M2 EQUITYBITES-July 22, 2016-M and A Navigator: Deal pipeline -22 July
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The following is a list of deals covered in detail by M and A Navigator this week:
-ALLEGIANCE MOBILE HEALTH ACQUIRES TEXAS AMBULANCE SERVICE
Texas, US-based medical transportation and 911 emergency services provider Allegiance Mobile Health has acquired San Antonio, Texas-based Gemini Ambulance Service, Inc., the company said.
This is the fourth acquisition Allegiance has completed in the past nine months. The acquisition enables Allegiance to grow the population it services in Texas with the addition of operations in the San Antonio community. Allegiance provides 911 emergency services to nearly 30 communities and currently employs over 1,200 people, operating more than 300 vehicles in over 30 stations.
-UTZ QUALITY FOODS TO ACQUIRE GOLDEN ENTERPRISES IN USD 135M CASH DEAL
Pennsylvania, US-based snack food company Utz Quality Foods, Inc. entered into a definitive merger agreement to acquire Alabama, US-based snack food maker Golden Enterprises, Inc. (NASDAQ: GLDC) for USD 12.00 per share in cash, the company said.
Both companies specialize in potato chips. This price represents a premium of approximately 71% over the company's 30-day average closing trading price of USD 7.00. The deal is worth USD 135m. Utz Quality Foods was founded in 1921 by William and Salie Utz. The two began making potato chips out of their home in Hanover, in much the same way Frank Mosher, Mose Lischkoff and Helen Freidman began Golden Flake in 1923.
-VERSA CAPITAL FORMS COMBINED COMPANY FROM RESTRUCTURED OPERATIONS OF EASTERN MOUNTAIN SPORTS, BOB'S STORES
US-based private equity investment firm Versa Capital Management, LLC has formed Eastern Outfitters, LLC, which will continue the restructured and recapitalised operations of Eastern Mountain Sports and Bob's Stores, the firm said.
Eastern Outfitters' brands will continue to focus on advancing their positions among their core demographic groups in the Eastern and Mid-Atlantic regions. EMS is the second largest US multi-channel retailer of human-powered outdoor sports apparel and equipment with stores in the Northeastern and Mid-Atlantic states.
-REVLON TO OFFER USD 400M OF NOTES; WILL FUND ELIZABETH ARDEN ACQUISITION
US-based cosmetics company Revlon, Inc. (NYSE: REV) Revlon Escrow Corp. subsidiary is proposing to issue USD 400m aggregate principal amount of senior unsecured notes due 2024, the company said.
The notes are being issued to finance, in part, the company's pending acquisition of Elizabeth Arden, Inc. (NASDAQ: RDEN) and certain related refinancing transactions. In June, Revlon agreed to acquire Elizabeth Arden for USD 870m in cash.
-1347 CAPITAL, BUILDING INFRASTRUCTURE SERVICES FIRM LIMBACH HOLDINGS CLOSE MERGER
US-based startup 1347 Capital Corp. (NASDAQ: TFSCU) has closed a merger with US-based mechanical systems solutions firm Limbach Holdings LLC in a transaction valued at approximately USD 97m, the company said.
Limbach's current equityholders receive an aggregate of USD 60m of consideration for their interests in Limbach, consisting of cash and stock.
-MILESTONE GROUP INKS JV DEAL WITH FOOTBALLER LOUIS SAHA'S AXIS STARS
UK-based digital media and technology solutions provider Milestone Group (AIM: MSG) has signed a joint venture with Axis Stars Ltd. to work with the Passion Project and utilise the suite of technology solutions available through its Nexstar joint venture, the group said.
Former international footballer, Louis Saha has agreed to increase his company's relationship with Milestone Group by signing a joint venture between his Axis Stars Co and Milestone Group. The joint venture will be a 50/50 revenue share whereby Axis Stars will utilise its database of international sport stars to raise awareness of Milestone's Passion Project initiatives while gaining access to Nexstar's portfolio of finance, media streaming and publication technologies.
-PROPERTY DEVELOPER KIMBERLY ENTERPRISES TO SELL ARCES INTERNATIONAL SUBSIDIARY
Netherlands-based property developer Kimberly Enterprises N.V. (LSE: KBE) has agreed to sell its Arces International B.V. subsidiary to a third party for a nominal consideration, the company said. Arces has no material assets and negative equity of approximately EUR 3.7m.
The disposal will result in an estimated book profit of EUR 3.7m in...