Weekly Digest August 24

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

Whirlpool Corporation to acquire InSinkErator

Whirlpool Corporation (NYSE: WHR), a manufacturer and marketer of home appliances, announced the acquisition of InSinkErator, the world’s largest manufacturer of food waste disposers and instant hot water dispensers for home and commercial use, from Emerson Electric Co. (NYSE: EMR), for $3.0 billion.

“We are excited for the unique opportunity to add InSinkErator to our portfolio of leading brands. The acquisition is a clear accelerator of our ongoing portfolio transformation and aligned with our stated goals of investing in high-growth and high-margin businesses and Win Americas…InSinkErator is not only an iconic brand with a reputation for the highest quality and performance, but also a business that is purpose-driven and shares our vision of improving life at home. We look forward to capitalizing on the significant growth opportunities we see for this business.” - Marc Bitzer, Chairman, and CEO of Whirlpool Corporation.

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

Investindustrial to acquire Meal Preparation business from TreeHouse Foods, Inc.

Investindustrial, a European group of independently managed investment, holding, and advisory companies, announced the acquisition of the Meal Preparation business from TreeHouse Foods, Inc. (NYSE: THS) for $950 million.

“The positive demand trends for private label are clear and simplifying our business will position us to better capitalize on those trends to drive value now and well into the future. This transaction strengthens our balance sheet, improves execution consistency and accelerates our ability to invest across snacking and beverage categories that present attractive growth opportunities. Our continued focus on commercial and operational excellence, people and talent, and driving simplification and growth that have been the hallmarks of our successful efforts to transform TreeHouse will remain as we continue our evolution in line with our strategy.” - Steve Oakland, CEO and President
The transaction is expected to close during the fourth quarter of 2022, subject to customary closing conditions and regulatory approvals.

UPS to Acquire Bomi Group

UPS (NYSE: UPS), an American multinational shipping & receiving and supply chain management company, announced the acquisition Bomi Group, an industry-leading multinational healthcare logistics provider. The transaction will add temperature-controlled facilities in 14 countries.

“As a leading global healthcare logistics company, Bomi enhances our portfolio of services and accelerates our journey to become the number one provider of complex healthcare logistics…UPS Healthcare and Bomi Group employees share similar values and our cultures are firmly rooted in a relentless focus on quality. The combination of our two teams will significantly improve our healthcare customers’ ability to continue to develop and deliver life-saving innovations.” - Kate Gutmann, EVP and President of UPS International, Healthcare and Supply Chain Solutions.

MarineMax to Acquire IGY Marinas

MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, announced the acquisition of Island Global Yachting LLC, which owns and operates a collection of iconic marina assets and a yacht management platform in key global yachting destinations, for $480 million.

“We are delighted to announce our acquisition of IGY Marinas, a transformative transaction for MarineMax, that significantly strengthens our ability to provide the best customer experience to yacht owners around the world…The addition of IGY Marinas positions MarineMax as the preeminent leader in the superyacht industry—the only company able to offer an integrated experience coupling high-value superyacht berthing and marina services in premier locations with exclusive superyacht service offerings. Moreover, this investment continues to diversify our business mix with not only higher margins, but also a larger geographic footprint, especially in highly desired destinations in the Mediterranean and the Caribbean.” - W. Brett McGill, CEO and President of MarineMax.

MTY Food Group Inc. to acquire Bbq Holdings

MTY Food Group Inc. (“MTY”) (TSX: MTY) announced the acquisition of BBQ Holdings, Inc. (NASDAQ: BBQ), an international restaurant company engaged in the business of franchising and operating casual and fast casual dining restaurants, for $200 million.

“This transaction represents another key acquisition for MTY as we further scale and enhance our existing U.S. portfolio through the addition of nine unique brands. The transaction combines highly complementary businesses, including BBQ Holdings’ exciting casual and fast casual brands. BBQ Holdings’ restaurants are well established within each of their respective markets with a strong network of franchise partners, well-run corporate-owned locations, and a best-in-class management team. We are excited about the prospects of adding BBQ Holdings’ brands to the MTY family and we look forward to welcoming Jeff Crivello and his team and their franchise partners,” commented Eric Lefebvre, CEO of MTY.

The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals.

SOURCES