Mergers & acquisitions report: April 2008.
Monday, May 26 2008
Leveraged buyouts in Los Angeles remained steady in April despite the ongoing credit crunch. Compared to April of last year, the number of mergers and acquisitions rose from 63 to 68, while the total value of deals fell 6 percent to $4.39 billion from $4.68 billion. One notable transaction accounted for nearly one third of all M&A activity in April. That was the $1.4 billion merger of Chicago-based CCC Information Services with Mitchell International Inc., a San Diego-based company that is partly owned by L.A. private equity firm Aurora Capital Group. Known as CCC-Mitchell Inc., the combined enterprise will be a leading provider of workflow management systems and integrated software to insurance companies and collision repair facilities. In another notable transaction, Perini Corp., a general contractor in Framingham, Mass., signed a definite merger agreement to acquire privately-held civil construction company Tutor-Saliba Corp. in Sylmar. The all-stock deal was valued at $862 million.
BUSINESS SERVICES
Target: Airship Surveillance Inc. (Las Vegas, NV)
Business: Operates unmanned airships
Acquirer: WENR Corp. (Los Angeles)
Deal Value: ND
Target: Aloha Airlines Inc.-Contract Services (Honolulu, HI)
Business: Provides baggage handling, aircraft cleaning, and ticketing services
Acquirer: Pacific Air Cargo (Los Angeles)
Deal Value: $2.05 million
Target: Analytic Consulting Group (Atlanta, GA)
Business: Provides consulting services
Acquirer: MarketShare Partners Inc. (Los Angeles)
Deal Value: ND
Target: California investment Annuity Sales Inc. (Marina Del Rey)
Business: Issues securities for qualified retirement plans
Acquirer: National Investment Managers Inc. (Dublin, Ohio)
Deal Value: $2.38 million
Target: CBE Technologies Inc. (Boston, MA)
Business: Provides information technology and telecom services
Acquirer: Gores Technology Group LLC (Los Angeles)
Deal Value: ND
Target: DTS Digital Images Inc. (Burbank)
Business: Provides digital image restoration services
Acquirer: Reliance Big Entertainment Ltd. (Mumbai, India)
Deal Value: $7.5 million
Target: Hi-Tech Rubber, a portfolio company of Century Park Capital Partners Inc. (Los Angeles)