Arizona Deal Intelligence - September 2021
This report is prepared as a courtesy to the Arizona business community by Columbia West based on our research and information collected by our firm. Despite our dedicated efforts, occasionally a deal might be missed or appropriate credit not given to legal or financial advisors. Please feel free to contact us if you have information on a transaction that you want to ensure is included and credit attributed to appropriate advisors. Also, feel free to forward to others who may have interest; they can be added to the regular distribution by contacting our office. Our contact information is below.
M&A - Strategic
9/1/2021 Freestar LLC acquired Sortable. The terms of the transaction were not disclosed. Freestar provides website monetization for content publishers and e-commerce site operators and is based in Phoenix, AZ.
9/2/2021 Physical Rehabilitation Network, LLC acquired 360 Physical Therapy LLC. The terms of the transaction were not disclosed. 360 offers physical therapy services and is based in Chandler, AZ.
9/7/2021 Opendoor Technologies Inc. (NasdaqGS:OPEN) acquired Pro.com Home Services LLC and Skylight Tools, Inc. The terms of the transaction were not disclosed. Opendoor operates a digital platform for residential real estate and is based in Tempe, AZ.
9/9/2021 Restoration Builders Inc. acquired Palazzo Restoration, LLC. The terms of the transaction were not disclosed. Restoration operates as a residential and commercial contractor and is based in Phoenix, AZ.
9/9/2021 HydroJug LLC acquired KORA Fitness LLC, dba ACTA Wear. The terms of the transaction were not disclosed. ACTA manufactures and sells active wear and is based in Gilbert, AZ.
9/10/2021 Circle K Stores Inc. agreed to acquire 10 convenience and food stores from The Griffin Group Inc. The terms of the transaction were not disclosed. Circle K, a subsidiary of Alimentation Couche-Tard Inc., owns and operates convenience stores and gas stations and is based in Tempe, AZ.
9/13/2021 Capital Asset Management, LLC (CAM) acquired Zell Commercial Real Estate Services, Inc. The terms of the transaction were not disclosed. Zell provides real estate property management, leasing, brokerage, and consulting services and is based in Phoenix, AZ. CAM provides commercial real estate services and is based in Phoenix, AZ
9/15/2021 Blade Air Mobility, Inc. (NasdaqCM:BLDE) acquired Trinity Air Medical, Inc. for $23.1 million. Trinity provides air medical escort services and medical transport of patients via commercial airlines and is based in Tempe, AZ. Frame Law, PLLC served as legal advisor to Trinity. White & Case LLP served as legal advisor to Blade.
9/15/2021 Benefit Commerce Group LLC acquired Fendley Benefits. The terms of the transaction were not disclosed. Fendley operates as an employee benefits consulting company and is based in Flagstaff, AZ. Benefit Commerce provides employee benefit plans and is based in Scottsdale, AZ.
9/16/2021 Stafford Crane Group acquired Soima Cranes. The terms of the transaction were not disclosed. Stafford provides lifting services and equipment and is based in Phoenix, AZ.
9/20/2021 WillScot Mobile Mini Holdings Corp. (NasdaqCM:WSC) acquired Saf-T-Box, LP. In related transactions, WillScot acquired American Mobile Leasing, Inc. and Equipe Container Services, Inc., dba Moveable Container Storage. The terms of the transactions were not disclosed. WillScot provides modular space and portable storage solutions and is based in Phoenix, AZ.
9/20/2021 Sun Auto Tire & Service Inc. acquired Hogan and Sons, Inc. The terms of the transaction were not disclosed. Sun Auto provides automotive aftermarket repair services under the BRAKEmax and Tire Works brands and is based in Tucson, AZ.
9/21/2021 Soaring Eagle Imaging, LLC agreed to acquire Skynetwest LLC. The terms of the transaction were not disclosed. Skynetwest operates as a drone data collecting and processing company and is based in Chandler, AZ. The combined companies will be known as Soaring Eagle Technologies.
9/22/2021 Global Water Resources, Inc. (NasdaqGM:GWRS) agreed to acquire Las Quintas Serenas Water Company. The terms of the transaction were not disclosed. Las Quintas is a water utility provider based in Green Valley, AZ. Global Water owns, operates, and manages regulated water, wastewater, and recycled water utilities and is based in Phoenix, AZ
9/27/2021 Cavco Industries, Inc. (NASDAQ:CVCO) announced that it has completed its acquisition of the business and certain assets and liabilities of Commodore Corporation for $153.0 million. Cavco designs, produces, and retails manufactured homes and is based in Phoenix, AZ. Polsinelli PC served as legal advisor to Cavco.
9/28/2021 Minifab (AUST) Pty Ltd agreed to acquire Applied Microarrays, Inc. (AMI). The terms of the transaction were not disclosed. AMI produces microarray systems and is based in Tempe, AZ.
9/29/2021 University HQ acquired Discover Health Admin. The terms of the transaction were not disclosed. University HQ is an educational institution that offers education services through online and on-campus schools and colleges and is based in Scottsdale, AZ.
9/30/2021 Picard Medical, Inc. acquired SynCardia Systems, Inc. The terms of the transaction were not disclosed. SynCardia focuses on developing, manufacturing, and commercializing the SynCardia temporary Total Artificial Heart and is based in Tucson, AZ.
M&A - Financial
9/13/2021 Cerberus Capital Management, L.P. agreed to acquire Brooklyn Bedding LLC and Helix Sleep, Inc. The terms of the transactions were not disclosed. Brooklyn Bedding manufactures and sells mattresses and is based in Phoenix, AZ. SheppardMullin is serving as legal advisor to Brooklyn Bedding.
Private Placements
9/8/2021 North American Interconnect LLC (NAI) announced that it has received funding from PPC Investment Partners LP and other investors. NAI engages in the design, manufacture, and supply of cable assemblies for fiber optics, telecom, industrial, medical, and aerospace industries and is based in Scottsdale, AZ.
9/13/2021 Babyscripts announced that it has raised $12.0 million in the first close of its Series B round of funding from MemorialCare Innovation Fund, Philips Venture Capital Fund BV, Banner Health, and other investors. Banner Health is a nonprofit health care organization that owns and operates acute-care hospitals and other services based in Phoenix, AZ.
9/14/2021 Nextiva, Inc. announced that it has received $200.0 million in its Series A round of funding from new investor Goldman Sachs Asset Management, L.P. Nextiva provides cloud-based business communication solutions and is based in Scottsdale, AZ.
9/15/2021 Ategrity Specialty Insurance Company announced that it has raised $75.0 million in a round of funding led by new investor Sequentis Financial LLC. Ategrity offers property and casualty insurance services and is based in Scottsdale, AZ.
9/20/2021 Tesis Labs LLC announced that it will receive $20.0 million of growth equity financing at a post-money valuation of $520.0 million in a round led by X-cellerant 1 TLC, LLC. The transaction closed on October 1, 2021. Tesis offers healthcare providers and physicians access to unique genetic testing and precision medicine enabling them to create personalized care plans for treating chronic diseases and is based in Phoenix, AZ. X-cellerant is an investment group headed by John Shufeldt, M.D. and is based in Phoenix, AZ. Jennings, Strouss and Salmon, PLC served as legal advisor to Tesis.
9/21/2021 eVisit, Inc. announced that it has received $45.0 million in a round of funding from Goldman Sachs Asset Management International Ltd. and other investors. eVisit develops a telemedicine patient engagement platform and is based in Mesa, AZ.
9/21/2021 Summit Hydraulics announced that it has received a round of funding from new investor North Branch Capital, LLC. Summit manufactures and supplies hydraulic couplers and valves to construction, agricultural, and forestry industries and is based in Phoenix, AZ.
9/22/2021 Accelerate Diagnostics, Inc. announced a private placement of 3,954,546 Series A convertible preferred stock for gross proceeds of $30.5 million. Accelerated Diagnostics provides solutions for the diagnosis of serious infections and is based in Tucson, AZ. Snell & Wilmer, L.L.P. served as legal advisor to Accelerate.
9/23/2021 EmergeTech, LLC announced that it has received $130.0 million in a round of funding from 9Yards Capital, Tiger Global Management, LLC, The Spruce House Partnership LLC, NewRoad Capital Partners, LLC, and Greycroft Partners LLC. EmergeTech designs and develops a trucking logistics platform for shippers, carriers, and agents and is based in Scottsdale, AZ.
9/24/2021 Nikola Corporation (NASDAQ:NKLA) and Tumim Stone Capital LLC have entered into a second $300.0 million common stock equity line purchase agreement, providing Nikola the right to issue and sell to Tumim up to $600.0 million of Nikola's common stock in aggregate, subject to certain conditions and limitations. Nikola is a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure and is based in Phoenix, AZ. Pillsbury Winthrop Shaw Pitman LLP served as legal advisor to Nikola.
9/28/2021 Xealth Inc. announced that it has raised $24.0 million in an equity round of funding led by new investor Advocate Aurora Enterprises with participation from new investor Banner Health along with other investors. Banner Health is a nonprofit health care organization that owns and operates acute-care hospitals and other services and is based in Phoenix, AZ.