Update: Automotive M&A Update – September, 2020

September, 2020

For 2019, strategic buyers accounted for 87% of Automotive M&A transactions. During 2018, strategic buyers accounted for 86% of the transactions.

Select recent notable publicly announced M&A transactions:

– Autokinition acquired Tower International for $1.2 billion.

– Allison Transmission Holdings, Inc. acquired the electric vehicle systems division from AxleTech International Holdings for approximately $120 million.

– Constellium acquired UACJ for $140 million.

– American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) acquired Metaldyne Performance Group Inc. for approximately $3.42 billion.

– Winnebago Industries, Inc. acquired Grand Design RV for approximately $500 million.

– Polaris Industries Inc. (Delaware) acquired TAP Automotive Holdings, LLC for approximately $670 million.

– Thor Industries, Inc. (NYSE:THO) acquired Jayco, Inc. for approximately $580 million.

– Vitro, S.A.B. de C.V. (BMV:VITRO A) acquired Pittsburgh Glass Works LLC for approximately $310 million.

Update: IT Services M&A Update – September, 2020

September, 2020

For 2020 YTD, strategic buyers accounted for 86% of IT Services M&A transactions. During 2019, strategic buyers accounted for 90% of the transactions.

Select recent notable publicly announced M&A transactions:

– Baring Private Equity announced its acquisition of Virtusa Corporation for $2.3 billion.

– Cognizant Technology Solutions closed its acquisition of Collaborative Solutions for $395 million.

– Cognizant Technology Solutions closed its acquisition of New Signature for $305 million.

– Zip Co Limited closed its acquisition of QuadPay for $370 million.

– Sequoia Capital Operations closed its acquisition of Snowflake for $333 million.

Update: Packaging M&A Update – September, 2020

September, 2020

For 2020 YTD, strategic buyers accounted for 85% of Packaging M&A transactions. During 2019, strategic buyers accounted for 90% of the transactions.

Select recent notable publicly announced M&A transactions:

– Essentra closed its acquisition of 3C Packaging for $65 million.

– Graphic Packaging International closed its acquisition of the Consumer Packaging Group Business of Greif for $85 million.

– Cascades closed its acquisition of Greenpac Mill for $90 million.

– Case Paper Company announced its acquisition of API Americas for $6 million.

– TriMas Corporation closed its acquisition of Rapak for $11 million.

Update: Consumer and Retail M&A Update – September, 2020

September, 2020

For 2020 YTD, strategic buyers accounted for 58% of Consumer Retail M&A transactions. During 2019, strategic buyers accounted for 59% of the transactions.

Select recent notable publicly announced M&A transactions:

– 7-Eleven announced its acquisition of Speedway for $21 billion.

– Just Eat announced its acquisition of Grubhub for $8.1 billion.

– Amazon closed its acquisition of Zoox for $1.3 billion.

– Roark Capital announced its acquisition of ServiceMaster for $1.5 billion.

– Adtalem Global Education announced its acquisition of Walden e-Learning for $1.4 billion.

Brad Lehl joins Peakstone as Managing Director

July, 2020. Brad Lehl joined Peakstone as a Managing Director in Omaha, Nebraska.  Brad has over 20 years investment banking experience at US Bancorp, JP Morgan Chase, and BMO Harris.  Brad also spent several years as a institutional equity research analyst at Jefferies and RBC Capital Markets.

More recently, Brad led the M&A advisory practices at both Lutz M&A and Corporate Ventures, Inc. focusing on entrepreneur and family-owned middle market companies.  Brad has broad industry experience including transportation, staffing, waste/ recycling, business services, packaging, industrials, food/restaurants, manufacturing, distribution, and healthcare.

Previously, Brad worked at McCarthy Capital, an Omaha-based, middle-market focused private equity firm.  At McCarthy, he originated and structured private equity transactions and managed portfolio companies.

Brad received his BS in Finance from the University of Nebraska-Lincoln, and his MBA in Finance from the University of Chicago’s Booth School of Business.

About Peakstone

Peakstone is a leading investment bank that specializes in mergers and acquisitions advisory and capital raising for middle market clients. The team is comprised of senior investment banking professionals who have decades of experience and have executed hundreds of transactions totaling billions of dollars. For additional information, visit www.peakstone.com.

Peakstone Advises Buffalo Group, LLC

July, 2020. Peakstone served as exclusive M&A advisor to Buffalo Group, LLC.

Peakstone announced its role as M&A advisor to Buffalo Group (the “Company”) in its recapitalization by Kinderhook Industries (“Kinderhook”). Together with the Company’s management, Kinderhook formed Automotive Keys Group (“AKG”) as a platform for consolidation in the automotive keys industry. Buffalo Group’s founders, Rob Popkey and Ayal Sharvit, are on AKG’s Board of Directors and serve as Chairman and CEO, respectively.

Rob Popkey commented, “With our rapidly growing company at an inflection point, we engaged Peakstone to assist us to find the right capital partner to take the business to the next level, which we found in Kinderhook. Peakstone did a terrific job of positioning the business, delivering options and advising us through the process.”

Buffalo Group is a leading remanufacturer and distributor of replacement automotive keyless entry remotes, other key replacements and related equipment. The Company sells into a variety of end markets through several sales channels and customer-facing brands. With a diverse set of supplier relationships, the Company provides a comprehensive product offering for over 95% of the vehicles on the road.

Kinderhook Industries, LLC is a private investment firm that manages over $3.3 billion of committed capital and has made in excess of 250 investments and follow-on acquisitions since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and its proprietary network of operating partners.

Terms of the transaction were not disclosed.

For additional information please contact the following:

Christian Colucci, Managing Director, 312-346-7349, christian@peakstone.com

Alex Fridman, Managing Director, 312-346-7303, afridman@peakstone.comn

Jeff Temple, Managing Director, 312-346-7301, jtemple@peakstone.com

About Peakstone

Peakstone is a leading investment bank that specializes in mergers and acquisitions, advisory, and capital raising for middle market clients. Our team is comprised of senior investment banking professionals who have decades of experience and have executed hundreds of transactions totaling billions of dollars. For additional information, visit www.peakstone.com. To receive investment and proprietary acquisition opportunities, please register at www.peakzone.com.

Peakstone Publishes Industry Reports

June, 2020. Peakstone has published twelve industry reports, which can be accessed through the links below.  We deliver sector knowledge, experience, and relationships to every client.  We welcome a chance to open dialogue with companies in these sectors to exchange information and viewpoints. Continue reading →

Update: Warehousing, Transportation and Logistics M&A Update – June, 2020

June, 2020

In 2019, strategic buyers have accounted for 88% of Warehousing, Transportation and Logistics M&A transactions with financial buyers making up the difference. During 2018, strategic buyers accounted for approximately 81% of the transactions.

Select recent notable publicly announced M&A transactions:

– Costco acquires Innovel for $1 billion.

– Lineage acquires Emergentcold for $900 million.

– Brookfield acquires G&W for $9.5 billion.

– Odyssey acquires American Fast Freight for $465 million.

– ATSG acquires Omni Air International for $845 million.

 

Update: Pet M&A Update – June, 2020

June, 2020

In 2019 YTD, strategic buyers accounted for 82% of Pet M&A transactions while financial buyers making up the difference. During 2018, strategic buyers accounted for approximately 97% of the transactions.

Select recent notable publicly announced M&A transactions:

– Sergeant’s acquired PetIQ for approximately $185 million.

– Smucker’s acquired Ainsworth for approximately $1.9 billion.

– Hines Resource Group acquired Spectrum Brands for approximately $2.3 billion.

– General Mills, Inc. acquired Blue Buffalo Pet Products, Inc. for approximately $8.3 billion.

– The Riverside Company acquired Petstages for an undisclosed amount.

– The Riverside Company acquired Bionic for an undisclosed amount.

Update: E-Commerce M&A Update – June, 2020

June, 2020

Through 2019 YTD, strategic buyers accounted for 84% of the E-Commerce M&A transactions while financial buyers making up the difference. During 2018, strategic buyers accounted for approximately 88% of the transactions.

Select recent notable publicly announced M&A transactions:

– Apollo acquired Shutterfly for approximately $2.9 billion.

– Quarate Retail Group acquired HSN for approximately $1.8 billion.

– Nutrisystem acquired Tivity Health for approximately $1.4 billion.

– Etsy acquired Reverb for approximately $275 million.

– World Group acquired Original Stitch for approximately $22 billion.

– Snapfish acquired Cafe Press for approximately $26 million.