Deal Pipeline
Monday 09 April 2018
The following is a list of deals covered in detail by M and A Navigator this week:

-LIVANOVA CLOSES ACQUISITION OF TANDEMLIFE TO ENHANCE CARDIOPULMONARY SUPPORT CAPABILITIES
London-based medical technology company LivaNova PLC (NASDAQ: LIVN) has closed the acquisition of Pennsylvania, US-based cardiopulmonary temporary support solutions provider TandemLife to enhance cardiac surgery product offerings, the company said.
LivaNova has agreed to pay up to USD 250m for TandemLife. Upfront costs total USD 200m with up to USD 50m in contingent considerations based on regulatory milestones. The deal is projected to be modestly accretive in 2018. TamdemLife offers four product systems, all built around a common pump and controller. These systems, which include extracorporeal life support (ECLS) and percutaneous mechanical circulatory support (pMCS), are complementary to LivaNova's offerings in cardiac surgery.
Status: Closed

-MARYLAND PUBLIC SERVICE COMMISSION APPROVES USD 4.5BN MERGER OF WGL HOLDINGS, ALTAGAS
The Maryland Public Service Commission announced its approval Wednesday of the combination of US-based utility operator WGL Holdings, Inc. (NYSE: WGL) with Canadian power and gas supplier AltaGas Ltd. (TSX: ALA), the companies said.
These companies announced their plan to combine on 25 January 2017. This deal was announced in January 2017. The Commission voted 4 to 1 in favor of the merger. According to the final order issued by the Commission, AltaGas and WGL will provide benefits that include USD 30.5m for a one-time USD 50 rate credit for Maryland residential heating customers and a rate credit for non-residential customers. In addition, the companies committed that operational savings resulting from the merger will be passed through to customers.
Status: Agreed

-MITSUBISHI HITACHI POWER SYSTEMS INTEGRATES PWPS IGT BUSINESS INTO MD AND A
Japanese industrial joint venture Mitsubishi Hitachi Power Systems' Mitsubishi Hitachi Power Systems Americas (MHPS Americas) subsidiary has integrated all operations of PW Power Systems' Industrial Gas Turbine division with Mechanical Dynamics and Analysis, the company said.
Both businesses are in providing power generation service, parts, and repairs. For more than three decades, MD and A has been the resource companies sought as a trusted alternative to provide service, parts, repairs and upgrades for a variety of gas turbines, steam turbines, and generators. MD and A has built a reputation as an experienced and customer-focused source for service to its global customer base regardless of OEM equipment type.
Status: Closed

-SHIP SUPPLY INTERNATIONAL CLOSES ACQUISITION OF US PORT LOGISTICS BUSINESS UNIVERSAL MARITIME
US-based private equity firm H.I.G. Capital's portfolio company, Miami-based port logistic services provider Ship Supply International, has acquired US-based Universal Maritime, Inc., the firm said.
Headquartered in Southern California and with convenient access to the ports of Los Angeles, Long Beach, San Diego, Oakland and San Francisco, Universal is a full-service port logistics business, which supplies a range of products, including deck and engine supplies, provisions, cabin essentials and bonded goods. The company has built a tradition of exceptional customer service across US West Coast ports, handling time-sensitive, last-mile delivery of critical merchandise from San Diego to San Francisco.
Status: Closed

-ANTARES CAPITAL SUPPORTS SENTINEL CAPITAL PARTNERS' ACQUISITION OF UBEO BUSINESS SERVICES
US-based middle market private debt provider Antares Capital is serving as administrative agent and lead arranger on a senior secured credit facility to support the acquisition of Texas, US-based business technology products and services provider UBEO by US-based private equity firm Sentinel Capital Partners, the company said.
Headquartered in San Antonio, Texas, UBEO is a provider of business technology products and services throughout the continental US. The company sells and services office copier and printer fleets, and provides hardware and software solutions to optimize business operations.
Status: Agreed

-SUN HYDRAULICS CLOSES ACQUISITION OF HYDRAULIC COUPLINGS MANUFACTURER FASTER GROUP
US-based industrial technology manufacturer Sun Hydraulics Corp. (NASDAQ: SNHY) has closed the acquisition of the shares of Italian hydraulic couplings manufacturer Faster Group from Capvis Equity IV LP, and other co-investors for EUR 430m (approximately USD 531m) in cash, the company said.
Capvis Equity IV is a fund advised by the Swiss private equity firm Capvis Equity Partners AG. The acquisition will be funded with approximately USD 161m of cash on hand and USD 370m drawn against the company's revolving credit facility, including exercise of the revolver's accordion.
Status: Closed

-LION EQUITY PARTNERS COMPLETES ACQUISITION OF THE CANADIAN MOTOR REPAIR BUSINESS FROM SIEMENS
US-based private investment firm Lion Equity Partners' affiliate, NorthPoint Technical Services ULC, has acquired the Canadian motor repair business of Siemens Canada Ltd., the firm said. NorthPoint is in the repair of rotating industrial equipment, including motors, generators, gearboxes, switchgear, transformers, pumps, fans and turbines.
The company, headquartered in Calgary, AB, serves customers in oil and gas, power generation, mining, pulp and paper, infrastructure, marine and transportation industries by solving their most complex equipment repair needs.
Status: Closed

-VIRTUAL IMPLEMENTS NEW DOMAIN, VITUALINC.COM FOLLOWING MERGER
US-based Virtual, Inc., a provider of professional services to technology consortia and professional societies, has deployed a new, streamlined domain, virtualinc.com, the company said.
Effective immediately, the new domain follows the announcement that Virtual has joined forces with Drohan Management Group and Professional Credential Services (PCS, Inc.) to broaden its service offerings and deliver greater value to clients. Email messages sent to the old domain, which had been in use since 1999, and visitors to the old website address will be automatically redirected.
Status: Closed

-TEMPLUM CLOSES ACQUISITION OF LIQUID MARKETS GROUP BROKER/DEALER LIQUID M CAPITAL
New York, US-based tokenised asset technology company Templum, Inc. has closed the acquisition of Liquid M Capital, the broker dealer and alternative trading system (ATS) of financial technology company and broker dealer Liquid Markets Group, LLC, the company said.
The acquisition will position Templum in the sale of TAOs and the secondary trading of digital assets as securities. The transaction is subject to regulatory approval.
Status: Closed

-GENERATIONAL EQUITY ADVISES CARBONIC SYSTEMS IN SALE TO AIRGAS
US-based mergers and acquisitions advisor Generational Equity's client, US-based gasses distributor Carbonic Systems, Inc., to French industrial gas company Air Liquide's US-based Airgas, Inc subsidiary, the firm said.
Carbonic Systems, based in Grand Rapids, Michigan, is a family-owned regional distributor of beverage grade carbon dioxide and food grade nitrogen, beergas, and oxygen. The company also leases Bulk CO2 Systems, cylinders, nitrogen generators, gas blenders, and CO2 monitors and alarms.
Status: Closed

-SM ENERGY TO SELL NON-CORE ASSETS IN NORTH DAKOTA, TEXAS FOR USD 292M
US-based oil and gas explorer SM Energy (NYSE: SM) has entered into two definitive agreements, one for the sale of the company's remaining assets in the Williston Basin located in Divide County, North Dakota, and one for the sale of its third-party operated assets known as Halff East located in Upton County, Texas for combined proceeds of USD 292.3m, the company said.
SM said the assets expected to be sold in Divide County include approximately 119,400 predominantly contiguous net acres, 28.8 MMBoe net proved reserves as of year-end 2017 (52% PUD), with December 2017 net production of approximately 6,100 Boe per day (83% oil).
Status: Agreed

-HYDRO ONE, AVISTA REACH SETTLEMENT IN PRINCIPLE IN WASHINGTON MERGER CASE
Canada-based electricity transmission and distribution provider Hydro One Ltd. (TSX: H) and Washington, US-based energy company Avista Corp. (NYSE: AVA) and the City and Borough of Juneau (CBJ), the only intervenor in the case, have reached a settlement agreement in the merger proceeding currently before the Regulatory Commission of Alaska, the companies said.
The settlement agreement has been filed with the RCA. Avista serves customers in Juneau, Alaska through its subsidiary utility, Alaska Electric Light and Power Company. Notification of a settlement in principle with various parties has been filed with the Washington Utilities and Transportation Commission.
Status: Agreed

-CONNECT AMERICA'S HEALTHCARE DIVISION ACQUIRES PETALUMA HEALTH CARE DISTRICT'S MEDICAL ALERT SYSTEM
US-based personal emergency response systems provider Connect America has recently acquired the Petaluma Health Care District's medical alert system programme, Lifeline of the North Bay, based in Petaluma, California, the company said.
Lifeline of the North Bay will become Connect America West and serve as a base to expand the reach of Connect America's Healthcare Division throughout the State of CA, bringing medical alert and mobile alert products, as well as Telehealth services, remote patient monitoring and medication dispensing systems, to a broader range of customers.
Status: Closed

-PATRICIA INDUSTRIES CLOSES ACQUISITION OF SARNOVA FROM WATER STREET HEALTHCARE
Sweden-based private equity firm Patricia Industries has closed the acquisition of the majority of Ohio, US-based health care products distributor Sarnova Holdings from Water Street Healthcare Partners, the company said.
Columbus Business First reported Sarnova is valued at USD 903m. Sarnova said this new partnership with Patricia Industries will further strengthen Sarnova's capacity to serve customers, vendors and employees and fulfill the company's mission to save and improve patients' lives.
Status: Closed

-ASHFORD PRIME CLOSES USD 171M ACQUISITION OF RITZ-CARLTON SARASOTA
US-based hotel REIT Ashford Hospitality Prime, Inc. (NYSE: AHP) has completed the acquisition of the 266-room Ritz-Carlton Sarasota in Sarasota, Florida for USD 171m (USD 643,000 per key), the firm said.
This deal was previously announced on February 16, 2018. Ashford Hospitality Prime also closed on the acquisition of a 22-acre plot of vacant land for USD 9.7m that is currently entitled for residential development adjacent to the golf course. Concurrent with the completion of the acquisition, the company has financed the hotel with a USD 100m non-recourse mortgage loan.
Status: Closed

-GRUPO ROTOPLAS BUYS ARGENTINE WATER FLOW SOLUTIONS PROVIDER
Mexican water solutions provider Grupo Rotoplas S.A.B. de C.V. (BMV: AGUA) has reached a preliminary agreement to acquire 100% of Argentina-based water flow solutions provider IPS S.A.I.C. y F., the group said.
The acquisition will be funded with Rotoplas' own resources and it is expected to close in 2Q18. Grupo Rotoplas is America's provider of individual and integrated water solutions for storing, carrying, and treating water.
Status: Agreed

-LE DUFF AMERICA CLOSES SALE OF TIMOTHY'S WORLD COFFEE AND MMMUFFINS
French bakery-café company Groupe Le Duff's US-based Le Duff America affiliate has completed the sale of two of its Canadian brands, Timothy's World Coffee and mmmuffins, to a wholly owned subsidiary of MTY Food Group Inc, the group said.
At closing, the sale included a total of 32 franchised and seven corporate locations between the two brands for USD 1.7m. Le Duff America will continue operating in Canada with its Brioche Dorée, Au Pain Doré and Michel's brands.
Status: Closed

-UCB ACQUIRES DUKE UNIVERSITY BIOTECH SPIN-OFF ELEMENT GENOMICS
Belgian drugmaker UCB has acquired Element Genomics, a small-size biotech spin-off from Duke University, based in Durham, North Carolina, the company said.
The total cost of the transaction, including upfront and short-term success-based milestone payments, will amount to up to 30m.
Status: Closed

-ABEL NOSER HOLDINGS TO ACQUIRE SECURITIES CONSULTING FIRM ZENO
US-based Abel Noser Holdings, LLC is acquiring Zeno Consulting Group, LLC in a transaction pairing two providers of best execution analysis, regulatory and trade surveillance services, the company said.
Zeno brings with it over three decades of experience in helping asset owners manage and control equity, fixed income and FX trading costs. With offices in Metro DC and Los Angeles, Zeno specialises in consultative offerings for plan sponsors and asset owners.
Status: Agreed

-HUB INTERNATIONAL ACQUIRES CERTAIN ASSETS OF TEXAS TRUCKING INSURANCE SPECIALIST SAFFE
US-based insurance brokerage Hub International Ltd.  has acquired certain assets of Texas, US-based Saffe Property and Casualty L.P. related to Saffe's Houston operations, the firm said.
Carey Birmingham, president of Fleet Sales at Saffe, will join Hub Transportation reporting to Dennis Templeton, CSO, Hub Transportation. Birmingham offers insurance solutions focused on the unique needs of commercial fleet trucking.
Status: Closed

-ENGHOUSE SYSTEMS ACQUIRES DANISH SOFTWARE FIRM MOBILTHINK
Canadian enterprise software solutions provider Enghouse Systems Ltd. (TSX: ENGH) has acquired Danish software business Mobilethink A/S, the company said. Mobilethink specialises in device management solutions, with two brands in the mobile B2B sector.
The principal brand, trademarked Mobilethink, is a comprehensive mobile operator-centric intelligence management suite for device management, customer engagement and smartphone support. It boosts data uptake, drives greater customer lifetime value and reduces customer care costs. The other brand is Tweakker, now the trusted business partner of over 100 mobile virtual network operators (MVNOs) worldwide.
Status: Closed

-MGM GROWTH PROPERTIES TO ACQUIRE THE HARD ROCK ROCHSINO NORTHFIELD PARK
Las Vegas, US-based REIT MGM Growth Properties LLC (NYSE: MGP) has entered into an agreement with Milstein Entertainment LLC to acquire the Hard Rock Rocksino Northfield Park for approximately USD 1.06bn, the company said.
MGM Growth Properties said the membership interest purchase agreement will be for 100% of the issued and outstanding limited liability company interests in Northfield Park Associates LLC, which owns and operates the Rocksino. The Rocksino is a gaming, dining and entertainment facility located in Northfield, Ohio, a suburb approximately 17 miles southeast of downtown Cleveland and 18 miles north of Akron.
Status: Agreed

-SAP CLOSES USD 2.4BN ACQUISITION OF 'LEAD TO MONEY' SOFTWARE SPECIALIST CALLIDUS
German software company SAP SE (NYSE: SAP) SAP America, Inc business has closed the acquisition of US-based cloud-based "lead to money" (quote-to-cash) solutions specialist Callidus Software Inc. (doing business as CallidusCloud) (NASDAQ: CALD), the company said.
The CallidusCloud board of directors has unanimously approved the transaction. The per share purchase price of USD 36.00 represents a 21% premium over the 30-day volume weighted average price per share and a 28% premium over CallidusCloud's 90-day volume weighted average price per share. This per share price represents an enterprise value of approximately USD 2.4bn.
Status: Closed

-HAGGAR CLOTHING ACQUIRES CALIFORNIA MENSWEAR BRAND LOUIS RAPHAEL
US-based dress pant brand Haggar Clothing Co has completed its purchase of certain assets of Brisbane, California-based men's apparel firm Kizan International, Inc., doing business as Louis Raphael, the company said.
Haggar will acquire, among other assets, all of Kizan's intellectual property, inventory and work in process. Ed Srsic, who serves as president and chief operating officer at Louis Raphael, will join Haggar to lead the Louis Raphael business.
Status: Closed

-ALEX MERUELO CLOSES ACQUISITION OF SLS LAS VEGAS HOTEL AND CASINO
Alex Meruelo's The Meruelo Group has acquired ownership of SLS Las Vegas Hotel and Casino, naming Paul Hobson as the property's new senior vice president and general manager, the company said.
Meruelo adds SLS Las Vegas, a 1,616-room, three-tower resort-casino, including the W Las Vegas, to a gaming and hospitality portfolio that includes Grand Sierra Resort and Casino in Reno, Nev. The acquisition of the SLS Las Vegas marks the first ever privately held affiliation of large resort properties in both Reno and Las Vegas. Hobson was most recently general manager of Stratosphere Casino, Hotel and Tower.
Status: Closed

-KATALYST TECHNOLOGIES ACQUIRES PREPRESS SERVICES PROVIDER NOVA TECHSET
US-based software technology services and solutions provider Katalyst Technologies Inc. has recently acquired publishing services firm Nova Techset Ltd., the company said. Nova Techset has offices in the US, UK, and India. Nova Techset is a global supplier of prepress services to the STM and academic publishing world.
With the acquisition by Katalyst Technologies, Nova Techset is now uniquely positioned to continue building momentum within a growing list of premier publishing clients, and to add new partnerships in the publishing industry.
Status: Closed

-N2GROIWTH ACQUIRES INTEREST IN PREDICTIVE DATA AND ANALYTICS FIRM Q5
US-based leadership and talent advisory firm N2Growth has acquired an interest in Indiana based predictive data and analytics firm Q5 Division, N2Growth said. Founded in 2013, Q5 aims at unlocking hidden value and providing new consumer/market insights through intelligent data modeling and predictive analytics. 
N2Growth is a leadership consultancy with practice areas in executive search, culture shaping, leadership development, strategy, organizational design, risk, digital transformation and executive coaching.
Status: Closed

-RSA TO ACQUIRE EMBEDDED BEHAVIOURAL ANALYTICS SPECIALIST FORTSCALE
US-based cybersecurity company RSA plans to acquire embedded behavioral analytics specialist Fortscale, the company said.
RSA's acquisition of Fortscale is designed to provide customers with new user and entity behavioural analytics capabilities through the RSA NetWitness Platform.
Status: Agreed

-STONE POINT ACQUIRES STAKE IN AMERICAN MORTGAGE CONSULTANTS
Funds managed by Connecticut, US-based private equity firm Stone Point Capital LLC has acquired a majority stake in New York, US-based loan mortgage outsourced services provider American Mortgage Consultants Inc. (AMC), the company said. 
AMC said it is excited to begin a partnership with Stone Point, which will enable the continued growth of the AMC platform to meet the demands of clients. The company provides a range of services relating to residential mortgage transactions, including securitisation review, loan diligence and consulting services.

Status: Closed


-ALLIANT INSURANCE BROKERAGE ACQUIRES DUMORTIER RISK MANAGEMENT

California, US-based specialty insurance brokerage firm Alliant Insurance Services has acquired California-based insurance brokerage firm Dumortier Risk Management, Inc., specialising in hospitality risk management, the company said. 

Strong cultural ties to Taiwan and China made the acquisition of the Dumortier agency a natural progression in the expansion of the Alliant Real Estate practice from the United States to Asia and beyond. The addition of Dumortier with employees who speak Chinese, Taiwanese, Greek, Spanish, French, and English also serves as a cultural differentiator for Alliant.

Status: Closed


-WINNING BY DESIGN OPENS 6TH GLOBAL OFFICE WITH ACQUISITION OF EXECUTIVE ANSWERS

California, US-based SaaS consulting firm Winning By Design has agreed to acquire Texas-based SaaS consulting firm Executive Answers to launch sixth global office and support continued growth, the company said.

As part of this acquisition Executive Answers founder and CEO Ryan Cahill will be joining Winning By Design as a partner and will lead the Austin, Texas office.

Status: Agreed


-NORTH IDAHO INSURANCE, SUMMIT INSURANCE RESOURCE GROUP JOIN FORCES UNDER ALLIANT BRAND

Idaho, US-based insurance brokerage firms North Idaho Insurance and Summit Insurance Resource Group have joined the California, US-based Alliant Insurance Services brand, the company said. 

North Idaho Insurance and Summit Insurance Resources Group have a new name and central location, united by the commitment to continue their longstanding legacy of service to the region's residents and businesses. Effective immediately, both firms will assume the Alliant Insurance Services name.
Status: Closed