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Weekly Digest May 25

Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary

Carlyle to acquire ManTech International Corporation

Carlyle (Nasdaq: CG), a global private equity firm, announced the acquisition of ManTech International Corporation (Nasdaq: MANT), a provider of innovative technologies and solutions for mission-critical national security programs, for $4.2 billion.

“This announcement is an important milestone for ManTech and a testament to our growth and the leadership position we have built since our founding by George Pedersen more than 50 years ago…Following a comprehensive review of strategic alternatives, our Board determined that this transaction is in the best interest of our shareholders and provides them with the most compelling value maximization outcome, offering liquidity at a significant premium. We look forward to leveraging Carlyle’s deep knowledge and experience investing in and growing companies, as we deliver stronger outcomes for our customers and increased opportunities for our employees.” - Kevin M. Phillips, Chairman, CEO, and President at ManTech.

J&J Snack to acquire Dippin’ Dots

J&J Snack Foods Corp. (Nasdaq: JJSF), a leader and innovator in the snack food industry, announced the acquisition of Dippin’ Dots, LLC, a producer of flash-frozen beaded ice cream treats, for $222 million.

“Dippin’ Dots aligns perfectly with J&J’s portfolio strategy by adding an iconic, differentiated brand that uniquely complements our frozen novelty and frozen beverage businesses. With this acquisition, we can further leverage our combined strength in entertainment and amusement locations, theaters, convenience, and supermarkets to realize added scale, operational and go-to-market synergies, and create new selling opportunities among an expanded customer base. We are confident this transaction further positions us for accelerated growth across our business.” – Dan Fachner, President and CEO at J&J Snack Foods.

Lear Corporation to acquire I.G. Bauerhin

Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, announced the acquisition of I.G. Bauerhin (IGB), a privately held supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors, and electronic control modules, for $140 million. This transaction is Lear's second acquisition of a thermal comfort solutions company, and will expand the company's existing offerings. In February, Lear acquired substantially all of Kongsberg Automotive’s Interior Comfort Systems business unit (Kongsberg), whose comfort seating solutions include seat massage and lumbar, as well as seat heat and ventilation.

“The acquisition of IGB furthers Lear’s vertical integration strategy and advances our vision of being the leading provider of innovative thermal comfort solutions…Combining Lear’s industry-leading seating expertise and Kongsberg’s products and capabilities with IGB’s cutting-edge technology will allow us to accelerate the commercialization of efficient, high-performance seating systems that are aligned with the key priorities of our OEM customers and consumers alike.” - Ray Scott, President, and CEO at Lear.

The transaction is subject to customary closing conditions and regulatory approvals.

American Tire Distributors to acquire Monro’s Tire distribution assets

American Tire Distributors, a supplier of tires to the replacement tire market, announced the acquisition of Monro, Inc. (Nasdaq: MNRO), wholesale tire distribution assets operating under the Tires Now name (“Tires Now”). Tires Now operates seven facilities across the Southeastern United States, servicing more than 3,500 wholesale customer locations annually. In addition to servicing these wholesale customers, with this transaction ATD will also strengthen its strategic support of the tire business at Monro’s more than 1,300 retail stores. Both Monro and ATD, as well as their respective partners and customers, are expected to benefit from increased operational efficiencies created through this transaction.

Steel Dynamics to acquire Roca Acero

Steel Dynamics, Inc. (Nasdaq: STLD), one of the largest domestic steel producers and metals recyclers, announced the acquisition of the equity interest of ROCA ACERO S.A. de C.V. (“ROCA”) to be funded with available cash. ROCA is headquartered in Monterrey, Mexico, and operates a ferrous and nonferrous scrap metals recycling business.
“We look forward to adding ROCA to the Steel Dynamics family to further solidify our Southwest U.S. and Mexico growth strategy…Combined with our existing North American metals recycling facilities, the addition of ROCA significantly strengthens our raw material procurement strategy in the region. After closing the ROCA transaction and fully integrating our Mexican metals recycling operations, we believe our Mexican scrap facilities will provide an even more meaningful competitive advantage to our U.S. electric-arc-furnace steel operations, while also providing a high-quality, customer centered option for our outside scrap customers. We are very excited to welcome and learn from the entire ROCA team.” - Mark D. Millett, Chairman, CEO, and President at Steel Dynamics.

The transaction is subject to customary closing conditions and regulatory approvals.

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