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Deals

Has Mid-Market M&A Come to a Dead Stop, or is This a Momentary Pause?
Dealmaking in Q4 2015 dropped 26 percent from Q4 2014, and January 2016 was downright sluggish. How long will the lull last?

Turnaround Talk

Men's Wearhouse Devises Tailored Brands Holding Company to Protect Assets in Potential Bankruptcy
The retailer has suffered financially since its 2014 acquisition of Jos. A. Bank

Valuations

Valuations Soared in 2015, Making it Tough for PE Firms to Compete with Strategic Buyers
Prices paid for lower middle-market targets averaged 9.1 times Ebitda, up from 7.8 in 2014, says GF Data’s Graeme Frazier

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Fund of Funds, Lender

ESOP, Recapitalization

Agriculture, Natural Resources

New York, Hong Kong

Northeast US, Asia/Pacific

United States, Canada

 

Influential Women

Mergers & Acquisitions’ special report celebrates 25 leading female transaction professionals, including Jeri Harman, founder of Avante Mezzanine Partners

Mid-Market Awards

Mergers & Acquisitions will announce the winners of the 2015 M&A Mid-Market Awards soon. In the meantime, see the 2014 Winners

Mergers & Acquisitions, Latest News

Paulson to Raise $1.5 billion Debt Fund

– The firm, led by John Paulson, follows Ardian, Mason Wells and Stonepeak, which have recently raised funds

Web.com Expands Subscribers with Online Marketer Yodle

– Accenture and Perficient have made similar deals

The Weekly Wrap: Fortis, Rockwell, Wipro

– Fortis buys ITC; Rockwell adds MagneMotion; Wipro purchases Healthplan

PE Firms Fundraising: Blackstone, TPG and Others

– Summit Strategies is also raising a fund

India’s Wipro Pursues U.S. Insurance Market, Inks Deal with HealthPlan Services

– The IT company says the transaction aligns with its plans for a consumer-centric business model

World Fuel Picks Up ExxonMobil's Aircraft Business, as Air Travel Soars

– The deal includes airports in in Canada, the United Kingdom, France Germany, Italy, Australia and New Zealand

People Moves of the Week: Jenner & Block, BNP Paribas, Global Loan Agency

– Jenner & Block hires Kurt von Moltke as M&A co-chair; BNP Paribas adds three; Global Loan Agency expands U.S. operations

Stryker Adds Medical Device-Maker Synergetics in Buying Spree

– The planned purchase of medical device maker Synergetics follows Stryker’s agreement to buy medical supplier Sage from Madison Dearborn

Rockwell Complements Jacobs Automation with MagneMotion Acquisition

– The deal follows the purchases of Adept Technology and B+ Equipment

Carlyle’s Fourth-Quarter Profit Falls 57 Percent, as Asset Sales Slow

– The firm, led by David Rubenstein, recently closed a second middle-market fund and is buying back $200 million of its stock

Algonquin Power to Buy Empire District Electric, as Canadian Power Companies Seek Growth Through U.S. Targets

– The deal follows in the footsteps of the planned purchase by Canada’s Fortis of the U.S.-based ITC Holdings utility

Worst January for Mid-Market M&A in 25 Years

– The first month of 2016 delivered only half the number of closed deals as the same month in 2015, making it the least productive January for the middle market since 1991

Mason Wells Closes $615 Million Buyout Fund, Beating Original $550M Target

– The PE firm recently exited Charter Nex Films and Paris Presents

Heartland Acquires Beanstalk Data Ahead of Joining Global Payments

– The payment processing and technology provider acquired Digital Dining, pcAmerica and Dinnerware in 2015

Terra Energy Takes on Assets from WPX in $910M Deal

– Kayne Anderson and Warburg Pincus are providing equity financing

Distressed Company Watch List: Empire Resorts, Genworth Financial, SandRidge Energy

– See which companies have recently indicated doubt about continuing as a going concern in SEC filings, including Genworth Financial, which is considering asset sales to reduce its debt

Fortis Seeks Growth in the Utilities Sector with ITC Purchase

– Other recent deals include the acquisitions of AGL Resources and Piedmont

Turnaround Talk: Genworth Drafts Plan to Pay Down Debt in Light of Losses

– The insurance company will separate its long-term care insurance business

Trimble Purchases Sefaira, Provider of Building-Design Software

– The deal follows Trimble's acquisitions of Agri-Trend and Telog

Apollo Teams with Vistria to Take Private the Owner of University of Phoenix, Planning to Expand

– The target recently acquired Career Partner and Sociedade Tιcnica Educacional

Financing Tightens for Mid-Market Companies

– Antares Capital co-CEO David Brackett says senior debt prices have gone up

Idex Expands Safety Division with Akron Brass Purchase

– 3M is another strategic buyer that has been growing its safety equipment business

The Weekly Wrap: Cisco, FireEye, Stryker

– Cisco buys Jasper; FireEye purchases Invotas; Stryker adds Sage

3 Companies For Sale

– Management consulting firm AssetMark and storage device maker Barracuda Networks are reported to be seeking buyers

PE Firms Fundraising: Advent, Blackstone and Others

– Lime Rock Resources is also raising a fund

GTCR Reunites with Pharma Exec Ed Fiorentino to Launch TerSera Therapeutics

– The Chicago PE firm hopes to build on past partnerships with Fiorentino, including Actient and Crealta, in another example of the Leaders Strategy

Guest Article: Middle-Market Carve-Outs Can Be Complex

– Sun Capital’s Brian Urbanek says management and operations are important to understand

FormFactor Acquires Semiconductor Tester Cascade Microtech

– Altera, EZchip and Pericom have recently been bought

Arlington Capital Purchases iRobot’s Defense and Security Biz

– Omron and Sealed Air have recently made robot related deals

Cisco Buys Network Equipment Maker Jasper, as Companies Look to Boost Cloud Services

– Other recent purchases include APT, Kepware and StorageCraft

Court Square Adds Silver Oak-Backed Medical Supply Distributor NDC

– The purchase follows up C.R. Bard’s recent purchase of Liberator Medical Holdings

Liberty Hall’s Deal for AIM Aerospace Driven by Demand for New Airplanes

– The PE firm also owns LaCroix Industries, McCann Machining and Precise Machining & Manufacturing

Has Mid-Market M&A Come to a Dead Stop, or is This a Momentary Pause?

– Dealmaking in Q4 2015 dropped 26 percent from Q4 2014, and January 2016 was downright sluggish. How long will the lull last?

TE Connectivity Purchases Permira-Backed Medical Device Maker Creganna

– Similar recent deals include the acquisitions of Bellco, Sage Products and SurgiQuest

Dealmaking Fell Further into Negative Territory in January

– Leads for new deals and availability of financing were at their lowest levels on our monthly poll, which may portend a prolonged slowdown