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M and A Navigator: Deal pipeline -20 January.

M2 EQUITYBITES-January 20, 2017-M and A Navigator: Deal pipeline -20 January

(C)2017 M2 COMMUNICATIONS http://www.m2.com

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

-ARTHUR J GALLAGHER ACQUIRES NORTH CAROLINA BENEFITS CONSULTANT HILL, CHESSON, WOODY

Itasca, Ill.-based insurance brokerage Arthur J. Gallagher (NYSE: AJG) has acquired Durham, NC-based benefits consulting firm Hill, Chesson and Woody (HCW), the company said. HCW was acquired for an undisclosed amount. Additional terms of the transaction were not disclosed.

The News Observer said HCW, which has 83 employees, would continue to operate under its current name for one year until its brand is subsumed under the Gallagher banner on Jan. 1, 2018. Gallagher, which has operations in 33 countries, said an essential component of the deal is giving HCW experts a key role in Gallagher's Southeast operations, while Gallagher gains HCW's benefits experts and portfolio of clients.

Status: Closed

-ARTNET ACQUIRES NEW YORK ONLINE ART COMPANY ARTLIST

New York-based fine art trading and information company artnet has acquired New York-based online art company ArtList, the company said. artnet said through this acquisition, it plans to absorb ArtList's platform in the development of its online auction platform and the expansion of its private online sales.

The company said ArtList cofounders Kenneth Schlenker and Astrid de Maismont would join Artnet's auction department. The company acquired the intellectual property of ArtList and plans to integrate its data and algorithms.

Status: Closed

-GAMBER-JOHNSON MERGES WITH CANADIAN COMPUTING MOUNDING SPECIALIST

Stevens Point, Wis.-based computer mounting company Gamber-Johnson LLC has merged with Calgary, Canada-based computer mounting company Precision Mounting Technologies Ltd. (PMT), the companies said.

Terms of the transaction were not disclosed. Gamber-Johnson and the combined company resulting from the merger are supported by investment from Main Street Capital Corp. Gamber-Johnson and PMT manufacture rugged computer mounting systems that secure and stabilise electronics such as tablets, radios, cameras and laptops in professional vehicles and other commercial settings.

Status: Closed

-AUXILIO ACQUIRES HEALTH INFORMATION PRIVACY, CYBERSECURITY EXPERT CYNERGISTEK FOR USD 34M

Mission Viejo, CA-based document management company Auxilio, Inc. (OTCQB: AUXOD) has acquired Austin, TX-based healthcare security vendor CynergisTek, the company said. Auxilio purchased CynergisTek for up to USD 34.3m with USD 26.8m in USD 15m in cash, approximately 1.17m shares of Auxilio common stock and a seller's note of USD 9m. Auxilio entered into a five-year term loan from Avid Bank in the amount of USD 14m to fund the cash portion.

Additional earn outs of up to USD 7.5m may be paid over the next five years based on certain financial criteria being met. CynergisTek generated approximately USD 15m in revenues and USD 5.0m of EBITDA in 2016. The transaction is expected to be accretive to 2017 EPS.

Status: Closed

-LOGIGEAR ACQUIRES SOFTWARE TESTING, STAFFING FIRM TRUE NORTH

Foster City, CA-based software testing solutions firm LogiGear has finalised its acquisition of Seattle, WA-based software testing and staffing company True North Service, Inc. (TNS), the company said. LogiGear said the acquisition is in exchange for a combination of cash and a percentage of future revenues.

Additional details of the transaction were not disclosed. SD Times said the acquisition allows LogiGear to expand its customer base, adding new companies like Amazon, Cisco, DocuSign and T-Mobile.

Status: Closed

-HEWLETT PACKARD ENTERPRISES ACQUIRES US DATA STORAGE STARTUP SIMPLIVITY

Palo Alto, CA technology company Hewlett Packard Enterprise (NYSE: HPE) has entered into a definitive agreement to acquire Westborough, Massachusetts-based data storage startup SimpliVity, the company said.

The move expands HPE's hyberconverged infrastructure offering. HPE said it would acquire SimpliVity for USD 650m cash. HPE said it expects the acquisition to be accretive to earnings in the first full fiscal year following close. The transaction is expected to close in 2Q17.

Status: Closed

-WASHINGTON STATE YACHT OUTFITTERS S3 MARITIME, YACHT MASTERS CLOSE MERGER

Seattle, Washington-based yacht outfitter YachtMasters has merged with Salmon Bay, Washington-based yacht outfitter S3 Maritime have merged to form a combined entity that will operate as S3 Maritime, the companies said.

The companies said they plan to consolidate their work forces and facilities to S3's 18,000-square foot facility, which offers moorage for vessels to 100+ feet.

Status: Closed

-SAFE FLEET ACQUIRES TEMPERATURE ZONING SPECIALIST RANDALL MANUFACTURING

Belton, Missouri-based safety products company Safe Fleet has acquired Elmhurst, Illinois-based temperature zoning company Randall Manufacturing LLC, the company said.

Safe Fleet, a portfolio company of Sterling Group, owns brands that provide safety solutions to fleet vehicle manufacturers and operators. Randall manufactures specialised products used mainly in refrigerated semi-trailers in connection with the transportation of food and beverages.

Status: Closed

-FIRST CITIZENS BANK ACQUIRES FOUR HARVEST COMMUNITY BANK BRANCHES IN FDIC SALE

Raleigh, NC-based First Citizens BancShares, Inc.'s (NASDAQ: FCNCA) First Citizens Bank subsidiary has entered into an all deposit, whole bank purchase and assumption agreement with the Federal Deposit Insurance Corp. (FDIC) to assume certain liabilities and acquire certain assets of four New Jersey-based branches of Harvest Community Bank (HCB), the company said.

The New Jersey Department of Banking and Insurance (DOBI) closed Harvest Community Bank and appointed the FDIC as receiver. Federal officials said bad loans are the blame for closing HCB.

Status: Closed

-CHART LIFECYCLE ACQUIRES WELDING, CONSTRUCTION SERVICES FIRM HETSCO

Cleveland, Ohio-based Chart Industries, Inc. (NASDAQ: GTLS) subsidiary, Chart Lifecycle, Inc. has acquired Franklin, IN-based welding and construction services company Hetsco, Inc., from Global Power Equipment Group, Inc. (OTC: GLPW) to focus on extending equipment lifespan, the company said.

Chart said it acquired Hetsco for approximately USD 22m in cash. Global Power said it plans to use the cash received in the transaction to reduce debt. Chart said the acquisition supplements its current offering by bringing a suite of welding services for industrial gas and gas processing facilities, including mission critical repair, specialty maintenance, construction/fabrication and safety services, with a focus on brazed aluminium heat exchangers.

Status: Closed

-CAMPING WORLD TO ACQUIRE TEXAS RECREATIONAL VEHICLE DEALERSHIP RV-MAX

Illinois-based RV retail network Camping World Holdings, Inc. (NYSE: CWH) has proposed the acquisition of North Texas-based RV dealership RV-Max with three locations in the greater Dallas market as part of an expansion strategy in Texas, the company said.

Camping World currently operates seven SuperCenters in Texas and with the acquisition of RV-Max is adding three new SuperCenters. The company said one of its top priorities is to pursue additional acquisitions and locations for new SuperCenters.

Status: Agreed

-GLIMPSE GROUP ACQUIRES THE ASSETS OF AR PLATFORM DESIGN FIRM KREATAR

New York-based holding company for VR and AR start-ups Glimpse Group, Inc. has acquired the assets of New York-based AR platform design company designer Kreatar LLC, the company said.

Kreatar is developing a design platform allowing users to create a slide-based presentation that can project its content in AR space, enabling 360 degrees of exploration and interaction in which AR objects can be customised, shared and collaborated by several users in real time and from different geographic locations.

Status: Closed

-PALL FORTEBIO ACQUIRES US LIFE SCIENCES RESEARCH TOOL MAKER PIONEER SPR

Freemont, CA-based analytical solutions provider Pall ForteBio plans to acquire assets of Oklahoma-based life sciences research tool manufacturer SensiQ Technologies to expand Its label-free interaction analysis portfolio, the company said.

Pall ForteBio said it is acquiring assets related to SensiQ's Pioneer product line as a complement to its bio-layer interferometry family of label-free instruments, expanding the solutions it offers, from small molecule fragment screening to detailed biologics characterisation critical in pharmaceutical drug discovery and development.

Status: Closed

-MCNALLY CAPITAL ACQUIRES DESIGN MANUFACTURER DEDICATED COMPUTING FROM MASON WELLS

Chicago, IL-based private equity firm McNally Capital has acquired Wisconsin-based computing system design manufacturer Dedicated Computing from Mason Wells, the company said.

Dedicated Computing is an original design manufacturer of proprietary computing systems for blue-chip OEM customers in the healthcare, life sciences, training/simulation and industrial markets. McNally Capital acquired the company from Mason Wells, which stewarded the business through a changing technology and economic landscape.

Status: Closed

-TESTEQUITY ACQUIRES MRO MARKET SUPPLIER JENSEN TOOLS

Moorpark, Calif.-based electronic test equipment distributor TestEquity has acquired Massachusetts-based Stanley Black and Decker subsidiary Jensen Tools + Supply, the company said.

With the acquisition, TestEquity said it increases its stocking locations to better support its customers with vendor-managed inventory and tool kit offerings. TestEquity LLC is a large North American stocking distributor of test and measurement equipment and MRO tools and supplies.

Status: Closed

-INVENIOS COMPLETES ACQUISITION OF FRENCH LENS TECHNOLOGY FIRM VARIOPTIC

Santa Barbara, Calif.-based micro-fabrication foundry Invenios LLC has acquired Lyon, France-based liquid lens technology company Varioptic from Parrot Drones SAS, the company said. The company said following the acquisition, completed for an undisclosed amount, Varioptic's business, assets and employees, have been transferred to Invenios France SAS, a fully owned subsidiary of Invenios LLC.

The liquid lens products will continue to be promoted under the Varioptic and Optilux brands. Varioptic provides technology which enables variable focus, variable tilt, or variable cylindrical lenses with no moving parts, delivering cycles, shock and vibration resistance, low power, in a compact format allowing the use in compact cameras used in industrial devices.

Status: Closed

-SOUTHERN MISSOURI BANCORP TO ACQUIRE MISSOURI BANK TAMMCORP IN USD 23M DEAL

Poplar Bluff, Missouri-based banking corporation Southern Missouri Bancorp, Inc. (NASDAQ: SMBC) has signed a definitive merger agreement with Missouri-based bank Tammcorp, Inc., the company said.

Under terms of the merger agreement, Southern Missouri will acquire Tammcorp in a stock and cash transaction valued at USD 23.4m. At 30 September 2016, Tammcorp's consolidated assets were USD 193.8m, including loans, net, of USD 157m, while deposits totaled USD 165.4m. The companies anticipate the completion of the transaction late in 2Q17.

Status: Agreed

-T0 ACQUIRES ASSETS OF SINGAPOREAN ALTERNATIVE TRADING SYSTEM BLUE OCEAN FINANCIAL

US-based financial technology firm t0 Inc., has acquired assets of Singapore-based alternative trading system Blue Ocean Financial Technology, Ptd. Ltd. to launch Blue Ocean Technologies, LLC, a new trading platform for after-hours trading of US-listed securities, company said.

The company said Blue Ocean Technologies, LLC is created to offer US securities trading during non-US trading hours. The addition of Blue Ocean Technologies to the t0 portfolio of companies further expands the fintech firm's presence and range of services in the global financial ecosystem.

Status: Closed

-SALISBURY BANK/TRUST TO ACQUIRE NEW YORK STATE BRANCH OF EMPIRE STATE BANK

Lakeville, Conn.-based Salisbury Bancorp, Inc.'s (NASDAQ: SAL) Salisbury Bank and Trust Co subsidiary has executed a definitive agreement to acquire a New Paltz, NY branch of New York-based ES Bancshares' (OTC: ESBS) Empire State Bank, the company said.

As part of the agreement, the company will assume approximately USD 31m in deposits and purchase approximately USD 6.8m in branch-related loans, the company said. The transaction is subject to approval by regulatory authorities and is expected to be completed during 2Q17.

Status: Agreed

-GLADSTONE LAND ACQUIRES 3,750 ACRES OF SOUTH FLORIDA FARMLAND FOR USD 54M

Mclean, Va.-based REIT Gladstone Land Corp. (NASDAQ: LAND) has acquired approximately 3,750 acres of Florida-based organic farmland for USD 54m, the company said. The company said upon acquisition, it entered into a lease agreement with a grower and marketer of fresh vegetables as a tenant partner for a seven-year lease that provides for annual rent escalations and three, five-year extension options.

Gladstone said it seeks to continue building and diversifying its agricultural portfolio, which currently holds 59 farms across the US.

Status: Closed

-EXXON MOBIL TO ACQUIRE BASS FAMILY HOLDINGS IN PERMIAN FOR USD 6.6BN

US-based oil and gas major Exxon Mobil Corp. (NYSE: XOM) plans to acquire companies owned by the Bass family of Texas, which it expects to more than double its Permian Basin resource to 6bn barrels of oil equivalent, the company said. The companies owned by the Bass Family have an estimated resource of 3.4bn barrels of oil equivalent in New Mexico's Delaware Basin, an oil-prone section of the Permian Basin.

ExxonMobil said it will make an upfront payment of USD 5.6bn in ExxonMobil shares, and a series of additional contingent cash payments totaling up to USD 1bn, to be paid beginning in 2020 and ending no later than 2032 commensurate with the development of the resource.

Status: Agreed

-AMVAC ACQUIRES FFIII FUNGICIDE PRODUCT LINE FROM THE ANDERSONS

Newport Beach, Calif.-based American Vanguard Corp (NYSE: AVD) subsidiary AMVAC Chemical Corp. has acquired FFIII fungicide product line from The Plant Nutrient Group of US-based agribusiness The Andersons, Inc. (NASDAQ: ANDE), the company said.

FFIII contains three active ingredients that work together to provide long-lasting turf disease protection. AMVAC's AEP (non-crop) business segment is expanding its turf preservations product line with the addition of the FFIII line into its portfolio.

Status: Closed

-CLARUS MERCHANT SERVICES CONTINUES EXPANSION WITH ACQUISITION OF NAMS

Gaithersburg, MD-based payment services provider Clarus Merchant Services has acquired Asheville, NC-based electronic payment processing company North American Merchant Services (NAMS) as a continuation for its plan for North American expansion, the company said.

The company said the acquisition allows it to build upon banking partnerships and consolidates it as a payment provider within the B2B arena. Clarus Merchant Services provides services to more than 6000 merchants using a single-platform execution with a suite of integrated future-proof products. The company processes over USD 8bn per year.

Status: Closed

-JELLYVISION ACQUIRES HEALTHCARE REIMBURSEMENT PROVIDER FLEXMINDER

Chicago-based employee communications company Jellyvision has entered into a purchase agreement to acquire assets of Seattle-based healthcare reimbursement provider FlexMinder, the company said.

With this agreement, Jellyvision said it plans to incorporate health savings account functionality to its existing benefits communication platform. Financial terms of the deal were not disclosed. The FlexMinder team will become the FlexMinder Division of Jellyvision and remain in Seattle. Financial terms were not disclosed.

Status: Closed

-WESTWOOD ACQUIRES TEXAS CIVIL ENGINEERING FIRM COURSEN-KOEHLER

San Antonio-based engineering and surveying firm Westwood Professional Services Inc. has finalised the acquisition of San Antonio-based civil engineering firm, Coursen-Koehler Engineering and Associates, the company said.

The company said the acquisition expands Westwood's land development operations in Texas and brings added resources and unique services to Coursen-Koehler's clients. The Coursen-Koehler team will operate as Coursen-Koehler Engineering and Associates, a division of Westwood.

Status: Closed

-HOMESERVICES OF AMERICA TO ACQUIRE NEW YORK REAL ESTATE FIRM HOULIHAN

Minneapolis-based real estate brokerage company HomeServices of America, Inc. has announced its plans to acquire New York-based real estate firm Houlihan Lawrence to expand its portfolio, the company said.

Houlihan Lawrence will retain its name under the HomeServices umbrella. With this transaction, HomeServices of America, a Berkshire Hathaway affiliate said it has nearly 29,500 real estate professionals operating in nearly 570 offices across 28 states.

Status: Agreed

-WEATHERNEWS ACQUIRES FRENCH WEATHER ANALYTICS PROVIDER METNEXT

Japan-based private weather service company Weathernews, Inc. (TOKYO: 4825) has completed the acquisition of all shares of France-based weather analytics provider Metnext SA to combine technology and develop new services, the company said. Reuters reported Weathernews acquired Metnext from FCPR Elaia Ventures for EUR 4.3m (USD 4.59m).

The company said the acquisition allows Metnext to receive Weathernews Inc. support its development in Europe and provide access to Weathernews expertise, technologies and solutions in order to enlarge its service scope.

Status: Closed

-LONGROAD ENERGY ACQUIRES 7X SOLAR ENERGY PORTFOLIO IN USA

Boston-based renewable energy company Longroad Energy Holdings, LLC has acquired Austin-based solar development company 7X Energy, Inc.'s 3gw solar portfolio, the company said.

The acquired portfolio includes projects located across the US in several of Longroad's target markets. Longroad said it will develop these projects, working together with the 7X team to continue to grow Longroad's utility scale solar projects, combining the experience and track record of both teams.

Status: Closed

-FTE NETWORKS ACQUIRES ASSETS OF ST LOUIS FIBRE OPTIC INSTALLER MIDWEST UNDERGROUND SOLUTIONS

US-based network infrastructure solutions company FTE Networks, Inc. (OTCQX: FTNW) has acquired certain assets of St. Charles, Miss.-based privately held fiber optic installation company Midwest Underground Solutions, the company said.

Terms of the transaction were not disclosed. FTE said the transaction enables it to execute on a order backlog of approximately USD 52m for 2017. The company said the acquisition of new assets expands its position in the St. Louis market with consolidated opportunities for fiber optic cabling and system integration services and brings an additional pipeline opportunity in 1Q17.

Status: Closed

-NFP ACQUIRES INDIANA, USA INSURANCE CONSULTANT

New York-based insurance broker NFP has acquired Indianapolis-based insurance consultant City Securities Insurance LLC, the company said.

City Securities Insurance is a full service property/casualty and benefits insurance consultant with a special focus on the commercial P/C.

Status: Closed

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Publication:M2 EquityBites (EQB)
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Date:Jan 20, 2017
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