US M&A Deals Announced August 21 to 27, 2020
TargetAcquirerValue ($millions)Synopsis
Ingram Micro IncPlatinum Equity LLCPlatinum 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-PortfolioAustal LtdAustal Ltd of Australia agreed to acquire property portfolio of Modern American Recycling Services Inc, a Gibson-based recyclable material merchant wholesaler.
Arena Energy LP-AssetsSan Juan Offshore LLC64.2San 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 LlcPresent Life IncPresent 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 LLCNational Safety Apparel IncNational Safety Apparel Inc acquired Wild Things LLC, a Virginia Beach-based manufacturer of apparels, from ASGARD Partners & Co LLC.
KB US Holdings IncTLI Bedrock LLC75.0TLI 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 IncProteostasis Therapeutics IncProteostasis 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 LLCRheinbund LLC111.0Rheinbund 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 IncSugarCRM IncSugarCRM Inc acquired Node Inc, a San Francisco-based AI company
Formation Biologics CorpBristol-Myers Squibb CoBristol-Myers Squibb Co definitively agreed to acquire Formation Biologics Corp, an Austin-based biotechnology company.
NN Inc-NN Life SciencesASP Navigate Acquisition Corp825.0ASP 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 IncInvestor GroupAn 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 IncInvestor GroupAn 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 IncAcadia Pharmaceuticals939.5Acadia 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 IncBionano Genomics Inc9.6Bionano 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 LLCPalo Alto Networks Inc265.0Palo 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 IncBunzl PLCBunzl 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 IncAssuredPartners IncAssuredPartners Inc, a unit of Apax Partners LP, acquired Mainstreet Financial Services Inc, a Seattle-based insurance agency.
Brandfolder IncSmartsheet Inc155.0Smartsheet 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 LlcAra PartnersAra 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 LlcCOMSovereign Holding Corp13.9COMSovereign 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 IncKleinfelder IncKleinfelder Inc, a unit of Wind Point Partners LLC, acquired Garcia & Associates Inc, a San Anselmo-based provider of environmental consulting services.
Luminar Technologies IncGores Metropoulos Inc3,180.1Gores 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 IncCancer Genetics Inc5.6Cancer 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 ServicesInvestor GroupAn 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 IncSuperior Plus Corp159.0Superior 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 CareFitesa SAFitesa 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-CryobiologicalCryoport Inc320.0Cryoport 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 IncCerebain Biotech CorpCerebain 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 CorpTeam Technologies IncTeam 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 IncBanzai International IncBanzai 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 IncParker Products IncParker 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-AssetsDigital Value VenturesDigital Value Ventures acquired assets of CarEdge. com, a North Hampton-based owns and operates automobile dealership.
Emerson Resources IncPace Analytical Services LLCPace Analytical Services LLC acquired Emerson Resources Inc, a Norristown-based manufacturer of pharmaceutical preparation.
Acessa Health IncHologic Inc80.0Hologic 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 LPConvergeone Holdings CorpConvergeone 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 LLCLemoine & Co LLCLemoine & 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 LLCAVEVA Group PLC5,016.8AVEVA 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 GroupCognizant Technology SolutionsCognizant 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 CorpMill Rock Pkg Partners LLCMill 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 IncMelodyVR Group PLC26.2MelodyVR 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 IncSonde Health IncSonde Health Inc, a unit of PureTech Health plc, acquired NeuroLex Laboratories Inc, a Boston-based software publisher.
Desktop Metal IncTrine Acquisition Corp1,836.0Trine 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 CorpBroadway Financial Corp39.6Broadway 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 IncWatlow Elec Mnfg CoWatlow 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 IncMGA Systems IncMGA 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 IncArtera Services LLCArtera 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 CntyStonebridge Healthcare Inc475.0Stonebridge 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 IncBuilders FirstSource Inc2,464.6Builders 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 CorpFastly Inc775.0Fastly 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 IncEmerson Electric Co1,600.0Emerson 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.