Kaman Industrial Technologies Corp., Windsor, Conn., says its subsidiary, Minarik Corp., Glendale, Calif., has acquired the assets of Automation Technology, Inc. with locations in Salt Lake City, Utah, and Boise, Idaho. Kaman said in a press release that Automation Technology is a strong motion control distributor in the Intermountain and Pacific Northwest trading areas and will increase Minarik’s leading position in those markets and add to its locations in Portland, Seattle and Denver. Kamanm which runs nearly 200 branches, distribution centers and customer service centers across the U. S., Canada, Mexico, and Puerto Rico, acquired Minarik last year. Details
Archive for the ‘Mergers & Acquisitions’ Category
Bloomberg reports Schneider stock slides on rumors of Tyco acquisition
Plenty of chatter out there right now about Schneider’s alleged interest in purchasing Tyco, and this Bloomberg post says it may take some time for the company’s shareholders to digest the potential benefit of the possible acquisition. The Bloomberg report said, “Schneider shareholders lost $1.7 billion on the day the company’s preliminary discussions with Tyco became known. The stock continued its descent the following day, until Schneider intervened on April 13 with a statement that the company, based near Paris, is ‘not currently’ in takeover talks with Tyco.”
Activant sold to private-equity firm
Activant Solutions Inc., Livermore, Calif., will be acquired by funds advised by Apax Partners, a global private-equity firm that invests in technology companies. Activant is currently owned by investment funds affiliated with Hellman & Friedman LLC, Thoma Bravo, LLC and JMI Equity, and by management. Activant had 2009 revenues of $378.9 milllion and 1,700 employees, according to information on its website.
Apax also announced today that it is has entered into a definitive agreement under which funds advised by Apax will acquire Epicor Software Corp., Irvine, Calif., a publicly traded company that trades on the NASDAQ under the ticker symbol “EPIC”. Apax intends to combine Activant with Epicor to create one of the largest global providers of enterprise applications focused on the manufacturing, distribution, services and retail sectors. Following completion of the merger, the combined company will be called Epicor Software Corp. According to its 10-K, Epicor had 2010 sales of approximately $440.3 million.
Details
Coleman Cable expands specialty lighting offering with acquisition of Designers Edge
Coleman Cable, Inc. (CCI), Waukegan, Ill., has completed the acquisition of the assets of The Designers Edge Inc., Bellevue, Wash., a manufacturer and distributor of specialty lighting products, for approximately $10.9 million in cash. Coleman said in a press release that the acquisition of The Designers Edge assets expands its current product portfolio across a wide range of lighting product categories, including industrial, work and utility, as well as products for security and landscape applications. These product offerings will complement CCI’s existing portfolio of lighting and lighting-related products, including its portable lighting products, lighting-related timers and controls and Moonrays line of garden lighting and products. The Designers Edge had 2010 sales of more than $210 milllion.
Details
GE buys 90% stake in Converteam for $3.2 billion
GE (NYSE: GE) announced today that its Atlanta-based Energy business has entered into an agreement to acquire approximately 90 percent of Converteam, a provider of electrification and automation equipment and systems, from a controlling shareholder group that includes management, Barclays Private Equity and LBO France, for approximately $3.2 billion.
Converteam’s name only dates back to 2006, but the businesses it comprises go back more than a century, including such international names as Westinghouse Drives and Electric Machinery of the U.S., General Electric Company (GEC) of the U.K., Compagnie Générale d’Electricité (CGE) and Alstom of France, and Allgemeine Elektrizitäts-Gesellschaft (AEG) of Germany.
The transaction, endorsed by Converteam’s management and employee representative groups, is expected to close during third quarter 2011, subject to customary closing conditions. Converteam’s senior management will retain approximately a 10 percent stake in the company. GE and Converteam senior management have agreements under which GE would purchase the remaining shares in the company over the next two to five years for up to $480 million depending on time of sale and business performance.
Converteam’s products and services “enable customers in a variety of industries to replace or improve mechanical processes with high-efficiency electric alternatives that deliver better reliability, less maintenance and lower emissions. Converteam’s portfolio includes drives and other power electronics, advanced rotating machines, generators and controls that when integrated address three critical customer needs across a range of industries,” said a GE release.
Headquartered in Massy, France, Converteam has 5,300 employees, including more than 1,600 engineers, and operates in more than 80 countries. Converteam recently announced 2010 sales of approximately $1.5 billion and EBITDA of approximately $239 million, with approximately 36 percent growth in orders versus 2009.
Coleman Cable to acquire TRC
After some drama involving a hostile takeover bid and the resignation of a CEO, Coleman Cable and Technology Research Corp. have agreed to terms on Coleman’s acquisition of TRC.
Waukegan, Ill.-based Coleman Cable (Nasdaq: CCIX) and Technology Research Corp. (Nasdaq: TRCI), based in Clearwater, Fla., announced a definitive merger agreement in which Coleman will acquire all of the outstanding shares of TRC for $7.20 per share in cash, in a transaction valued at approximately $51.5 million on a fully diluted basis. The cash consideration represents a premium of approximately 84.6 percent to TRC’s closing share price on January 14, 2011, the last trading day before TRC announced its receipt of Coleman’s indication of interest. Coleman will fund the deal with cash on hand and existing borrowing facilities.
Coleman’s original offer of $5.50 per share was already a 46 percent premium over TRC’s stock price at the time. TRC CEO Owen Farren’s departure and the sweeter offer appear to have swung the balance, winning the approval of TRC’s board.
Sonepar buys Toronto electrical distributor from HD Supply
Sonepar Canada, Mississaauga, Ontario, has purchased all of the asssets of SESCO/QUESCO, one of several Canadian divisions of HD Supply that sells electrical supplies. The transaction is scheduled to close by the end of February 2011. SESCO/QUESCO currrently employs over 70 associates and has five branches in the Toronto metropolitan area. Sonepar has more than 1,500 dedicated employees in 90 branches within six operating companies: CenturyVallen, Gescan BC, Gescan Prairies, Lumen, Osso Electric and Texcan.
EMCOR bolsters government business with Bahnson acquisition
Contracting giant EMCOR Group Inc. Norwalk, Conn., has acquired Bahnson Holdings, Inc., a privately held mechanical construction services company headquartered in Winston-Salem, N.C. In business since 1915, Bahnson, with 2010 revenues of approximately $155 million, is a leading industrial services company providing mechanical, HVAC and specialty refrigeration systems to virtually every industry in the U.S., with particular emphasis in the industrial, power, pharmaceutical, alternative energy and nuclear markets including projects for the U.S. Department of Energy and Department of Defense.
Details
Leviton Acquires UK Lighting Controls Manufacturer
Leviton Manufacturing Co. Inc., Melville, N.Y., has purchased Quantran Systems Ltd., Watford, United Kingdom. For more than a quarter of a century, Quantran has pioneered, designed and manufactured architectural dimming and lighting control systems.
Eaton buys South African industrial equipment manufacturer
Eaton Corp. (ETN) Cleveland, plans acquire ACTOM (Pty) Ltd.’s low-voltage electrical business in South Africa. ACTOM’s low-voltage business is a leading South African manufacturer and supplier of motor control components, engineered electrical distribution systems and uninterruptible power supply systems. Headquartered in Johannesburg, ACTOM’s low-voltage business had sales of $58 million during the last twelve months. The business has 480 employees and two manufacturing facilities in South Africa.
“The acquisition of ACTOM’s low-voltage business establishes a direct presence for Eaton in the attractive South African market and serves as a platform for growth in the region,” said Frank Campbell, president of Eaton’s Europe, Middle East and Africa Region for the Electrical Sector. “The combination of Eaton’s business with ACTOM’s low-voltage business will offer a broader set of power distribution and power quality solutions that enable our customers to more effectively grow and compete in their markets.”
ACTOM (Pty) Ltd. is a leading manufacturer and distributor of electrical equipment in South Africa, employing approximately 6,000 people and having an annual order intake in excess of 5 billion rand (approximately ($750.7 million).
Details