Bryan Matthews

Parker buys Lord.      Parker Hannifin buys Lord Corp for $3.68 billion.      Lord will open out Parker's engineered materials business, adding unique and proprietary products, solutions, and ability. Lord brings a broad array of adhesives, coatings, and specialty materials, along with vibration and motion control tech for aerospace, defense, automotive, and industrial markets.     Expected synergies are essential values, supply chain, productivity, cross-selling opportunities, and global market distribution. Tom Williams of Parker said: ‘This strategic transaction will reinforce our stated goal to invest in the attractive margin, growth businesses, such as engineered materials, that speed up top-quartile financial performance. Lord will expand our materials science capabilities with complementary products, better positioning us to serve customers in growth industries and capitalize on emerging trends such as electrification and...

CEE buys Emmen PV.     CEE Group buys Emmen PV solar park.     The renewable power production of the park means that CO2 emissions are reduced by 17,000 tons each year.  CEE’s total renewable assets will generate 1 million megawatt hours in 2019, providing 275,000 four-person households with power from renewable sources.     CEE Operations GmbH will be responsible for the commercial management while BayWa Operation Services GmbH will oversee technical operations of the solar park, which has been fully connected to the power grid since the end of 2018.     Detlef Schreiber of CEE Group said: ‘We are happy to have finished the acquisition of Emmen PV, our first investment in the attractive Dutch market.  This acquisition demonstrates the implementation of our growth strategy in European continental markets.’     Jens Schnoor of CEE Group said: ‘The strong relationship and long-standing cooperation with BayWa re-e...

Murphy Oil buys LLOG.     Murphy Oil Corp buys Gulf of Mexico assets from LLOG Exploration Offshore and LLOG Bluewater Holdings for $1.38 billion.     The LLOG sale includes 26 blocks in the Gulf of Mexico with 7 operating fields producing 38,000 barrels of oil equivalent a day.  The deal also includes 4 development projects with future start-up dates in the Mississippi Canyon and Green Canyon areas.     Regionally, Murphy is a major player in both the Gulf and in South Texas' Eagle Ford shale.  Late last year, Murphy created a joint venture with Brazil's Petrobras in the Gulf of Mexico for Murphy to increase its holdings in the deep-water region.     Roger W. Jenkins of Murphy Oil said: ‘This immediately accretive transaction continues to strengthen our Gulf of Mexico portfolio by adding quality assets at an attractive price.  We expect these newly acquired assets to generate meaningful cash flow over the next years that w...

Chrysaor buys Conoco.     Chrysaor Holdings buys ConocoPhillips’ oil and gas assets in the British North Sea for $2.68 billion.     This adds resources in the J-Area field, Britannia field, and East Irish Sea to Chrysaor’s operating portfolio.  It also brings in a 7.5% non-operated stake in BP’s Clair field, west of the Shetland Islands, adding to Chrysaor’s 10% stake in Schiehallion in the same region.     Other non-operated interests and infrastructure such as the Brent pipeline will also transfer.  Conoco keeps its London-based commercial trading business and its interests in the Teesside oil terminal, which it operates.     Ryan Lance of ConocoPhillips said: ‘We are proud of the legacy we’ve built in the UK over the last 50 years and are happy that Chrysaor recognizes the value of this business.  This disposition is part of our ongoing effort to hone our portfolio and focus our investments across future low cost-of-...

Apollo buys Smart & Final.     Apollo Global Management buys Smart & Final Stores for $1.1 billion.     Smart & Final runs 324 grocery and food service stores in California, Oregon, Washington, Arizona, Nevada, Idaho, Montana, and Utah.  The company went public in 2014 at $12 per share.  It competes with direct rivals, discount retailers, and e-commerce firms.       Apollo will split Smart & Final into two distinct units, running on separate business models.  One unit will form the 257 stores operating as Smart & Final, where customers shop at a discount with no membership fees.  The second unit will form the 67 stores operating as Smart Foodservice, a no-frills warehouse format selling directly to restaurants and caterers.     Kenneth Tuchman of Smart & Final said: ‘This transaction is the result of diligent analysis and thoughtful strategic deliberations by our board of directors over...

Publicis buys Epsilon. Publicis Groupe buys Alliance Data System’s Epsilon for $4.4 billion.     Epsilon collects data including transactions, location, and web activity from 160 million clients.  It generated revenue of $1.9 billion last year.     Arthur Sadoun of Publicis said: ‘Clients are facing mounting challenges in a data-led and digital-first world.  Epsilon brings to our existing assets in creativity and technology an acceleration in data and platform that positions us as a clear leader in personalized experience at scale.  The Epsilon buy is a significant investment for a company of our size.  We’re convinced it’s the right move in a world where data is at the heart of all decisions and the mobile phone is our main interface.  Our clients are facing increasing pressure from the rise in consumer expectations, the mainstreaming of direct-to-consumer brands, and new data regulations.  They must transform to meet this new...

Principal buys Wells Fargo.     Principal Financial buys Wells Fargo retirement services for $1.2 billion.     Principal will take over Wells’ contribution, benefit, executive deferred compensation, employee stock ownership plans, institutional trust and custody, and institutional asset advisory businesses. Dan Houston of Principal said: ‘Retirement is at the heart of our business and core to our future. This will be a powerful combination for customers, employees, and shareholders as we solidify our place as a top-three leader in the US retirement market. The acquisition will bring expanded capabilities, reach, and scale. Fueling our ability to compete, invest, and grow to help more people to achieve their retirement outcomes.’  Jon Weiss of Wells Fargo said: ‘This sale reflects Wells Fargo’s strategy to focus our resources on areas where we can grow and maximize opportunities within wealth, brokerage, and asset management.’  ...

Peak Rock buys Turkey Hill.      Peak Rock Capital buys Turkey Hill Dairy from Kroger.      Turkey Hill makes a line of popular iced teas, fruit drinks, milk, ice creams, and frozen dairy treats at its production and distribution facility in Conestoga. The dairy was founded in 1931 and expanded into convenience stores in 1967. Kroger bought both the dairy and Minit Markets in 1985. Kroger sold all its convenience stores to EG Group for $2.15 billion in 2018. Erin Sharp of Kroger Manufacturing said: ‘We believe this is the right step to make sure the Turkey Hill business can meet its full potential and continue to grow its successful ice cream and beverage brands. Throughout this process, we were impressed with Peak Rock's professionalism and vision for the future of the Turkey Hill business. We look forward to working with them to ensure a smooth and successful transition for all parties.’ Andrea Nikolaus of Turkey Hill said: ‘We are e...