Divestitures in 2019

Web Deals Direct completed a financing with East West Bank and acquired the SCHÖN and ABFLEX business lines from EZ Innovations Ltd, closing on December 23, 2019. GulfStar acted as financial advisor to Web Deals Direct; East West Bank provided the financing to support the acquisition of the U.K.-based brands.

J.D. Power has acquired Trilogy Automotive, the automotive software division of Trilogy Enterprises, and will integrate Trilogy's SaaS-based lead management platform into its Autodata Solutions division to expand OEM digital dealer capabilities. Trilogy Automotive's leadership and employees will join J.D. Power to scale the combined offering for OEMs and dealers.

EQT Infrastructure II has completed the sale of Contanda LLC, a Houston-based provider of liquid bulk storage and logistics services, to institutional investors advised by J.P. Morgan Asset Management. Contanda operates 15 terminals in North America with over seven million barrels of capacity and ~275 employees; the sale represents a PE exit after a period of growth and capacity expansion under EQT's ownership.

Whitcraft Group, an Eastford, Connecticut-based aeroparts manufacturer, acquired substantially all assets of EvoAero, Inc. (Evolution Aero) in Windsor, CT and Condor Industries, LLC in Fort Lauderdale, FL. The deal increases Whitcraft's production capacity and expands its reach into the power generation market while consolidating complementary aerospace manufacturing capabilities.

The Riverside Company has acquired HealthTech BioActives S.L. (HTBA), a Spanish manufacturer of APIs, excipients, natural flavors and vitamin B12 derivatives, in a carve-out from Ferrer. Riverside will work with HTBA’s ~140 employees and its manufacturing sites in Beniel (Murcia) and Barcelona to strengthen commercial capabilities, accelerate new product development and expand global sales.

Accenture has agreed to acquire select employees and professional services assets from Zafin and will become a preferred integrator for Zafin's financial services software platform under a strategic alliance. The deal, intended to strengthen Accenture's integration and development capabilities for financial services clients while allowing Zafin to focus on product innovation, is expected to close in Q1 2019; terms were not disclosed.

The STADA Group agreed to acquire the pharmaceutical prescription and consumer health business of Ukrainian producer Biopharma, including GMP-certified production facilities in Bila Tserkva. The deal integrates Biopharma's pharma operations into STADA's European organization, expands STADA's local production footprint in Ukraine and is subject to Ukrainian merger control; Biopharma's shareholders will retain the company's plasma business.

PAI-backed Froneri has agreed to acquire Nestlé’s U.S. ice cream business for $4.0 billion, including brands such as Häagen-Dazs, Drumstick, Edy’s/Dreyer’s, Outshine and Skinny Cow. The deal — expected to close in Q1 2020 subject to regulatory approvals — gives Froneri a major presence in the U.S. and will make it the global #2 ice cream manufacturer.

Dallas-based ParkHub acquired the client relationships of Wireless Carpark to consolidate parking-technology services and open new markets for ParkHub's subscription-based parking solutions. As part of the deal, ParkHub added Wireless Carpark president John W. Beyer and treasurer Matt Allen to its advisory board to support integration and client service continuity.

Ironwood Midstream Energy Partners II, LLC closed the acquisition of the Gardendale and Asherton crude oil gathering systems (the combined "Gardendale System") from Twin Eagle Gardendale Pipeline, LLC, a unit of Twin Eagle Holdings. The assets—approximately 150 miles of active gathering pipelines with long‑term dedications totaling more than 124,000 acres—expand Ironwood II's South Texas footprint and are backed by a $400 million growth capital commitment from EnCap Flatrock Midstream.

A fund managed by Basalt Infrastructure Partners completed the acquisition of Third Coast Midstream LLC's natural gas transmission business, which will be rebranded as Black Bear Transmission. The assets include seven regulated 'last-mile' pipelines (~550 miles, >1,600 MDth/day capacity) serving utilities and industrial customers across the Southeast United States; terms were not disclosed.

Vår Energi has completed the acquisition of ExxonMobil's Norway upstream assets for a cash consideration of roughly USD 4.5 billion, a deal that effectively doubled the company's production on the Norwegian Continental Shelf. The portfolio adds interests in more than 20 producing fields (about 150,000 boepd additional), increases reserves to ~1,900 million boe and transfers some ~33–50 ExxonMobil employees to Vår Energi, reinforcing the company's position as the second-largest operator on the NCS.

Clinical Innovations, a Salt Lake City-based neonatal and labor & delivery medical device company owned by EQT, has acquired the SweetUms sucrose solution and BoogieBaby single‑use suction product lines from Sandbox Medical, LLC. The acquisition expands Clinical Innovations' NICU product portfolio and leverages its direct sales channels to increase market penetration of the products in the U.S. and globally.

Nalka Invest AB has acquired Best Transport Holding AB (Best), the Nordics' leading provider of express and same-day last-mile delivery services, from Valedo Partners Fund II AB and minority shareholders. The terms were not disclosed; Best has grown significantly under Valedo's ownership, expanding into Norway and Denmark and completing multiple add-on acquisitions.

Protective Industrial Products, Inc. (PIP), headquartered in Latham, New York, has acquired the assets of the Boss Glove and Safety business from Boss Manufacturing Company of Kewanee, Illinois. PIP will integrate Boss's consumer glove and safety product lines into its West Chester retail division and expects the acquisition to expand its product portfolio and strengthen distribution to dealers, retailers and distributors.

Verisk Analytics has agreed to acquire Flexible Architecture & Simplified Technology, LLC (FAST) from NexPhase Capital (co-managed with Moelis Capital Partners) for $193.5 million. FAST is a New Jersey–based provider of SaaS policy administration, new business and distribution management software for life insurers; NexPhase partnered with FAST in 2015 and helped transition the business to a recurring revenue model.

Sprinklr has acquired the social advertising business of Nanigans, integrating Nanigans’ ad management, predictive analytics, optimization, and reporting capabilities into Sprinklr Marketing. Nanigans will retain its incrementality business while many former Nanigans employees join Sprinklr to bolster the company’s performance and brand social advertising offerings.

EducationDynamics acquired key agency-of-record assets and portions of the inquiry generation business of Thruline Marketing, including call center operations in Lenexa, Kansas and Tampa, Florida. The deal expands EducationDynamics' marketing services and contact center capabilities to better serve higher education partners and strengthens its Enrollment Management Services division.

Primavera Capital Group and FountainVest Partners bought EQT Greater China’s remaining 24.78% stake in LBX Pharmacy Chain Joint Stock Company (LBX) at RMB 55.0 per share, in a transaction signed and closed on 27 November 2019. LBX is a leading discount pharmacy superstore chain founded in Hunan province that operates thousands of self-owned and sub-franchised drugstores across China; the sale represents a divestiture by EQT and a strategic ownership transition to the consortium.

The Jordan Company has completed the acquisition of Polymer Solutions Group’s Polymer Additives division (PSG Polymer Additives) from Arsenal Capital Partners. The Cleveland-headquartered business supplies proprietary polymer additives, dispersions and performance chemicals to rubber, plastics and engineered wood markets and will partner with TJC to expand its global platform and grow its market position.

TAB Bank has acquired BAMFi’s $46 million BAM Capital Division working capital loan portfolio and will retain the Dallas-based operations and staff. BAMFi will continue to own its FactorCloud secured-lending SaaS product while divesting the lending portfolio so TAB can expand its working-capital offerings and presence in the Dallas/Ft. Worth market.

Hannover Finanz has agreed to acquire E.I.S. Aircraft Products & Services, a German supplier of lightweight cabin interior products and composites-based solutions, from the EQT Mid Market fund. The transaction, subject to merger authority approvals, represents a portfolio sale by EQT and positions Hannover Finanz to expand its industrial/aerospace investments; financial terms were not disclosed.

Clayton, Dubilier & Rice (CD&R) has agreed to acquire Cynosure, LLC, a leading developer and manufacturer of medical aesthetic treatment systems, from Hologic, Inc. The transaction is a divestiture of Hologic’s aesthetic devices business and will enable CD&R to invest behind Cynosure’s product portfolio, expand sales and marketing, and pursue tuck-in acquisitions to accelerate growth.

SIRVA, Inc. entered into a definitive agreement to acquire the relocation assets of Cartus from Realogy Holdings Corp.; the deal excludes Cartus' Affinity and Broker Services businesses and was expected to close in the first half of 2020 pending approvals. The acquisition expands SIRVA's global relocation and moving capabilities, combining technology, broker networks and household goods capacity to enhance service and scale for corporate clients and relocating employees.

TriMas Company, LLC has entered into a definitive agreement to sell its Lamons business to private equity firm First Reserve for $135 million in cash, subject to customary adjustments and regulatory approvals. Lamons, a manufacturer of industrial sealing and fastener solutions with approximately $186 million in net sales for the 12 months ended September 30, 2019, will be positioned by First Reserve to focus on energy-related end markets; the deal was expected to close by end of Q1 2020.

Lion Equity Partners has acquired the Riegel consumer products division (Riegel Linen, LLC) from Mount Vernon Mills in a divestiture executed by Bravaldo Capital Advisors. Riegel, headquartered in Aiken, South Carolina, is an importer, manufacturer and supplier of tablecloths, napkins, bedding and other linens for hospitality, retail and healthcare customers; Lion Equity plans to position the business for growth and potential add-on acquisitions.

Rothschild & Co's Global Advisory business will acquire Livingstone's UK business, subject to FCA approval. The deal brings Livingstone's 34‑person UK team — a specialist provider of M&A, debt and special situations advice to UK lower mid‑market private and family‑owned companies — into Rothschild & Co to expand its UK lower mid‑market capability.

SOOOH Venture has acquired Suurland Outdoor from DTG (a company of the European Directories Group, part of the Triton III portfolio). Suurland Outdoor, headquartered in Eindhoven and founded over 35 years ago, operates a leading out-of-home (OOH) advertising network in the Netherlands with more than 2,000 analogue and digital boards; financial terms were not disclosed.

DTE Midstream (a unit of DTE Energy) agreed to acquire a gathering system and a 150-mile, 36" gathering pipeline in the Haynesville shale from Momentum Midstream and Indigo Natural Resources for $2.25 billion in cash plus a $400 million milestone payment. The assets include an existing 1.2 Bcf/d gathering system (expandable to 2 Bcf/d) and a pipeline under construction; both assets are supported by long-term contracts and provide DTE enhanced access to Gulf Coast and Louisiana gas markets. The transaction was approved by DTE's board, expected to close in Q4 2019, and was reported as officially closed on December 4, 2019.

Konexial acquired the complete roster of ELD and fleet management customers from Axle Technologies (based in Jersey City, New Jersey) to expand its ELD customer base and convert AOBRD devices to telematics ahead of the FMCSA deadline. The deal will migrate Axle customers onto Konexial’s telematics-enabled My20 Tower platform and enable access to its GoLoad dynamic load-matching features.

LeadCloud (a brand of LeadVenture Oy) will acquire Fonecta's data services business, including its customers and 13 employees, with the transaction effective October 31, 2019. Finnish VC/PE firm Juuri Partners is making a significant investment and will become the main owner of LeadCloud; Fonecta said the sale lets it focus on digital marketing and reputation management.

Collard Group Ltd completed the acquisition of Raymond Brown Waste Solutions Ltd (the waste division of Raymond Brown Group) on 18 October, combining two major waste-management businesses in southern England. The deal expands Collard Group’s geographic footprint, fleet and processing capacity — the enlarged group will operate nine recycling centres across five counties, employ over 400 staff and have turnover in excess of £50 million.

An affiliate of WH Smith PLC has agreed to acquire The Marshall Retail Group (MRG) from Brentwood Associates. MRG, a leading U.S. travel and resort specialty retailer operating more than 170 locations and ~1,200 employees, will continue to be led by CEO Michael Wilkins; the transaction is expected to close by Q1 2020 subject to customary conditions.

Canavation Product Group, a newly formed Delaware company led by Bill Barlow, has acquired the consumer products division of Teewinot Life Sciences. The deal includes a Teewinot-issued patent covering conversion of hemp-derived CBD into rare cannabinoids (including Δ8THC and Δ9THC) and a strategic supply agreement giving Canavation access to select rare cannabinoids produced via Teewinot's CannSynthesis platform; terms were not disclosed.

PrimePay, LLC acquired the assets of Interlogic Outsourcing, Inc. (IOI) following IOI’s August 2019 bankruptcy filing; the purchase (approved by the U.S. Bankruptcy Court) included IOI’s client base, employees, intellectual property and a portion of physical property. PrimePay will onboard IOI’s clients and staff and integrate IOI’s payroll and HR capabilities into its nationwide services offering.

FM:Systems, a workplace and facilities-management software provider backed by private equity firm Accel-KKR, has acquired Asure Software's Workspace Management portfolio, including room scheduling, hotdesking and sensor hardware/analytics solutions. The transaction, announced in October 2019 and closed December 3, 2019, expands FM:Systems' IWMS and workplace offerings and transfers Asure's workspace product team to FM:Systems.

Pella Corporation has acquired Custom Window Systems, Inc., a vinyl window and door manufacturer headquartered in Ocala, Florida, from private equity firm Nautic Partners. Custom is a leading Florida manufacturer of impact‑resistant windows and doors sold primarily through dealer channels, and the deal expands Pella's capabilities and presence in Florida and other coastal hurricane zones.

Vela Software Group, an operating group of Constellation Software Inc., has acquired the MOSAIC Business Unit from Quorum Business Solutions (Quorum Software). The acquisition brings the MOSAIC oil & gas economics, reserves and budgeting software into Vela’s portfolio, with the existing MOSAIC team continuing to develop and support the product from its Calgary and Houston offices.

Affiliates of OMERS Private Equity have acquired CVP Holdco, Inc., d/b/a Community Veterinary Partners, from Cortec Group Fund V. Terms were not disclosed. CVP, headquartered in Philadelphia, operates a network of 64 veterinary hospitals across multiple U.S. states and will continue growth under OMERS ownership.

Jernbro Industrial Services AB has agreed to acquire Veolia Environnement S.A.'s industrial maintenance business in Sweden, taking over operations in Kiruna, Avesta, Sandviken, Norrköping and Gothenburg effective 1 October 2019. The acquired business has over 300 employees and annual sales of about SEK 400 million; the deal increases Jernbro's turnover to SEK 1.4 billion and its headcount to roughly 950.

Infracapital, the infrastructure equity arm of M&G, has agreed to acquire GB Railfreight Limited from EQT Infrastructure II via its portfolio company Hector Rail Group. GB Railfreight, headquartered in London with around 900 employees and a fleet of over 180 locomotives and 1,500 wagons, is the third-largest rail freight operator in the UK; the transaction is expected to close mid-October 2019.

Funds managed by Gamut Capital Management agreed to acquire American Axle & Manufacturing's U.S. iron casting operations, Grede, for an aggregate purchase price of $245 million. AAM sold the business as a divestiture to streamline operations and accelerate debt reduction; Grede operates 10 U.S. foundry/manufacturing facilities serving automotive, commercial vehicle and industrial markets.

Zeta Global has acquired certain programmatic business operations from IgnitionOne, including sales and client-management teams in the United States and Brazil. The deal brings programmatic technology, clients and personnel into Zeta’s programmatic division to expand its DSP, data assets and managed programmatic services.

HostPapa, a Canadian web hosting and cloud services provider, acquired the PacificHost brand and several supporting hosting brands (including Lunarpages, TheVine.net, Santa Barbara Web Hosting, and eSolutions.net) from Add2Net, Inc. The deal expands HostPapa's U.S. customer base and enables migration and infrastructure upgrades for the newly acquired customers.

Silverfleet Capital has acquired a majority stake in BOA Purified Solutions and BOA Flexible Solutions (the business will trade as BOA CoreDux), a designer and manufacturer of ultra-purified and customised metallic hoses with operations in Tilburg, Netherlands and Château-Thierry, France. The business was divested by BOA Group; terms were not disclosed. Silverfleet intends to support growth by broadening the product mix, expanding into new markets, driving operational improvements and pursuing selective add-on acquisitions.

Shamrock Foods Company is acquiring the Boise, Idaho operations of Food Services of America (FSA) in a transaction required as part of regulatory approval for US Foods’ acquisition of SGA Food Group. The purchase expands Shamrock Foods’ geographic footprint in the western United States and aims to maintain customer service continuity for local restaurant, healthcare and institutional customers.

Vital Recovery Services (VRS), a Fusion BPO Group company, has acquired the client portfolio of Nations Recovery Center (NRC). The deal transfers NRC's debt-collection clients across banking, commercial, medical and retail sectors to VRS as part of VRS/Fusion's ongoing growth-through-acquisition strategy.

Los Angeles-based private investment firm Pacific Avenue Capital Partners acquired Unitec Elevator from United Technologies in a corporate divestiture. Pacific Avenue intends to invest in the business to scale through organic growth and add-on M&A; Unitec provides elevator maintenance, modernization and code-compliance services across New York City.

ServiceMaster Global Holdings, Inc. has acquired Nomor Holding AB from Norvestor VI, L.P. Nomor, headquartered in Sollentuna, Sweden, is a leading Nordic pest control and food-safety services provider (fourth largest in Europe) with ~SEK 500 million in revenue after a buy-and-build program under Norvestor.

Zenith American Holding, Inc. has completed the acquisition of Innovative Software Solutions, Inc. (ISSI) from Advanced Solutions International, Inc. ISSI will operate as a wholly owned, independently managed subsidiary of Zenith American to expand its benefit-administration technology capabilities for Taft-Hartley/multi-employer funds and third-party administrators.