The WIRE: 50 Acquisitions, 26 Sales & 75 Private Placement Deals You Need to Know

What’s in this Issue

Summer has just begun but it is already hot here in the Southeast! What has also been hot so far in 2018 is the M&A marketplace across the United States. In this issue, we update readers on the state of M&A and private placements so far in 2018 in the Carolinas, Georgia and Tennessee.

In 2017, a new record was broken in terms of the number of US deals with 15,100, a 12.2% increase over 2016. The record of total value of deals took place in 2015 with $24,100Bn. The compounded annual growth rate for the number of deals from 1985 to 2018 is 5.8% while the value of M&A deals has grown at an annual rate of 5.32%.

Table of Contents

  1. Southeast Acquirers
    (Closed M&A Transactions YTD 2018 thru June 8)

    1. Aggregates Tables
    2. Selected Transactions
  2. Southeast Sellers
    (Closed M&A Transactions YTD 2018 thru June 8)

    1. Aggregates Tables
    2. Selected Transactions
  3. Private Placements in Southeast
    (Closed Transactions YTD thru May 24)

    1. Aggregates Tables
    2. Selected Transactions
  4. About Watermark Advisors

Southeast Acquirers

Which Acquirers Closed Transactions in Your State? See Below.

(Closed M&A Transactions YTD 2018 thru June 8)

Year to date through June 8, there have been 50 acquisitions closed where the deal value has been greater than $10MM. Notably in 2018, we observe that almost half of those transactions had a deal value of $100MM or more. Arby’s paid $2.9Bn for Buffalo Wild Wings, Hubbell Power, $1.1Bn for Meter Readings Holdings, LexusNexis, $830MM for ThreatMetrix, Cree $428MM for Infineon Technologies, Red Hat paid $250MM for CoreOS, and AVX paid $150MM for Ethertronics.

Most Active Buyers/Investors by Number of Transactions

Company Name Transactions
Fogelman Properties, LLC 3
National Health Investors, Inc. (NYSE:NHI) 3
DRA Advisors LLC 2
Invesco Ltd. (NYSE:IVZ) 2
Arby’s Restaurant Group, Inc. 1
AVX Corporation (NYSE:AVX) 1
Branch Properties LLC 1
Capstack Partners LLC 1
Carter-Haston Real Estate Services, Inc. 1
Centennial Holding Company, LLC 1

Most Active Buyers/Investors by Total Transaction Size

Company Name Total Transaction Size ($MM)
Arby’s Restaurant Group, Inc. $2,892.24
Graphic Packaging International, LLC $1,801.10
Martin Marietta Materials, Inc. (NYSE:MLM) $1,625.00
Invesco Ltd. (NYSE:IVZ) $1,432.60
Hubbell Power Systems, Inc. $1,100.00
Total System Services, Inc. (NYSE:TSS) $1,050.00
LexisNexis Risk Solutions Inc. $830.00
Cree, Inc. (NasdaqGS:CREE) $428.20
Hanesbrands Inc. (NYSE:HBI) $389.29
DKL Big Spring, LLC $315.00

Summary of Average M&A Acquisitions

Valuation Summary Valuation (USD in MM)
Total Deal Value($mm): $15,108.06
Average Deal Value: $302.16
Average TEV/Revenue: 1.69x
Average TEV/EBITDA: 9.77x

Disclosed Deal Values

Number of Deals by Transaction Ranges Deals
Greater than $1 billion 6
$500 – $999.9mm 1
$100 – $499.9mm 17
Less than $100mm 26
Undisclosed 0

Deal criteria included transactions with Enterprise Value greater than $10MM only. Source: S&P CapitalIQ

Selected Transactions

M&A Closed Date Buyers/Investors Industry Classifications [Buyers/Investors] Short Business Description [Buyers/Investors] Geographic Locations [Buyers/Investors] Target/Issuer Total Transaction Value ($USDmm, Historical rate) Implied Enterprise Value/Revenues (x) Implied Enterprise Value/EBITDA (x) Implied Enterprise Value/EBIT (x) Transaction Comments
1/1/2018 Graphic Packaging International, LLC Containers and Packaging (Primary) Graphic Packaging International, LLC provides packaging solutions. Georgia (Primary) North America Consumer Packaging Business of International Paper Company $1,801.10 1.13x Graphic Packaging International, Inc. entered into a transaction agreement to acquire North America Consumer Packaging business from International Paper Company (NYSE:IP) and International Paper Group (Uk) Limited for $1.8 billion on October 23, 2017.
1/1/2018 Reliant Bancorp, Inc. (NasdaqCM:RBNC) Banks (Primary); Reliant Bancorp, Inc. operates as the holding company for Reliant Bank that provides a range of commercial banking services for businesses and individuals in the Middle Tennessee region and the Nashville-Davidson-Murfreesboro-Franklin Metropolitan Statistical Area. Tennessee (Primary) Community First, Inc. $58.99 Commerce Union Bancshares, Inc. (NasdaqCM:CUBN) entered into an agreement and plan of merger to acquire Community First Inc. for $59 million on August 22, 2017.
1/2/2018 Chart Industries, Inc. (NasdaqGS:GTLS) Air and Gas Compressors (Primary); Chart Industries, Inc. manufactures and sells engineered equipment, packaged solutions, and value-add services for the industrial gas, energy, and biomedical industries worldwide. Georgia (Primary) Skaff Cryogenics, Inc. $12.50 Chart Industries, Inc. (NasdaqGS:GTLS) acquired Skaff Cryogenics, Inc. from Bob and Steve Prefontaine for $12.5 million on January 2, 2018.
1/2/2018 Intercontinental Exchange, Inc. (NYSE:ICE) Capital Markets (Primary); Intercontinental Exchange, Inc. operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. Georgia (Primary) KCG BondPoint, Inc. $400.00 Intercontinental Exchange, Inc. (NYSE:ICE) entered into an asset purchase agreement to acquire KCG BondPoint, Inc. from Virtu Financial LLC for $400 million on October 24, 2017.
1/11/2018 Total System Services, Inc. (NYSE:TSS) Data Processing and Entry Services (Primary) Total System Services, Inc. provides payment processing, merchant, and related payment services to financial and nonfinancial institutions worldwide. Georgia (Primary) Cayan LLC $1,050.00 Total System Services, Inc. (NYSE:TSS) entered into an agreement to acquire Cayan LLC from Parthenon Investors IV, L.P. managed by Parthenon Capital Partners and others for $1.1 billion on December 16, 2017.
1/23/2018 First Reliance Bancshares, Inc. (OTCBB:FSRL) Banks (Primary); First Reliance Bancshares, Inc. operates as a bank holding company for First Reliance Bank that provides banking products and services in Florence, Lexington/Columbia, and Charleston markets of South Carolina. South Carolina (Primary) Independence Bancshares, Inc. $10.99 First Reliance Bancshares, Inc. (OTCBB:FSRL) entered into a letter of intent agreement to acquire Independence Bancshares, Inc. (OTCPK:IEBS) on June 27, 2017.
1/30/2018 Red Hat, Inc. (NYSE:RHT) Development Tools (Primary) Red Hat, Inc. provides open source software solutions to develop and offer operating system, virtualization, management, middleware, cloud, mobile, and storage technologies to various enterprises worldwide. North Carolina (Primary) CoreOS, Inc. $250.00 Red Hat, Inc. (NYSE:RHT) signed a definitive agreement to acquire CoreOS, Inc. from a group of sellers for $250 million on January 30, 2018.
1/31/2018 i3 Verticals, LLC Clearinghouses and Electronic Funds Transfer (Primary); i3 Verticals, LLC provides technology-enabled payment processing solutions. Tennessee (Primary) Enterprise Merchant Solutions, Inc. $15.00 i3 Verticals, LLC acquired substantially all of the assets of Enterprise Merchant Solutions, Inc. for $15 million on January 31, 2018.
2/1/2018 AVX Corporation (NYSE:AVX) Antennas (Primary) AVX Corporation, together with its subsidiaries, manufactures, supplies, and resells various electronic components, interconnect devices, sensing and control devices, and related products worldwide. South Carolina (Primary) Ethertronics Inc. $150.00 1.67x AVX Corporation (NYSE:AVX) entered into definitive agreement to acquire Ethertronics Inc. for $150 million on December 29, 2017.
2/1/2018 United Community Bank Banks (Primary) United Community Bank provides personal banking, business banking, corporate and commercial banking, and advisory services. Georgia (Primary) Navitas Credit Corp. $130.00 United Community Bank entered into agreement to acquire Navitas Credit Corp. in a transaction valued at $130 million on January 8, 2017.
2/2/2018 Hubbell Power Systems, Inc. Capital Goods (Primary) Hubbell Power Systems, Inc. manufactures various transmission, distribution, substation, OEM, and telecommunications products used by utilities. South Carolina (Primary) Meter Readings Holding, LLC $1,100.00 Hubbell Power Systems, Inc. entered into definitive agreement and plan of merger to acquire Meter Readings Holding, LLC from Sun Capital Partners, Inc. and others for $1.1 billion on December 22, 2017.
2/5/2018 Arby’s Restaurant Group, Inc. Consumer Discretionary (Primary) Arby’s Restaurant Group, Inc. owns, operates, and franchises quick-service sandwich restaurants. Georgia (Primary) Buffalo Wild Wings, Inc. $2,892.24 1.41x 11.16x 27.67x Arby’s Restaurant Group Inc. (‘Arby’s’) entered into a definitive agreement to acquire Buffalo Wild Wings Inc. (NasdaqGS:BWLD) from Marcato International Master Fund Ltd and Marcato Special Opportunities Master Fund LP, funds managed by Marcato Capital Management LP and other shareholders for $2.5 billion on November 27, 2017.
2/7/2018 Delek US Holdings, Inc. (NYSE:DK) Energy (Primary) Delek US Holdings, Inc. engages in the integrated downstream energy business in the United States. Tennessee (Primary) Alon USA Partners, LP $160.76 0.50x 5.86x 8.14x Delek US Holdings, Inc. (NYSE:DK) (‘Delek’) entered into a definitive agreement to acquire the remaining 18.4% stake in Alon USA Partners, LP (NYSE:ALDW) (‘Alon’) for approximately $160 million on November 8, 2017.
2/12/2018 Hanesbrands Inc. (NYSE:HBI) Apparel (Primary) Hanesbrands Inc., a consumer goods company, designs, manufactures, sources, and sells a range of basic apparel for men, women, and children in the United States. North Carolina (Primary) BNT Holdco Pty Limited $389.29 2.78x 10.00x Hanesbrands Inc. (NYSE:HBI) entered into an agreement to acquire BNT Holdco Pty Limited (‘BNT’) from Allofus Trust, Candy Blundy and Mountain View Trust for AUD 500 million on February 2, 2018.
2/21/2018 LexisNexis Risk Solutions Inc. Application Software (Primary) LexisNexis Risk Solutions Inc. provides data, analytics, and technology solutions to help customers across industry and government to assess, predict, and manage risk. Georgia (Primary) ThreatMetrix Inc. $830.00 LexisNexis Risk Solutions Inc. entered into a definitive agreement to acquire ThreatMetrix Inc. for $830 million on January 29, 2018.
2/28/2018 Internap Corporation (NasdaqGS:INAP) Co-location/Data Centers (Primary) Internap Corporation provides Internet infrastructure services. Georgia (Primary) SingleHop, LLC $132.00 2.77x 8.00x Internap Corporation (NasdaqGS:INAP) (‘INAP’) entered into purchase and sale agreement to acquire membership interest of SingleHop, LLC for approximately $130 million on January 27, 2018.
3/1/2018 BMC Stock Holdings, Inc. (NasdaqGS:BMCH) Building Product Distribution (Primary); BMC Stock Holdings, Inc. operates as lumber and building materials distributor and solutions provider in the United States. Georgia (Primary) Business of Shone Lumber $23.00 “BMC Stock Holdings, Inc. (NasdaqGS:BMCH) agreed to acquire the business of Shone Lumber for $23 million on February 27, 2018. The JIAN Group, LLC acted as the financial advisor to Shone Lumber on the transaction.
3/1/2018 Piedmont Healthcare, Inc. Healthcare (Primary); Piedmont Healthcare, Inc. operates hospitals that provide medical care and services in Georgia. Georgia (Primary) Piedmont Columbus Regional $280.00 Piedmont Healthcare, Inc. signed a letter of intent to acquire Columbus Regional Healthcare System for approximately $280 million on May 8, 2017.
3/1/2018 SPX Corporation (NYSE:SPXC) Capital Goods (Primary); SPX Corporation supplies infrastructure equipment serving the heating and ventilation (HVAC), detection and measurement, power transmission and generation, and industrial markets in the United States, China, South Africa, the United Kingdom, and internationally. North Carolina (Primary) Schonstedt Instrument Company, Inc. $16.00 “SPX Corporation (NYSE:SPXC) acquired Schonstedt Instrument Company, Inc. for $16.3 million on March 1, 2018. The consideration is net of cash. Schonstedt had annual revenues of $9 million and the acquisition is expected to be modestly accretive to SPX’s 2018 adjusted earnings.
3/5/2018 HD Supply Construction Supply, Ltd. Building Product Distribution (Primary); HD Supply Construction Supply, Ltd., doing business as HD Supply Construction & Industrial— White Cap, distributes specialty hardware, tools, materials, and safety supplies. Georgia (Primary) A.H. Harris & Sons, Inc. $380.00 HD Supply Construction Supply, Ltd. entered into a definitive agreement to acquire A.H. Harris & Sons, Inc. from Frontenac Company for approximately $380 million on January 3, 2018.
3/6/2018 Cree, Inc. (NasdaqGS:CREE) Information Technology (Primary) Cree, Inc. provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. North Carolina (Primary) Radio Frequency Power Business of Infineon Technologies AG $428.20 Cree, Inc. (NasdaqGS:CREE) acquired radio frequency power business from Infineon Technologies AG for approximately €350 million on March 6, 2018.
3/20/2018 DKL Big Spring, LLC DKL Big Spring, LLC was incorporated in 2018 and is based in Brentwood, Tennessee. Tennessee (Primary) Big Spring Logistics Assets $315.00 DKL Big Spring, LLC entered into definitive agreement to acquire Big Spring logistics assets from Alon USA GP II, LLC, Alon USA Delaware LLC, Alon USA Refining, LLC, Alon USA Partners, LP and Alon USA, LP for approximately $320 million on February 26, 2018.
3/21/2018 NovaQuest Capital Management, L.L.C. Asset Management and Custody Banks (Primary); NovaQuest Capital Management, L.L.C. is a private equity and venture capital firm specializing in early venture, emerging growth, growth stage, loan, late-stage and middle market investments through its two platforms: NovaQuest Biopharma and NovaQuest Private Equity. North Carolina (Primary) CutisPharma Holdings, Inc. $69.92 NovaQuest Capital Management, L.L.C. acquired CutisPharma Holdings, Inc. for $69.9 million on March 21, 2018.
3/30/2018 ServiceMaster Global Holdings, Inc. (NYSE:SERV) Consumer Discretionary (Primary) ServiceMaster Global Holdings, Inc. provides residential and commercial services in the United States. Tennessee (Primary) Copesan Services, Inc. $150.00 ServiceMaster Global Holdings, Inc. (NYSE:SERV) entered into an agreement to acquire Copesan Services, Inc. for approximately $150 million on February 26, 2018.
3/31/2018 Mueller Industries, Inc. (NYSE:MLI) Capital Goods (Primary); Mueller Industries, Inc. manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, plastic fittings, line sets, and related components for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems. Tennessee (Primary) Die-Mold Tool Ltd. $12.50 “Mueller Industries, Inc. (NYSE:MLI) acquired Die-Mold Tool Limited for $12.5 million on March 31, 2018.
4/1/2018 Franklin Synergy Bank Banks (Primary); Franklin Synergy Bank, a community bank, offers personal and business banking products and services. Tennessee (Primary) Civic Bank & Trust $28.34 Franklin Synergy Bank signed a definitive agreement to acquire Civic Bank & Trust for $28.6 million on December 14, 2015.
4/2/2018 South Atlantic Bancshares, Inc. (OTCPK:SABK) Banks (Primary); South Atlantic Bancshares, Inc. operates as the bank holding company for South Atlantic Bank that provides various banking products and services to individuals and businesses primarily in Horry, Georgetown, and Charleston counties, South Carolina. South Carolina (Primary) Atlantic Bancshares, Inc. $17.80 South Atlantic Bancshares, Inc. (OTCPK:SABK) signed a definitive merger agreement to acquire Atlantic Bancshares, Inc. (OTCPK:ATBA) for $16.5 million on December 13, 2017.
4/3/2018 Curtiss-Wright Corporation (NYSE:CW) Aerospace and Defense (Primary) Curtiss-Wright Corporation, together with its subsidiaries, designs, manufactures, and overhauls precision components, and engineered products and services primarily to the aerospace, defense, general industrial, and power generation markets worldwide. North Carolina (Primary) Government Business of Dresser-Rand Group Inc. $212.50 Curtiss-Wright Corporation (NYSE:CW) entered into an agreement to acquire government business of Dresser-Rand Group Inc. for approximately $210 million on February 19, 2018.
4/3/2018 Providence Bank Banks (Primary); Providence Bank provides banking products and services in North Carolina. North Carolina (Primary) CB Financial Corporation $11.17 Providence Bank signed a definitive strategic merger agreement to acquire CB Financial Corporation (OTCPK:CBFA) for $11.2 million on July 31, 2017.
4/3/2018 V.F. Corporation (NYSE:VFC) Accessories (Primary) V.F. Corporation engages in the design, production, procurement, marketing, and distribution of branded lifestyle apparel, footwear, and related products for men, women, and children in the Americas, Europe, and the Asia Pacific. North Carolina (Primary) Icebreaker New Zealand Ltd. $288.00 1.92x V.F. Corporation (NYSE:VFC) signed a definitive purchase agreement to acquire Icebreaker New Zealand Ltd. from Pencarrow IV Investment Fund, L.P., fund of Pencarrow Private Equity Ltd. and other shareholders on November 1, 2017.
4/6/2018 Invesco Ltd. (NYSE:IVZ) Asset Management and Custody Banks (Primary) Invesco Ltd. is a publicly owned investment manager. Georgia (Primary) Accretive Asset Management and Guggenheim Specialized Products and Other Assets of ETF Business $1,200.00 Invesco Ltd. (NYSE:IVZ) entered into a transaction agreement to acquire Accretive Asset Management LLC and Guggenheim Specialized Products, LLC and other assets of ETF business from Guggenheim Investments, Inc. for $1.2 billion on September 28, 2017.
4/12/2018 Sonoco Plastics, Inc. Containers and Packaging (Primary) Sonoco Plastics, Inc. manufactures plastic packaging products. South Carolina (Primary) Highland Packaging Solutions, Inc. $150.00 1.67x 6.50x Sonoco Plastics, Inc. entered into an agreement to acquire Highland Packaging Solutions, Inc. from Steven L. Maxwell, John Durham, John Allen Baird, Roger Dale Hanna, William Raymond Clark and Hal Scott Lindley for approximately $150 million on March 21, 2018.
4/13/2018 BlueLinx Corporation Building Product Distribution (Primary); BlueLinx Corporation distributes building products in North America. Georgia (Primary) Cedar Creek Holdings, Inc. $413.00 BlueLinx Corporation entered into definitive agreement to acquire Cedar Creek Holdings, Inc. from Charlesbank Equity Partners VII, L.P., managed by Charlesbank Capital Partners, LLC, and others for approximately $410 million, on a cash and debt free basis on March 9, 2018.
4/16/2018 Diversey, Inc. Air Fresheners (Primary) Diversey, Inc. manufactures and markets cleaning and hygiene products worldwide. North Carolina (Primary) Zenith Hygiene Group PLC $129.58 1.45x 16.87x 38.53x Diversey, Inc. entered into an agreement to acquire Zenith Hygiene Group PLC for £71.7 million on October 9, 2017.
4/27/2018 Martin Marietta Materials, Inc. (NYSE:MLM) Cement, Hydraulic (Primary) Martin Marietta Materials, Inc., a natural-resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. North Carolina (Primary) Bluegrass Materials Company, LLC $1,625.00 Martin Marietta Materials, Inc. (NYSE:MLM) entered into a definitive agreement to acquire Bluegrass Materials Company, LLC from Panadero Aggregates Holdings LLC for $1.6 billion on June 23, 2017.
4/30/2018 Total System Services, Inc. (NYSE:TSS) Data Processing and Entry Services (Primary); Total System Services, Inc. provides payment processing, merchant, and related payment services to financial and nonfinancial institutions worldwide. Georgia (Primary) Central Payment Corporation $126.00 “Total System Services, Inc. (NYSE:TSS) acquired 15% stake in Central Payment Corporation for approximately $130 million in April 2018.
5/1/2018 First-Citizens Bank & Trust Company Banks (Primary) First-Citizens Bank & Trust Company, a state-chartered commercial bank, provides banking services to individuals, businesses, professionals, and the medical community. North Carolina (Primary) HomeBancorp, Inc. $113.60 First-Citizens Bank & Trust Company signed a definitive merger agreement to acquire HomeBancorp, Inc. for approximately $110 million on December 18, 2017.
5/1/2018 SmartFinancial, Inc. (NasdaqCM:SMBK) Banks (Primary); SmartFinancial, Inc. operates as the bank holding company for the SmartBank that provides various financial services to individuals and corporate customers in the United States. Tennessee (Primary) Tennessee Bancshares, Inc. $31.80 SmartFinancial, Inc. (NasdaqCM:SMBK) signed a definitive merger agreement to acquire Tennessee Bancshares, Inc. for $31.8 million on December 12, 2017.
5/3/2018 The Kroger Co. (NYSE:KR); Harris Teeter, Inc.; Food Lion, LLC Food Lion, LLC (Consumer Staples (Primary) Food Lion, LLC operates a chain of grocery stores in Southeastern and Mid-Atlantic states.

Harris Teeter, Inc.
Harris Teeter, Inc. operates retail and grocery stores, and a fuel center.

The Kroger Co. (NYSE:KR)
The Kroger Co., together with its subsidiaries, operates as a retailer in the United States.

Food Lion, LLC (North Carolina (Primary));

Harris Teeter, Inc. (North Carolina (Primary))

21 Farm Fresh Stores of SUPERVALU Inc. $43.00 Harris Teeter, Inc., The Kroger Co. (NYSE:KR) and Food Lion, LLC agreed to acquire 21 farm fresh stores of SUPERVALU Inc. (NYSE:SVU) for $43 million on March 14, 2018.
5/9/2018 South Carolina Electric & Gas Company Electric Power Distribution (Primary) South Carolina Electric & Gas Company generates, transmits, distributes, and sells electricity primarily in the United States. South Carolina (Primary) Columbia Energy LLC, Columbia Energy Center Plant $180.00 South Carolina Electric & Gas Company entered into an agreement to acquire Columbia Energy Center plant from LS Power Equity Partners for approximately $180 million on November 16, 2017.
5/10/2018 EVO Payments, Inc. (NasdaqGS:EVOP) Data Processing and Outsourced Services (Primary) EVO Payments International, LLC provides merchant acquisition and payment processing services in North America and Europe. Georgia (Primary) Nodus Technologies, Inc. $18.00 “EVO Payments International, LLC acquired Nodus Technologies, Inc. for $18 million on May 10, 2018.
5/25/2018 Ameris Bancorp (NasdaqGS:ABCB) Banks (Primary Ameris Bancorp operates as the holding company for Ameris Bank that provides banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, and South Carolina. Georgia (Primary) Atlantic Coast Financial Corporation $147.11 Ameris Bancorp (NasdaqGS:ABCB) entered into a definitive agreement to acquire Atlantic Coast Financial Corporation (NasdaqGM:ACFC) for approximately $150 million in October 2017.
5/25/2018 Attis Industries, Inc. (NasdaqCM:ATIS) Commercial and Professional Services (Primary); Attis Industries, Inc., a technology company, focuses on biomass innovation and healthcare technologies. Georgia (Primary) FLUX Carbon LLC $18.00 Attis Industries, Inc. (NasdaqCM:ATIS) acquired 80% stake in FLUX Cardon LLC from GreenShift Corporation (OTCPK:GERS) for $18 million on May 25, 2018.
5/25/2018 Privet Fund Management, LLC Asset Management and Custody Banks (Primary); Privet Fund Management, LLC is an employee owned hedge fund sponsor. Georgia (Primary) Hardinge Inc. $217.20 Privet Fund LP, a fund managed by Privet Fund Management, LLC made an indication of interest to acquire remaining stake in Hardinge Inc. (NasdaqGS:HDNG) for approximately $200 million on November 2, 2017.
6/1/2018 Ebix, Inc. (NasdaqGS:EBIX); Ebix Fincorp Exchange Pte Ltd Ebix, Inc. (NasdaqGS:EBIX) (Application Software (Primary) “Ebix Fincorp Exchange Pte Ltd
Ebix Fincorp Exchange Pte Ltd was founded in 2017 and is based in Singapore.

Ebix, Inc. (NasdaqGS:EBIX)
Ebix, Inc. provides software and e-commerce solutions to insurance, finance, and healthcare industries.”

Ebix, Inc. (NasdaqGS:EBIX) (Georgia (Primary)) CentrumDirect Limited $175.00 Ebix, Inc. (NasdaqGS:EBIX) and Ebix Fincorp Exchange Pte Ltd entered into a share purchase agreement to acquire 96.44% stake in CentrumDirect Limited from Centrum Retail Services Limited for INR 12 billion on April 2, 2018.
6/1/2018 Gypsum Management & Supply, Inc. Georgia (Primary) WSB Titan Inc. $627.00 Gypsum Management & Supply, Inc. entered into a securities purchase agreement to acquire WSB Titan Inc. from TorQuest Partners, Inc. and Titan`s current management for approximately $630 million on April 5, 2018.
6/7/2018 SPX Corporation (NYSE:SPXC) Capital Goods (Primary); SPX Corporation supplies infrastructure equipment serving the heating and ventilation (HVAC), detection and measurement, power transmission and generation, and industrial markets in the United States, China, South Africa, the United Kingdom, and internationally. North Carolina (Primary) ELXSI Corporation $189.00 SPX Corporation (NYSE:SPXC) entered into a definitive agreement to acquire ELXSI Corporation (OTCPK:ELXS) for approximately $190 million on April 22, 2018.

Deal criteria included transactions with Enterprise Value greater than $10MM only. Source: S&P CapitalIQ

(Return to Table of Contents)


Southeast Sellers

Which Sellers Closed Transactions in Your State? See Below.

(Closed M&A Transactions YTD 2018 thru June 8)

Two notable sales in the Southeast in the first half of 2018 includes Snyder’s-Lance sale to Campbell Soup Company for $6.13Bn and Regal Cinemas merger with Cineworld, based in London.

Most Active Buyers/Investors by Number of Transactions

Company Name Transactions
Br Alamance, Dst 2
Anthem, Inc. (NYSE:ANTM) 1
AP Ocean Acquisitions, LLC 1
Apple Nine Hospitality Ownership, Inc. 1
Campbell Soup Company (NYSE:CPB) 1
Carvana Group, LLC 1
Cineworld Group plc (LSE:CINE) 1
Clayton, Dubilier & Rice, Inc. 1
Condor Hospitality Trust, Inc. (AMEX:CDOR) 1
Continental Hospitality Group, LLC 1

Most Active Buyers/Investors by Total Transaction Size

Company Name Total Transaction Size ($MM)
Discovery, Inc. (NasdaqGS:DISC.A) $15,426.82
Campbell Soup Company (NYSE:CPB) $6,136.28
Cineworld Group plc (LSE:CINE) $6,082.56
Clayton, Dubilier & Rice, Inc. $2,332.03
Anthem, Inc. (NYSE:ANTM) $1,700.00
Intercontinental Exchange, Inc. (NYSE:ICE) $400.00
TowneBank (NasdaqGS:TOWN) $327.85
Entertainment Studios Inc. $300.00
Piedmont Healthcare, Inc. $280.00
Koppers Inc. $200.00

Summary of Average M&A Market

Valuation Summary Valuation (USD in MM)
Total Deal Value($mm): $34,163.31
Average Deal Value: $1,004.80
Average TEV/Revenue: 2.53x
Average TEV/EBITDA: 12.75x

Disclosed Deal Values

Number of Deals by Transaction Ranges Deals
Greater than $1 billion 5
$500 – $999.9mm 0
$100 – $499.9mm 5
Less than $100mm 24
Undisclosed 0

Deal criteria included transactions with Enterprise Value greater than $10MM only. Source: S&P CapitalIQ

Selected Transactions

M&A Closed Date Target/Issuer Industry Classifications [Target/Issuer] Short Business Description [Target/Issuer] Geographic Locations [Target/Issuer] Buyers/Investors Total Transaction Value ($USDmm, Historical rate) Implied Enterprise Value/Revenues (x) Implied Enterprise Value/EBITDA (x) Implied Enterprise Value/EBIT (x) Transaction Comments
01/01/2018 Community First, Inc. Banks (Primary) As of January 1, 2018, Community First Inc. was acquired by Reliant Bancorp, Inc.. Tennessee (Primary) Reliant Bancorp, Inc. (NasdaqCM:RBNC) $58.99 Commerce Union Bancshares, Inc. (NasdaqCM:CUBN) entered into an agreement and plan of merger to acquire Community First Inc. for $59 million on August 22, 2017.
01/02/2018 KCG BondPoint, Inc. Capital Markets (Primary) KCG BondPoint, Inc. develops and provides electronic access and trade execution products for the fixed income market. Georgia (Primary) Intercontinental Exchange, Inc. (NYSE:ICE) $400.00 Intercontinental Exchange, Inc. (NYSE:ICE) entered into an asset purchase agreement to acquire KCG BondPoint, Inc. from Virtu Financial LLC for $400 million on October 24, 2017.
02/19/2018 FitMetrix, Inc. Application Software (Primary) FitMetrix, Inc. develops and provides software technology for real-time tracking of effort put by wellness seekers. Georgia (Primary) MINDBODY, Inc. (NasdaqGM:MB) $15.50 MINDBODY, Inc. (NasdaqGM:MB) acquired FitMetrix, Inc. for $15.5 million on February 19, 2018.
03/22/2018 Weather Group Television, LLC Broadcasting (Primary) Weather Group Television, LLC operates a television network for weather information. Georgia (Primary) Entertainment Studios Inc. $300.00 Entertainment Studios Inc. acquired Weather Group Television LLC from Bain Capital Private Equity LP, The Blackstone Group LP (NYSE:BX) and NBCUniversal LLC in a transaction valued at about $300 million on March 22, 2018.
04/12/2018 Car360, Inc. Application Software (Primary) Car360, Inc. designs and develops self-rotating camera application for mobile phones that clicks a 360 image of cars to increase automotive sales. Georgia (Primary) Carvana Group, LLC $21.90 Carvana Group, LLC entered into a definitive purchase and sale agreement to acquire Car360, Inc. from Service Provider Capital, LLC, BIP Capital, Radical Investments and other shareholders for $21.9 million on April 12, 2018.
04/23/2018 Attis Operations Inc. Commercial and Professional Services (Primary) Attis Operations Inc. provides solid waste management services. Georgia (Primary) Warren Equity Partners, LLC $90.00 Warren Equity Partners Fund II, L.P., managed by Warren Equity Partners, LLC, entered into definitive agreement to acquire Meridian Waste Operations, Inc. from Meridian Waste Solutions, Inc. (NASDAQ: MRDN) for $90 million on February 19, 2018.
06/04/2018 PowerPlan, Inc. Application Software (Primary) PowerPlan, Inc. provides regulatory, tax, and budgeting solutions for asset-centric businesses. Georgia (Primary) Roper Technologies, Inc. (NYSE:ROP) $1,110.00 Roper Technologies, Inc. (NYSE:ROP) entered into a definitive agreement to acquire PowerPlan, Inc. from Thoma Bravo Fund XI, L.P., a fund managed by Thoma Bravo, LLC for $1.1 billion on May 21, 2018.
01/26/2018 Paragon Commercial Corporation Banks (Primary) Paragon Commercial Corporation operates as the bank holding company for Paragon Commercial Bank that provides various banking products and services to individuals and small to medium-sized businesses located in the Raleigh, North Carolina market and surrounding areas in the United States. North Carolina (Primary) TowneBank (NasdaqGS:TOWN) $327.85 TowneBank (NasdaqGS:TOWN) entered into a definitive merger agreement to acquire Paragon Commercial Corporation (NasdaqCM:PBNC) for approximately $330 million on April 26, 2017.
01/31/2018 Precision Hydraulic Cylinders Inc. Capital Goods (Primary) Precision Hydraulic Cylinders Inc. designs, develops, manufactures, and supplies hydraulic cylinders. North Carolina (Primary) Leggett & Platt, Incorporated (NYSE:LEG) $85.00 Leggett & Platt, Incorporated (NYSE:LEG) acquired Precision Hydraulic Cylinders Inc. for $85 million on January 31, 2018.
03/01/2018 Piedmont Columbus Regional Healthcare (Primary) Piedmont Columbus Regional provides healthcare and wellness programs in North and South Carolina. North Carolina (Primary) Piedmont Healthcare, Inc. $280.00 Piedmont Healthcare, Inc. signed a letter of intent to acquire Columbus Regional Healthcare System for approximately $280 million on May 8, 2017.
03/21/2018 CutisPharma Holdings, Inc. CutisPharma Holdings, Inc. operates in the healthcare industry focusing on pharmaceutical business. North Carolina (Primary) NovaQuest Capital Management, L.L.C. $69.92 NovaQuest Capital Management, L.L.C. acquired CutisPharma Holdings, Inc. for $69.9 million on March 21, 2018. Of the total consideration, $19.92 million in securities were issued in connection with an acquisition and $50 million in securities were issued for cash.
03/26/2018 Snyder’s-Lance, Inc. Bread and Bakery Products (Primary) Snyder’s-Lance, Inc. engages in the manufacture, distribution, marketing, and sale of snack food products in North America and Europe. North Carolina (Primary) Campbell Soup Company (NYSE:CPB) $6,136.28 2.74x 21.71x 33.42x Campbell Soup Company (NYSE:CPB) entered into an agreement to acquire Snyder’s-Lance, Inc. (NasdaqGS:LNCE) from certain members of Warehime family and others for $4.9 billion on December 18, 2017.
04/03/2018 CB Financial Corporation Banks (Primary) As of April 3, 2018, CB Financial Corporation was acquired by Providence Bank. North Carolina (Primary) Providence Bank $11.17 Providence Bank signed a definitive strategic merger agreement to acquire CB Financial Corporation (OTCPK:CBFA) for $11.2 million on July 31, 2017.
04/05/2018 Element Genomics, Inc. Biotechnology (Primary) Element Genomics, Inc., a biotechnology company, focuses on genomics and diagnostics. North Carolina (Primary) UCB SA (ENXTBR:UCB) $30.00 UCB SA (ENXTBR:UCB) acquired Element Genomics, Inc. from Duke University for $30 million on April 5, 2018.
04/12/2018 Ply Gem Holdings, Inc Building Products (Primary) Ply Gem Holdings, Inc. manufactures and sells residential and commercial building products in the United States and Canada. North Carolina (Primary) Clayton, Dubilier & Rice, Inc. $2,332.03 1.10x 9.94x 12.97x Clayton, Dubilier & Rice, Inc. (‘CDR’) entered into a definitive agreement to acquire Ply Gem Holdings, Inc (NYSE:PGEM) (‘Ply’) from Caxton-Iseman (Ply Gem) LP and Caxton-Iseman (Ply Gem) II LP, both funds managed by CI Capital Partners LLC, and other shareholders for $1.5 billion on January 31, 2018.
01/23/2018 Independence Bancshares, Inc. Banks (Primary) Independence Bancshares, Inc. operates as the bank holding company for Independence National Bank that provides various banking products and services primarily in Greenville County, South Carolina. South Carolina (Primary) First Reliance Bancshares, Inc. (OTCBB:FSRL) $10.99 First Reliance Bancshares, Inc. (OTCBB:FSRL) entered into a letter of intent agreement to acquire Independence Bancshares, Inc. (OTCPK:IEBS) on June 27, 2017. Under the terms of the agreement, First Reliance will offer cash price of $10.9 million, structured as redemption in full of the Series A preferred shares with the remaining proceeds payable to the common shares.
02/15/2018 America’s 1st Choice Financials (Primary) America’s 1st Choice operates as medicare advantage organization that offers health maintenance organization (HMO) products, including chronic special needs plans (C-SNP) and dual-eligible special needs plans. South Carolina (Primary) Anthem, Inc. (NYSE:ANTM) $1,700.00 Anthem, Inc. (NYSE:ANTM) entered into an agreement to acquire America’s 1st Choice from Kiran Patel on October 24, 2017. Anthem, Inc intends to use proceeds of $5.5 billion from the sale of senior unsubordinated unsecured notes to fund the transaction.
04/02/2018 Atlantic Bancshares, Inc. Banks (Primary) As of April 2, 2018, Atlantic Bancshares, Inc. was acquired by South Atlantic Bancshares, Inc. Atlantic Bancshares, Inc. operates as the bank holding company for Atlantic Community Bank that provides banking products and services to individuals and small businesses primarily in Beaufort County region of South Carolina. South Carolina (Primary) South Atlantic Bancshares, Inc. (OTCPK:SABK) $17.80 South Atlantic Bancshares, Inc. (OTCPK:SABK) signed a definitive merger agreement to acquire Atlantic Bancshares, Inc. (OTCPK:ATBA) for $16.5 million on December 13, 2017.
04/02/2018 Coastal Banking Company, Inc. Banks (Primary) As of April 2, 2018, Coastal Banking Company, Inc. was acquired by First Federal Bancorp Inc. Coastal Banking Company, Inc. operates as the bank holding company for CBC National Bank that provides commercial and consumer banking services. South Carolina (Primary) First Federal Bancorp Inc. $90.93 First Federal Bancorp Inc. entered into definitive agreement to acquire Coastal Banking Company, Inc. (OTCPK:CBCO) for $78.9 million on November 7, 2017.
04/10/2018 ESP Associates, Inc. Capital Goods (Primary) ESP Associates, Inc. provides engineering, surveying, and planning services for public and private clients. South Carolina (Primary) Strength Capital $46.00 Strength Capital and others acquired unknown majority stake in ESP Associates Inc. for $46 million on April 10, 2018.
04/10/2018 Utility and Industrial Products unit of Koppers Forest Products (Primary) Utility and Industrial Products unit of Koppers manufactures utility poles for cooperative and municipal utility companies. South Carolina (Primary) Koppers Inc. $200.00 Koppers Inc. signed an agreement to acquire Cox Industries, Inc. for approximately $200 million on April 10, 2018.
02/28/2018 Regal Entertainment Group Consumer Discretionary (Primary) Regal Entertainment Group, together with its subsidiaries, operates as a motion picture exhibitor in the United States. Tennessee (Primary) Cineworld Group plc (LSE:CINE) $6,082.56 1.89x 9.84x 16.69x Cineworld Group plc (LSE:CINE) (“Cineworld”) entered into agreement and plan of merger to acquire Regal Entertainment Group (NYSE:RGC) (“Regal”) from The Anschutz Corporation and other shareholders for $3.6 billion on December 5, 2017.
03/02/2018 Nashville Superspeedway in Lebanon, Tennessee Consumer Discretionary (Primary) As of March 2, 2018, Nashville Superspeedway in Lebanon, Tennessee was acquired by Panattoni Development Company, Inc. Nashville Speedway Usa, Inc., Nashville Superspeedway in Lebanon, Tennessee comprises a motor racing complex spread over an area of 1,400 acres of land. Tennessee (Primary) Panattoni Development Company, Inc. $44.70 Panattoni Development Company, Inc. entered into a definitive agreement to acquire Nashville Superspeedway facility from Nashville Speedway U.S.A., Inc. for $44.7 million on August 25, 2016.
03/06/2018 Scripps Networks Interactive, Inc. Broadcasting (Primary) As of March 6, 2018, Scripps Networks Interactive, Inc. was acquired by Discovery Communications, Inc. Scripps Networks Interactive, Inc. develops lifestyle-oriented content in the United States, the United Kingdom and other European markets, the Middle East and Africa, the Asia-Pacific, and Latin America. Tennessee (Primary) Discovery, Inc. (NasdaqGS:DISC.A) $15,426.82 4.41x 9.54x 10.64x Discovery Communications, Inc. (NasdaqGS:DISC.A) (‘Discovery’) entered into a definitive agreement to acquire Scripps Networks Interactive, Inc. (NasdaqGS:SNI) (‘SNI’) from Scripps family, Miramar Services Inc. and other shareholders for $12.1 billion on July 30, 2017.
04/01/2018 Civic Bank & Trust Banks (Primary) As of April 1, 2018, Civic Bank & Trust was acquired by Franklin Synergy Bank. Tennessee (Primary) Franklin Synergy Bank $28.34 Franklin Synergy Bank signed a definitive agreement to acquire Civic Bank & Trust for $28.6 million on December 14, 2015.
05/01/2018 Tennessee Bancshares, Inc. Banks (Primary) As of May 1, 2018, Tennessee Bancshares, Inc. was acquired by SmartFinancial, Inc. Tennessee Bancshares, Inc. operates as a bank holding company for Southern Community Bank which provides banking products and services. Tennessee (Primary) SmartFinancial, Inc. (NasdaqCM:SMBK) $31.80 SmartFinancial, Inc. (NasdaqCM:SMBK) signed a definitive merger agreement to acquire Tennessee Bancshares, Inc. for $31.8 million on December 12, 2017.

Deal criteria included transactions with Enterprise Value greater than $10MM only. Source: S&P CapitalIQ

(Return to Table of Contents)


Southeast Private Placement

North Carolina & Georgia Receive 82% of the Southeast’s Private Placement Capital

Issuers raised over $1.6Bn in private placements thus far in 2018 in 75 transactions. IT, healthcare and consumer discretionary incurred the greatest activity. NC companies raised $850MM, Georgia companies raised $495MM, TN-based companies raised $197MM and SC raised $91MM.

Transactions by Sector

Sector Transactions
Real Estate 1
Materials 1
Industrials 7
Consumer Discretionary 10
Consumer Staples 6
Healthcare 14
Financials 9
Information Technology 27
Telecommunication Services 0
Utilities 0

Most Active Buyers/Investors by Total Transaction Size

Company Name Total Transaction Size ($MM)
Compagnie du Bois Sauvage SA, Investment Arm $128.00
Bespoke Capital Partners, LLC $128.00
Yamaha Motor Ventures & Laboratory Silicon Valley, Inc. $75.00
PointState Capital LP $75.00
Constellation Technology Ventures $75.00
Verizon Ventures $75.00
Syngenta Ventures $75.00
Indiana University System, Investment arm $75.00
NTT Docomo Ventures, Inc. $75.00

Most Active Buyers/Investors

Company Transactions
TechOperators LLC 3
Alerion Ventures, LLC 2
Duke Angel Network 2
NBKC Bank 2
New Enterprise Associates 2
Salesforce Ventures 2
SunTrust Equity Funding, LLC 2
Triangle Angel Partners 2
Ally Ventures 1
Altitude Ventures Management, Llc 1

Disclosed Deal Values

Number of Deals by Transaction Ranges Deals
Greater than $1 billion 0
$500 – $999.9mm 0
$100 – $499.9mm 0
Less than $100mm 0
Undisclosed 0

Deal criteria included transactions with capital raised equal to or greater than $2MM only. Source: S&P CapitalIQ

Selected Transactions

Private Placement Closed Date Target/Issuer Industry Classifications [Target/Issuer] Geographic Locations [Target/Issuer] Short Business Description [Target/Issuer] Buyers/Investors Total Transaction Value ($USDmm, Historical rate) Use of Proceeds Private Placement Features
04/20/2018 Lirio, LLC Information Technology (Primary) Tennessee (Primary) Advisor Strategies, LLC develops communication software for financial advisors. $2.25 Minority Stake Investment; Regulation D
04/16/2018 Clutch, Inc. Consumer Staples (Primary) North Carolina (Primary) Clutch, Inc., doing business as Carpe, develops and manufactures antiperspirant hand and foot lotions. LaunchCapital LLC; Rubicon Venture Capital; Triangle Angel Partners; Duke Angel Network; The Carolina Angel Network $2.30 Clutch, Inc. will use the proceeds to bring more life-changing products to an even larger audience, to fight Hyperhidrosis. Individual Investors Participated; Minority Stake Investment; Multiple Tranches; Regulation D
03/07/2018 Woodland Holdings Corp. Industrials (Primary) Tennessee (Primary) Woodland Holdings Corp. manufactures and commercializes carbon fiber plasma oxidation ovens. $2.34 Woodland Holdings Corp. will use the proceeds of $170,000 to pay its executives. Minority Stake Investment; Regulation D
04/13/2018 Soteria LLC Information Technology (Primary) South Carolina (Primary) Soteria LLC operates as a security consulting company and data analytics company focused on the incident response sector. $2.48 Minority Stake Investment; Regulation D
05/15/2018 Innovative Capital Corporation Industrials (Primary) North Carolina (Primary) Provides Equipment Rental Or Leasing Services (100%). $2.50 Convertible Debt; Mezzanine; Regulation D
04/10/2018 GlyEco, Inc. (OTCPK:GLYE) Industrials (Primary) South Carolina (Primary) GlyEco, Inc., a specialty chemical company, develops, manufactures, and distributes performance fluids for the automotive, commercial, and industrial markets in North America. $2.50 GlyEco, Inc. will use the proceeds for working capital and general corporate purposes. Individual Investors Participated; Multiple Tranches; Regulation D; Warrants
02/23/2018 MindCare Solutions Group, Inc. Healthcare (Primary) Tennessee (Primary) MindCare Solutions Group, Inc. operates as a tele-behavioral healthcare company that blends a consultative methodology with the delivery of behavioral health treatment to tackle the complex issues. $2.50 MindCare Solutions Group, Inc. will use the proceeds for payment of salaries of certain of the officers in ordinary course. Convertible Debt; Mezzanine; Regulation D
02/14/2018 First Information Technology (Primary) North Carolina (Primary) First develops software solutions for the real estate industry. $2.50 Minority Stake Investment; Regulation D
05/14/2018 RHB Holdco, LLC Consumer Discretionary (Primary) North Carolina (Primary) RHB Holdco, LLC owns and operates restaurant. $2.53 Minority Stake Investment; Regulation D
02/12/2018 Volantio Inc. Information Technology (Primary) Georgia (Primary) Volantio Inc. provides technology to help travel suppliers better engage and retain their customer. Ingleside Investors, LLC; International Consolidated Airlines Group, S.A. (LSE:IAG); JetBlue Technology Ventures; Qantas Ventures $2.60 Volantio Inc. will use the proceeds to hire about five software developers and will likely stretch its legs into new office space at Flatiron. Foreign Investment; Minority Stake Investment
04/18/2018 Stord, Inc. Industrials (Primary) Georgia (Primary) Stord, Inc. provides warehousing and distribution services. $2.63 Minority Stake Investment; Regulation D
01/10/2018 SANUWAVE Health, Inc. (OTCPK:SNWV) Healthcare (Primary) Georgia (Primary) SANUWAVE Health, Inc., a shock wave technology company, focuses on the development and commercialization of noninvasive, high-energy, and acoustic shock waves for regenerative medicine and other applications worldwide. Premier Shockwave, Inc. $2.90 SANUWAVE Health, Inc. will use the proceeds for working capital and general corporate purposes. Convertible Debt; Multiple Tranches; Regulation D; Warrants
03/29/2018 Carolina Trust BancShares, Inc. (NasdaqCM:CART) Financials (Primary) North Carolina (Primary) Carolina Trust BancShares, Inc. operates as the bank holding company for Carolina Trust Bank, a state chartered bank that provides commercial banking products and services for individuals and businesses. $3.00
02/01/2018 Heatworks Technologies, Inc. Consumer Discretionary (Primary) South Carolina (Primary) Heatworks Technologies, Inc. manufactures water heaters for household applications in the United States. $3.00 Minority Stake Investment; Multiple Tranches; Regulation D
01/26/2018 Lea(R)n, Inc. Information Technology (Primary) North Carolina (Primary) Lea(R)n, Inc. operates LearnPlatform, an edtech management platform that enables educators to manage, measure, and improve impact across their learning ecosystem. New Markets Venture Partners; Emerson Collective LLC $3.20 Lea(R)n, Inc. will use the proceeds to enhance its product offerings, expand its services to more educational institutions, and their partners. Minority Stake Investment; Regulation D
03/29/2018 DataOceans, LLC Information Technology (Primary) Georgia (Primary) DataOceans, LLC provides software solutions and services that unlock data from multiple existing legacy and non-legacy systems. $3.29 Minority Stake Investment; Multiple Tranches; Regulation D
05/14/2018 Kill Cliff, Inc. Consumer Staples (Primary) Georgia (Primary) Kill Cliff, Inc. produces and markets soft drinks. $3.50 Minority Stake Investment; Regulation D
04/13/2018 Somnoware Healthcare Systems Inc. Healthcare (Primary) North Carolina (Primary) Somnoware Healthcare Systems Inc. provides integrated sleep management software for the sleep industry. $3.50 Somnoware Healthcare Systems Inc. will use the proceeds to further fuel the company’s rapid market expansion and enable development of key artificial intelligence technologies. Minority Stake Investment
04/18/2018 Guerrilla RF, Inc. Information Technology (Primary) North Carolina (Primary) Guerrilla RF, Inc. develops and manufactures monolithic microwave integrated circuits for wireless infrastructure market. $3.80 Guerrilla RF, Inc. will use $175,000 of the proceeds to pay its executive officers, directors or promoters. Individual Investors Participated; Minority Stake Investment; Regulation D
04/13/2018 American Global Logistics, LLC Industrials (Primary) Georgia (Primary) American Global Logistics, LLC provides multi-modal transportation, customs brokerage, compliance consultation, carrier allocation management, warehousing, distribution, and advanced purchase order management services. $4.00 Minority Stake Investment; Regulation D
05/09/2018 Bonci USA, LLC Consumer Discretionary (Primary) Tennessee (Primary) Bonci USA, LLC owns and operates restaurant. $4.84 Minority Stake Investment; Regulation D
04/18/2018 Grid Therapeutics, LLC Healthcare (Primary) North Carolina (Primary) Grid Therapeutics, LLC researches and develops cancer therapeutics applying a platform to develop human derived antibodies against novel targets. Milestone Holdings $5.00 Grid Therapeutics, LLC will use the proceeds for working capital, which may include normal compensation to executive officers, to accelerate & expand the development of the company’s lead therapeutic candidate, Grid Therapeutics103 and to prepare for clinical trials in cancer patients scheduled to commence in early 2019. Individual Investors Participated; Minority Stake Investment; Multiple Tranches; Regulation D
02/20/2018 Crystal Project Inc. Information Technology (Primary) Tennessee (Primary) Crystal Project Inc. provides a software platform that enables users to communicate with coworkers, prospects, and customers based on their personality. Birchmere Ventures; HubSpot, Inc. (NYSE:HUBS); Falmouth Ventures, LLC; Salesforce Ventures $5.00 Crystal Project Inc. will use the proceeds to expand its engineering team, grow its assessment and outreach products, and pursue new integrations Minority Stake Investment
02/01/2018 SaaSOptics, LLC Information Technology (Primary) Georgia (Primary) SaaSOptics, LLC develops and operates a cloud-based subscription management solution for B2B software-as-a-service (SaaS) and subscription based businesses. Fulcrum Equity Partners, Inc.; Techstars Ventures; Duke Angel Network $5.00 SaaSOptics, LLC will use the proceeds to scale their sales and marketing organizations, while also continuing to invest heavily in customer success, new products and integrations. Individual Investors Participated; Minority Stake Investment; Regulation D
05/18/2018 Clinical Ink, Inc. Healthcare (Primary) North Carolina (Primary) Clinical Ink, Inc. provides eSource solutions and patient engagement technologies for clinical trials data capture. $5.31 Minority Stake Investment; Regulation D
05/08/2018 JumpCrew LLC Consumer Discretionary (Primary) Tennessee (Primary) JumpCrew LLC provides sales and marketing solutions. Hinsdale Limited Liability Company $5.40 JumpCrew LLC will use the proceeds to scale the rapidly growing business, accelerate client onboarding, allow for strategic acquisitions, and it will be investing in 100 more professionals this year. Minority Stake Investment
01/18/2018 Quintevents, LLC Consumer Discretionary (Primary) North Carolina (Primary) Quintevents, LLC provides travel, incentive, and event management services for individuals, large groups, and corporate events. Causeway Management LLC $5.50 Quintevents, LLC will use the proceeds to accelerate growth in its domestic and international business units. Minority Stake Investment; Regulation D
01/12/2018 Ameris Bancorp (NasdaqGS:ABCB) Financials (Primary) Georgia (Primary) Ameris Bancorp operates as the holding company for Ameris Bank that provides banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, and South Carolina. $5.60 Minority Stake Investment; Regulation D
04/09/2018 Camras Vision, Inc. Healthcare (Primary) North Carolina (Primary) Camras Vision, Inc. designs, develops, and manufactures ophthalmic medical device for glaucoma sufferers under the name Camras Shunt. Pilot Mountain Ventures; Imaf Coastal Plain LLC; Triangle Angel Partners; V Capital; InFocus Capital Partners $5.70 Camras Vision, Inc. will use the funding to support four clinical trials globally, including a pilot study in the United States, to study the efficacy of its device for the treatment of refractory glaucoma. Foreign Investment; Individual Investors Participated; Minority Stake Investment
04/17/2018 Understory, LLC Information Technology (Primary) Georgia (Primary) Understory, LLC develops a platform that makes online content and learning communal. $6.00 Understory, LLC will use the proceeds to accelerate development and marketing efforts for the onQ solution. Minority Stake Investment; Regulation D
01/19/2018 Lori Systems Corp. Information Technology (Primary) Georgia (Primary) Lori Systems Corp. provides logistics platform for cargo-transport value chain in Africa. $6.17 Minority Stake Investment; Regulation D
02/09/2018 Aqueti, Incorporated Consumer Discretionary (Primary) North Carolina (Primary) Aqueti, Incorporated manufactures cameras based on cloud based technology. CAS Star; AMAE $6.30 Foreign Investment; Minority Stake Investment
03/30/2018 RootsRated Media, Inc. Consumer Discretionary (Primary) Tennessee (Primary) RootsRated Media, Inc. operates a content marketing platform that helps small and medium sized businesses marketers source, distribute, and measure content. TechOperators LLC; Chattanooga Renaissance Fund; Fidelis Capital; Alerion Ventures, LLC; Lighthouse Fund, LLC $6.52 RootsRated Media, Inc. will use the proceeds to expand its sales and marketing efforts, as well as accelerate product development and expansion into new verticals. Minority Stake Investment; Regulation D
01/26/2018 KNOW Bio, LLC Healthcare (Primary) North Carolina (Primary) KNOW Bio, LLC develops and produces nitric oxide-based therapies. $7.20 Minority Stake Investment; Multiple Tranches; Regulation D
03/07/2018 FSLogix, Inc. Information Technology (Primary) Georgia (Primary) FSLogix, Inc. provides solutions that enable the enterprise virtual workspace to reduce hardware, time, and labor required to support cloud and virtual desktops. Noro-Moseley Partners; TDF Ventures $7.50 FSLogix, Inc. will use the funds to accelerate international growth, expand marketing and sales resources and expedite the product roadmap. Minority Stake Investment
02/26/2018 FSLogix, Inc. Information Technology (Primary) Georgia (Primary) FSLogix, Inc. provides solutions that enable the enterprise virtual workspace to reduce hardware, time, and labor required to support cloud and virtual desktops. $7.50 Minority Stake Investment; Regulation D
03/15/2018 180 Health Partners Inc. Healthcare (Primary) Tennessee (Primary) 180 Health Partners Inc. provides multi-modal care coordination between opioid addicted mothers and healthcare providers. Clayton Associates, LLC; Spring Mountain Capital, LP; Frist Cressey Ventures, LLC; Altitude Ventures Management, Llc $8.00 180 Health Partners Inc. will use the proceeds to develop a care model addressing an unmet need that is enthusiastically embraced by patients, providers and insurance plans and to expansion and help mothers and newborns in more states. Minority Stake Investment; Multiple Tranches; Regulation D
02/15/2018 FoodLogiQ, LLC Information Technology (Primary) North Carolina (Primary) FoodLogiQ, LLC provides FoodLogiQ, an on-demand day to day production software of record for traceability, food safety, and sustainability for food companies and value chains. $8.00 Minority Stake Investment; Regulation D
02/01/2018 SignalPath, LLC Healthcare (Primary) North Carolina (Primary) SignalPath, LLC develops cloud-based software for the clinical research. $8.00 Minority Stake Investment; Regulation D
01/29/2018 Coastal Bank & Trust Financials (Primary) North Carolina (Primary) Coastal Bank & Trust offers personal and commercial banking services. $8.00 Coastal Bank & Trust will use the proceeds to support future growth, among other things and to execute its strategy and grow the balance sheet. Minority Stake Investment
01/10/2018 Silver Run Partners, LLC Real Estate (Primary) Georgia (Primary) Silver Run Partners, LLC owns and operates real estate business providing properties for investment. $8.09 Silver Run Partners, LLC will use the proceeds of $958,000 to pay its directors, executives or promoters. Minority Stake Investment; Regulation D
01/23/2018 Velocity Risk Underwriters, LLC Financials (Primary) Tennessee (Primary) Velocity Risk Underwriters, LLC, doing business as Velocity Risk Insurance Agency, LLC, offers personal and commercial property insurance services. $8.34 Minority Stake Investment; Regulation D
04/16/2018 Ceterus, Inc. Information Technology (Primary) South Carolina (Primary) Ceterus, Inc. develops web based accounting and financial reporting solutions. Grotech Ventures; IDEA Fund Partners; TechOperators LLC; Alerion Ventures, LLC; Harbert Growth Partners $10.00 Ceterus, Inc. will use the proceeds to automate bookkeeping with artificial intelligence and to continuing to invest in its platform; Ceterus Edge. Minority Stake Investment; Regulation D
04/11/2018 Biz-Effective Ltd. Information Technology (Primary) North Carolina (Primary) Biz-Effective Ltd. develops and provides a workforce gamification platform. Jerusalem Venture Partners; Eshbol Ventures; CE Ventures; La Maison Compagnie d’Investissement $11.00 Biz-Effective Ltd. will use the proceeds to develop its product and grow it sales and customer success functions. Foreign Investment; Individual Investors Participated; Minority Stake Investment
01/31/2018 Nth Degree, Inc. Consumer Discretionary (Primary) Georgia (Primary) Nth Degree, Inc. is an event marketing and management company. $11.00
01/05/2018 FirstString Research, Inc. Healthcare (Primary) South Carolina (Primary) FirstString Research, Inc. operates as a biopharmaceutical company that discovers and develops therapies for inflammation-based medical conditions. Park West Asset Management LLC; Sophos Capital Management, L.P. $15.00 FirstString Research, Inc. will use the proceeds to continue its extensive pipeline development and to advance its existing late-stage clinical programs toward approval. Minority Stake Investment; Multiple Tranches; Regulation D
02/27/2018 Greenlight Financial Technology, Inc. Financials (Primary) Georgia (Primary) Greenlight Financial Technology, Inc. provides debit card services for kids to help parents raise financially smart kids. NBKC Bank $16.00 Minority Stake Investment
02/20/2018 Greenlight Financial Technology, Inc. Financials (Primary) Georgia (Primary) Greenlight Financial Technology, Inc. provides debit card services for kids to help parents raise financially smart kids. New Enterprise Associates; TTV Capital; SunTrust Equity Funding, LLC; NBKC Bank; Amazon.com Inc., Investment Arm; Relay Ventures; Ally Ventures; Canapi Inc. $16.00 Greenlight Financial Technology, Inc. will use the proceeds to strengthen financial literacy among kids and inspire new generations of financially confident and successful adults and to invest in new talent to keep pace with consumer demand and continue introducing innovative financial solutions. Foreign Investment; Minority Stake Investment; Multiple Tranches; Regulation D
05/01/2018 Avadim Technologies, Inc. Consumer Staples (Primary) North Carolina (Primary) Avadim Technologies, Inc. manufactures skin hygiene products to healthcare providers. $17.00 Convertible Debt; Minority Stake Investment; Multiple Tranches; Regulation D; Warrants
02/14/2018 Tethis, Inc. Materials (Primary) North Carolina (Primary) Tethis, Inc. develops and manufactures synthetic superabsorbent polymers that are made from corn starch to be used in diapers. Identive Group AG $17.60 Tethis, Inc. will use the proceeds to bring environmentally-friendly superabsorbent products to market. Foreign Investment; Individual Investors Participated; Minority Stake Investment
03/29/2018 FoodLogiQ, LLC Information Technology (Primary) North Carolina (Primary) FoodLogiQ, LLC provides FoodLogiQ, an on-demand day to day production software of record for traceability, food safety, and sustainability for food companies and value chains. Pontifax Ltd.; Greenhouse Capital Partners; Nicola Wealth Management Ltd.; Testo Inc.; Renewal2 Management Company; Tyson Ventures, LLC $19.50 FoodLogiQ, LLC will use the proceeds to help fuel its rapid growth in the traceability and transparency sector to dominate the food technology space and for working capital, which may include normal compensation to executive officers and to accelerate its rapid expansion across the food industry. Foreign Investment; Minority Stake Investment; Multiple Tranches; Regulation D
05/15/2018 Ecrime Management Strategies, Inc. Information Technology (Primary) South Carolina (Primary) Ecrime Management Strategies, Inc. provides cybercrime protection and intelligence services to organizations. $20.50 Ecrime Management Strategies, Inc. will use the proceeds of $750,000 to pay its directors, executives or promoters. Minority Stake Investment; Regulation D
01/29/2018 Innovate Biopharmaceuticals, Inc. (NasdaqCM:INNT) Healthcare (Primary) North Carolina (Primary) Innovate Biopharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops medicines for autoimmune and inflammatory diseases. Iroquois Capital Management L.L.C. $21.13 Innovate Biopharmaceuticals, Inc. will use the proceeds from the notes for general corporate purposes. Foreign Investment; Individual Investors Participated; Minority Stake Investment; Regulation D; Warrants
01/10/2018 Aries Clean Energy LLC Industrials (Primary) Tennessee (Primary) Aries Clean Energy LLC develops and installs industrial-scale energy facilities to cleanly convert biomass material into fuel keeping municipal and industrial waste out of landfills. $21.38 Aries Clean Energy LLC will use the proceeds to fund project development, retire debt and other general corporate purposes, to use the proceeds from the investment to deploy an immediate pipeline of customer-ready projects using their proprietary waste gasification technology, as well as to accelerate business development in new markets within the United States of America, increase efficiencies in current products, and advance growth outside the U.S. borders. Minority Stake Investment; Regulation D
02/20/2018 Liquidia Technologies, Inc. Healthcare (Primary) North Carolina (Primary) Liquidia Technologies, Inc., a nanotechnology company, designs, develops, and manufactures precisely engineered particles and films for various life and materials science applications. Canaan Partners; New Enterprise Associates; GlaxoSmithKline plc (LSE:GSK); Khazanah Nasional Berhad; Morningside Venture Capital; Mario Family Partners; Sovereign’s Capital; Pappas Capital, LLC $25.50 Foreign Investment; Minority Stake Investment; Regulation D
04/17/2018 Ionic Security Inc. Information Technology (Primary) Georgia (Primary) Ionic Security Inc. develops and delivers a distributed data protection platform. Kleiner Perkins Caufield & Byers; MeriTech Capital Partners; SunTrust Equity Funding, LLC; Icon Ventures; TechOperators LLC; GV; Ten Eleven Ventures; Third Kind Venture Capital $30.00 Ionic Security Inc. will use the proceeds to further fuel the growth of the Ionic Data Trust Ecosystem. Individual Investors Participated; Minority Stake Investment
03/28/2018 Eco-Site, Inc. Information Technology (Primary) North Carolina (Primary) Eco-Site, Inc. develops wireless communications sites and wireless infrastructure systems. MSouth Equity Partners, LLC $30.00 Eco-Site, Inc. will use the proceeds to fuel continued growth, capitalize on drive to 5G, and internet of things initiatives. Minority Stake Investment
03/19/2018 Digital Reasoning Systems, Inc. Information Technology (Primary) Tennessee (Primary) Digital Reasoning Systems, Inc. builds data analytic solutions for processing and organizing unstructured data into meaningful data automatically. Goldman Sachs Group, Merchant Banking Division; New York City Investment Fund Manager, Inc.; BNP Paribas Développement SA, SCR; HCA Healthcare, Inc. (NYSE:HCA); Nasdaq, Inc. (NasdaqGS:NDAQ); Lemhi Ventures, Inc.; Square Capital LLP; Barclays Bank PLC, Investment Arm $30.00 Digital Reasoning Systems, Inc. will use the proceeds to expand its product portfolio. Convertible Equity; Foreign Investment; Mezzanine; Minority Stake Investment; Regulation D
02/16/2018 First Capital Bancshares, Inc. (OTCPK:FCPB) Financials (Primary) North Carolina (Primary) First Capital Bancshares, Inc. operates as the holding company for First Capital Bank that provides commercial banking services. $30.00 First Capital Bancshares Inc will use the proceeds $1,365,680 for payments to any of the persons required to be named as executive officers, directors or promoters. Minority Stake Investment; Multiple Tranches; Regulation D
05/16/2018 dcBLOX Inc. Information Technology (Primary) Georgia (Primary) dcBLOX Inc. builds data centers for the enterprise IT firms. Series-A Partners, LLC $37.00 dcBLOX Inc. will use the proceeds to accelerate product development, acquire talent and build infrastructure. Management Participated; Minority Stake Investment
01/02/2018 Marolina Outdoor, Inc. Consumer Discretionary (Primary) South Carolina (Primary) Marolina Outdoor, Inc. designs and manufactures outdoor apparel. Goode Partners LLC $37.50 Marolina Outdoor, Inc. will use the proceeds to even further accelerate its already rapid growth. Minority Stake Investment; Regulation D
04/18/2018 Studio Bank Financials (Primary) Tennessee (Primary) Studio Bank (In Organization) provides banking services in Nashville. $40.00 Minority Stake Investment
04/02/2018 BitPay, Inc. Information Technology (Primary) Georgia (Primary) BitPay, Inc. provides enterprise-grade bitcoin payment solutions for businesses and organizations. Menlo Ventures; Passport Capital, LLC; Aquiline Capital Partners LLC; Delta-v Capital; G Squared; Capital Nine News $40.00 BitPay, Inc. will use the proceeds for strategic steps toward solving the problems of the world’s most difficult and valuable payments, to manage rapid user growth, to expand, add new crypto currencies, to expand its operations in Asia, to allocate funds to new engineering hires, regulatory licensing, and technology acquisitions. Foreign Investment; Individual Investors Participated; Minority Stake Investment
01/05/2018 Alimera Sciences, Inc. (NasdaqGM:ALIM) Healthcare (Primary) Georgia (Primary) Alimera Sciences, Inc., a pharmaceutical company, engages in the research, development, and commercialization of prescription ophthalmic pharmaceuticals in the United States and internationally. Solar Capital Ltd. (NasdaqGS:SLRC); Solar Capital Partners, LLC; Suns SPV LLC $40.00 Alimera Sciences, Inc. will use the proceeds to pay off the existing $35 million term loan payable to Hercules Capital Funding Trust and Hercules Capital, Inc., along with related fees and expenses estimated at $3.5 million and $1.5 million to provide additional working capital for general corporate purposes, and for continued commercial growth.
02/14/2018 Avadim Technologies, Inc. Consumer Staples (Primary) North Carolina (Primary) Avadim Technologies, Inc. manufactures skin hygiene products to healthcare providers. Asgard Partners & Co., Investment Arm $48.44 Minority Stake Investment
04/24/2018 Cambridge Franchise Partners, LLC Consumer Discretionary (Primary) North Carolina (Primary) Cambridge Franchise Partners, LLC owns and operates restaurant. $49.68 Cambridge Franchise Partners, LLC will use the proceeds of $6,991,667 to pay its directors, executives or promoters. Minority Stake Investment; Regulation D
04/03/2018 SalesLoft, LLC Information Technology (Primary) Georgia (Primary) SalesLoft, LLC develops sales information automation software. Insight Venture Partners LLC; Emergence Capital Partners; LinkedIn Corporation $50.00 SalesLoft, LLC will use the proceeds to fuel innovation of category leading sales engagement platform, to add over 200 employees across Atlanta headquarters, San Francisco, New York, and Europe. Minority Stake Investment; Regulation D
01/31/2018 nCino, Inc. Information Technology (Primary) North Carolina (Primary) nCino, Inc. provides cloud-based operating solutions for the financial services industry. Salesforce Ventures $51.46 nCino, Inc. will use the proceeds to fuel its global growth and product innovation. Minority Stake Investment; Regulation D
04/25/2018 WT Holdings Inc. Financials (Primary) Tennessee (Primary) WT Holdings Inc. operates as a holding company, which through its subsidiaries provides insurance products and services. $60.00 WT Holdings Inc. will use the proceeds to repay its outstanding bank loan of $43,000,000 and for general corporate purposes, including supporting the organic growth of its insurance subsidiaries. Regulation D
05/10/2018 Rubicon Global Holdings, LLC Information Technology (Primary) Georgia (Primary) Rubicon Global Holdings, LLC develops cloud based waste management platforms for companies in North America. New Zealand Superannuation Fund $65.00 Foreign Investment; Minority Stake Investment
03/09/2018 Humacyte, Inc. Healthcare (Primary) North Carolina (Primary) Humacyte, Inc., a medical research, discovery, and development company, focuses on developing and commercializing a proprietary technology based on human tissue-based products for application in regenerative medicine and vascular surgery. PointState Capital LP $75.00 Humacyte, Inc. will use the proceeds to support its ongoing HUMANITY study. Minority Stake Investment; Regulation D
01/24/2018 PrecisionHawk Inc. Information Technology (Primary) North Carolina (Primary) PrecisionHawk Inc. manufactures and sells unmanned aerial vehicles and farm drones. Comcast Ventures; Millennium Technology Value Partners; E. I. du Pont de Nemours and Company; Intel Capital; Third Point Ventures L.P.; NTT Docomo Ventures, Inc.; Senator Investment Group LP; Syngenta Ventures; Indiana University System, Investment arm; Verizon Ventures; Constellation Technology Ventures; Yamaha Motor Ventures & Laboratory Silicon Valley, Inc. $75.00 PrecisionHawk Inc. will use the proceeds to foster global adoption of commercial drone technology, to expand its team, focus on product innovation and make strategic acquisitions, and for working capital. Foreign Investment; Minority Stake Investment; Regulation D
04/30/2018 EmployBridge Holding Company Industrials (Primary) Georgia (Primary) EmployBridge Holding Company offers staffing services. $125.00 Minority Stake Investment; Regulation D
02/27/2018 Vinventions LLC Consumer Staples (Primary) North Carolina (Primary) Vinventions LLC produces wines. Noël Group, LLC.; Compagnie du Bois Sauvage SA, Investment Arm; Bespoke Capital Partners, LLC $128.00 Vinventions LLC will use the proceeds to repay the existing United States based senior and mezzanine financing as well as some drawings made under the revolving credit facility. Foreign Investment; Minority Stake Investment
05/04/2018 Food Lion, LLC Consumer Staples (Primary) North Carolina (Primary) Food Lion, LLC operates a chain of grocery stores in Southeastern and Mid-Atlantic states. $168.00 Food Lion, LLC will use the proceeds for remodeling the stores, lowering prices, expanding the assortment of products, hiring approximately 5,000 new associates, and promoting current associates as well as additional community partnerships through its hunger relief initiative Food Lion feeds. Minority Stake Investment

Deal criteria included transactions with capital raised equal to or greater than $2MM only. Source: S&P CapitalIQ

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