Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary
Dave & Buster’s to acquire Main Event from Ardent Leisure and RedBird Capital
Dave & Buster’s Entertainment, Inc. (Nasdaq: PLAY), an owner and operator of entertainment and dining venues, announced the acquisition of Main Event, a family entertainment concept with 50 locations in the U.S, from Ardent Leisure Group Limited (ASX: ALG) and RedBird Capital Partners , for $835 million.
“We are thrilled to welcome Main Event to the Dave & Buster’s family…This is a transformational combination for both brands. From a strategic fit perspective, Main Event’s business model, footprint and asset quality aligns well with Dave & Buster’s. Main Event targets a different demographic, families with younger children, while Dave & Buster’s has primarily targeted young adults. While each brand will continue to operate independently, ownership of both brands enables us to expand the breadth of customers we serve together, while also enabling each brand to better differentiate its offering to its core consumer. Main Event’s existing footprint works well with Dave & Buster’s current geographies and each brand has significant growth opportunities. We expect the acquisition to be accretive to growth and earnings.” - Kevin Sheehan, Board Chair and Interim CEO.
Marshalls to acquire Marley Group
Marshalls plc, a United Kingdom-based manufacturer of natural stone and concrete hard landscaping products supplying to the construction, home improvement, and landscape markets, announced the acquisition of Marley Group plc, a manufacturer and supplier of pitched roof systems to the British construction market.
“The acquisition of Marley represents a significant step towards achieving our strategic goal to become the UK’s leading manufacturer of products for the built environment.”- Martyn Coffey, CEO.
BlueScope to acquire the Coil Coatings business from Cornerstone Building Brands
BlueScope Steel Limited, a manufacturer and distributor of steel products, announced the acquisition of the coil coatings business from Cornerstone Building Brands, Inc. (NYSE: CNR) for $500 million.
“The acquisition of Coil Coatings is a significant step forward in our growth plans for North America. It almost triples our US metallic coating and painting capacity to over 1.3 million metric tonnes per annum, from around 475,000 tonnes per annum at present, and gives us immediate and direct access to the large and growing Eastern US region.” – Mark Vassella, CEO at BlueScope.
Applied Composites to acquire North Coast Composites and North Coast Tool & Mold from Unitech
Applied Composites Holdings, LLC, a leading aerospace, space, and defense composites supplier, announced the acquisition of The Companies of North Coast, LLC, a manufacturer of Resin Transfer Molded (“RTM”) composite structures, and tooling, from Unitech Holdings, Inc. This marks the sixth acquisition by the Applied Composites platform created by AE Industrial Partners, LP (“AEI”), a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets.
“We are excited for North Coast to become a part of Applied Composites…North Coast’s best-in-class RTM and tooling capabilities are important to Applied Composites and help to reinforce our leadership position in advanced composite solutions throughout our core aerospace, defense and space markets.” - David Horner, CEO at Applied Composites.
Audax to acquire Flow Control Holdings
Audax, a private equity firm, announced the acquisition of Flow Control Holdings, a holding company owning Steel & O’Brien Manufacturing and Ave Sanitary, and provide highly engineered flow components for the food, beverages and pharmaceutical industry.
“We are thrilled to become part of the Audax family and look forward to benefiting from their expertise and approach to driving transformational growth…We are also deeply grateful to The Edgewater Funds and JZ Partners for their investment and partnership over the last three years as we worked together to build a differentiated business that today makes up Flow Control Holdings.” - Phil Pejovich, CEO at Flow Control Holdings.
SOURCES
Dave & Buster’s Press Release:
https://ir.daveandbusters.com/news-releases/news-release-details/dave-busters-announces-acquisition-main-event-835-million-chris
Marshalls Press Release:
https://www.marshalls.co.uk/media/latest-news/marshalls-plc-to-acquire-leading-pitched-roof-syst
BlueScope Press Release:
https://s3-ap-southeast-2.amazonaws.com/bluescope-corporate-umbraco-media/media/3609/bluescope-acquisition-of-coil-coatings-asx-release-finaldocx.pdf
Applied Composites Press Release:
https://www.appliedcomposites.com/post/applied-composites-a-portfolio-company-of-ae-industrial-partners-acquires-north-coast-composites-a
Flow Control Press Release:
https://www.flowcontrolholdings.com/news/flow-control-holdings-completes-sale-to-audax-private-equity/