Watermark Wire – March 2017
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Watermark Wire – March 2017 Q4 2016: Southeast Acquirers Active in 4Q’16 Transactions Q4 2016 saw a total of 128 Carolinas and Georgia-based acquirers successfully close mergers and acquisitions, totaling $23,567.59MM. Of the closed deals, 2 were greater than $1Bn, 1 was between $500MM and 999MM, 7 were between $100MM and $500MM, 13 were less than $100MM, and the majority of deal terms were undisclosed. Across all three states, the Industrials sector led the way with 36 transactions. Q4 2016 Acquisition Activity among Carolinas and Georgia-headquartered companies Total # of Closed M&A Total Deal Volume 128 $23,567.59 Deals ($MM) Median Deal Value $64.50 # of SC Transactions 23 ($MM) # of GA Transactions 52 # of NC Transactions 53 Q4 M&A Activity: Industrials Activity Leads The Way In SC, NC, GA No Primary Industry Materials, 4 Assigned, 4 Utilities, 3 Information Technology, 19 Industrials, 36 Financials, 23 Consumer Discretionary, 21 Source: S&P Capital IQ Healthcare, 16 Consumer Staples, 2 List of Q4’16 Southeast-based Acquirer Transactions M&A Enterprise Buyer Target Closed Buyers/Investors Buyer City Target/Issuer Value ($ in Transaction Comments Industry Description Date MMs) As of December 31, 2016, 3 California Solar Projects Totaling 55 Megawatts of SunPower SunPower Corporation Duke Energy Corporation Corporation (NasdaqGS:SPWR) (NYSE:DUK) acquired 3 California Duke Energy (NasdaqGS:SPWR), was acquired by Duke Solar Projects Totaling 55 12/31/2016 Corporation Charlotte, NC Electric Utilities Three California Energy Corporation. - Megawatts from SunPower (NYSE:DUK) Solar Projects Three California Solar Corporation (NasdaqGS:SPWR) in Totaling 55 Projects Totaling 55 late December 2016. Megawatts Megawatts of SunPower Corporation (NasdaqGS:SPWR) generates electricity through solar power plants. State Bank Financial Corporation S Bankshares, Inc. is a (NasdaqCM:STBZ) executed a bank holding non-binding letter of intent to company and through acquire S Bankshares, Inc. for its subsidiary offers $10.9 million in cash and stock regional banking on February 2, 2016. Subject to State Bank Financial services. The allocation procedures, S 12/31/2016 Corporation Atlanta, GA Regional Banks S Bankshares, Inc. company was $10.80 Bankshares shareholders electing (NasdaqCM:STBZ) formerly known as cash consideration would receive First Citizens $56 per share of S Bankshares Bankshares, Inc. and common stock. The proposal set changed its name to S a minimum of 50% and a Bankshares, Inc. in maximum of 60% for the stock September 2012. consideration. NBG Bancorp, Inc. operates as a bank holding company for State Bank Financial Corporation The National Bank of (NasdaqCM:STBZ) signed a Georgia and provides definitive agreement to acquire commercial banking NBG Bancorp, Inc. for $68 million services. The in cash and stock on April 5, State Bank Financial company was 2016. Shareholders of NBG can 12/31/2016 Corporation Atlanta, GA Regional Banks NBG Bancorp, Inc. incorporated in 1999 $68.00 elect to receive either $45.45 in (NasdaqCM:STBZ) and is based in cash or 2.1642 shares of the Athens, Georgia. As Company’s common stock for of December 31, each share of NBG common 2016, NBG Bancorp, stock, subject to an overall Inc. operates as a allocation of exchanged shares subsidiary of State into 50% cash and 50% stock. Bank Financial Corporation. As of December 30, 2016, Santee Cooper Primary Care and Santee Cooper Urgent Care was Santee Cooper Colonial Healthcare acquired acquired by Colonial Colonial Family Primary Care and Santee Cooper Primary Care and 12/30/2016 Sumter, SC Healthcare Family Practice LLC. - Practice LLC Santee Cooper Santee Cooper Urgent Care on Santee Cooper Urgent Care December 30, 2016. Primary Care and Santee Cooper Urgent Care comprises two healthcare facilities. Northeast Georgia Health System, Inc. signed a definitive agreement to acquire Winder HMA, LLC from Quorum Health Corporation (NYSE:QHC) on Winder HMA, LLC, October 3, 2016. No immediate doing business as operational service changes at Northeast Georgia Gainesville, Barrow Regional 12/29/2016 Healthcare Winder HMA, LLC - the hospital are anticipated. The Health System, Inc. GA Medical Center, owns sale is subject to customary and operates a regulatory approvals and closing hospital. conditions. The sale is expected to close on December 31, 2016. The deal will contribute in reducing debt and improving financial performance. As of December 28, 2016, e.p.t. Brand of Nutrition & Fitness, Inc. acquired Prestige Brands e.p.t® Brand from Prestige Holdings, Inc. was Brands Holdings, Inc. (NYSE:PBH) acquired by Nutrition on December 28, 2016. For the Prestige Brands Nutrition & Fitness, Fayetteville, & Fitness, Inc. e.p.t. fiscal year 2016, e.p.t® Brand 12/28/2016 Pharmaceuticals Holdings, Inc. - Inc. NC Brand of Prestige reported revenues of $14 million. (NYSE:PBH) Brands Holdings, Inc. The impact to Prestige Brands comprises Holdings’ financials from the sale manufacturing of the brand is not material to operations of Prestige Brands Holdings’ results. pregnancy kits. American Traffic Products, Inc. Ennis-Flint Inc. acquired Thomasville, Specialty American Traffic 12/27/2016 Ennis-Flint Inc. manufactures traffic - American Traffic Products, Inc. NC Chemicals Products, Inc. paints and on December 27, 2016. thermoplastics. Ebix, Inc. (NasdaqGS:EBIX) acquired Wdev Soluções em Tecnologia S.A. on December 23, Wdev Soluções em 2016. Ebix funded the purchase Tecnologia S.A. using its internal cash reserves, provides information with no Ebix shares being issued. technology consulting Ebix retained the entire senior services for the management team led by insurance market. Guillermo Reid, founder and The company was Ebix, Inc. Johns Creek, Application Wdev Soluções em Chief Executive Officer of Wdev, 12/23/2016 founded in 2009 and - (NasdaqGS:EBIX) GA Software Tecnologia S.A. who will continue to lead the is based in Rio de Wdev Division of Ebix as Vice Janeiro, Brazil. As of President and Division Head. December 23, 2016, WDEV has annual revenues of Wdev Soluções em $11 million. Ebix expects the Tecnologia S.A. transaction to be immediately operates as a accretive for its shareholders. No subsidiary of Ebix, Inc. financial advisors were involved in the transaction from the Ebix side. Bounce Media, LLC acquired all assets of The Trumpet Awards Foundation, Inc. on December 22, 2016. Xernona Clayton, As of December 22, founder and Executive Producer 2016, The Trumpet The Trumpet of The Trumpet Awards Awards Foundation, 12/22/2016 Bounce Media, LLC Atlanta, GA Broadcasting Awards Foundation, - Foundation, Inc., will become Inc. operates as a Inc. Chairman Emeritus of the awards subsidiary of Bounce and continue to play an active Media, LLC. role in the event. Xernona Clayton will remain President and Chief Executive Officer of the Trumpet Awards Foundation, Inc. OneDigital Health and Benefits acquired Designing Benefits Inc. on December 21, 2016. Kirstin Kleinschmidt, Founder and President of Designing Benefits, Designing Benefits has joined OneDigital as a Inc. provides benefits OneDigital Health and Insurance Designing Benefits principal and along with her 12/21/2016 Atlanta, GA solutions for - Benefits Brokerage Inc. team of four and they have businesses and expanded the Northern families. California office to 30-plus advisors and professionals. Wetherhead Communications acted as public relations advisor for OneDigital. Becky Medlin Realty, Inc., doing business as CENTURY 21 Becky Medlin Realty, offers residential and CENTURY 21 Triangle Group commercial real CENTURY 21 Triangle Real Estate Becky Medlin Realty, acquired CENTURY 21 Becky 12/21/2016 Raleigh, NC estate services in the - Group LLC Services Inc. Medlin Realty on December 21, Raleigh, RTP, Cary, 2016. Fuquay-Varina, Garner, Holly Springs, Angier, Willow Springs, and surrounding areas. Fintrust Investment Advisors acquired Erisa Plan Services, Inc. Fintrust Investment Financial Erisa Plan Services, from Mike Cruce on December 12/21/2016 Greenville, SC - - Advisors Services Inc. 21, 2016. Post-completion, Mike Cruce will be joining FinTrust team. United Parcel Service, Inc. (NYSE:UPS) entered into a definitive purchase agreement to acquire Marken Limited on November 7, 2016. Upon Marken Limited completion, Marken will operate provides patient- as a wholly owned subsidiary of centric supply chain UPS. Marken posted an EBITDA United Parcel Service, Air Freight and 12/21/2016 Atlanta, GA Marken Limited services for life - of $45 million in 2015. Wes Inc. (NYSE:UPS) Logistics sciences and Wheeler, Chief Executive Officer pharmaceutical of Marken will continue to lead industries worldwide. the Marken business. The transaction is subject to customary conditions and regulatory approvals. The transaction is expected to close December 31, 2016. SME Limited manufactures gramophone pick-up Cadence Group Associates, Inc Cadence Group arms and turntables. 12/20/2016 Atlanta, GA IT Consulting SME Limited - acquired SME Limited on Associates, Inc. It also offers December 20, 2016. turntable spare parts; and tonearm/pickup arm spare parts. EHLP, LLC wholesales and supplies nursery products, stone products, tools, and SiteOne Landscape Supply, Inc. SiteOne Landscape Trading seeds and fertilizers (NYSE:SITE) acquired East Haven 12/19/2016 Supply, Inc. Roswell, GA Companies and EHLP, LLC to landscapers, - Landscape Products on (NYSE:SITE) Distributors garden centers, December 19, 2016. architects, and contractors. It also offers