M and A Navigator: Deal pipeline -27 June.

M2 EQUITYBITES-June 27, 2017-M and A Navigator: Deal pipeline -27 June

(C)2017 M2 COMMUNICATIONS http://www.m2.com

The following is a list of deals covered in detail by M and A Navigator this week:

-INVACARE SHUTTERS CHINA MANUFACTURING FACILITY; WILL TAKE USD 3M CHARGE

US-based medical equipment manufacturer and distributor Invacare Corp. (NYSE: IVC) has closed its Suzhou, China, manufacturing facility, effective 26 June, the company said. Invacare said the change is consistent with the second phase of the company's strategic transformation, which is focused on leveraging the company's infrastructure and improving efficiencies.

The company has transferred production from the Suzhou facility to Invacare operations located closer to its regional customers. The closure is expected to generate an incremental USD 4m in annualised pre-tax savings in the North America/Home Medical Equipment segment.

Status: Closed

-AVERY DENNISON CLOSES USD 190M ACQUISITION OF CHINESE TAPE MAKER YONGLE

Glendale, Calif.-based packaging solutions provider Avery Dennison (NYSE: AVY) has closed the acquisition of China-based specialty tape manufacturer Yongle Tape Co Ltd. from Asia-based private equity fund manager ShawKwei and Partners, for USD 190m, the company said.

Avery said it will fund the acquisition with existing cash and credit facilities. Additional earn outs of up to USD 55m are to be paid based on achievement of certain performance targets over next two years. The company said it expects the acquisition to have an immaterial impact on earnings per share in 2017.

Status: Closed

-SUMITOMO HEAVY INDUSTRIES CLOSES ACQUISITION OF FW ENERGIE

Japanese industrial company Sumitomo Heavy Industries, Ltd. has completed the share acquisition of Netherland-based FW Energie B.V., culminating in the combination of SHI and Amec Foster Wheeler's fluidised bed business to become Sumitomo SHI FW, the company said.

Amec Foster Wheeler sold the business for USD 170m. Sumitomo SHI FW will become part of the Energy and Environment Group within SHI. Sumitomo SHI FW is in combustion and steam generation technology.

Status: Closed

-HOME IMPROVEMENT RETAILER LOWE'S CLOSES USD 512M ACQUISITION OF DISTRIBUTOR MAINTENANCE SUPPLY HEADQUARTERS

US-based home improvement retailer Lowe's Companies, Inc. (NYSE: LOW) has closed the acquisition US-based multifamily housing maintenance, repair and operations products distributor Maintenance Supply Headquarters for a total transaction value of USD 512m, the company said.

Based in Houston, Texas, Maintenance Supply Headquarters operates 13 distribution centres serving customers in 29 geographic areas, primarily in the western, southeastern and south central US, with a portfolio of more than 5,300 products and value-added services for maintaining and renovating multifamily properties.

Status: Closed

-JOHN DEERE ACQUIRES ITALIAN SPRAYER MANUFACTURER MAZZOTTI

US-based equipment maker John Deere (NYSE: DE) has purchased Italian sprayer manufacturer Mazzotti, the company said.

Mazzotti, a 30-year-old family-owned business, will maintain its name, trademark, and commercial agreements. Deere and Company is an American corporation that manufactures agricultural, construction, and forestry machinery, diesel engines, drivetrains used in heavy equipment, and lawn care equipment.

Status: Closed

-BOSS HOLDINGS ACQUIRES COAST 2 COAST WHOLESALE PET PRODUCTS

US-based protective clothing product distributor Boss Holdings, Inc.'s (OTC: BSHI) Boss Pet Products, Inc. subsidiary has purchased the pet product distribution business and related assets of California, US-based Coast 2 Coast Wholesale Pet Products, the company said.

Coast 2 Coast markets pet products including toys, treats, harnesses, collars, food bowls and other related pet product accessories to the Pet Specialty market. Kurt Hansen of Coast 2 Coast will become Boss Pet's national sales manager and will direct all sales in the Pet Specialty market segment.

Status: Closed

-PSAM ACQUIRES STAKE IN ANGLO-SWISS PRIVATE INVESTMENT OFFICE CDR CAPITAL

US-based alternative asset manager P. Schoenfeld Asset Management has purchased a minority stake in Anglo-Swiss private investment office CdR Capital, the company said. The stake allows PSAM, which employs a research based fundamental investment approach that spans many business cycles, to capitalise on CdR Capital's asset allocation expertise as well as the skills of its quantitative investment teams.

With this transaction, the event-driven specialist will be more responsive to the needs of its global clients. As part of the agreement, PSAM and CdR Capital will be collaborating on joint ventures and building out bespoke client solutions.

Status: Closed

-TEXAS INSURANCE BROKERS HIGGINBOTHAM, PAINTER AND JOHNSON MERGE CENTRAL TEXAS OPERATIONS

Texas, US-based insurance and financial services providers Higginbotham and Painter and Johnson Financial have merged their insurance operations in Central Texas, the companies said.

Higginbotham is headquartered in Fort Worth and ranked by revenue as the largest Texas-based independent insurance broker, now with a workforce nearing 900 property/casualty insurance and employee benefit professionals. Painter and Johnson Financial is a broker of insurance, securities and...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT