M and A Navigator: Deal pipeline -18 June.
MANews-(C)2009-2015
The following is a list of deals covered in detail by M and A Navigator this week:
-TENGRAM CAPITAL PARTNERS TO ACQUIRE LUXURY MENSWEAR BRAND ZANELLA
US-based private equity firm Tengram Capital Partners has signed a definitive agreement to acquire the luxury menswear brand Zanella, the firm said. The deal includes brand and business. Zanella best known for its offering of handcrafted, sartorial trousers made in Italy. Zanella predominantly sells its classic dress pants through prestigious specialty stores and high-end department stores across the US, Canada and Europe, including key retail customers such as Nordstrom, Neiman Marcus and Mitchell's.
Status: Agreed
-MGC CAPITAL TO REVIEW REVISED OFFER FROM HC2
US-based private equity firm MCG Capital Corp. (NASDAQ: MCGC) will review a revised buyout offer from US-based holding company HC2 Holdings, Inc. (NYSE: HCHC) received on 15 June, the company said. On 28 April, MCGC executed a merger agreement with PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) which provides for the acquisition of MCGC by PFLT in a stock and cash transaction currently valued at approximately USD 175m. HC2 said it will reimburse MCG in cash for the USD 7m termination fee payable to PennantPark, and issue USD 13.35m of HC2 common stock to MCG.
Status: Bidding
-MANTECH ACQUIRES KNOWLEDGE CONSULTING IN CYBER SECURITY SERVICES
US-based IT company ManTech International Corp. (NASDAQ: MANT) has completed the acquisition of US-based cyber security advisor Knowledge Consulting Group, the company said. ManTech will fund the acquisition from cash on hand with additional funding from its existing line of credit. Headquartered in Reston, Virginia, and founded in 2000, KCG provides full lifecycle cyber security solutions in risk assurance, cyber operations, and infrastructure security to identify and manage risk for our nation's most critical infrastructures and institutions.
Status: Closed
-REC SOLAR ACQUIRES WESTERN US-FOCUSED STELLAR ENERGY
US-based integrated solar provider REC Solar has acquired US-based solar provider Stellar Energy through an asset purchase agreement, the company said. REC Solar is focused exclusively on commercial businesses. It said that the agreement strengthens its sales and operations capabilities. The company said it will continue to focus on providing solar solutions exclusively to the commercial market, including the agricultural, manufacturing, retail, technology, nonprofit and government sectors.
Status: Closed
-KNOWLES EXTENDS TENDER OFFER FOR AUDIENCE
US-based micro-acoustic solutions and specialty components provider Knowles Corp. (NYSE: KN) has extended the expiration of its offer to acquire each outstanding share of common stock of US-based voice processor developer Audience, Inc. to 12:00 midnight ET on 30 June, the company said. The deal, which was agreed on 5 May, is worth USD 85m. In order to facilitate 3Q15 closing and to avoid the practical difficulties associated with completing the acquisition prior to the end of the second quarter, Knowles increased the cash portion of the offer consideration to USD 2.51 per share and extended the offer by ten business days.
Status: Agreed
-MIDDLEBY IN TALKS WITH UK KITCHEN APPLIANCE MAKER AGA RANGEMASTER
US-based foodservice equipment company The Middleby Corp.'s (NASDAQ: MIDD) board of directors is in preliminary discussions regarding a possible cash offer for UK-based high-end kitchen appliance and interior furnishings producer AGA Rangemaster Group plc., the company said. The company said that discussions are at a very early stage and there can be no certainty that any formal offer will be made, or as to the terms of any offer.
Status: Talks
-GENCOM BUYS STAKE IN GEMSTONE HOTELS AND RESORTS
A member company of US-based hospitality group Gencom has acquired an ownership interest in US-based hotel management company Gemstone Hotels and Resorts for an undisclosed sum, the companies said. Gemstone will become the preferred management company for future acquisitions by the Gencom companies that do not contractually require management by the brand.
Status: Closed
-HORMEL FOODS NAMES APPLEGATE LEADERSHIP TEAM
US-based food company Hormel Foods Corp. (NYSE: HRL) has named the future executive team of its soon-to-be-acquired Applegate Farms, LLC subsidiary, the company said. Hormel announced its agreement to buy the US organic foods company on 26 May, in a USD 775m deal. The company said that Steven J. Lykken and Eldon O. Quam will assume leadership roles with Applegate, which is based in Bridgewater, New Jersey. Lykken, who serves senior vice president of commodity and supply chain at Jennie-O Turkey Store (Willmar, Minn.), has been named the chief operating officer of Applegate.
Status: Agreed
-BLACKSTONE, MULTI...
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