Weekly wrap: Aveva, Gores Metropoulos, Palo Alto

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US M&A Deals Announced August 21 to 27, 2020
Target Acquirer Value ($millions) Synopsis
Ingram Micro Inc Platinum Equity LLC Platinum Equity LLC was rumored to be planning to acquire Ingram Micro Inc, an Irvine-based computer and computer peripheral equipment and software merchant wholesaler, from HNA Technology Co Ltd, 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 USD 7 bil.
MARRS Inc-Portfolio Austal Ltd Austal Ltd of Australia agreed to acquire property portfolio of Modern American Recycling Services Inc, a Gibson-based recyclable material merchant wholesaler.
Arena Energy LP-Assets San Juan Offshore LLC 64.2 San Juan Offshore LLC, a unit of Lime Rock Management LP, agreed to acquire assets of the bankrupt Arena Energy LP, a Houston-based financial sponsor, for USD 64.2 mil in cash.
One Ocean Labs Beauty Llc Present Life Inc Present Life Inc of the UK, a unit of The Craftory Ltd, acquired One Ocean Labs Beauty LLC, a New York City-based manufacturer of toilet preparations.
Wild Things LLC National Safety Apparel Inc National Safety Apparel Inc acquired Wild Things LLC, a Virginia Beach-based manufacturer of apparels, from ASGARD Partners & Co LLC.
KB US Holdings Inc TLI Bedrock LLC 75.0 TLI Bedrock LLC planned to acquire the bankrupt KB US Holdings Inc, manufacturer of perishable prepared foods, for a total USD 75 mil, in a leveraged buyout transaction.
Yumanity Therapeutics Inc Proteostasis Therapeutics Inc Proteostasis Therapeutics Inc (PTI) definitively agreed to merge with Yumanity Therapeutics Inc (Yumanity), a Cambridge-based provider of biotechnology research and development services, in a stock swap reverse takeover transaction. Upon completion, PTI and Yumanity shareholders were to own 32.5% interest and 67.5% stake in the merged entity, respectively.
Blue Mountain Midstream LLC Rheinbund LLC 111.0 Rheinbund LLC, a unit of Citizen Energy Operating LLC, ultimately owned by Warburg Pincus LLC, definitively agreed to acquire the entire share capital of Blue Mountain Midstream LLC, a Houston-based midstream company, from Linn Energy Holdco II LLC, ultimately owned by Riviera Resources Inc, for an estimated USD 111 mil in cash.
Node Inc SugarCRM Inc SugarCRM Inc acquired Node Inc, a San Francisco-based AI company
Formation Biologics Corp Bristol-Myers Squibb Co Bristol-Myers Squibb Co definitively agreed to acquire Formation Biologics Corp, an Austin-based biotechnology company.
NN Inc-NN Life Sciences ASP Navigate Acquisition Corp 825.0 ASP Navigate Acquisition Corp, a unit of American Securities LLC, definitively agreed to acquire NN Life Sciences of NN Inc, a Johnson City-based manufacturer of bearings, for a total USD 825 mil. The consideration was to consist of USD 755 mil in cash and up to USD 70 mil in profit-related payments.
Gumro & Associates Inc Investor Group An investor group, comprised of USPack Logistics Corp (USPack) and NewSpring Holdings LLC (NewSpring) acquired Gumro & Associates Inc, an Auburn Hills-based provider of logistics consulting services. The financial terms of the transaction were not disclosed. Concurrently, USPack and NewSpring acquired Freight Rite Inc.
Freight Rite Inc Investor Group An investor group, comprised of USPack Logistics Corp (USPack) and NewSpring Holdings LLC (NewSpring) acquired Freight Rite Inc, a Toledo-based provider of logistics consulting services. The financial terms of the transaction were not disclosed. Concurrently, USPack and NewSpring acquired Gumro & Associates Inc.
Cersci Therapeutics Inc Acadia Pharmaceuticals 939.5 Acadia Pharmaceuticals Inc acquired the entire share capital of Cersci Therapeutics Inc, a Dallas-based provider of biotechnology research and development services, for an estimated USD 939.5 mil. The consideration consisted of USD 52.5 mil in cash and USD 887 mil in profit-related payments.
Lineagen Inc Bionano Genomics Inc 9.6 Bionano Genomics Inc acquired the entire share capital of Lineagen Inc, a Salt Lake City-based provider of biotechnology research and development services, for an estimated USD 9.6 mil, in a stock swap transaction. The consideration were consisted of USD 1.7 mil in cash, issuance of 6.168 mil common shares valued at USD 5 mil, and assumption of USD 2.9 mil in liabilities.
Crypsis Group Holdings LLC Palo Alto Networks Inc 265.0 Palo Alto Networks Inc definitively agreed to acquire Crypsis Group Holdings LLC, a McLean-based provider of custom computer programming services, for an estimated USD 265 mil in cash.
Shelbgroup International Inc Bunzl PLC Bunzl PLC (Bunzl) of the UK agreed to acquire Shelbgroup International Inc, a Memphis-based provider of personal services. Concurrently, Bunzl agreed to acquire Abco Kovex Ltd.
Mainst Finl Svcs Inc AssuredPartners Inc AssuredPartners Inc, a unit of Apax Partners LP, acquired Mainstreet Financial Services Inc, a Seattle-based insurance agency.
Brandfolder Inc Smartsheet Inc 155.0 Smartsheet Inc agreed to acquire Brandfolder Inc, a Denver-based software publisher, for an estimated USD 155 mil in cash and common shares.
Path Envi Tech Llc Ara Partners Ara Partners acquired an undisclosed majority interest in Path Environmental Technology LLC, a Houston-based provider of industrial design services, in a leveraged buyout transaction. The financial terms of the transaction were not disclosed.
Skyline Tech Partners Llc COMSovereign Holding Corp 13.9 COMSovereign Holding Corp definitively agreed to merge with Skyline Technology Partners LLC, a Boulder-based manufacturer of wireless communications equipment, for a total USD 13.9 mil, in a stock swap transaction. The consideration was to consist of USD 1.25 mil cash, USD 1.5 mil in debentures and USD 11. 15 mil in convertible debentures.
Garcia & Associates Inc Kleinfelder Inc Kleinfelder Inc, a unit of Wind Point Partners LLC, acquired Garcia & Associates Inc, a San Anselmo-based provider of environmental consulting services.
Luminar Technologies Inc Gores Metropoulos Inc 3,180.1 Gores Metropoulos Inc (GMHI) definitively agreed to merge with Luminar Technologies Inc, a Palo Alto-based autonomous vehicle sensor and software company, for an estimated USD 3.18 bil, in a stock swap transaction. The consideration was to consist of the issuance of 271.8 mil GMHI common shares valued at USD 3.18 bil, and undisclosed amount in profit related payments. The shares were valued based on GMHI's closing stock price of USD 11. 7 on 20 August 2020, the last full trading day prior to the announcement. Upon completion, the merged company was to be named Luminar Technologies Inc and will be listed on Nasdaq under symbol LAZR.
Stemonix Inc Cancer Genetics Inc 5.6 Cancer Genetics Inc (CGI) definitively agreed to acquire the entire share capital of Stemonix Inc, a Maple Grove-based manufacturer of biological products, for 1.928 mil common shares, or a total USD 5.591 mil, in a stock swap transaction. The shares were valued based on CGI's closing stock price of USD 2.9 on August 21, 2020, the last full trading day prior to the announcement.
PCI Pharma Services Investor Group An investor group, comprised of Kohlberg & Co LLC and Mubadala Investment Co PJSC definitively agreed to acquire an undisclosed majority interest in PCI Pharma Services, a Philadelphia-based clinical and commercial supply chain solutions company, from Partners Group Holding AG. The terms of the transaction are not disclosed.
Rymes Heating Oils Inc Superior Plus Corp 159.0 Superior Plus Corp of Canada agreed to acquire Rymes Heating Oils Inc, a Concord-based heating oil dealer, for an estimated USD 159 mil.
Tredegar Corp-Personal Care Fitesa SA Fitesa SA of Brazil, a unit of Evora SA, agreed to acquire personal care films business of Tredegar Corp, a Chesterfield-based processor of aluminum.
Chart Inds Inc-Cryobiological Cryoport Inc 320.0 Cryoport Inc (Cryoport) agreed to acquire cryobiological products business of Chart Industries Inc, a Ball Ground-based manufacturer of plate works, for USD 320 mil in cash. Concurrently, BTO Freeze Parent LP, a unit of Blackstone Group Inc agreed to acquire Series C Convertible Preferred Stock convertible into a 16.695% stake, or 6.474 mil common shares in Cryoport.
PKG Inc Cerebain Biotech Corp Cerebain Biotech Corp, a unit of Discount Dental Materials Inc, signed a Letter of Intent {LOI} to acquire PKG Inc, a Meridian-based manufacturer of electronic components.
Baril Corp Team Technologies Inc Team Technologies Inc, a unit of Clearlake Capital Group LP, acquired Baril Corp, a Haverhill-based manufacturer of medical instruments. The financial terms of the transaction were not disclosed.
High Attendance Inc Banzai International Inc Banzai International Inc acquired High Attendance Inc, an Austin-based provider of administrative management and general management consulting services. The financial terms of the transaction were not disclosed.
Creative Food Ingredients Inc Parker Products Inc Parker Products Inc, a unit of The Riverside Co, acquired Creative Food Ingredients Inc, a Perry-based producer of whole cookies, cookie crumbs and crumble toppings.
CarEdge.com-Assets Digital Value Ventures Digital Value Ventures acquired assets of CarEdge. com, a North Hampton-based owns and operates automobile dealership.
Emerson Resources Inc Pace Analytical Services LLC Pace Analytical Services LLC acquired Emerson Resources Inc, a Norristown-based manufacturer of pharmaceutical preparation.
Acessa Health Inc Hologic Inc 80.0 Hologic Inc acquired Acessa Health Inc, an Austin-based provider of biotechnology research and development services, for an estimated USD 80 mil. The consideration consisted of an estimated USD 80 mil in cash and an undisclosed amount in profit-related payments.
Altivon LP Convergeone Holdings Corp Convergeone Holdings Corp, a unit of Forum Merger Corp, acquired Altivon LP, a Lacey-based telemarketing bureau. The financial terms of the transaction were not disclosed.
DCMC Partners LLC Lemoine & Co LLC Lemoine & Co LLC acquired an undisclosed majority interest in DCMC Partners LLC, provider of administrative management and general management consulting services. The financial terms of the transaction were not disclosed.
OSIsoft LLC AVEVA Group PLC 5,016.8 AVEVA Group PLC (AVEVA) of the UK, a unit of Schneider Electric SE, agreed to acquire the entire share capital of OSIsoft LLC (OSIsoft), a San Leandro-based provider of industrial data software and services, from Estudillo Holdings Corp (50.3%), SB/OSI Inc (44.7%), a unit of SoftBank Group Corp (SoftBank) and MDT Holding Inc (5%), a unit of Mitsui & Co Ltd, for an estimated USD 5.017 bil. The consideration was to consist of USD 4.4 bil in cash, and issuance of 10.9 mil in ordinary shares valued at USD 616.819 mil. The shares were valued based on AVEVA's closing stock price of GBP 43.32 (USD 56.589) on 24 August 2020, the last full trading day prior to the announcement. Originally, in May 2019, SoftBank was rumored to be seeking a buyer for its minority stake in OSIsoft.
Tin Roof Group Cognizant Technology Solutions Cognizant Technology Solutions Corp agreed to acquire Tin Roof Group, an Atlanta-based provider of custom computer programming services, from Ash Ventures. Terms were not disclosed.
Trojan Lithograph Corp Mill Rock Pkg Partners LLC Mill Rock Packaging Partners LLC, a unit of Mill Rock Capital Management LP, acquired Trojan Lithograph Corp, a Renton-based manufacturer of fiber boxes, from Arbor Investments Management LLC.
Rhapsody International Inc MelodyVR Group PLC 26.2 MelodyVR Group PLC (MelodyVR) of the UK agreed to acquire the entire share capital of Rhapsody International Inc, a Seattle-based internet service provider, from RealNetworks Inc, for an estimated USD 26. 2 mil. The consideration consisted of an estimated USD 15 mil in cash and 200 mil ordinary shares valued at USD 11.2 mil. The shares were valued based on MelodyVR's closing stock price of USD 0. 056 on 24 August 2020, the last full trading day prior to the announcement.
NeuroLex Labs Inc Sonde Health Inc Sonde Health Inc, a unit of PureTech Health plc, acquired NeuroLex Laboratories Inc, a Boston-based software publisher.
Desktop Metal Inc Trine Acquisition Corp 1,836.0 Trine Acquisition Corp (Trine) definitively agreed to merge with Desktop Metal Inc (Desktop), a Burlington-based manufacturer of metal 3D printers, in a stock swap reverse takeover transaction valued at USD 1.836 bil. Upon completion, Trine and Desktop shareholders were to own a 26% stake and a 74% interest in the merged entity, respectively.
CFBanc Corp Broadway Financial Corp 39.6 Broadway Financial Corp (Broadway) definitively agreed to merge with CFBanc Corp (CFBanc), a Washington-based commercial bank, for a total USD 39.631 mil, in a stock swap transaction, via merger of equals. Broadway offered 13.626 common shares per CFBanc share. Based on Broadway's closing stock price of USD 1.56 on 25 August 2020, the last full trading day prior to the announcement, each CFBanc share was valued at USD 21. 257. Upon completion, Broadway and CFBanc shareholders were to own 52. 5% stake and 47.5% interest in the merged entity, respectively.
CRC Inc Watlow Elec Mnfg Co Watlow Electric Manufacturing Co acquired CRC Inc, a Santa Clara-based manufacturer of semiconductors and related device. The terms of the transaction were not disclosed.
NetRate Systems Inc MGA Systems Inc MGA Systems Inc acquired the entire share capital of NetRate Systems Inc, an Okemos-based software publisher. The financial terms of the transaction were not disclosed.
Otis Eastern Services Inc Artera Services LLC Artera Services LLC, a unit of Clayton Dubilier & Rice LLC, agreed to acquire Otis Eastern Services Inc, a Wellsville-based water and sewer Line constructor, from Argonaut Private Equity. The financial terms of the acquisition were not disclosed.
Chattanooga-Hamilton Cnty Stonebridge Healthcare Inc 475.0 Stonebridge Healthcare Inc announced that it has entered a Letter of Intent{LOI} to acquire Chattanooga-Hamilton County Hospital Authority, a Chattanooga-based hospital operator, for a total USD 475 mil.
BMC Stock Holdings Inc Builders FirstSource Inc 2,464.6 Builders FirstSource Inc (BLDR) definitively agreed to merge with BMC Stock Holdings Inc (BMC), a Raleigh-based retailer of lumber and other building materials, in a stock swap transaction valued at USD 2.465 bil. BLDR offered 1.3125 BLDR common share per BMC common share. The shares were valued based on BLDR's closing stock price of USD 27.91 on 26 August 2020, the last full trading day prior to the announcement, each BMC share was valued at USD 36.632. Upon completion, BLDR and BMC shareholders were to own 57% interest and 43% stake in the merged entity, respectively.
Signal Sciences Corp Fastly Inc 775.0 Fastly Inc (Fastly) definitively agreed to acquire the entire share capital of Signal Sciences Corp, a Culver City-based software publisher, for an estimated USD 775 mil, in a stock swap transaction. The consideration was to consist of USD 200 mil in cash plus an estimated USD 575 mil in Fastly common A shares.
Open Systems International Inc Emerson Electric Co 1,600.0 Emerson Electric Co agreed to acquire Open Systems International Inc, a Medina-based developer of enterprise automation solutions, for a total value of USD 1.6 bil in cash.