Weekly wrap: Carlyle, CD&R, LVMH

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U.S. M&A Deals Announced October 25 to 31, 2019
Target Acquirer Value ($millions) Synopsis
Empire Bancorp Inc,Islandia,NY Flushing Financial Corp 89.9 Flushing Financial Corp (FFC) definitively agreed to acquire the remaining stake, which it did not already own, in Empire Bancorp Inc (EBI), an Islandia-based commercial bank, in a stock swap transaction valued at USD 89. 886 mil subject to proration whereby 80% of the total consideration was to be paid common shares and the remaining 20% in cash. FFC offered a choice of USD 14.04 in cash or 0.6548 FFC share per EBI share. Based on FFC's closing stock price of USD 22. 06 on 24 October 2019, the last full trading day prior to the announcement, each EBI share was valued at USD 14. 445.
Nxgen Intl Inc Payroc LLC Payroc LLC definitively agreed to merge with NXGEN International Inc, a Whitefish-based software publisher, from Elavon Inc, ultimately owned by US Bancorp,Minneapolis,Minnesota. The transaction was to include First Financial Merchant Services LLC (Payscape) and Bluepay Canada. Terms were not disclosed.
Restful Brilliance Llc Bluebolt Inc BlueBolt Inc planned to acquire Restful Brilliance LLC, a Kalispell-based provider of custom computer programming services.
Columbus Fair Auto Auction Inc XLerate Group XLerate Group, a unit of Huron Capital Partners LLC, acquired Columbus Fair Auto Auction Inc, a Columbus-based motor vehicle merchant wholesaler.
Atom Solutions Llc Capital Markets Co Inc Capital Markets Co Inc, a unit of Fidelity National Information Services Inc, acquired Atom Solutions LLC, a Houston-based provider of custom computer programming services.
One Call Corp Creditors One Call Corp (One Call), a a Jacksonville-based hospital operator, completed a recapitalization plan with Creditors (CRs). The book value of the existing debt was (USD 2.013 bil).
Liberty Property Trust Prologis Inc 12600.0 Prologis Inc (PLD) definitively agreed to merge with Liberty Property Trust (LPT), a Wayne-based lessor of real estate property, for an estimated USD 12.6 bil, in a stock swap transaction, including the assumption of USD 2.88 bil. PLD offered 0. 675 PLD common shares per LPT share. Based on PLD's closing stock price of USD 90.86 on 26 October 2019, the last full trading day prior to the announcement, each LPT share was valued at USD 61.331. Upon completion, LPT and PLD were to own 14% and 86% in the merged entity, respectively and LPT was to delist its shares in New York Stock Exchange.
Medidal Inc eSolutions Inc eSolutions Inc acquired Medidal Inc, a Chicago-based software publisher.
Destination Pet LLC L1 Health Llc L1 Health LLC, a unit of Letterone Holdings SA, acquired Destination Pet LLC, a Highlands Ranch-based provider of veterinary services, in a leveraged buyout transaction.
enSilo Inc Fortinet Inc 20.0 Fortinet Inc acquired enSilo Inc, a San Francisco-based endpoint security company, for an estimated USD 20 mil in cash.
Oilfield Water Logistics LLC InstarAGF Asset Management Inc InstarAGF Asset Management Inc of Canada, jointly owned by Instar Group Inc and AGF Management Ltd, acquired Oilfield Water Logistics LLC, a Dallas-based provider of support services for oil and gas operations, from NGP Energy Capital Management LLC.
Capsilon Corp Ellie Mae Inc Ellie Mae Inc, a unit of Thoma Bravo LLC, acquired Capsilon Corp, a San Francisco-based provider of data processing and hosting services.
Genesis Financial Solutions Castlelake LP Castlelake LP acquired Genesis Financial Solutions Inc, a Beaverton-based provider of sales financing services, in a leveraged buyout transaction.
TruePartners Emergency Phycs Amer Physician Partners LLC American Physician Partners LLC acquired Truepartners Emergency Physicians, a Wellington-based provider of ambulance services.
Byrne Dairy Inc-Milk Bottling Upstate Niagara Coop Inc Upstate Niagara Cooperative Inc acquired milk bottling facility of Byrne Dairy Inc, a Syracuse-based dairy product merchant wholesaler.
Fidelity Media SSP Kubient Inc Kubient Inc acquired Fidelity Media SSP, a New York based advertising agency.
Bob Evans Rest Four Corners Property Trust 1.0 Four Corners Property Trust Inc acquired Bob Evans Restaurant, a Clayton-based full-service restaurant operator, for a total USD 1. 015 mil.
Northview Asset Management Inc Sanctuary Wealth Partners Sanctuary Wealth Partners, a unit of Noyes Group LLC, planned to acquire Northview Asset Management Inc, an Austin-based investment advisor.
Illinois State Bk Br(2) Royal Svgs Bkchicagoillinois Royal Savings Bank, Chicago,Illinois, a unit of Royal Financial Inc,Chicago, Illinois, planned to acquire Illinois State Bank Branch(2), a Chicago-based commercial bank.
Tiffany & Co LVMH Moet Hennessy LV SE 14568.2 LVMH Moet Hennessy Louis Vuitton SE (LVMH) of France planned to acquire the entire share capital of Tiffany & Co (Tiffany), a New York-based retailer and manufacturer of jewelries, for USD 120 in cash per share, or a total value of USD 14.568 bil in cash, via an unsolicited offer. Originally, in October 2019, LVMH was rumored to be planning to acquire the entire share capital of Tiffany.
Stran Promotional Solutions Long Blockchain Corp Long Blockchain Corp planned to acquire the entire share capital of Stran Promotional Solutions, a Quincy-based advertising agency.
ProSites Inc Rockbridge Growth Equity LLC Rockbridge Growth Equity LLC acquired ProSites Inc (ProSites), a Temecula-based provider of website design services, from The Riverside Co (Riverside), in a secondary buyout transaction. Originally, Riverside acquired ProSites.
Oracle Ridge Copper Mine Ltd Eagle Mountain Mining Ltd 6.9 Eagle Mountain Mining Ltd of Australia planned to acquire Oracle Ridge Copper Mine Ltd, copper and nickel ore mine operator, from Gold Hawk Resources Inc, ultimately owned by Oracle Mining Corp, for USD 6.9 mil. The consideration will consist of USD .500 mil or USD 6.4 mil in loan notes.
Pinsly Railroad Co Regional Rail LLC Regional Rail LLC, a unit of Levine Leichtman Capital Partners Inc, acquired Pinsly Railroad Co, a Westfield-based railroad operator.
Technology Finance Corp Kingsbridge Hldg Llc Kingsbridge Holdings Llc acquired Technology Finance Corp, a Scottsdale-based provider of office machinery and equipment rental and leasing services.
Memzy LLC Corporate Visions Inc Corporate Visions Inc acquired Memzy LLC, a Sausalito-based provider of social sciences research and development services.
Nike Inc-Hurley Brand Bluestar Alliance LLC Bluestar Alliance LLC definitive agreed to acquire the Hurley brand of Nike Inc, a Beaverton-based manufacturer of sporting and athletic goods. Terms were not disclosed.
Suretech Assembly Inc East West Manufacturing LLC East West Manufacturing LLC acquired Suretech Assembly Inc, an Youngsville-based manufacturer.
Mailhaven Inc Luxer One Luxer One, a unit of ASSA ABLOY AB, acquired Mailhaven Inc, a Louisville-based software publisher.
Team Drive Away Inc United Road Services Inc United Road Services Inc, a unit of The Carlyle Group LP, acquired Team Drive Away Inc, an Olathe-based provider of freight transportation arrangement services.
Anixter International Inc Clayton Dubilier & Rice LLC 2751.0 Clayton Dubilier & Rice LLC, a unit of Clayton Dubilier & Rice Holdings LP, definitively agreed to merge with Anixter International Inc, a Glenview-based wholesaler of cabling and network security products, for USD 81 in cash per share, or a total value of USD 2.751 bil, in a leveraged buyout transaction.
Statera Inc Navint Partners LLC Navint Partners LLC acquired Statera Inc, a Greenwood Village-based provider of computer systems design services.
Hilb Group LLC The Carlyle Group LP The Carlyle Group LP planned to acquire an undisclosed majority interest in Hilb Group LLC, a Richmond-based insurance agency, from ABRY Partners LLC, 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 1.1 bil. Originally in October 2019, Hilb Group LLC, announced that it was seeking a buyer for the company.
Kraton Corp-Cariflex Business Daelim Industrial Co Ltd 530.0 Daelim Industrial Co Ltd of South Korea agreed to acquire the Cariflex business of Kraton Corp (Kraton), a Houston-based specialty chemicals company, for USD 530 mil. Originally, in February 2019, Kraton announced that it was seeking a buyer for its Cariflex business.
Digital Brand Mine Llc TapClicks Inc TapClicks Inc acquired Digital Brand Mine LLC, a New York City-based software publisher.
Spectrum Brands-Spectrum Harbor Group International LLC Harbor Group International LLC planned to acquire Spectrum Brands Worldwide HQ of Spectrum Brands, a Middleton-based manufacturer of storage batteries, ultimately owned by HRG Group Inc.
Great Amer Legacy Inc Integrity Marketing Group LLC Integrity Marketing Group LLC, a unit of HGGC LLC, acquired Great American Legacy Inc, a Lisbon-based provider of marketing consulting services.
OmniUpdate Inc Destiny Solutions Inc Destiny Solutions Inc of Canada, a unit of The Riverside Co, merged with OmniUpdate Inc, a Camarillo-based developer of web content management system software.
Noble International Ltd AptarGroup Inc 93.0 AptarGroup Inc acquired the Noble International Ltd (NBL), a Troy-based manufacturer of motor vehicle bodies, for an estimated USD 93 mil. The consideration consisted of USD 62 mil in cash, and up to USD 31 mil profit-related payments. Originally, in May 2009, NBL announced that it was seeking a buyer for the company, via an auction.
Bombardier Inc-Maintenance Rep Spirit AeroSystems Inc Spirit AeroSystems Inc, a unit of Spirit AeroSystems Holdings Inc, definitively agreed to acquire the maintenance repair & overhaul business assets of Bombardier Inc (Bombardier), a West Montreal-based manufacturer of aircrafts. Concurrently, Spirit AeroSystems Global Holdings Ltd definitively agreed to acquire Short Brothers PLC and Bombardier Aerospace North Africa SAS. The three transactions were to have a combined value of an estimated USD 1.09 bil. Originally, in May 2019, Bombardier announced that it was seeking a buyer for its aerostructures business.
Phoenix Cntrl Lab For Zoetis Inc Zoetis Inc acquired Phoenix Central Laboratory For Veterinarians Inc, a Mukilteo-based provider of veterinary services.
Quality Electrodynamics LLC Canon Inc Canon Inc of Japan acquired a 70% interest in Quality Electrodynamics LLC, a Mayfield-based manufacturer of magnetic resonance imaging radiofrequency coils.
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