Six Month Carolinas and Georgia M&A Transaction Report

We’ve compiled six months of data on the top recent M&A transactions in the Carolinas and Georgia.

Table of Contents

  1. Aggregate M&A Summary – Last Six Months Carolinas & Georgia

    1. Transactions By Sector
    2. Most Active Acquirer by Total Transaction Size
    3. Regional Merger & Acquisition Valuation Summary
    4. Regional Number of Deals by Transaction Range
  2. Last Six Months Major Transactions in Carolinas & Georgia

Aggregate Carolinas & Georgia M&A Transaction Overview


Transactions By Sector

Materials 4
Industrials 9
Consumer Discretionary 4
Consumer Staples 1
Health Care 6
Financials 6
Information Technology 11
Communication Services 1
No Primary Industry Assigned 3


Most Active Acquirer by Total Transaction Size

Truist Financial Corporation (NYSE:TFC) $28,291.7
Global Payments Inc. (NYSE:GPN) $27,014.9
Delta Air Lines, Inc. (NYSE:DAL) $1,940.5
Albemarle Corporation (NYSE:ALB) $1,300.0
SKC Inc. $1,005.5
HF Foods Group Inc. (NasdaqCM:HFFG) $808.0
Qorvo, Inc. (NasdaqGS:QRVO) $708.0
Premier Supply Chain Improvement Inc. $321.5
EnPro Industries, Inc. (NYSE:NPO) $305.0
TrendTek Global Inc. $305.0

Regional Merger & Acquisition Valuation Summary


Total Deal Value($mm): $64,640.77
Average Deal Value: $1,436.46
Average TEV/Revenue: 2.11x
Average TEV/EBITDA: 17.71x

Regional Number of Deals by Transaction Range

Greater than $1 billion 5
$500 – $999.9mm 1
$100 – $499.9mm 18
Less than $100mm 21
Undisclosed 0

Canceled transactions may be included in these statistics.
Source: S&P Capital IQ

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Last Six Months Major Transactions in Carolinas & Georgia

M&A Closed Date Acquirer Geographic Locations [Buyer] Target Business Description [Target] Total Transaction Value ($USDmm, Historical rate) Implied Enterprise Value/Revenues (x) Implied Enterprise Value/EBITDA (x)
3/1/2020 SmartFinancial, Inc. (NasdaqCM:SMBK) Tennessee Progressive Financial Group, Inc. Progressive Financial Group, Inc., through its subsidiaries, offers insurance lines, independent investment advice, and tax and accounting advice. $36.62
2/28/2020 Digital Turbine Media, Inc. North Carolina Mobile Posse, Inc. Mobile Posse, Inc. provides mobile content discovery solutions that help wireless carriers and device manufacturers capitalize on the mobile advertising economy. $66.00 1.12x 5.16x
2/28/2020 Premier Supply Chain Improvement Inc. North Carolina Substantially all the assets of Acurity, Inc. and Nexera, Inc. Substantially all the assets of Acurity, Inc. and Nexera, Inc. comprises hospital financial improvement consulting and regional group purchasing services. $321.49
2/28/2020 IG Design Group Americas Inc. Georgia CSS Industries, Inc. (NYSE:CSS) CSS Industries, Inc., a consumer products company, designs, manufactures, procures, distributes, and sells seasonal, gift, and craft products principally to mass market retailers in the United States and Canada. $178.23 0.49x 10.28x
2/24/2020 Qorvo, Inc. (NasdaqGS:QRVO) North Carolina DecaWave Limited DecaWave Limited, a fabless semiconductor company, designs and develops integrated circuits for communications equipment markets. $400.00
2/19/2020 Qorvo, Inc. (NasdaqGS:QRVO) North Carolina Custom MMIC Design Services, Inc. Custom MMIC Design Services, Inc. designs and supplies fabless radio frequency (RF) and microwave monolithic microwave integrated circuit (MMIC) products for aerospace, defense, and instrumentation customers. $105.00
2/14/2020 FB Financial Corporation (NYSE:FBK) Tennessee FNB Financial Corp. (Scottsville, KY) FNB Financial Corp. (Scottsville, KY) operates a holding company for regional banks $51.92
2/10/2020 Repay Holdings, LLC Georgia CDT Technologies, Ltd. CDT Technologies, Ltd., doing business as, Ventanex, engages in the business of developing, marketing, providing and supporting payment processing services. $50.00
2/1/2020 Resolute FP US Inc. South Carolina Three Sawmills of Conifex Timber Inc. Three Sawmills of Conifex Timber Inc. comprises production of construction-grade dimensional lumber and decking products. $176.00
1/31/2020 Graphic Packaging Holding Company (NYSE:GPK) Georgia Omaha packaging plant of Quad/Graphics Inc. Omaha packaging plant of Quad/Graphics Inc. operarates as a full-service paperboard folding carton manufacturer. $40.00 0.533x
1/22/2020 Brookdale Senior Living Inc. (NYSE:BKD) Tennessee Eight Assisted Living Facilities in Three States Eight Assisted Living Facilities in Three States comprises eight assisted senior-care facilities. $39.26
1/12/2020 Forward Air Corporation (NasdaqGS:FWRD) Tennessee All Assets of Linn Star Holdings, Linn Star Transfer and Linn Star Logistics Linn Star Transfer and Linn Star Logistics operates as a home delivery transfer service. $57.20
1/10/2020 Community First Bancshares, Inc. (NasdaqCM:CFBI) Georgia ABB Financial Group, Inc. ABB Financial Group, Inc. operates as a bank holding company for Affinity Bank which offers personal and commercial banking services. $47.60
1/2/2020 Genesco Brands, LLC Tennessee Substantially all assets of Togast, Togast Direct, TGB Design and Quanzhou TGB Footwear Substantially all assets of Togast, Togast Direct, TGB Design and Quanzhou TGB Footwear comprises shoe stores. $67.50
1/1/2020 Reliant Bancorp, Inc. (NasdaqCM:RBNC) Tennessee Tennessee Community Bank Holdings, Inc. Tennessee Community Bank Holdings, Inc. operates as a bank holding company. $37.96
12/31/2019 Curtiss-Wright Corporation (NYSE:CW) North Carolina 901 D LLC 901 D LLC, a service engineering and manufacturing company, delivers solutions for the protection of COTS electronics equipment from harsh and adverse environments in military, navy, army, marine, air force, and industrial markets. $132.00
12/31/2019 Sonoco Plastics, Inc.; Sonoco Holdings, Inc. South Carolina Thermoform Engineered Quality LLC/Plastique Holdings Ltd. Thermoform Engineered Quality LLC designs, manufactures, and supplies thermoformed packages and specialty products. $187.00 2.00x
12/31/2019 Global Payments Inc. (NYSE:GPN) Georgia Merchant Acquiring Business and Portfolio of 40,000 Merchants of Desjardins Group Comprises business division of regional banking services. $303.98
12/31/2019 Carolina Financial Corporation (NasdaqCM:CARO) South Carolina Carolina Trust BancShares, Inc. Carolina Trust BancShares, Inc. offers products and services such as savings accounts, personal and business loans, debit and credit cards, home equity line of credit, cash management, certificate of deposits, online banking, and mortgages. $100.11
12/31/2019 First-Citizens Bank & Trust Company North Carolina Entegra Financial Corp. Entegra Financial Corp. operates in the commercial banking industry and provides retail banking for its surrounding community. $213.43
12/26/2019 Delta Air Lines, Inc. (NYSE:DAL) Georgia LATAM Airlines Group S.A. (SNSE:LTM) LATAM Airlines Group S.A., together with its subsidiaries, provides passenger and cargo air transportation services in Peru, Argentina, the United States, Europe, Colombia, Brazil, Ecuador, Chile, the Asia Pacific, and rest of Latin America. $1,940.50 1.95x 14.41x
12/23/2019 NCR Corporation (NYSE:NCR) Georgia Zynstra Limited Zynstra Ltd. develops virtualization and cloud management software for small and mid-sized businesses. $129.18
12/23/2019 Advance Auto Parts, Inc. (NYSE:AAP) North Carolina DieHard brand of Transform Holdco LLC DieHard brand of Transform Holdco LLC comprises automotive batteries manufacturing business. $200.00
12/23/2019 US Auto Trust, LLC Georgia Trade and Assets of Jaguar Land Rover Dealership in Newport Beach, California of Pendragon PLC Trade and Assets of Jaguar Land Rover Dealership in Newport Beach, California of Pendragon PLC comprises an auto repair shop. $40.54
12/16/2019 SKC Inc. Georgia KCF Technologies Co.,Ltd. KCF Technologies Co.,Ltd. manufactures and sells copper foils for large capacity lithium-ion batteries for primarily electric vehicle (EV) applications. $1,005.99 3.97x
12/12/2019 Aerie Pharmaceuticals, Inc. (NasdaqGM:AERI) North Carolina Avizorex Pharma, SL AVIZOREX PHARMA, SL develops medicines for treatment of Dry Eye syndrome. $79.20
12/6/2019 Truist Financial Corporation (NYSE:TFC) North Carolina SunTrust Banks, Inc. SunTrust Banks, Inc. operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, institutions, and not-for-profit entities in the United States. $28,291.79
12/4/2019 frontdoor, inc. (NasdaqGS:FTDR) Tennessee Streem, Inc. Streem, Inc. develops an augmented reality (AR) based platform for data communication between a consumer and a manufacturer. $61.95
12/2/2019 FM:Systems Group, LLC North Carolina Asure Software UK Limited/OccupEye Limited (UK)/Workspace Management Business of Asure Asure Software UK Limited develops and offers cloud-based solutions for workspace management. $121.50
11/13/2019 The Marley Company, LLC North Carolina Harsco Industrial Patterson-Kelley Harsco Industrial Patterson-Kelley manufactures and sells heat transfer equipment. $60.00
11/4/2019 HF Foods Group Inc. (NasdaqCM:HFFG) North Carolina B&R Global Holdings, Inc. B&R Global Holdings Inc. operates as a food wholesaler and distributor for Asian restaurants in the United States. $808.03 1.52x 33.89x
11/1/2019 Albemarle Corporation (NYSE:ALB) North Carolina Wodgina Hard Rock Lithium Mine Wodgina Hard Rock Lithium Mine comprises a lithium hydroxide plant. $1,300.00
10/28/2019 Premier, Inc. (NasdaqGS:PINC) North Carolina MEDPRICER.COM, INC. MEDPRICER.COM, INC. develops purchased services cost management solutions for the healthcare industry. $35.00
10/24/2019 First Data Corporation; AIB Group plc (ISE:AIBG) Georgia Payzone plc Payzone plc, through its subsidiaries, operates a consumer payment acceptance network that provides payment services in Europe. $109.04
10/14/2019 Thunder Bridge Acquisition, Ltd. Georgia Assets of APS Payments Inc. APS Payments Inc. operates an integrated payment processing services. $60.00
10/10/2019 EPI Health, LLC South Carolina Worldwide Rights to Rhofade of Aclaris Therapeutics, Inc. Comprises oxymetazoline hydrochloride cream manufacturing business. $55.00
10/4/2019 Qorvo, Inc. (NasdaqGS:QRVO) North Carolina Cavendish Kinetics, Inc. Cavendish Kinetics, Inc. designs, manufactures, and markets tunable components for RF circuits for cellular handsets, laptops, netbooks, tablets, and other consumer wireless devices. $203.00
9/25/2019 EnPro Industries, Inc. (NYSE:NPO); TrendTek Global Inc.; S&K Technology Limited North Carolina LeanTeq Co., Ltd./LeanTeq LLC LeanTeq Co., Ltd. and LeanTeq LLC provide refurbishment services for critical components and assemblies used in semiconductor equipment. $305.00
9/25/2019 Gray Television, Inc. (NYSE:GTN) Georgia KDLT-TV KDLT-TV is a television broadcast company that owns and operates television broadcasting stations. $32.50
9/17/2019 Global Payments Inc. (NYSE:GPN) Georgia Total System Services, Inc. Total System Services, Inc. provides payment processing, merchant, and related payment services to financial and nonfinancial institutions worldwide. $26,710.98 6.43x 21.79x
9/11/2019 Yanmar America Corporation Georgia ASV Holdings, Inc. ASV Holdings, Inc. designs and manufactures compact construction equipment in North America, Australia, and New Zealand. $107.04 0.846x 20.71x
9/10/2019 EVO Payments, Inc. (NasdaqGM:EVOP) Georgia Delego Software Inc. Delego Software Inc. provides SAP integrated applications for credit card payment. $32.41

Source: S&P Capital IQ

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