Weekly wrap: PepsiCo, US Foods, Gladstone

Register now


US M&A Deals Announced March 6 to 12, 2020
Target Acquirer Value ($millions) Synopsis
DXC Technology-Human Services Veritas Capital Fund Mgmt LLC 5,000.0 Veritas Capital Fund Management LLC definitively agreed to acquire state & local health & human services business of DXC Technology Co, a Tysons-based provider of custom computer programming services, for $5 billion in cash, in a leveraged buyout transaction. Originally, in November 2019, DXC announced that it was seeking a buyer for its three (3) non-core businesses.
Rockstar Inc PepsiCo Inc 3,850.0 PepsiCo Inc (PepsiCo) definitively agreed to acquire the entire share capital of Rockstar Inc (Rockstar), a Las Vegas-based manufacturer of energy drinks, for $3.85 billion. Originally in March 2020, PepsiCo was rumored to be planning to acquire Rockstar.
Smart Foodservice Stores LLC US Foods Holding Corp 970.0 US Foods Holding Corp agreed to acquire Smart Foodservice Stores LLC, a Milwaukie-based grocery products merchant wholesaler, from Apollo Global Management Inc, for an estimated $970 mil.
Grindr Inc San Vicente Acq Llc 607.7 San Vicente Acquisition LLC, a unit of San Vicente Parent LLC, planned to acquire a 98.59% interest in Grindr Inc, a Wilmington-based software publisher, from Kunlun Grindr Holdings Ltd, owned by Kunlun Group Ltd, ultimately owned by Beijing Kunlun Tech Co Ltd, for an estimated $607.65 million in cash.
SB One Bancorp Provident Financial Services 208.0 Provident Financial Services Inc (Provident) definitively agreed to acquire the entire share capital of SB One Bancorp (SB) , a Paramus-based commercial bank, in a stock swap transaction valued at an estimated $208.007 million. Provident offered 1.357 common shares per SB share. Based on Provident's closing stock price of $16.28 on 11 March 2020, the last full trading day prior to the announcement, each SB share was valued at $22.09.
Marucci Sports LLC Wheelhouse Hldg Inc 200.0 Wheelhouse Holdings Inc, a unit of Compass Diversified Holdings definitively agreed to merge with Marucci Sports LLC, a Baton Rouge-based manufacturer of sporting and athletic goods, for a total $200 million in cash.
Three Shores Bancorp Inc United Community Banks Inc 180.0 United Community Banks Inc definitively agreed to acquire the entire share capital of Three Shores Bancorp Inc, an Orlando-based commercial bank, for an estimated $180 mil.
SKB Corp Clarus Corp 96.9 Clarus Corp definitively agreed to acquire SKB Corp, an Orange-based manufacturer of luggage, for a total $96.931 million. The consideration was to consist of $85 million in cash and $11.931 million in common shares.
Nextier Oilfield Solutions-WSS Basic Energy Services Inc 93.7 Basic Energy Services Inc acquired well support services of NexTier Oilfield Solutions Inc, a Houston-based provider of support services for oil and gas operations, for a total $93.7 million. The consideration was consisted of $59.35 million in cash plus $34.35 million notes.
Ironwood Apartments Investors Real Estate Trust 46.3 Investors Real Estate Trust acquired Ironwood Apartments, a New Hope-based owner and operator of residential buildings and dwellings, for a total $46. 3 mil.
Blackboard-Open LMS business Learning Technologies Grp PLC 31.7 Learning Technologies Group PLC of the UK definitively agreed to acquire Open LMS business of Blackboard Inc, a Washington-based software publisher, ultimately owned by Providence Equity Partners LLC, for an estimated $31. 7 mil.
Carroll Bancorp Inc Farmers & Merchants Bancshares 21.9 Farmers & Merchants Bancshares Inc agreed to acquire the entire share capital of Carroll Bancorp Inc, a Sykesville-based commercial bank, for a $21. 63 cash per share or a total value of $21.922 mil.
SOBE Organics Inc BlockchainK2 Corp 0.3 BlockchainK2 Corp of Canada acquired an undisclosed majority interest in Sobe Organics Inc, an Aventura-based health and personal care merchandise retailer, for a total $0. 25 mil.
Leonard Valve Co Llc Bessemer Invs Llc Bessemer Investors LLC acquired an undisclosed majority interest in Leonard Valve Co LLC, a Cranston-based manufacturer of metal cutting machine tools, in a leveraged buyout transaction.
HealthEdge Software Inc Blackstone Group Inc Blackstone Group Inc planned to acquire an undisclosed majority interest in HealthEdge Software Inc, a Burlington-based provider of custom computer programming services, in a leveraged buyout transaction. Terms of the deal were not disclosed.
Anthym Logistics Blue-Grace Logistics LLC Blue-Grace Logistics LLC acquired Anthym Logistics, a Boca Raton-based provider of freight transportation arrangement services.
Northeast Dealer Consultants Brown & Brown of KY Inc Brown & Brown of Kentucky Inc, a unit of Brown & Brown Inc, acquired Northeast Dealer Consultants Inc, a New York City-based provider of logistics consulting services.
Kollege Town Sports-Cert Asts BSN SPORTS Inc BSN SPORTS Inc, a unit of Herff Jones Inc, acquired certain assets of Kollege Town Sports, a Windsor-based sporting and recreational goods and supplies merchant wholesaler, owned by Riddell Inc. Terms were not disclosed.
Maser Consulting Pa Colliers Intl Grp Inc Colliers International Group Inc of Canada planned to acquire an undisclosed majority interest in Maser Consulting PA, a Red Bank-based provider of engineering services.
Foresight Energy LP Creditors the bankrupt Foresight Energy LP (Foresight), a Saint Louis-based bituminous coal mine operator, agreed a debt restructuring transaction with Creditors (CRs). CRs were to receive common shares of 92.75% and 7. 25% in exchange for outstanding First Lien Facility and Senior Secured Notes. Upon completion, CRs were to hold an undisclosed interest in the restructured Foresight. The book value of the existing debt that will be exchanged under the terms of the offer.
Schnuck Markets Inc-Ret & CVS Pharmacy Inc CVS Pharmacy Inc, a unit of CVS Health Corp, definitively agreed to acquire retail & specialty pharmacy businesses of Schnuck Markets Inc, a St. Louis-based owner and operator of supermarket.
The Maids Intl Llc Gladstone Investment Corp Gladstone Investment Corp planned to acquire The Maids International LLC, an Omaha-based provider of janitorial services.
Baselayer Technology LLC Intermountain Electronics Inc Intermountain Electronics Inc acquired Baselayer Technology LLC, a Mesa-based provider of data center deployments, business development, data center monitoring and management software, solution architecture, design, software, and field service groups.
AEVEX Aerospace LLC Investor Group An investor group, comprised of CoVant Inc and Madison Dearborn Partners LLC acquired AEVEX Aerospace LLC, a Solana Beach-based manufacturer of aircrafts, from Trive Capital LLC.
Serenova LLC Lifesize Inc Lifesize Inc acquired the entire share capital of Serenova LLC, an Austin-based provider of custom computer programming services, from Marlin Equity Partners LLC.
Stromberg's Chicks & Gamebirds Mann Lake Ltd Mann Lake Ltd, a unit of Grey Mountain Partners LLC, acquired Stromberg's Chicks & Gamebirds Unlimited, a Pine River-based wholesaler of poultry and poultry products.
Montbleu Resort Casino & Spa Maverick Gaming LLC Maverick Gaming LLC definitively agreed to acquire Montbleu Resort Casino & Spa, a Stateline-based hotel operator, from Eldorado Resorts Inc.
Select Rehabilitation Hospital Methodist Hosp Stone Oak Methodist Hospital Stone Oak acquired Select Rehabilitation Hospital of San Antonio, a San Antonio-based specialty hospital operator, from Select Medical Corp, ultimately owned by Select Medical Holdings Corp.
Solovis Inc NASDAQ Inc NASDAQ Inc planned to acquire Solovis Inc, an Irving-based provider of data processing and hosting services. Terms of the deal were not disclosed.
Aperi Corp-Virtualized Media Net Insight AB Net Insight AB of Sweden acquired virtualized media production technology of Aperi Corp, a Camarillo-based provider of data processing and hosting services.
Talon Storage Solutions Inc NetApp Inc NetApp Inc acquired Talon Storage Solutions Inc, a Mount Laurel-based software publisher.
Hill Phoenix Inc-Chino Branch PMC Capital Partners LLC PMC Capital Partners LLC acquired chino branch of Hill Phoenix Inc, a Conyers-based manufacturer of air- conditioning equipment, ultimately owned by Dover Corp, in a leveraged buyout transaction. Terms of the deal were not disclosed.
Streetreader Inc Seersite LLC Seersite LLC acquired Streetreader Inc, a New York-based provider of data processing and hosting services.
Firstgrp PLC-N Amer Op Shareholders FirstGroup PLC (FirstGroup) planned to spin off its north american operations, a Cincinnati-based provider of transportation support services. to its shareholders. Originally, FirstGroup was rumored to be seeking a buyer for its US business.
Tetra Therapeutics Shionogi & Co Ltd Shionogi & Co Ltd of Japan was granted an option to acquire the remaining 50% interest, which it did not already own, in Tetra Therapeutics, a Grand Rapids-based manufacturer of biological products.
Tetra Therapeutics Shionogi & Co Ltd Shionogi & Co Ltd of Japan agreed to acquire a 50% interest in Tetra Therapeutics, a Grand Rapids-based manufacturer of biological products.
Winfield Solns-Certain assets Trace Genomics Inc Trace Genomics Inc acquired certain soil processing assets of Winfield Solutions LLC, a Pasco-based provider of crop production services, ultimately owned by Land Olakes Inc.
Sojitz Birdsboro LLC TSH Birdsboro LLC TSH Birdsboro LLC, jointly owned by Toho Gas Co Ltd, Hiroshima Gas Co Ltd and Saibu Gas Co Ltd, agreed to acquire a 50% interest in Sojitz Birdsboro LLC, electric power generation facility operator, from Sojitz Corp of America, ultimately owned by Sojitz Corp.
Meetze Plumbing Co Inc Turnpoint Services LLC Turnpoint Services LLC acquired Meetze Plumbing Co Inc, an Irmo-based plumbing and heating equipment and supplies merchant wholesaler. Terms of the transaction were not disclosed.
Owl Cameras Inc Xirgo Technologies Inc Xirgo Technologies Inc, a unit of Hammond Kennedy Whitney & Co Inc, acquired Owl Cameras Inc, a Palo Alto-based manufacturer of automobile camera equipment. Terms of the transaction were not disclosed.