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M and A Navigator: Deal pipeline -12 May.

M2 EQUITYBITES-May 12, 2016-M and A Navigator: Deal pipeline -12 May

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The following is a list of deals covered in detail by M and A Navigator this week:

-COLUMBIA THREADNEEDLE INVESTMENTS TO ACQUIRE EMERGING GLOBAL ADVISORS

US-based financial services company Ameriprise Financial, Inc.'s (NYSE: AMP) Columbia Threadneedle Investments global asset management group has inked an agreement for Columbia Management Investment Advisers, LLC to acquire New York-based registered investment adviser Emerging Global Advisors, LLC, the company said.

Emerging Global Advisors is a provider of smart beta portfolios focused on emerging markets.

Status: Agreed

-VIKING MALT CLOSES ACQUISITION OF DANISH MALTING GROUP

Finnish malting company Viking Malt has finalised its purchase of Danish Malting Group from Carlsberg, the company said. The deal closed after receiving clearance by all relevant competition authorities.

Danish Malting's malting companies in Poland and Denmark will continue under the name Viking Malt from this date onwards.

Status: Closed

-MOTORSPORT ACQUIRES HUNGARIAN AUTO RACING WEBSITE

US-based technology and digital media company Motorsport.com has acquired Hungarian motorsports website gp-live.hu, the company said.

As part of the acquisition, Motorsport.com will launch Motorsport.com - Hungary, a Hungarian sister motor racing website which will cover all major racing series including Formula 1, World Endurance Championship, MotoGP, World Rally Championship, World Touring Car Championship and more.

Status: Closed

-HOMESTREET TO ACQUIRE TWO OREGON BRANCHES FROM THE BANK OF OSWEGO

US-based bank holding company HomeStreet, Inc. (NASDAQ: HMST) has executed a definitive agreement for HomeStreet Bank to acquire certain assets and limited liabilities, including deposits, from The Bank of Oswego relating to its two branches in Lake Oswego, Oregon, the company said.

Closing of the transaction is subject to several conditions including regulatory and The Bank of Oswego shareholder approvals. The acquisition is expected to close in the third quarter of 2016. The branches being acquired by HomeStreet Bank are located in Lake Oswego, Oregon. As of March 31, 2016, total deposits are approximately USD 52.4m for both branches.

Status: Agreed

-ANTARES CAPITAL LEADS FINANCING FOR KOHLBERG'S ACQUISITION OF INTERSTATE HOTELS

US-based middle-market financing company Antares Capital is serving as administrative agent, joint lead arranger and joint bookrunner on a USD 198m senior secured credit facility to support the acquisition of Interstate Hotels and Resorts by private equity firm Kohlberg and Co, the company said.

Kohlberg purchased Interstate Hotels from Thayer Lodging and Jin Jiang International Hotels, which purchased the company in 2010. An acquisition price was not disclosed. Interstate is a US-based global hotel management company, operating branded full and select-service hotels and resorts, convention centers and independent hotels worldwide.

Status: Closed

-KRG CLOSES SALE OF HEALTHCARE SERVICES FIRM ATI PHYSICAL THERAPY

US-based private equity firm KRG's KRG Capital Fund IV, L.P. has closed the sale of US-based healthcare services company ATI Physical Therapy to Advent International, the firm said.

ATI Physical Therapy is a provider of comprehensive outpatient rehabilitation services. KRG partnered with ATI management for the second time in December 2012 after previously supporting the company from late 2005 through 2010. The sale of ATI represents the sixth exit in KRG's Fund IV.

Status: Closed

-ESSENDANT CALLS OFF ACQUISITION OF STAPLES WHOLESALE BUSINESS, AS STAPLES/OFFICE DEPOT MERGER FALLS APART

US-based workplace products supplier Essendant Inc. (NASDAQ: ESND) has had to call off its planned acquisition of US-based office supplies retailer Staples, Inc.'s (NASDAQ: SPLS) wholesale contracts with minority and woman-owned office supply resellers and their large corporate customers, the company said.

These contracts represent sales of more than USD 550m annually. The acquisition was contingent on the merger between Staples and Office Depot, Inc., which was preliminarily enjoined on antitrust grounds by a US district court judge's ruling on May 10.

Status: Terminated

-AGREE REALTY UPS ACQUISITION GUIDANCE RANGE

US-based property investor Agree Realty Corp. (NYSE: ADC) has raised its 2016 acquisition guidance to a new range of USD 250m to USD 275m of retail net lease properties, the company said.

The company said its outlook for acquisition volume in 2016, which assumes continued growth in economic activity, positive business trends and other significant assumptions, is being increased from a previous range of USD 175m to USD 200m.

Status: Agreed

-GRUBHUB CLOSES ACQUISITION OF CALIFORNIA RESTAURANT DELIVERY SERVICE LABITE

Chicago-based takeout marketplace Grubhub Inc. (NYSE: GRUB) has completed the acquisition of Southern California restaurant delivery service LAbite, the company said.

Terms of the deal were not disclosed. However, The Wall Street Journal reported a deal value of USD 65m. The company also raised its 2Q16 and full year 2016 guidance, after posting disappointing results in 1Q16. LAbite steered more than USD 80m in food sales in 2015.

Status: Closed

-AGROLIMEN BUYS REMAINING INTEREST IN US PET FOOD MAKER NATURE'S VARIETY

Spanish food and restaurant company Agrolimen has acquired the remaining interest in US pet food maker Nature's Variety by purchasing shares held by private equity firm LCatterton and other shareholders, the company said

Nature's Variety are the makers of Instinct Pet Food. It is headquartered in St. Louis with manufacturing operations in Lincoln, Nebraska. Nature's Variety produces pet food through two brands Instinct, a leader in raw pet food; and Prairie, a balanced holistic line of food.

Status: Closed

-VMWARE CEO GELSINGER TO STEP DOWN AFTER DELL-EMC DEAL CLOSES, CRN REPORTS

US-based virtualization applications firm VMware CEO Pat Gelsinger is planning to leave the company once Dell closes its acquisition of EMC, US-based IT media outlet CRN said, citing multiple sources with knowledge of the executive's plans.

CRN reported that replacement candidates are already under consideration.

Status: Agreed

-LECHASE CONSTRUCTION SERVICES TO BUY ASSETS IN NEW YORK, NORTH CAROLINA

US-based construction management and general construction firm LeChase Construction Services, LLC has agreed to purchase select construction business assets in Upstate New York and Raleigh-Durham, N.C., from Australian property and infrastructure group Lendlease's Lendlease Americas Inc. unit, the firm said.

The deal, valued at an undisclosed amount, will enable these offices to continue to grow and succeed with LeChase. LeChase said it plans to invest in the acquired assets, and employees of Lendlease in those offices will have the opportunity to join LeChase.

Status: Agreed

-COMPASS DIVERSIFIED'S ERGOBABY CLOSES USD 73.8M ACQUISITION OF NEW BABY TULA

US-based middle market business owner Compass Diversified Holdings's (NYSE: CODI) The ERGObaby Carrier, Inc. subsidiary has closed the acquisition of US-based baby carrier manufacturer New Baby Tula LLC for a purchase price of USD 73.8m, the company said.

This price excludes working capital and a potential earn-out payment of USD 8.2m based on 2017 financial performance. Baby Tula was founded in 2009 and makes premium baby carriers, toddler carriers, slings, blankets and wraps that comfortably and ergonomically support the bond between parent and child.

Status: Closed

-COATINGS MAKERS SHERWIN-WILLIAMS, VALSPAR RECEIVE SECOND REQUEST FROM US FTC

US-based paint and coatings companies The Sherwin-Williams Co. (NYSE: SHW) and The Valspar Corp. (NYSE: VAL) have each received a request for additional information and documentary material from the United States Federal Trade Commission in connection with Sherwin-Williams' pending acquisition of Valspar.

The Second Request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. This is a common part of the regulatory process in connection with the FTC's review.

Status: Agreed

-UK TELECOMMUNICATIONS FIRM ADEPT TO ACQUIRE COMMS GROUP

UK-based unified telecommunications solutions provider AdEPT Telecom plc (LSE: ADT) has signed an agreement to acquire the entire issued share capital of UK-based Comms Group UK Ltd., the company said.

Comms Group is an established UK based specialist provider of unified communications, Avaya IP telephony, hosted IP solutions, IT and managed services. Under the deal, AdEPT will pay initial consideration of GBP 3.5m (USD 5.06m) plus the surplus cash balance of Comms Group at completion.

Status: Agreed

-LONDONMETRIC JV SELLS THREE RETAIL PARKS FOR GBP 16M

UK-based retail property investor LondonMetric Property Plc's (LSE: LMP) Metric Income Plus Ltd. Partnership joint venture with Universities Superannuation Scheme Ltd has sold its retail parks in Bridgwater, Chatham and Grimsby for GBP 15.9m (USD 22.96m), the company said.

LondonMetric's share of the proceeds is GBP 8m, reflecting a blended NIY of 5.7%. The 33,000 sq ft Range store in Bridgwater has been sold to an international investor for GBP 4.9m, reflecting a NIY of 5.1% rising to 5.7% in 2018. This newly developed store was acquired in 2013 at a NIY of 6.8% and has an unexpired lease term of 17 years.

Status: Closed

-HERENCIA RESOURCES TO SELL STAKE IN CHILEAN MINE PROJECT

Australian multi commodity resource company Herencia Resources plc has executed a conditional term sheet with Australian mining firm Golden Rim Resources Ltd. for the sale of its 70% ownership in the Paguanta zinc, silver and lead project in northern Chile, the company said.

PRC holds 70% of Compania Minera Paguanta S.A. which, in turn, wholly owns the Paguanta Project. Under the deal, Herencia will receive onsideration of up to USD 2.3m in cash and GMR equity, with GMR agreeing to pay up to USD 2.1m towards various contingent liabilities.

Status: Agreed

-LEBANON'S BYBLOS BANK ACQUIRES BANQUE PHARAON AND CHIHA

Lebanese financial services company Byblos Bank has completed the acquisition of 99.18% of the shares of Banque Pharaon and Chiha, the company said.

The shares were mainly acquired following the assignment by Raymond Samir Zina Rahmeh and Teddy Samir Zina Rahmeh (collectively known as ZR Group) to Byblos Bank of their sharesand rights under share purchase agreements entered into with the former shareholders of Banque Pharaon and Chiha. Byblos Bank said that the consideration is based on a valuation of 100% of the issued share capital of Banque Pharaon and Chiha at USD 91m.

Status: Closed

-TARGET HEALTHCARE ACQUIRES NORTHERN IRELAND CARE HOME

UK care homes operator Target Healthcare REIT Ltd. (LSE: THRL) has completed the acquisition of a modern, purpose built care home in Warrenpoint, Northern Ireland for approximately GBP 5.75m (USD 8.30m) including acquisition costs, the company said. This deal follows the announcement of GBP 84m fundraising by the company.

The home, Carlingford Lodge, was opened in 2011 and comprises of 74 single bedrooms with full ensuite bathrooms including wetroom showers. It also benefits from a number of large resident lounges and dining rooms as well as a hairdressing and beauty salon and enclosed garden.

Status: Closed

-THE CHRON ORGANIZATION ACQUIRES ALARM LICENSING; UPDATES ON SAFETYNET ACQUISITION

US-based smart home technology and energy utility services company The Chron Organization, Inc. (OTC: CHRO), has attained its required "managers license" for purposes of becoming a licensed entity in the State of Texas that can sell, market and install home alarm/automation products and services, the company said.

On 15 March 15, the company had made an announcement that it had entered into a letter of intent to acquire SafetyNet Security, a boutique based alarm installation and monitoring services company. The primary reason for acquiring SafetyNet was for its license, which would grant CHRO immediate entry into the industry.

Status: Closed

-ADESA ACQUIRES SANFORD AUTO DEALERS EXCHANGE USED VEHICLE AUCTION IN FLORIDA

US-based auto auctioneer KAR Auction Services (NYSE: KAR) Adesa unit has completed the acquisition of Sanford Auto Dealers Exchange in Sanford, Florida, the company said.

This location expands the company's presence in the Florida market and joins four other Adesa auctions in the region: Adesa Sarasota, Adesa Tampa, Adesa Jacksonville and Adesa Ocala. The auction will be renamed Adesa Orlando, and Mike Tumminello, former president of SADE, will remain as general manager.

Status: Closed

-DIMOCO ACQUIRES ITALIAN MOBILE PAYMENT FIRM ONEBIP

Austrian carrier billing services provider Dimoco is acquiring Italian mobile payment company Onebip SpA, the company said. Onebip is specialised in direct carrier billing services.

The purchase of Onebip SpA from its former shareholder Neomobile SpA, further increases Dimoco's market share in the European carrier billing market. This acquisition of Onebip was accomplished through the close liaison between Neomobile and Dimoco.

Status: Closed

-US TRANSLATION, LOCALISATION SPECIALIST WELOCALIZE ACQUIRES BARCELONA'S NOVA LANGUAGE SERVICES

US-based translation and localization solutions company Welocalize has acquired Spanish translation and localization services firm Nova Traductors i Interprets, S.L., doing business as Nova Language Services, the company said.

Nova is headquartered in Barcelona, Spain, and is strategically important to Welocalize's portfolio of regulated industry language solutions for life sciences, including biotechnology, pharmaceutical, medical device companies, and contract research organisations.

Status: Closed

-GALILEO LIFE SCIENCES MERGES WITH CANADIAN HEALTH SERVICES FIRM NOVO HEALTHNET

US-based clinic operator and medical cannabis producer and Galileo Life Sciences, Inc.'s (OTC: MDRM) Canadian subsidiary has signed a merger agreement with Canadian health services provider Novo Healthnet Ltd., the company said.

Novo is Canada's third largest provider of whole health services including physiotherapy, massage therapy, and chiropractic.

Status: Closed

-POWERSCHOOL EXPANDS K-12 PLATFORM BY ACQUIRING TIENET

US-based K-12 education technology solutions PowerSchool has acquired Tienet, a Maximus product developed to help educators manage instruction, intervention, and special education, the company said.

Tienet said that acquiring this IEP software package available enables educators to have one comprehensive K-12 platform to better meet students' specific learning and behavioral needs.

Status: Closed

-TECH M/A LEADERS LESS BULLISH ON DEAL ACTIVITY EXPECTATIONS, MOFO SURVEY FINDS

US-based law firm Morrison and Foerster's semiannual mergers and acquisition leaders survey finds that more dealmakers still expect M/A activity to increase during the next six months (38%) than those who forecast a decrease (33%), the firm said.

However, the result is a significant departure from the bullish survey findings from a year ago when 61% of respondents predicted growth in dealmaking, and only 9% expected a decline.

Status: Speculation

-TITLE ALLIANCE ACQUIRES NORTHERN OHIO TITLE AGENCY

Pennsylvania, US-based joint ventured title insurance agency specialist Title Alliance, Ltd has acquired Village Title Agency in Summit County, Ohio, the company said.

The company said its presence in the northern Ohio market is strengthened by this strategic move expanding their portfolio to include seven Northern Ohio operations. Founded in 1995, Village Title Agency has been locally owned and managed by Gayle Snyder.

Status: Closed

-PHYSICIAN MEDICAL GROUP M/A ACTIVITY DECLINED IN 1Q16, ACCORDING TO IRVING LEVIN DATA

The physician medical group acquisition market witnessed a decline in activity in 1Q16 after a more robust 4Q15, according to new data from health care and senior housing research specialist Irving Levin Associates, Inc.

Deal volume decreased by 18% to 18 announced transactions in 1Q16, which also represented a 25% drop from the year-ago quarter. While dollar volume was just USD 120m, that represented a 14% increase over the year-ago quarter but an 11% decrease from 4Q15.

Status: Agreed

-AMERICAN RESIDENTIAL SERVICES ACQUIRES ALLGOOD PLUMBING, ELECTRIC, HEATING AND COOLING

Tennessee, US-based air conditioning, heating and plumbing services company American Residential Services has acquired the assets of Georgia, US-based Allgood Plumbing, Electric, Heating and Cooling, the company said.

For over 21 years, Allgood operated as a family-owned business in the greater Atlanta area, led by Melvin Music. American Residential Services operates a network of 65 company-owned, locally-managed service locations spanning 22 states, with approximately 5,500 employees.

Status: Closed

-HYLAND ACQUIRES ACROSOFT ENTERPRISE CONTENT MANAGEMENT BUSINESS FROM INTERACTIVE INTELLIGENCE

US-based software company and OnBase creator Hyland has acquired substantially all of the AcroSoft enterprise content management business from Interactive Intelligence, Inc. (NASDAQ: ININ), the company said.

Acquired by Interactive Intelligence in 2009, AcroSoft offers ECM-focused software solutions to the insurance marketplace. Hyland's acquisition of AcroSoft adds approximately 50 insurance organisations to its more than 500 existing insurance customers.

Status: Closed

-THE ENSIGN GROUP ACQUIRES HOSPICE OPERATION IN WRIGHT COUNTY, IOWA

US-based health care services company The Ensign Group, Inc.'s (NASDAQ: ENSG) Cornerstone Healthcare, Inc. home health and hospice portfolio subsidiary has acquired the assets of Iowa, US-based hospice services provider Hospice for Wright County, the company said.

The hospice will be owned and operated by Heartland Healthcare, Inc., a Cornerstone subsidiary, and do business in Wright County under the name Gateway Hospice.

Status: Closed

-HISTOGENICS ACQUIRES JAPANESE MARKET DEVELOPMENT, COMMERCIALISATION RIGHTS FOR NEOCART

US-based regenerative medicine company Histogenics Corp. (NASDAQ: HSGX) has acquired the development and commercialisation rights to NeoCart autologous cell therapy for the Japanese market from its long-time development partner Purpose Co., Ltd, the company said.

This agreement is the next step in Histogenics' strong and evolving relationship with Purpose and provides Histogenics the opportunity to capitalize on the recent advancements in regenerative medicine regulatory pathways in Japan.

Status: Closed

-CONNECTICUT WATER TO ACQUIRE HERITAGE VILLAGE WATER IN USD 15.8M DEAL

US-based water utility operator Connecticut Water has agreed to acquire The Heritage Village Water Co, the company said.

Heritage Village Water serves about 4,700 water customers in the communities of Southbury, Middlebury and Oxford, Connecticut, and 3,000 wastewater customers in the town of Southbury. Under the agreement, the acquisition will be executed through a stock-for-stock merger transaction valued at approximately USD 15.8m.

Status: Agreed

-AVALANCHE BIOTECHNOLOGIES WINS SHAREHOLDER NOD FOR ANNAPURNA

Shareholders of US-based gene therapy company Avalanche Biotechnologies, Inc. (NASDAQ: AAVL) have approved the issuance of shares of the company's common stock to the shareholders of French biopharmaceutical company Annapurna Therapeutics SAS pursuant to the companies' acquisition agreement, the company said.

This agreement, dated as of 29 January 2016 and amended on 6 April 2016, is by and among Avalanche, Annapurna, Annapurna's shareholders and Shareholder Representative Services LLC acting as the representative of Annapurna's shareholders. This deal is worth USD 105.6m.

Status: Agreed

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Publication:M2 EquityBites (EQB)
Date:May 12, 2016
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