UPDATED: Today's Transactions
A compilation of the most recently announced middle-market deals and other M&A developments, updated continuously throughout the day
February 21, 2012
Updated 3:53 p.m., Tuesday, February 21, 2012
Canadian electricity and gas distributor Fortis Inc. acquired CH Energy Group for about $1.5 billion. The transaction provides $65 per share to common shareholders of Poughkeepsie, N.Y.-based CH Energy, the parent company of Central Hudson Gas & Electric Corp. Fortis, based in Surrey, British Columbia, said the deal is the first step in its strategy to grow within the United States by acquiring electric and natural gas utilities. Lazard advised CH Energy and Wachtell, Lipton, Rosen & Katz provided legal counsel.
Williams Partners LP completed the purchase of Laser Northeast Gathering Co. LLC, a natural gas gathering business located in Pennsylvania and New York, from Delphi Midstream Partners LLC. The purchase price included $329 million in cash and approximately 7.5 million Williams Partners’ units. Clarks Summit, Pa.-based Delphi is owned by American Securities LLC.
Carlisle Cos. Inc. agreed to buy Hertalan Holding BV for roughly €38 million ($50 million). Hertalan is a roofing manufacturer with facilities in Kampen, Netherlands and Baia Mare, Romania. It will be incorporated into Charlotte, N.C.-based Carlisle’s construction materials segment.
BGC Partners Inc. acquired real estate management company Grubb & Ellis Co. through a bankruptcy proceeding. The Santa Ana, Calif.-based target listed its debt at $167 million in a Chapter 11 filing in U.S. Bankruptcy Court in New York. Grubb & Ellis launched a sale process in March 2011, hiring investment banking group JMP Securities to run an auction. However, the downturn in the U.S. real estate market from 2007 to 2009 caused severe losses and hampered its ability to operate. Grubb & Ellis intends to implement the transaction with BGC Partners, a New York-based broker of financial products, as an asset sale under Section 363 of the U.S. Bankruptcy Code.
San Francisco-based private equity firm Genstar Capital LLC purchased a division of Union Spring & Manufacturing Corp. for an undisclosed price. By acquiring Pontotoc Spring of Pontotoc, Miss., Genstar looks to add on to its current portfolio company MW Industries Inc., a Logansport, Ind.-based manufacturer of specialty springs and fasteners. Investment bank Schneider Downs Corporate Finance advised Monroeville, Pa.-based Union Spring throughout the sale process.
Naviance Inc., the U.S. division of British media conglomerate Daily Mail and General Trust plc, acquired PrepMe, a Chicago-based provider of educational technologies and test preparation programs for students. Deal terms were not announced. Arlington, Va.-based Naviance announced the deal on Monday, Feb. 20.
Revolution Capital Group is set to buy Quakertown, Pa.-based LSSM Inc., a maker of ribbons, ties and bows, from Mor San Corp. Deal terms were not disclosed. As part of the deal, the Los Angeles-based private equity firm will acquire LSSM, along with all of its subsidiaries and locations. They include one New York office in Manhattan, and two Pennsylvania offices, one in Allentown and a manufacturing facility in Newville.
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