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Submit Your Q1 2015 Deals Anytime

ACG Philadelphia members with closed Q1 2015 deals can now respond to the DealWire survey anytime during the quarter.Click here for the Q4 DealWire Survey

Please note that you can now re-enter the survey to update your responses up until Friday, April 10, 2015.

You can also reply to the DealWire survey multiple times throughout the quarter, instead of waiting until the quarter closes. Describe one transaction per box, use as many or as few as you need.


Note:
only deals LED BY YOUR LOCAL OFFICE and CLOSED DURING January 1 - March 31, 2015 are eligible for submission.

Members on the Move - we'll include announcements relevant to the deal community such as new hires or promotions within your M&A group.
New Q4 Members

Welcome New Q4 ACG Philadelphia Members  


 

Kevin Barr
Phoenix Management Services

Kevin Becker 
LLR Partners

James Billmyer 
Milestone Partners

Gina Cardinal
Fesnak, LLP

Hassan Chaudhry 
Versa Capital

Matteo Chiappini
PricewaterhouseCoopers

Tom Collins 
Wells Fargo

Molly Crane
Blank Rome LLP

Clare Creelman
CMF Associates

Ramzi Dagher 
Fox Chase Bank

Christine Dennis 
Myriad Genetics

Kevin Donnelly 
M&T Bank

Brian Farber 
Sungard Availability Services

Carlos Gonzalez
Aramark

Kirsten Hamrahi 
Afina Holdings

Maxwell Heller 
KPMG LLP

Mark Hirsch 
Stroll LLC

Dave Hoskins 
Mufson Howe Hunter & Co.

Jonathan Ketzner 
Janney Montgomery Scott

Matthew Kita 
Stevens & Lee, P.C.

Jeremy Levy 
Pepper Hamilton LLP

Andrew Lindsey 
Guardian Capital Partners

Bruce Luehrs 
Rittenhouse Ventures

Christopher McBride 
Markel Corporation

Scott Meves 
Webster Bank

Tyler Morris 
Reed Smith LLP

Judit Nagy-Eichelberger
Mufson Howe Hunter

Gregory Olijnyk 
HSBC

Jake Olin 
Teleflex, Inc.

Shivam Patel 
Boathouse Capital

Stephen Porrecca 
ExecuPharm, Inc.

Caitlin Powers 
Bryant Park Capital

Danielle Preston 
McGladrey LLP

Chris Rogers 
Penn National Gaming, Inc.

Tyler Smith 
Eckert Seamans Cherin & Mellott

Megan Snyder 
Independence Blue Cross

Joseph Spinelli 
Vector Capital

Greg Tallman 
PNC Business Credit

Ron Tanner 
Drinker Biddle & Reath LLP

Lindsay Tarnowski 
Morgan, Lewis & Bockius LLP

Jay Vaughn 
Ernst & Young

 
About DealWire
ACG Philadelphia's quarterly M&A report, captures deal and transactional activities from around the region based on ACG Philadelphia members' and other dealmakers (investment bankers, private equity professionals, professional service firms and corporate executives).

Click here for Historical Featured Deal Summaries

Questions about DealWire Philadelphia should be directed to Jen Simons at jsimons@acg.org.
 
 
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    DealWire Philadelphia, Q4 2014            Volume X, Issue IV

 

Trends Continue to Improve with Strong Q4
- commentary by Ben McKean
Janney Montgomery Scott (ACG Marketing Committee Member)

Summary

Aided by strong transaction volumes in the fourth quarter, 2014 deal activity in the Philadelphia region eclipsed 2013, representing the fifth consecutive year over year increase. Improvements in overall economic conditions (total job growth averaging 246,000 per month, real GDP growth of 4.6% and 5.0% in Q2 and Q3, respectively) and the continued low interest rate environment continue to provide a positive backdrop for transaction activity. Wwhile the growth in deal volumes may not have been as robust as many were expecting, M&A activity in the Philadelphia region reached new highs in 2014 with 1,035 completed transactions yielding $66.1 billion of value (compared to 904 deals worth $52.1 billion in 2013). 

Several of the primary catalysts for transaction activity in the region carried over from 2013 as both strategic and financial buyers looked to invest while favorable economic conditions remained. Buoyed by rising stock prices, but still facing relatively uncertain organic growth prospects, many larger strategic acquirers looked toward acquisitions and industry consolidation as a means to drive growth and minimize costs. This strategic interest helped to drive multiples and transaction values higher ($64 million avg. M&A value in the Philadelphia region, up 11% over 2013). And while this may have limited interest from private equity and other financial sponsors in the past, access to leverage and a need to put capital to work (as evidenced by a record private equity overhang, or the amount of capital available for acquisitions) allowed a number of financial buyers to be more competitive at higher multiples than they may have been historically.

In particular, Q4 2014 was a very strong quarter for both M&A and capital markets activity. Robust deal activity and transaction multiples in late 2013 and early 2014 may have helped to bring would-be sellers off the sidelines, increasing the number of transactions coming to market. This trend helped to drive multi-year highs in transaction volumes in the 4th quarter and bodes well for high-levels of continued activity in 2015.
 

Scroll down to read more about our 28 member firms' Q4 2014 transactions as well as their new hires and promotions.

Source: S&P Capital IQ


Click Here to Read the Complete Q4 2014 Report including Regional Deal Activity and Industry Sector Analysis



ACG Philadelphia Quarterly Member Deals

Outlined below are deals and relevant announcements submitted by ACG Philadelphia Members. Email  jsimons@acg.org more information on how to submit in Q1 2015.

Alliance Holdings 

Alliance Holdings (Alexander Bertoli, John Kolla, Eric Lynn, Danielle Qu, Chris Springer and Kenneth Wanko members) completed one transaction in Q4. 
See list of deals

Baker Tilly Capital  

Baker Tilly Capital (Jason Cunningham, Michael Demers, Steve Economou, Ryan Hurst and Kevin Rudd members ) provided M&A advisory to its clients on one completed transaction in Q4. 
See list of deals

Ballard Spahr LLP 

Ballard Spahr LLP (Craig Circosta, Brian Doerner, Anuj Goswami, Amit Kakkar, Robert Krauss, Steven Miller and Matt Potalivo members) counseled its clients on 12 completed transactions in Q4. 
See list of deals

Blank Rome LLP 

Blank Rome LLP (Molly Crane, Steven Dubow, Andrew Hennessy, Mathew Rotenberg and Alex Tablin-Wolf members) served as legal advisor on three closed transactions in Q4.
See list of deals

Boenning & Scattergood, Inc. 

Boenning & Scattergood, Inc. (Alex Bondroff, Charles Hull and Jim McCormick members) provided M&A advisory to clients on 4 closed transactions in Q4.  The firm also hired a new analyst and promoted an employee.  
See list of deals and new hires and promotions

CMF Associates 

CMF Associates (Clare Creelman, Jamie Brown, Brian Dwyer, Seth Goldblum and Daniel Mahoney members) hired four new professionals in Q4. 
See list of new hires

Cozen O'Connor 

Cozen O'Connor (Sandra Bloch, Larry Laubach, Anne Madonia and Michael Zanan members) served as legal counsel on 15 completed transactions in Q4. 
See list of deals

Drinker Biddle & Reath LLP 

Drinker Biddle & Reath LLP (Elizabeth Babson, Joshua Bernstein, Stephen Burdumy, William Clark, David Denious, Neil Haimm, Laura Householder, Daniel Krane, Matthew Meyers, Lauren Platko, Douglas Raymond, John Talbot and Ron Tanner members) represented its clients on 15 closed transactions in Q4 and added a tax partner.  
See list of deals and new hires

Duane Morris LLP 

Duane Morris LLP (Peter Byrne, Heather Carmody, Maria Rose Granholm, Richard Jaffe, Darrick Mix, Kathleen Shay, Thomas Spencer, Barry Steinman and David Toner members) served as legal counsel on 12 closed transactions in Q4.  The firm also added 7 new attorneys.  
See list of deals and new hires

Eureka Growth Capital Management 

Eureka Growth Capital Management (Thomas Calibeo, Jonathan Chou, Christopher Hanssens, Christian Miller, Lisa Millhauser, Tassie Oswald and Brendan Stancato members) closed two transactions and hired a new employee in Q4.  
See list of deals and new hires

Fairmount Partners 

Fairmount Partners (Charles Eckert, Bill Frame and Richard Wainwright members) acted as investment banker on 2 closed transactions in Q4 and hired a new VP. 
See list of deals and new hires

Fox Rothschild LLP 

Fox Rothschild LLP (Terrence Kerwin and Sandra Romaszewski members) served as legal counsel  on one completed transaction and appointed two attorneys to co-chair the Mergers and Acquisitions Practice Group in Q4.  
See list of deals and appointments

Gemino Healthcare Finance 

Gemino Health Finance (Robert Misener member) provided financing for one closed transaction in Q4.  
See list of deals

Graham Partners 

Graham Partners (Matthew Arden, Joseph May, Clemente Micara-Sartori, Robert Newbold, Andrew Snyder, Liz Weiner and Joshua Wilson members) completed two transactions in Q4. 
See list of deals

Griffin Financial Group, LLC 

Griffin Financial Group, LLC (John Lee member) served as investment banker on three completed transactions in Q4.   
See list of deals

Janney Montgomery Scott LLC 

Janney Montgomery Scott LLC (Joseph Culley, Jonathan Ketzner, Steven Higgins, Benjamin McKean, James McNaughton, and Brian Van Der Waag members) provided investment banking services to its clients on closed 17 transactions in Q4. 
See list of deals

Inverness Graham Investments 

Inverness Graham Investments (Sean Dougherty, Ken Graham, Matthew Moran and Michael Morrissey members) completed 2 acquisitions in Q4. 
See list of deals

Larsen MacColl Partners, LP 

Larsen MacColl Partners, LP (Chris Davis, Kristen Hubbert, Jeffrey Larsen, Tim MacColl, Satya Ponnuru, Taylor Rooke and Mark Tyson members) closed one transaction in Q4.  
See list of deals

LLR Partners  

LLR Partners (Kevin Becker, Christian Bullitt, Kristy DelMuto, Mitchell Hollin, Chris Mahatma, Zachary Sigal and David Steines members) completed 6 deals in Q4.  The firm also hired an investor relations manager and promoted two employees. 
See list of deals and new hires and promotions

NewSpring Capital  

NewSpring Capital (James Ashton, Michael DiPiano, Steven Hobman, Skip Maner, Brian Murphy, Andrew Panzo, Matt Plevelich, Anne Vazquez and Adam Veverka members) completed 6 transactions in Q4. 
See list of deals

Pepper Hamilton LLP  

Pepper Hamilton LLP (Bruce Fenton, Michael Gallagher, Matthew Greenberg, Joseph Kadlec, Jeremy Levy and Christopher Miller members) provided legal advisory closing 7 deals for its clients in Q4.   The firm promoted 3 attorneys and also added 11 new attorneys. 
See list of deals and new hires and promotions

Private Capital Research LLC 

Private Capital Research LLC (Graeme Frazier and Joseph Morris members) completed one transaction in Q4. 
See list of deals

Quaker Chemical Corporation 

Quaker Chemical Corporation (Sean Dineen member) completed one transaction in Q4.  
See list of deals

Renovus Capital Partners 

Renovus Capital Partners (Frederick Hill member) completed two transactions in Q4. 
See list of deals

SSG Capital Advisors, LLC  

SSG Capital Advisors, LLC (Mark Chesen, Michael Goodman, Michael Gorman, Matthew Karlson, Terry Kohler and J. Scott Victor members) acted as investment banker on three completed transactions in Q4. 
See list of deals

Stifel 

Stifel (Lauren Harrington, John Honovich, Robert Kent, David Lazar and Bharat Ramprasad members) served as investment banker on 6 closed deals in Q4. 
See list of deals

Triumph Group, Inc. 

Triumph Group, Inc. (Timothy Wilkin member) completed one acquisition in Q4. 
See list of deals

White and Williams LLP 

White and Williams LLP (George Hartnett, Michael Mentzel, Ryan Udell and Maulin Vidwans members) provided legal advisory to its clients on 6 closed transactions in Q4. 
See list of deals
  
Q4 2014 Featured Deal

For a listing of all historical featured deals please go to the LIBRARY tab.

Showcasing ACG Member Deals


Quarterly Featured Deal...
Creative Co-Op Acquires Bloomingville

 



Eureka's cross-border deal involves 7 local ACG members and the ACGU network

Interview by Joe Spinelli, Vector Capital (ACG Marketing Committee Member)

Based on discussions with: Jonathan Chou, Principal of Eureka Growth Capital, and Doug Saylor, VP – International Relationship Manager of HSBC.

Deal Synopsis

On October 1, 2014, Creative Co-Op, Inc. and its parent, Regent Holding Co., a portfolio company of Philadelphia-based Eureka Growth Capital, completed the add-on acquisition of Bloomingville A/S, a Denmark-based home accessories company. 

Creative Co-Op is part of Regent Holding Co., a leading global provider of home décor products with distribution throughout North America, Europe, Asia, and the Middle East. Regent serves a variety of retail channels across different geographies, including servicing over 12,000 independent and national specialty retailers throughout North America with its Creative Co-Op brand and over 3,000 independent and national specialty retailers throughout Europe with its Bloomingville and Day Home brands. Regent’s Creative Co-Op Home division serves the Asian and Middle East markets through its extensive network of distributors as well as over forty branded storefronts throughout China.

Speaking the Language of International Expansion

The Regent portfolio of brands, with support from Eureka, had significantly expanded across the US and Asia with localized expertise in sales & marketing as well as distribution. Regent historically had a smaller presence in Europe, and Bloomingville was identified as a potential opportunity to complement the company’s existing global operations. Bloomingville had experienced tremendous growth across Europe in recent years with a sales and distribution profile that was very similar to that of the rest of the Regent portfolio, making for a great potential fit. Bloomingville entertained offers from a range of both financial and strategic partners, yet it was Regent and Creative Co-Op’s positioning as a PE-backed strategic, strong existing global footprint, dedicated Asian-based sourcing infrastructure, and structural creativity that became deciding factors in Eureka and Creative Co-Op winning the mandate.

Philadelphia as the Gateway to Cross-border Transactions

While any successful deal requires a combination of patience and perseverance, it takes a truly dedicated team to will a cross-border transaction across the finish line. The obvious difficulties such as time zone challenges and limited travel options certainly apply when the transaction target is 35 miles outside of Billund, Denmark, a small town best known as the home of LEGO Group. Beyond the mere logistical challenges, regulatory nuances, accounting differences, forex variances, and even cultural disparities in the M&A process can materially hinder transaction speed while adding potentially time-consuming and expensive barriers to closing.

Eureka’s team for this transaction started with counsel, transaction advisors, and lenders who not only possessed cross-border experience and networks, but also call the Philadelphia area home. Jonathan Chou of Eureka began discussions with Doug Saylor from HSBC’s Radnor office on potential cross-border expansion opportunities for Creative Co-Op nearly a year ahead of the acquisition. HSBC’s global banking and finance capabilities enabled them to provide a unified solution for the Bloomingville transaction as well as Regent’s world-wide operating footprint. In addition, Eureka selected Philadelphia based teams at Morgan Lewis & Bockius as lead transaction counsel, and KPMG for financial, tax, and IT due diligence. These transaction advisory partners were augmented with teams local to Bloomingville.

Tapping the ACG University Network

The ACG University program is a terrific opportunity for emerging professionals within the ACG Philadelphia membership to expand their M&A skills and network within the local deal community, and the Bloomingville transaction serves as a great example of the program’s ethos in practice. HSBC’s Doug Saylor was a participant in the ACGU program when he met Jonathan Chou, an ACGU committee member and class instructor at the time, following a class session. The ACGU event gave Doug the opportunity to introduce himself and his office’s global capabilities to Jonathan, founding the base of a relationship that resulted in their partnership on this transaction. During his time in the ACGU program, Doug also met a fellow ACGU participant from Blank Rome. Their relationship ultimately led to the utilization of Blank Rome by HSBC on this transaction as lender counsel.

The ever-expanding ACG University alumni network is a highly connected subset of the ACG Philadelphia membership, and this transaction is proof positive that both ACGU enrollees and senior member volunteers alike stand to gain new contacts, perspectives, and dealflow through their participation. 

Teams

Eureka: Jonathan Zimbalist*Jonathan Chou*Tassie Oswald*, Brendan Stancato
HSBC: Doug Saylor*, Thomas Lunny, Leslie Fischman

Other ACG Philadelphia Chapter Involvement

Morgan Lewis: Barbara Shander*, Michael Pedrick
Blank Rome: Mark Rabinowitz, Andrew Hennessey *
KPMG: Scott Heery*

*ACG Philadelphia Members

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