M&A; Activity Around The Globe: NDN, APO, AMRC, APS Energy, PNW, Genesis Group, Tropical Communications, TACT, Printrex
Monday, August 22, 2021 3:53 PM

As U.S. stocks trade higher amid all the grim economic data and warnings of a fresh recession, several M&A activities took place around the world. Some notable M&A activities are discussed here.

99 Cents Only Stores Gets Higher Bid from Apollo Global

Private equity firm Apollo Global Management LLC (NYSE: APO) is said to be getting ready to buy the discount chain 99 Cents Only Stores (NYSE: NDN), the New York Post reported today. The New York Post said it learned from sources that the Schiffer-Gold family, which owns about a third of the company, has recently hinted that it is willing to team up with the highest bidder, after being wooed by Apollo. Leonard Green & Partners LP and the founding family, which owns 33 percent of the 99 Cents Only’s stock, in March made an offer to take the City of Commerce, California-based company private for $19.09 a share, valuing it at $1.34 billion. In April, 99-Cents Only formed a special committee of independent directors to consider the buyout offer from the Schiffer-Golds and Leonard Green, which too many indicated that there could be rival bids. Shares of NDN jumped 9.41 percent to $18.14 a share, while APO was down 2.45 percent to $13.51 on Monday.

Ameresco Acquires APS Energy for Undisclosed Amount

Ameresco Inc. (NYSE: AMRC), a leading energy efficiency and renewable energy company, said today that it has acquired APS Energy Services Company Inc. from Pinnacle West Capital Corporation (NYSE: PNW). APS Energy Services, headquartered in Tempe, AZ, is a full-service company that provides integrated energy efficiency and renewable energy solutions for a variety of institutional customers, including state and local governments, school districts and universities. “As a leading Southwest energy services provider with strong leadership supported by seasoned professionals, APS Energy Services adds substantial bench strength to the Ameresco team and is a great addition to our family,” said George P. Sakellaris, president and chief executive officer of Ameresco. With the deal, Ameresco strengthens its presence in the Southwest, while adhering to its strategy to grow organically as well as through strategic acquisitions. APS Energy Services’ customers will also benefit from Ameresco’s comprehensive portfolio of energy service offerings and extensive expertise. Terms of the transaction were not disclosed. However, the acquisition is expected to be slightly accretive to 2011 earnings. AMRC is trading higher by 0.99 percent to $10.23, and PNW is down 0.24 percent to $41.66.

Genesis Group to Acquire Structured Cabling Company

Genesis Group Holdings Inc. which operates through its wholly owned subsidiaries, including Digital Comm Inc. (DCI), has said that it reached an agreement to acquire Tropical Communications Inc., a Miami, Florida, based company. Tropical Communications Inc. is a state-licensed low voltage and underground utility contractor. Tropical's expertise is in structured cabling for commercial and governmental entities. It is currently the primary voice and data vendor for Miami-Dade County Public Schools. Tropical is expected to add approximately $2 million in revenue to Genesis' consolidated reports for 2011. Joining Genesis Group and teaming up with DCI will enable Tropical Communications to take its operations to another level. Gideon Taylor, CEO of Genesis, stated, "Bringing Tropical Communications into our fold will provide immediate value to our shareholders. This acquisition will enable us to rapidly expand the business of the company and better serve our customers." The terms of the deal were not disclosed in the statement.

TransAct Technologies Acquires Printrex

TransAct Technologies Inc. (Nasdaq: TACT) a global leader in market-specific printers for transaction-based industries, today said that it has completed its previously announced acquisition of substantially all of the assets of Printrex Inc., a leading manufacturer of high-performance specialty printers primarily sold into the oil and gas exploration market. Printrex has become a worldwide leader in printers for the oil & gas exploration and drilling industry. Printrex also manufactures and markets printers for other demanding applications that include the medical industry and rugged mobile truck mounted printers. Terms of the deals were not disclosed by the company in its statement. TACT is down 1.81 percent to $8.69 per share today.