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Weekly Digest June 29

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

Mondelēz International to acquire Clif Bar & Company

Mondelēz International, Inc. (Nasdaq: MDLZ), an American multinational confectionery, food, holding, and beverage and snack food company, announced the acquisition of Clif Bar & Company, a leader in the U.S. maker of nutritious energy bars with organic ingredients for $2.9 billion. The acquisition of leading on-trend brands expands Mondelez Internationals global snack bar business. These new products are the newest additions to an already comprehensive snack bar product line which includes industry leading brands such as US refrigerated snacking business, Perfect Snacks and UK performance nutrition business, Grenade.

“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondelēz International family…This transaction further advances our ambition to lead the future of snacking by winning in chocolate, biscuits, and baked snacks as we continue to scale our high-growth snack bar business. As a leader and innovator in well-being and sustainable snacking in the U.S, Clif Bar & Company embodies our purpose to ‘empower people to snack right’ and we look forward to advancing this important work with Clif’s committed colleagues in the years ahead." - Dirk Van de Put, Chairman and CEO at Mondelēz International.

The transaction is expected to close during the third quarter, subject to customary closing conditions.

DB Schenker to acquire USA Truck

DB Schenker, a provider of logistics services, announced the acquisition of USA Truck (NASDAQ: USAK), a provider of transportation and logistics services that include truckload, dedicated contract carriage, intermodal, and brokerage spot market throughout North America, for $435 million. Upon completion of the transaction, DB Schenker aims to strengthen and expand USA Truck’s presence in North America while utilizing its complementary international logistics expertise, air transport services, and ocean gateways to benefit USA Truck’s existing customer base. Building upon USA Truck’s existing U.S. and Mexico freight network, DB Schenker also intends to expand its global logistics services across land, air, and ocean transportation services, as well as its comprehensive solutions for logistics and global supply chain management.

“USA Truck is the perfect match for DB Schenker’s strategic ambition to expand our network in North America and foster our position as a leading global logistics provider…In our 150th anniversary year, we are pleased to welcome one of the leading trucking and logistics providers to DB Schenker. Together we will enhance our shared value proposition and invest in exciting growth opportunities and sustainable logistics solutions for new and existing clients.” - Jochen Thewes, CEO at DB Schenker.

Holcim to Acquire Ses Roofing and Insulation Business

Holcim Ltd. (SWX: HOLN), a building materials manufacturer, announced the acquisition of SES Foam LLC, the biggest independent spray foam insulation company in the US. This transaction adds to Holcim’s recent acquisition from Firestone Building Products.

“This is another exciting step in the expansion of Solutions & Products, advancing our ‘Strategy 2025 – Accelerating Green Growth’. SES has a proven track record of growth and innovation in thermal insulation with a focus on more sustainable solutions, making them highly complementary to our roofing and insulation business. We look forward to warmly welcoming all SES employees into Holcim and to invest in our next era of growth together, with a continued focus on innovation and sustainability.” - Jamie Gentoso, Head Solutions & Products at Holcim.

Primoris Services Corporation to acquire PLH Group

Primoris Services Corporation (Nasdaq: PRIM), a specialty contractor providing critical infrastructure services to the utility, energy/renewables, and pipeline services markets throughout the United States and Canada, announced the acquisition of PLH Group, a leading full-service construction and specialty contractor that serves the electric power and pipeline markets, for $470 million.

“This acquisition aligns solidly with our strategic focus on higher-growth, higher-margin business segments…It expands our footprint for Power Delivery services at a time when improvement and expansion of our domestic electric grid is driving massive capital investment in this market.” - Tom McCormick, President, and CEO at Primoris.

ASSA ABLOY to acquire Caldwell

ASSA ABLOY AB (OM: ASSA B), a provider of door opening products, solutions, and services, announced the acquisition of Caldwell, a manufacturer of fenestration hardware for window manufacturers.

"I am very pleased to welcome Caldwell into the ASSA ABLOY Group. This acquisition delivers on our strategy to add complementary products and solutions to our core business,” - Nico Delvaux, President and CEO of ASSA ABLOY.

“Caldwell is an excellent addition to the Pacific & North East Asia Division and provides complementary growth opportunities. The acquisition will strengthen our position with fenestration manufacturers and I look forward to working with the experienced team to continue Caldwell’s successful journey,” - Simon Ellis, EVP, and Head of Asia Pacific ASSA ABLOY Opening Solutions Pacific & North-East Asia.

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