Deals

Vericlaim Acquires Mid-Texas Claim Service

Vericlaim – a subsidiary of Sedgwick Claims Management Services, Inc., and global provider of loss adjusting and claims management services – has acquired the assets of Mid-Texas Claim Service, Inc., an independent provider of all-lines insurance adjusting and appraisal services in central Texas.

Based in Temple with servicing offices in Waco and Bryan-College Station, the company has delivered best-in-class adjusting and appraisal services to insurance carriers, property owners, defence attorneys and self-insured companies in the heart of Texas since 1954. As part of the transaction, the owners of Mid-Texas Claim Service, industry veterans Larry Vardeman and Byron Gilchrest and their team of experienced adjusters and appraisers have joined Vericlaim.

“The addition of the Mid-Texas Claim Service team to the Vericlaim organisation brings more than 157 years of combined adjusting and appraisal experience to our ranks,” said Vericlaim President Thomas Simoncic. “This strategic acquisition greatly strengthens our expertise and presence in central Texas and allows us to meet the needs of this highly populated region, where significant weather events are all too common.”

“For nearly 40 years, Sedgwick has focused on the care of people in the casualty and disability claims process,” said David A. North, president and CEO of Sedgwick. “Investing in the continued growth of our Vericlaim family of companies enables us to apply our ‘caring counts’ philosophy to the property loss space. With expanded capabilities and more resources on the ground nationwide, we are better positioned than ever to be where our customers need us when they need us most.”

A wholly owned subsidiary of Sedgwick Claims Management Services, Inc., Vericlaim is a preeminent global loss adjusting and claims management company committed to helping its clients – insurance companies, corporations, public entities and brokers – manage and control their risk needs around the world. The success of Vericlaim stems from its focus on providing clients with superior claims resolution on the most timely and cost-effective basis in the industry, continually adapting to the evolving service and information needs of its clients, and developing innovative solutions to complex risk management issues. The company has global reach and maintains a distinct local market presence in more than 400 locations throughout the world.

Saint-Gobain Finalises the Acquisition of h-old

Saint-Gobain has acquired 100% of the share capital of the Italian company h-old from private equity fund Arcadia Small Cap. Founded in 1982, h-old designs, manufactures and distributes – mostly in Europe – specialty adhesive tapes for various highperformance applications for industrial and automotive markets. Its sales should be around €25m in 2016.

h-old reinforces the high-performance plastics business thanks to complementary commercial positions in terms of geography and applications.

Saint-Gobain designs, manufactures and distributes materials and solutions that are key ingredients in the wellbeing of each of us and the future of all. They can be found everywhere in our living places and our daily life: in buildings, transportation, infrastructure and in many industrial applications. They provide comfort, performance and safety while addressing the challenges of sustainable construction, resource efficiency and climate change.

HomeBridge to Purchase Operating Assets of Prospect Mortgage, Becoming One of the Largest Mortgage Lenders in the US

HomeBridge Financial Services, Inc., a national independent mortgage lender, has announced the signing of a definitive agreement under which HomeBridge will purchase the operating assets of Prospect Mortgage, LLC from Prospect Holding Company, LLC. The asset purchase consists primarily of the loan production platform. As a result, HomeBridge will become one of the largest non-bank mortgage lenders in the country, originating loans nationwide with approximately 900 retail mortgage loan originators in nearly 250 branches. HomeBridge will continue to operate its two wholesale divisions, ultimately employing more than 3,000 full time associates across the enterprise. The asset purchase is expected to close in January 2017.

According to Scotsman Guide’s 2015 Top Mortgage Lenders rankings, HomeBridge should become the sixth largest nonbank mortgage lender for overall production. In addition, the US Department of Housing and Urban Development listed Prospect and HomeBridge first and second, respectively, in its year-end 203(k) endorsement summary report. HomeBridge will become the nation’s largest renovation lender, with more than double the production of the nearest competitor.

HomeBridge CEO Peter Norden, President Joel Katz and Chief Operating Officer Joe Sheridan will continue to lead the business.

“In today’s mortgage market, size, capital, liquidity and product diversity are critically important to long-term growth and success,” said Mr Norden. “Specifically, our access to capital will improve, impacting our funding capabilities and our ability to increase our presence in existing and new markets. We will remain an entrepreneurial, flexible and nimble mortgage banker by effectively balancing profitability and volume, while continuing our commitment to operating in compliance with the current mortgage lending regulatory landscape.”

Michael Williams, Prospect’s Chairman and CEO and the former President and CEO of Fannie Mae, will remain with HomeBridge in an advisory role for the immediate future. He noted: “This arrangement creates a true loan production powerhouse that should become the nation’s premier non-bank mortgage company. I expect a smooth transition because of the similarities in corporate cultures at HomeBridge and Prospect, including strong leadership, a talented workforce and a profound commitment to excellence in everything we do.”

In addition, Doug Long, Prospect’s President of National Lending, will take an Executive Vice President role with HomeBridge and manage existing Prospect branch operations that are moving to HomeBridge.

Houlihan Lokey served as exclusive financial adviser to Prospect, assisting in structuring and negotiating the transaction.

HomeBridge Financial Services, Inc. is one of the largest privately held, non-bank lenders in the US. In the last 25 years, HomeBridge has grown to include more than 1,500 associates in nearly 100 retail branches across the country and two separate wholesale operations, HomeBridge Wholesale and REMN Wholesale. HomeBridge holds FNMA, GNMA, FHLMC, FHA and VA approvals and funded nearly $9 billion in home loans in 2015.

Prospect Mortgage is one of the largest independent residential retail mortgage lenders in the US, having funded almost $9 billion in home loans in 2015. It is a leading lender offering a full range of quality home loans, including FHA and VA, conventional, jumbo and super jumbo, renovation and more.

David Chang, Momofuku and Expa’s Delivery-only Restaurant, Ando, Announces $7M in Series A Funding

Ando, the delivery-only, online restaurant from David Chang, Momofuku and Expa has closed a $7 million Series A financing round led by Forerunner with participation from BoxGroup and Wildcat Venture Partners. Strategic Angels in this round include, William Lauder, Chairman of Estee Lauder; Neil Blumenthal, Co-Founder and Co-CEO of Warby Parker; Andy Katz-Mayfield, Co-Founder and Co-CEO of Harry’s; Abdur Chowdhury, Former Chief Scientist, Twitter; Dick Boyce, TPG Partner and former Chairman of Burger King; Elizabeth Cutler, Founder of SoulCycle; Jimmy Fallon and Aziz Ansari. This new funding will be used to continue to grow the team and build operational capacity to further expand delivery across New York City to accommodate the growing demand.

Launched in New York this past July, Ando is David Chang and Momofuku’s first and only delivery-only restaurant concept. Momofuku brings the creative and culinary expertise as the back of house, while Expa provides the logistical, technical and startup business background to support as the front of house. This collaboration allows the Ando team to serve Momofuku food such as the NY Cheesesteak, Fried Chicken and Spicy Tofu designed specifically for delivery.

“Mobile technology has completely transformed our daily lives, and it’s certainly impacting the overall dining experience with the ease of delivery,” said David Chang, co-founder of Ando. “We’ve never taken VC money before, and Ando was a very special case since we’ve always wanted to do delivery for Momofuku. The concept of Ando was planned many years ago, and we waited until we found the perfect partner, Expa, that had the right technology and logistics to deliver quality food that, when delivered, is as good or more delicious than eating something in a restaurant. Now through the Ando platform, we’re starting to understand the consumer experience better, and when we understand how the consumer eats the food and wants the food, then we can cook it better as well.”

With its unique approach to food development and delivery, Ando creates consistently high-quality menu items that are guaranteed to taste delicious and fresh upon delivery. The dishes are put through rigorous testing to ensure consistent quality while traveling across the city.

“The food delivery space is growing, evolving and adapting to accommodate a new generation of consumers that wants authenticity, consistent quality and a personal connection to a brand,” said Hooman Radfar, co-founder and CEO of Ando. “With this new funding, we’ll continue our commitment to culinary innovation, making food delicious while experimenting with ingredients, enhancing packaging and improving our backend technology to ensure the best experience upon delivery. Our goal is to grow our menu offerings and expand beyond New York, creating delicious food and pushing the limits of delivery.”

Since launch, Ando has introduced a web app to accommodate a growing demand and revealed Ando Labs, which enables its customers to order and review food items that are still in the development stages to empower them to become a part of the R&D process. Additionally, Ando recently expanded its delivery zone to now include all of Midtown East and parts of Midtown West, while increasing its services from just lunch to include dinner hours during the weekdays.

Delta and Airbnb Team Up to Invite Travellers to Fly Global, Live Local

SkyMiles Members now earn miles for staying and hosting with Airbnb worldwide

Delta Air Lines and Airbnb are teaming up to offer SkyMiles Members an opportunity to earn miles on all Airbnb bookings worldwide when accommodations are reserved via delta.com/airbnb.

Airbnb, one of the world’s largest accommodations providers, offers its customers the unique opportunity to “live like a local” in more than 190 countries with over 2.5 million homes around the world. Delta is the largest US global carrier to partner with Airbnb.

Now, SkyMiles Members can expect more choices and more miles on their next journey when they book with Airbnb, whether an apartment for a night, a castle for a week or a villa for a month. Together, Airbnb and SkyMiles make the “Fly Global, Live Local” experience more rewarding.

“This industry-leading partnership enables us to provide a unique benefit to our SkyMiles members, enabling us to reward them for their lifestyle choices through the SkyMiles loyalty programme,” said Sandeep Dube, Delta Vice President – Customer Engagement & Loyalty. “This partnership brings together two innovative brands focused on delivering superior travel experiences across the globe to customers.”

“We are excited to partner with Delta and offer their travellers the opportunity to earn Delta miles when staying and hosting on Airbnb, while creating memorable moments with friends and family,” said Lex Bayer, Head of Business Development, Airbnb. “SkyMiles members can now enjoy the additional benefits of living like a local with authentic travel experiences on Airbnb in all global destinations that Delta services.”

Prime Healthcare Foundation Completes Acquisition of Coshocton County Memorial Hospital in Ohio

Prime Healthcare Foundation and Coshocton County Memorial Hospital have announced that Prime Healthcare Foundation has completed its acquisition of Coshocton County Memorial Hospital in Coshocton, Ohio. The hospital will retain a local governing board and not-for-profit status as a member of the Prime Healthcare Foundation, an affiliate of Prime Healthcare. As a result of the sale, the hospital will now be known as Coshocton Regional Medical Center.

“Prime Healthcare looks forward to working with the physicians, nurses and employees at Coshocton Regional Medical Center to ensure the best care and service for patients and members of the community,” said Prem Reddy, MD, FACC, FCCP, Chairman, President and CEO of Prime Healthcare. “Prime Healthcare is grateful to continue Coshocton’s legacy of providing quality and compassionate healthcare, with millions of dollars of investment over the next five years in capital equipment and infrastructure improvements.”

The Prime Healthcare Foundation, a non-profit public charity dedicated to improving access to healthcare and increasing educational opportunities in healthcare, has donated millions of dollars to save financially distressed and bankrupt hospitals, improving their quality of care and turning them into important community assets.

“Our hospital has a 107-year history of service to our communities,” said Max Crown, Board of Trustees Chairman at Coshocton. “Now, as Coshocton Regional Medical Center and a member of Prime Healthcare, we have a renewed opportunity to prosper with a proven leader in quality healthcare.”

Coshocton Regional Medical Center was on the brink of closure in March 2016. Prime Healthcare Foundation submitted a Letter of Intent to purchase the hospital and the majority of its assets through bankruptcy court approval in September 2016 and issued an order to proceed with the acquisition. The Ohio Attorney General’s office also approved the transaction, which is required for the sale of nonprofit healthcare providers, after holding a public forum on the acquisition.

Coshocton Regional Medical Center is a 56-bed acute care hospital that recently earned The Joint Commission’s Gold Seal of Approval for accreditation by demonstrating compliance with national standards for healthcare quality and safety in hospitals. The hospital and its team of physicians serve a population of 36,500 residents in Coshocton County and surrounding counties in the eastern central Ohio region with emergency, diagnostic, surgical and rehabilitation services.

“We’re excited to welcome the Coshocton team to Prime Healthcare,” said Luis Leon, President of Operations of Prime Healthcare, Division II. “Our mission at Prime Healthcare is to save and improve hospitals so they can deliver compassionate, quality healthcare in their local communities. Coshocton Regional Medical Center holds a special place in the community and is a vibrant, committed hospital with talented staff and physicians.”

With the addition of Coshocton Regional Medical Center, Prime Healthcare now owns and operates 44 hospitals in 14 states with nearly 43,500 employees and physicians. Twelve of the hospitals are members of the Prime Healthcare Foundation. Prime Healthcare hospitals are regularly recognised for high quality care and the health system is one of the fastest growing hospital systems in the US.

Life Partners Reorganisation Plan Confirmed

H Thomas Moran II, Chapter 11 trustee for Life Partners Holdings, Inc. (LPHI), has announced that the United States Bankruptcy Court for the Northern District of Texas has entered an order confirming the joint plan of reorganisation for LPHI and its subsidiaries. The plan was sponsored by Mr Moran and the Official Committee of Unsecured Creditors in the Life Partners bankruptcy case.

The confirmation by US Bankruptcy Judge Russell F Nelms follows a contested confirmation hearing that spanned five weeks and clears the way for implementation of the plan and the creation of two new entities, Life Partners Position Holder Trust and Life Partners Creditors’ Trust. The plan offers relief for more than 22,000 investors and preserves a $2.4 billion portfolio of life insurance policies. More than $1.4 billion of investor money remains at risk.

“Today’s order is a tremendous victory for the investors we have been working so hard to protect,” said Mr Moran. “We are delighted to have joined with the Committee in obtaining confirmation of a plan which projects a substantial recovery for our investors – 90% of invested capital on average over time.”

“Under the plan, investors have selected among various options for the recovery of their investments, including options that enable investors to avoid the financial burden of paying any further insurance premiums,” Mr Moran continued. “Those investors who choose to tie their returns to individual policies are permitted to do so.”

The plan will be implemented in collaboration with the Committee and Vida Capital, Inc., which has agreed to act as the policy servicer and investor account administrator. Vida has also agreed to provide exit financing so that the Position Holder Trust can emerge from bankruptcy and maturity funds can be distributed to fractional holders as soon as possible.

The Position Holder Trust will oversee the liquidation of the policy portfolio and distribution of the net proceeds to investors. The Creditors’ Trust will pursue litigation, including claims previously brought against insiders at Life Partners, certain individuals and entities who received monies from the fraudulent enterprise, and others against whom the investors or the company may have a right to recover. The plan provides recoveries from such litigation will be distributed to investors and other creditors.

In early 2015, in the wake of a more than $46.8 million Securities and Exchange Commission judgment against LPHI and its senior executives for engaging in securities laws violations, LPHI’s former management put the company in bankruptcy. After a lengthy and detailed investigation, Mr Moran concluded in his official report to the Bankruptcy Court that, prior to the filing of the bankruptcy case, Life Partners engaged in “one of the largest and longest standing fraud schemes ever perpetrated in this State”.

Reuters Partners with Adobe to Bring its Renowned Photo and Video Library to Adobe Stock

Reuters, the world’s largest international multimedia news provider, is partnering with Adobe to bring Reuters’ video and photography to Adobe’s new editorial offerings for Adobe Stock. Adobe Stock is the industry’s first stock content service to be integrated directly into the content creation process and the tools creatives use every day. Available through Adobe Creative Cloud, creatives will be able to access Reuters’ editorial content, as well as more than 60 million royalty-free commercial photos, videos, illustrations, graphics, 3D assets and templates in Adobe Stock.

The partnership will allow Adobe customers to view and license Reuters’ entire photo and video collection in Adobe Stock, including: • Reuters photos covering news, sports and entertainment events with thousands of images added every day and more than twelve million images in the archive • Reuters video footage covering all major events across the globe, including the unique Reuters archive library of historical news footage featuring over a million news clips

“Our partnership with Adobe will allow us to deliver the quality of Reuters’ visual assets to a global creative audience, right in their workflow,” said Claudia Palmer, chief commercial officer, Reuters. “The strength and depth of Reuters’ visuals paired with Adobe’s universal creative platform will unite content search and licensing in an unparalleled user experience.”

“Editorial is a critical component of modern content creation and storytelling,” said Bryan Lamkin, executive vice president and general manager, Digital Media at Adobe. “We’re thrilled about our partnership with Reuters as we’re now able to offer powerful news, editorial and sports imagery and archival coverage to our customers, dramatically expanding the range of stock assets available directly in their Creative Cloud apps.”

The deep integration with Adobe Creative Cloud allows users from small businesses to enterprise to freelancers to search and license assets right inside their favorite apps, such as Photoshop CC and Illustrator CC, without interrupting the creative workflow. Artists can also sell their work to the world’s largest creative community through the new Adobe Stock contributor site launching at Adobe’s MAX conference.

The Reuters integration into Adobe Stock is expected in the first half of 2017.

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national and international news to professionals via Thomson Reuters desktops, the world’s media organisations and directly to consumers at Reuters.com and via Reuters TV.

Leckner Purchases Marshall Ford

Carl Leckner took over as owner of Marshall Ford on Friday, October 21, 2016 and has renamed the dealership at 8323 West Main Street, Marshall, VA, 20115, Leckner Ford of Marshall. The dealership was purchased from David Baird. Originally opened in 1915, the dealership is situated at the corner of West Main Street and Winchester Road in the heart of downtown. This Ford dealership serves the growing needs of Marshall and communities along the Route 66 corridor such as Warrenton, Gainesville, Front Royal, and Manassas, as well as all areas of Northern Virginia.

Carl Leckner remarked on the purchase: “This beautiful dealership is one of the oldest dealerships in America and has served the transportation needs of the community since 1915. It is an honour to continue to serve the community.” Carl describes his company’s approach: “At Leckner, we earn the respect of our customers by offering outstanding service, a large selection of vehicles and competitive prices. And we ensure that vehicle pricing is competitive with stores in much larger markets, so local customers don’t have to travel far to get a great price. At Leckner, we strive to save customers up to $100 on their monthly car payment.”

With the addition of Leckner Ford of Marshall, Mr Leckner now owns a total of six dealerships and employs more than 200 people. He stated: “It is my goal to ensure that we are creating an environment where Leckner employees can succeed in customer satisfaction. I know from my 30 years of automotive experience that this is what matters most.”

Digi International Acquires IoT Cold Chain Provider FreshTemp

Digi International, a leading global provider of machine-tomachine (M2M) and Internet of Things (IoT) connectivity products and services, has announced the purchase of FreshTemp, a provider of temperature monitoring and task management solutions for the food industry. The acquired technology will continue to be supported, as well as leveraged within the Digi Honeycomb solution, to create an advanced portfolio of products for the cold chain market. Terms of the transaction were not disclosed.

Founded in 2011 by CEO Jeff Rieger, FreshTemp has been a pioneering company in creating technology, services and domain expertise in complete food safety and operations management for commercial kitchens. With this acquisition, Digi Cold Chain Solutions will expand its temperature monitoring solutions to incorporate digital task management capabilities to replace traditional manual logbooks and simplify daily restaurant tasks. Organisations will be able to streamline manual operational checklists and provide insight to managers on how well their teams are adhering to restaurant guidelines. As part of the acquisition, Mr Rieger and FreshTemp employees will become part of the Digi Cold Chain Solutions team.

“Our solution sets are extremely compatible and I’m excited to be able to leverage the market presence and scale that Digi offers our customers,” said Jeff Rieger, founder and chief executive officer of FreshTemp. “Together, we’ll be able to accelerate the adoption of our solutions and support the growing demand for technology that ensures businesses are serving safe and quality food.”

“We believe the cold chain market represents a large underserved market that can take greater advantage of wireless sensor networking and IoT capabilities,” said Ron Konezny, president and chief executive officer, Digi International. “We’re going to leverage all avenues – organic growth, partnerships and acquisitions – to further establish Digi as the expert in providing easy to use and ROI generating cold chain solutions.”

Since its introduction, Digi Honeycomb has been deployed in a number of leading quick service restaurants, and has established itself as a leading solution through partnerships such as those with TELUS, Canada’s fastest-growing national telecommunications company.

Digi Honeycomb is an automated food temperature monitoring service that encompasses front-of-house and back-of-house environments to alert users if the proper temperature is not maintained. FreshTemp’s core product line as well as task management capabilities will be made available through Digi Cold Chain Solutions. As a result, organisations in the food industry will be able to address major operational challenges.

SS&C Evare Integrates with Schwab PortfolioCenter

As a new vendor in Schwab OpenView MarketSquare, SS&C Evare helps advisers grow AUM and improve investment decision making with holistic, accurate data.

SS&C Technologies Holdings, Inc., a global provider of financial services software and software-enabled services, has announced that Evare has integrated with Schwab PortfolioCenter. The integration enables advisers using Schwab PortfolioCenter to easily collect data from accounts held at numerous custodians and automatically input this information into their clients’ accounts in PortfolioCenter. As a result, advisers are able to realise efficiency gains, improve data integrity and provide greater transparency to their clients. Also announced: SS&C Technologies is a participating vendor in Schwab OpenView MarketSquare.

Third Street Partners Boosts Recruiting Expertise in Retail and Retirement Distribution Through Strategic Partnership

Third Street Partners, a boutique executive search firm specialising in the asset management space, has announced it has formed a strategic partnership with Human Capital Acquisition (HCA), a specialised recruiting firm that focuses on retirement, retail and institutional distribution.

“Third Street Partners has always been committed to being a true partner to our clients, whose needs increasingly include access to top-tier talent in the retirement and retail spaces,” said Laura K Pollock, founding partner of Third Street Partners. “We’re confident that this strategic partnership with HCA will allow us to meet clients’ expanding needs while enhancing our existing distribution business.”

Third Street Partners covers the entire asset management space, including investments, distribution, C-suite leadership, mutual fund board positions, and endowment and foundation roles.

Erin Holland-Collins, founder of HCA, added: “I am excited to partner with such a dynamic and diverse team committed to excellence and client service. Spending more than a decade sitting on the client’s side of the table at various asset management firms has given me a unique appreciation for Third Street’s client-centric approach.”

Through the arrangement, Third Street Partners will benefit from HCA’s vast network of strong relationships and comprehensive research with specialisation in the retirement, retail and institutional distribution areas. HCA will draw from Third Street Partners’ extensive search expertise in asset management and the firm’s global footprint.

SS&C Evare can be found listed in the Schwab OpenView Market Square, which provides technology ratings and reviews exclusively by and for advisers who custody with Schwab Advisor Services.

As client portfolios have become diversified, spanning across asset classes and geographies, advisers have struggled to establish data feeds from held away accounts at various custodians. In the process of collecting client data, many advisers have seen operating costs and exposure to operational risk increase. By utilising Evare’s powerful data aggregation capabilities to feed Schwab PortfolioCenter with quality data, advisers can lower operational costs and risk while shifting their resources from reconciling data to making smarter investment decisions.

Evare’s propriety method of aggregating account information streams high quality, non-standard data securely to technology platforms like Schwab’s PortfolioCenter. The encrypted solution offers better protection and more granular data than traditional screen scraping methods. As a managed service, the solution does not require software or hardware installation and can quickly facilitate the growth of new assets under management.

“Customers using Evare to aggregate clients’ held away account data are able to get a holistic understanding of their holdings and make better informed investment decisions on their behalf,” said Christy Bremner, Senior Vice President, Institutional and Investment Management, SS&C Technologies. “Time spent collecting and reconciling data can now be used to improve our client relationships and scale their businesses.”

Signal Bay Completes California Acquisition

Signal Bay, Inc., a market leader in cannabis testing and laboratory services, has announced to shareholders that the company had completed the purchase of Green Style Analytics Lab in Yuba City, California. Signal Bay’s EVIO Labs are setting the standard for efficiency within the growing cannabis testing industry. The major acquisition brings the company’s total testing laboratories operating under the “EVIO Labs” brand to five, and positions the company to capitalise on California’s large and significantly underserved cannabis testing market.

In a previous press release, CEO William Waldrop commented: “We are very proud to announce the first of many EVIO Labs facilities in the state of California. Green Style Analytics Lab currently services around 1,300 accounts throughout Northern California.”

Green Style Analytics serves cannabis growers, processors, and dispensaries in: Humboldt, Trinity, Shasta, Placer, Calaveras and Sacramento counties. Located only some four hours from Signal Bay’s Medford, Oregon location, the company believes the lab will fit seamlessly within its overall “hub and spokes” business model of operating cannabis testing laboratories.

In addition to the 1,300 accounts Signal Bay will inherit from the acquisition, Signal Bay will also add key personnel committed to helping the Company execute on its aggressive growth strategy. The Company now has 31 team members working to grow its EVIO Labs division operating in Oregon and California. Signal Bay is well-positioned to realise its stated goal of 18 EVIO Labs throughout California by the end of 2018.

Signal Bay’s foray into the Golden State couldn’t be better timed. Polling shows that Proposition 64, which will legalise marijuana for recreational use in California, is most likely to pass on November 9. This would result in an overnight tripling of the California cannabis testing market to $300 million annually. In addition, the $100 million current market is widely unmet, with only 5% of cannabis in California currently tested according legislative standards.

California Assembly Bill 266, or AB266 as it is commonly known, requires that all cannabis products sold in California, whether in flower, oil or edible form, must be tested by an accredited, independent analytic testing lab after December 31, 2017. In California, Signal Bay is following the template of its successful strategy executed in Oregon, where it is now the dominant player in the state. The company acquired four testing labs from 2015 to 2016 prior to the implementation of HB3400 in Oregon on October 1, 2016, a law requiring mandatory testing of all cannabis products in the state.

Versant Completes $50M Recapitalisation of Addison Corporate Center

Versant Commercial Brokerage has announced that it has successfully recapitalised Addison Corporate Center, a 605,000 square foot office complex located in the Hartford suburb of Windsor, Connecticut. Versant assisted the tenant-in-common (TIC) investors by originating new senior debt, mezzanine debt and preferred equity. The new capital is being used to pay off the existing lender, stabilise the property, purchase the TIC interests of those investors who needed to exit the investment, and roll up the TIC investors into a limited liability company.

Some of the proceeds will fund tenant improvements, leasing commissions, and property upgrades. Since Versant was hired earlier this year, building occupancy has increased from 74% to approximately 96%.

Recent leases include a new tenant, Triumph Group, which is taking approximately 88,000 square feet, and existing tenant Belcan Engineering Group, which increased its space by 9,500 square feet to nearly 65,500 square feet and extended its lease. In addition, Quest, which occupied 17,323 square feet, expanded its space by 45,777 square feet. Other tenants at the property include General Electric, which occupies approximately 220,000 square feet, and Sun Life Financial, which occupies approximately 100,000 square feet.

The new sponsor for Addison is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided the loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management.

“This was a difficult restructuring,” commented Quinn Palomino, Principal at Virtua and Versant. “Our team had to overcome numerous hurdles in order to close this transaction. We appreciate all the efforts that went into making this deal a success.”

Versant originated $32m in senior debt from Wells Fargo, and $10m in mezzanine debt from an international private equity group. Versant syndicated preferred equity totalling $7.75m and arranged for the purchase of approximately 23% of the common equity.

Ethan Schelin of Landmark Capital Advisors assisted with the capital raise, and Joel Grieco of Cushman & Wakefield handled the leasing transactions.

Contanda LLC Acquires Inbesa America, Inc.

Contanda Steel LLC, a wholly owned subsidiary of Contanda LLC (formerly Westway Group, LLC), a premier provider of storage and logistics services to owners of bulk liquid products in North America, has announced the acquisition of all assets and operations of Inbesa America, Inc., a leading private steel terminal in Houston, Texas.

G R Cardillo, President and CEO of Contanda, said: “We are excited to have acquired the assets and operations of Inbesa, which perfectly complement Contanda’s current offerings and operating philosophy. As Contanda continues to bolster its focus and service base to include a broad range of petrochemicals and hydrocarbons,

Tecogen to Acquire American DG Energy

Tecogen Inc. and American DG Energy Inc. have announced that their Boards of Directors unanimously approved a definitive agreement under which Tecogen will acquire all of the outstanding shares of American DG in a stock-for-stock merger. Each share of American DG common stock will be exchanged for 0.092 shares of Tecogen common stock, valuing American DG at an approximately 27% premium to the company’s most recent closing share price. The transaction creates a vertically integrated clean technology company able to offer equipment design, manufacturing, installation, financing and long term maintenance service. The combined company will retain the Tecogen Inc. name and be led by Co-Chief Executive Officers John Hatsopoulos and Benjamin Locke.

“We are extremely pleased with this transaction and believe that over time it will create significant value for shareholders. I’d like to thank the independent special committees of the boards of both companies for their diligent work to bring this deal to fruition,” said John Hatsopoulos, co-founder, co-CEO and director of both Tecogen and American DG.

Transaction Rationale and Highlights

• Competitive Advantage – Bringing American DG under the

Tecogen umbrella allows Tecogen to offer a cost-free installation option to customers without access to financing, sufficient capital on hand, or for those who may not be interested in owning and maintaining the equipment – creating a vertically integrated clean technology company better able to compete with other distributed generation peers offering in-house financing arrangements. • Stable Revenue Base – On a combined basis, approximately half of total company annual revenue is initially expected be from stable, long-term contracted sources (Tecogen Service revenue and

American DG Energy revenue). This revenue base will provide a reliable funding source for both operating expense and growth initiatives while also making the combined company’s revenue profile more predictable, reducing the revenue volatility caused by somewhat cyclical equipment sales and installations. • Growth Potential – Shareholders of the combined company will benefit from Tecogen’s ongoing growth initiatives and joint venture interests, including automotive emissions control joint venture Ultra Emissions Technologies Ltd. (ULTRATEK) and cogeneration joint venture TTcogen LLC. • Cost Savings – The combined companies expect to benefit from approximately $1m of general and administrative cash savings as duplicative functions are eliminated.

Upon closing of the transaction, Tecogen shareholders are expected to own approximately 81% and American DG shareholders are expected to beneficially own approximately 19% of the combined company. The stock-for-stock transaction is intended to be structured such that it is tax-free to shareholders.

we will draw upon Inbesa’s superior assets and capabilities for the benefit of our expanding customer base.” Contanda will continue to offer the complete turnkey operations that Inbesa’s customers have come to rely on. Carmen Geiger and Armando Waterland, current CEO and President of Inbesa, respectively, will continue to have leadership roles and work closely with Contanda’s management team.

Ms Geiger commented: “On behalf of the Inbesa team, we are excited for the next stage of the company’s evolution, in conjunction with Contanda. As part of a larger and more robust platform, we will significantly accelerate growth, while providing exceptional services to a broader customer base.”

Fleetmatics Expands Into Germany with Acquisition of TrackEasy

Fleetmatics Group plc, a leading global provider of mobile workforce solutions for service-based businesses of all sizes delivered as software-as-a-service (SaaS), has announced the acquisition of TrackEasy Oy, a rapidly growing fleet management software provider in Germany and Poland. Based in Berlin, TrackEasy will add approximately 15,000 vehicles under subscription to Fleetmatics’ existing installed base. Terms of the transaction, which closed on November 1, 2016, have not been disclosed.

“Building a presence in mainland Europe has been a strategic goal for Fleetmatics, and with the acquisition of TrackEasy, we believe we have solidified our position as one of the leading competitors in Europe,” said Jim Travers, Fleetmatics CEO and Chairman of the Board. “TrackEasy and Fleetmatics share many commonalities including rapid growth and a strong commitment to customer satisfaction, as well as a focus on SMBs.”

Germany and Poland represent two strategic markets for Fleetmatics in Europe. Both are large and relatively unpenetrated markets with healthy economies poised for growth. According to leading industry analyst firm Berg Insight, these countries combined represent close to seven million commercial vehicles. With this acquisition, Fleetmatics’ footprint in Europe now includes the UK, Ireland, France, Italy, Poland, the Netherlands, Germany and Portugal.

All TrackEasy employees have joined the Fleetmatics team and will be driving sales and support of its current TrackEasy solution in Germany and Poltrack solution in Poland. In addition, TrackEasy will begin to offer Fleetmatics’ REVEAL in early 2017. All products provide world-class vehicle tracking and business intelligence solutions designed to help drive savings and improve productivity for virtually any mobile workforce.

“We’re proud of the successful company we have built over the years. Our growing and highly satisfied customer base is proof of our commitment to help businesses across Germany and Poland drive savings and improve productivity,” noted Markku Lappalainen, Group CEO. “By teaming with Fleetmatics, together we will better serve our customers by providing best-in-class vehicle tracking and business intelligence solutions.”

Mercer Advisors Continues Its National Expansion, Acquires Pegasus Advisors

Mercer Advisors Inc., a national Registered Investment Advisor firm based in Santa Barbara, has acquired Pegasus Advisors, LLC, an RIA firm managing $50 million in client assets, located in Dallas, Texas.

According to Christopher Currin, CFP, President of Pegasus Advisors, “Mercer Advisors shares our vision of how to operate a fee-only practice by providing independent, objective advice without any product sales agenda. Our affiliation with Mercer Advisors will allow us to deliver a broader range of specialised offerings, including turnkey asset management, in-house estate planning, executive benefits consulting, family office services, and trust administration. We’re now more capable and clientfocused than ever before.”

“We are excited to have Chris and his team on board for the opening of our new Dallas office,” adds Mercer Advisors CEO David Barton. “An advisory team with deep local roots and extensive knowledge of the DFW market will gain the added strength and stability of a national powerhouse with 30 years’ experience. Together, we’re ideally positioned to offer our North Texas clients a compelling value of single-source, comprehensive wealth management services – everything from financial planning to asset protection and tax management to multigenerational legacy and estate planning and trust administration.”

Anthony Salewski, a Board member of Mercer Advisors and Managing Director of Genstar Capital, which acquired Mercer in 2015, said: “We have been working with Dave Barton since our acquisition to build Mercer both organically and through acquisitions. Earlier this year, we successfully completed the company’s merger with Kanaly Trust. We are very pleased with the company’s progress and we are on track towards building a leading national wealth manager.”

SharkReach, Continuing its Aggressive Acquisition Plan, Signs LOI to Acquire a Social Advertising Agency for $6 Million

SharkReach, Inc., a millennial influence marketing company has announced that on September 13, 2016 it entered into an offer letter to purchase 100% of an internationally renowned, award-winning, digital marketing agency based in Boston. The transaction is structured in cash and stock. Under the Agreement, the parties are required to keep the identity of the target and some details confidential until closing.

The total purchase price for 100% of the target is approximately $6m, including earnouts, $1.5m at the closing with another $4.5m in stock and cash being delivered over a three year period at the then current trading price of the stock at the time of issuance. The transaction is subject to entering into a definitive merger agreement which will include customary conditions to closing, including the completion of due diligence and the completion of an audit of the target. Financing commitments have already been made with regard to the closing. The parties have agreed that the Closing date can be extended an additional 30 days at the company’s option.

Steve Smith, the company’s CEO said: “We are very excited to welcome a second high-profile agency from Boson into the SharkReach family.

“With a specialty in Social they will be a great asset to the overall organisation. Further, since they have been recognised as one of the INC. 5000 fastest-growing private companies in America, we have high expectations for year over year double-digit growth.

“One key growth area is government contracts. They have secured a significant one at the state level, and we believe that can be widely duplicated, given the expanded resources of SharkReach.”

Mark Gustavson, CFO of SharkReach, added: “As we continue our rapid expansion in North America and abroad, we are looking for companies that are seeing success, and as Forbes has said of SharkReach, [it is a media company] poised to skyrocket. We believe that is the case here.”

Egli AG and Fasa Join Forces in the Industry

Two world-renowned companies – Lithuanian packaging lines producer Fasa and a Swiss butter and margarine processing lines producer Egli AG – have joined forces. This newly joint conglomerate will result in expanded operating geography, customer base and will help to provide processing and packaging equipment from one stop source and to improve instant customer service worldwide.

Karolis Samušis, CEO of Fasa, noted: “Switzerland is a symbol of high quality products and processes, and thanks to this cooperation, quality control of Fasa equipment will meet even higher standards. Egli AG has proved to have strong values and leadership in the market, and now we have an opportunity to join it with strong positions of Fasa and to reach new markets, new clients or new segments. Fasa gives huge importance to research and development, and this collaboration will only increase our presence in a very competitive market.”

Rudenz Egli, CEO of Egli AG, added: “By constantly keeping in contact with our distributors, we realised the importance of a full range of products, therefore our cooperation was long-awaited and beneficial for both companies letting us benefit from larger sales. We will be adding extra value to our everyday work and our promise for partners. From now on, all Fasa and Egli AG production will be branded with a new logo announcing the collaboration.”

It is believed that coordination of two experienced producers from one place achieves synergy in sales as both companies face increased demand. Moreover, exchanging of good practices and know-how will improve internal processes and marketing strategies. The main advantage is a possible diversification of risks and markets of both companies in Lithuania and Switzerland. Therefore, new clients will benefit by receiving full and personalised solutions from one source, whether they need to produce butter in bulk packages or make retail margarine packs.

Since 1888, EGLI AG has been one of the leading companies in the development, manufacture and maintenance of butter, spread and margarine technology for industrial enterprises and research centres. It is independent and family-owned business employing 50 professionals.

Company Fasa was founded in 1959 and is manufacturing packaging equipment for dairy industry – for butter, margarine and other food products. Production is exported to more than 50 different countries. Currently there are 150 employees in the company. Annual turnover in 2015 was €5m.

Acquisition of Australian Assets: Advanced Leak Detection and Australian Watermain

The board of Water Intelligence, a leading provider of noninvasive leak detection and remediation solutions, is pleased to announce the acquisition of ADV and, pending a regulatory clearance that is expected in the near-term, AWL. Both Australian companies, located in Sydney, are part of a former franchise of American Leak Detection – a core business unit of Water Intelligence.

Total consideration for the transaction is US$434,000. Of the total consideration, $105,409 is allocated at closing, $102,470 is to be paid on the first anniversary of closing and $226,065 is to be paid on the second anniversary of closing. An adjustment in the closing amount in favour of Water Intelligence shall be made depending on the amount of additional time needed for regulatory clearance for AWL. Based on the trailing 12 months’ sales and profits before tax from the end of Q3 2016 to the end of Q3 2015, the acquisition of the Australian companies is anticipated to be accretive to earnings.

Water Intelligence’s objective remains to form a multinational growth company that builds on its existing assets and technology expertise present in the US, UK, Canada and Australia. The Company, in September 2016, acquired NRW Utilities, a growing UK company providing water leak detection and municipal sewer and wastewater services. NRW has experience with international execution of municipal work and its service offering is being integrated with the company’s core American Leak Detection business.

The acquisition represents the next instalment of the Water Intelligence corporate growth strategy. The Australian companies are profitable and execute residential and commercial leak detection services through ADV and municipal services with Sydney Water through AWL. With this acquisition, Water Intelligence initiates a corporate store presence in Sydney, which will enable it to further assist the growth of other existing American Leak Detection franchisees in Australia; sell additional franchises in Australia; and develop a further corporate store presence in other Australian territories.

Patrick DeSouza, Executive Chairman of Water Intelligence plc, commented: “I am delighted to announce the acquisition of the Australian companies and to work with one of our former franchisees. One of our American Leak Detection managers has already relocated to Sydney and we expect transition to be smooth. The acquisition will accelerate the development of a strategic platform in Australia to help all of our existing Australian franchisees. We are looking forward to building out the American Leak Detection network in Australia and introducing capabilities from NRW Utilities in the fast-growing water conservation market in Australia.”

Contanda LLC Acquires Inbesa America, Inc.

Contanda Steel LLC, a wholly owned subsidiary of Contanda LLC (formerly Westway Group, LLC), a premier provider of storage and logistics services to owners of bulk liquid products in North America, has announced the acquisition of all assets and operations of Inbesa America, Inc., a leading private steel terminal in Houston, Texas.

G R Cardillo, President and CEO of Contanda, said: “We are excited to have acquired the assets and operations of Inbesa, which perfectly complement Contanda’s current offerings and operating philosophy. As Contanda continues to bolster its focus and service base to include a broad range of petrochemicals and hydrocarbons, we will draw upon Inbesa’s superior assets and capabilities for the benefit of our expanding customer base.” Contanda will continue to offer the complete turnkey operations that Inbesa’s customers have come to rely on. Carmen Geiger and Armando Waterland, current CEO and President of Inbesa, respectively, will continue to have leadership roles and work closely with Contanda’s management team.

Ms Geiger commented: “On behalf of the Inbesa team, we are excited for the next stage of the company’s evolution, in conjunction with Contanda. As part of a larger and more robust platform, we will significantly accelerate growth, while providing exceptional services to a broader customer base.”