34 | BUYOUTS | January 7, 2019 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 (December 6, 2018 - December 19, 2018) FINANCIALS
Date Target Name Target Target Target Full Business Description Target Synopsis Announced City State Advisors
12/13/18 WSFS Finl Corp- - DE 5 retail banking offices of WSFS - US - In December 2018, WSFS Financial Corp, a Wilmington- based Ret Bkg Financial Corp, located in the United commercial bank, announced that it was seeking a buyer for its 5 States. retail banking offices. MEDIA AND ENTERTAINMENT Date Target Name Target Target Target Full Business Description Target Synopsis Announced City State Advisors
12/14/18 Gray TV- - GA Broadcast television stations of Gray - US - In December 2018, Gray Television Inc (Gray), an Atlanta- Broadcast TV Television Inc, located in Georgia. based owner and operator of television broadcasting stations, Stations announced that it was seeking a buyer for its broadcast television stations in nine markets. The transaction was a condition to the completion of the acquisition of Raycom Media Inc by Gray. RECENT DEALS Announced, Pending LBOs By U.S. Sponsors (December 6, 2018 - December 19, 2018) CONSUMER STAPLES Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil)
12/12/18 Cholula Food Co Fruit and L Catterton L Catterton - US - L Catterton definitively agreed to acquire Cholula Food Co, a Vegetable Jersey City-based manufacturer of canned fruits and vegetables, in a Canning leveraged buyout transaction. Terms were not disclosed. FINANCIALS Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil)
12/17/18 Bkia SA-Non All Other Lone Star Fund XI LP Lone Star 242.99 SPAIN - Lone Star Fund XI LP of Bermuda, a unit of Lone Star Funds, Performing Loan Nondepository Funds through its subsidiaries agreed to acquire non performing loan Credit portfolio of Bankia SA, a Valencia-based commercial bank, owned by Intermediation BFA Tenedora de Acciones SA, for a total EUR 214.9 mil (USD 242.987 mil). The deal was valued based on a 7% market capitalization rate.
12/10/18 Banco Bpm Commercial Investor Group Investor 621.13 ITALY - An investor group, comprised of Credito Fondiario SpA (70%), a Spa-NPL Banking Group unit of Tages Holding SpA and Elliott Management Corp (30%), agreed to acquire non performing loans portfolio of Banco BPM SpA, a Milan- based commercial bank, for EUR 546 mil (USD 621.13 mil) in cash, based on 7% standard capitalization rate. Originally, in, November 2018, Banco BPM, a Milan-based commercial bank, announced that it was seeking a buyer for its non performing loans portfolio. Previously, in June 2018, Banco BPM, was rumored to be seeking a buyer for its non performing loans portfolio. Tpg, Cerberus, DoBank-Fortress, Fonspa, Crc, Davidson Kempner, Fire were named pottential bidders. www.buyoutsnews.com January 7, 2019 | BUYOUTS | 35 MARKET INTELLIGENCE
HEALTHCARE Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil)
12/18/18 Civitas Solutions Home Health Centerbridge Centerbridge 1,338.26 US - Centerbridge Partners LP (Centerbridge Partners) definitively agreed Inc Care Services Partners LP Partners LP to merge with Civitas Solutions Inc (Civitas Solutions), a Boston- based provider of home and community health services, from Vestar Capital Partners Inc (Vestar Capital Partners), for USD 17.75 in cash per share, or a total value of USD 660.032 mil, in a leveraged buyout transaction. In October 2018, Vestar Capital Partners was rumored to seeking a buyer for the entire share capital of Civitas Solutions. Res-Care Inc (BrightSpring Health Services) was rumored as a potential bidder.
12/10/18 BrightSpring Provides home PharMerica Corp KKR & Co Inc - US - PharMerica Corp, a unit of Phoenix Parent Holdings Inc, agreed Health Services health care to acquire BrightSpring Health Services, a Louisville-based provider of services home health care services, from Onex Corp. Terms were not disclosed. HIGH TECHNOLOGY Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil)
12/13/18 ServiceMax Inc Develops Silver Lake Silver Lake - US - Silver Lake Management LLC agreed to acquire a 90% interest software Management LLC Management in ServiceMax Inc, a San Ramon-based provider of Field Service LLC Management Software, from GE Digital Energy(GE Power Systems), owned by GE Power Systems, in a leveraged buyout transaction. Terms were not disclosed.
12/12/18 Sparton Corp Manufacture Cerberus Capital Cerberus 253.87 US - Cerberus Capital Management LP definitively agreed to acquire electronics Management LP Capital the entire share capital of Sparton Corp (Sparton), a Schaumburg- Management based manufacturer of bare printed circuit boards, for USD 18.5 in LP cash per share, or a total USD 181.942 mil, in a leveraged buyout transaction. Upon completion, Sparton common shares were to be delisted from the New York Stock Exchange.
12/11/18 Vt Cnsld Inc Custom ConvergeOne Reservoir - US - ConvergeOne Holdings Inc, a unit of Clearlake Capital Group LP, Computer Holdings Inc Capital agreed to acquire Vt Consolidated Inc, a Ridgeland-based provider of Programming Group LLC custom computer programming services. Services
12/10/18 Veritone Inc Data Apis Ventures LLC Apis Capital 123.64 US - Apis Ventures LLC, a unit of Apis Capital Management LLC, Processing, Management planned to acquire the remaining 94.97% interest, which it did not Hosting, LLC already own, in Veritone Inc, a Costa Mesa-based provider of data and Related processing and hosting services, for USD 10. 26 in cash, or a total USD Services 188.325 mil, via an unsolicited offer.
12/10/18 Travelport All Other Travelport Siris Capital 4,666.29 UK - Travelport Worldwide Ltd SPV, a special purpose acquisition Worldwide Ltd Support Worldwide Ltd SPV Group LLC vehicle formed by Siris Capital Group LLC (Siris) and Evergreen Coast Activities For Capital Corp of the US, definitively agreed to acquire the entire share Transportation capital of Travelport Worldwide Ltd (Travelport), a Langley-based provider of travel payment processing service, from Elliott Management Corp (Elliott) (5. 34%) and other shareholders, for GBP 12.376 (USD 15.75) in cash per share, or a total GBP 1.640 bil (USD 2.069 bil), in a leveraged buyout transaction. Upon completion, Travelport's ordinary shares will be delisted from the New York Stock Exchange. Originally, in March 2018, Travelport was rumored to be seeking a buyer for the company. Siris and Elliott were rumored as potential bidders.
12/10/18 Netsmart Software Netsmart GI Partners - US - Netsmart Technologies Inc SPV, a special purpose acquisition Technologies Inc Publishers Technologies Inc LLP vehicle formed owned by GI Partners LLP and TA Associates SPV Management LP, definitively agreed to acquire Netsmart Technologies Inc, an Overland Park-based software publisher, from Nathan Holding LLC, jointly owned by GI Partners LLP and Allscripts Healthcare Solutions Inc, in an internal reorganization, via leveraged buyout.
12/06/18 Eroom Securities Data Dash Financial Gtcr LLC - US - Dash Financial Technologies LLC, a unit of Gtcr LLC, planned LLC Processing, Technologies LLC to acquire Eroom Securities LLC, a Chicago-based provider of data Hosting, processing and hosting services. and Related Services 36 | BUYOUTS | January 7, 2019 www.buyoutsnews.com MARKET INTELLIGENCE
INDUSTRIALS Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil)
12/18/18 StandardAero Other Support The Carlyle Group LP The Carlyle - US - The Carlyle Group LP agreed to acquire StandardAero Aviation Aviation Activities Group LP Holdings Inc (StandardAero), a Scottsdale-based provider of engine Holdings For Air and airframe maintenance, repair and overhaul, engine component Transportation repair, and engineering services, from Veritas Capital Partners LP (Veritas). The terms of the transaction were not disclosed, but according to sources close to the transaction, the value was estimated at USD 5 bil. Originally, in October 2018, Veritas was rumored to be seeking a buyer for its StandardAero unit. MATERIALS Rank Date Target Name Target Short Acquiror Full Name Acquiror Ranking Value Synopsis Business Ultimate inc. Net Debt of Description Parent Target ($Mil)
12/10/18 BWA Water Manufacture Italmatch Chemicals Bain Capital - UK - Italmatch Chemicals SpA of Italy, a unit of Bain Capital LP, Additives UK Ltd chemicals SpA LP planned to acquire BWA Water Additives UK Ltd, a Manchester-based manufacturer of chemical products, from Seera Investment Bank BSC, owned by the Bahraini state-owned Central Bank of Bahrain.
Closed LBOs By U.S. Sponsors (December 6, 2018 - December 19, 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 ($Mil)
12/17/18 Targeted Pet Pharmaceutical Pestell Group Wind Point - US - Pestell Group of Canada, a unit of Wind Point Partners LLC, Treats Preparation Partners LLC acquired Targeted Pet Treats, a Warren-based producer of pet Manufacturing treats. Terms were not disclosed.
12/06/18 Tier One Produces pet Sun Capital Sun Capital - US - Sun Capital Partners Inc acquired Tier One Relocation LLC, Relocation LLC treats Partners Inc Partners Inc a Weirton-based provider of logistics consulting services, from Southfield Capital Advisors LLC, in a secondary buyout transaction. Terms were not disclosed. Originally, Southfield Capital Advisors LLC acquired Tier One Relocation LLC in a primary buyout transaction.
12/06/18 Network Glbl Own,op pet MNX Global Audax Group LP 70 US - MNX Global Logistics, a unit of Audax Group LP, acquired Logistics-Express food,supply Logistics express division of Network Global Logistics, a Broomfield-based stores provider of long-distance freight trucking services, ultimately owned by Endeavour Capital Inc, for a total USD 70 mil. CONSUMER STAPLES Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/10/18 1187906 BC Ltd Hardware Hammond Hammond - CANADA - Hammond Kennedy Whitney & Co Inc of the US Manufacturing Kennedy Kennedy acquired 1187906 BC Ltd, a Vancouver-based fruits and vegetables Whitney & Co Whitney & Co merchant wholesaler, in a leveraged buyout transaction. Terms were not disclosed. FINANCIALS Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/13/18 GP Barich Display Hub Hellman & - US - Hub International Ltd, a unit of Hellman & Friedman LLC, Insurance Agency Advertising International Ltd Friedman LLC acquired GP Barich Insurance Agency Inc, a Redlands-based insurance agency. Terms were not disclosed.
12/12/18 Texas Auto Data Processing, Confie Seguros ABRY Partners - US - Confie Seguros Inc (Confie), a unit of ABRY Partners LLC, Insurance Hosting, and Inc LLC acquired Texas Auto Insurance, an El Paso- based direct property Related Services and casualty insurance carrier. Concurrently, Confie acquired Just Insurance & Tag, Torres Insurance, and Affiliated Insurance Services. www.buyoutsnews.com January 7, 2019 | BUYOUTS | 37 MARKET INTELLIGENCE
FINANCIALS Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/12/18 Just Ins & Tag Provides Confie Seguros ABRY Partners - US - Confie Seguros Inc (Confie), a unit of ABRY Partners LLC, insurance Inc LLC acquired Just Insurance & Tag, a Pompano Beach-based direct services property and casualty insurance carrier. Terms of the deal were not disclosed. Concurrently, Confie acquired Torres Insurance, Texas Auto Insurance, and Affiliated Insurance Services.
12/12/18 Torres Ins Computer Confie Seguros ABRY Partners - US - Confie Seguros Inc (Confie), a unit of ABRY Partners LLC, acquired Torres Systems Design Inc LLC Insurance, an Albuquerque- based direct property and casualty insurance Services carrier. Terms of the deal were not disclosed. Concurrently, Confie acquired Just Insurance & Tag, Texas Auto Insurance, and Affiliated Insurance Services.
12/12/18 Dadgar Ins Agcy Direct Property Hub Hellman & - US - Hub International Ltd, a unit of Hellman & Friedman Inc & Casualty International Ltd Friedman LLC LLC, acquired Dadgar Insurance Agency Inc, a Woburn-based Insurance Carriers insurance agency. Terms of the deal were not disclosed.
12/12/18 Affiliated Ins Svcs Media Buying Confie Seguros ABRY Partners - US - Confie Seguros Inc (Confie), a unit of ABRY Partners LLC, acquired Agencies Inc LLC Affiliated Insurance Services, a Tacoma-based direct property and casualty insurance carrier. Terms of the deal were not disclosed. Concurrently, Confie acquired Just Insurance & Tag, Torres Insurance, and Texas Auto Insurance.
12/11/18 Bell Wealth Direct Property Mercer Advisors Genstar Capital - US - Mercer Advisors Inc, a unit of Genstar Capital LLC, acquired Management and Casualty Inc LLC Bell Wealth Management, a South Burlington-based investment Insurance advisor. Carriers
12/19/18 Esure Group PLC Direct Property Blue (BC) Bidco Bain Capital LP 1,498.16 UK - Blue (BC) Bidco Ltd (Bain Bidco) of Jersey, a unit of Bain Capital and Casualty Ltd Private Equity LP, ultimately owned by Bain Capital LP, acquired the entire Insurance share capital of Esure Group PLC (Esure), a Reigate-based provider of Carriers motor and home insurance services, from Toscafund Asset Management LLP (17.006%) , for GBP 2.8 (USD 3.575) in cash per share, or a total value of GBP 1.173 bil (USD 1. 498 bil), via a scheme of arrangement. Bain Bidco received irrevocable undertakings with respect to 17.33% of the company's ordinary share capital. Originally, in September 2017, Esure was rumored to be seeking a buyer for a 30.7% stake in the company. On completion, Esure will be delisted from the London Stock Exchange. HEALTHCARE Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/18/18 Symbiotec Insurance Symbiotec Symbiotec 100 INDIA - Symbiotec Pharmalab SPV, a consortium formed by India Business Pharmalab Pvt Agencies and Pharmalab SPV Pharmalab SPV Excellence Fund-III, a unit of Motilal Oswal Private Equity and Rosewood Ltd Brokerages Private investment Inc, acquired a 70% interest in Symbiotec Pharmalab Pvt Ltd, an Indore-based manufacturer of pharmaceutical preparation, from Actis LLP, for a total INR 7.16 bil (USD 100 mil), in a leveraged buyout transaction. In September 2016, Actis Capital LLP was rumored to be seeking a buyer for an undisclosed majority interest in its Symbiotec Pharmalab Ltd unit, an Indore- based manufacturer of pharmaceutical preparation for a reported value of INR 26.749 bil (USD 400 mil). Baring Private Equity Asia Ltd & Shanghai Fosun Omni Pharmaceutical Co Ltd were named as rumored potential bidder for the transaction.
12/06/18 FIMEI SpA Direct Property Rossini Rossini 3,527.94 ITALY - Rossini Investimenti SpA (Rossini) of the UK, a special purpose and Casualty Investimenti Investimenti acquisition vehicle led by CVC Capital Partners VII, a unit of CVC Capital Insurance SpA SpA Partners Ltd (CVC), including Canadian state- owned Public Sector Pension Carriers Investment Board (PSP Investment) and StepStone Group LP (StepStone) acquired the entire share capital of Fimei Finanziaria Industriale Mobiliare ed Immobiliare SpA (FIMEI), a Milan-based manufacturer of pharmaceutical preparation, for an estimated EUR 3.05 bil (USD 3.528 bil), in a leveraged buyout transaction. The consideration consisted of an estimated EUR 2.3 bil (USD 2.66 bil) in cash plus 750 mil (USD 867.525 mil) in subordinated long-term debt securities. The transaction included a 51.97% interest in Recordati Industria Chimica E Farmaceutica SpA (Recordati), owned by FIMEI. Concurrently, Rossini planned to launch a mandatory tender offer for the remaining 48.03% interest, which it did not already own, in Recordati. Originally, in May 2018, CVC was rumored to be planning to acquire the entire share capital of Recordati. 38 | BUYOUTS | January 7, 2019 www.buyoutsnews.com MARKET INTELLIGENCE
HIGH TECHNOLOGY Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/13/18 Lore Sys Inc- Marketing Ntiva Inc Southfield - US - Ntiva Inc, a unit of Southfield Capital Advisors LLC, acquired Coml Managed Research and Capital Advisors commercial managed services & hosting division of Lore Systems Public Opinion Inc, a Herndon-based provider of data processing and hosting Polling services.
12/12/18 CMG-Nicsa Lessors Of Park Place Gtcr LLC - URUGUAY - Park Place Technologies Inc of the US, a unit of Nonresidential Technologies Inc Gtcr LLC, acquired CMG-Nicsa, a Colonia del Sacramento-based Buildings (Except provider of computer systems design services. Miniwarehouses)
12/11/18 7park Data Inc Provides data Vista Equity Vista Equity - US - Vista Equity Partners LLC acquired 7Park Data Inc, a New York analytics Partners LLC Partners LLC City-based software publisher, in a leveraged buyout transaction. services
12/11/18 Rentsys Recov Mnfr thermal Agility Recovery LLR Partners Inc - US - Agility Recovery Solutions Inc, a unit of LLR Partners Inc, Svcs-Workspace transfer ribbons Solutions Inc acquired workspace recovery business unit of Rentsys Recovery Services Inc, a College Station-based provider of recovery solution services.
12/10/18 NGA Holding BV Commercial KORE Wireless ABRY Partners - NETHERLANDS - KORE Wireless Group Inc of the US, a unit of Lithographic Group Inc LLC ABRY Partners LLC, acquired NGA Holding BV, a Woerden-based Printing provider of custom computer programming services.
12/10/18 Business Training Computer Primus Capital Primus Capital - US - Primus Capital Partners Inc acquired an undisclosed majority Library Inc Systems Design Partners Inc Partners Inc interest in Business Training Library Inc, a Town and Country- Services based provider of online employee training solutions, in a leveraged buyout transaction.
12/06/18 The Athene Investment The Athene Sagewind - US - The Athene Group LLC SPV, a special purpose acquisition Group LLC Advice Group LLC SPV Capital LLC vehicle formed by Berenson Holdings LLC, Salesforce Venture LLC, Sagewind Capital LLC and Insight Venture Partners LLC, acquired The Athene Group LLC, a Herndon-based developer of wealth management software, in a leveraged buyout transaction. Financial terms of the transaction were not disclosed.
12/07/18 symplr Adhesive Clearlake Capital Reservoir - US - Clearlake Capital Group LP, a unit of Reservoir Capital Manufacturing Group LP Capital Group Group LLC, acquired symplr, a Houston-based provider of data LLC processing and hosting services, from CapStreet Group LLC, in a leveraged buyout transaction. Terms of the deal were not disclosed.
12/14/18 Elo Touchsystems Custom Crestview Crestview - US - Crestview Partners LP acquired Elo TouchSystems Inc, a Inc Computer Partners LP Partners LP Menlo Park-based manufacturer of electronic components, from Programming The Gores Group LLC, in a leveraged buyout transaction. Terms of Services the deal were not disclosed. INDUSTRIALS Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/13/18 Noke Inc Internet Janus Reservoir - US - Janus International Group LLC (Janus), a unit of Clearlake Publishing and International Capital Group Capital Group LP, acquired Noke Inc, a South Jordan-based Broadcasting Group LLC LLC manufacturer of hardware. Concurrently, Janus acquired Active and Web Search Supply & Design (CDM) Ltd. Portals
12/06/18 Oberg Industries Fresh Fruit Western Tecum Capital - US - Western Allegheny Capital LLC, a unit of Tecum Capital Inc and Vegetable Allegheny Partners LP Partners LP, acquired an undisclosed majority interest in Oberg Merchant Capital LLC Industries Inc, a Freeport-based manufacturer of precision Wholesalers machined and stamped metal components. Terms and details of the transaction are not being disclosed. www.buyoutsnews.com January 7, 2019 | BUYOUTS | 39 MARKET INTELLIGENCE
MATERIALS Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/11/18 Intl Imaging Wired ACON TPG Capital LP - US - ACON Investments LLC, a unit of TPG Capital LP, acquired International Materials Inc Telecommunications Investments LLC Imaging Materials Inc, an Amherst-based manufacturer of carbon paper and Carriers inked ribbons, from Altus Capital Partners II LP, ultimately owned by Altus Capital Partners LLC, in a leveraged buyout transaction. Terms were not disclosed.
12/11/18 Evans Adhesive Software Meridian Arsenal Capital - US - Meridian Adhesives Group LLC, a unit of Arsenal Capital Corp Publishers Adhesives Partners LP Partners LP, acquired Evans Adhesive Corp, a Rancho Cucamonga- Group LLC based manufacturer of industrial adhesives.
12/17/18 Plaskolite LLC Process, Physical PPC Investment Pritzker Group - US - PPC Investment Partners LP acquired Plaskolite LLC, a Distribution, & Partners LP Columbus-based manufacturer of plastics materials, from Logistics Consulting Charlesbank Capital Partners LLC, in a leveraged buyout Services transaction. MEDIA AND ENTERTAINMENT Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/13/18 Codigo LLC Couriers Spectrio Llc The Riverside - US - Spectrio LLC, a unit of The Riverside Co, merged with Codigo Co LLC, a Louisville- based provider of retail media solutions.
12/12/18 Hanley Wood Special Die and MidOcean Ripplewood - US - MidOcean Partners LLP (MidOcean), a unit of Ripplewood Holdings Media Inc Tool, Die Set, Partners LLP Holdings LLC LLC, acquired Hanley Wood Media Inc, a Washington Dc-based media Jig, and Fixture buying agency, in a leveraged buyout transaction. Concurrently, Manufacturing MidOcean acquired Meyers Research LLC. Terms were not disclosed.
12/12/18 Meyers Research Lessors Of MidOcean Ripplewood - US - MidOcean Partners LLP (MidOcean), a unit of Ripplewood LLC Miniwarehouses Partners LLP Holdings LLC Holdings LLC, acquired Meyers Research LLC, a Costa Mesa-based and Self-Storage provider of marketing research and opinion polling services, from Units Kennedy-Wilson Holdings Inc, in a leveraged buyout transaction. Concurrently, MidOcean acquired Hanley Wood Media Inc.
12/11/18 Vision Integrated Plastics Material HIG Capital LLC HIG Capital LLC - US - HIG Capital LLC acquired Vision Integrated Graphics Group Graphics Grp and Resin LLC, a Chicago-based is a marketing services and technology Manufacturing company, in a leveraged buyout transaction.
12/10/18 Communisis PLC Pvd OSG BidCo Ltd Aquiline Capital 224.53 UK - OSG BidCo Ltd, a unit of OSG Group Holdings Inc, acquired the mktg,consulting Partners LLC entire shares capital of Communisis PLC (COMM), a London-based svcs business service center, from Richard Griffiths, Henderson Global Investors Ltd, a unit of Janus Henderson Group PLC and Otus Capital Management Ltd, for GBP 0.71 (USD 0.920) in cash per share, or a total GBP 148.925 mil (USD 193.022 mil), via scheme of arrangement. COMM received irrevocable undertakings with respect to 89,982,404 share representing 42.9% of the company's ordinary share capital. Upon completion COMM will be delist from the London stock exchange.
12/18/18 Cambium Data Processing, Veritas Capital Veritas Capital 724.23 US - Veritas Capital Management LLC, a unit of Veritas Capital Partners LP, Learning Group Hosting, and Management Partners LP acquired the entire share capital of Cambium Learning Group Inc (Cambium), Inc Related Services LLC a Dallas- based book publisher, for USD 14.50 in cash per share, or a total of USD 707.888 mil in cash, in a leveraged buyout transaction. On completion, Cambium common shares were delisted from NASDAQ. REAL ESTATE Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/11/18 Corp Of London- Mnfr,whl touch Investor Group Investor Group 121.98 UK - An investor group, comprised of Endurance Land Ltd, a unit of London Wall screen equip Nan Fung Group Holdings Ltd and Angelo Gordon Europe LLP acquired Corp Of London-London Wall Buildings(1-5), lessor of nonresidential buildings, from the UK state-owned Corp of London, ultimately owned by the UK state-owned United Kingdom Of Great Britain & Northern Ireland, for a total GBP 97.125 mil (USD 121.979 mil).
12/10/18 Neinver SA- Publishing Blackstone Blackstone 341.49 SPAIN - Blackstone Group LP of the US acquired 55 industrial & logistics centres Logistics company Group LP Group LP of Neinver SA, an Alcobendas-based provider of land subdivision services, for EUR 300 mil (USD 341.49 mil) in cash, in a leveraged buyout transaction. 40 | BUYOUTS | January 7, 2019 www.buyoutsnews.com MARKET INTELLIGENCE
RETAIL Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/13/18 Pet Supplies Own,op drive-in Sentinel Capital Sentinel Capital - US - Sentinel Capital Partners LLC (Sentinel Capital Partners) "Plus" restaurants Partners LLC Partners LLC acquired Pet Supplies "Plus" (PSP), a Livonia-based owner and operator of pet centers, from Irving Place Capital Management LP (Irving Place Capital), in a secondary buyout transaction. Terms of the transaction were not disclosed. Originally, Pet Supplies "Plus" SPV acquired PSP.
12/07/18 Sonic Corp Direct Property Inspire Brands Roark Capital 2,249.75 US - Inspire Brands Inc, a unit of Roark Capital Management LLC, and Casualty Inc Management acquired the entire share capital of Sonic Corp, an Oklahoma City- Insurance LLC based owner and operator of drive- in fast food restaurants, for Carriers USD 43.5 in cash per share, or a total USD 1.588 bil. TELECOMMUNICATIONS Date Target Name Target Short Acquiror Full Acquiror Ranking Value Synopsis Effective/ Business Name Ultimate Parent inc. Net Debt of Unconditional Description Target ($Mil)
12/07/18 Broadcast Sports Pharmaceutical NEP Group Inc The Carlyle - US - NEP Group Inc, a unit of Carlyle Global Partners LP, acquired Intl Llc Preparation Group LP Broadcast Sports International LLC, a Hanover- based wired Manufacturing telecommunications carrier, from Slate Capital Group. Terms were not disclosed. RECENT TRANSACTIONS Non-Control Deals, U.S. Sponsors (December 6, 2018 - December 19, 2018) CONSUMER PRODUCTS AND SERVICES Rank Target Name Target Short Target Acquiror Full Acquiror Ranking Value Synopsis Date Business Advisers Name Ultimate Parent inc. Net Debt of Description Target ($Mil)
12/12/18 Think & Learn Educational - Investor Investor Group 540.00 INDIA - An investor group (IG) , comprised of Canada Pvt Ltd Support Services Group Pension Plan Investment Board, Naspers LTD and General Atlantic Service Co LLC acquired an undisclosed minority stake in Think & Learn Pvt Ltd (Think & Learn), a Bangalore-based provider of educational support services, for INR 39.029 bil (USD 540 mil), in a privately negotiated transaction. Originally IG comprised of Tancent Holding Ltd, SoftBank, General Atlantic and Temasek Holdings Ltd were rumored to acquire an undisclosed minority stake in Think & Learn.
12/11/18 Wakefit Mattress - Sequoia Sequoia Capital 8.96 INDIA - Sequoia Capital of the US acquired a 31.9% Innovations Pvt Manufacturing Capital stake in Wakefit Innovations Pvt Ltd, a Bengaluru-based Ltd manufacturer of mattresses, for a total INR 650 mil (USD 8.964 mil), in a privately negotiated transaction.
12/10/18 Genomics PLC Research and - Investor Investor Group 10.18 UK - An investor group, comprised of F-Prime Inc Development in Group and Foresite Capital Management LLC acquired an Biotechnology undisclosed minority stake in Genomics PLC, an Oxford-based provider of biotechnology research and development services, for a total GBP 8 mil (USD 10.181 mil), in a privately negotiated transaction.
12/10/18 Accelerate Educational Jefferies LLC Investor Investor Group - US - An investor group, comprised of The Carlyle Learning Inc Support Services Group Group LP and Quad Partners V LP planned to acquire an undisclosed minority stake in Accelerate Learning Inc, a Houston-based provider of educational support services, in a privately negotiated transaction. Terms were not disclosed. www.buyoutsnews.com January 7, 2019 | BUYOUTS | 41 MARKET INTELLIGENCE
CONSUMER STAPLES Rank Target Name Target Short Target Acquiror Full Acquiror Ranking Value Synopsis Date Business Advisers Name Ultimate Parent inc. Net Debt of Description Target ($Mil)
12/10/18 Delightful Meat and Meat - Investor Investor Group 25.00 INDIA - An investor group, comprised of 3one4 Capital, Gourmet Pvt Ltd Product Merchant Group Nichirei Corp, Vertex Ventures SE Asia & India, a unit Wholesalers of Vertex Venture Holdings Ltd, Sistema Asia Fund Pte Ltd, a unit of Upravliaiushchaia Kompaniia Sistema - VenchurnyiKapital OOO, UCLA Investment Co and Bertelsmann Corporate Services India Pvt Ltd acquired an undisclosed minority stake in Delightful Gourmet Pvt Ltd, a Bangalore- based meat and meat products merchant wholesaler, for a total INR 1.771 bil (USD 25 mil), in a privately negotiated transaction. HIGH TECHNOLOGY Rank Target Name Target Short Target Acquiror Full Acquiror Ranking Value Synopsis Date Business Advisers Name Ultimate Parent inc. Net Debt of Description Target ($Mil)
12/18/18 Suzhou Tisu Info Internet Service - Investor Investor Group 50.00 CHINA - An investor group, comprised of Sequoia Tech Co Ltd Providers Group Capital China, a unit of Sequoia Capital Operations LLC, Hanfor Holdings Ltd, a unit of Bangze Industrial Co Ltd, Shenzhen Hongtai Capital Management Group Co Ltd and Zhejiang Qingsong Investment Management Co Ltd acquired an undisclosed minority stake in Suzhou Tisu Information Technology Co Ltd, a Suzhou- based internet service provider, for a total CNY 344. 811 mil (USD 50 mil), in a privately negotiated transaction.
12/18/18 Shanghai Laoqin Software Publishers - Investor Investor Group - CHINA - An investor group, comprised of ZhenFund, Info Tech Co Group Shanghai Kenexa Human Resources Consulting Co Ltd, a unit of Kenexa Technology Inc, Shenzhen Oriental Fortune Capital Co Ltd and China Growth Capital acquired an undisclosed minority stake in Shanghai Laoqin Information Technology Co Ltd, a Shanghai-based software publisher, in a privately negotiated transaction.
12/13/18 Caddi Inc Internet Publishing - Investor Investor Group 9.01 JAPAN - An investor group, comprised of DCM Ventures, and Broadcasting Group Wil LLC, a unit of WiL LLC, Globis Capital Partners & Co, and Web Search a unit of Globis Corp, GB-VI Growth Fund Investment Portals LP, led by Global Brain Corp and Undisclosed Acquiror acquired an undisclosed minority stake in Caddi Inc, a Sumida-Ku, Tokyo-based internet portal operator of order placement platform "CADDi" in manufacturing industry, for a total JPY 1.02 bil (USD 9.005 mil), in a privately negotiated transaction.
12/13/18 Affectlayer Inc Software Publishers - Investor Investor Group 33.00 US - An investor group, comprised of Emergence Capital Group Partners, Georgian Partners and Redpoint Ventures acquired an undisclosed minority stake in Affectlayer Inc, a San Francisco-based software publisher, for a total USD 33 mil, in a privately negotiated transaction.
12/13/18 Relevant Data Processing, - Investor Investor Group 10.00 INDIA - An investor group, comprised of Tiger Global E-Solutions Pvt Hosting, and Group Management LLC and Bertelsmann Corporate Services Ltd Related Services India Pvt Ltd acquired an undisclosed minority stake in Relevant E- Solutions Pvt Ltd, provider of data processing and hosting services, for a total INR 718.288 mil (USD 10 mil), in a privately negotiated transaction.
12/11/18 Waveoptics Ltd Other Electronic - Investor Investor Group 25.12 UK - An investor group, comprised of Robert Bosch Component Group Venture Capital GmbH, a unit of Robert Bosch GmbH, Manufacturing Goertek Inc, IP Group PLC, Octopus Ventures Ltd, a unit of Octopus Investments Ltd, Optimas Capital Partners Fund and Gobi Partners Inc acquired an undisclosed minority stake in Waveoptics Ltd, an Abingdon-based manufacturer of electronic components, for a total GBP 20 mil (USD 25.118 mil), in a privately negotiated transaction. 42 | BUYOUTS | January 7, 2019 www.buyoutsnews.com MARKET INTELLIGENCE
HIGH TECHNOLOGY Rank Target Name Target Short Target Acquiror Full Acquiror Ranking Value Synopsis Date Business Advisers Name Ultimate Parent inc. Net Debt of Description Target ($Mil)
12/08/18 Beijing Right Software Publishers - Investor Investor Group - CHINA - An investor group, comprised of Capital Paddle Network Group Today, GSR Ventures, IDG Capital Partners Co Ltd, Gaorong Capital and Sequoia Capital China acquired an undisclosed minority stake in Beijing Right Paddle Network Technology Co Ltd, a Beijing- based software publisher, in a privately negotiated transaction.
12/06/18 Luminoso Other Computer - Investor Investor Group - US - An investor group, comprised of DVI Equity Technologies Inc Related Services Group Partners LLC, VT Cos and DF Enterprises Inc acquired an undisclosed minority stake in Luminoso Technologies Inc, a Cambridge-based provider of computer related services, in a privately negotiated transaction. Terms were not disclosed.
12/06/18 Looker Data Software Publishers - Investor Investor Group 103.00 US - An investor group, comprised of Premji Invest, Sciences Inc Group Cross Creek Advisors LLC, CapitalG, a unit of Google Inc, Goldman Sachs Group Inc, Kleiner Perkins Caufield & Byers LLC, Redpoint Ventures and MeriTech Capital Partners acquired an undisclosed minority stake in Looker Data Sciences Inc, a Santa Cruz- based software publisher, for a total USD 103 mil, in a privately negotiated transaction. INDUSTRIALS Rank Target Name Target Short Target Acquiror Full Acquiror Ranking Value Synopsis Date Business Advisers Name Ultimate Parent inc. Net Debt of Description Target ($Mil)
12/18/18 Yunding Network Hardware - Investor Investor Group 87.00 CHINA - An investor group, comprised of Baidu Inc, Tech Manufacturing Group Shunwei Capital, K2VC, a unit of China Renaissance K2 Ventures and SIG Asia Investment LLLP acquired an undisclosed minority stake in Yunding Network Technology (Beijing) Co Ltd, a Beijing- based manufacturer of hardware, for a total CNY 600 mil (USD 87.004 mil), in a privately negotiated transaction.
12/13/18 Sarvaloka Svcs Plumbing, - Investor Investor Group 3.24 INDIA - An investor group, comprised of Saama On Call Pvt Ltd Heating, and Group Capital India Advisors LLP, Matrix Partners India, a Air-Conditioning unit of Matrix Partners, Qualcomm Ventures, a unit Contractors of Qualcomm Inc, RTP Venture Fund LLC, Ganesh Krishnan and Vertex Ventures Inc acquired an undisclosed minority stake in Sarvaloka Services On Call Pvt Ltd, a Bangalore-based plumbing, heating and air- conditioning contractor, for a total INR 232.725 mil (USD 3.24 mil), in a privately negotiated transaction. MEDIA AND ENTERTAINMENT Rank Target Name Target Short Target Acquiror Full Acquiror Ranking Value Synopsis Date Business Advisers Name Ultimate Parent inc. Net Debt of Description Target ($Mil)
12/17/18 Iris Info Tech Marketing - Investor Investor Group - CHINA - An investor group, comprised of BlueRun (Shanghai) Co Consulting Services Group Investment Consulting (Shanghai) Co Ltd, a unit of BlueRun Ventures, and Sigma Square Capital acquired an undisclosed minority stake in Iris Information Technology (Shanghai) Co Ltd, a Shanghai- based provider of marketing consulting services, in a privately negotiated transaction.
12/07/18 Beijing Commercial - Investor Investor Group - CHINA - An investor group, comprised of Xiang He Infervision Tech Photography Group Capital, CDH Investments, Genesis Capital, Taihe Co Capital, Haitong Capital Co Ltd, a unit of Haitong Securities Co Ltd, Advantech Capital Partners Ltd and Sequoia Capital China acquired an undisclosed minority stake in Beijing Infervision Technology Co Ltd, a Beijing- based provider of commercial photography services, in a privately negotiated transaction. www.buyoutsnews.com January 7, 2019 | BUYOUTS | 43 MARKET INTELLIGENCE
RETAIL Rank Target Name Target Short Target Acquiror Full Acquiror Ranking Value Synopsis Date Business Advisers Name Ultimate Parent inc. Net Debt of Description Target ($Mil)
12/12/18 63 Ideas Infolabs Electronic Shopping - Investor Investor Group 34.59 INDIA - An investor group, comprised of Accel Partners Pvt Ltd Group & Co Inc, Trifecta Capital Advisors Llp, Syngenta Ventures, a unit of Syngenta AG, Jo Hirao, HR Capital and Neoplux Co Ltd acquired an undisclosed minority stake in 63 ideas Infolabs Pvt Ltd, a Bangalore-based online retailer, for a total INR 2.5 bil (USD 34.59 mil), in a privately negotiated transaction.
12/11/18 Beijing Meiri Electronic Shopping - Investor Investor Group 100 CHINA - An investor group, comprised of Genesis Yitao Sharing Group Capital, Doll Capital Management Inc, Vision Capital and Susquehanna International Group LLP acquired an undisclosed minority stake in Beijing Meiri Yitao Sharing Technology Co Ltd, a Beijing- based online retailer, for a total CNY 690.77 mil (USD 100 mil), in a privately negotiated transaction. EXITS U.S. Sponsor Sales Via M&A (December 6, 2018 - December 19, 2018) CONSUMER PRODUCTS AND SERVICES Date Target Name Target Ultimate Parent Acquiror Full Ranking Value Synopsis Effective Name inc. Net Debt of Target ($Mil)
12/06/18 Tier One Relocation Southfield Capital Sun Capital - US - Sun Capital Partners Inc acquired Tier One Relocation LLC, a Weirton- LLC Advisors Partners Inc based provider of logistics consulting services, from Southfield Capital Advisors LLC, in a secondary buyout transaction. Terms were not disclosed. Originally, Southfield Capital Advisors LLC acquired Tier One Relocation LLC in a primary buyout transaction.
12/06/18 Network Global Endeavour Capital Inc MNX Global 70.00 US - MNX Global Logistics, a unit of Audax Group LP, acquired express division Logistics-Express Logistics of Network Global Logistics, a Broomfield-based provider of long-distance Division freight trucking services, ultimately owned by Endeavour Capital Inc, for a total USD 70 mil. CONSUMER STAPLES Date Target Name Target Ultimate Parent Acquiror Full Ranking Value Synopsis Effective Name inc. Net Debt of Target ($Mil)
12/13/18 Captain Tortue L Catterton Captain - FRANCE - Captain Tortue France Sasu Spv, a special purpose acquisition France Sasu Tortue France vehicle formed by Omnes Capital SA and BIP Investment Partners SA, acquired Sasu Spv an undisclosed majority interest in Captain Tortue France SASU, an Aix En Provence-based manufacturer of apparels, from L Catterton Europe SAS, owned by L Catterton Management Ltd, in a leveraged buyout transaction. HIGH TECHNOLOGY Date Target Name Target Ultimate Parent Acquiror Full Ranking Value Synopsis Effective Name inc. Net Debt of Target ($Mil)
12/10/18 Hiperos LLC Opus Global Holdings Coupa 95.00 US - Coupa Software Inc acquired Hiperos LLC, a Wesborough-based software LLC Software Inc publisher, from Opus Global Holdings LLC, for a total USD 95 mil.
12/07/18 symplr CapStreet Group LLC Clearlake - US - Clearlake Capital Group LP, a unit of Reservoir Capital Group LLC, acquired Capital Group symplr, a Houston-based provider of data processing and hosting services, from LP CapStreet Group LLC, in a leveraged buyout transaction. Terms of the deal were not disclosed.
12/14/18 Elo TouchSystems The Gores Group LLC Crestview - US - Crestview Partners LP acquired Elo TouchSystems Inc, a Menlo Park- Inc Partners LP based manufacturer of electronic components, from The Gores Group LLC, in a leveraged buyout transaction. Terms of the deal were not disclosed. 44 | BUYOUTS | January 7, 2019 www.buyoutsnews.com MARKET INTELLIGENCE Mark Your 2019 Calendar!
MATERIALS Date Target Name Target Ultimate Parent Acquiror Full Ranking Value Synopsis Effective Name inc. Net Debt of Target ($Mil) march
12/11/18 International Altus Capital Partners ACON - US - ACON Investments LLC, a unit of TPG Capital LP, acquired International january Imaging Materials LLC Investments Imaging Materials Inc, an Amherst-based manufacturer of carbon paper Inc LLC and inked ribbons, from Altus Capital Partners II LP, ultimately owned by 25 Altus Capital Partners LLC, in a leveraged buyout transaction. Terms were not disclosed. to The Pierre, New York, NY 12/13/18 ADA Carbon Energy Capital Advanced 75 US - Advanced Emissions Solutions Inc acquired the entire share capital of ADA 22 Hyatt Regency, Boston, MA Solutions LLC Partners LLC Emissions Carbon Solutions LLC, a Littleton-based manufacturer of chemical products, Solutions Inc from Energy Capital Partners LLC, for a total USD 75 mil. 27 12/06/18 ACG Materials LLC HIG Capital LLC Arcosa Inc 315 US - Arcosa Inc acquired ACG Materials LLC, a Norman-based manufacturer of gypsum products, from HIG Capital LLC, for an estimated USD 315 mil in cash.
12/17/18 Plaskolite LLC Charlesbank Capital PPC - US - PPC Investment Partners LP acquired Plaskolite LLC, a Columbus-based Partners Investment manufacturer of plastics materials, from Charlesbank Capital Partners LLC, in a Partners LP leveraged buyout transaction. may june RETAIL Date Target Name Target Ultimate Parent Acquiror Full Ranking Value Synopsis Effective Name inc. Net Debt of 21 24 Target ($Mil) to to 12/13/18 Pet Supplies "Plus" Irving Place Capital Sentinel - US - Sentinel Capital Partners LLC (Sentinel Capital Partners) acquired Pet Mgmt LP Capital Supplies "Plus" (PSP), a Livonia-based owner and operator of pet centers, Harvard Club, New York, NY Sofitel Hotel, Chicago, IL Partners LLC from Irving Place Capital Management LP (Irving Place Capital), in a secondary 26 buyout transaction. Terms of the transaction were not disclosed. Originally, Pet 22 Supplies "Plus" SPV acquired PSP.
12/10/18 Endries Nautic Partners LLC MSDC - US - MSDC Management LP acquired Endries International Inc, a Brillion- International Inc Management based retailer of home repair and improvement materials and supplies, from LP Nautic Partners LLC. Terms were not disclosed.
12/06/18 PhD Nutrition Ltd Walgreens Boots Science in 42.26 UK - Science in Sport plc (Science in Sport) acquired the entire share capital SEPTEMBER Alliance Inc Sport PLC of PhD Nutrition Ltd, a Hull- based food supplement products retailer, from B&B Investment Partners LLP, owned by Alliance Boots GmbH, for a total GBP JULY 32.583 mil (USD 42.263 mil). The consideration was consists of GBP 28.5 mil (USD 36.967 mil) in cash plus issuance of 5. 833 mil new ordinary shares valued 23 at GBP 4.083 mil (USD 5.296 mil). The shares were valued based on Science in to Sports closing stock price of GBP 0.7 (USD 0.908) on 13 November 2018, the last full trading day prior to the announcement. The Pierre, New York, NY The Fairmont Hotel 23 San Francisco, CA TELECOMMUNICATIONS 25 Date Target Name Target Ultimate Parent Acquiror Full Ranking Value Synopsis Effective Name inc. Net Debt of Target ($Mil)
12/07/18 Broadcast Sports Slate Capital Group NEP Group - US - NEP Group Inc, a unit of Carlyle Global Partners LP, acquired Broadcast International LLC Inc Sports International LLC, a Hanover- based wired telecommunications carrier, from Slate Capital Group. Terms were not disclosed. october DECEMBER 12/14/18 GlobeComm EagleTree Capital LP SpeedCast 134.00 US - SpeedCast International Ltd of Australia acquired GlobeComm Systems Inc, Systems Inc International a Hauppauge-based manufacturer of wireless communications equipment, from Ltd Wasserstein & Co LP, for a total USD 134 mil in cash. 29 9 to to 30 Harvard Club, New York, NY 11 The Fairmont, Dallas, TX
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