Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary
Zehnder to acquire Airia Brands
Zehnder Group AG (SIX: ZEHN), a manufacturer of radiators, radiant heat, cooling systems, and energy-efficient solutions for indoor climate, announced the acquisition of Airia Brands, Inc., a developer, manufacturer, and distributor of heat recovery ventilation systems.
“Zehnder Group and Airia – it’s a perfect match for us. The Lifebreath brand stands for healthy, energy-efficient, and environmentally friendly indoor climate solutions, just like the Zehnder brand. With the acquisition of Airia, we are significantly expanding our market position in North America, and we intend to grow even further in the future,” - Matthias Huenerwadel, Zehnder Group’s CEO.
Aurelius to acquire Ceramic Tile Distributors from Saint-Gobain
Aurelius, a German private equity firm, announced the acquisition of Ceramic Tile Distributors (Newcastle) Ltd, a supplier of ceramic tiles to the domestic and corporate customers from Compagnie de Saint-Gobain SA (EPA: SGO).
“We are delighted to have kickstarted 2022 with the substantial acquisition of a leading business within a new fast-growing sector for the Group. Throughout its 54-year existence, CTD has developed become one of the largest suppliers of tiles in the UK with a sizeable share of the domestic market. As CTD embarks on its new journey under AURELIUS ownership, we look forward to working with the existing management team to accelerate its earnings growth, leveraging its strong market position and favorable market opportunities.” – Tristan Nagler, Aurelius’ Partner.
The transaction is expected to close during the first quarter of 2022.
EMCORE to acquire L3Harris Space and Navigation Business
EMCORE Corporation (Nasdaq: EMKR), a provider of advanced mixed-signal products for different markets, announced the acquisition of the L3Harris’s (NYSE: LHX) space and navigation business for $5 million.
“L3Harris Space and Navigation designs and builds some of the most accurate Navigation products in the world. This acquisition expands our Fiber Optic Gyroscope (FOG) product portfolio into the Strategic Grade and Space-Qualified markets. We will also gain a technical team with a sterling track record of development and production of high-performance FOGs, Ring Laser Gyros (RLGs), and reaction wheels…This acquisition further solidifies EMCORE’s position as one of the largest independent inertial navigation providers in the industry. This is an excellent fit strategically for EMCORE, bringing Space and Navigation’s strong brand, inertial technology, and important program wins. It also expands EMCORE’s market reach into launch vehicle and space satellite markets, both of which are seeing significant growth,”- Jeff Rittichier, EMCORE’s President and CEO.
The transaction is expected to close during June 2022, subject to customary closing conditions and regulatory approvals.
Celanese to acquire the majority of Dupont’s Mobility & Materials Business
Celanese Corporation (NYSE: CE), a chemical and specialty materials company, announced the acquisition of a majority of the Mobility & Materials business of Dupont for $11 billion. Celanese will acquire a broad portfolio of engineered thermoplastics and elastomers, industry-renowned brands and intellectual property, global production assets, and a world-class organization.
“The acquisition of the M&M business is an important strategic step forward and establishes Celanese as the preeminent global specialty materials company…For nearly a decade, we have implemented, enhanced, and increasingly extended the Engineered Materials (“EM”) commercial model to generate shareholder value. M&M will be a high-quality addition to EM and will unlock significant opportunities to generate further customer and shareholder value. We are eager to welcome the M&M team to Celanese and jointly elevate the future growth and cash generation of the combined Celanese portfolio.” - Lori Ryerkerk, Celanese’s Chairman and CEO
The transaction is expected to close during 2022, subject to customary closing conditions and regulatory approvals.
ProMach to acquire TechniBlend
ProMach Inc., a packaging and processing machinery solutions company, announced the acquisition of Techniblend Inc., a provider of engineered process systems for the liquid processing industry.
“We’re pleased to welcome the TechniBlend and ProBrew teams to ProMach…With the addition of TechniBlend, ProMach now has a very comprehensive portfolio of liquid food and beverage processing technologies that includes our Statco-DSI, Allpax, and Stock product brands. This is another strong step towards becoming the total solutions provider for customers across North America who are looking for a trusted partner to help them succeed in an increasingly competitive marketplace.” - Mark Anderson, ProMach President and CEO.
SOURCES
Zehnder Press Release:
https://www.zehndergroup.com/en/news
Aurelius Press Release:
https://aurelius-group.com/en/news/aurelius-acquires-ceramic-tile-distributors-a-leading-supplier-of-high-quality-tiles/
Emcore Press Release:
https://investor.emcore.com/news-releases/news-release-details/emcore-announces-definitive-agreement-acquire-l3harris-space-and
Celanese Press Release:
https://www.businesswire.com/news/home/20220218005114/en/Celanese-to-Acquire-Majority-of-DuPont%E2%80%99s-Mobility-Materials-Business
ProMach Press Release:
https://www.promachbuilt.com/news-and-events/promach-acquires-techniblend/