Deal Pipeline
Thursday 09 June 2016
The following is a list of deals covered in detail by M and A Navigator this week:

-TURKEY'S YILDIZ HOLDING LAUNCHES NEW COMPANY COMBINING BISCUIT AND CONFECTIONERY BRANDS
Turkish food company Yildiz Holding has brought together its core biscuit, chocolate, and confectionery businesses Godiva Chocolatier, United Biscuits, Ulker and DeMet's Candy Co., to form a new global company, "pladis," the company said.
The new entity unites brands premium chocolate brand Godiva, biscuit brand McVitie's and Turkish biscuits and confectionery brand Ulker. Combined, the brands form a USD 5.2bn business.
Status: Closed

-PPG TO ACQUIRE COATINGS SERVICES FIRM METOKOTE
US-based paints and coatings company PPG (NYSE: PPG) has reached a definitive agreement to acquire US-based coatings services firm MetoKote Corp. and its affiliates, the company said.
MetoKote is a US-based coatings services business with 2015 global sales of approximately USD 200m. The transaction is expected to close in 3Q16, subject to customary closing conditions. MetoKote is headquartered in Lima, Ohio, and has more than 1,500 employees. MetoKote applies coatings to customers' manufactured parts and assembled products.
Status: Agreed

-SWEDISH REAL ESTATE FIRM FABEGE ACQUIRES SOLNA PROPERTY IN SEK 172.5M DEAL
Sweden-based property company Fabege (STO: FABGA) is acquiring Sadelplatsen 1, Järva Krog in Solna, Sweden, the company said.
The transaction has a total price of SEK 172.5m (USD 21.09m). Fabege said that the seller is an Uppsala -based consortium, with among others Olle Olsson Holding AB as partner. The property's rentable area amounts to about 6,400 square meters of shop, workshop and office premises. The rental value is just over SEK 14m annually and Audi is the largest tenant who disposes about 50 % of the property.
Status: Closed

-BRANDING BRAND ACQUIRES CONVERSATIONAL COMMERCE SPECIALIST WAYSAY
US-based retail industry mobile commerce and engagement platform Branding Brand has acquired conversational commerce specialist Waysay, the company said. This deal marks Branding Brand's first acquisition.
Branding Brand said the addition extends its omnichannel offerings to include in-app messaging, customer engagement tools, and marketing automation technology, all of which allow retailers to better connect and support their customers. Waysay was founded by ExactTarget and Salesforce veterans, Matt Compton and Bob Ullery, in May 2015.
Status: Closed

-ECO-TECH AND SCIENCE INNOVATION WEBSITES GRENDZ, GREENLTIERS TO MERGE
Japanese Startup Fullcircle Innovations' Grendz green technology trends website is merging with eco discussion site GreenITers, the company said.
In this way, Grendz will collectively offer eco-friendly technology trends and science breakthroughs. Fullcircle Innovations is a startup based in Tokyo, Japan. Founded in 2010, Fullcircle develops eco-focused iOS apps as well as state of the art websites and communities focused on green-, eco, technology-, and science-related issues.
Status: Agreed

-ARTHUR J GALLAGHER ACQUIRES ILLINOIS INSURANCE AGENCY
US-based insurance brokerage and risk management services firm Arthur J. Gallagher and Co. (NYSE: AJG) has acquired Crystal Lake, Illinois-based KRW Insurance Agency, Inc., the firm said.
Established in the 1940s, KRW Insurance Agency is a retail insurance broker providing commercial property/casualty, risk management, employee benefits and personal lines insurance and consulting services to clients throughout the United States.
Status: Closed

-RELEQUINT ACQUIRES US DIGITAL MARKETING AGENCY ZOOMSPRING
US B2B tech digital marketing agency Relequint has acquired Cincinnati-based digital marketing agency ZoomSpring, the company said.
Relequint was founded in 2015 by Ran Mullins, a digital brand executive and serial entrepreneur, who has led large-scale web design and development projects as well as full brand strategy and marketing campaigns for Fortune 500 companies.
Status: Closed

-HEXPOL ACQUIRES UK-BASED RUBBER COMPOUND MAKER BERWIN FOR USD 36M
Sweden-based polymer group Hexpol has acquired 100% of the UK-based rubber-based compounds maker Berwin Group Ltd from present shareholders, the company said. The acquisition price is estimated to approximately USD 36.2m (GBP 25m) on a cash and debt free basis and has been funded by a combination of cash and existing bank facilities.
Berwin Group (Berwin Rubber Co Ltd, Berwin Industrial Polymers Ltd and Flexi-Cell Ltd), with manufacturing facilities in Manchester, UK and in Gloucestershire, UK, has an estimated annual turnover of around GBP 40m and has around 200 employees.
Status: Closed

-UNITED LANGUAGE GROUP ACQUIRES LOCALISATION SERVICE PROVIDER KJ INTERNATIONAL
Minneapolis, Minnesota-based translation and localisation service provider KJ International Resources has been acquired by Minneapolis, Minnesota-based language service provider United Language Group, the company said.
KJI specialises in regulated industries, including biotechnology, pharmaceutical, medical device companies, and other organisations. KJ International Resources is a provider of translation and localization services in a wide range of medical, technical and other highly regulated fields.
Status: Closed

-RADIUS ACQUIRES SAN FRANCISCO TAX, COMPLIANCE ADVISORY FIRM
US-based consultancy Radius has acquired San Francisco-based tax and compliance advisory firm Montage Services, the company said. Montage, whose clients include the London Stock Exchange, UniCredit, and Biz Apps, will immediately bolster Radius' international tax advisory services.
This firm has provided inbound and outbound international structuring and tax advice, finance and business consulting services since 2003.
Status: Closed

-BOYER PETROLEUM, LUBRICATION TECHNOLOGIES, MOORE OIL MERGE
US-based lubrication and petroleum products maker Boyer Petroleum petroleum products distributor Moore Oil Co. and the distribution arm of Minnesota-based lubrication and energy solutions company Lubrication Technologies Inc., have merged to form Lube-Tech and Partners, LLC, the companies said.
Under this merger, the new company's 200 combined employees will provide over 20 million gallons of lubricants and chemicals, as well as a broad portfolio of products and services to over 7,000 customers throughout the Upper Midwest.
Status: Closed

-HEPTAGON ACQUIRES WIRELESS RF MODULE MAKER
Singapore-based 3D imaging solutions company Heptagon has acquired US-based wireless RF module maker RF Digital Corp., the company said. RF Digital, located in Southern California, was established in 1999, and led by its founder and president Armen Kazanchian for over 16 years.
The transaction brings an expert team of hardware and software architects and engineers to Heptagon. Both RF Digital and Heptagon are individually known for their solid histories, visionary technologies, creativity and strong foundational skills.
Status: Closed

-TRAVELCENTERS OF AMERICA BUYS 5 CONVENIENCE STORES IN ILLINOIS
Westlake, Ohio-based gasoline and convenience store business TravelCenters of America LLC has completed the acquisition of five convenience stores located in Illinois, the company said.
The company expects these convenience stores, formerly known as Apollo Markets, to be rebranded as Minit Mart convenience stores and that they will undergo improvements in the coming months. TravelCenters of America conducts business in 43 states and Canada, principally under the TA and Petro Stopping Centers travel center brands and the Minit Mart convenience store brand.
Status: Closed

-TURNSPIRE CAPITAL PARTNERS ACQUIRES US PLASTICS MAKER
US-based private equity investment firm Turnspire Capital Partners LLC, through a newly formed affiliate, has acquired the business of US-based precision plastic products maker United Plastics Group, Inc. from Arizona-based integrated plastics processing solutions provider MedPlast, Inc., the company said.
UPG is a global manufacturer of complex assembled components and finished products serving the datacenter, automotive, energy and industrial markets.
Status: Closed

-PRIORITY SOFTWARE EXPANDS ACTIVITIES IN NORTH AMERICA FOLLOWING PERFORMA APPS ACQUISITION
Israel-based ERP solutions provider Priority Software Ltd. has expanded its business operations in North America, with the establishment of Priority Software USA and the recent purchase of US-based ERP consulting and services firm Performa Apps, the company.
In response to growing demand for its flagship ERP model, Priority is targeting the SMB market in the region to offer an alternative to the complex, costly traditional ERP systems from giant vendors. Founded in 1986, Priority Software is an ERP vendor in Israel, with a presence in the global ERP software market and subsidiary offices in the UK.
Status: Closed

-NEXT GROUP HOLDINGS AGREES TO ACQUIRE US TELECOMMUNICATIONS MARKETING BRAND TEL3
Miami, Florida-based telecommunications company Next Group Holdings, Inc. (OTCQB: NXGH) has agreed to acquire the US-based telecom marketing brand Tel3, together with the assets and client database of Tel3, from NXGH CEO Arik Maimon, the company said.
The deal is subject to the receipt of a fairness opinion from an independent expert on such transactions. NXGH's board of directors approved the transaction unanimously and expects to close the acquisition of Tel3 by 20 June 2016. Tel3 is a marketing group that had revenues over USD3m in 2015 with 31.5% gross margin, 25,000 active customers, and a database of 300,000 current and former clients.
Status: Agreed

-SHAREHOLDERS OF NEXSTAR BROADCASTING AND MEDIA GENERAL VOTE TO APPROVE DEAL
Shareholders of US-based media companies Nexstar Broadcasting Group, Inc. (NASDAQ: NXST) and Media General, Inc. (NYSE: MEG) have approved the companies' merger deal in separate meetings, the companies said.
On 27 January, Nexstar and Media General announced that they entered into a definitive merger agreement whereby Nexstar will acquire all outstanding shares of Media General for USD 10.55 per share in cash and 0.1249 of a share of Nexstar class A common stock for each Media General share. Upon completion of the transaction, expected later this year, Nexstar will change its name to Nexstar Media Group, Inc.
Status: Agreed

-DENALI HOLDING PRICES USD 3.25BN NOTES OFFERING; WILL FUND EMC ACQUISITION
US-based computer hardware and storage firm Dell's holding company, Denali Holding Inc., has priced a private offering of USD 3.25bn aggregate principal amount of senior notes to be issued by two of its wholly-owned subsidiaries as co-issuers, the company said.
The company said it plans to use the net proceeds from the offering of the notes as part of its financing for its previously-announced acquisition of EMC Corp.
Status: Agreed

-SYNTA PHARMACEUTICALS SCHEDULES SHAREHOLDER VOTE ON MADRIGAL ACQUISITION
US-based research and development company Synta Pharmaceuticals Corp. (NASDAQ: SNTA) has scheduled a shareholder meeting for 21 July for a vote on its agreed deal to acquire US-based drug development company Madrigal Pharmaceuticals, Inc., the company said.
Under the terms of the merger agreement, Synta will acquire all outstanding shares of Madrigal in exchange for approximately 253.9m newly issued shares of Synta common stock. The deal is worth around USD 97m.
Status: Agreed

-TRIPLETREE ADVISES PEAK HEALTH SOLUTIONS ON SALE TO AMN HEALTHCARE
US-based healthcare merchant bank TripleTree, LLC advised Tennessee-based health information management services company Peak Health Solutions in its acquisition by US-based workforce solutions and staffing services company AMN Healthcare, the bank said.
Earlier this week, AMN Healthcare acquired Peak Health Solutions. Peak Health Solutions is currently generating annualised revenue of approximately USD 33m and an adjusted EBITDA margin of greater than 15%. The acquisition is expected to be immediately accretive to AMN's earnings per share.
Status: Closed

-NEW HARBOR CAPITAL BUYS MAJORITY STAKE IN WEDGEWOOD PHARMACY
US-based private-equity firm New Harbor Capital has completed a majority equity investment in privately held US compounding pharmacy Wedgewood Pharmacy, the firm said.
Wedgewood Pharmacy is the largest US compounding pharmacy specialising in animal health, addiction medicine and urology. Wedgewood Pharmacy, based in Swedesboro, N.J., prepares customised medications for people and their pets when FDA–manufactured drugs cannot meet their needs.
Status: Closed

-AMERICAN SECURITIES CLOSES ACQUISITION OF MAJORITY STAKE IN US SCHOOL BUS MAKER BLUE BIRD
An affiliate of US-based private equity firm American Securities LLC has purchased from Cerberus Capital affiliate Traxis Group B.V, its entire equity stake in US-based school bus manufacturer Blue Bird Corp. (NASDAQ: BLBD), Blue Bird said.
This equals 12m shares of common stock or approximately 57% of Blue Bird's outstanding shares of common stock. Following the completion of the transaction, American Securities will become the controlling shareholder of Blue Bird. The transaction was executed in two tranches. The first tranche included 7m shares at a price of USD 10.10 per share. The second tranche includes 5m shares at a price of USD 11.00 per share.
Status: Closed

-CALIFORNIA'S FARMERS AND MERCHANTS BANCORP TO ACQUIRE DELTA NATIONAL IN USD 6.6M DEAL
California-based bank holding companies Farmers and Merchants Bancorp (OTCQX: FMCB) and Delta National Bancorp (OTC: DEBC) have inked a definitive agreement has been signed by both parties, the companies said.
Under the terms of the agreement, Delta National Bancorp will merge into Farmers and Merchants Bancorp. The transaction is subject to customary closing conditions, including regulatory approvals and Delta National Bancorp's shareholder approval. The Farmers and Merchants Bancorp and Delta National Bancorp boards of directors have unanimously approved the transaction, which is expected to close early 1Q16.
Status: Agreed

-NEW MEXICO'S REGULATOR ISSUES CERTIFICATION OF STIPULATION IN SUPPORT OF EMERA/TECO TIE-UP
The New Mexico Public Regulation Commission Hearing Examiner has issued the Certification of Stipulation to the NMPRC concerning the approval of Canadian energy and services company Emera Inc.'s (TSX: EMA) proposed acquisition of New Mexico Gas Co, as part of its deal to acquire New Mexico Gas parent, US-based electric and gas utility operator Teco Energy Inc. (NYSE: TE), the company said.
The Hearing Examiner recommends that the NMPRC adopt the Certification of Stipulation in support of the acquisition, and states that the acquisition is in the public interest and has quantifiable and unquantifiable benefits to NMGC customers.
Status: Agreed

-ARMDALE CAPITAL TO ACQUIRE TANZANIA GRAPHITE PROJECT
UK-based natural resources investor Armadale Capital plc (AIM: ACP) has entered into a heads of terms agreement to acquire the Mahenge Liandu Graphite Project in south-east Tanzania, the company said.
Armadale has entered into a heads of terms agreement with Graphite Advancement Tanzania Pty Ltd an Australian company that through a Tanzanian subsidiary owns or has the right to 100% of the tenements that constitute the Liandu Project. The company has agreed to acquire GAT for an issue of 80m Armadale shares on completion of the transaction.
Status: Agreed

-SCHRODER EUROPEAN REIT CLOSES FRANKFURT ACQUISITION
UK-based property investor Schroder European Real Estate Investment Trust Plc has closed the purchase of a convenience retail property in Frankfurt Am Main, Germany, the company said.
 This deal was announced on 28 April 2016. Schroder European REIT bought the convenience retail property located in Rodelheim (Frankfurt) at a purchase price of EUR 11.05m (USD 12.50m) reflecting a net initial yield of 5.6%. The investment is located in a growing inner urban area of Frankfurt am Main and is anchored by a 1,600 sqm Lidl supermarket with an initial lease term exceeding 10 years.
Status: Closed

-VINACAPITAL VIETNAM OPPORTUNITY SELLS STAKE IN PROJECT PHAM HUNG
Cayman Islands-based infrastructure investment fund VinaCapital Vietnam Infrastructure Ltd. (LSE: VNI) is divesting its stake in Project Pham Hung, the company said. The project, acquired by VOF in 2007, is a 2.4 hectare parcel of land located in Hanoi and has planning approval for a future mixed use development.
This transaction will result in net cash proceeds of USD 5.4m to VOF, compared to a carrying value of USD 3.4m as at 31 December 2015.
Status: Closed

-UK MARINE ENGINEERING FIRM JAMES FISHER ACQUIRES RETURN TO SCENE FOR GBP 1.9M
UK-based marine and specialist engineering services provider James Fisher has acquired Return to Scene Ltd. for consideration of GBP 1.9m (USD 2.75m), the company said. R2S provides visual asset management photographic capture services, digital media services and forensic services to the oil and gas and security sectors.
Headquartered in Aberdeen, R2S was a subsidiary of SeaEnergy Plc which went into administration on 2 June 2016. Further consideration of GBP 0.1m is payable should R2S win certain contracts before 31 December 2016.
Status: Closed

-BEGBIES TRAYNOR ACQUIRES UK PROPERTY AUCTIONEER PUGH AUCTION FOR GBP 2M
UK-based professional services consultancy Begbies Traynor Group plc (LSE: BEG) has acquired the entire issued share capital of Pugh Auction Group Ltd. for GBP 2m (USD 2.89m), in cash, the company said. The company's 25 strong team, including management, will be integrated with the group's existing Eddisons property services division.
Pugh and Co was established in 2000 and is the largest firm of commercial property auctioneers operating outside of London, with regular auctions held in Leeds and Manchester.
Status: Closed

-BRANDING BRAND ACQUIRES CONVERSATIONAL COMMERCE SPECIALIST WAYSAY
US-based retail industry mobile commerce and engagement platform Branding Brand has acquired conversational commerce specialist Waysay, the company said. This deal marks Branding Brand's first acquisition. Branding Brand said the addition extends its omnichannel offerings to include in-app messaging, customer engagement tools, and marketing automation technology, all of which allow retailers to better connect and support their customers. Waysay was founded by ExactTarget and Salesforce veterans, Matt Compton and Bob Ullery, in May 2015.
Status: Closed

-ECO-TECH AND SCIENCE INNOVATION WEBSITES GRENDZ, GREENLTERS TO MERGE
US-based retail industry mobile commerce and engagement platform Branding Brand has acquired conversational commerce specialist Waysay, the company said. This deal marks Branding Brand's first acquisition.
Branding Brand said the addition extends its omnichannel offerings to include in-app messaging, customer engagement tools, and marketing automation technology, all of which allow retailers to better connect and support their customers. Waysay was founded by ExactTarget and Salesforce veterans, Matt Compton and Bob Ullery, in May 2015.
Status: Agreed

-ARTHUR J GALLAGHER ACQUIRES ILLINOIS INSURANCE AGENCY
US-based insurance brokerage and risk management services firm Arthur J. Gallagher and Co. (NYSE: AJG) has acquired Crystal Lake, Illinois-based KRW Insurance Agency, Inc., the firm said.
Established in the 1940s, KRW Insurance Agency is a retail insurance broker providing commercial property/casualty, risk management, employee benefits and personal lines insurance and consulting services to clients throughout the United States.
Status: Closed