsylvania-based employee benefits agency Tenth Dot Benefit Solutions, LLC d/b/a Gateway Financial, the company said.
Following the transaction, Hub will operate the Gateway Benefits business as a new division referred to as Gateway Benefits, a division of Hub International.
Status: Closed

-GRYPHON INVESTORS ACQUIRES OUTPATIENT PHYSICAL THERAPY SERVICES FIRM CORA
San Francisco, California-based middle-market private equity firm Gryphon Investors has acquired Ohio-based rehabilitation services provider CORA Health Services, Inc., the company said.
CORA's management team will remain in place and retain a minority stake in the company. The company is a top 10 national operator of outpatient physical therapy services, with a strong presence in the Southeast.
Status: Closed

-CORTLAND PARTNERS ACQUIRES VIRGINIA, US APARTMENT COMMUNITY
US-based real estate investment firm Cortland Partners has closed on a deal to acquire Ashburn, Virginia-based 630-unit apartment community Stoneridge Apartments, the company said.
The transaction signals the firm's first foray into the Washington DC market as part of a growth strategy spanning the Southeast and beyond. Stoneridge presents an opportunity for Cortland to expand its portfolio while also entering a new core market that has demonstrated consistent rent growth.
Status: Closed