Weekly wrap: Altaris Capital, Harvest Partners, Merck

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US M&A Deals Announced December 06 to 12, 2019
Target Acquirer Value ($millions) Synopsis
Vertiv Holdings LLC GS Acquisition Holdings Corp 5095.0 GS Acquisition Holdings Corp (GS Acquisition) definitively agreed to merge with Vertiv Holdings LLC (Vertiv), a Columbus-based provider of hardware, software, analytics and ongoing services, from Platinum Equity LLC, in a stock swap transaction valued at an estimated $5.095 billion. The consideration was to consist of an estimated $415 million in cash and issuance of GS Acquisition Class A common shares valued at $4. 68 billion. Upon completion, Vertiv was to be renamed Vertiv Holdings Co. Originally, in December 2019, GS Acquisition was rumored to be planning to acquire Vertiv.
Texas Capital Bancshares Inc Independent Bank Group Inc 3074.7 Independent Bank Group Inc (Independent) definitively agreed to merge with Texas Capital Bancshares Inc (Texas), a Dallas-based commercial bank, for a total $3.075 bil, in a stock swap reverse takeover transaction, via merger of equals. Independent offered 1. 0311 common shares per Texas share. Based on Independent's closing stock price of $59. 26 on 6 December 2019, the last full trading day prior to the announcement, each Independent share was valued at $61.103. Upon completion, Independent and Texas shareholders were to own 45% stake and 55% interest in the merged entity, respectively.
ArQule Inc Merck Sharp & Dohme Corp 2624.0 Merck Sharp & Dohme Corp, a unit of Merck & Co Inc, definitively agreed to merge with ArQule Inc, a Burlington-based biopharmaceutical company, for $20 in cash per share, or a total value of $2.624 bil, via tender offer. The offer was conditioned upon at least 50% of shares being tendered pursuant to the offer.
Synthorx Inc Sanofi SA 2453.3 Sanofi SA of France, definitively agreed to merge with Synthorx Inc, a La Jolla-based manufacturer of pharmaceutical products, for $68 in cash per share, or a total of $2.453 bil, via tender offer. The offer was conditioned upon at least majority of shares being tendered.
GS Acquisition Holdings Corp Investor Group 1239.0 An investor group, comprised of GS DC Sponsor I LLC, a unit of Cote SPAC 1 LLC and GS Sponsor LLC and undisclosed investors, agreed to raise its interest to 67. 166% from 8.208%, by acquiring 58.958% interest or 123.9 million Class A common shares in GS Acquisition Holdings Corp, a New York City-based special purpose acquisition company, for $10 per share, or a total $1.239 bil, in a privately negotiated transaction.
GS Mid Market Lending Corp Goldman Sachs BDC Inc 1027.1 Goldman Sachs BDC Inc (Goldman Sachs BDC) definitively agreed to merge with Goldman Sachs Middle Market Lending Corp, a New York City-based specialty finance company, in exchange for 49.168 million new common shares valued at $1.027 bil, in a stock swap reverse takeover transaction. The shares were valued based on Goldman Sachs BDC's closing stock price of $20.89 on 6 December 2019, the last full trading day prior to the announcement.
Park Place-Certain Assets Asbury Automotive Group Inc 1000.0 Asbury Automotive Group Inc definitively agreed to acquire certain assets of Park Place Motorcars Ltd, a Dallas-based retailer of new and used automobile, for an estimated $1 billion. in cash.
3M Drug Delivery Systems Altaris Capital Partners LLC 650.0 Altaris Capital Partners LLC agreed to acquire 3M Drug Delivery Systems (3M DDS), a St. Paul-based manufacturer of pharmaceutical preparation, from 3M Co (3M), for an estimated $650 mil, in a leveraged buyout transaction. Originally, in December 2019, 3M was rumored to be seeking a buyer for 3M DDS.
Diplomat Pharmacy Inc OptumRx Inc 318.5 OptumRx Inc, a unit of Optum Inc, definitively agreed to acquire the entire share capital of Diplomat Pharmacy Inc (Diplomat), a Flint-based drug store operator, for $4 in cash per share, or a total value of $318.538 million in cash, including assumption of liabilities. The offer was conditional upon at least a majority of Diplomat's shares being tendered. Originally, in August 2019, Diplomat, announced that it was seeking a buyer for the company.
Eldorado Resorts-Casino RE(3) VICI Properties Inc 278.0 VICI Properties Inc acquired 3 Casino Real Estate Properties of Eldorado Resorts Inc, a Reno-based owner and operator of casino hotels, for an estimated $278 million in cash.
RPT Rlty-Ppty Portfolio(5) GIC Pte Ltd 244.0 The Singaporean state- owned GIC Pte Ltd, a unit of the Singaporean state-owned Singapore, acquired 5 property portfolio of RPT Realty, a Singapore-based sovereign wealth fund, for a total $244 mil, in the formation of a joint venture.
Jones Energy II Inc Revolution Resources LLC 100.3 Revolution Resources LLC definitively agreed to merge with Jones Energy II Inc, an Austin-based producer of crude petroleum and natural gas, for $14.11 in cash per share, or a total value of $100.287 million in cash.
The Strand, Jacksonville, FL Consolidated-Tomoka Land Co 62.7 Consolidated-Tomoka Land Co acquired The Strand, a Jacksonville-based lessor of nonresidential buildings, for a total $62.7 mil.
Gradifi Inc Etrade Financial Corp 30.0 E Trade Group Inc acquired Gradifi Inc, a Boston-based provider of consumer lending services, from First Republic Bank,San Francisco,California, for a total $30 mil.
The Residence Inn Yonkers AAM 15 Management LLC AAM 15 Management LLC acquired The Residence Inn Yonkers, an Yonkers-based hotel operator.
Advcd Hom Care - Med Equip Bus Adapthealth Corp Adapthealth Corp planned to acquire medical equipment business of Advanced Home Care, a Greensboro-based medical equipment and supplies merchant wholesaler.
Measure UAS Inc Aerodyne Group Aerodyne Group of Malaysia acquired a 60% interest in Measure UAS Inc, a Washington-based manufacturer of search, detection, navigation, guidance, aeronautical and nautical systems and instruments.
S-Network Global Indexes Inc Alerian Capital Mgmt LLC Alerian Capital Management LLC, a unit of Aretex Capital Partners LLC, acquired S-Network Global Indexes Inc, a New York City-based investment advisor.
Grayhawk Homes Inc Amer Sthrn Homes Hldg Llc American Southern Homes Holdings LLC acquired Grayhawk Homes Inc, a Columbus-based residential remodeler.
Tenneco Inc-Powertrain Bus Apollo Global Management Inc Apollo Global Management Inc was rumored to be planning to acquire powertrain business of Tenneco Inc, a Lake Forest-based manufacturer and wholesaler of clean air and ride performance products and systems, 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 $4.3 bil.
Mattco Forge Inc Blue Point Capital Partners IV Blue Point Capital Partners IV LP, a unit of Blue Point Capital Partners LP, acquired Mattco Forge Inc, a Paramount-based manufacturer of iron and steel forgings, in a leveraged buyout transaction.
Banning Family Hldg Inc Burris Logistics Inc Burris Logistics Inc acquired Banning Family Holdings Inc, a Wilmington-based provider of financial investment services.
Green Grow Farms Inc Canbiola Inc Canbiola Inc planned to acquire Green Grow Farms Inc, manufacturer of medicinals and botanicals, from Iconic Brands Inc.
ONE Cannabis Group Inc Cannabis One US Inc Cannabis One US Inc, a unit of Cannabis One Holdings Inc, agreed to acquire the entire share capital of ONE Cannabis Group Inc, a Denver-based manufacturer of medicinals and botanicals.
Carolina Auto Body Shop Inc Classic Collision Inc Classic Collision Inc acquired Carolina Auto Body Shop Inc, a Fort Lauderdale-based provider of automotive surfaces repair and maintenance services.
Healthivibe LLC Corrona LLC Corrona LLC acquired Healthivibe LLC, an Arlington-based provider of administrative management and general management consulting services.
Rest Suntory USA Inc DYNAC HOLDINGS Corp DYNAC HOLDINGS Corp of Japan, a unit of Suntory Holdings Ltd, agreed to acquire a 51% interest in Restaurant Suntory Usa Inc, a Honolulu-based full-service restaurant operator, from Suntory F&B International(Hk) Co Ltd, owned by Suntory Holdings Ltd.
Smelter Service Corp Employee Stock Ownership Plan Smelter Service Corp ESOP acquired Smelter Service Corp, a Mount Pleasant-based materials recovery facilities operator.
WH Bass Inc Employee Stock Ownership Plan WH Bass Inc ESOP acquired WH Bass Inc, a Duluth-based residential remodeler.
Digital Innovation Inc ESO Solutions Inc ESO Solutions Inc (ESO Solutions) acquired Digital Innovation Inc, a Forest Hill-based provider of custom computer programming services. Concurrently, ESO Solutions acquired Lancet Technology Inc and Clinical Data Management Inc. Financial terms of the deals were not disclosed.
Clinical Data Management Inc ESO Solutions Inc ESO Solutions Inc (ESO Solutions) acquired Clinical Data Management Inc, a Forest Hill-based provider of custom computer programming services. Concurrently, ESO Solutions acquired Lancet Technology Inc and Digital Innovation Inc. Financial terms of the deals were not disclosed.
Lancet Technology Inc ESO Solutions Inc ESO Solutions Inc (ESO Solutions) acquired Lancet Technology Inc a Forest Hill-based provider of custom computer programming services. Concurrently, ESO Solutions acquired Clinical Data Management Inc, and Digital Innovation Inc. Financial terms of the deals were not disclosed.
THL Credit Advisors LLC First Eagle Invest Mgmt LLC First Eagle Investment Management LLC planned to acquire THL Credit Advisors LLC, a Boston-based investment advisor, from THL Credit Inc.
Fresh Dining Concepts LLC Fresh Dining Concepts LLC SPV Fresh Dining Concepts LLC SPV acquired Fresh Dining Concepts LLC, a Charlotte-based full-service restaurant operator.
Nestle SA-Ice Cream Business Froneri Ltd Froneri Ltd of the UK, jointly owned by Nestle SA, Baxter International Inc and R&R Ice Cream PLC, definitively agreed to acquire ice cream business of Nestle SA, a Vevey-based manufacturer of frozen desserts.
New Seasons Market Inc Good Food Holdings LLC Good Food Holdings LLC, a unit of E-Mart Inc, definitively agreed to acquire the entire share capital of New Seasons Market Inc, a Portland-based supermarket operator.
Lazer Spot Inc Harvest Partners LP Harvest Partners LP acquired Lazer Spot Inc, an Alpharetta-based provider of truck rental and leasing services, from Greenbriar Equity Fund III LP, ultimately owned by Greenbriar Equity Group LP, in a leveraged buyout transaction.
Gulf Coast Insulation Llc Installed Building Products Installed Building Products Inc acquired Gulf Coast Insulation LLC, a Niceville-based drywall and insulation contractor.
Perfection Ppty Restoration Interstate Restoration Inc Interstate Restoration Inc, a unit of FirstService Corp, acquired Perfection Property Restoration, an East Dundee-based commercial building constructor, from Global Restoration Holdings LLC, ultimately owned by FirstService Corp.
Owl Wire & Cable LLC Intl Wire Grp Hldg Inc International Wire Group Inc acquired Owl Wire & Cable LLC, a Canastota-based electrical apparatuses and equipment merchant wholesaler.
Ziegler Capital Management LLC Investor Group A management-led investor group, comprised of 1251 Capital Group Inc, agreed to acquire Ziegler Capital Management LLC, a Chicago-based investment advisor, from Ziegler Cos Inc, in a leveraged buyout transaction.
Integreon Inc KORE Wireless Group Inc KORE Wireless Group Inc, a unit of ABRY Partners LLC, acquired Integreon Managed Solutions Inc, a New York-based provider of management consulting services, from LiveIt Solutions Inc, ultimately owned by Ayala Corp and Integreon Inc, ultimately owned by Ayala Corp.
Stericycle-Tele Answering Scvs MAP Communications Inc MAP Communications Inc acquired telephone answering services business of Stericycle Inc, a Lake Forest-based provider of solid waste collection services.
Republic Wealth Advisors Llc Mercer Global Advisors Inc Mercer Global Advisors Inc, a unit of Marsh & McLennan Cos Inc, acquired Republic Wealth Advisors LLC, an Austin-based investment advisor.
ICOMold LLC Midwest Composite Technologies Midwest Composite Technologies Inc, a unit of Core Industrial Partners LLC, acquired ICOMold LLC, a Holland-based manufacturer of plastics products. Financial terms of the transaction were not disclosed.
Cigna Corp-Nonhealth Benefits New York Life Ins Co New York Life Insurance Co was rumored to be planning to acquire the nonhealth benefits unit of Cigna Corp, a Bloomfield-based direct health and medical insurance carrier. The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at $6 billion. MetLife Inc and Sun Life Financial Inc were rumored bidders.
Rockland Capital LLC-NCA2 Panamint Capital Panamint Capital planned to acquire Rockland Capital LLC-Nevada Cogeneration Associates 2, a Las Vegas-based owner and operator of combined cycle cogeneration facility, from Rockland Capital LLC.
Spire Inst Complexgenevaohio Pikesville Inds Llc Pikesville Industries LLC acquired Spire Institute Complex, a Geneva-based fitness and recreational sports center operator.
Hotels For Hope Inc QuintEvents LLC QuintEvents LLC acquired Hotels For Hope Inc, an Austin-based software publisher.
451 Research LLC S&P Global Inc S&P Global Inc acquired 451 Research LLC, a New York-based investment advisor. Terms of the deal were not disclosed
InsynQ Inc-Business Assets Summit Hosting LLC Summit Hosting LLC acquired business assets of InsynQ Inc, a Tacoma-based internet service provider.
Meridian Logistics Llc Transportation Insight LLC Transportation Insight LLC, a unit of Gryphon Investors Inc, acquired Meridian Logistics LLC, an Austin-based provider of transportation support services.
Valence Svcs Llc Veriship Inc Veriship Inc acquired Valence Services LLC, a Salt Lake City-based provider of custom computer programming services.
Carroll Vision Center Vision Innovation Partners Vision Innovation Partners, a unit of Centre Partners Management LLC, acquired Carroll Vision Center-(2)Practice Group, a Westminster-based provider of ambulatory health care services.
J & S Risk Planning Group LLC World Insurance Associates LLC World Insurance Associates LLC acquired J & S Risk Planning Group LLC, a Wantagh-based insurance agency.
Risk Mgmt Advisory Grp Worldwide Facilities LLC Worldwide Facilities LLC acquired Risk Management Advisory Group, a Miami Lakes-based provider of office administrative services.