Deal Pipeline
Monday 08 May 2017
The following is a list of deals covered in detail by M and A Navigator this week:


-DELEK GRABS 94.2% OF UK OIL AND GAS OPERATOR ITHACA ENERGY
Israeli integrated energy company Delek Group's (TASE: DLEKG) (OTC: DGRLY) tender offer for all of UK-based oil and gas firm Ithaca Energy Inc.'s share capital not held by the company has expired, the company said.
Following payment of the consideration for the shares deposited during the extension period, Delek will hold (through DKL Investments Ltd., a foreign wholly-owned subsidiary of the company) 94.2% of Ithaca's issued common stock. In February, the companies signed an agreement under which Delek will make an offer to purchase from all Ithaca shareholders all of Ithaca's share capital not held by the company. Delek offered CDN 1.95 per share for Ithaca Energy, with a total consideration of CDN 681m (USD 524m), and will receive the support of Ithaca's board of directors for the process.
Status: Agreed

-DST CLOSES SALE OF UK CUSTOMER COMMUNICATIONS BUSINESS TO PARAGON GROUP
US-based strategic advisory, technology, and operations outsourcing company DST Systems, Inc. (NYSE: DST) has completed the sale of its UK Customer Communications business to UK-based marketing solutions provider Paragon Group Ltd., the company said.
Paragon is one of Europe's providers of direct marketing print services. The transaction concludes DST's presence in the customer communications market. The company expects to fully realize the opportunities within its core financial services and healthcare segments and continue driving long-term growth and value creation at DST.
Status: Closed

-CIBC, PRIVATEBANCORP AGAIN REVISE MERGER TERMS
Canadian financial services firm Canadian Imperial Bank of Commerce (CIBC) (TSX: CM) (NYSE: CM) (TSX: CM) (NYSE: CM) and US-based bank holding company PrivateBancorp, Inc. (NASDAQ: PVTB) have entered into a second amendment that increases the cash consideration under the previously amended merger agreement, the companies said.
The revised terms were unanimously approved by both boards of directors. Under the amended agreement, PrivateBancorp stockholders will receive, upon completion of the proposed merger with CIBC, an additional USD 3 in cash for each share of common stock of PrivateBancorp held, which consideration in the aggregate will be equal to USD 27.20 in cash and 0.4176 of a CIBC common share for each share of common stock of PrivateBancorp held.
Status: Agreed

-MORGAN PARTNERS ADVISES GENPACT ON ACQUISITION OF BRIGHTCLAIM
US-based investment bank Morgan Partners served as exclusive financial advisor to New York, US-based professional services firm GenPact (NYSE: G) on its acquisition of US-based integrated claims solutions providers BrightClaim and their associated company National Vendor, the bank said.
Both companies are providers of integrated claims solutions to the US property and casualty insurance market. This is Morgan Partners' second M/A transaction in the P/C insurance claims space in the last five months.
Status: Closed

-IN-HOME SENIOR CARE PROVIDER SENIOR HELPERS ACQUIRES FACILITY
US-based in-home senior care provider Senior Helpers will open its first-ever company-owned location in Baltimore, the company said. The global franchisor purchased the new facility near its Timonium, Maryland-based headquarters to serve as a training ground for new franchisees and an important venue for testing new programs and concepts.
This location was previously managed by one of company's individual franchisees and remains in the original territory where Senior Helpers began its franchising efforts in early 2006.
Status: Closed

-NEONOVA ACQUIRES RURAL BROADBAND SOLUTIONS PROVIDER API DIGITAL
US-based not-for-profit cooperative NRTC Co's NeoNova subsidiary has acquired rural broadband solutions provider API Digital, the company said. API Digital will continue to operate as a wholly-owned subsidiary of NeoNova while maintaining its headquarters in Huntsville, Alabama.
The price and terms of the transaction were not announced. NeoNova's 144 employees nationwide provide help desk, networking and revenue-building services to 230 rural broadband affiliates in 44 states, while API Digital and its 60 employees already serve more than 100 customers across the country.
Status: Closed

-ELITE STOCKHOLM MODELLING AGENCY TO BE REBRANDED AS MP STOCKHOLM
Europe's second-largest talent and modelling network, MP Management, has acquired Swedish modeling agnecy Elite Stockholm, the company said. Elite Stockholm will be rebranded as MP Stockholm with immediate effect.
The agency is now part of the MP Management network of talent and modelling agencies with offices currently based in Paris, Milan and Miami.
Status: Closed

-RIVERSIDE PARTNERS TO SELL SWITCHING SYSTEMS MAKER THINKLOGICAL TO BELDEN
US-based private equity firm Riverside Partners has agreed to sell its portfolio company, US-based Thinklogical LLC, to US-based signal transmission solutions company Belden Inc. (NYSE: BDC), the firm said. Thinklogical manufactures KVM signal extension and switching systems for video-rich applications.
Belden said it is paying USD 160m for the business. The transaction is expected to close in 2Q17, subject to regulatory approvals and other closing conditions.
Status: Agreed

-TM ADVERTISING ACQUIRED BY AGENCY MANAGEMENT TEAM
Dallas, US-based advertising and marketing communications agency TM Advertising has been sold to the agency's management team in an acquisition led by CEO Becca Weigman, the company said.
With a history dating back more than 80 years, TM has been part of The Interpublic Group of Companies (NYSE: IPG) since 2001. TM will continue to have access to McCann Worldgroup's international and domestic resources when necessary.
Status: Closed

-OFS ENERGY FUND PARTNERS WITH MANAGEMENT TO ACQUIRE VALVE DISTRIBUTOR VANZANDT CONTROLS
Texas, US-based private equity firm OFS Energy Fund has partnered with Larry Richards and Dave Latch to acquire Texas, US-based automated valve distribution and service company VanZandt Controls, LLC, the company said.
VanZandt has developed a position in the west Texas area. Richards Management plans to utilise VanZandt as a platform to build a market-provider of premier valve automation and instrumentation components to the energy industry. VanZandt was founded in January 2015 by Lance VanZandt in Midland, Texas.
Status: Agreed

-CELLCOM ISRAEL SELLS HOLDINGS IN WIRELESS FIRM RIMON ISRAEL 2009
Israeli cellular provider Cellcom Israel Ltd. (NYSE: CEL) wholly owned indirect subsidiary, 013 Netvision Ltd., or Netvision, has entered an agreement for the sale of its holdings in Rimon Israel 2009 Ltd., or Rimon, a subsidiary of Netvision, to the other shareholders of Rimon, Cellcom said. The agreement is subject to regulatory approvals and contains customary terms and conditions.
Consideration is to be paid to the company in several installments over a period of two years from the closing of the transaction. The company expects to record a capital gain of approximately NIS 10m-15m (USD 2.77m to USD 4.16m) following the consummation of the agreement.
Status: Agreed

-IMPACT HEALTHCARE REIT ACQUIRES CORE SEED PORTFOLIO, MULBERRY PORTFOLIO
UK-based healthcare real estate investor Impact Healthcare REIT plc (LSE: IHR) has completed the acquisition of the Core Seed Portfolio and the Mulberry Portfolio for a total consideration of GBP 148.754m (USD 192.81m), the company said.
All outstanding lending facilities have been repaid in full and the Seed Portfolio has been acquired debt-free by the company. The net initial yield on the Seed Portfolio is 7.6% with rental income accruing from admission on 7 March 2017, supporting the company's dividend policy. 
Status: Closed

-GLOBALWORTH REAL ESTATE INVESTMENTS CLOSES EUR 42.5M ACQUISITION OF DACIA DISTRIBUTION FACILITY
Channel Islands-based, Romania-focused real estate investment company Globalworth Real Estate Investments Ltd. (AIM: GWI) has closed the acquisition of a modern warehouse facility 100% leased to Romanian automaker Dacia on a long term basis, the company said. The transaction value is around EUR 42.5m (USD 46.53m). This deal was announced in February.
According to Globalworth, this facility benefits from a location around 100km west of Bucharest near the Bucharest - Pitesti highway, one of Romania's principal warehouse and industrial corridors and is 28km away from Dacia's main plant in Mioveni, Arges County. Spanning across around 68,000 square metres, it is one of the largest distribution centres of Renault Group for spare parts and accessories outside of France.
Status: Closed

-WILMINGTON TO SELL LEASEHOLD ON UNDERWOOD STREET LONDON HEAD OFFICE
UK-based risk and compliance, finance, legal, and consulting firm Wilmington plc (LSE: WIL) has exchanged contracts to sell the leasehold interest in its Underwood Street London head office premises for GBP 7.3m (USD 9.46m) in cash as part of project 6th Gear, the firm said. Completion is expected by the end of June 2017.
At the same time as disposing of its leasehold interest, Wilmington is entering into a new ten-year market rate lease for a London head office premises near Aldgate. The new head office space will accommodate Wilmington's London based businesses whilst retaining the training facility recently acquired with the acquisition of SWAT Group Ltd.
Status: Agreed

-ALAMO TO ACQUIRE BRAZILIAN AGRICULTURAL IMPLEMENTS MAKER SANTA IZABEL AGRO INDUSTRIA
US-based infrastructure maintenance equipment maker Alamo Group Inc. (NYSE: ALG) has entered into an agreement to acquire 100% of the outstanding capital shares of Brazilian agricultural implements and trailers manufacturer Santa Izabel Agro Industria, LTDA, the company said.
Santa Izabel Agro Industria is a privately held company owned by Soufer Industria Ltda. The company designs, manufactures and markets a range of agricultural implements and trailers sold throughout Brazil. Santa Izabel has been serving this market for over 60 years. Santa Izabel's sales in 2016 were approximately USD 12.6m and the purchase is expected to close in 2Q17.
Status: Agreed

-NEW JERSEY HEALTH CARE SYSTEMS HACKENSACK MERIDIAN HEALTH, JFK HEALTH TO MERGE
The boards of trustees of New Jersey, US-based not-for-profit health networks JFK Health and Hackensack Meridian Health have signed a definitive agreement to merge, the organisations said.
With the addition of JFK Health, Hackensack Meridian Health will consist of 15 hospitals throughout New Jersey, along with a network of physician practices, ambulatory surgery centres, home care, long-term care and assisted living facilities, ambulance services, fitness and wellness centers, and outpatient centers.
Status: Agreed

-SILVER STANDARD CLOSES SALE OF BERENGUELA PROJECT TO AUSTRALIA'S VALOR RESOURCES
Canadian mining company Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) has completed the sale of its Berenguela project in the Lampa Province of Puno, Peru to Valor Resources Ltd. (ASX: VAL), the company said.
Silver Standard Resources received aggregate consideration of USD 12m in deferred cash and a 9.9% equity interest in Valor. Valor is an Australian-based company, focused on mineral project exploration and development, listed on the ASX Ltd.
Status: Closed

-AUTO PARTS MAKER DELPHI TO SPIN-OFF OF POWERTRAIN SEGMENT
UK-based auto parts maker Delphi Automotive plc (NYSE: DLPH) plans to execute a tax-free spin-off of its Powertrain Systems segment into a new, independent publicly traded company, the company said. Immediately following the transaction, which is expected to be completed by March 2018, Delphi shareholders will own shares of both companies.
The convergence of technologies underpinning industry megatrends is driving greater demand for advanced electronics and increased computing power to meet consumer preferences for more safety, efficiency, and connectivity.
Status: Agreed

-ASHFORD HOSPITALITY TRUST WITHDRAWS BID FOR FELCOR LODGING TRUST
US-based hotel REIT Ashford Hospitality Trust (NYSE: AHT) is abandoning its efforts to merge with FelCor Lodging Trust Inc.'s (NYSE: FCH) in light of Felcor's merger agreement with RLJ Lodging Trust (NYSE: RLJ), the company said.
Ashford Trust also announced that it is withdrawing its preliminary proxy statement and proposed slate of seven independent directors for election to FelCor's board of directors at FelCor's 2017 annual meeting of Stockholders.
Status: Terminated

-ENTRAVISION COMMUNICATIONS BUYS LATIN AMERICAN AUDIENCE MANAGEMENT SPECIALIST DATAXPAND
US based, Latino-focused media company Entravision Communications Corp has acquired Argentina-based platform DataXpand, the company said. DataXpand serves Latin America, the US Hispanic market and Europe with a segmented audience management and DMP - Data Management Platform.
The company is a pioneer in targeted advertising in Latin America. Founded in 2012, it was the first company to introduce data-driven marketing technology and provide advanced agencies and advertisers with the ability to execute audience-based media plans in Latin America.
Status: Closed

-HERBERT ACQUIRES VALPAK COUPON MARKETER OF PLYMOUTH IN MASSACHUSETTS
Steve Hebert has acquired The Plymouth, Massachusetts Valpak franchise of US-based coupon marketer Valpak, the company said. Last month, Hebert mailed his first Valpak Blue Envelope to nearly 120,000 households across Plymouth County, from Hingham to Plymouth.
Hebert has 30 years of direct marketing experience, including a two-year stint with Valpak in the late 80s prior to becoming an independent mailer.
Status: Closed

-GETTY IMAGES TO BUY LATIN AMERICAN THIRD PARTY DISTRIBUTOR
US-based visual communications company Getty Images has signed a letter of agreement to purchase the business assets of its Latin American third party distributor, operating under the name Getty Images Latin America, taking over direct operation of its business enterprises in the region, the company said.
For the past eight years, GILA has operated as one of Getty Images' largest master delegates, building a solid base on which to support the company's market growth plans. The deal follows Getty Images announcement of an expanded presence in Brazil late last year and reinforces the company's commitment to the growth of their Latin American base.
Status: Agreed

-INDUSTRIAL IOT SPECIALIST PRECYSETECH TO ACQUIRE PARTNER AGYLYTYX
US-based industrial IoT systems developer PrecyseTech Corp. and US-based cloud-based enterprise business analytic software Agylytyx have executed a letter of intent for PrecyseTech to acquire Agylytyx, the companies said. Agylytyx is a current PrecyseTech partner.
PrecyseTech's Industrial IOT asset tracking management and analytics, and cloud-based inPALMSMSaaS solutions will integrate Agylytyx's Generator, BI, analytics, and visualisation cloud based software. Agylytyx is also an SAP Partner and is experienced with ERP data integration which will enhance PrecyseTech's asset management and analytics capabilities.
Status: Agreed

-CHINA'S HANGZHOU GREATSTAR INDUSTRIAL TO ACQUIRE US STAPLE GUN MAKER ARROW FASTENER
Chinese hand and power tools manufacturer Hangzhou GreatStar Industrial Co., Ltd has entered into an agreement to acquire US-based staple gun and staples maker Arrow Fastener Co., LLC from parent company Masco Corp., the company said. The agreed price is USD 125m.
GreatStar, based in Hangzhou, China, is one of the largest hand tool manufacturers in Asia, specialising in designing and manufacturing products for DIY, professional and industrial markets globally. Arrow, based in Saddle Brook, New Jersey, is a manufacturer of staple guns and heavy duty staples in North America.
Status: Agreed

- YOUNG INNOVATIONS ACQUIRES DENTAL HAND INSTRUMENTS MAKER AMERICAN
US-based dental supplies maker Young Innovations has acquired US-based dental hand instruments maker American Eagle Instruments, Inc., the company said. American Eagle is a global manufacturer of dental hand instruments and related supplies based in Missoula, Montana, USA.
Young Innovations is a portfolio company of Chicago-based private equity firm Linden Capital Partners. It is a global manufacturer and distributor of supplies and equipment used by dentists, hygienists, dental assistants and consumers.
Status: Closed

-TWITCHELL TECHNICAL PRODUCTS ACQUIRES YARNS, FABRICS MANUFACTURER THE QUANTUM GROUP
US-based private equity firm Highlander Partners' portfolio company, US-based specialty materials company Twitchell Technical Products, has acquired US-based yarns and high-performance woven fabrics maker The Quantum Group, the firm said.
Quantum supplies yarns and woven fabrics to the furniture, construction, recreational, industrial, healthcare, automotive and airline industries.
Status: Closed

-ELLOMAY CAPITAL CLOSES SECOND DUTCH WASTE-TO-ENERGY ACQUISITION UNDER LUDAN DEAL
Israeli renewable energy and energy infrastructure operator Ellomay Capital Ltd. (NYSE MKT: ELLO) (TASE: ELLO) has closed its second investment in a waste-to-energy facility in The Netherlands under a joint venture agreement between its Ellomay Luxemburg Holdings S.àr.l. subsidiary and Ludan Engineering Co. Ltd.'s (TASE: LUDN) Ludan Energy Overseas B.V. subsidiary, the company said.
Under the deal, Ellomay acquires 51% of an anaerobic digestion facility in the Netherlands with expected overall capital expenditure of approximately EUR 8.5m (USD 9.3m). Last December, Ellomay Capital announced the first acquisition under this agreement, of 51% of The Goor Project.
Status: Closed

-NEAR NORTH CUSTOMS BROKERS ACQUIRES SUMMIT INTERNATIONAL TRADE SERVICES
US-based mergers and acquisitions advisor Generational Equity's client, Canadian customs brokerage business Summit International Trade Services Inc., has been acquired by Canadian customs brokerage services provider Near North Customs Brokers, the firm said.
Summit International Trade Services, located in Richmond, British Columbia, is a full-service, standalone customs brokerage business. With seven offices located in British Columbia and one in Whitehorse, Yukon, the company is positioned to provide clients with local service in most cases.
Status: Closed

-ADDUS HOMECARE ACQUIRES NEW MEXICO'S OPTIONS HOME CARE
Texas-based personal home care services provider Addus HomeCare Corp. (NASDAQ: ADUS) has agreed to acquire New Mexico-based personal care services provider Options Home Care from HB Management Group, the company said.
This transaction is expected to close in 3Q17, pending customary closing conditions. Addus said this transaction will complement its existing caregiver network in New Mexico, helping ensure continued delivery of home-based personal care services to families in the state. The company plans to work with Options Home Care management and New Mexico state regulators to ensure a smooth transition for customers and their caregivers.
Status: Closed

-WILAN ACQUIRES CANADIAN SOFTWARE FIRM VIZAYA FOR CDN 40.5M
Canada-based patent licensors Wi-LAN Inc. (TSX: WIN) (NASDAQ: WILN) has agreed to acquire issued and outstanding shares of Canada-based software and services provider Viziya Corp. and its related entities companies, the company said.
WiLAN's will acquire Viziya for approximately CDN 40.5m with nearly 60% paid on closing. The balance is subject to certain earn out provisions if the business meets specific financial targets. Certain aspects of the transaction remain subject to the approval of the Toronto Stock Exchange. The company said it will fund the cash portion of the acquisition with cash and cash equivalents on hand, which at March 31, 2017 was CDN 151.2m (USD 113.6m).
Status: Agreed

-KUSH BOTTLES ACQUIRES US VAPORIZER SUPPLIER CMP WELLNESS
California, US-based supplies provider to the regulated cannabis industry Kush Bottles, Inc. (OTCQB: KSHB) has acquired California, US-based vaporisers, cartridges and accessories supplier CMP Wellness, LLC in a cash and stock transaction, the company said.
Kush Bottles completed the acquisition of CMP for USD 1.5m in cash and 7.8m shares of stock. As part of the agreement, CMP's leadership team will have additional earn-out opportunities for achieving specified growth milestones.
Status: Closed

-RITTER TECHNOLOGY ACQUIRES HYDRAULIC, PNEUMATIC SPECIALIST FLUID SYSTEMS ENGINEERING
Pennsylvania, US-based motion and control products provider Ritter Technology, LLC has acquired the business of Michigan, US-based hydraulic and pneumatic fabrication and distribution company Fluid Systems Engineering to expand its footprint in Detroit, US, the company said.
Ritter said the acquisition strengthens its commitment to providing engineered hydraulic and pneumatic products to its customer base in the greater Detroit area.
Status: Closed

-JAGUAR GROWTH PARTNERS ACQUIRES 9.7% STAKE IN MEXICAN LODGING PLATFORM HOTELES CITY EXPRESS
New York, US-based investment management firm Jaguar Growth Partners has acquired a 9.7% position in Mexico-based hospitality platform Hoteles City Express (HCITY), the company said.
Crunchbase reported the terms of the transaction were not disclosed. With the acquisition, Jaguar said it becomes one of HCITY's largest shareholders, establishing a strategic partnership between the two firms. This acquisition was made through Jaguar's real estate private equity strategy, which focuses on investing in real estate-related operating platforms and companies in key Latin American markets.
Status: Closed

-GRAY TV TO ACQUIRE VERMONT, US CBS AFFILIATE WCAX-TV FOR USD 29M
Atlanta, US-based Gray Television, Inc. (NYSE: GTN and GTN.A) has agreed to acquire Vermont, US-based CBS affiliate WCAX-TV television station from US-based media company Mt. Mansfield Television Inc. for USD 29m, the company said.
Including expected synergies, the transaction represents a purchase price multiple of less than 6.0 times expected blended 2016-2017 pro forma broadcast cash flow.
Status: Agreed