We’ve compiled six months of data on the top recent M&A transactions in the Southeast and in the US. For the first time, we’ve also including data on major canceled M&A transactions.
Table of Contents
Southeast Transactions
| M&A Closed Date | Buyers/Investors | Primary Industry [Buyers/Investors] | Geographic Locations [Buyers/Investors] | Target/Issuer | Short Business Description [Target/Issuer] | Total Transaction Value ($USDmm, Historical rate) | Implied Enterprise Value/Revenues | Implied Enterprise Value/EBITDA |
|---|---|---|---|---|---|---|---|---|
| 4/4/2019 | CommScope Holding Company, Inc. | Communications Equipment | North Carolina | ARRIS International Limited | ARRIS International plc, together with its subsidiaries, provides entertainment, communications, and networking technology and solutions worldwide. | $7,983.25 | 1.11x | 9.56x |
| 4/2/2019 | First-Citizens Bank & Trust Company | Regional Banks | North Carolina | Biscayne Bancshares, Inc. | Biscayne Bancshares, Inc. operates as a bank holding company for Biscayne Bank that offers deposit, investment, and loan services to individuals and business entities in the United States and abroad. | $119.00 | – | – |
| 3/29/2019 | Cogentrix Energy Power Management, LLC | Independent Power Producers and Energy Traders | North Carolina | Emera Energy Generation II, LLC | Emera Energy Generation II, LLC provides customized third-party marketing, trading and asset management services to customers operating in northeastern North America. | $590.00 | – | – |
| 3/13/2019 | Inmar, Inc. | Application Software | North Carolina | YOU Technology, LLC | YOU Technology, LLC, a digital-coupon marketing company, operates a cloud based digital coupon platform in the United States. | $565.00 | – | – |
| 3/8/2019 | Tivity Health, Inc. | Health Care Services | Tennessee | Nutrisystem, Inc. | Nutrisystem, Inc., together with its subsidiaries, provides weight management products and services for women and men in the United States. | $1,433.23 | 1.94x | 15.17x |
| 2/27/2019 | Invesco Ltd. | Asset Management and Custody Banks | Georgia | Three Jacksonville Warehouses | Three Jacksonville Warehouses comprises warehouse properties. | $129.30 | – | – |
| 2/20/2019 | Ply Gem Industries, Inc. | Building Products | North Carolina | Environmental Materials, LLC | Environmental Materials, LLC, doing business as Environmental StoneWorks, designs, manufactures, and installs stone veneers in the United States. | $186.00 | – | – |
| 2/19/2019 | Greystar Investment Group, LLC; Henderson Park Capital Management | Greystar Investment Group, LLC | South Carolina | 257 Market Rental Homes Within The Equipment Works Development Site In Walthamstow, London | 257 Market Rental Homes Within The Equipment Works Development Site In Walthamstow, London comprises residential real estate properties. | $137.57 | – | – |
| 2/13/2019 | Ingevity Corporation | Specialty Chemicals | South Carolina | Perstorp UK Ltd. | Perstorp UK Ltd. manufactures specialty chemical. It offers polyols and formaldehyde, biodiesel, pentaerythritol, trimethylolpropane | $653.53 | – | – |
| 2/8/2019 | Sunbelt Rentals, Inc. | Trading Companies and Distributors | South Carolina | Business and Assets of Temp Air Inc. | TEMP-AIR, Inc. provides temporary heating, cooling, dehumidifying, and air filtration systems and services for industrial, commercial, institutional, construction, planned, or emergency applications | $119.00 | – | – |
| 2/1/2019 | HCA Healthcare, Inc. | Health Care Facilities | Tennessee | All Assets of Mission Health System, Inc. | 763-bed Mission Hospital in Asheville; 80-bed CarePartners Rehabilitation Hospital in Asheville; 49-bed Mission Hospital McDowell in Marion; 25-bed Angel Medical Center in Franklin; 25-bed Transylvania Regional Hospital in Brevard; 25-bed Blue Ridge Regional Hospital in Spruce Pine; and 24-bed Highlands-Cashiers Hospital in Highlands. | $1,500.00 | – | – |
| 1/15/2019 | LendingTree, LLC | Consumer Finance | North Carolina | ValuePenguin Inc. | ValuePenguin Inc. operates a personal finance website that conducts research and analysis on various topics from insurance to credit cards. | $105.00 | – | – |
| 1/3/2019 | The Coca-Cola Company | Soft Drinks | Georgia | Costa Limited | Costa Limited operates a chain of coffee shops in the United Kingdom and internationally. | $5,061.71 | 3.02x | 16.37x |
| 1/2/2019 | Gray Television, Inc. | Broadcasting | Georgia | Raycom Media Inc. | Raycom Media Inc., through its subsidiaries, owns and operates television stations and radio stations. | $3,647.00 | – | – |
| 1/2/2019 | Blackbaud, Inc. | Application Software | South Carolina | YourCause, LLC | YourCause, LLC develops and provides software as a service based employee engagement and grants management solutions for employees and nonprofits. | $157.00 | – | – |
| 1/1/2019 | Synovus Financial Corp. | Regional Banks | Georgia | FCB Financial Holdings, Inc. | FCB Financial Holdings, Inc. operates as the bank holding company for Florida Community Bank, N.A. that provides various financial products and services to individuals, small and medium-sized businesses, large businesses, and other local organizations and entities in south and central Florida. | $2,881.39 | – | – |
| 12/31/2018 | Ryman Hospitality Properties, Inc. | RIDA Development Corporation | Tennessee | Gaylord Rockies Resort & Convention Center | Gaylord Rockies Resort & Convention Center owns and operates as a hotel, resort, and convention center. | $235.00 | – | – |
| 12/20/2018 | Paychex North America Inc. | Office Services and Supplies | Tennessee | Oasis Outsourcing Holdings Inc. | Oasis Outsourcing Holdings Inc. operates as a professional employer organization that provides workforce solutions for businesses in the United States. | $1,200.00 | – | – |
| 12/19/2018 | Invesco Advisers, Inc. | Asset Management and Custody Banks | Georgia | Five Manhattan Apartment Communities | Five Manhattan Apartment Communities comprises a portfolio of multifamily buildings. | $470.00 | – | – |
| 12/14/2018 | Flowers Foods, Inc. | Packaged Foods and Meats | Georgia | Canyon Bakehouse LLC | Canyon Bakehouse LLC operates as a bakery. The company produces gluten-free breads, buns, bagels, and muffins | $205.00 | – | – |
| 12/13/2018 | The Coca-Cola Company | Soft Drinks | Georgia | Coca-Cola FEMSA Philippines, Inc. | Coca-Cola FEMSA Philippines, Inc. offers distribution and bottling services for soft drinks. | $715.00 | – | – |
| 12/7/2018 | Inspire Brands, Inc. | Restaurants | Georgia | Sonic Corp. | Sonic Corp., through its subsidiaries, operates and franchises a chain of drive-in restaurants in the United States. | $2,315.12 | 5.37x | 15.99x |
| 12/6/2018 | NCR Corporation | Technology Hardware, Storage and Peripherals | Georgia | JetPay Corporation | JetPay Corporation provides debit and credit card processing, payroll, human capital management | $188.71 | 2.23x | 50.67x |
| 12/4/2018 | AGC Inc. | AGC America, Inc. | Georgia | Nelco Products Inc./ Neltec Inc./ Neltec SA/ Nelco Products Pte. Ltd. | Nelco Products Inc./ Neltec Inc./ Neltec SA/ Nelco Products Pte. Ltd. manufactures digital and microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise, and military/aerospace markets | $145.00 | – | – |
| 12/3/2018 | Greystar Real Estate Partners, LLC | Real Estate Operating Companies | South Carolina | 845-unit Acacia portfolio in Arizona | 845-unit Acacia portfolio in Arizona comprises residential real estate properties. | $149.00 | – | – |
| 11/20/2018 | Paradies LaGardere, Inc. | Apparel Retail | Georgia | Hojeij Branded Foods, Inc. | Hojeij Branded Foods, Inc. operates food and beverage restaurants in U.S.-based airports. | $330.00 | 1.47x | – |
| 11/16/2018 | RCCH HealthCare Partners | Health Care Facilities | Tennessee | LifePoint Health, Inc. | LifePoint Health, Inc., through its subsidiaries, owns and operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities in the United States. | $5,741.91 | 0.897x | 8.47x |
| 11/16/2018 | Mohawk Industries, Inc. | Home Furnishings | Georgia | Eliane S/A- Revestimentos Cerâmicos | Eliane S/A- Revestimentos Cerâmicos, together with its subsidiaries, develops, produces, and sells ceramic tiles in Brazil. | $277.20 | 1.27x | 10.31x |
| 11/15/2018 | Chart Industries, Inc. | Industrial Machinery | Georgia | VRV S.p.A. | VRV S.p.A. engages in the design and manufacture of pressure equipment for chemical, petrochemical, power, and cryogenic industries. | $227.09 | – | – |
| 11/12/2018 | Cumberland Pharmaceuticals Inc. | Pharmaceuticals | Tennessee | VIBATIV | VIBATIV comprises an anti-infective injection for the treatment of certain serious bacterial infections. | $125.00 | – | – |
| 11/9/2018 | Contura Energy, Inc. | Coal and Consumable Fuels | Tennessee | Alpha Natural Resources Holdings, Inc./Alpha Natural Resources Inc. | Alpha Natural Resources Holdings Inc. engages in extracting, processing, and marketing steam and metallurgical coal in Kentucky, Pennsylvania, Virginia, West Virginia, and Wyoming. | $752.39 | – | – |
| 11/2/2018 | WestRock Company | Paper Packaging | Georgia | KapStone Paper and Packaging Corporation | KapStone Paper and Packaging Corporation produces and sells a range of containerboards, corrugated products, and specialty paper products in the United States and internationally. | $5,063.96 | 1.52x | 12.46x |
Source: S&P Capital IQ
Major US Transactions
| M&A Closed Date | Buyers/Investors | Primary Industry [Buyers/Investors] | Short Business Description [Buyers/Investors] | Target/Issuer | Short Business Description [Target/Issuer] | Total Transaction Value | Implied Enterprise Value/Revenues | Implied Enterprise Value/EBITDA |
|---|---|---|---|---|---|---|---|---|
| 4/18/2019 | Newmont Mining Corporation | Gold | Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. | Goldcorp Inc. | Goldcorp Inc. acquires, explores for, develops, and operates precious metal properties in Canada, the United States, Mexico, and Central and South America. | $13,084.51 | 4.26x | 40.1x |
| 4/4/2019 | CommScope Holding Company, Inc. | Communications Equipment | CommScope Holding Company, Inc. provides infrastructure solutions for communications networks worldwide. | ARRIS International Limited | ARRIS International plc, together with its subsidiaries, provides entertainment, communications, and networking technology and solutions worldwide. | $7,983.25 | 1.11x | 9.56x |
| 4/1/2019 | Ethicon US, LLC | Health Care Equipment | Ethicon US, LLC manufactures surgical solutions and medical devices for clinicians. | Auris Health, Inc. | Auris Surgical Robotics, Inc. develops robotics platform for diagnostic and therapeutic bronchoscopic procedures. | $5,750.00 | – | – |
| 4/1/2019 | Marsh & McLennan Companies, Inc. | Insurance Brokers | Marsh & McLennan Companies, Inc., a professional services company, provides advice and solutions to clients in the areas of risk, strategy, and people worldwide. | Jardine Lloyd Thompson Group plc | Jardine Lloyd Thompson Group plc provides insurance, reinsurance, employee benefits related advice, brokerage, and associated service worldwide. | $5,615.18 | – | – |
| 3/20/2019 | The Walt Disney Company | Movies and Entertainment | The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. | Twenty-First Century Fox, Inc. | Twenty-First Century Fox, Inc. operates as a diversified media and entertainment company primarily in the United States and Canada, Europe, and internationally. | $90,575.21 | 2.85x | 12.89x |
| 3/12/2019 | Antero Midstream Corporation | Oil and Gas Storage and Transportation | Antero Midstream Corporation owns and operates midstream energy assets servicing rich gas production in North America. | Antero Midstream Partners LP | Antero Midstream Partners LP owns, develops, and operates midstream energy infrastructure in the United States. | $7,359.70 | 7.69x | 11.55x |
| 2/28/2019 | Western Midstream Partners, LP | Oil and Gas Storage and Transportation | Western Midstream Partners, LP, together with its subsidiaries, engages in gathering, processing, compressing, treating, stabilizing, and transporting natural gas, condensate, natural gas liquids, and crude oil primarily in the United States. | Western Midstream Operating, LP | Western Midstream Operating, LP acquires, develops, owns, and operates midstream assets in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico. The company is involved in gathering, processing, compressing, treating, and transporting natural gas, condensate, natural gas liquids | $12,547.92 | 7.84x | 14.43x |
| 2/25/2019 | Wabtec Corporation | Construction Machinery and Heavy Trucks | Wabtec Corporation provides technology-based equipment, systems, and services for the freight rail and passenger transit vehicle industries worldwide. | GE Transportation | GE Transportation manufactures passenger and freight diesel-electric and electric locomotives to railroad, mining, marine, stationary power, drilling, and energy storage industries. | $9,729.38 | 2.57x | 13.11x |
| 2/15/2019 | Eli Lilly and Company | Pharmaceuticals | Eli Lilly and Company discovers, develops, manufactures, and markets pharmaceutical products worldwide. | Loxo Oncology, Inc. | Loxo Oncology, Inc., a biopharmaceutical company, develops and sells medicines for patients with genetically defined cancers in the United States. | $8,013.13 | 51.04x | – |
| 2/13/2019 | Encana Oil & Gas | Oil and Gas Exploration and Production | Encana Oil & Gas (USA) Inc. provides oil and gas exploration and production services. It also produces natural gas. | Newfield Exploration Company | Newfield Exploration Company, an independent energy company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids in the United States. | $8,059.30 | 3.14x | 6.69x |
| 2/11/2019 | Veritas Capital Fund Management, LLC; Evergreen Coast Capital Corp. | Asset Management and Custody Banks | Veritas Capital Fund Management, LLC; Evergreen Coast Capital Corp. is a private equity firm specializing in leveraged recapitalizations, buyouts and growth capital investments in middle market companies. | athenahealth, Inc. | athenahealth, Inc., together with its subsidiaries, provides network-based medical record, revenue cycle, patient engagement, care coordination, and population health services for medical groups and health systems. | $5,941.90 | 4.3x | 21.29x |
| 2/11/2019 | ESL Investments, Inc. | Asset Management and Custody Banks | ESL Investments Inc. is an employee owned hedge fund sponsor. | Substantially all of the Assets of Sears Holdings Corporation | Assets of Sears Holdings Corporation comprises specialty retail stores in the United States. | $5,200.00 | – | – |
| 2/8/2019 | Cannae Holdings, Inc. | Asset Management and Custody Banks | Cannae Holdings, Inc is a principal investment firm. The firm primarily invests in restaurants, technology enabled healthcare services, financial services and more. | The Dun & Bradstreet Corporation | The Dun & Bradstreet Corporation provides commercial data, analytics, and insight on businesses. | $6,875.06 | 3.68x | 12.52x |
| 2/1/2019 | CenterPoint Energy, Inc. | Multi-Utilities | CenterPoint Energy, Inc. operates as a public utility holding company in the United States. | Vectren Corporation | Vectren Corporation provides energy delivery services to residential, commercial, and industrial and other contract customers. | $8,148.89 | 3.02x | 12.51x |
| 1/25/2019 | EnLink Midstream, LLC | Oil and Gas Storage and Transportation | EnLink Midstream, LLC focuses on providing midstream energy services in the United States. | EnLink Midstream Partners, LP | EnLink Midstream Partners, LP provides gathering, transmission, processing, fractionation, storage, condensate stabilization, brine, and marketing services to producers of natural gas, natural gas liquids (NGL), crude oil, and condensate. | $11,355.67 | 1.74x | 12.12x |
| 1/23/2019 | SAP America, Inc. | Application Software | SAP America, Inc. develops enterprise application software. | Qualtrics International Inc. | Qualtrics International Inc. develops and provides experience management platform to manage customer, employee, brand, and product experiences. | $8,000.00 | – | – |
| 1/3/2019 | The Coca-Cola Company | Soft Drinks | The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. | Costa Limited | Costa Limited operates a chain of coffee shops in the United Kingdom and internationally. | $5,061.71 | 3.02x | 16.37x |
| 1/1/2019 | Dominion Energy, Inc. | Multi-Utilities | Dominion Energy, Inc. produces and transports energy. | SCANA Corporation | SCANA Corporation, through its subsidiaries, generates, transmits, distributes, and sells electricity to wholesale and retail customers. | $14,872.47 | 3.27x | 8.76x |
| 1/1/2019 | 700 Universe, LLC | Electric Utilities | 700 Universe, LLC generates, transmits, distributes, and sells electric power. | Gulf Power Company | Gulf Power Company, an integrated utility company, engages in the generation, purchase, transmission, distribution, and sale of electricity to retail customers in northwest Florida and to wholesale customers in the Southeast Florida. | $5,696.00 | 3.74x | 11.54x |
| 12/20/2018 | Cigna Corporation | Health Care Services | Cigna Corporation, a health service organization, provides insurance and related products and services in the United States and internationally. | Express Scripts Holding Company | Express Scripts Holding Company operates as a pharmacy benefit management | $70,981.01 | 0.686x | 9.63x |
| 12/20/2018 | Enbridge | Oil and Gas Storage and Transportation | Enbridge Inc. operates as an energy infrastructure company in Canada and the United States. | Enbridge Energy Partners, L.P. | Enbridge Energy Partners, L.P. provides crude oil and liquid petroleum gathering, transportation, and storage services assets in the United States. | $15,262.76 | 7.52x | 11.16x |
| 12/14/2018 | Abrams Capital, LLC | Asset Management and Custody Banks | Abrams Capital LLC is a privately owned hedge fund sponsor. | iHeartMedia, Inc. | iHeartMedia, Inc. operates as a media and entertainment company worldwide. | $20,442.75 | 3.21x | 12.92x |
| 11/29/2018 | Diamondback Energy, Inc. | Oil and Gas Exploration and Production | Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. | Energen Corporation | Energen Corporation, through its subsidiary, Energen Resources Corporation, engages in the exploration, development, and production of oil, natural gas liquids, and natural gas. | $9,239.41 | 7.35x | 11.92x |
| 11/28/2018 | CVS Health Corporation | Health Care Services | CVS Health Corporation provides health services and plans in the United States. | Aetna Inc. | Aetna Inc. operates as a health care benefits company in the United States. | $69,511.23 | – | – |
| 11/26/2018 | United Technologies Corporation | Aerospace and Defense | United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. | Rockwell Collins, Inc. | Rockwell Collins, Inc. designs, produces, and supports communication and aviation systems worldwide. | $30,943.22 | 5x | 22.58x |
| 11/16/2018 | RCCH HealthCare Partners | Health Care Facilities | RCCH HealthCare Partners owns and operates hospitals, outpatient centers, physician practices, and urgent care centers in the United States. | LifePoint Health, Inc. | LifePoint Health, Inc., through its subsidiaries, owns and operates community hospitals, regional health systems, physician practices, outpatient centers, and post-acute facilities in the United States. | $5,741.91 | 0.897x | 8.47x |
| 11/5/2018 | Broadcom Inc. | Semiconductors | Broadcom Inc. designs, develops, and supplies a range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. | CA, Inc. | CA, Inc., doing business as CA technologies, develops, markets, delivers, and licenses software products and services in the United States and internationally. | $21,776.02 | 4.45x | 14.71x |
| 11/2/2018 | CME Group Inc. | Financial Exchanges and Data | CME Group Inc., through its subsidiaries, operates contract markets for the trading of futures and options on futures contracts worldwide. | NEX Group Limited | NEX Group Holdings Limited delivers pricing, analytics, index, and regulatory reporting solutions to various clients worldwide. | $5,394.47 | – | – |
| 11/2/2018 | WestRock Company | Paper Packaging | WestRock Company manufactures and sells paper and packaging solutions for the consumer and corrugated markets in North America, South America, Europe, Australia, and Asia. | KapStone Paper and Packaging Corporation | KapStone Paper and Packaging Corporation produces and sells a range of containerboards, corrugated products, and specialty paper products in the United States and internationally. | $5,063.96 | 1.52x | 12.46x |
Source: S&P Capital IQ
Major Canceled Transactions
| M&A Canceled Date | Buyers/Investors | Primary Industry [Buyers/Investors] | Target/Issuer | Short Description On Why Transaction Cancelled | Total Transaction Value | Implied Enterprise Value/Revenues | Implied Enterprise Value/EBITDA |
|---|---|---|---|---|---|---|---|
| 4/12/2019 | Apollo Management Ix, L.P. | Asset Management and Custody Banks | RPC Group Plc | RPC Group agreed to an improved takeover offer from Berry Global, trumping a lower bid from Apollo Global Management | $6,165.66 | 1.13x | 7.5x |
| 4/12/2019 | Entegris, Inc. | Semiconductor Equipment | Versum Materials, Inc. | Merk KGaA, Darmstadt, Germany, enters table talks with an unsolicited all-cash bid for Versum that is a double-digit premium to Entegris’ stock-for-stock offer | $5,121.19 | 3.41x | 10.4x |
| 4/9/2019 | Wynn Resorts, Limited | Casinos and Gaming | Crown Resorts Limited | Wynn Resorts ended talks with Crown Resorts after takeover offer was leaked | $7,939.49 | 2.92x | 11.93x |
| 4/2/2019 | Securus Technologies, Inc. | Interactive Media and Services | Inmate Calling Solutions, LLC | Agreement to stop talks over regulator worries that the deal would lead to a market where majority of inmate calls were controlled by two companies & would inflate call prices | $350.00 | – | – |
| 3/21/2019 | Denbury Resources Inc. | Oil and Gas Exploration and Production | Penn Virginia Corporation | Difficult market conditions and opposition by Penn Virginia shareholders are what caused the deal to drop. | $1,706.59 | 4.82x | 12.52x |
| 3/8/2019 | Mastercard Incorporated | Data Processing and Outsourced Services | Earthport plc | Visa counteroffered Mastercard’s deal with $300 million. | $287.50 | 5.99x | – |
| 2/28/2019 | Saban Capital Acquisition Corp. | Asset Management and Custody Banks | Panavision Inc/Sim Video International Inc | Volatile stock market conditions, combined with delays caused by the partial U.S. government shutdown, and resulting difficulty in completing the deal by March 31 is was led to the decision of termination. | $619.95 | – | – |
| 2/28/2019 | Oaktree Capital Group, LLC | Asset Management and Custody Banks | The Square shopping centre in Tallaght | Oaktree itself began a merger with Brookfield Alternative Investments | $305.25 | 5.93x | – |
| 2/27/2019 | Par Pharmaceutical, Inc. | Pharmaceuticals | Somerset Therapeutics LLC | Given Somerset’s affiliation with India-based company, certain regulatory approvals took longer than anticipated. With no clarity on how quickly the deal could move forward it got called off by Par Pharmaceuticals. | $159.25 | – | – |
| 2/20/2019 | Vantage Energy Acquisition Corp. | Asset Management and Custody Banks | Williston Basin Assets of QEP Energy Company | The drop in crude oil prices led QEP to end deal and search other alternatives to increase shareholder value. | $1,708.33 | 2.42x | – |
| 2/18/2019 | Canyon Capital Advisors, LLC | Asset Management and Custody Banks | Navient Corporation | Canyon offered $12.50 per share, which was surprisingly lower than the $14 to $15 informal price range Canyon advisers had given Navient during talks. | $2,822.52 | – | – |
| 2/14/2019 | Clearway Energy, Inc. | Independent Power Producers and Energy Traders | Agua Caliente Borrower 1 LLC | Clearway Energy elected to forgo the acquisition as Agua Caliente’s major projects were for PG&E which recently declared bankruptcy. | $480.00 | – | – |
| 2/12/2019 | Sentinel Energy Services Inc. | Asset Management and Custody Banks | Strike Capital LLC | A mutual decision to terminate the transaction based on current market conditions. | $425.81 | – | – |
| 2/11/2019 | Bristow Group Inc. | Oil and Gas Equipment and Services | Columbia Helicopters, LLC | Bristow stock fell after acquisition announcement, and Bristow did not properly file financial results for Q4’18, releasing only preliminary figures. | $559.40 | 1.99x | 4.78x |
| 2/6/2019 | SBA Communications Corporation | Specialized REITs | 800 Wireless Communications Towers of Tigo El Salvador | Economic uncertainty led SBA to acquire towers at other locations. | $145.00 | – | – |
| 1/31/2019 | TCS Capital Management, LLC | Asset Management and Custody Banks | DHI Group, Inc. | TCS Capital Management pulled out of DHI Group offer. | $151.15 | 0.982x | 7.25x |
| 1/18/2019 | The Sobrato Organization, LLC | Real Estate Operating Companies | 550 Terry Francois | 550 Terry Francois was bought by Gap which had better credit history for a real estate investment | $342.50 | – | – |
| 1/9/2019 | Pacific Western Bank | Regional Banks | El Dorado Savings Bank, F.S.B. | The transaction did not receive 2/3 affirmative vote of outstanding shares as required under federal law | $466.73 | – | – |
| 12/27/2018 | Starwood Capital Operations, LLC | Asset Management and Custody Banks | Australian Unity Office Fund | Starwood submitted a revised proposal which reduced AUD per share to $7.9 per unit, which WOF said it did not represent compelling value to AOF shareholders. | $472.44 | 9.56x | – |
| 12/21/2018 | Earthstone Energy Holdings, LLC | Oil and Gas Equipment and Services | Sabalo Energy, Inc./ Sabalo Energy, LLC | A forecasted drastic change in commodity prices and in debt and equity markets negatively affected the significant merits of the acquisition. | $950.00 | – | – |
| 12/20/2018 | Apis Capital Management LLC | Asset Management and Custody Banks | Veritone, Inc. | Apis says it wasn’t granted the right to review confidential due diligence materials after increasing all cash bid | $196.19 | .62x | – |
| 12/18/2018 | Vintage Capital Management, LLC | Asset Management and Custody Banks | Rent-A-Center, Inc. | Acquisition required antitrust clearance by U.S. Federal Trade Commission which was not given by appropriate deadline, so Rent-A-Car pulled out. | $1,391.84 | 0.512x | 22.05x |
| 12/18/2018 | Terra Tech Corp. | Pharmaceuticals | Golden Leaf Holdings Ltd. | Golden Leaf pulled out of Letter of Intent after Terra Tech came under investigation for theft, stock manipulation, and filing false reports. | $133.27 | 7.54x | – |
| 12/13/2018 | Hellman & Friedman LLC | Asset Management and Custody Banks | Trade Me Group Limited | Apax, a British PE firm, matched Hellman & Friedman’s offer, in all cash. | $1,924.94 | 10.68x | 18.75x |
| 12/7/2018 | Morgan Stanley Bank, N.A. | Diversified Banks | Pacific Western Bank, Entire Portfolio of Healthcare, Technology and General Cash Flow Loans | The transaction did not receive 2/3 affirmative vote of outstanding shares as required under federal law | $1,480.00 | – | – |
| 12/3/2018 | Constellation Alpha Capital Corp. | Asset Management and Custody Banks | MEDall Healthcare Pvt Ltd. | MEDall Healthcare Pvt Ltd. operates as a diagnostic medical center. | $212.00 | 59.82x | – |
| 11/12/2018 | Elliott Management Corporation | Asset Management and Custody Banks | athenahealth, Inc. | After Elliott offered contingency payments & pressured executive Chairman, led to tense auction which resulted in the closure of the deal. | $6,879.97 | 5.4x | 32.25x |
Source: S&P Capital IQ
About Watermark Advisors
Headquartered in the rapidly growing city of Greenville, South Carolina, Watermark Advisors, est. 2002, is an investment banking firm that specializes in mergers and acquisitions (M&A) and private placement financing transactions for clients. It offers a uniquely comprehensive approach to M&A for both sellers and acquirers. For sellers, this approach is designed to ensure that companies are able to exit when the shareholders so desire, improve the exit returns on investment, and to increase the outcomes of the legacy assets (human, tangible, and intangible) once these are under new ownership. For acquirers, our comprehensive approach is designed to counter the dismal ROI gain that transaction focusing M&A deals typically produce. Watermark has facilitated sell-side M&A, acquisition financings, valuations, fairness opinions, and strategy consulting to over 90 clients.
