US M&A Deals Announced February 28 to March 5, 2020
Target Acquirer Value ($millions) Synopsis
Forty Seven Inc Gilead Sciences Inc 4,881.1 Gilead Sciences Inc (Gilead) definitively agreed to acquire the entire share capital in Forty Seven Inc (Forty Seven), a Menlo Park-based provider of biotechnology research and development services, for $95.50 in cash per share, or a total $4.881 bil, via tender offer. The offer is conditional upon at least 51% of Forty Sevens shares being tendered.
Shell Midstream Partners GP Shell Midstream Partners LP 3,808.0 Shell Midstream Partners LP (SHLX) definitively agreed to acquire the entire share capital of Shell Midstream Partners GP LLC, a Houston-based owner and operator of crude oil and refined products pipelines, from Shell Pipeline Co LP, ultimately owned by Royal Dutch Shell PLC, in a stock swap transaction. Concurrently, SHLX definitively agreed to acquire a 79% interest in Mattox Pipeline Co LLC and certain logistic assets of Equilon Enterprises LLC. The three transactions were to have a combined value of an estimated $3.808 bil, The consideration was to consist of 160 million new common shares valued at $2.608 billion. and $1.2 billion. in series A perpetual convertible preferred units. The shares were valued based on SHLX’s closing stock price of $16. 3 on 27 February 2020, the last full trading day prior to the announcement.
Mobile Mini Inc WillScot Corp 1,883.4 WillScot Corp (WillScot) definitively agreed to merge with Mobile Mini Inc (Mobile Mini), a Phoenix-based manufacturer and lessor of portable storage containers and steel ground level offices, for a total $1. 883 bil, in a stock swap transaction, via merger of equals. WillScot offered 2. 405 Class A common shares per Mobile Mini share. Based on WillScot’s closing stock price of $17.54 on 28 February 2020, the last full trading day prior to the announcement, each Mobile Mini share was valued at $42.184. Upon completion, WillScot and Mobile Mini were to own 54% interest and 46% stake in the combined company, respectively. Concurrently, WIllScot definitively agreed to acquire the remaining 9% stake, which it did not already own, in Williams Scotsman Holdings Corp, from TDR Capital LLP. Originally, in September 2019, WillScot was rumored to be planning to acquire the entire share capital of Mobile Mini.
Meet Group Inc NCG NuCom Group SE 467.3 NCG NuCom Group SE (Nucom) of Germany, a unit of ProSiebenSat1 Media SE, definitively agreed to acquire the entire share capital of Meet Group Inc (Meet), a New Hope-based software publisher, for an estimated $6.3 in cash per share, or a total value of $467.317 mil, in a leveraged buyout transaction. Originally, in December 2019, Nucom was rumored to be planning to acquire Meet.
Williams Scotsman Hldg Corp WillScot Corp 185.9 WillScot Corp (WillScot) definitively agreed to acquire the remaining 9% stake, which it did not already own, in Williams Scotsman Holdings Corp, a Baltimore-based provider of warehousing and storage services,from TDR Capital LLP, for an estimated $185.924 million. The shares were valued based on WillScot’s closing stock price of $17.54 on 28 February 2020, the last full trading day prior to the announcement. Concurrently, WillScot definitively agreed to merge with Mobile Mini Inc.
Vectorply Corp Neenah Inc 155.0 Neenah Inc definitively agreed to acquire Vectorply Corp, a Phenix City-based textile product mill operator, for a total $155 million in cash.
Chick-Fil-A Inc-Rest Ppty Four Corners Property Trust 2.9 Four Corners Property Trust Inc (FTCP) acquired restaurant properties of Chick-Fil-A Inc, an Atlanta-based full-service restaurant operator. Concurrently, FTCP acquired restaurant properties of Chipotle Mexican Grill Inc. The two transactions had a combined value of $2.9 mil.
Adcole Maryland Aerospace LLC AE Industrial Partners LP AE Industrial Partners LP acquired Adcole Maryland Aerospace LLC, a Crofton-based manufacturer of aircrafts, from Adcole Corp, ultimately owned by Artemis Capital Partners, in a leveraged buyout transaction. Terms of the transaction were not disclosed.
Kellstrom Defense Aerospace Aero Precision Industries LLC Aero Precision Industries LLC, a unit of Odyssey Investment Partners LLC, acquired Kellstrom Defense Aerospace Inc, an El Segundo-based provider of automotive repair and maintenance services, from Merex Inc.
Tutor Perini Corp Apollo Global Management Inc Apollo Global Management Inc was rumored to be planning to acquire the entire share capital of Tutor Perini Corp, a Sylmar-based commercial building constructor, in a leveraged buyout transaction. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $1 bil.
Dekker Vacuum Tech Inc Atlas Copco AB Atlas Copco AB of Sweden planned to acquire Dekker Vacuum Technologies Inc, a Michigan City-based manufacturer of pumps and pumping equipment. Terms were not disclosed.
Compuware Corp BMC Software Inc BMC Software Inc, a unit of KKR & Co LP, planned to acquire Compuware Corp (Compuware), a Detroit-based software publisher, from Thoma Bravo LLC (Thoma Bravo). The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $2 bil. Originally, in January 2020, Thoma Bravo was rumored to be planning to divest Compuware.
VoiceNation LLC Callitech Ltd Callitech Ltd of the UK acquired VoiceNation LLC, a Buford-based wired telecommunications carrier. The transaction was to include Ninja Number.
World Insurance Associates LLC Charlesbank Capital Partners Charlesbank Capital Partners LLC definitively agreed to acquire an undisclosed majority interest in World Insurance Associates LLC, a Tinton Falls-based insurance agency, in a leveraged buyout transaction.
R&B Co Llc Core & Main LP Core & Main LP, a unit of Clayton Dubilier & Rice LLC, definitively agreed to acquire R&B Co LLC, a San Jose-based durable goods merchant wholesaler. Financial terms were not disclosed.
Hospice of Missoula Cornerstone Healthcare Inc Cornerstone Healthcare Inc, a unit of Pennant Group Inc, acquired Hospice of Missoula, a Missoula-based provider of home health care services.
Pioneer Energy Services Corp Creditors the bankrupt Pioneer Energy Services Corp (Pioneer) , a San Antonio-based provider of oil and gas drilling services, agreed a debt restructuring transaction with Creditors (CRs). CRs were to receive common shares in exchange for outstanding debt. Upon completion, CRs were to hold an undisclosed interest in the restructured Pioneer. The book value of the existing debt that will be exchanged under the terms of the offer is $300 mil.
Virginia’s Kitchen LLC Curaleaf Holdings Inc Curaleaf Holdings Inc of Canada planned to acquire Virginia’s Kitchen LLC, a Denver-based manufacturer of chocolate and confectionery.
ProShip Inc Fog Software Grp Fog Software Group, a unit of Vela Software International Inc, acquired ProShip Inc, a Brookfield-based developer of software, from Neopost SA.
Chipotle-Restaurant Properties Four Corners Property Trust Four Corners Property Trust Inc (FTCP) acquired restaurant properties of Chipotle Mexican Grill Inc, a Newport Beach-based full- service restaurant operator. Concurrently, FTCP acquired restaurant properties of Chick-fil-A Inc. The two transactions had a combined value of $2.9 mil.
North State Acceptance LLC Fourshore Partners Fourshore Partners acquired North State Acceptance LLC, a Raleigh-based provider of subprime auto finance and ancillary insurance services, from Pine Tree Equity Management LP, in a leveraged buyout transaction.
Coventry Workers Comp Service Genex Services LLC Genex Services LLC, a unit of Mitchell International Inc, agreed to acquire Coventry Health Care Workers Compensation Inc, a Downers Grove-based direct health and medical insurance carrier, from Coventry Health Care Inc, owned by Aetna Inc. Terms were not disclosed.
Glidepath Ventures-278 MWdc Grasshopper Solar Corp Grasshopper Solar Corp of Canada acquired 278 mwdc portfolio of Glidepath Ventures LLC, an Ardmore-based alternative energy sources establishment.
Heavlin Management Co LLC Highgate Hotels LP Highgate Hotels LP acquired Heavlin Management Co LLC, a Chandler-based hotel management company.
Vertical Edge Consulting Grp Inspirage Llc Inspirage LLC acquired Vertical Edge Consulting Group Inc, a Tampa-based provider of computer systems design services.
TeamWORKS Solutions Inc JDM Technology Group Inc JDM Technology Group Inc of Canada acquired TeamWORKS Solutions Inc, a Raleigh-based software publisher.
Intuitive Technologies LLC Kainos Group PLC Kainos Group PLC of the UK acquired Intuitive Technologies LLC, a Lakewood-based b usiness consulting company.
Metis Laboratories Inc L2P Research LLC L2P Research LLC, a unit of Long Island High Technology Incubator Inc, acquired Metis Laboratories Inc, a Ronkonkoma-based testing laboratory.
Flex Team Staffing Inc Lingo Staffing Lingo Staffing acquired Flex Team Staffing Inc, an Akron-based provider of human resources administration services.
Wealth Health LLC-Asts Mariner LLC Mariner LLC planned to acquire assets of Wealth Health LLC, a Roseland-based investment advisor.
Ulmer Equipment Co Inc Mead O’Brien Inc Mead O’Brien Inc acquired Ulmer Equipment Co Inc, a Fenton-based wholesaler of valves, water control gates, pipe seals and other materials. Terms of the deal were not disclosed.
Aptevo BioTherapeutics LLC Medexus Pharma Inc Medexus Pharma Inc, a unit of Medexus Pharmaceuticals Inc, acquired Aptevo BioTherapeutics LLC, a Berwyn-based provider of biotechnology research and development services, from Aptevo Therapeutics Inc.
New Columbia Distillers Llc MGP Ingredients Inc MGP Ingredients Inc acquired New Columbia Distillers LLC, distillery. Terms of the transaction were not disclosed.
Deutsche Beverage Technology Middleby Corp Middleby Corp acquired Deutsche Beverage Technology, a Charlotte-based manufacturer and wholesaler of brewery equipment.
Norris Inc Minuteman Security Tech Inc Minuteman Security Technologies Inc acquired Norris Inc, a South Portland-based fire and security alarm installation company.
Island Natural Inc Nassau Candy Inc Nassau Candy Inc acquired Island Natural Inc, a Maspeth-based line grocery merchant wholesaler.
Advantage Community Bancshares Nicolet Bankshares Inc Nicolet Bankshares Inc definitively agreed to acquire the entire share capital of Advantage Community Bancshares Inc, commercial bank.
VectoIQ Acquisition Corp Nikola Corp Nikola Corp definitively agreed to merge with VectoIQ Acquisition Corp, a Mamaroneck-based blank check company. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $3.3 bil.
NSi Industries LLC Odyssey Investment Partners Odyssey Investment Partners LLC acquired NSi Industries LLC (NSi Industries), a Huntersville-based manufacturer of electrical connector, fitting, control and wire management products, from Blue Sea Capital LLC (Blue Sea Capital) , in a tertiary buyout transaction. Financial terms of the transaction were not disclosed. Previously, Blue Sea Capital acquired NSi Industries, in a secondary buyout transaction. Originally, Summit Park Partners LLC acquired NSi Industries, in a leveraged buyout transaction.
US Mix Co Oldcastle Inc Oldcastle Inc, a unit of CRH PLC, acquired US Mix Co, a Denver-based manufacturer of cement.
Mar-Rube Truck Rental Inc Pac-Van Inc Pac Van Inc, a unit of General Finance Corp, acquired Mar-Rube Truck Rental Inc, a Baltimore-based lessor of miniwarehouses and self-storage units. Terms of the transaction were not disclosed.
ALC Schools LLC Palladium Equity Partners LLC Palladium Equity Partners LLC acquired ALC Schools LLC, a San Clemente-based provider of school and employee bus transportation services, from American Logistics Co LLC, in a leveraged buyout transaction. The transaction included Red Rock Technology LLC. Terms were not disclosed.
Supermill Llc Precision Cutting Tech Inc Precision Cutting Technologies Inc, a unit of Alleghany Capital Corp, acquired Supermill LLC, a Berlin-based manufacturer of accessories for cutting and metal forming machine tools.
Qualaroo Inc ProProfs ProProfs, a unit of Batia Infotech, acquired Qualaroo Inc, a San Antonio-based software publisher.
Care Experience LP QuestionPro Inc QuestionPro Inc acquired Care Experience LP, a Dallas-based provider of data processing and hosting services. Terms were not disclosed.
Avenue 81 Inc Redbrick Redbrick of Canada acquired Avenue 81 Inc, a Minneapolis-based provider of computer systems design services.
Scivantage Inc Refinitiv Refinitiv US Holdings Inc of the UK acquired Scivantage Inc, a Jersey City-based financial technology company.
Mattox Pipeline Co LLC Shell Midstream Partners LP Shell Midstream Partners LP (SHLX) definitively agreed to acquire a 79% interest in Mattox Pipeline Co LLC, provider of pipeline transportation services of crude oil. Concurrently, SHLX definitively agreed to acquire the entire share capital of Shell Midstream Partners GP LLC and certain logistic assets of Equilon Enterprises LLC. The three transactions were to have a combined value of an estimated $3.808 bil, The consideration was to consist of 160 million new common shares valued at $2.608 billion. and $1.2 billion. in series A perpetual convertible preferred units. The shares were valued based on SHLX’s closing stock price of $16. 3 on 27 February 2020, the last full trading day prior to the announcement.
Equilon Enterprises LLC Shell Midstream Partners LP Shell Midstream Partners LP (SHLX) definitively agreed to acquire Equilon Enterprises LLC, a Houston-based producer of crude petroleum and natural gas, a unit of Shell Oil Co, ultimately owned by Royal Dutch Shell PLC. Concurrently, SHLX definitively agreed to acquire the entire share capital of Shell Midstream Partners GP LLC and a 79% interest in Mattox Pipeline Co LLC. The three transactions were to have a combined value of an estimated $3.808 bil, The consideration was to consist of 160 million new common shares valued at $2.608 billion. and $1.2 billion. in series A perpetual convertible preferred units. The shares were valued based on SHLX’s closing stock price of $16. 3 on 27 February 2020, the last full trading day prior to the announcement.
Cultivate Inc SLANG Worldwide Inc SLANG Worldwide Inc of Canada definitively agreed to acquire Cultivate Inc, a Chicago-based provider of marketing consulting services.
Serenity Care Hospice Inc St Croix Hospice LLC St Croix Hospice LLC, a unit of Vistria Group LLC, acquired Serenity Care Hospice Inc, a Harrisonville-based provider of home health care services.
Ellington A/C & Heat Inc Turnpoint Services LLC Turnpoint Services LLC acquired Ellington A/C & Heat Inc, a Rockledge-based plumbing, heating and air- conditioning contractor. Terms were not disclosed.
Full Service Insurance Agency USI Insurance Services LLC USI Insurance Services LLC acquired Full Service Insurance Agency Inc, a Franklin-based insurance agency. Terms of the transaction were not disclosed.
Mindesk Inc Vection Technologies Ltd Vection Technologies Ltd of Australia acquired Mindesk Inc, a San Francisco-based software publisher.
Gama Aviation LLC Wheels Up Partners Hldg LLC Wheels Up Partners Holdings LLC acquired Gama Aviation LLC, a Stratford-based provider of commercial transportation equipment rental and leasing services, from GB Aviation Holdings LLC, jointly owned by Gama Aviation PLC and BBA Aviation PLC. Terms were not disclosed.
Florida Cool Inc Wrench Group LLC Wrench Group LLC, a unit of Investcorp International Ltd, acquired Florida Cool Inc, a Naples-based plumbing, heating and air-conditioning contractor.