M&A daily wrap: Conagra, Pinnacle Foods, Birds Eye, CIT, Staples, Disney, Star Wars

Conagra Brands Inc. (NYSE: CG) is buying frozen food maker Pinnacle Foods Inc. (NYSE: PF) for $10.9 billion. Frozen Foods has been Conagra's fastest growing division and with Pinnacle, Conagra will add the Birds Eye, Hungry-Man TV, Celeste pizza and Mrs. Paul's fish brands. Packaged foods are popular, as consumers seek cheaper and more convenient food options. Conagra has been busy reshaping its portfolio to focus on higher-growing business lines since Sean Connolly took cover as CEO in 2015. "After three years of transformative work to create a pure-play, branded food company, we are well-positioned to accelerate the next wave of change," says Connolly. Some of Conagra's deals include the purchases of snack producers Angie's Artisan Treats and Thanasi Foods. Conagra owns the Hunt's tomato sauce, Reddi-wip whipped cream, and Hebrew National hot dog brands. Goldman Sachs (NYSE: GS), Centerview Partners and Jones Day are advising Conagra. Evercore (NYSE: EVR), Credit Suisse, Morgan Stanley (NYSE: MS), Rothschild & Co. and Cravath Swaine & Moore LLP are advising Pinnacle. Fried Frank is representing Evercore. Read the full story from Bloomberg News: Conagra creates frozen food giant with Pinnacle deal.

Middle-market executives are more optimistic about the health of their businesses and growth prospects more than any time in the last three years, according to a survey conducted by the Harris Poll on behalf of CIT Group Inc. (NYSE: CIT). “Middle market companies are important contributors to a healthy economy,” says Jim Hudak, president of CIT’s commercial finance division. “We are encouraged by survey results showing that a large majority of middle market leaders expect their companies will grow and invest in the year ahead." The survey found that 84 percent of mid-market executives feel that the health of their companies are strong; 77 percent saw a rise in sales; and 71 percent feel good about the current state of the national economy.

Deal news
Staples Inc. has acquired HiTouch Business Services, an independent office products dealer. The target has joined Staples Business Advantage division. Staples CEO Sandy Douglas has not ruled out making similar acquisitions. "We will continue to look for strategic opportunities like this one where we feel we can help create better options for businesses in the marketplace," Douglas said in a statement.

Differential Brands Group Inc. (Nasdaq: DFBG) is buying the North American licensing business from Global Brands Group Holding Ltd. for $1.38 billion. The licensed brands for apparel and accessories include: Disney, Star Wars, Calvin Klein, Under Armour, Tommy Hilfiger, BCBG, bebe, Joe’s, Buffalo David Bitton, Frye, Michael Kors, Cole Haan and Kenneth Cole. Dechert and Richards, Layton and Finger are advising the buyer. Goldman Sachs, Reed Smith and Freshfields are advising the seller.

Montagu Private Equity has bought Wireless Logic Group from CVC Capital Partners. Wireless Logic provides Internet of Things and machine-to-machine services to mobile, satellite and fixed line networks. WIlliam Blair, Deloitte and Fried Frank advised CVC. Arma Partners, Morgan Stanley and Freshfields advised Montagu.

Healthcare-focused investment firm CRG has raised $204 million in asset-backed financing for its third fund, bringing the fund's total long-term leverage to $559 million. The firm invests up to $300 million across the medical devices, pharmaceuticals and information technology industries. Goldman Sachs was CRG's placement agent.

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