Arizona Deal Intelligence - March 2023

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

3/1/2023 Prosperity Home Mortgage, LLC acquired the assets of JFQ Lending, LLC. The terms of the transaction were not disclosed. JFQ operates as a consumer direct lender and is based in Scottsdale.

3/2/2023 Vector Laboratories, Inc. acquired Bioconjugate Technologies, LLC, dba Click Chemistry Tools, and Fluoroprobes. The terms of the transactions were not disclosed. Click is a manufacturer of click chemistry linkers and labeling reagents and is based in Scottsdale. Fluoroprobes provides fluorescent probes and dyes and is based in Scottsdale.

3/6/2023 Altria Group, Inc. (NYSE:MO) agreed to acquire NJOY Holdings, Inc. for approximately $2.8 billion in cash payable at closing, plus an additional $500.0 million in cash payments that are contingent upon regulatory outcomes with respect to certain NJOY products. NJOY manufactures and sells pod-based e-cigarettes and is based in Scottsdale. Weil, Gotshal & Manges LLP is serving as legal advisor to NJOY.

3/8/2023 SOURCE Global, PBC acquired Proud Source Water, Inc. The terms of the transaction were not disclosed. SOURCE develops equipment that uses solar energy to produce potable water and is based in Scottsdale.

3/8/2023 Panoramic Health acquired North Shepherd Dialysis Access Center. The terms of the transaction were not disclosed. Panoramic is a physician-led kidney care platform that provides treatment for chronic kidney diseases and is based in Tempe.

3/10/2023 Empower Physical Therapy acquired Spectrum Therapy Consultants P.C. The terms of the transaction were not disclosed. Empower provides physical therapy practice management services and is based in Phoenix.

3/15/2023 UWorld, LLC acquired Efficient Learning Systems Inc. from John Wiley & Sons, Inc. (NYSE:WLY). The terms of the transaction were not disclosed. Efficient provides computer-based exam reviews for students and is based in Sedona.

3/15/2023 3Z Brands acquired Leesa Sleep, LLC. The terms of the transaction were not disclosed. 3Z manufactures mattresses and is based in Glendale.

3/15/2023 Keap acquired The Factory. The terms of the transaction were not disclosed. Keap develops sales and marketing software for small businesses and is based in Chandler.

3/16/2023 Methods & Solutions, Inc., dba Mindplay, acquired LightSail Inc. The terms of the transaction were not disclosed. Mindplay develops educational software programs and is based in Tucson.

3/17/2023 Horizon Distributors, Inc. acquired the assets of ProWater Irrigation & Landscape Supply, Inc. The terms of the transaction were not disclosed. ProWater engages in the distribution of irrigation and landscape supply products through retail stores to landscapers, contractors, farmers, ranchers, and homeowners and is based in Prescott.

3/17/2023 Flex Technology Group acquired Advance Business Systems & Supply Company. The terms of the transaction were not disclosed. Flex, through its subsidiaries, provides managed printing, document management, and managed information technology services to the printing industry and is based in Mesa.

3/20/2023 Sprouts Farmers Market, Inc. (NasdaqGS:SFM) acquired two independently owned stores in Chula Vista, CA that had been operating under a licensing deal. The terms of the transaction were not disclosed. Sprouts, together with its subsidiaries, retails fresh, natural, and organic food products and is based in Phoenix. Weiss Brown served as legal advisor to Sprouts.

3/21/2023 Arthur J. Gallagher & Co. (NYSE:AJG) acquired Viking Bond Service, Inc. The terms of the transaction were not disclosed. Viking is a surety bond agency that provides commercial, contract, and fidelity bonds and is based in Phoenix.

3/21/2023 Parchment Inc. acquired Quottly, Inc. The terms of the transaction were not disclosed. Parchment provides a Software-as-a-Service platform to help institutions and individuals send and receive academic credentials, such as transcripts and diplomas, online and is based in Scottsdale.

3/21/2023 DSV A/S (CPSE:DSV) agreed to acquire S&M Moving Systems West and Global Diversity Logistics. The terms of the transactions were not disclosed. S&M provides domestic road freight, international air and sea freight, warehousing, tradeshow logistics, and specialist solutions and is based in Phoenix. Global Diversity provides logistic and menu supply chain services and is based in Chandler.

3/21/2023 Knight-Swift Transportation Holdings Inc. (NYSE:KNX) agreed to acquire U.S. Xpress Enterprises, Inc. (NYSE:USX) for a total enterprise value of approximately $808.0 million, excluding transaction costs. Knight-Swift, together with its subsidiaries, provides freight transportation services in the United States and Mexico and is based in Phoenix. Fried, Frank, Harris, Shriver & Jacobson LLP and Scudder Law Firm, P.C., L.L.O. are serving as legal advisors to Knight-Swift.

3/22/2023 A1 Garage Door Service LLC acquired Pro Door Doctor, LLC. The terms of the transaction were not disclosed. A1 provides installation, servicing, and repair of garage doors and is based in Phoenix.

3/24/2023 Kymanox Corporation acquired Agilis Consulting Group, LLC. The terms of the transaction were not disclosed. Agilis provides human factors engineering, software consulting, and performance-based training and labeling services for medical devices and products and is based in Cave Creek.

3/24/2023 Vincent Printing Company, Inc. agreed to acquire BPGraphics, Inc. and the combined company will be known as Convergent Print Group. The terms of the transaction were not disclosed. BPGraphics is a digital printing service company specializing in out-of-home, point-of-purchase, event, and venue fleet graphics and is based in Phoenix.

3/27/2023 Republic Services, Inc. (NYSE:RSG) acquired North State Bioenergy. The terms of the transaction were not disclosed. Republic Services, together with its subsidiaries, offers collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions and is based in Phoenix.

3/30/2023 CNH Industrial N.V. (NYSE:CNHI) agreed to acquire Hemisphere GNSS (USA) Inc. for $175.0 million. Hemisphere designs and manufactures heading and positioning products, services, and technology and is based in Scottsdale.

3/31/2023 Health Management Associates acquired Crestline Advisors. The terms of the transaction were not disclosed. Crestline is a healthcare consulting firm based in Chandler. Weiss Brown served as legal advisor to Crestline.

Private Placements

3/3/2023 Oats Overnight, Inc. announced that it has raised $21.0 million in an oversubscribed round of funding that included participation from BFG Partners, Watchfire Ventures, Singh Capital Partners, and other investors. Oats Overnight is a spoon free, high protein oatmeal that is prepped at night and ready when you wake up and is based in Tempe.

3/15/2023 NeoLight, LLC announced that it will receive $10.0 million in funding. As of March 30, 2023, the company received $5.6 million in its first tranche from 12 investors. NeoLight designs medical equipment for eradication of preventable infant medical conditions, such as jaundice and hypothermia, and is based in Scottsdale.

3/23/2023 GT Medical Technologies, Inc. announced that it has raised $45.0 million in a Series C financing led by Gilde Healthcare Partners with participation from existing institutional investors MVM Partners, MedTech Venture Partners, and BlueStone Venture Partners. GT develops and manufactures medical equipment for the treatment of brain tumors and is based in Tempe.

3/29/2023 Opendoor Technologies Inc. (NasdaqGS:OPEN) acquired an unknown minority stake in Title Resources Guaranty Company. Opendoor operates an e-commerce platform for residential real estate transactions and is based in Tempe.

Other Transactions

Yerbaé Brands, the Scottsdale plant-based energy beverage company, listed on the TSX Venture Exchange under the symbol “YERB.U” upon the successful completion of its merger and business combination with Kona Bay Technologies Inc. The go-public transaction involved a reverse triangular merger and plan of arrangement under the laws of Delaware and British Columbia. Clark Wilson LLP represented Kona Bay, and Morton Law LLP and Jennings, Strouss & Salmon, PLC represented Yerbaé.