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Market Intelligence 26 | BUYOUTS | November 19, 2018 www.buyoutsnews.com MARKET INTELLIGENCE The following charts reflect transactions involving U.S.-based financial sponsors. The categories include seeking buyers, announced deals, closed transactions. The source for the data is Thomson One, a product of Thomson Reuters Markets. Please contact Joseph Weitemeyer at [email protected] with questions or comments. DEAL FLOW Seeking Buyers–U.S. Targets (October 24, 2018 - November 6, 2018) INDUSTRIALS Date Target Name Target City Target Target Full Business Description Target Synopsis Announced State Advisors 10/30/18 Mcdermott Intl Delaware City DE Storage tank business of Mcdermott - US - In October 2018, McDermott International Inc Inc-Storage International Inc, located in Delaware (McDermott), a Houston-based provider of engineering City, Delaware. services, announced that it was seeking a buyer for its storage tank business. Concurrently McDermott was seeking buyer for its US Pipe Fabrication Business. MATERIALS Date Target Name Target City Target Target Full Business Description Target Synopsis Announced State Advisors 10/30/18 Mcdermott Intl Delaware City DE Us pipe fabrication business of - US - In October 2018, McDermott International Inc Inc-US Pipe Mcdermott International Inc, located in (McDermott), a Houston-based provider of engineering Delaware City, Delaware. services, announced that it was seeking a buyer for its us pipe fabrication business. Concurrently McDermott was seeking buyer for its Storage Tank Business. RECENT DEALS Announced, Pending LBOs By U.S. Sponsors (October 24, 2018 - November 6, 2018) CONSUMER PRODUCTS AND SERVICES Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 11/05/18 Greencross Ltd Veterinary Vermont Aus Pty Ltd TPG Capital 674.04 AUSTRALIA - Vermont Aus Pty Ltd (Vermont), jointly owned by TPG Services LP Growth Fund and TPG Capital Asia, agreed to acquire the entire share capital of Greencross Ltd (Greencross), a Brisbane- based provider of veterinary services, for AUD 5.55 (USD 3. 994) in cash per share, or a total AUD 668.572 mil (USD 481.171 mil), via scheme of arrangement. Vermont offered a choice of AUD 5.55 (USD 3. 994) in cash per share (50%) and undisclosed third party shares (50%), and AUD 5.55 (USD 3.994) in cash per share (25%) and undisclosed amount of third party shares (75%). Originally in October 2018, Greencross announced that it was seeking a buyer for the company. Originally in October 2018, Greencross was rumored to be seeking a buyer for the company. BGH Capital Pty Ltd and TPG Capital Pty Ltd were named rumored bidders. CONSUMER STAPLES Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 10/30/18 Noosa Yoghurt Ice Cream and Sovos Brands Advent - US - Sovos Brands Intermediate Inc, a unit of Advent International LLC, LLC Frozen Dessert Intermediate Inc International agreed to acquire the remaining stake, which it did not already own, in Manufacturing Corp Noosa Yoghurt LLC, a Bellvue-based manufacturer of frozen desserts. www.buyoutsnews.com November 19, 2018 | BUYOUTS | 27 MARKET INTELLIGENCE CONSUMER STAPLES Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 10/30/18 Noosa Yoghurt Ice Cream and Sovos Brands Advent - US - Sovos Brands Intermediate Inc, a unit of Advent International LLC, LLC Frozen Dessert Intermediate Inc International agreed to acquire the remaining stake, which it did not already own, in Manufacturing Corp Noosa Yoghurt LLC, a Bellvue-based manufacturer of frozen desserts. ENERGY AND POWER Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 11/01/18 Blue Racer Oil and gas First Reserve Corp First Reserve 1,500.00 US - First Reserve Corp definitively agreed to acquire a 50% interest Midstream LLC exploration,prodn Corp in Blue Racer Midstream LLC (Blue Racer), a Dallas-based producer of crude petroleum and natural gas, jointly owned by Dominion Energy Inc (Dominion) and Caiman Energy II LLC, from Dominion, for an estimated USD 1.5 bil, in a leveraged buyout transaction. The consideration was to consist of USD 1.2 bil in cash and up to USD 300 mil in profit-related payments. Originally, in September 2018, Dominion announced that it was seeking a buyer for its 50% interest in Blue Racer. FINANCIALS Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 10/31/18 Intersections Inc Pvd credit Wc Sacd One Parent Isubscribed 104.75 US - Wc Sacd One Parent Inc, jointly owned by General Catalyst management Inc Inc Partners LLC, Isubscribed Inc and WndrCo Holdings LLC, definitively svcs agreed to acquire the entire share capital of Intersections Inc, a Chantilly-based provider of consumer lending services, for USD 3.68 in cash per share or a total of USD 104. 747 mil. HIGH TECHNOLOGY Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 11/06/18 Current Semiconductor American Industrial American - FLASH: US - American Industrial Partners LP, a unit of American and Related Partners LP Inds Partners Industrial Partners Management Co Inc, planned to acquire Current, Device Mgmt a Boston-based manufacturer of semiconductors and related device, Manufacturing from General Electric Co, in a leveraged buyout transaction. 11/05/18 Veracode Inc Dvlp security Thoma Bravo LLC Thoma Bravo 950.00 US - Thoma Bravo LLC definitively agreed to acquire Veracode Inc, a testing LLC Burlington-based software publisher, from CA Inc, ultimately owned by software Broadcom Inc, for USD 950 mil in cash, in a leveraged buyout transaction. 11/05/18 Vector Solutions Software Golden Gate Capital Golden Gate - FLASH: US - Golden Gate Capital Inc planned to acquire Vector Inc Publishers Inc Capital Inc Solutions Inc, a Tampa-based software publisher, in a leveraged buyout transaction. 10/31/18 Mitek Systems Manufacture ASG Technologies Elliott 559.62 US - ASG Technologies Group Inc, a unit of Evergreen Coast Capital Corp, Inc ADR products Group Inc Management planned to acquire the entire share capital of Mitek Systems Inc, a San Corp Diego-based manufacturer of computer peripheral equipment, for USD 10 in cash per share, or a total USD 577.157 mil, via an unsolicited offer. MATERIALS Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 11/01/18 Lonza Grp All Other Basic Platinum Equity LLC Platinum 630.00 US - Platinum Equity LLC definitively agreed to acquire the Water AG-Water Care Inorganic Equity LLC Care business unit of Lonza Group AG, a Basel-based manufacturer Bus Un Chemical of biological products, for an estimated USD 630 mil, in a leveraged Manufacturing buyout transaction. Orginally, in May 2018, Lonza Group AG announced that it was seeking a buyer for its Water Care business unit. 28 | BUYOUTS | November 19, 2018 www.buyoutsnews.com MARKET INTELLIGENCE MEDIA AND ENTERTAINMENT Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 10/25/18 LiftPoint Marketing Threebridge RFE - US - Threebridge Solutions LLC, a unit of RFE Investment Partners, Consulting Inc Consulting Solutions LLC Investment agreed to acquire LiftPoint Consulting Inc, an Eden Prairie-based Services Partners data- driven marketing consulting firm. REAL ESTATE Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 10/29/18 Rialto Capital Lessors Of Stone Point Capital Stone Point 340.00 US - Stone Point Capital LLC (Stone Point) agreed to acquire Rialto Management LLC Other Real LLC Capital LLC Capital Management LLC (Rialto), a Miami-based real estate Estate Property investment firm, from Lennar Corp (Lennar), for an estimated USD 340 mil, in a leveraged buyout transaction. Originally, in October 2018, Lennar was rumored to be seeking a buyer for Rialto. Stone Point was named a rumored potential bidder. RETAIL Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil) 11/6/18 Bojangles' Inc Full-Service Investor Group Investor - FLASH : US - An investor group, comprised of The Jordan Co LP and Restaurants Group Durational Capital Management LP planned to acquire Bojangles' Inc, a Charlotte-based full-service restaurant operator, from Advent International Corp. The deal had a reported value of USD 593.732 mil. Closed LBOs By U.S. Sponsors (October 24, 2018 - November 6, 2018) CONSUMER PRODUCTS AND SERVICES Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil) 11/05/18 Eliassen Group Pvd info tech Stone Point Stone Point - FLASH : US - Stone Point Capital LLC acquired Eliassen Group LLC staffing svcs Capital LLC Capital LLC LLC, a Wakefield-based provider of temporary help services, from Riverside Partners LLC,
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