With banks in retreat, PE ﬁ rms are SPEND IT · OCTOBER 2019 THEMIDDLEMARKET.COM SPEND IT OR LEND...

OCTOBER 2019

TH

EM

IDD

LE

MA

RK

ET.C

OM SPEND IT

ORLEND IT

With banks in retreat, PE fi rms are pursuing a new opportunity:

extending credit to support competitors’middle-market deals

CV1_MAJ1019.indd 1 9/9/19 3:20 PM

We broke the mold by bringing M&A payments online. Now we are turning things up a notch with a fast, easy, and predictable platform that takes care of all the details of your deal.

Join the movement. Take us for a spin on your next deal.

Learn more at srsacquiom.com

Gain revolution.

0C2_MAJ1019 2 9/9/2019 9:30:49 AM

TheMiddleMarket.com October 2019 Mergers & Acquisitions 1

October 2019 | VOL. 54 | NO. 9Contents

LEVERAGE With banks in retreat, PE firms are pursuing a new opportunity: extending credit to support competitors’ middle-market deals.

20

Watercooler6Lending together Crescent expands BDC services with Alcentra purchase.

10Better for you Hershey buys again. This time the company picks up One Brands to broaden healthy snack offerings.

12Thoma Bravo fills tech gapOGsys addresses accounting needs in the oil and gas sector, as operators look to tech to make improvements.

Shaq BacksBlackRock invests in Shaquille O’Neal-backed Authentic Brands Group.

Cover Story

Guest Article30Why PE firms are (hidden) investors Private equity firms forge new ideas, products and methods to change com-panies for the better, writes Chicago Pacific Founders’ Matthew Doyle.

People Moves34New hires and promotions Michael Bernstein gets hired by Arse-nal. Bruce Larson joins Carlyle. Scott Schebelsky gets promoted at Lovell Minnick. John Sheputis gets hired by GI Partners.

Q&A32Fostering flexibilityProkanga helps financial services professionals find roles that offer more balance between work and life.

Data35Completed deals H&R Block’s purchase of Wave among the deals that recently closed.

Private Equity Perspective16Complete control We spoke with Blackstone co-founder Stephen A. Schwarzman about why he likes the PE model.

The Buyside18Expanding e-commerce Logistics and distribution centers are racing to keep up with demand, enticing buyer interest.

Features26Lenders and struggling restaurants Banks are reporting issues tied to the bankruptcies of casual dining chains.

28Betting on sports Both Worldpay and First Data bring gambling processing businesses and experience to their new owners.

SPEND ITOR

LEND IT

001_MAJ1019 1 9/9/2019 6:54:09 PM

2 Mergers & Acquisitions October 2019

It’s no wonder private equity firms are getting into the loan business. “Leveraged loans, by and large, are cheap and a very good place to invest capital,” said David Miller, global head of credit at Credit Suisse (NYSE: CS), at a recent conference. With inter-est rates likely to continue declining, the appeal of middle-market lending may increase.

PE firms including the Blackstone Group (NYSE: BX), KKR, the Carlyle Group (Nasdaq: CG), and

Apollo (NYSE: APO) have all grown their credit business substantially over the past couple of years. For example, in 2018, KKR closed on $2.2 billion for its KKR Private Credit Opportunities II fund, more than twice its predecessor fund, KKR Mezzanine Partners I, which was raised in 2015. In 2019, Silver Lake raised $2.5 billion for its first ever credit and structured equity fund. Many middle market firms have also expanded or launched credit strategies. Firms such as Thoma Bravo, Adams Street, the Sterling Group, the Riverside Co., H.I.G., BC Partners, Silver Lake, Gryphon Investments and Francisco Partners have launched credit arms.

“A lot of firms have added credit as part of their expansion,” said Jeffrey Stevenson, a managing partner with VSS, one of several firms featured in our cover story. “The banks left a big void, and the LP market is eager for yield. Private equity is pretty good at going where the money is.”

“The private credit market is still in its ascendancy,” said Bill Sacher, a part-ner and the head of private credit at Adams Street. “There is a supply and demand imbalance that was created when the banks exited the market. That void has yet to be filled,” says Sacher. “And even though the private market has become more crowded, the supply-demand imbalance remains largely intact. The total pool of dry powder in private credit funds today is about $100 billion. That is up two- or three-fold from 10 years ago, but there is still about $800 billion in visible forward demand with upcoming mid-market loan maturities and private equity dry powder.” M&A

– Mary Kathleen Flynn

Inside Word

Facing increased pressure to grow, private equity firms turn to lending

Follow the money

October 2019 | VOL. 54 | NO. 9

TheMiddleMarket.com

1 STATE STREET PLAZA, 27TH FLOORNEW YORK, NY 10004-1505 • (212) 803-8200

EDITOR-IN-CHIEF Mary Kathleen Flynn

MANAGING EDITORDemitri Diakantonis

CONTRIBUTING EDITORSKeith Button, Danielle Fugazy

GROUP EDITORIAL DIRECTOR, BANKING AND CAPITAL MARKETS

Richard Melville

EXECUTIVE DIRECTOR, CONTENT OPERATIONS AND CREATIVE SERVICES

Michael Chu

SR. ART DIRECTORNick Perkins

VICE PRESIDENT, CAPITAL MARKETSHarry Nikpour (212) 803-8638

SENIOR MARKETING MANAGERJamie Billington

CHIEF EXECUTIVE OFFICER ........................ Gemma Postlethwaite

CHIEF FINANCIAL OFFICER .............................................Sean Kron

CHIEF STRATEGY OFFICER ........................................... Jeff Mancini

CHIEF REVENUE OFFICER ...........................................Dave Colford

CHIEF CONTENT OFFICER ........................................... David Evans

SVP, CONFERENCES & EVENTS ..............................John DelMauro

VP, PEOPLE & CULTURE ....................................................Lee Gavin

Mergers & Acquisitions Vol. 54/No. 9 (ISSN 0026-0010) is published monthly with combined issues in July/August and November/December by SourceMedia, One State Street Plaza, 27th Floor, New York, NY 10004-1505. Yearly subscription is $1,995; $2035 for one year in all other countries. Periodical postage paid at New York, NY and U.S. additional mailing offices. POSTMASTER: Send address changes to Mergers & Acquisitions / SourceMedia, One State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. This publication is designed to provide accurate and authoritative information regarding the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering financial, legal, accounting, tax, or other professional service. Mergers & Acquisitions is a registered trademark used herein under license. © 2019 Mergers & Acquisitions and SourceMedia, Inc. All rights reserved.

LICENSING AND REUSE OF CONTENT:

Contact our official partner, Wright’s Media, about available usages, license and reprint fees, and award seal artwork at [email protected] or (877) 652-5295 for more information. Please note that Wright’s Media is the only authorized company that we’ve partnered with for SourceMedia materials.

CUSTOMER [email protected] or (212) 803-8500

002_MAJ1019 2 9/9/2019 4:17:51 PM

003_MAJ1019 3 9/9/2019 9:30:51 AM


5 hiring trends in private equityWhat does a PE firm look for in a potential employee these days? Just about every PE firm you talk to seems intent on becoming attractive to diverse candidates — whether it’s by hiring a chief diversity officer or adding portfolio support.

Special reports

The mid market needs big data By embracing big data, companies can improve their business models and tap into its benefits to assist in M&A. Orga-nizations must also address the risks, writes Bank of America Merill Lynch’s Robert Arth.

Voices

H&R Block purchases Wave M&A is poised to remain robust for the remainder of 2019, predict deal observ-ers. Among the mid-market deals that recently closed: H&R Block Inc.s pur-chase of Wave Financial and Arsenal Capital’s backing of Seal for Life.

Data

What’s going on @TheMiddleMarket.com

www.themiddlemarket.com

004_MAJ1019 4 9/9/2019 11:00:50 AM

23YEARS IN BUSINESS

6INVESTMENT FUNDS

RAISED

1.6BILLION OF

COMMITTED CAPITAL

125+PLATFORM

INVESTMENTS

70+INDEPENDENT SPONSOR

PLATFORMS

Peninsula Capital Partners provides customized debt and equity solutions to middle-market companies as either a control or non-control investor. We specialize in working with independent sponsors and directly with companies on buyout,

recapitalization, growth and other leveraged capital transactions.

PLEASE ALLOW US TO SHARE OUR CAPITAL STRUCTURING EXPERTISE WITH YOU — 313.237.5100 | WWW.PENINSULAFUNDS.COM

BRIDGING THE CAPITAL GAP FOR OVER 20 YEARS

PCP_001_2019_MA_v1FA.indd 3 2/28/19 9:27 AM005_MAJ1019 5 9/9/2019 9:30:52 AM

TheMiddleMarket.com6 Mergers & Acquisitions October 2019

Watercooler

Crescent Capital BDC is buying middle-market lender Alcentra Capital Corp. (Nasdaq: ABDC) for $142 million. “We look to invest in niche compa-nies with defensible market strategies and experienced management teams that can survive market cycles,” says Crescent co-founder Mark Attanasio. “We have the right people and the right investment processes in place to promote long-term growth for our clients, and we look forward to broad-ening our investment portfolio with the acquisition of Alcentra Capital.”

After the deal closes, Crescent expects to become a public company and will apply to list on the Nasdaq under the “CCAP” symbol.

Crescent says buying Alcentra will expand the firm’s business develop-ment company and private credit services. For Alcentra, the deal was part of the company’s strategic review process, and will grow the firm into the upper middle market, beyond its traditional range of businesses with $15 million to $75 million in Ebitda.

“We are now in a much stronger

position and, through the combination with Crescent BDC, will create a larger business development company with a highly complementary portfolio that offers immediate additional value for our stockholders,” says Alcentra CEO Suhail Shaikh. The deal completes a strategic review process for Alcentra, in which the target entertained buyout offers.

Advisors on the deal were: BofA Mer-rill Lynch, Kirkland & Ellis and Proskauer Rose, Houlihan Lokey (NYSE: HLI), Sul-livan & Worcester LLP and Dechert LLP.

By Demitri Diakantonis and Mary Kathleen Flynn

Watercooler

Lending togetherCrescent broadens investment portfolio with Alcentra acquisition

BLO

OM

BE

RG

NE

WS

Cheesecake Factory expands menu

North Italia purchase gives Cheesecake more growth opportunities

The Cheesecake Factory Inc. (Nasdaq: CAKE) is buying Fox Restaurant Concepts and the remaining stake it does not already own in Italian restaurant chain North Italia for up to $353 million. Cheesecake is paying $130 million for the stake in North Italia, which it originally invested in 2016, increasing its total investment in North Italia to $174 million. North Italia operates 20 locations.

Mark Attanasio DEALMAKERS:WOMEN AT FAMILY OFFICES—A PANEL DISCUSSION

THURSDAY, NOV. 21, 20196:30pm-8:30pm

For more information register at:WWW.EXPONENTWOMEN.COM

Join Exponent Women and Owens Group for an intimate panel discussion with the women dealmakers of family offi ces about their investment perspectives.

Exponent Women and Owens Group hosts

Visonary Sponsor In-Kind Sponsors Media Sponsor

Event Sponsor:

Motivator Sponsor

LX Gallery 36 East 60th Street, NYC

006_MAJ1019 6 9/6/2019 9:24:48 AM


Watercooler

position and, through the combination with Crescent BDC, will create a larger business development company with a highly complementary portfolio that offers immediate additional value for our stockholders,” says Alcentra CEO Suhail Shaikh. The deal completes a strategic review process for Alcentra, in which the target entertained buyout offers.

Advisors on the deal were: BofA Mer-rill Lynch, Kirkland & Ellis and Proskauer Rose, Houlihan Lokey (NYSE: HLI), Sul-livan & Worcester LLP and Dechert LLP.

Watercooler

Lending togetherCrescent broadens investment portfolio with Alcentra acquisition

BLO

OM

BE

RG

NE

WS

Cheesecake Factory expands menu

North Italia purchase gives Cheesecake more growth opportunities

The Cheesecake Factory Inc. (Nasdaq: CAKE) is buying Fox Restaurant Concepts and the remaining stake it does not already own in Italian restaurant chain North Italia for up to $353 million. Cheesecake is paying $130 million for the stake in North Italia, which it originally invested in 2016, increasing its total investment in North Italia to $174 million. North Italia operates 20 locations.

“With the power of The Cheesecake Factory brand, infrastructure and growth potential, complemented by an additional growth vehicle in the North Italia concept and an incubation engine to develop concepts of the future, we be-lieve we will be even better positioned to provide our guests with exceptional dining experiences,” says Cheesecake Fac-tory CEO David Overton.

Fox owns 45 restaurants under the Flower Child, Culinary Dropout, Blanco and The Henry brands. “The Cheesecake Factory is the right partner to embrace our creative spirit, enabling us to innovate concepts, while providing the in-frastructure and capital to scale,” says Fox Restaurant CEO Sam Fox, who is expected to continue to lead Fox Restau-rant after the deal closes. Latham & Watkins is advising Cheesecake.

Watercooler

DEALMAKERS:WOMEN AT FAMILY OFFICES—A PANEL DISCUSSION

THURSDAY, NOV. 21, 20196:30pm-8:30pm

For more information register at:WWW.EXPONENTWOMEN.COM

Join Exponent Women and Owens Group for an intimate panel discussion with the women dealmakers of family offi ces about their investment perspectives.

Exponent Women and Owens Group hosts

Visonary Sponsor In-Kind Sponsors Media Sponsor

Event Sponsor:

Motivator Sponsor

LX Gallery 36 East 60th Street, NYC

007_MAJ1019 7 9/6/2019 9:24:50 AM


Tech advances therapyCorindus is a pioneer in using robots for skin and vascular procedures

Siemens Healthineers AG is buying Corindus Vascular Robotics for $1.1 billion. Corindus says its medical devices are the first to win U.S. Food and Drug Administration ap-proval for using robots in skin and vascular procedures. “The combination of Siemens Healthineers’ advanced, high-quality imaging, digital and artificial intelligence tools with Corindus’ precision robotics platform has the potential to transform the way healthcare is delivered to those suffering from cardiovascular or peripheral disease,” says Corindus CEO Mark Toland.

Advances in robotics are making it possible to complete more complex tasks at higher speeds and with improved control and outcomes for a wide range of activities, includ-ing medical procedures. The developments are driving M&A in healthcare and other industries.

“The acquisition of Corindus, combined with Siemens’ strong advanced therapies portfolio will help further ad-vance the growth of vascular robotics,” says Michel Therin, president, advanced therapies at Siemens Healthineers. “The integration of our technologies could lead to reduced variability, improved efficiency, expanded access to care, and ultimately improved patient outcomes.” Siemens Healthineers generated $14.9 billion in revenue in 2018.

Advisors to Corindus are: Citigroup Global Markets Inc. and Cadwalader, Wickersham & Taft LLP.

Watercooler

CO

RIN

DU

S

Disrupting real estateLovell Minnick invests in transformative tech

Lovell Minnick Partners is buying a majority stake in Inside Real Estate. The targets offers software services to over 200,000 real estate agents and helps them manage home sale processes and commission payments.

“As we’ve seen in other areas of financial services, new technologies are transforming the way in which existing business processes are managed in real estate,” Lovell Minnick partner John Cochran tells Mergers & Acquisitions.

“Today’s real estate technology environment is very fragmented, a dynamic we typically see lead to ad-ditional industry consolidation as busi-nesses grow and evolve,” adds Lovell Minnick partner Jason Barg. Demand for real estate software is rising, as firms rely on more on technology to assist them in managing their deals and properties.

Earlier in 2019, Lovell Minnick bought Attom Data Solutions from Renovo Capital and Rosewood Private Invest-ments. Attom is a provider of real estate and and analytics that offers tax, deed and mortgage information, along with neighborhood demograph-ics. In 2017, Luminate Capital Partners invested in AMTdirect, which provides contract management services for real estate professionals.

Lovell Minnick is a business and fi-nancial services-focused private equity firm that has raised $3.2 billion since it was founded in 1999.

Franchise expertVitamin Shoppe purchase feeds new approach for Liberty Tax

Liberty Tax Inc. is buying nutritional products retailer Vi-tamin Shoppe Inc. (NYSE: VSI) for $208 million. The deal is part of Liberty Tax’s strategy to diversify its business lines by acquiring companies that have the potential to be fran-chised.

The company, which owns Liberty Tax Services, recently completed a deal for Buddy’s Home Furnishings, which sells and leases consumer electronics, appliances and furniture. As a result of its new focus, Liberty Tax is changing its name to Franchise Group Inc. Liberty Tax has received an equity commitment from Vintage Capital Management. Vitamin Shoppe operates around 750 stores under the Vitamin Shoppe and Super Supplements brands.

“Following a careful and disciplined assessment, the board of directors has concluded that the acquisition proposal from Liberty Tax maximizes value for our share-holders,” says Vitamin Shoppe CEO Sharon Leite. “We are committed to transforming into an agile, customer-first organization that differentiates our brand through best-in-class quality, innovation and expertise across our products and services.”

Advisors to Vitamin Shoppe include: Bank of America Merrill Lynch and Kirkland & Ellis. The advisor to Liberty Tax is Troutman Sanders. Willkie Farr & Gallagher LLP is representing Vintage Capital Management.

THE

VIT

AM

IN S

HO

PP

E

008_MAJ1019 8 9/6/2019 9:24:59 AM


Watercooler

Disrupting real estateLovell Minnick invests in transformative tech

Lovell Minnick Partners is buying a majority stake in Inside Real Estate. The targets offers software services to over 200,000 real estate agents and helps them manage home sale processes and commission payments.

“As we’ve seen in other areas of financial services, new technologies are transforming the way in which existing business processes are managed in real estate,” Lovell Minnick partner John Cochran tells Mergers & Acquisitions.

“Today’s real estate technology environment is very fragmented, a dynamic we typically see lead to ad-ditional industry consolidation as busi-nesses grow and evolve,” adds Lovell Minnick partner Jason Barg. Demand for real estate software is rising, as firms rely on more on technology to assist them in managing their deals and properties.

Earlier in 2019, Lovell Minnick bought Attom Data Solutions from Renovo Capital and Rosewood Private Invest-ments. Attom is a provider of real estate and and analytics that offers tax, deed and mortgage information, along with neighborhood demograph-ics. In 2017, Luminate Capital Partners invested in AMTdirect, which provides contract management services for real estate professionals.

Lovell Minnick is a business and fi-nancial services-focused private equity firm that has raised $3.2 billion since it was founded in 1999.

Franchise expertVitamin Shoppe purchase feeds new approach for Liberty Tax

Liberty Tax Inc. is buying nutritional products retailer Vi-tamin Shoppe Inc. (NYSE: VSI) for $208 million. The deal is part of Liberty Tax’s strategy to diversify its business lines by acquiring companies that have the potential to be fran-chised.

The company, which owns Liberty Tax Services, recently completed a deal for Buddy’s Home Furnishings, which sells and leases consumer electronics, appliances and furniture. As a result of its new focus, Liberty Tax is changing its name to Franchise Group Inc. Liberty Tax has received an equity commitment from Vintage Capital Management. Vitamin Shoppe operates around 750 stores under the Vitamin Shoppe and Super Supplements brands.

“Following a careful and disciplined assessment, the board of directors has concluded that the acquisition proposal from Liberty Tax maximizes value for our share-holders,” says Vitamin Shoppe CEO Sharon Leite. “We are committed to transforming into an agile, customer-first organization that differentiates our brand through best-in-class quality, innovation and expertise across our products and services.”

Advisors to Vitamin Shoppe include: Bank of America Merrill Lynch and Kirkland & Ellis. The advisor to Liberty Tax is Troutman Sanders. Willkie Farr & Gallagher LLP is representing Vintage Capital Management.

THE

VIT

AM

IN S

HO

PP

E

The next generation of industry movers are

invited to join ACG NY Forward for a night of

networking and cocktails.

OCTOBER 30, 2019 | 6 PM - 8 PMBIERHAUS

THE FUTURE LEADERS OF ACG NEW YORK

®

FORWARD

009_MAJ1019 9 9/6/2019 9:25:04 AM


Consumer insightsCelect helps Nike continue digital foray

Nike Inc. (NYSE: NKE) has acquired predictive analytics and demand sensing firm Celect. The deal is part of Nike’s con-sumer direct strategy that is aimed at improving its personal customer service.

Celect, founded in 2013, offers cloud-based analytics that help retailers manage their inventory based on local demand predictions. “As demand for our product grows, we must be insight-driven, data optimized and hyper-focused on consumer behavior,” says Nike chief operating officer Eric Sprunk. “This is how we serve consumers more person-ally at scale.”

In 2018, Nike acquired two innovative companies in order to help speed up the athletic apparel maker’s digital strat-egy. Nike bought Zodiac Inc., a consumer data analytics firm based in New York and Philadelphia. Nike also bought Invertex Ltd., a Tel Aviv, Israel-based pioneer in the use of 3D scanning technology to customize shoes.

Consumers are more demanding and specific with the products they buy. Retailers of all kinds are under pressure to get a better grasp of shopper behavior, so they can tailor their marketing strategies and inventories to meet evolving consumer needs. In order to do this, companies are invest-ing in technology, including data and analytics providers, snatching targets in those fields through M&A.

BLO

OM

BE

RG

NE

WS

Watercooler

Better for youHershey buys again

The Hershey Co. (NYSE: HSY) is acquiring nutrition bar maker One Brands for $397 million. “Our beloved confection brands will continue to be the engine that drives our busi-ness while we broaden our better-for-you portfolio, offering more snacking choices for more consumers,” says Hershey chief growth officer Mary Beth West.

One Brands will complement Hershey’s Oatmega busi-ness, which was acquired as part of the 2018 acquisition of Amplify Snack Brands Inc., and its recent investment in FulFil Holdings Ltd. “Our consumer proposition, brand equity and team provide us with confidence, especially when combined with an industry leader like Hershey,” adds One Brands CEO Peter Burns. One Brands offers a portfolio of nutrition bars that contain 20 grams of protein and one gram of sugar per bar. The bars are certified gluten-free and come in flavors such as pumpkin pie, cinnamon roll, choco-late chip cookie dough and white chocolate truffle.

One Brands, formerly known as Oh Yeah! Nutrition, was founded in 1999 by Ron McAfee. The company is currently backed by Cavu Venture Partners.

“We’re proud of the brand we built and look forward to continuing to build on our momentum with the strength and capabilities that Hershey can provide,” adds McAfee.

BLO

OM

BE

RG

NE

WS

010_MAJ1019 10 9/6/2019 9:25:08 AM

Your Pathway to Growth With UsHuron Capital has a long history of partnering with business

owners. We are dedicated to growing companies by creating

a shared vision, implementing our high-impact buy-and-build

strategy and bringing our strategic resources to bear.

Let Huron Flex Equity be Your Strategic Partner

DiscoverWe invest in

People We build

LeadersPrivate Equity

Flex Equity

www.huroncapital.com

313-962-5800

Trusted industry expertise

Authentic founder-friendly partnerships

Committed to unlocking your company’s potential

Tailored value creation strategies

Strategic non-control equity investments

011_MAJ1019 11 9/9/2019 9:30:53 AM


Thoma Bravo fills tech gapOGsys addresses accounting needs in the oil and gas sector

Thoma Bravo-backed Quorum Software has acquired OG-sys, a provider of cloud-based oil and gas accounting soft-ware for small and medium-sized businesses. OGsys helps oil and gas operators, interest owners, mineral companies and private equity firms manage their accounting needs in the oil and gas sector.

“Small and medium-sized oil and gas businesses are laser-focused on production, so they need a complete view into operations,” says OGsys co-founder Chuck Blanton. The company says its software “addresses a technology gap.” The customer base consists of more 600 oil and gas companies. Quorum offers software to about 80 percent of the largest oil and gas producers in the U.S.

Software developers are appealing to investors, par-ticularly in the energy sector, as companies are relying on technology to improve operations.

Earlier in 2019, Quorum announced plans to buy Coastal Flow Measurement Inc., a provider of gas and liquids mea-surement, analytical services and software resources to the energy industry, and Genstar Capital-backed Drillinginfo bought Cortex. The latter is a software provider to the energy sector. Kirkland & Ellis advised Quorum and Holland, Johns & Penny LLP advised OGsys.

AD

OB

E S

TOC

K

Watercooler

Shaq backs

BlackRock invests in Shaquille O’Neal-backed Authentic Brands Group

BlackRock Inc.’s long term private capital group has invested $875 million in Authentic Brands Group. BlackRock will become ABG’s largest investor and joins the existing investment consortium of: Leonard Green & Partners, Gen-eral Atlantic, Lion Capital, Simon Property Group, Brookfield Properties’ retail group and Shaquille O’Neal (pictured).

ABG is a brand development, marketing and entertain-ment company with a portfolio of 50 brands that has about $10 billion in annual revenue. ABG’s brand portfolio includes: Marilyn Monroe, Elvis Presley, Muhammad Ali, Shaquille O’Neal, Greg Norman, Thalia Sodi, Neil Lane, Nautica, Aéropostale, Vince Camuto, Nine West, Juicy Couture, Frye, Spyder, Prince and Judith Lieber. ABG recently acquired the Sports Illustrated media franchise.

“BlackRock’s scale, global footprint and digital capabili-ties will enable us to build out our organization and continue our domestic and international growth trajectory,” says ABG CEO Jamie Salter. “This investment marks an important and exciting next phase of expansion for ABG.”

“We believe there is substantial growth still ahead for ABG,” adds BlackRock managing director Colm Lanigan. BlackRock manages more than $6.84 trillion, including over $170 billion across alternative asset classes. Bank of America Merrill Lynch advised BlackRock.

BLO

OM

BE

RG

NE

WS

012_MAJ1019 12 9/6/2019 9:25:25 AM

013_MAJ1019 13 9/9/2019 9:30:56 AM


Enhancing customer serviceCisco, Pros aim to improve client services with acquisitions

Companies are becoming more efficient, and businesses are relying on technology to improve their operations. Data management, data virtualization and artificial intelligence are among the software developments appealing to strate-gic buyers.

Cisco (Nasdaq: CSCO) is buying customer experience management company Cloudcherry. The target uses predic-tive analytics to help contact center agents improve service by offering cross-selling and discounts to meet customer needs and increase loyalty.

Cloudcherry’s software uses data from records and trans-actions to help contact center agents “close the feedback loop.” Vasili Triant, vice president and general manager of Cisco contact center solutions says: “This is the next step in realizing our vision for cognitive collaboration in the contact center, enabling the delivery of the best, most personalized customer experiences, ultimately improving customer loyalty and lifetime value.”

In another example of the trend, Pros (NYSE: PRO) bought Travelaer SAS, a digital services provider that helps travelers with online booking and travel-related needs. Pros says the acquisition will help its airline clients be more flexible.

“Our combined teams will drive even greater innovation, accelerating the digital transformation our airline customers need today,” says Pros CEO Andres Reiner.

AD

OB

E S

TOC

K

Watercooler

More healthy snack dealsAtkins owner adds Quest Nutrition to expand distribution

Atkins owner Simply Good Foods Co. (Nasdaq: SMPL) is buying healthy foods maker Quest Nutrition for about $1 billion. Quest makes bars, cookies, chips and pizza with high amounts of protein and low amounts of sugar.

“The acquisition of Quest strengthens Simply Good Foods’ position within the nutritional snacking category by expand-ing our portfolio of brands and product offerings while also providing us with greater consumer and channel diversifica-tion,” says Simply Good CEO Joseph Scalzo. “This combina-tion delivers on our strategy to become a broader nutritional snacking company that offers consumers a broad range of brands and products that satisfy their nutritional needs.” In addition to Atkins, Simply Good also sells products under the Atkins Endulge and SimplyProtein brands.

Food conglomerates are diversifying their product lines to appeal to consumers who are opting for healthier snacks. Earlier in 2019, PepsiCo Inc. (Nasdaq: PEP) bought the Muscle Milk brand from Skippy peanut butter maker Hormel Foods Corp. (NYSE: HRL). In 2018, Hershey Co. (NYSE: HSY) pur-chased Pirate Brands from B&G Foods Inc. (NYSE: BGS).

Advisors to Simply Good include: Centerview Partners, Goldman Sachs (NYSE: GS) and Kirkland & Ellis. Advisors to Quest are: J.P. Morgan Securities (NYSE: JPM) and Winston & Strawn. M&A

BLO

OM

BE

RG

NE

WS

014_MAJ1019 14 9/6/2019 9:25:37 AM

A leading provider in M&Aescrow and paying agent services. If you’re involved in an M&A deal, you need an experienced M&A

escrow and paying agent to expedite your transaction. Look to the

professionals at Wilmington Trust, and take advantage of our strong

operational platform, global presence, and complete range of solutions.

When serving as your escrow and paying agent, we are focused

on understanding your transaction and administering its efficient

execution.

For more insight on how we’ve successfully supported clients

on mergers and acquisitions, contact one of our experienced

professionals or visit wilmingtontrust.com/MandA.

Services provided by Wilmington Trust, N.A. Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank, and certain other affiliates provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through Wilmington Trust Corporation’s international affiliates. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC.

©2019 Wilmington Trust Corporation and its affiliates. All rights reserved. 22887 190625

M & A E S C R O W A N D P AY I N G A G E N T | T E N D E R A N D E X C H A N G E A G E N T | D I S B U R S I N G A G E N T

Around here,

guides everything we do.

JOHN DELERAY714.384.4154

LARON GALEA212.941.4427

ROB WEISS410.244.3732

015_MAJ1019 15 9/9/2019 9:30:57 AM


Complete control

By Mary Kathleen Flynn

The co-founder of Blackstone outlines the advantages of the private equity model

Private Equity Perspective

The Blackstone Group Inc. transi-tioned from a publicly-traded partner-ship into a corporation in July. We spoke with Stephen A. Schwarzman, the firm’s co-founder, chairman and CEO, on the occasion of his new book, What It Takes: Lessons in the Pursuit of Excellence (Avid Reader Press/Simon & Schuster).

Why do you like the private equity model?

You have complete control of a company, rather than buying liquid

stock in it. You also have time before you buy the business to appropriately study it so you can come up with a plan to accelerate its growth and grow it aggressively and productively. And you do that without the accountability that comes with quarterly earnings and the visibility of a public stock. You set a strategic plan of how you want to take this asset, this business, and turn it into something much better than the day you buy it.

The model allows for greater compensation for managers than in

Stephen A. Schwarzman

a public company. If you pay people more money, you can get a more qualified person. And you take away the time dimension for performance and invest to achieve an outcome, whether it takes three years, five years, seven years to transform the business. And you can leverage it higher than a public company. And you have a different type of board of directors for each company. They tend to be very experienced in that industry and have greater engagement and a specific knowledge base than a typical public company board.

What’s your forecast for the economy?

The economy, locally in the U.S., is slowing, manufacturing in particular. The consumer economy in the U.S. is still growing very well, and there’s full employment. Typically, you don’t have a recession with full employment and wages going up faster than inflation. If people who are employed are making more money, they’ll typically spend more money. The question is: Will any-thing break that confidence? There’s some uncertainty, for example in trade issues, but if they get resolved, that will take the pressure off. I don’t see any type of imminent recession.

How might a recession affect private equity?

Private equity made it through the financial crises of last 40 years without imperiling limited partner capital. But nothing is recession proof. A recession will affect the growth rate and overall returns, but it will affect markets as well. Historically, private equity has outperformed public markets. It’s really just a question of: By how much? In a recession, it’s less. M&A

016_MAJ1019 16 9/6/2019 9:40:15 AM

Syndicated financing with JPMorgan Chase Bank as administrative

agent for

$750 MILLION

Asset acquisition and strategic partnership with

this vaccine leader for Paragon Gene Therapy

unit of NYSE-listed

Senior secured revolving credit facility with

Bank of America as administrative agent

for NYSE-listed

$2.585 BILLION

Syndicated financing to a major insurance brokerage

for this subsidiary of Wintrust Financial

$150 MILLION

All-stock merger - largest U.S. public cannabis

deal to date - with MPX Bioceutical Corp. (CSE:

MPX) for Canadian-listed

$1.6 BILLIONSecondary fundraise

for Europe’s most valuable fintech startup

TransferWise Ltd., representing growth

capital investor

Senior secured PIK toggle notes and Series A convertible preferred

to Axar Capital for NYSE-listed cemetery

leader

$447.5 MILLION

Sale to Red Industries, creating one of largest

UK independent hazardous waste

companies for

£39 MILLION

Sale to Midwest private equity firm for leading supply chain solutions provider to consumer

packaged goods industry

Reverse takeover of Lineage Grow Company

(CSE: BUDD) for Californiacannabis company FLRish, Inc.

(dba Harborside)

$250 MILLION

Syndicated secured acquisition financing to a seven-member borrower

group for

$55 MILLION

Acquisition of Singapore-listed

global electronics manufacturer PCI Ltd. for private equity firm

$200 MILLIONStructured renewable

energy investment in Vietnam for

leading Asia-Pacific independent renewable

energy company

$80 MILLION

Investment into Covetrus, Inc., a combination of a

spinout of Henry Schein, Inc. (NASDAQ: HSIC) and

Vets First Choice for

$361 MILLION

Sale of leading private label oral care company, Ranir Global Holdings, to NYSE-listed Irish pharma manufacturer Perrigo for

$292 MILLION$750 MILLION

WHAT’S THE DEAL WITH DUANE MORRIS?THAT NAME KEEPS POPPING UP MORE AND MORE AS DEAL COUNSEL

Representative Private Equity, M&A and Financing Deals

www.duanemorris.com

For more information on how seriously we take our deals, get in touch with BRIAN KERWIN, chair of our global

corporate practice, at 312.499.6737 or [email protected].

Duane Morris LLP – A Delaware limited liability partnership

An Am Law 100 law firm. More than 800 lawyers.

Established 1904.

Seattle

$37 MILLIONAcquisition of Trident

University International, a regionally accredited

university, by an affiliate of NASDAQ-listed

017_MAJ1019 17 9/9/2019 9:30:58 AM


The Buyside

Expanding e-commerce

By Demitri Diakantonis

Logistics and distribution centers are racing to keep up with demand, enticing buyer interest

Online retailers, including Amazon, are adding more fulfillment centers to meet consumer demands for faster shipping times. The owners of these properties along with the contractors

that build them are becoming prime M&A targets.

Sterling Construction Co. (Nasdaq: STRL) is buying Plateau Excavation Inc. for $400 million. Plateau serves customers in the e-commerce and warehousing sectors with infrastructure and excavating contracting services.

Plateau’s recent and current construction projects include: an Amazon.com Inc. (Nas-daq: AMZN) fulfillment center in Alabama, a Walmart Inc. (NYSE: WMT) distribution center in Florida and a UPS (NYSE: UPS) warehouse at the Charlie Brown airport in Atlanta.

“The rapid growth in e-commerce, cloud computing and the continuing rise of internet activities makes Plateau, a com-pany that specializes in data center and warehouse construction, a very attractive addition to Sterling’s portfolio of businesses,” says Sterling CEO Joe Cutillo. “This type of construction commands higher margins than our heavy highway space and enables us to grow alongside an impressive end-customer

base, including many of the largest and most respected e-commerce, social media and logistics providers, and big-box enterprises.”

More local fulfillment centers means faster delivery times and lower last-mile costs to both retailers and customers. Last-mile is the last leg of the delivery process where products reach their final destinations.

“Plateau is a transformational acquisi-tion in that it not only complements our core heavy civil construction and commercial concrete businesses, but also gives Sterling access to new geographies and rapidly growing end markets,” Cutillo adds.

Existing logistics sites are attracting buyer attention too. Stockbridge Capital Group has acquired 26 e-commerce and logistics properties from Westcore Properties.

“We’re excited about this portfolio be-cause the properties are located in markets

with above-average popula-tion growth, a propensity toward e-commerce buying and selling, lower overall vacancy rates and higher overall rent growth,” says Nicole Stagnaro, head of opportunistic and platform transactions at Stockbridge.

In 2018, logistics and transportation services provider Ryder System Inc. (NYSE: R) acquired fulfill-ment company MXD Group for about $120 million. Ryder made the deal to keep up with rising online sales.

The MXD purchase included 109 fulfillment facilities and a network of 72 third-party facilities.

Dealmakers point out that e-commerce real estate properties are worth taking a looking at. “It is no secret that e-commerce continues to enhance the attractive-ness of high-quality and well-located warehouse and distribution properties,’’ notes Stagnaro. M&A

BLO

OM

BE

RG

NE

WS

018_MAJ1019 18 9/6/2019 11:32:35 AM

Register today at www.americanbanker.com/events

Karen Gordon Mills23rd Administrator of the Small Business Administration & Senior FellowHarvard Business School

Keynote

How AI is Transforming Small Business Lending

Join your fellow leaders at BankAI 2019

October 7-8, 2019 Chicago, IL

M&A ads.indd 1 9/9/19 5:46 PM019_MAJ1019 19 9/9/2019 6:44:49 PM

TheMiddleMarket.com

SPEND ITOR

LEND IT

020_MAJ1019 20 9/9/2019 6:52:33 PM


The private equity model has held up very well over the decades, continuing to outperform the public markets, even as economic cycles come and go. But the rate of growth has slowed, leading PE firms to seek adjacent areas of busi-ness to expand. As PE firms face increased pressure to produce higher returns on their investments, many of them are turning to a familiar area of business: lending.

Middle-market loans offer a potential growth path for PE firms, many of whom view credit as a natural extension of their bread-and-butter operations. Moving into middle-market loans also takes advantage of the expertise firms have developed as investors in nurturing businesses.

And, as interest rates continue to fall, demand for loans is expected to rise.

By Danielle Fugazy

With banks in retreat, PE firms are pursuing a new opportunity: extending credit to support competitors’ middle-market deals

021_MAJ1019 21 9/9/2019 6:52:34 PM


Cover Story

Returns delivered by the private equity industry are declining, although the asset class still outperforms the public stock markets. Projections put buyout returns at 8.8 percent over the next 10 years, down from the actual return of 10.6 percent over the past decade, according to a recent report published by pension consultant Cliffwater.

Private credit returns are expected to do better, with Cliffwater projecting returns as high as 9.5 percent, which explains why so many private equity firms are flocking to the leveraged loan market.

“Leveraged loans, by and large, are cheap and a very good place to invest capital,” said David Miller, global head of credit at Credit Suisse (NYSE: CS), at a recent conference.

The leveraged lending market has grown to more than $2 trillion in the United States, according to credit rating agency Moody’s (NYSE: MCO).

That is up about 80 percent over the past eight years.

“A lot of firms have added credit as part of their expansion. The banks left a big void, and the LP market is eager for yield. Private equity is pretty good at going where the money is,” says Jeffrey Stevenson, a managing partner with VSS, a private equity investment firm. “While there is fund formation around private debt, not all strategies are the same and, in fact, they are all a little different.”

The move to offer credit products is viewed as a relatively easy one to

make for private equity firms. General partners use a lot of the same skillsets to buy a company as they do to suss out solid credit deals. Additionally, many industry professionals argue there is a greater need for more lend-ers as a result of traditional banks shuttering their lending arms after the financial crisis. From large to small, over the past three years a slew of private equity firms have dipped their toes into the leveraged lending business.

In good companyPE firms including the Blackstone

Group (NYSE: BX), KKR, the Carlyle Group (Nasdaq: CG), and Apollo (NYSE: APO) have all grown their credit business substantially over the past couple of years. For example, in 2018, KKR closed on $2.2 billion for its KKR Private Credit Opportunities II fund, more than twice its predecessor fund, KKR Mezzanine Partners I, which was raised in 2015. In 2019, Silver Lake raised $2.5 billion for its first ever credit and structured equity fund.

Many middle market firms have also expanded or launched credit strategies. Firms such as Thoma Bra-vo, Adams Street, the Sterling Group, the Riverside Co., H.I.G., BC Partners, Silver Lake, Gryphon Investments and Francisco Partners have all launched credit arms.

Traditional middle-market lenders are feeling the competition. Mergers & Acquisitions reached out to several lenders for this story who agreed to speak only on background. The lend-ers acknowledged that there is more competition for deals these days, but, they said, business remains strong. They also pointed out that, while many PE firms may have their own lending capabilities, they aren’t nec-essarily lending on their own deals,

because that would overexpose them. Here’s a detailed look at the

strategies of four PE firms making the move into credit.

Filling the gaps left by banksOne of the largest private equity

fund-of-funds managers in the world, Adams Street Partners hired Bill Sacher and Shahab Rashid in 2016 to build a private credit platform and open a New York office. The firm said there was a good opportunity to generate attractive returns while pro-viding capital to their general partner sponsors, who had seen banks pull back from middle-market lending. The firm set out to offer everything from first-lien loans and unitranche facilities to second-lien loans, mezzanine debt and preferred equity.

In May 2019, the firm completed fundraising for its inaugural private credit program with approximately

Bill Sacher

“The banks left a big void, and the LP market is eager for yield. Private equity is pretty good at going where the money is.”

Jeffrey Stevenson

022_MAJ1019 22 9/6/2019 9:38:02 AM


make for private equity firms. General partners use a lot of the same skillsets to buy a company as they do to suss out solid credit deals. Additionally, many industry professionals argue there is a greater need for more lend-ers as a result of traditional banks shuttering their lending arms after the financial crisis. From large to small, over the past three years a slew of private equity firms have dipped their toes into the leveraged lending business.

In good companyPE firms including the Blackstone

Group (NYSE: BX), KKR, the Carlyle Group (Nasdaq: CG), and Apollo (NYSE: APO) have all grown their credit business substantially over the past couple of years. For example, in 2018, KKR closed on $2.2 billion for its KKR Private Credit Opportunities II fund, more than twice its predecessor fund, KKR Mezzanine Partners I, which was raised in 2015. In 2019, Silver Lake raised $2.5 billion for its first ever credit and structured equity fund.

Many middle market firms have also expanded or launched credit strategies. Firms such as Thoma Bra-vo, Adams Street, the Sterling Group, the Riverside Co., H.I.G., BC Partners, Silver Lake, Gryphon Investments and Francisco Partners have all launched credit arms.

Traditional middle-market lenders are feeling the competition. Mergers & Acquisitions reached out to several lenders for this story who agreed to speak only on background. The lend-ers acknowledged that there is more competition for deals these days, but, they said, business remains strong. They also pointed out that, while many PE firms may have their own lending capabilities, they aren’t nec-essarily lending on their own deals,

because that would overexpose them. Here’s a detailed look at the

strategies of four PE firms making the move into credit.

Filling the gaps left by banksOne of the largest private equity

fund-of-funds managers in the world, Adams Street Partners hired Bill Sacher and Shahab Rashid in 2016 to build a private credit platform and open a New York office. The firm said there was a good opportunity to generate attractive returns while pro-viding capital to their general partner sponsors, who had seen banks pull back from middle-market lending. The firm set out to offer everything from first-lien loans and unitranche facilities to second-lien loans, mezzanine debt and preferred equity.

In May 2019, the firm completed fundraising for its inaugural private credit program with approximately

$1.1 billion of capital. The firm gar-nered investment from new and existing investors in the U.S., Europe and Asia.

“Our long-term private equity GP relationships give us an important edge in a competitive market,” says Sacher, partner and head of private credit at Adams Street. The firm sources its deals primarily from its general partners. “The vast majority of our deals come from sponsors in our private equity fund-of-funds portfolio. There are few debt providers that

have the connection to private equity firms that we have. It’s one of the reasons a private credit strategy was such a natural fit for the firm.”

In December 2018, before Adams Street had closed its fund, the firm provided a senior-secured term loan and a revolving credit facility to Permira for its acquisition of JayHawk Fine Chemicals, a custom manufac-turer of specialty chemicals. Adams Street and Permira had a relation-ship prior to Adams Street opening a credit facility.

Adams Street Partners provides financing solutions to sponsor-backed middle- market companies across the capital structure. The team, which consists of 10 investment profes-sionals, has deployed close to $700 million of commitments in 27 invest-ments since the launch of the strat-egy. The majority of the firm’s deals are new leveraged buyouts with about 30 percent coming from M&A-related add-ons and refinancings.

“The private credit market is still in its ascendancy. There is a supply and demand imbalance that was created when the banks exited the market. That void has yet to be filled,” says Sacher. “And even though the private market has become more crowded, the supply-demand imbalance re-mains largely intact. The total pool of dry powder in private credit funds today is about $100 billion. That is up two- or three-fold from 10 years ago, but there is still about $800 billion in visible forward demand with upcom-ing mid-market loan maturities and private equity dry powder.”

Super flexible In the lower middle market where

Balance Point Capital plays, access to credit and equity isn’t always an easy feat, so early on in the firm’s life,

Bill Sacher

“There are few debt providers that have the connection to private equity firms that we have. A private credit strategy was a natural fit for our firm.”

023_MAJ1019 23 9/6/2019 9:38:05 AM


preferred and common equity. The fund will benefit from proprietary investment opportunities originating from Carlyle’s traditional buyout business.

“Our LPs want this risk/return expo-sure,” says Alex Popov, a managing di-rector and head of Carlyle Credit Op-portunities Fund “The private equity industry has grown tremendously, and private debt is next. The larger firms have the resources and competitive advantage to offer investors credit opportunities.”

While this is Carlyle’s first Credit Opportunities Fund, the firm has been building up its global credit capabilities for quite some time.

“We have created a global platform to find good investments and utilize the firm’s global resources to conduct thor-ough diligence and structure bespoke investments. We are really customizing our offering,” says Popov.

The move into credit has made sense for Carlyle. “The Carlyle team

the Westport, Connecticut-based firm decided that being able to provide flexible capital was the right move. The firm has the ability to provide credit and equity in a single transac-tion, or come in as the lender, or just invest equity.

“We can be super flexible. We found the companies in the lower middle market often don’t have access to both sides of the balance sheet and we felt like being able to offer both equity and debt was a competitive advantage,” says Justin Kaplan, a partner at Balance Point Capital, which recently closed on Balance Point Capital Partners III with $380 million. “Having the ability to customize capital options for com-panies in our market is a competitive advantage and at the same time, is a benefit to the entrepreneurs in our market who appreciate the flexibility.”

Balance Point recently invested

both debt and equity in Cora, a modern women’s wellness brand founded in 2016 and headquartered in San Francisco.. Separately, in June, Balance Boint invested debt and preferred equity capital in support of Growth Catalyst Partners’ investment in Trendline Interactive. Founded in 2010 and headquartered in Austin, Texas, Trendline is an email marketing agency.

“Overall, the market has become more competitive and a plethora of direct lending funds have been raised over the last two years, but one of our differentiators is that direct lenders can’t speak to both credit and equity like we can,” says Kaplan.

Credit opportunitiesExpanding its credit business is a

top priority for Carlyle. The firm’s co-CEO expects the private debt market to grow at a faster pace than the private equity market in the com-

ing years. “The private credit market today appears strikingly similar to where private equity was approxi-mately 20 years ago,” said Kewsong Lee, Carlyle co-CEO, in a recent inter-view with Korean Investors. “We have considerable white space to launch new products and expand investment mandates.”

In the past five years, the Washing-ton, D.C.-based firm has formed a di-rect lending fund to finance sponsor-backed middle-market companies, a distressed and special situations fund to invest debt in distressed situations, an energy credit fund and a struc-tured loan fund.

Most recently, in July 2019, Carlyle raised $2.4 billion for Carlyle Credit Opportunities Fund, which will pursue deals with upper-middle market borrowers, including deals that are not private equity sponsored, but sponsored by family or entrepreneur-owned companies and seeking an alternative to traditional capital mar-kets. Although the fund just closed, it has already committed approximately $850 million to 10 businesses.

A 15-person team based in New York and London advises the Carlyle credit fund and invests across the capital structure through secured loans, senior subordinated debt, mez-zanine debt, convertible notes and other debt-like instruments, as well as

Carlyle’s headquarters in Washington, D.C. Alex Popov

BLO

OM

BE

RG

NE

WS

.

“The ability to customize capital options for companies in our market is a competitive advantage, and a benefit to the entrepreneus who appreciate flexibility.”

024_MAJ1019 24 9/6/2019 9:38:08 AM


preferred and common equity. The fund will benefit from proprietary investment opportunities originating from Carlyle’s traditional buyout business.

“Our LPs want this risk/return expo-sure,” says Alex Popov, a managing di-rector and head of Carlyle Credit Op-portunities Fund “The private equity industry has grown tremendously, and private debt is next. The larger firms have the resources and competitive advantage to offer investors credit opportunities.”

While this is Carlyle’s first Credit Opportunities Fund, the firm has been building up its global credit capabilities for quite some time.

“We have created a global platform to find good investments and utilize the firm’s global resources to conduct thor-ough diligence and structure bespoke investments. We are really customizing our offering,” says Popov.

The move into credit has made sense for Carlyle. “The Carlyle team

has tremendous knowledge and a strong deal sourcing capability that allows the team to see a broad spec-trum of investments,” says Popov.

Credit Opportunities Fund, which is Carlyle’s newest fund, will allow the firm to work with businesses that are looking for capital but don’t want to sell a majority stake or necessarily work with private equity owners.

“There is a large universe that falls into this category. We were missing some of these opportunities because at times we didn’t have optimal capital to serve the needs of such companies,” says Popov.

Single sourceOriginally a private equity firm, VSS

today offers mezzanine, subordinated debt, preferred equity and common equity, and has become more of a credit provider than an equity pro-vider. VSS focuses on investing in in-formation services, businesses services, healthcare and education.

Founded in 1987, the firm decided to delve into credit in the mid-2000s and launched its first structured capital fund, called VSS SCI. Today, the firm is investing out of its fourth private equity fund and its third structured capital fund.

Managing partner Jeffrey Ste-venson says the firm’s approach is a flexible capital strategy that includes both equity and debt and that typically provides more equity than a private debt fund. “We typically put in 25 percent equity,” says Stevenson. “Being able to be a single source of capital to the lower middle market is important. It’s not efficient in that market to separate the providers of debt and equity, and it allows us to be more of a partner to our portfolio companies. We participate on their boards and help our companies with strategy and growth.”

The firm invests in lower-middle market companies that have an en-terprise value of less than $150 million, which the firm sees as an under-fund-ed area as more firms move up mar-ket. “Because we are investing equity, in addition to debt, we are thinking of total returns and the growth that would come from making good equity returns,” says Stevenson. “It’s a way to capitalize on deal flow and apply the same skills. It’s what institutional investors are looking for today,” he says. M&A

ing years. “The private credit market today appears strikingly similar to where private equity was approxi-mately 20 years ago,” said Kewsong Lee, Carlyle co-CEO, in a recent inter-view with Korean Investors. “We have considerable white space to launch new products and expand investment mandates.”

In the past five years, the Washing-ton, D.C.-based firm has formed a di-rect lending fund to finance sponsor-backed middle-market companies, a distressed and special situations fund to invest debt in distressed situations, an energy credit fund and a struc-tured loan fund.

Most recently, in July 2019, Carlyle raised $2.4 billion for Carlyle Credit Opportunities Fund, which will pursue deals with upper-middle market borrowers, including deals that are not private equity sponsored, but sponsored by family or entrepreneur-owned companies and seeking an alternative to traditional capital mar-kets. Although the fund just closed, it has already committed approximately $850 million to 10 businesses.

A 15-person team based in New York and London advises the Carlyle credit fund and invests across the capital structure through secured loans, senior subordinated debt, mez-zanine debt, convertible notes and other debt-like instruments, as well as

“It’s a way to capitalize on deal flow and apply the same skills. It’s what institutional investors are looking for today.”

Alex Popov

“The ability to customize capital options for companies in our market is a competitive advantage, and a benefit to the entrepreneus who appreciate flexibility.”

025_MAJ1019 25 9/6/2019 9:38:09 AM


Lenders suffer when restaurants struggle

By Jim Dobbs

Banks are reporting issues tied to the bankruptcies of casual dining chains

Restaurants, a typical bellwether of broader economic issues, are giving some banks fits. Eateries are heavily dependent on consumer spending, affordable labor and manageable costs for raw goods.

Several banks have reported issues tied to restaurant bankruptcies in 2019, including Cadence Bancorp. in Houston, First Financial Bancorp in Cincinnati and Equity Bancshares in Wichita, Kansas.

At the $17.5 billion-asset Cadence, exposure to an $8.5 million shared national credit led to a $1.6 million charge-off and a $1 million increase in the loan-loss reserve in the sec-ond quarter after a restaurant client filed for bankruptcy protection. More charge-offs could be needed, Ca-dence warned.

The loan, along with a trio of com-mercial credits, contributed to a “bad quarter,” Cadence Chairman and CEO

Paul Murphy acknowledged during his company’s quarterly earnings call.

While Cadence did not identify the restaurant, Stephens Inc. analysts suggested in a note to clients that the borrower could be Perkins & Marie Callender’s, which filed for bankruptcy protection on Aug 5.

The Memphis, Tenn., restaurant company is part of a growing list of casual dining chains struggling in a crowded and highly competitive industry. Kona Grill, Papa Gino’s, Taco Bueno Restaurants and Ruby’s Diner have also sought bankruptcy protec-tion in recent months.

Restaurants have historically ben-efited from locations near shopping malls and big-box retailers, which are now suffering from declining foot traffic as online sites thrive. Some res-taurants also are grappling with rising labor costs, the result of low unem-ployment and higher minimum wages

in several cities and states.The Stephens team said other

banks have exposure to Perkins & Marie Callender’s, including Regions Financial in Birmingham, Ala. Regions has cautioned multiple times about the restaurant sector. The fast-casual restaurant subsector is the only indus-try creating “significant concerns,” said John Turner, Regions’ president and CEO, said during the last earnings call.

The restaurant industry “has been responsible for a fair amount of the one-off problems we’ve seen this year,” said Terry McEvoy, an analyst at Ste-phens. “So there’s an emerging trend.”

The $4.2 billion-asset Equity disclosed that a bakery and a pizza business filed for bankruptcy pro-tection, prompting $14.5 million in loan-loss provisions. While the bakery was sold and its loan moved off of Equity’s books, the pizzeria is still in bankruptcy.

First Financial said in April that its first-quarter income was dinged by a $10 million charge-off tied to $16.8 million relationship with a quick-serve restaurant franchise. The $14.4 billion-asset company said in a regula-tory filing that it determined that the financial condition of several of the restaurant company’s locations had “substantially deteriorated.”

“I think when you’re doing enter-prise-value lending, which is really what we do in the franchise business, when we start to see signs of stress, we’ve got to [act] on it immediately,” Archie Brown, First Financial’s presi-dent and CEO, said during the com-pany’s first-quarter earnings call.

“If we start to see stress on consum-ers and they spend less as a result, restaurants will feel it even more, and that could be an early warning sign of bigger problems to come,” said Scott Brown, chief economist at Raymond James. M&A

AD

OB

E S

TOC

K

026_MAJ1019 26 9/6/2019 9:35:12 AM

Join today for 30% OFF your annual subscription www.americanbanker.com/subscribe

No one dives deeperinto banking.Know why, not just what. Unlock access to exclusive content and analysis that will have an immediate impact on your strategy and decision-making.

Bill IsaacFormer Chairman FDIC and Fifth Third Bancorporation & Senior Managing DirectorFTI Consulting

“American Banker has been a daily must read for me throughout my entire career in the banking industry.”

M&A ads.indd 2 9/9/19 5:46 PM027_MAJ1019 27 9/9/2019 6:44:49 PM


Betting on sports

By John Adams

Both Worldpay and First Data bring gambling processing businesses and experience to their new owners

More U.S. states are legalizing sports gambling, providing a huge opportunity for payments companies that have been fattened by multibil-lion-dollar mergers.

Sports betting is a prime revenue source, given its volume in the U.S. alone is expected to expand from $104 billion in 2017 to $155.5 billion 2024, according to Zion Research.

Both FIS and Fiserv hope to use acquired gaming technology from Worldpay and First Data, respectively, to navigate the complicated pay-ment processing, risk and regulatory requirements of sports betting. Both of these deals closed in July, giving the combined companies free rein to move ahead with new strategies.

“If you own both legs of the stool

for sports gambling, and can do issu-ing and the services off of the same platform, the value is tremendous,” said Joe Pappano, the senior vice president of gaming at Worldpay, now part of FIS.

Both Worldpay and First Data bring gambling processing businesses and experience to their new owners. Worldpay has been processing sports betting payments in the U.K. for years, where it was legalized much earlier; while First Data has offered a digital gaming payments platform for about five years.

“The legalization of online sports betting is bringing added diversity to the traditional brick and mortar world of gaming, first to the internet gaming side and more recently to the

palm of our hands via mobile gam-ing experiences,” said George Con-nors, who oversees gaming solutions at First Data, now part of Fiserv. “As the gaming industry embraces new technologies to meet the demands of a digitally oriented audience, ensuring payments technology evolves accord-ingly will be critical.”

Two of Fiserv’s services for gaming include an ACH warranty, which helps enable access to bank accounts for the casino guest and mitigate risks for gaming establish-ments accepting ACH payments. The company also offers digital disburse-ment capabilities, enabling clients to provide digital payouts to players in real time.

FIS’ Pappano has worked in gam-

AD

OB

E S

TOC

K

ing payments for more than two decades, joining the former Vantiv in 1992 and focusing on casino, iGam-ing, lottery and social gaming, among other products. A series of acquisitions has brought the former Vantiv to FIS, culminating in FIS’ $43 billion deal to acquire Worldpay.

Sports betting is an industry banks have traditionally shied away from, but as more states legalize the activ-ity, technology companies will look to grab bank clients that are interested in expanding their revenues from gaming payments.

Ten states have legalized sports betting, and more than a dozen others have legalization bills progressing through state legislatures. Like with cryptocurrency and legal cannabis, not all of these bills are the same, complicating compliance.

028_MAJ1019 28 9/6/2019 9:35:41 AM


Betting on sports

By John Adams

Both Worldpay and First Data bring gambling processing businesses and experience to their new owners

palm of our hands via mobile gam-ing experiences,” said George Con-nors, who oversees gaming solutions at First Data, now part of Fiserv. “As the gaming industry embraces new technologies to meet the demands of a digitally oriented audience, ensuring payments technology evolves accord-ingly will be critical.”

Two of Fiserv’s services for gaming include an ACH warranty, which helps enable access to bank accounts for the casino guest and mitigate risks for gaming establish-ments accepting ACH payments. The company also offers digital disburse-ment capabilities, enabling clients to provide digital payouts to players in real time.

FIS’ Pappano has worked in gam-

ing payments for more than two decades, joining the former Vantiv in 1992 and focusing on casino, iGam-ing, lottery and social gaming, among other products. A series of acquisitions has brought the former Vantiv to FIS, culminating in FIS’ $43 billion deal to acquire Worldpay.

Sports betting is an industry banks have traditionally shied away from, but as more states legalize the activ-ity, technology companies will look to grab bank clients that are interested in expanding their revenues from gaming payments.

Ten states have legalized sports betting, and more than a dozen others have legalization bills progressing through state legislatures. Like with cryptocurrency and legal cannabis, not all of these bills are the same, complicating compliance.

Pappano’s team helps provide the compliance checks that validates legal betting, such as age verifica-tion and geolocation that demon-strates the payment is coming from a jurisdiction and venue that is legal. Since most sports betting is online — Pappano estimates as much as 80% comes from New Jersey, for example — the digital payments have to be tracked to a legal source.

“If it’s from an online or mobile offering, it has to be tied to a land-based casino, state lottery or race-track,” Pappano said. “So you’re lever-aging AML and an ecosystem that we have used in other jurisdictions that we’re bringing to the U.S. Payments is the heartbeat of gaming and now that it’s becoming legal banks are going to want to know how the controls work.”

Beyond compliance, there is also

a user experience challenge, such as ensuring integration between bank accounts and cards, digital wallets and other payment methods.

Sports gaming payments will likely be more complicated than other pay-ment types, given the variety of wagers that are possible. Beyond results and point spreads, there is potential to bet on more real-time events, such as score by inning, and even pitch selection.

This has already spurred new niches, such as NBC Sports Washing-ton’s gambling telecast that supports wagering on in-game results. These niche-within-a-niche options will place a premium on compliance and real-time processing.

“The industry really boils down to finding simpler, faster, and more secure ways to move money,” said Connors. M&A

029_MAJ1019 29 9/6/2019 9:35:44 AM


measuring innovation activity. The reasoning behind this is threefold: first, patents are not self-reported and cannot be altered to reflect bias. Second, they demand resources to produce, which implies some degree of R&D spending. Lastly, they tend to coincide with other common signs of innovation, such as employment growth and industry disruption.

Significantly, research has shown that compa-nies that enjoy private equity support tend to file more patents than privately-owned busi-nesses. In a working paper published by the Dusseldorf Institute for Com-petition Economics (DICE) in 2015, researchers reported that PE-backed firms tended to file 40% more high-quality patent applications than their independent peers in the three years following a leveraged buyout (LBO). Interestingly, the positive correla-tion between innovation activity and LBOs was only statistically significant for private-to-private transactions, suggesting that the firms that benefit most from LBOs are private, financial-constrained firms that can thrive with new leadership and better resources. Researchers for the DICE report concluded that private equity firms facilitated a company’s investment in innovation by loosening their finan-cial constraints. Once the company had the financial “room” to innovate, they tended to do so – and thus set the foundation for growth and profit down the line.

It is worth mentioning, however, that while patent rates can provide a rough sense of innovation activity,

Matthew Doyle is the chief operating officer and head of investor relations at Chicago Pacific Founders.

Guest Article

Why PE investors are (hidden) innovators

By Matthew Doyle

Private equity firms forge new ideas, products and methods to change companies for the better

Guest Article

Private equity investors aren’t exactly known for being frontrunners of innovation. That buzzword is reserved for industry-disrupting startups and entrepreneurs who take Silicon Valley’s move-fast-and-break-things culture as a personal creed. The term implies risk and demands revolution. It certainly doesn’t describe the calculated buyouts and measured changes that private equity investors make when they invest in established businesses – or does it?

Put popular use aside for a moment. The real definition of innovation has more to do with sparking positive change than it does with headline-grabbing disruption. At its most foundational level, innovation can be any new idea, product, or method that shifts

established conventions and changes a com-pany for the better. That brand of innovation, I would argue, is well within a private equity firm’s forte. Humble and quiet as they might be about it, private equity investors spark innovation on a near-daily basis.

Most private equity firms have the same primary drive: to acquire underperform-ing businesses, optimize their operations and management, and sell them at a profit within a few years. This improvement-centric approach requires companies to deliver bet-ter products at lower cost and with greater efficiency than they had previously. In other words, private equity investors push for organizational innovation – and are well-equipped to create it.

Unlike nonprofits or publicly-traded organiza-tions, private equity owners do not have to publicly submit quarterly financial reports. This allows them to make strategic, long-view decisions without worrying about how shareholders will view the short-term economic impact. Private equity investors also have pre-established relation-ships with banks, which can help a company alleviate restrictive financial pres-sures and gather more funding for innovative ideas. Moreover, because PE firms are focused on optimizing operations and profitability over immediate performance, they can af-ford to be aggressive when it comes to making orga-nizational improvements, management changes, growth decisions, and acquisitions. To rephrase another way: private equity investors are structurally equipped to take a “move fast and build things” ap-proach to organizational innovation in their investments.

The innovative edge that PE-backed firms hold over privately-owned busi-nesses can be measured to some extent–although it is worth noting that there is no perfect way to quantify innovation. Re-searchers often use patent rates as a rough proxy for

AD

OB

E S

TOC

K

030_MAJ1019 30 9/6/2019 9:34:23 AM


measuring innovation activity. The reasoning behind this is threefold: first, patents are not self-reported and cannot be altered to reflect bias. Second, they demand resources to produce, which implies some degree of R&D spending. Lastly, they tend to coincide with other common signs of innovation, such as employment growth and industry disruption.

Significantly, research has shown that compa-nies that enjoy private equity support tend to file more patents than privately-owned busi-nesses. In a working paper published by the Dusseldorf Institute for Com-petition Economics (DICE) in 2015, researchers reported that PE-backed firms tended to file 40% more high-quality patent applications than their independent peers in the three years following a leveraged buyout (LBO). Interestingly, the positive correla-tion between innovation activity and LBOs was only statistically significant for private-to-private transactions, suggesting that the firms that benefit most from LBOs are private, financial-constrained firms that can thrive with new leadership and better resources. Researchers for the DICE report concluded that private equity firms facilitated a company’s investment in innovation by loosening their finan-cial constraints. Once the company had the financial “room” to innovate, they tended to do so – and thus set the foundation for growth and profit down the line.

It is worth mentioning, however, that while patent rates can provide a rough sense of innovation activity,

it is in no way an all-encompassing measure. After all, some innovations don’t need to be formally patented if they lack commercial value outside of an organization or do not need to

be protected as intellec-tual property. Consider operational innovations like those described above as an example. While they would have a signifi-cant impact on business performance and indicate innovative thought, they don’t necessarily need to be patented -- and thus wouldn’t be included in any patent-based survey of innovation.

I would like to offer an illustration of how valuable these intangible innova-tions can be for private equity investors by turning to an industry rife with them: Healthcare.

Why the healthcare sector worksThe healthcare sector has long been

a lucrative hotspot for private equity investment. Statistics provided by McKinsey and Company indicate that the industry pulls ahead of all others for total returns; the consultancy esti-mates that in the span from 2010-2015, shareholders in healthcare earned global total returns of approximately 15%. Some healthcare subsectors draw more investment interest than oth-ers; currently, researchers believe that the sub-sectors that offer the most significant potential for growth include biotechnology, medical devices, and retail health services. The last, however, provides a particularly appealing op-portunity for private equity investment and innovation.

The retail sub-sector has enjoyed quite a bit of investor attention over the

last few years. According to a recent brief published by Bain and Company, the number of deals involving retail health businesses (i.e., those that offer independent health services like urgent care, dentistry, etc.) has skyrocketed, rising at a compound annual rate of roughly 34% within the North American market.

Part of the market’s appeal lies in its fragmentation and high potential for growth. By consolidating disparate care-centered businesses, private eq-uity investors can both increase their consumer reach and earning potential as well as streamline each business into standardized efficiency. As a re-sult, these optimized operations mini-mize the time and resources doctors need to spend on administrative duties and allow them more opportunities to develop innovative care delivery solutions. This leads to better experi-ences for patients, increased efficiency from the business, and more potential for profit for investors. These innova-tions might not be measured in patent rates, but they are just as – if not more –valuable than any registered idea or product.

As Joshua Kayle, chair of DLA Piper’s healthcare sector recently commented in an article for Modern Healthcare, “When private equity is looking to deploy capital, they’re looking for opportunities not just based on value, but the drivers of value. How can they bring their sophistication into solving a problem?’”

Private equity investors answer variations on that question every day, and in every field. They might not claim headlines for their work, or take the risks that most associate with success-ful innovators, but one point is for sure:

Their work is equally – if humbly –transformative. M&A

Matthew Doyle is the chief operating officer and head of investor relations at Chicago Pacific Founders.

Guest ArticleGuest Article

Unlike nonprofits or publicly-traded organiza-tions, private equity owners do not have to publicly submit quarterly financial reports. This allows them to make strategic, long-view decisions without worrying about how shareholders will view the short-term economic impact. Private equity investors also have pre-established relation-ships with banks, which can help a company alleviate restrictive financial pres-sures and gather more funding for innovative ideas. Moreover, because PE firms are focused on optimizing operations and profitability over immediate performance, they can af-ford to be aggressive when it comes to making orga-nizational improvements, management changes, growth decisions, and acquisitions. To rephrase another way: private equity investors are structurally equipped to take a “move fast and build things” ap-proach to organizational innovation in their investments.

The innovative edge that PE-backed firms hold over privately-owned busi-nesses can be measured to some extent–although it is worth noting that there is no perfect way to quantify innovation. Re-searchers often use patent rates as a rough proxy for

Matthew Doyle

031_MAJ1019 31 9/6/2019 9:34:25 AM


Fostering flexibility

By Mary Kathleen Flynn

Prokanga helps financial services professionals find roles that offer more balance between work and life

Q&A

Prokanga is a unique recruiting firm that offers full-time and flexible recruiting ser-vices. Prokanga is managed by co-founders Jamie Cheney and Lesley Finer. Mergers & Acquisitions spoke with Finer, who has more than 10 years of recruiting for the finance industry and leads the finance practice at Prokanga.

What is Prokanga and how does it work?

Prokanga is the only recruiting firm in the market offering access to the traditional, full-time workforce, as well as high caliber part-time and consulting pools of candi-

dates. This unique access and our pioneer-ing approach to considering flexibility as part of the compensation dollar, allows us to deliver effective and cost-efficient hiring solutions to our clients. We work very closely with our clients (employers), often starting from the moment that a business challenge arises, to help them identify and understand various types of flexibility that will work for their industry and organization. We can then propose a range of options depending on the specific business challenge - from a full-time junior employee to a part-time, more senior hire who could hit the ground running and require less supervision. Or we

might decide that the most cost-efficient approach is to use a consultant for a finite period of time rather than a direct hire.

Why do some finan-cial services profession-als need flexibility?

Many of the financial services professionals look-ing for flexibility are feeling the lack of work life bal-ance in their lives. They are currently working full-time, and don’t want to walk away from the careers that they have worked so hard to build, but the oftentimes grueling finance hours take a toll on the time they have to spend with their families. The ideal situation for these professionals is a role where they can continue on their career path, but with some degree of flexibility to en-able them more time with their families. We also work with professionals who have built successful consulting businesses and are looking for new projects.

What are some typi-cal career paths you can outline?

There are three typical career paths that we source: consultants, permanent part-time, and full-time. Small to medium-sized busi-ness often engage us for a permanent part-time hire when they need a senior level hire but they don’t have

AD

OB

E S

TOC

K

the need for someone in that role full-time and/or the budget for the full-time hire at that level. Or a client will call us because they have exhausted the junior to mid-level pool for a support role but are not happy with the talent they are seeing. We can utilize our network to find someone more senior with relevant experience who is willing to take a break on compensation in exchange for a 20-30 hour work week.

How are private equity firms and other companies involved in M&A using Prokanga’s services?

We have worked with all types of finance companies, including private equity firms, hedge funds, boutique in-vestment banks, and service providers

Mergers & Acquisitionson Facebook for the

latest news and trends in the middle-market

industry.

032_MAJ1019 32 9/6/2019 9:33:37 AM


Q&A

might decide that the most cost-efficient approach is to use a consultant for a finite period of time rather than a direct hire.

Why do some finan-cial services profession-als need flexibility?

Many of the financial services professionals look-ing for flexibility are feeling the lack of work life bal-ance in their lives. They are currently working full-time, and don’t want to walk away from the careers that they have worked so hard to build, but the oftentimes grueling finance hours take a toll on the time they have to spend with their families. The ideal situation for these professionals is a role where they can continue on their career path, but with some degree of flexibility to en-able them more time with their families. We also work with professionals who have built successful consulting businesses and are looking for new projects.

What are some typi-cal career paths you can outline?

There are three typical career paths that we source: consultants, permanent part-time, and full-time. Small to medium-sized busi-ness often engage us for a permanent part-time hire when they need a senior level hire but they don’t have

the need for someone in that role full-time and/or the budget for the full-time hire at that level. Or a client will call us because they have exhausted the junior to mid-level pool for a support role but are not happy with the talent they are seeing. We can utilize our network to find someone more senior with relevant experience who is willing to take a break on compensation in exchange for a 20-30 hour work week.

How are private equity firms and other companies involved in M&A using Prokanga’s services?

We have worked with all types of finance companies, including private equity firms, hedge funds, boutique in-vestment banks, and service providers

to the industry. Some of our key flex-ible placements in finance have been a part-time Head of Investor Relations for a $3 billion private equity firm, part-time Head of Research within the business development/deal sourcing team for a middle market PE firm, a scalable Associate/VP at a boutique investment bank (scales up to full-time during heavy deal flow) and several part-time consultants placed with a leading PE placement agent. We have also worked with a number of smaller private equity firms on investor relations projects including creat-ing PPMs, DDQs, updating marketing materials, etc.

What do you predict for the fu-ture in terms of financial services careers & flexibility?

The financial services industry is finally starting to catch up to other industries that are embracing flexibility. We have seen the number of companies that are open to using flex-ibility as a strategic tool to attract and retain employees grow significantly since we entered the finance industry several years ago. I think one of the real keys to success for future growth is understanding that flexibility is not a one size fits all solution, and may not be the right option at all for some roles. That’s why we work so closely with our clients to figure out the right solution for their unique business needs. M&A

Leaders start here. Subscribe today at: www.themiddlemarket.com/subscribe

(212) 803-8500

Get access to exclusive news and analysis of deal sourcing, structures, restructuring, and exits. Professionals on all sides of the deal come here to exchange new ideas and develop winning strategies.

Mergers & Acquisitions covers all aspects of middle-market dealmaking

033_MAJ1019 33 9/9/2019 6:42:33 PM


People Moves

New hires and promotionsBy Demitri Diakantonis

Amna Arshad has joined law firm Freshfields Bruckhaus Deringer US LLP as a special counsel. She will be focusing on regulatory and commercial matters including transac-tions and investigations. Arshad was previous-ly with the U.S. Department of Transportation.

Michael Bernstein was hired by private equity firm Arsenal Capital Partners as an operat-ing partner, where he is focusing on invest-ments in outsourced business services, payers, and care provision. Bernstein was most recently a partner at Baird Capital Partners.

Christopher Conover has joined advisory firm FTI Consulting Inc. (NYSE: FCN) as a managing director. Pre-viously with Comstock Hold-ings, Conover concentrates on capital and debt acquisi-tions along with complex tax structuring and compliance transactions.

Bryan Gadol was hired by law firm Orrick as a partner. Gadol was most recently with Morgan Lewis, and focuses on M&A and private equity across the tech-nology, medical devices, beauty, healthcare and manufacturing sectors.

Scott Hart has been named co-CEO at StepStone Group, a private markets invest-ment advisory firm. Hart is the head of private equity.

Brian Hecht has joined law firm Katten Muchin Rosenman LLP as a partner. Hecht was previously with Kirkland & Ellis, and focuses on private equity and M&A.

Ramey Jackson has been named CEO at Clearlake-backed Janus International Group, a technology maker for the self-storage and industrials sectors. Jackson was most recently the vice president of sales at Janus.

Stacey Kern has joined law firm Eversheds Sutherland as a partner. Previously with Green-berg Traurig, Kern focuses on M&A and private equity across the manufacturing, technol-ogy, pharmaceuticals and energy sectors.

Patrick Knapp has joined law firm McGuireWoods as a partner, where he is concen-trating on M&A in the oil and gas sector. Knapp was most recently with Bridger Logistics, the midstream division of Fer-rellgas Partners LP.

Katherine Kost was hired by consulting firm TriVista as a

managing director and head of the firm’s new IT and operations technology group. Kost was previously with Meggitt Plc.

Bruce Larson has been named chief human resources officer at the Carlyle Group (Nasdaq: CG). Larson is a former Goldman Sachs (NYSE: GS) partner.

Gretchen McClain was hired by the Carlyle Group (Nasdaq: CG) as an operat-ing executive in the firm’s industrials and transporta-tion group. McClain was most recently the CEO of water technology company Xylem Inc. (NYSE: XYL).

Joe Passaro was hired by financial services firm BTIG as a managing director and head of capital markets. He was most recently with Deutsche Bank Securities.

Scott Shebelsky has been promoted to CFO at PE firm Lovell Minnick Partners. Shebelsky joined the firm in 2015 as vice president of finance and chief compli-ance officer.

John Sheputis was hired by private investment firm GI Partners, where he is leading the firm’s real estate acquisition efforts. Sheputis is the former CEO of Fortu-nate Data Centers.

Bill Stotzer was hired by advisory firm FTI Consulting Inc. (NYSE: FCN) as a man-aging director. Stotzer was most recently with Alvarez & Marsal. M&A

Scott Shebelsky

Stacey Kern

034_MAJ1019 34 9/6/2019 9:39:14 AM


Key Middle-Market M&A Deals Completed in July 2019

07/16/19 Nextera Energy Transmission Trans Bay Cable LLC Electric, Gas, and Water Distribution 1000.007/01/19 Victory Capital Holdings Inc USAA Asset Management Co Investment & Commodity Firms,Dealers,Exchanges 1000.007/31/19 ICG Strategic Eq Advisors LLC Standard Chartered- PE Busines Investment & Commodity Firms,Dealers,Exchanges 994.107/16/19 Wieland-Werke AG Global Brass & Copper Holdings Metal and Metal Products 989.407/03/19 Investor Group Unibail-Rodamco-Wfield Real Estate; Mortgage Bankers and Brokers 966.807/29/19 Investor Group Australis Seafoods SA Food and Kindred Products 921.607/26/19 Tokai Carbon Co Ltd COBEX Holdco GmbH Electronic and Electrical Equipment 921.207/01/19 Liberty House Ltd Arcelormittal Piombino SpA Metal and Metal Products 841.207/01/19 Pfizer Inc Therachon AG (Now 4j8824) Drugs 810.007/04/19 Euronext NV Oslo Bors VPS Holding ASA Investment & Commodity Firms,Dealers,Exchanges 790.307/02/19 Perrigo Co PLC Ranir LLC Soaps, Cosmetics, and Personal-Care Products 750.007/17/19 Goldman Sachs Group Inc United Capital Finl Partners Investment & Commodity Firms,Dealers,Exchanges 750.007/01/19 Ameris Bancorp Fidelity Southern Corp Commercial Banks, Bank Holding Companies 743.007/26/19 Thai Insurance PCL Southeast Group Co Ltd Insurance 737.707/02/19 Larsen & Toubro Ltd Mindtree Ltd Business Services 729.607/25/19 Zambon SpA Breath Therapeutics GmbH Business Services 712.907/01/19 Edwards Vacuum Llc Brooks Automation-cryogenics Machinery 675.007/02/19 SCG Packaging PCL Fajar Surya Wisesa Tbk PT Paper and Allied Products 672.007/01/19 Nidec Corp Whirlpool-Embraco Compressor Machinery 671.807/03/19 Morningstar Inc DBRS Ltd Investment & Commodity Firms,Dealers,Exchanges 669.007/31/19 Trafigura Group Pte Ltd Nyrstar NV Metal and Metal Products 642.007/01/19 Shareholders Adapteo Oyj Business Services 639.607/01/19 Mitsubishi Corp Chiyoda Corp Business Services 635.807/19/19 Cathay Pacific Airways Ltd Hong Kong Express Airways Ltd Air Transportation and Shipping 628.107/01/19 Harsco Corp Clean Earth Inc Sanitary Services 625.007/01/19 Chart Industries Inc Harsco Industrial Hammco LLC Metal and Metal Products 592.007/11/19 Thunder Bridge Acq Ltd Repay Holdings LLC Other Financial 580.707/29/19 Changsheng Xingye (Xiamen) Beijing Borgward Auto Co Ltd Transportation Equipment 578.707/08/19 Orange SA SecureLink Nederland BV Prepackaged Software 576.607/01/19 Arkema SA ArrMaz Custom Chemicals Inc Chemicals and Allied Products 570.007/06/19 India Grid Trust NRSS XXIX Transmission Ltd Electric, Gas, and Water Distribution 548.507/17/19 Baloise Holding AG Fidea Insurance 542.407/19/19 Nord Pacific Ltd Atlantic Gold Corp Mining 531.807/18/19 Swedish Orphan Biovitrum AB NovImmune SA-Emapalumab Drugs 519.007/24/19 Investor Group IXM BV Mining 496.007/24/19 CMOC Ltd New Silk Road Commodities SA Wholesale Trade-Durable Goods 495.007/18/19 Elanco Animal Health Inc Aratana Therapeutics Inc Drugs 479.907/15/19 Boehringer Ingelheim GmbH Amal Therapeutics SA Business Services 478.907/30/19 SV Robinson 71 Robinson Road Real Estate; Mortgage Bankers and Brokers 478.107/17/19 AXA Real Estate Invest Mgrs SA Doubletree By Hotels and Casinos 476.407/10/19 Novena Global Healthcare Grp Xingkeduo (Beijing) Beauty Personal Services 475.407/15/19 Vistra Energy Corp Crius Energy Trust Electric, Gas, and Water Distribution 459.007/11/19 Immofinanz AG Ghelamco PL-Warsaw Spire Tower Real Estate; Mortgage Bankers and Brokers 435.707/29/19 Greenbrier Cos Inc Amer Railcar Ind-Mnfg Business Transportation Equipment 430.007/02/19 E2open Inc Amber Road Inc Prepackaged Software 410.8

Date Acquirer Target Target Industry Value ($mil)

035_MAJ1019 35 9/6/2019 4:31:50 PM



07/04/19 AM Gestio SL El Corte Ingles-Frances Macia Real Estate; Mortgage Bankers and Brokers 171.407/08/19 Long Range Acquisition LLC Caliber Co Metal and Metal Products 170.007/18/19 Azora Altus SA Banco De Sabadell Sa-Rental Real Estate; Mortgage Bankers and Brokers 168.307/01/19 CDC Habitat Aavand Sarl-Real Estate Assets Real Estate; Mortgage Bankers and Brokers 168.207/31/19 SG Casa Pte Ltd Winright Invest Pte Ltd-Ppty Real Estate; Mortgage Bankers and Brokers 167.907/29/19 Amgen Inc Nuevolution AB Drugs 166.907/15/19 Entegris Inc MPD Chemicals LLC Chemicals and Allied Products 165.007/31/19 Mediahuis NV Independent News & Media PLC Printing, Publishing, and Allied Services 162.807/01/19 EOS Investors LLC Kingston Resorts,SC Hotels and Casinos 156.007/24/19 Neptune Wellness Solutions Inc Sugarleaf Labs LLC Wholesale Trade-Nondurable Goods 150.007/31/19 UnipolRec SpA BPER Banca Spa-NPL Portfolio Credit Institutions 147.407/24/19 Lexian Educ Consultancy Chongqing Nanfang Translators Educational Services 147.007/17/19 Infront ASA Vereinigte Wirtschaftsdienste Business Services 146.507/09/19 Coima Opportunity Fund II Deka Immobilien-RE Ppty. Milan Real Estate; Mortgage Bankers and Brokers 145.907/31/19 LISI Group (Holdings) Ltd Robust Coop Ltd Real Estate; Mortgage Bankers and Brokers 143.607/01/19 Rockrose Energy Plc Marathon Oil UK Ltd Oil and Gas; Petroleum Refining 140.007/29/19 First Financial Corp HopFed Bancorp Inc Savings and Loans, Mutual Savings Banks 139.607/10/19 Qurain Petrochem Inds Co KSCP Jassim Transport & Transportation and Shipping (except air) 138.307/06/19 Sinomine (Hong Kong) Rare Tantalum Mining Corp of Canada Mining 136.7


07/09/19 Palo Alto Networks Inc Twistlock Ltd Prepackaged Software 410.007/01/19 H&R Block Inc Wave Financial Inc Other Financial 405.007/02/19 Investor Group NGL Energy Partners LP-Mesquit Sanitary Services 400.007/31/19 Melco Resorts & Entertainment ICR Cyprus Holdings Ltd Hotels and Casinos 375.007/31/19 Boluda Corporacion Maritima SL Kotug Smit Towage NL BV Transportation and Shipping (except air) 341.207/31/19 Bernard Bidco Ltd Premier Technical Svcs Grp PLC Business Services 335.307/10/19 ECE European Prime Shopping II Atrium Eur RE-Shpng Cntrs(2) Real Estate; Mortgage Bankers and Brokers 334.707/23/19 Arsenal Capital Partners LP Seal For Life Chemicals and Allied Products 328.007/09/19 Sequitur Permian LLC Callon Petro Co-Non Core Asts Oil and Gas; Petroleum Refining 325.707/25/19 Colony Capital Inc Digital Bridge Holdings LLC Investment & Commodity Firms,Dealers,Exchanges 325.007/26/19 Investor Group 8 Finsbury Circus London Real Estate; Mortgage Bankers and Brokers 323.807/26/19 Investor Group Mitsubishi Estate-Fnsbry Crcs Real Estate; Mortgage Bankers and Brokers 323.807/11/19 Vanbarton Group LLC 901 Fifth Ave,Seattle,WA Real Estate; Mortgage Bankers and Brokers 305.007/01/19 Amasten Fastighets AB Urbano AB Investment & Commodity Firms,Dealers,Exchanges 304.207/19/19 Jacko Rise Pte Ltd Island Land Dvlp Ltd Real Estate; Mortgage Bankers and Brokers 302.607/03/19 Koradior Holdings Ltd Keen Reach Hldg Ltd Wholesale Trade-Nondurable Goods 301.207/12/19 Hugel Inc Dongyang Hc Co Ltd Wholesale Trade-Durable Goods 285.707/25/19 Bper Banca SpA Banco di Sardegna SpA Commercial Banks, Bank Holding Companies 282.907/31/19 BY-Health Co Ltd Guangzhou By-Health BySen Co Wholesale Trade-Nondurable Goods 277.707/31/19 Capitol Investment Corp Iv Nesco Sales & Rentals Inc Business Services 264.907/02/19 Ima SpA Atop SpA Electronic and Electrical Equipment 256.907/02/19 DIC Asset AG GEG German Estate Group AG Investment & Commodity Firms,Dealers,Exchanges 253.107/10/19 Nippon Paint Holdings Co Ltd Betek Boya Ve Kimya Sanayi AS Chemicals and Allied Products 245.607/26/19 Lone Star Fund XI LP Bkia SA-Non Performing Loan Credit Institutions 243.007/31/19 Cannex Capital Holdings Inc 4Front Holdings LLC Miscellaneous Retail Trade 242.907/30/19 Lotte Chemical Corp Lotte Advanced Materials Co Chemicals and Allied Products 236.507/01/19 HEXPOL AB Preferred Compounding Corp Chemicals and Allied Products 232.007/01/19 Encompass Health Corp Alacare Home Health & Hospice Health Services 217.507/31/19 Icade Sante SAS Swiss Life AM-Healthcare Portf Health Services 215.307/01/19 Ramirent Oyj Stavdal AB Business Services 215.207/01/19 Hartree Cardinal Gas LLC Martin Midstream Partners-NGSA Wholesale Trade-Nondurable Goods 215.007/31/19 Parsons Corp QCR LLC Measuring, Medical, Photo Equipment; Clocks 215.007/25/19 AEMZ OOO Severstal Balakovo AO Metal and Metal Products 215.007/31/19 Tadano Ltd Demag-Mobile Cranes Bussinsess Machinery 214.907/31/19 Tadano Ltd Terex Corp-Subsidiaries(7) Machinery 214.907/03/19 Sichuan Haowu Neijing Pengxiang Invest Co Miscellaneous Retail Trade 208.507/15/19 Butterfield Bk (Guernsey) Ltd ABN AMRO (Channel Islands) Ltd Commercial Banks, Bank Holding Companies 207.707/29/19 xTV Networks Ltd New Zealand Coastal Seafoods Wholesale Trade-Nondurable Goods 201.707/23/19 Arclight Energy Partners Fund American Midstream Partners LP Electric, Gas, and Water Distribution 201.407/30/19 Zhejiang Jinghua Laser Tech Frestamp Inc Investment & Commodity Firms,Dealers,Exchanges 200.007/09/19 Shenzhen Inovance Tech Co Ltd Shanghai BST Electric Co Ltd Machinery 189.107/01/19 Owens-Illinois Inc Nueva Fabrica Nacional De Vidr Stone, Clay, Glass, and Concrete Products 188.007/24/19 Investor Group Banco Sabadell SA-Loan Credit Institutions 187.807/08/19 PetIQ Inc Sergeant’s Pet Prod Care Inc Drugs 185.007/16/19 Hanil Holdings Co Ltd Hlk Hldg Co Ltd Investment & Commodity Firms,Dealers,Exchanges 184.007/22/19 GFH Capital Ltd Senior Healthcare Portfolio,US Social Services 180.007/16/19 FNZ (UK) Ltd ebase Investment & Commodity Firms,Dealers,Exchanges 177.407/29/19 Meritor Inc Axletech International Corp Transportation Equipment 175.007/09/19 Kordsa Inc Axiom Materials Inc Rubber and Miscellaneous Plastic Products 174.807/06/19 India Grid Trust Odisha Gentn Phs II Tranms Ltd Electric, Gas, and Water Distribution 173.3


You've Gotta Be There

®

Thursday, February 13, 2020OMNI SAN DIEGO HOTEL

Photo: La Jolla Cliffs, CA on February 13, 2019

036_MAJ1019 36 9/6/2019 4:31:53 PM


07/04/19 AM Gestio SL El Corte Ingles-Frances Macia Real Estate; Mortgage Bankers and Brokers 171.407/08/19 Long Range Acquisition LLC Caliber Co Metal and Metal Products 170.007/18/19 Azora Altus SA Banco De Sabadell Sa-Rental Real Estate; Mortgage Bankers and Brokers 168.307/01/19 CDC Habitat Aavand Sarl-Real Estate Assets Real Estate; Mortgage Bankers and Brokers 168.207/31/19 SG Casa Pte Ltd Winright Invest Pte Ltd-Ppty Real Estate; Mortgage Bankers and Brokers 167.907/29/19 Amgen Inc Nuevolution AB Drugs 166.907/15/19 Entegris Inc MPD Chemicals LLC Chemicals and Allied Products 165.007/31/19 Mediahuis NV Independent News & Media PLC Printing, Publishing, and Allied Services 162.807/01/19 EOS Investors LLC Kingston Resorts,SC Hotels and Casinos 156.007/24/19 Neptune Wellness Solutions Inc Sugarleaf Labs LLC Wholesale Trade-Nondurable Goods 150.007/31/19 UnipolRec SpA BPER Banca Spa-NPL Portfolio Credit Institutions 147.407/24/19 Lexian Educ Consultancy Chongqing Nanfang Translators Educational Services 147.007/17/19 Infront ASA Vereinigte Wirtschaftsdienste Business Services 146.507/09/19 Coima Opportunity Fund II Deka Immobilien-RE Ppty. Milan Real Estate; Mortgage Bankers and Brokers 145.907/31/19 LISI Group (Holdings) Ltd Robust Coop Ltd Real Estate; Mortgage Bankers and Brokers 143.607/01/19 Rockrose Energy Plc Marathon Oil UK Ltd Oil and Gas; Petroleum Refining 140.007/29/19 First Financial Corp HopFed Bancorp Inc Savings and Loans, Mutual Savings Banks 139.607/10/19 Qurain Petrochem Inds Co KSCP Jassim Transport & Transportation and Shipping (except air) 138.307/06/19 Sinomine (Hong Kong) Rare Tantalum Mining Corp of Canada Mining 136.7


07/09/19 Palo Alto Networks Inc Twistlock Ltd Prepackaged Software 410.007/01/19 H&R Block Inc Wave Financial Inc Other Financial 405.007/02/19 Investor Group NGL Energy Partners LP-Mesquit Sanitary Services 400.007/31/19 Melco Resorts & Entertainment ICR Cyprus Holdings Ltd Hotels and Casinos 375.007/31/19 Boluda Corporacion Maritima SL Kotug Smit Towage NL BV Transportation and Shipping (except air) 341.207/31/19 Bernard Bidco Ltd Premier Technical Svcs Grp PLC Business Services 335.307/10/19 ECE European Prime Shopping II Atrium Eur RE-Shpng Cntrs(2) Real Estate; Mortgage Bankers and Brokers 334.707/23/19 Arsenal Capital Partners LP Seal For Life Chemicals and Allied Products 328.007/09/19 Sequitur Permian LLC Callon Petro Co-Non Core Asts Oil and Gas; Petroleum Refining 325.707/25/19 Colony Capital Inc Digital Bridge Holdings LLC Investment & Commodity Firms,Dealers,Exchanges 325.007/26/19 Investor Group 8 Finsbury Circus London Real Estate; Mortgage Bankers and Brokers 323.807/26/19 Investor Group Mitsubishi Estate-Fnsbry Crcs Real Estate; Mortgage Bankers and Brokers 323.807/11/19 Vanbarton Group LLC 901 Fifth Ave,Seattle,WA Real Estate; Mortgage Bankers and Brokers 305.007/01/19 Amasten Fastighets AB Urbano AB Investment & Commodity Firms,Dealers,Exchanges 304.207/19/19 Jacko Rise Pte Ltd Island Land Dvlp Ltd Real Estate; Mortgage Bankers and Brokers 302.607/03/19 Koradior Holdings Ltd Keen Reach Hldg Ltd Wholesale Trade-Nondurable Goods 301.207/12/19 Hugel Inc Dongyang Hc Co Ltd Wholesale Trade-Durable Goods 285.707/25/19 Bper Banca SpA Banco di Sardegna SpA Commercial Banks, Bank Holding Companies 282.907/31/19 BY-Health Co Ltd Guangzhou By-Health BySen Co Wholesale Trade-Nondurable Goods 277.707/31/19 Capitol Investment Corp Iv Nesco Sales & Rentals Inc Business Services 264.907/02/19 Ima SpA Atop SpA Electronic and Electrical Equipment 256.907/02/19 DIC Asset AG GEG German Estate Group AG Investment & Commodity Firms,Dealers,Exchanges 253.107/10/19 Nippon Paint Holdings Co Ltd Betek Boya Ve Kimya Sanayi AS Chemicals and Allied Products 245.607/26/19 Lone Star Fund XI LP Bkia SA-Non Performing Loan Credit Institutions 243.007/31/19 Cannex Capital Holdings Inc 4Front Holdings LLC Miscellaneous Retail Trade 242.907/30/19 Lotte Chemical Corp Lotte Advanced Materials Co Chemicals and Allied Products 236.507/01/19 HEXPOL AB Preferred Compounding Corp Chemicals and Allied Products 232.007/01/19 Encompass Health Corp Alacare Home Health & Hospice Health Services 217.507/31/19 Icade Sante SAS Swiss Life AM-Healthcare Portf Health Services 215.307/01/19 Ramirent Oyj Stavdal AB Business Services 215.207/01/19 Hartree Cardinal Gas LLC Martin Midstream Partners-NGSA Wholesale Trade-Nondurable Goods 215.007/31/19 Parsons Corp QCR LLC Measuring, Medical, Photo Equipment; Clocks 215.007/25/19 AEMZ OOO Severstal Balakovo AO Metal and Metal Products 215.007/31/19 Tadano Ltd Demag-Mobile Cranes Bussinsess Machinery 214.907/31/19 Tadano Ltd Terex Corp-Subsidiaries(7) Machinery 214.907/03/19 Sichuan Haowu Neijing Pengxiang Invest Co Miscellaneous Retail Trade 208.507/15/19 Butterfield Bk (Guernsey) Ltd ABN AMRO (Channel Islands) Ltd Commercial Banks, Bank Holding Companies 207.707/29/19 xTV Networks Ltd New Zealand Coastal Seafoods Wholesale Trade-Nondurable Goods 201.707/23/19 Arclight Energy Partners Fund American Midstream Partners LP Electric, Gas, and Water Distribution 201.407/30/19 Zhejiang Jinghua Laser Tech Frestamp Inc Investment & Commodity Firms,Dealers,Exchanges 200.007/09/19 Shenzhen Inovance Tech Co Ltd Shanghai BST Electric Co Ltd Machinery 189.107/01/19 Owens-Illinois Inc Nueva Fabrica Nacional De Vidr Stone, Clay, Glass, and Concrete Products 188.007/24/19 Investor Group Banco Sabadell SA-Loan Credit Institutions 187.807/08/19 PetIQ Inc Sergeant’s Pet Prod Care Inc Drugs 185.007/16/19 Hanil Holdings Co Ltd Hlk Hldg Co Ltd Investment & Commodity Firms,Dealers,Exchanges 184.007/22/19 GFH Capital Ltd Senior Healthcare Portfolio,US Social Services 180.007/16/19 FNZ (UK) Ltd ebase Investment & Commodity Firms,Dealers,Exchanges 177.407/29/19 Meritor Inc Axletech International Corp Transportation Equipment 175.007/09/19 Kordsa Inc Axiom Materials Inc Rubber and Miscellaneous Plastic Products 174.807/06/19 India Grid Trust Odisha Gentn Phs II Tranms Ltd Electric, Gas, and Water Distribution 173.3


You've Gotta Be There

®

Thursday, February 13, 2020OMNI SAN DIEGO HOTEL

Photo: La Jolla Cliffs, CA on February 13, 2019

037_MAJ1019 37 9/6/2019 4:31:53 PM



07/11/19 Diploma PLC Virginia Sealing-Assets Rubber and Miscellaneous Plastic Products 80.007/31/19 Reworld Media SA Mondadori France SAS Printing, Publishing, and Allied Services 79.907/30/19 Thuringer GWB Elstertal Geraer Investment & Commodity Firms,Dealers,Exchanges 79.807/01/19 StepStone GmbH AppCast Inc Prepackaged Software 79.607/10/19 Dso Italia Srl Sistemia SPA Investment & Commodity Firms,Dealers,Exchanges 79.207/01/19 Arbah Capital Sauchiehall Shopping Centre Real Estate; Mortgage Bankers and Brokers 76.207/31/19 Hangzhou Changchuan Tech Co Hangzhou Changxin Invest Mgmt Investment & Commodity Firms,Dealers,Exchanges 75.707/01/19 Eagle Natural Resources LLC Mosman Oil & Gas Ltd-Strawn Oil and Gas; Petroleum Refining 75.007/26/19 Unicaja Banco SA Unicaja Banco SA-Credit Credit Institutions 74.007/31/19 BRX Transportation Holdings Pioneer Railcorp Transportation and Shipping (except air) 72.407/30/19 BlueGem Capital Partners LLP Pool Service Srl Soaps, Cosmetics, and Personal-Care Products 71.307/01/19 Silvercrest Asset Mgmt Grp LLC Cortina Asset Management LLC Investment & Commodity Firms,Dealers,Exchanges 71.107/01/19 Tiarco LLC Hb Fuller-Surfactants Business Chemicals and Allied Products 71.007/02/19 Federal Signal Corp Mark Rite Lines Equip Co Inc Machinery 71.007/12/19 Fosun International Ltd Tom Tailor Holding Se Textile and Apparel Products 70.907/02/19 Investor Group Kee Holdings Co Ltd Miscellaneous Manufacturing 70.007/12/19 Link Industrial Properties Tampa Distribution Center Real Estate; Mortgage Bankers and Brokers 69.307/01/19 Providence Equity Partners LLC Chime Communications Ltd Business Services 69.107/10/19 Catalyst Capital Group Inc Bluberi Gaming Canada Inc Prepackaged Software 68.607/08/19 CITIC Securities Co Ltd CITIC Futures Co Ltd Investment & Commodity Firms,Dealers,Exchanges 68.007/01/19 German American Bancorp Inc Citizens First Corp Commercial Banks, Bank Holding Companies 67.907/19/19 DIC Asset AG Stadtfenster Property,Duisburg Real Estate; Mortgage Bankers and Brokers 65.507/04/19 Zhenshi Grp (HK) Heshi China Hengshi Foundation Co Textile and Apparel Products 65.407/26/19 Casino Guichard-Perrachon SA Casino Guichard-Markets(3) Retail Trade-General Merchandise and Apparel 64.607/30/19 Shinkawa Ltd Apic Yamada Corp Electronic and Electrical Equipment 64.107/25/19 Sucres et Denrees SA GK Trio OOO Agriculture, Forestry, and Fishing 63.807/16/19 Bufab AB HT BENDIX A/S Wholesale Trade-Durable Goods 62.807/29/19 Cranswick PLC Katsouris Brothers Ltd Wholesale Trade-Nondurable Goods 62.507/11/19 Jushi Hldg Inc Franklin Bioscience-Penn LLC Drugs 61.807/04/19 Intl Public Partnerships Ltd BeNEX GmbH Investment & Commodity Firms,Dealers,Exchanges 60.607/30/19 Investor Group Artoni Grp SpA-Transport & log Transportation and Shipping (except air) 59.007/12/19 Investor Group Goldtrust Futures Co Ltd Investment & Commodity Firms,Dealers,Exchanges 57.607/16/19 Altarea SCA Woodeum Residentiel SAS Wood Products, Furniture, and Fixtures 56.307/14/19 Bill McNee Village Walk,Melbourne,VIC Real Estate; Mortgage Bankers and Brokers 56.107/10/19 Main Capital Partners BV GBTEC Software & Consulting AG Prepackaged Software 56.007/15/19 Carousell Pte Ltd OLX Philippines Inc Miscellaneous Retail Trade 56.007/01/19 John Wiley & Sons Inc Zyante Inc Educational Services 56.007/03/19 Fiera Capital Corp Integrated Asset Mgmt Corp Investment & Commodity Firms,Dealers,Exchanges 55.407/15/19 Simple Energy Inc Tendril Networks Inc Prepackaged Software 53.007/01/19 Laboratorio Reig Jofre SA Bioberica-Portfolio Drugs 52.307/01/19 Interactive Investor Ltd Alliance Trust Savings Ltd Insurance 52.307/01/19 OC Spartan Acquisition Inc Milacron Hldg Corp-Uniloy Machinery 52.007/09/19 Tetra Tech UK Holdings Ltd WYG PLC Business Services 51.307/25/19 China Agrotech Holdings Ltd Yu Ming Investment Management Investment & Commodity Firms,Dealers,Exchanges 51.107/03/19 Songa Bulk ASA Axxis Geo Solutions AS Business Services 50.907/20/19 Herambiente SPA Pistoia Ambiente SRL Sanitary Services 50.507/24/19 Banyan Investment Group Inc Marriott & Hilton Hotel Hotels and Casinos 50.007/17/19 Worldshine Bus Hldg Co Ltd Union Chuangtai Tech Co Ltd Wholesale Trade-Durable Goods 49.807/01/19 Transworld Systems Inc Altisource-Portfolio Credit Institutions 49.4


07/18/19 IDEX Corp Velcora Holding AB Business Services 136.707/26/19 M-Universe Investments Pte Ltd Memtech International Ltd Rubber and Miscellaneous Plastic Products 135.207/31/19 Wanhua Chem (Hungary) Hldg Co Chematur Technologies AB Chemicals and Allied Products 134.407/31/19 Ceramica Urussanga SA Cecrisa Revestimentos Stone, Clay, Glass, and Concrete Products 133.507/03/19 Investor Group Unicredito Immobiliare Uno-RE Real Estate; Mortgage Bankers and Brokers 132.007/08/19 Cedar FIP Ouro Verde Locacao e Servico Repair Services 130.807/12/19 Investor Group Ivanhoe Cambridge-Office Bldg Real Estate; Mortgage Bankers and Brokers 127.307/19/19 Globalworth Re Invests Ltd LC Corp SA-Office Buildings(2) Real Estate; Mortgage Bankers and Brokers 126.007/22/19 Investor Group 800 Brickell Office & Ret Real Estate; Mortgage Bankers and Brokers 125.507/17/19 8x8 Inc Wavecell Pte Ltd Prepackaged Software 125.007/31/19 Arvida Group Ltd Sanderson Group-Retirement Vil Health Services 121.807/01/19 Exan Capital LLC 1701 Rhode Island Ave,WA DC Real Estate; Mortgage Bankers and Brokers 119.007/02/19 Forus Deporte y Ocio SL Santagadea Gestion Deportva SL Amusement and Recreation Services 117.407/09/19 Harbor Group International LLC The Frederick,Brooklyn,NY Real Estate; Mortgage Bankers and Brokers 117.007/01/19 Casa Systems Inc Netcomm Wireless Ltd Communications Equipment 114.207/08/19 8S Capital Hldg Pte Ltd 800 Super Holdings Ltd Sanitary Services 113.807/16/19 CCP 5 LL Vision Escritorios-Office Buil Real Estate; Mortgage Bankers and Brokers 112.607/10/19 LCN Capital Partners LP Merkur trgovina doo-Retail Cen Real Estate; Mortgage Bankers and Brokers 112.107/30/19 Mata Capital SAS Mercialys Sa-Monoprix Sites Retail Trade-General Merchandise and Apparel 111.407/20/19 Upsher-Smith Laboratories Inc Promius Pharma LLC-US & Select Drugs 110.507/29/19 Shanghai Yongdasheng Bus Jingmen Tianmao Chem Co Ltd Chemicals and Allied Products 110.307/03/19 Heimstaden AB Patrizia Immobilien-Residentia Real Estate; Mortgage Bankers and Brokers 109.907/16/19 China National Nuclear Corp Rossing Uranium Ltd Mining 106.507/31/19 MacGregor Group AB Tts Grp Asa-Marine & Offshore Machinery 106.307/04/19 Kokusai Pulp & Paper Co Ltd Spicers Ltd Wholesale Trade-Nondurable Goods 105.707/25/19 Chaolong Developments Pty Ltd Novotel Melbourne Glen Waverly Hotels and Casinos 104.607/09/19 Al Rayyan Tourism Investment Seba AS-JW Marriott Hotel Hotels and Casinos 104.307/19/19 Green City Dvlp Ltd Precious Palace Entrps Ltd Investment & Commodity Firms,Dealers,Exchanges 101.507/16/19 Blue Prism Group PLC Thoughtonomy Ltd Business Services 100.407/15/19 Natl Grid Ventures Ltd Geronimo Energy LLC Construction Firms 100.007/16/19 GFH Capital Ltd Tech Offices Portfolio,US Real Estate; Mortgage Bankers and Brokers 100.007/04/19 Milesville Ltd Pearl Ltd Investment & Commodity Firms,Dealers,Exchanges 99.407/30/19 Kyobo Life Insurance Co Ltd Saengbo Re Tr Co Ltd Investment & Commodity Firms,Dealers,Exchanges 97.907/16/19 Vera Bradley Inc Creative Genius Inc Miscellaneous Manufacturing 97.507/15/19 InvenTrust Properties Corp Southern Palm Crossing,FL Real Estate; Mortgage Bankers and Brokers 97.007/31/19 Danfoss Power Solutions Inc UQM Technologies Inc Electronic and Electrical Equipment 96.007/15/19 Halma PLC Ampac Pty Ltd Communications Equipment 93.407/24/19 DWS Investments Australia Ltd Frasers-Undisc Cold Storage Di Transportation and Shipping (except air) 93.007/15/19 Altimmune Inc Spitfire Pharma Inc Drugs 92.707/17/19 Cromwell European REIT Sci Confluence Real Estate; Mortgage Bankers and Brokers 90.707/09/19 SMART Global Holdings Inc Artesyn Embedded Tech-business Computer and Office Equipment 90.007/03/19 Jones Lang LaSalle Income Genesee Plaza,San Diego,CA Real Estate; Mortgage Bankers and Brokers 90.007/16/19 Reliance Brands Ltd Ludendo Enterprises Uk Ltd Miscellaneous Retail Trade 88.407/31/19 Daemyung Hotels & Resorts Co Daemyung Resort Cheonan Co Ltd Hotels and Casinos 85.607/31/19 Lagoon Water Logistics LLC Continental Resources-E Water Electric, Gas, and Water Distribution 85.007/30/19 Koito Manufacturing Co Ltd KI Hldgs Co Ltd Electronic and Electrical Equipment 83.907/08/19 Morgan Properties Trust Exton Apartment Complex,Exton Real Estate; Mortgage Bankers and Brokers 82.007/30/19 Chengyu Vanadium Titano Tech Huili Cnty Caitong Iron & Mining 81.607/28/19 China Guangdong-Hong Kong Hydoo Intl Hldg Ltd Transportation and Shipping (except air) 80.707/01/19 Aterian Inv Partners III Hain Pure Protein Corp Agriculture, Forestry, and Fishing 80.0


038_MAJ1019 38 9/6/2019 4:31:54 PM



07/11/19 Diploma PLC Virginia Sealing-Assets Rubber and Miscellaneous Plastic Products 80.007/31/19 Reworld Media SA Mondadori France SAS Printing, Publishing, and Allied Services 79.907/30/19 Thuringer GWB Elstertal Geraer Investment & Commodity Firms,Dealers,Exchanges 79.807/01/19 StepStone GmbH AppCast Inc Prepackaged Software 79.607/10/19 Dso Italia Srl Sistemia SPA Investment & Commodity Firms,Dealers,Exchanges 79.207/01/19 Arbah Capital Sauchiehall Shopping Centre Real Estate; Mortgage Bankers and Brokers 76.207/31/19 Hangzhou Changchuan Tech Co Hangzhou Changxin Invest Mgmt Investment & Commodity Firms,Dealers,Exchanges 75.707/01/19 Eagle Natural Resources LLC Mosman Oil & Gas Ltd-Strawn Oil and Gas; Petroleum Refining 75.007/26/19 Unicaja Banco SA Unicaja Banco SA-Credit Credit Institutions 74.007/31/19 BRX Transportation Holdings Pioneer Railcorp Transportation and Shipping (except air) 72.407/30/19 BlueGem Capital Partners LLP Pool Service Srl Soaps, Cosmetics, and Personal-Care Products 71.307/01/19 Silvercrest Asset Mgmt Grp LLC Cortina Asset Management LLC Investment & Commodity Firms,Dealers,Exchanges 71.107/01/19 Tiarco LLC Hb Fuller-Surfactants Business Chemicals and Allied Products 71.007/02/19 Federal Signal Corp Mark Rite Lines Equip Co Inc Machinery 71.007/12/19 Fosun International Ltd Tom Tailor Holding Se Textile and Apparel Products 70.907/02/19 Investor Group Kee Holdings Co Ltd Miscellaneous Manufacturing 70.007/12/19 Link Industrial Properties Tampa Distribution Center Real Estate; Mortgage Bankers and Brokers 69.307/01/19 Providence Equity Partners LLC Chime Communications Ltd Business Services 69.107/10/19 Catalyst Capital Group Inc Bluberi Gaming Canada Inc Prepackaged Software 68.607/08/19 CITIC Securities Co Ltd CITIC Futures Co Ltd Investment & Commodity Firms,Dealers,Exchanges 68.007/01/19 German American Bancorp Inc Citizens First Corp Commercial Banks, Bank Holding Companies 67.907/19/19 DIC Asset AG Stadtfenster Property,Duisburg Real Estate; Mortgage Bankers and Brokers 65.507/04/19 Zhenshi Grp (HK) Heshi China Hengshi Foundation Co Textile and Apparel Products 65.407/26/19 Casino Guichard-Perrachon SA Casino Guichard-Markets(3) Retail Trade-General Merchandise and Apparel 64.607/30/19 Shinkawa Ltd Apic Yamada Corp Electronic and Electrical Equipment 64.107/25/19 Sucres et Denrees SA GK Trio OOO Agriculture, Forestry, and Fishing 63.807/16/19 Bufab AB HT BENDIX A/S Wholesale Trade-Durable Goods 62.807/29/19 Cranswick PLC Katsouris Brothers Ltd Wholesale Trade-Nondurable Goods 62.507/11/19 Jushi Hldg Inc Franklin Bioscience-Penn LLC Drugs 61.807/04/19 Intl Public Partnerships Ltd BeNEX GmbH Investment & Commodity Firms,Dealers,Exchanges 60.607/30/19 Investor Group Artoni Grp SpA-Transport & log Transportation and Shipping (except air) 59.007/12/19 Investor Group Goldtrust Futures Co Ltd Investment & Commodity Firms,Dealers,Exchanges 57.607/16/19 Altarea SCA Woodeum Residentiel SAS Wood Products, Furniture, and Fixtures 56.307/14/19 Bill McNee Village Walk,Melbourne,VIC Real Estate; Mortgage Bankers and Brokers 56.107/10/19 Main Capital Partners BV GBTEC Software & Consulting AG Prepackaged Software 56.007/15/19 Carousell Pte Ltd OLX Philippines Inc Miscellaneous Retail Trade 56.007/01/19 John Wiley & Sons Inc Zyante Inc Educational Services 56.007/03/19 Fiera Capital Corp Integrated Asset Mgmt Corp Investment & Commodity Firms,Dealers,Exchanges 55.407/15/19 Simple Energy Inc Tendril Networks Inc Prepackaged Software 53.007/01/19 Laboratorio Reig Jofre SA Bioberica-Portfolio Drugs 52.307/01/19 Interactive Investor Ltd Alliance Trust Savings Ltd Insurance 52.307/01/19 OC Spartan Acquisition Inc Milacron Hldg Corp-Uniloy Machinery 52.007/09/19 Tetra Tech UK Holdings Ltd WYG PLC Business Services 51.307/25/19 China Agrotech Holdings Ltd Yu Ming Investment Management Investment & Commodity Firms,Dealers,Exchanges 51.107/03/19 Songa Bulk ASA Axxis Geo Solutions AS Business Services 50.907/20/19 Herambiente SPA Pistoia Ambiente SRL Sanitary Services 50.507/24/19 Banyan Investment Group Inc Marriott & Hilton Hotel Hotels and Casinos 50.007/17/19 Worldshine Bus Hldg Co Ltd Union Chuangtai Tech Co Ltd Wholesale Trade-Durable Goods 49.807/01/19 Transworld Systems Inc Altisource-Portfolio Credit Institutions 49.4


07/18/19 IDEX Corp Velcora Holding AB Business Services 136.707/26/19 M-Universe Investments Pte Ltd Memtech International Ltd Rubber and Miscellaneous Plastic Products 135.207/31/19 Wanhua Chem (Hungary) Hldg Co Chematur Technologies AB Chemicals and Allied Products 134.407/31/19 Ceramica Urussanga SA Cecrisa Revestimentos Stone, Clay, Glass, and Concrete Products 133.507/03/19 Investor Group Unicredito Immobiliare Uno-RE Real Estate; Mortgage Bankers and Brokers 132.007/08/19 Cedar FIP Ouro Verde Locacao e Servico Repair Services 130.807/12/19 Investor Group Ivanhoe Cambridge-Office Bldg Real Estate; Mortgage Bankers and Brokers 127.307/19/19 Globalworth Re Invests Ltd LC Corp SA-Office Buildings(2) Real Estate; Mortgage Bankers and Brokers 126.007/22/19 Investor Group 800 Brickell Office & Ret Real Estate; Mortgage Bankers and Brokers 125.507/17/19 8x8 Inc Wavecell Pte Ltd Prepackaged Software 125.007/31/19 Arvida Group Ltd Sanderson Group-Retirement Vil Health Services 121.807/01/19 Exan Capital LLC 1701 Rhode Island Ave,WA DC Real Estate; Mortgage Bankers and Brokers 119.007/02/19 Forus Deporte y Ocio SL Santagadea Gestion Deportva SL Amusement and Recreation Services 117.407/09/19 Harbor Group International LLC The Frederick,Brooklyn,NY Real Estate; Mortgage Bankers and Brokers 117.007/01/19 Casa Systems Inc Netcomm Wireless Ltd Communications Equipment 114.207/08/19 8S Capital Hldg Pte Ltd 800 Super Holdings Ltd Sanitary Services 113.807/16/19 CCP 5 LL Vision Escritorios-Office Buil Real Estate; Mortgage Bankers and Brokers 112.607/10/19 LCN Capital Partners LP Merkur trgovina doo-Retail Cen Real Estate; Mortgage Bankers and Brokers 112.107/30/19 Mata Capital SAS Mercialys Sa-Monoprix Sites Retail Trade-General Merchandise and Apparel 111.407/20/19 Upsher-Smith Laboratories Inc Promius Pharma LLC-US & Select Drugs 110.507/29/19 Shanghai Yongdasheng Bus Jingmen Tianmao Chem Co Ltd Chemicals and Allied Products 110.307/03/19 Heimstaden AB Patrizia Immobilien-Residentia Real Estate; Mortgage Bankers and Brokers 109.907/16/19 China National Nuclear Corp Rossing Uranium Ltd Mining 106.507/31/19 MacGregor Group AB Tts Grp Asa-Marine & Offshore Machinery 106.307/04/19 Kokusai Pulp & Paper Co Ltd Spicers Ltd Wholesale Trade-Nondurable Goods 105.707/25/19 Chaolong Developments Pty Ltd Novotel Melbourne Glen Waverly Hotels and Casinos 104.607/09/19 Al Rayyan Tourism Investment Seba AS-JW Marriott Hotel Hotels and Casinos 104.307/19/19 Green City Dvlp Ltd Precious Palace Entrps Ltd Investment & Commodity Firms,Dealers,Exchanges 101.507/16/19 Blue Prism Group PLC Thoughtonomy Ltd Business Services 100.407/15/19 Natl Grid Ventures Ltd Geronimo Energy LLC Construction Firms 100.007/16/19 GFH Capital Ltd Tech Offices Portfolio,US Real Estate; Mortgage Bankers and Brokers 100.007/04/19 Milesville Ltd Pearl Ltd Investment & Commodity Firms,Dealers,Exchanges 99.407/30/19 Kyobo Life Insurance Co Ltd Saengbo Re Tr Co Ltd Investment & Commodity Firms,Dealers,Exchanges 97.907/16/19 Vera Bradley Inc Creative Genius Inc Miscellaneous Manufacturing 97.507/15/19 InvenTrust Properties Corp Southern Palm Crossing,FL Real Estate; Mortgage Bankers and Brokers 97.007/31/19 Danfoss Power Solutions Inc UQM Technologies Inc Electronic and Electrical Equipment 96.007/15/19 Halma PLC Ampac Pty Ltd Communications Equipment 93.407/24/19 DWS Investments Australia Ltd Frasers-Undisc Cold Storage Di Transportation and Shipping (except air) 93.007/15/19 Altimmune Inc Spitfire Pharma Inc Drugs 92.707/17/19 Cromwell European REIT Sci Confluence Real Estate; Mortgage Bankers and Brokers 90.707/09/19 SMART Global Holdings Inc Artesyn Embedded Tech-business Computer and Office Equipment 90.007/03/19 Jones Lang LaSalle Income Genesee Plaza,San Diego,CA Real Estate; Mortgage Bankers and Brokers 90.007/16/19 Reliance Brands Ltd Ludendo Enterprises Uk Ltd Miscellaneous Retail Trade 88.407/31/19 Daemyung Hotels & Resorts Co Daemyung Resort Cheonan Co Ltd Hotels and Casinos 85.607/31/19 Lagoon Water Logistics LLC Continental Resources-E Water Electric, Gas, and Water Distribution 85.007/30/19 Koito Manufacturing Co Ltd KI Hldgs Co Ltd Electronic and Electrical Equipment 83.907/08/19 Morgan Properties Trust Exton Apartment Complex,Exton Real Estate; Mortgage Bankers and Brokers 82.007/30/19 Chengyu Vanadium Titano Tech Huili Cnty Caitong Iron & Mining 81.607/28/19 China Guangdong-Hong Kong Hydoo Intl Hldg Ltd Transportation and Shipping (except air) 80.707/01/19 Aterian Inv Partners III Hain Pure Protein Corp Agriculture, Forestry, and Fishing 80.0


039_MAJ1019 39 9/6/2019 4:31:55 PM


07/01/19 Lotte Data Communication Co Hyundai Info & Tech Co Ltd Business Services 47.607/16/19 Franklin Templeton Investments Reith Lambert-Cameron Toll Real Estate; Mortgage Bankers and Brokers 47.607/05/19 Greentown Educ Invest Co Ltd Montessori Academy Grp Pty Social Services 47.507/22/19 Ayalaland Logistics Hldg Corp Unity Realty & Development Cor Real Estate; Mortgage Bankers and Brokers 46.807/18/19 ENAV SpA IDS-Air Navigation Prepackaged Software 46.607/05/19 Japan Pulp & Paper Co Ltd Radms Paper Ltd Wholesale Trade-Nondurable Goods 46.407/31/19 Investor Group Suzhou Yaotu Jinqu Venture Investment & Commodity Firms,Dealers,Exchanges 46.007/05/19 O3 Mining Inc Osisko Mining Inc-Non Core Mining 45.907/24/19 Cerberus Capital Management LP Metro Bank PLC-Loan Portfolio Credit Institutions 45.607/17/19 JY Cairns Esplanade Hotel Pty Rydges Esplanade Resort Hotels and Casinos 45.607/12/19 Community Bank System Inc Kinderhook Bank Corp Commercial Banks, Bank Holding Companies 45.307/29/19 Future PLC SmartBrief Inc Business Services 45.007/03/19 Suzhou High-speed Rail New Suzhou Huanxiu Lake Investment & Commodity Firms,Dealers,Exchanges 44.807/08/19 PMA International LLC Galfar Enrng & Cntrg I Pvt Ltd Construction Firms 44.707/08/19 Vectrus Systems Corp Advantor Systems Corp Business Services 44.007/17/19 Meruelo Media LLC Cumulus Media-KLOS-FM,CA Radio and Television Broadcasting Stations 43.007/04/19 Spencers Retail Ltd Natures Basket Ltd Retail Trade-Food Stores 42.807/31/19 Keytone Dairy Corp Ltd Omniblend Pty Ltd Food and Kindred Products 42.607/31/19 Nordzucker AG Mackay Sugar Ltd Food and Kindred Products 42.507/31/19 Quadrant Private Eqty Pty Ltd Grays (NSW) Pty Ltd Business Services 41.907/24/19 Jervois Mining Ltd eCobalt Solutions Inc Mining 41.207/30/19 Will Semiconductor Co Ltd Beijing Shixinyuan Tech Dvlp Business Services 41.207/15/19 Bank First National Corp Partnership Comm Banc Inc Commercial Banks, Bank Holding Companies 41.007/31/19 Investor Group Sierra Vista Mall & Lifestyle Real Estate; Mortgage Bankers and Brokers 41.007/18/19 Investor Group Tianjin Xingkuang Entrp Mgmt Business Services 40.107/31/19 Tbilisi Energy LLC KazTransGas-Tbilisi LLC Electric, Gas, and Water Distribution 40.007/18/19 JPB Raleigh Holdings LLC Northchase Executive Center,Ra Real Estate; Mortgage Bankers and Brokers 39.807/25/19 Kuwait Petroleum Espana SA Saras Energia SA-Fueling Stns Miscellaneous Retail Trade 39.007/16/19 Command Center Inc Hire Quest Holdings LLC Business Services 38.607/01/19 Self Storage Grp ASA Eurobox,Cron Gruppen Real Estate; Mortgage Bankers and Brokers 38.307/31/19 Sul America Odontologico SA Prodent Assistencia Insurance 38.007/25/19 Allianz Real Estate GmbH Logistics Warehouses. Italy(2) Real Estate; Mortgage Bankers and Brokers 37.4NA Qube Logistics (Aust) Pty Ltd Chalmers Ltd Transportation and Shipping (except air) 37.307/12/19 2i Aeroporti SpA Aeroporto Friuli Venezia Air Transportation and Shipping 37.207/15/19 InvenTrust Properties Corp Shoppes at Fairview,TX Real Estate; Mortgage Bankers and Brokers 36.007/15/19 Galp Gas Natural Distribuicao Tagusgas Empresa de Gas Electric, Gas, and Water Distribution 35.607/12/19 The Supreme Cannabis Co Inc BlissCo Cannabis Corp Drugs 35.607/04/19 Super Group Holdings (Pty) Ltd Liebenlogistics Pty Ltd Transportation and Shipping (except air) 34.907/01/19 Nh Special Purpose Acq 10 Co Point Engineering Co Ltd Machinery 34.107/17/19 Midland States Bancorp Inc Homestar Finl Corp Commercial Banks, Bank Holding Companies 33.407/26/19 Investor Group Five 89 Apartments,NV Real Estate; Mortgage Bankers and Brokers 32.507/02/19 Gen de Galerias Comerciales Dos Mares Shopping Centre SA Real Estate; Mortgage Bankers and Brokers 32.207/16/19 Hendon Properties Inc Forum at Grandview,Madison,MS Real Estate; Mortgage Bankers and Brokers 31.807/04/19 Zenith Hope Ltd China Kangda Food Co Ltd Food and Kindred Products 30.807/31/19 Resources Global Veracity Consulting Grp Llc Business Services 30.607/01/19 Arthur Laundy Oxford Hotel,Sydney,NSW Hotels and Casinos 29.5


Editor's note: To measure activity in the middle market, Mergers & Acquisitions looks at transactions that fulfill several requirements: Deals must have a value of roughly $1 billion or less; they must be completed (not just announced) within the timeframe designated. The coverage is global. Excluded from our charts are: recapitalizations; self-tenders; exchange offers; repurchases; stake purchases; and transactions with undisclosed buyers or sellers. Our data provider is Thomson Reuters, which updates its databases continuously. We use the data available at press time. The data for this article was gathered on Aug. 23, 2019.


040_MAJ1019 40 9/6/2019 4:31:55 PM

Private Equity Firms

Investment Banks

Commercial Banks

Growth Oriented Companies

Accounting & Law Firms

Marketing & Promotional Firms

Insurance Brokers

Professional Advisors

JOIN LAWRENCE LEVY was hired at Pixar by Steve Jobs in 1994. As CFO andmember of the Offi ce of the President, he was responsible for Pixar’s transformation from a money-losing graphics company into a multibillion-dollar entertainment studio. He orchestrated Pixar’s IPO and later joined Pixar’s board of directors where he was instrumental in the sale of Pixar to The Walt Disney Company.

Mr. Levy is the author of To Pixar and Beyond: My Unlikely Journey with Steve Jobs to Make Entertainment History, an Amazon Best Book of 2016 in Business and

Leadership and still an Amazon bestseller.

After leaving Pixar, Mr. Levy studied Tibetan meditation practices and cofounded a non-profi t called Juniper Foundation to pursue this work. Mr. Levy will discuss the secrets behind Pixar’s unprecedented success that can apply to growing companies of all kinds, lessons learned from working with Steve Jobs, and his views on cultivating peace of mind and balance in a chaotic world.

KEYNOTE

LAWRENCE LEVY To Pixar and Beyond

acgflorida.com

Sponsored by

KEYNOTE

2019 Florida

Boca Raton Resort & Club

ACGF-2019-08-05-Ad-M&A-Full-Page.CC2018.indd 4 8/22/19 11:36 AM0C3_MAJ1019 3 9/9/2019 9:30:59 AM

When establishing an escrow account, you need a solid and reliable financial partner. For nearly a century, MUFG Union Bank, N.A., has provided timely and accurate corporate trust services. We understand the complexities of escrow and do everything possible to make transactions worry-free.

20 years of industry experience means our corporate trust managers provide quick, e� icient, and customized service for our global clients. We can open your escrow account in days and start providing timely payments and accurate reporting, allowing you to drive your business forward.

Learn more at mufgamericas.com/corporatetrust

You manage the deal. We’ll manage the escrow.

Global Banking & Finance Review Award Winner2012, 2013, 2014, 2016, and 2018

©2019 Mitsubishi UFJ Financial Group, Inc. All rights reserved. The MUFG logo and name is a service mark of Mitsubishi UFJ Financial Group, Inc., and is used by MUFG Union Bank, N.A., with permission. Member FDIC.

Southern CaliforniaJames George, Director213-236-7150

Northern California andPacific NorthwestDean Levitt, Director415-705-5020

Midwest and TexasJulie B. Good, Director714-336-4230

Eastern U.S., Europe, Middle East,Africa, and AustraliaNils Dahl, Director646-452-2115

Asia and Latin AmericaRafael Diaz, Director646-452-2014

MUFG Union Bank, N.A.A member of MUFG, a global financial group

0C4_MAJ1019 4 9/9/2019 9:31:00 AM

Date post:	14-Mar-2020
Category:	Documents
Upload:	others
View:	0 times
Download:	0 times

With banks in retreat, PE ﬁ rms are SPEND IT · OCTOBER 2019 THEMIDDLEMARKET.COM SPEND IT OR LEND...

Documents