U.S. M&A Deals Announced October 25 to 31, 2019
TargetAcquirerValue ($millions)Synopsis
Empire Bancorp Inc,Islandia,NYFlushing Financial Corp89.9Flushing 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 IncPayroc LLCPayroc 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 LlcBluebolt IncBlueBolt Inc planned to acquire Restful Brilliance LLC, a Kalispell-based provider of custom computer programming services.
Columbus Fair Auto Auction IncXLerate GroupXLerate Group, a unit of Huron Capital Partners LLC, acquired Columbus Fair Auto Auction Inc, a Columbus-based motor vehicle merchant wholesaler.
Atom Solutions LlcCapital Markets Co IncCapital 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 CorpCreditorsOne 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 TrustPrologis Inc12600.0Prologis 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 InceSolutions InceSolutions Inc acquired Medidal Inc, a Chicago-based software publisher.
Destination Pet LLCL1 Health LlcL1 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 IncFortinet Inc20.0Fortinet Inc acquired enSilo Inc, a San Francisco-based endpoint security company, for an estimated USD 20 mil in cash.
Oilfield Water Logistics LLCInstarAGF Asset Management IncInstarAGF 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 CorpEllie Mae IncEllie Mae Inc, a unit of Thoma Bravo LLC, acquired Capsilon Corp, a San Francisco-based provider of data processing and hosting services.
Genesis Financial SolutionsCastlelake LPCastlelake LP acquired Genesis Financial Solutions Inc, a Beaverton-based provider of sales financing services, in a leveraged buyout transaction.
TruePartners Emergency PhycsAmer Physician Partners LLCAmerican Physician Partners LLC acquired Truepartners Emergency Physicians, a Wellington-based provider of ambulance services.
Byrne Dairy Inc-Milk BottlingUpstate Niagara Coop IncUpstate Niagara Cooperative Inc acquired milk bottling facility of Byrne Dairy Inc, a Syracuse-based dairy product merchant wholesaler.
Fidelity Media SSPKubient IncKubient Inc acquired Fidelity Media SSP, a New York based advertising agency.
Bob Evans RestFour Corners Property Trust1.0Four 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 IncSanctuary Wealth PartnersSanctuary 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 BkchicagoillinoisRoyal 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 & CoLVMH Moet Hennessy LV SE14568.2LVMH 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 SolutionsLong Blockchain CorpLong Blockchain Corp planned to acquire the entire share capital of Stran Promotional Solutions, a Quincy-based advertising agency.
ProSites IncRockbridge Growth Equity LLCRockbridge 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 LtdEagle Mountain Mining Ltd6.9Eagle 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 CoRegional Rail LLCRegional Rail LLC, a unit of Levine Leichtman Capital Partners Inc, acquired Pinsly Railroad Co, a Westfield-based railroad operator.
Technology Finance CorpKingsbridge Hldg LlcKingsbridge Holdings Llc acquired Technology Finance Corp, a Scottsdale-based provider of office machinery and equipment rental and leasing services.
Memzy LLCCorporate Visions IncCorporate Visions Inc acquired Memzy LLC, a Sausalito-based provider of social sciences research and development services.
Nike Inc-Hurley BrandBluestar Alliance LLCBluestar 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 IncEast West Manufacturing LLCEast West Manufacturing LLC acquired Suretech Assembly Inc, an Youngsville-based manufacturer.
Mailhaven IncLuxer OneLuxer One, a unit of ASSA ABLOY AB, acquired Mailhaven Inc, a Louisville-based software publisher.
Team Drive Away IncUnited Road Services IncUnited 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 IncClayton Dubilier & Rice LLC2751.0Clayton 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 IncNavint Partners LLCNavint Partners LLC acquired Statera Inc, a Greenwood Village-based provider of computer systems design services.
Hilb Group LLCThe Carlyle Group LPThe 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 BusinessDaelim Industrial Co Ltd530.0Daelim 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 LlcTapClicks IncTapClicks Inc acquired Digital Brand Mine LLC, a New York City-based software publisher.
Spectrum Brands-SpectrumHarbor Group International LLCHarbor 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 IncIntegrity Marketing Group LLCIntegrity Marketing Group LLC, a unit of HGGC LLC, acquired Great American Legacy Inc, a Lisbon-based provider of marketing consulting services.
OmniUpdate IncDestiny Solutions IncDestiny 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 LtdAptarGroup Inc93.0AptarGroup 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 RepSpirit AeroSystems IncSpirit 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 ForZoetis IncZoetis Inc acquired Phoenix Central Laboratory For Veterinarians Inc, a Mukilteo-based provider of veterinary services.
Quality Electrodynamics LLCCanon IncCanon Inc of Japan acquired a 70% interest in Quality Electrodynamics LLC, a Mayfield-based manufacturer of magnetic resonance imaging radiofrequency coils.