Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary
Textron to acquire Pipistrel
Textron Inc. (NYSE: TXT), a multi-industry company that leverages its global network of aircraft, defense, industrial, and finance businesses to provide customers with innovative solutions and services, announced the acquisition of Pipistrel, a pioneer and global leader in electrically powered aircraft.
“Pipistrel puts Textron in a uniquely strong position to develop technologies for the sustainable aviation market and develop a variety of new aircraft to meet a wide range of customer missions…Today’s announcement supports Textron’s long-term strategy to offer a family of sustainable aircraft for urban air mobility, general aviation, cargo, and special mission roles.” – Scott Donnelly, Chairman and CEO at Textron.
Grupo Traxión to acquire Medistik
Grupo Traxión (BMV: TRAXION), a Mexican transportation and logistics company, announced the acquisition of Medistik, Mexico-based healthcare products logistics solutions company, for $75.5 million. With this acquisition, Traxión integrates the pharma vertical to its 4PL and last-mile logistics services and retail and e-commerce.
“With the integration of Medistik, Traxión enters the healthcare logistics business through a successful and profitable company, with a sound leadership position, and presents us with a unique growth opportunity within a highly specialized logistics sector. MEDISTIK complies with all our acquisition and integration criteria. It is a key piece for our expansion strategy within the supply chain, with an asset light approach, with many synergies and efficiencies that will contribute to create further long-term value.” - Aby Lijtszain, Founder and Executive President at Traxion.
Atlas Copco to acquire the assets of Ceres Technologies
Atlas Copco AB (OM: ATCOA), a manufacturer of industrial tools and equipment, announced the acquisition of the assets of Ceres Technologies, a US-based manufacturer and designer of gas and vapor delivery equipment for the semiconductor industry.
“Ceres provides critical subsystems for process tools complementary to Edwards’ vacuum and abatement solutions for the semiconductor industry…This acquisition will allow us to expand our liquid chemical dispense offer globally through additional technology and know-how. The Ceres acquisition is also a valuable step forward in responding to the increased need to recycle and reuse gases in semiconductor process technology and improve sustainability in line with the industry’s environmental objectives” - Geert Follens, Business Area President of Vacuum Technique at Atlas Copco.
The transaction is expected to close during the second quarter of 2022, subject to regulatory approval.
Woodgrain to acquire Huttig Building Products
Woodgrain Inc., one of the largest millwork operations in the world, with locations all around the United States and Chile, announced the acquisition of Huttig Building Products (NASDAQ: HBP), one of the largest domestic distributors of millwork, building materials, and wood products used principally in new residential construction and in-home improvement, remodeling and repair work.
“Huttig has a long history as a value-added distributor, focused on service and innovation. This acquisition will increase our footprint by expanding our network, and by adding Huttig’s expertise and resources to our own, we are positioned to bring even more value to our respective customers and supply partners. We are thrilled to add Huttig’s talented associates to our Woodgrain family,” - Kelly Dame, President, and CEO at Woodgrain.
Herc Holdings to acquire Cloverdale Equipment Company
Herc Holdings Inc. (NYSE: HRI), a North American equipment rental supplier operating through Herc Rentals Inc., announced the acquisition of Cloverdale Equipment Company, a full-service construction equipment distributor and rental company. The addition of Cloverdale expands Herc Rentals’ presence in this coverage area to 14 physical locations, which collectively provide general and specialty equipment rental solutions and rental services.
“Our combined teams and resources position Herc Rentals to be a preeminent equipment rental partner in the Great Lakes region and nearby markets, serving a diverse mix of construction, industrial, and government customers. With three locations in major metropolitan markets, the addition of Cloverdale supports our long-term strategy to achieve greater density and scale in select urban markets across North America to better serve both our local and national customers.” – Larry Silber, President, and CEO.
SOURCES
Textron Press Release:
https://investor.textron.com/news/news-releases/press-release-details/2022/Textron-to-Acquire-Electric-Aircraft-Pioneer-Pipistrel/default.aspx
Grupo Traxión Press Release:
https://traxion.global/inversion/xcrud/uploads/assets/TRAXION_-_Acuerdo_MEDISTIK_17_Mar_22_Final.pdf
Atlas Copco Press Release:
https://www.atlascopcogroup.com/en/media/corporate-press-releases/2022/20220317-acquisition-ceres
Huttig Press Release:
https://www.carlyle.com/media-room/news-release-archive/carlyle-agrees-acquire-dainese-group-0
Herc Holding Press Release:
https://ir.hercrentals.com/tools/viewpdf.aspx?page={67D93967-93CF-4C75-B6F8-03625E37BE9A}