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M and A Navigator: Deal pipeline -8 June.

MANews-(C)2009-2018

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

-CALIFORNIA WATER LAUNCHES CASH TENDER OFFER FOR SJW GROUP

US-based water utility operator California Water Service Group (NYSE: CWT) has commenced a tender offer to acquire all outstanding shares of SJW Group (NYSE: SJW) for USD 68.25 per share in cash, the company said.

The offer is scheduled to expire on August 3. On April 4, 2018, California Water made a private proposal to acquire SJW for USD 68.25 per share in cash, which exceeds SJW's all-time high closing share price, and represents a 30% premium to SJW's share price at the time of California Water's proposal.

Status: Bidding

-MONTECITO MEDICAL ACQUIRES SECOND SAINT THOMAS ANCHORED MIDDLE TENNESSEE ASSET

US-based medical real estate investor Montecito Medical Real Estate has acquired the 22,300 square-foot Saint Thomas - Bellevue medical office building in the neighbourhood of Bellevue, Tennessee, approximately 11 miles southwest of downtown Nashville, the firm said.

This class A, three-story medical office building was just recently constructed in 2018 as a build-to-suit for Saint Thomas Health who will be leasing 100% of the building.

Status: Closed

-NORTHERN OIL AND GAS CLOSES USD 40M ACQUISITION OF OIL-PRODUCING ACREAGE IN WILLISTON BASIN

Minnesota, US-based exploration and production company Northern Oil and Gas, Inc. (NYSE American: NOG) has closed the acquisition of producing assets and acreage in the core of the North Carolina, US-based Williston Basin for USD 40m in cash and 6.0m shares of Northern common stock, the company said.

Northern's agreement for the acquisition is with Salt Creek Oil and Gas, LLC, a subsidiary of Deutsche Rohstoff AG. Included in the assets are 86 gross (6.5 net) wells currently producing, drilling or awaiting completion and an estimated 137 gross (8.2 net) wells of future drilling inventory.

Status: Closed

-BAYER CLOSES USD 57BN ACQUISITION OF MONSANTO

German drugs and chemicals group Bayer AG has closed its acquisition of US-based agricultural company Monsanto Co (NYSE: MON) for 128 per share in an all-cash transaction, the company said.

The combined business will benefit from Monsanto's position in Seeds and Traits and Climate Corp. platform along with Bayer's broad crop protection product line across a comprehensive range of indications and crops in all key geographies. According to the conditional approval from the United States Department of Justice, the integration of Monsanto into Bayer can take place as soon as the divestments to BASF have been completed.

Status: Closed

-TRILANTIC NORTH AMERICA ACQUIRES MAJORITY STAKE IN SUNBELT TRANSFORMER

US-based private equity firm Trilantic North America has acquired a majority interest in Sunbelt Transformer, a provider of power solutions, equipment, and services to commercial, industrial and utility end markets, from Grey Mountain Partners, the firm said.

Trilantic North America invested in partnership with Sunbelt's CEO, Dan Sweeney, and other key members of management to support the company's next phase of growth. As part of the transaction, Tom Smith, former CEO of MacLean Power Systems, will join the company as chairman of the board of directors. Trilantic North America previously held a minority interest in MacLean, a provider of power products to utility and industrial markets.

Status: Closed

-TSYS ACQUIRES SMALL BUSINESS PAYMENTS SOLUTIONS PROVIDER IMOBILE3

US-based global payments solutions provider TSYS (NYSE: TSS) has acquired iMobile3, a provider of private-labeled, small business solutions within the payments industry, the company said. iMobile3 offers customisable payment solutions including mobile and tablet point-of-sale products, integrated with value added services.

The company is located in Jacksonville, Florida. Terms of the transaction were not disclosed. TSYS is a global payments provider headquartered in Columbus, Ga., USA., with approximately 12,000 team members and local offices across 13 countries.

Status: Closed

-INTERTEK ACQUIRES UK INFORMATION SECURITY SERVICES PROVIDER NTA MONITOR

US-based quality assurance provider Intertek has acquired UK-based information security services provider NTA Monitor, the company said. Intertek said that NTA will complement and enhance its current network assurance solutions.

With more than 20 years of experience, NTA is a provider of training, penetration testing and certification services. With a focus on specialist, cost-effective, and independent advice, NTA holds several accreditations, including CREST, CHECK, PCI ASV and Cyber Essentials.

Status: Closed

-GAL MANUFACTURING ACQUIRES ELEVATOR CONTROLS

US-based elevator components and systems maker GAL Manufacturing has acquired US-based elevator control solutions provider Elevator Controls Corp. of Sacramento, California, the company said. GAL Manufacturing is a portfolio company of Golden Gate Capital.

Established in 1986 by brothers Fernando and Francisco Ortiz, Elevator Controls provides a comprehensive range of elevator control solutions, including the "Pixel" controller line. The Pixel design incorporates backward compatibility to eliminate board and software version issues and enable older equipment to be easily updated.

Status: Closed

-OVENT ACQUIRES KAPOW TO EXPAND PORTFOLIO SOLUTIONS

Virginia, US-based event management company Cvent, Inc. has acquired Chicago, US-based Kapow, an online platform that allows companies to find and book venues and curated experiences via a credit card, the company said.

At its core, Cvent technology gives organisations the power to source, create, and manage live events more efficiently than ever before. Acquiring Kapow enhances Cvent's ability to deliver live events that drive engagements and increase sales.

Status: Closed

-ANGEL OAK ACQUIRES CHERRYWOOD MORTGAGE TO STRENGTHEN COMMERCIAL LENDING PLATFORM

Atlanta, US-based Angel Oak Commercial Lending, LLC (AOCL) has acquired a controlling interest in Los Angeles, US-based commercial mortgage lender Cherrywood Mortgage, LLC to strengthen its commercial lending programme, the company said.

Cherrywood will serve as the wholesale small-balance commercial lending arm of AOCL. AOCL said with this strategic acquisition, the company is adding great business and a tremendous group of people to the AOCL team.

Status: Closed

-CARTER MULTIFAMILY ACQUIRES JACKSONVILLE APARTMENT COMMUNITY

Tampa, Florida-based real estate company Carter Multifamily Growth and Income Fund, LLC has acquired Jacksonville, Florida-based Peppertree Lane Apartments, the company said.

Carter Multifamily acquired Peppertree Lane for approximately USD 12m, or USD 71,429 per unit, and Carter Multifamily said it intends to execute a substantive value-add strategy to reposition Peppertree Lane as a best-in-class work-force housing community by enhancing the amenity package, completing interior and exterior upgrades and by implementing property management best practices.

Status: Closed

-SOLARIS WATER MIDSTREAM ADDS NEW MEXICO WATER MANAGEMENT COMPANY TO PECOS STAR SYSTEM

Texas, US-based midstream asset operator Solaris Water Midstream, LLC has closed on the acquisition of a New Mexico water supply business owned by water management company Vision Resources, Inc., adding water management to its Pecos Star System, which operates in the Delaware Basin, the company said.

Located in Eddy and Lea counties in New Mexico and Culberson and Loving counties in Texas, the Pecos Star System offers oil and gas producers access to integrated water, transportation, disposal and recycling infrastructure in the Delaware Basin.

Status: Closed

-NEXGEN MINING ACQUIRES MACKINAW MINE NICKEL, COBALT, GOLD PROPERTY

Nevada, US-based NexGen Mining Inc. (OTC: NXGM) has acquired a 100% interest in the 200-acre Washington, US-based Mackinaw Mine Property from Washington-based mine claimant Vesper Resources, LLC, the company said.

NextGen signed an exploration and mining lease and option to purchase agreement for the forest land.

The lease requires the company to make advanced royalty payments annually and conduct exploration according to a work commitment schedule. The agreement also includes a royalty payment that is equal to 2% of the net smelter returns from the production or sale of minerals from the property.

Status: Closed

-ICX MEDIA ACQUIRES SEEN DIGITAL MEDIA TO BROADEN DIGITAL VIDEO INTELLIGENCE PLATFORM

Washington, DC-based video intelligence platform ICX Media, Inc. has acquired Ohio, US-based social intelligence company SEEN Digital Media, Inc., the company said.

SEEN's broad client base will integrate with ICX Media's creator network, which consists of nearly one m digital video creators, ranging from professional producers to emerging talent, and now some of the most highly sought-after influencers.

Status: Closed

-ENTEGRIS TO ACQUIRE SAES PURE GAS BUSINESS FROM ITALY-BASED SAES GROUP

Massachusetts, US-based specialty chemicals company Entegris, Inc. (NASDAQ: ENTG) has agreed to acquire California, US-based gas purification systems supplier SAES Pure Gas business, from Italy based SAES Getters S.p.A., an advanced functional materials group, the company said.

Under the agreement, Entegris will purchase the shares and assets which comprise the SAES Pure Gas business for approximately USD 355m, subject to customary purchase price adjustments.

Status: Agreed

-WHEEL PROS ACQUIRES GORILLA AUTOMOTIVE PRODUCTS TO EXPAND PRODUCT AUTOMOTIVE PARTS PORTFOLIO

Colorado, US-based wheels and tires distributor Wheel Pros has completed the acquisition of California, US-based Amcor Industries, Inc. (d/b/a Gorilla Automotive Products), a designer and distributor of branded automotive aftermarket lug nuts and wheel locks, the company said.

Wheel Pro said the acquisition adds a complementary portfolio of aftermarket accessories to Wheel Pros' expanding selection of products.

Status: Closed

-MULLER, CERBERUS CAPITAL MANAGEMENT PARTNER TO ACQUIRE CANYON PARK TECH

Real estate company The Muller Company and an affiliate of New York, US-based alternative investing company Cerberus Capital Management, L.P. have partnered to acquire Utah, US-based office campus Canyon Park Technology Center, the company said.

The 924,634 square-foot property was built between 1988 and 1992 as the headquarters of WordPerfect Corp. and consists of 14 single, two, and three-story buildings. It is currently 54% leased.

Status: Closed

-REXFORD INDUSTRIAL ACQUIRES SOUTHERN CALIFORNIA INDUSTRIAL PROPERTY FOR USD 14M

California, US-based real estate investment trust Rexford Industrial Realty, Inc. (NYSE: REXR) has acquired a Southern California-based single-tenant industrial property for USD 14m, the company said.

Rexford said this fully leased property, occupied by an entrenched tenant under a long-term lease provides attractive, stable cash flow with longer-term value-add potential.

Status: Closed

-KEN GARFF BUYS HENRY DAY FORD TO COMBINE 2 UTAH AUTO COMPANIES

Utah, US-based Ken Garff Automotive Group has purchased Utah-based Henry Day Ford to combine the expertise of two family-owned auto companies, the company said.

Garff said it sees growth opportunities as we combine strengths and services of both companies to benefit customers. Henry Day Ford will change its name to Ken Garff West Valley Ford and will provide customers with GarffCare, the AdvantageCare pre-paid vehicle maintenance package and more vehicle options.

Status: Closed

-VAIL RESORTS TO ACQUIRE US MOUNTAIN RESORT OPERATOR TRIPLE PEAKS FOR USD 82M

Colorado, US-based mountain resort operator Vail Resorts, Inc. (NYSE: MTN) has agreed to purchase resort operator Triple Peaks, LLC from the Mueller family for a purchase price of USD 82m, the company said.

At closing, Triple Peaks will pay USD 155m to pay off the leases that all three resorts have with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, with funds provided by Vail Resorts. As part of a separate transaction, Vail Resorts will also purchase Stevens Pass Resort in Washington from Ski Resort Holdings, LLC for a total purchase price of USD 67m, subject to certain adjustments.

Status: Agreed

-FCP ACQUIRES ORLANDO APARTMENT COMMUNITY FOR USD 23.6M

Maryland, US-based real estate investment company FCP has acquired Florida, US-based apartment community Royal Isles for USD 23.6m, representing FCP's eighth investment in Florida, the company said.

Royal Isles residents enjoy a 24/7 fitness centre, swimming pool and sundeck, playground, a picnic area with grills and an on-site laundry centre. FCP has invested in or financed more than USD 6.0bn in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets.

Status: Closed

-BID EQUITY ACQUIRES ESIGHT ENERGY GROUP SOFTWARE DEVELOPER

Germany based private equity firm BID Equity has acquired UK-based energy management software developer eSight Energy Group Ltd, the company said. This acquisition enhances BID Equity's position as an IoT (Internet of Things) provider focussed on the energy sector.

The transaction will enable the combining of eSight with other IoT portfolio companies including Z-Wave Europe, a leading developer and value-added distributor of smart devices.

Status: Closed

-SPECIALTY PROGRAM GROUP ACQUIRES BROKERAGE ASSETS OF PROGRAM INSURANCE

New Jersey, US-based insurance holding company Specialty Program Group LLC. has acquired the assets of California, US-based underwriter Professional Program Insurance Brokerage (PPIB), the company said.

SPG said PPIB's ability to identify exposures and build product for unmet market needs compliments SPG's long term vision of providing innovative solutions to rapidly evolving customer exposures. PPIB will help develop product throughout the enterprise.

Status: Closed

-DISCOVERY DATA ACQUIRES COLORADO-BASED FINANCIAL MEDIA GROUP

New Jersey, US-based data provider Discovery Data, serving financial services and insurance industries, has acquired all the business assets of Colorado, US-based data, recruiting and marketing services company Financial Media Group, the company said.

The acquisition expands Discovery Data's client coverage to 1,200 institutions and over 20,000 users across asset managers, wealth advisors, custodians, clearing firms, insurance companies and service providers. Discovery Data said acquiring Financial Media Group allows the company to accelerate the investments it has been making to advance its offerings.

Status: Closed

-OCEAN STATE HEALTHCARE ACQUIRES NEWPORT COUNTY URGENT CARE CENTRE

Rhode Island, US-based management services company Ocean State Healthcare has acquired Rhode Island-based single site urgent care centre Newport County Medical Treatment Office, the company said.

Ocean State Healthcare said it will expand its integrated platform of primary care and urgent care to Aquidneck Island where the company can offer year-round expanded healthcare access to residents and visitors alike.

Status: Closed

-MDU RESOURCES ACQUIRES MINNESOTA-BASED TRI-CITY PAVING

US-based energy delivery and construction materials and services provider MDU Resources Group, Inc. (NYSE: MDU) has acquired Minnesota, US-based general contractor Tri-City Paving, Inc., a supplier of aggregate, asphalt and ready-mix concrete supplier, the company said.

MDU Resources anticipates the acquisition will be accretive to earnings per share. Tri-City will become part of Knife River Corp., the construction materials subsidiary of MDU Resources. In addition to its aggregate reserves and related processing equipment, Tri-City operates three ready-mix plants, three portable asphalt plants and a dust-control operation.

Status: Closed

-MMA CAPITAL MANAGEMENT BUYS OUT RENEWABLE DEVELOPER HOLDINGS FOR USD 5M

Utah, US-based energy investor MMA Energy Capital, LLC has bought out solar ventures partner Renewable Developer Holdings LLC (RDH) for approximately USD 5.1m, the company said.

MMA Energy is a wholly owned subsidiary of Maryland, US-based MMA Capital Management, LLC (NASDAQ: MMAC), an investor in housing and renewable energy sectors.

Status: Closed

-SUNZ HOLDINGS ACQUIRES US MANAGED CARE PROGRAMME DESIGNER ASCENTIAL CARE PARTNERS

Florida, US-based insurance services provider SUNZ Holdings has acquired Kentucky, US-based managed care programme designer Ascential Care Partners, LLC to strengthen the financial position of Ascential, the company said.

The purchase and associated capital contribution enhance the ability of Ascential and SUNZ Holdings to control claims costs for their large deductible workers' compensation insurance clients.

Status: Closed

-HARVEST PARTNERS ACQUIRES DWYER GROUP

Funds managed by New York, US-based private equity investment firm Harvest Partners, LP, have completed a new investment in Texas, US-based residential and commercial services provider Dwyer Group, the company said.

The sale represents the fourth and largest private equity transaction for Dwyer Group. Dwyer Group supports 20 service brands with a franchise network including more than 3,200 franchisees operating in the United States and eight other countries.

Status: Closed

-BONANZA GOLDFIELDS TO ACQUIRE MIZPAH MINES

Nevada, US-based mineral exploration and mining company Bonanza Goldfields Corp. (OTC: BONZ) has agreed to acquire Nevada-based Mizpah Mines, LLC, the company said.

The company has an option to purchase the Sparrow-patented mining claim at Tonopah, Nevada. Also known as the Mizpah Extension Mine, the property contains substantial mine dumps from the Tonopah Belmont Mine, one of Tonopah's major past silver and gold producers. Initial dump sampling at the Mizpah Extension Mine has indicated anomalous gold and silver values.

Status: Agreed

-KANSAS CITY LIFE TO ACQUIRE LIFE DIVISION FROM GRANGE MUTUAL CASUALTY FOR USD 77M

Kansas, US-based Kansas City Life Insurance Company has agreed to acquire all of the issued and outstanding stock of Ohio, US-based Grange Life Insurance company from Grange Mutual Casualty, the company said.

The transaction is anticipated to close at the end of the third quarter. The base purchase price for the transaction is anticipated to be approximately USD 77.2m. The transaction is subject to review by the Ohio Department of Insurance.

Status: Agreed

-QUALYS TO ACQUIRE SECOND FRONT SYSTEMS TO EXPAND PRESENCE IN MILITARY, SECURITY, GOVERNMENT

California, US-based security and compliance solutions provider Qualys, Inc. (NASDAQ: QLYS) has entered into a non-binding letter of intent to purchase Virginia, US-based cybersecurity and advanced intelligence analytics provider Second Front Systems, the company said.

The terms of the letter of intent providing for the proposed acquisition are non-binding and the parties will need to negotiate and enter into definitive agreements before proceeding with the proposed acquisition. If the parties are able to enter into and consummate the acquisition.

Status: Agreed

-EVERGREEN CONSUMER BRANDS EXPANDS BRAND PORTFOLIO WITH ACQUISITION OF BRANDS SALON SELECTIVES, DAILY DEFENSE

Canada, US-based health and beauty products maker Evergreen Consumer Brands has acquired the Salon Selectives and Daily Defense brands from Canada-based health and beauty brands CLT International, the company said.

Originally owned by Unilever and Procter and Gamble respectively, CLT acquired the brands in 2011 and rebranded them. The acquisition of Salon Selectives and Daily Defense add to Evergreen's portfolio of value-based personal care brands.

Status: Closed
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Publication:M & A Navigator
Geographic Code:1U9CA
Date:Jun 8, 2018
Words:2854
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