CC Capital Advisors
2019
The St a t e o f M&A i n Kansas C i t y CC CAPI TAL ADV ISORS
{~CC Capital Advisors
Parkville,MO
KansasCity,MO
hasbeenacquiredby
OverlandPark,KS
hasbeenacquiredby
hasbeenacquiredby
Pittsburgh,PA
Tulsa,OK
Chicago, IL
Theundersigned servedas exclusive financialadvisor toM.A.EnergyResources.
Theundersigned servedas financial advisor toWattMasterControls.
Theundersigned servedas financialadvisor toAndersonMetalsCorporation, Inc.
KansasCity,MO
Brussels,Belgium SauermannGroup
hasbeenacquiredby
Onaway,MI
hasacquired
hasacquired
Vaughan,ON
and its financial sponsors ledby
E Instruments International
Onaway,MI
Langhorne,PA
Theundersigned servedas financial advisor toPIE&G.
Theundersigned servedas financialadvisor toSauermannGroup.
Theundersigned servedas exclusive financial advisor toEnvironmentalEnergy, Inc.
$65,000,000
McLean,VA
OverlandPark,KS
Mansfield,PA
hasbeenacquiredby
Dallas,TX
Denver,CO
and itsbroadband subsidiary
have sold
Tri-Co Connections, LLC
Lombard, IL
haveentered intoa credit facilitywith
via its financial sponsor
Osborne,KS
to
Evanston, IL
Dulles,VA
Dallas,TX
Theundersignedservedasexclusive financialadvisor to J&JDriveAway, Inc.
Theundersigned servedas exclusivefinancialadvisor toTri-CountyREC, Inc .
Theundersigned servedas exclusive financial advisor toStarSeed, Inc.
December 2018
Brighton,CO
KansasCity,MO
Omaha,NE
hasacquired themunicipalelectricutilityof
hasacquired
hasbeenacquiredby
Delavan,WI
Frederick,CO
Greeley,CO
YEAR IN REVIEW CCCA had a successful 2019 advising several high-quality local companies across a number of industries and types of transactions. Deal volume continues to increase, with 15 transactions over the last 24 months, as valuations rise and companies search for growth.
Theundersigned servedas exclusive financial advisor toUnitedPower.
Theundersigned servedas exclusive financial advisor to ImperialBeef, LLC
Theundersigned servedas exclusive financialadvisor toBERKSGroup.
Lee’s Summit,MO
OverlandPark,KS
hasbeenacquiredby
Belmont,NC
has sold theassetsof itspublic safety network consultingbusiness to
has sold twoplastic injectionmolding plants to
OverlandPark,KS
and its financial sponsor
PortMatilda,PA
Indianapolis, IN
Grinnell, IA
Theundersigned servedas exclusive financial advisor toBlack&Veatch
Theundersigned servedas exclusive financialadvisor toDriveawayUSA.
Theundersigned servedas exclusive financial advisor toWilbertPlasticsServices.
Th e e nd o f a memorable decade MUCH LIKE THE KANSAS CITY CHIEFS, M&A activity ended this memorable decade on a high note as we witnessed record levels of transactions nationally and in our region. On a global scale, cross-border activity was down amidst several geopolitical factors, notably involving relations with China as well as concerns over Brexit and increased tensions in the Middle East. Domestically, strong M&A performance was evident as the stock markets reached new highs, private equity firms continued to raise unprecedented funds, unemployment reached record lows, the Federal Reserve eased rates, and companies capitalized on the desire to grow through strategic consolidation. We anticipate these favorable economic conditions will continue to provide momentum for the start of the new decade.
The 2019 CC Capital Advisors State of M&A Report tracked 207 transactions involving Kansas City-area companies. This is the highest number of transactions reported since we began publishing this report in 2004, and an increase of 6.2% year-over-year. The area once again saw the Technology sector lead the way, with strong activity in Manufacturing and Professional Services as well. Private Equity was active in our region with a reported 71 total tractions, or 34% of the total. and increasing Private Equity activity. Even though global M&A transaction volume was down in comparison to 2018, global M&A transaction value was in line with last year, primarily driven by the increase in megadeals in the US. North America transaction values were up 10% versus 2018, while activity in Europe, the Middle East and Africa was down 13% and Asia down 6%. M&A volume continues to progress behind the tailwinds of record liquidity
Deal volume in the US was particularly active, with notable deals including United Technologies Corporation acquiring Raytheon Company in a merger of equals transaction for $89 billion, Bristol-Myers Squibb acquiring Celgene Corp. for $74 billion, and AbbVie Inc. purchasing Allergan PLC for $63 billion. A few noteworthy 2019 transactions in our region include the sale of Bayer’s Animal Health Unit located in Shawnee, KS to Elanco Animal Health for $7.6 billion, the combined sale of Tallgrass Energy LP and GP to The Blackstone Group for a total equity value of $6.8 billion, the sale of the prepaid wireless business of Sprint to DISH Network Corporation for $1.4 billion, and the additional sale of Jefferies Financial Group’s 31% equity stake in National Beef Packing Company to Marfrig Global Foods S.A. for $970 million (raising Marfrig’s stake in National Beef to 82%).
TO P D E A LS I N 2019* $7.6 billion — Sale of Bayer AG’s animal health business to Elanco Animal Health Inc. $6.8 billion 1 — Sale of Tallgrass Energy GP and Tallgrass Energy LP to The Blackstone Group
$1.4 billion — Sale of Sprint’s prepaid wireless business to DISH Network $970 million — Sale of 31% interest in National Beef to Marfrig Global Foods
* This list of top deals is compiled from the limited number of transactions for which terms were disclosed. Many deals do not disclose pricing and thus are not included on this list. 1) Total equity value of the combined sale of Tallgrass Energy LP and GP
DEALS BY INDUSTRY
Deals 33
Deals 32
Deals 32
Deals 30
Deals 28
Deals 14
Deals 16
Deals 11
Deals 6
Deals 5
Architecture/ Engineering Construction
Consumer Products & Services
Energy/Utility & Infrastructure
Financial Institutions
Food/Agriculture & Animal Health
Healthcare/ Life Sciences
Manufacturing & Distribution
Professional Services/ Advisory
Technology/Media and Telecom
Transportation & Logistics
TOP DEAL MAKERS
Mariner Wealth Advisors EPR Properties Creative Planning Xact Data Discovery Banner Solutions
9
4 4
3 3
0
2
4
6
8
10
N U M B E R O F T R A N S A C T I O N S
LOCAL BUYER, LOCAL SELLER, OR BOTH
TRANSACTION GEOGRAPHY
CROSS BORD E R 12 Transactions
Local Buyer and Local Seller 32 Deals
MISSOURI 87 Deals
KANSAS 108 Deals
Local Seller 87 Deals
207 TOTAL DEALS
I N T E RNAT I ONA L 24 Transactions
Local Buyer 88 Deals
3 4 % Private Equity
STRATEGIC VS FINANCIAL
6 6 % Strategic
HISTORICAL M&A ACTIVITY BY QUARTER
YEAR Q1
Q2
Q3
Q4 TOTAL
15 YEAR LOOKBACK
207 195 137 132 144 126 128
2019 2018 2017 2016 2015 2014 2013
59 52 28 40 39 33 34
57 52 27 32 43 26 29
41 44 45 32 25 37 32
50 47 37 28 37 30 33
TOTAL
YEAR 2019
207 195 137 132 144 126 128 151 149 160 114 130 182 112 101 104
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
2019 LOCAL M&A ACTIVITY BY MONTH AND QUARTER
Q1 Total
Jan
Feb
Mar
59
22
17
20
Q2 Total
Apr
May
Jun
57
21
13
23
Q3 Total
Jul
Aug
Sep
41
13
14
14
Q4 Total
Oct
Nov
Dec
50
16
18
16
Trends to Consider 2019 started strong and ended stronger as fears of a global economic slowdown and disruptive trade wars failed to negatively impact the capital markets. The S&P 500 finished with a gain of more than 28% for the year, the second highest increase in the 2000s, while the 10-year treasury hovered near historic lows for most of 2019. With the economy in strong shape, the spotlight will turn to global geopolitical tensions and the upcoming US presidential election. As we move into 2020, the following are key trends to consider:
US ELECTION Uncertainty around the election has the potential to impact businesses and the M&A markets in 2020. Key items of focus include the future of trade and tax policies, as well as potential shifts in the regulatory environment. Lack of clarity surrounding tax practices going forward, including the corporate- friendly overhaul enacted in 2017, will lead US businesses to closely monitor the candidates and will create some uncertainty as we approach the primaries and general election. TRADE POLICY Global trade was a significant focus in 2019, largely driven by the US-China trade wars. With the phase one deal freshly signed, the trade negotiations between the two countries will continue to create a certain level of economic uncertainty. Many tariffs will remain in place on both sides, in some cases at a lower rate, continuing to impact companies across multiple industries. China has agreed to greatly increase US products and services purchased, reduce barriers to certain agricultural products, and attempt to better protect corporate intellectual property. The repercussions of the phase one trade deal, as well as further developments and negotiations between the two sides, will be closely tracked in the coming year.
MONETARY POLICY At the end of 2018, Federal
With low interest rates, financing is readily available for companies considering a potential acquisition, and ample sources of capital will continue to drive M&A activity into the new decade. Signs point to another strong year for M&A activity in spite of potential headwinds. Positive overall economic trends, low interest rates, the availability of capital and the desire of companies to acquire capabilities via M&A should outpace any potential slowdown in activity. How can business owners properly position themselves in this environment? Do you have a strategy in place to take advantage challenges to confront and factors to evaluate when contemplating the purchase or sale of a business. If your company is considering a transaction in 2020 – or just looking for strategic advice on issues such as succession planning or raising capital — be sure to engage a qualified advisor who can help provide the integrity and experience you need to make important growth decisions. of historically high valuation multiples? There are many
Reserve Chairman Jerome Powell and the rest of the central bank signaled higher interest rates would be necessary to control inflation heading into the following year. As it turned out, 2019 saw a central bank pivot to a more dovish stance as rates were cut three times. Inflation remains modestly below the central bank’s two percent target and unemployment dropped to its lowest level in 50 years, providing the Fed validation for keeping rates lower during this time. In December, the Federal Reserve signaled a steady rate target as an acknowledgment of the improved economic outlook. All eyes will be on this important indicator as we approach the general election. RECORD LIQUIDITY Private Equity has amassed record levels of liquidity, estimated at $1.5 trillion, and continues to raise increasing amounts of new funds. Due to durational limits in these funds, there exists an increasing sense of urgency to deploy this abundance of capital. Companies are also sitting on record amounts
of liquidity and will continue to focus on growth through
acquisitions, particularly looking to increase capabilities and improve efficiencies through technology.
2019 KANSAS C I T Y AR E A T RANSACT I ONS
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q1 JANUARY Architecture Engineering & Construction Healthcare/Life Sciences
St. John-Mittelhauser & Associates, Inc
Entirety
Terracon Consultants, Inc Olathe, KS
Chicago, IL
Open Options, Inc
Merger
Life Unlimited, Inc
Liberty, MO
Kansas City, MO
Professional Services/Advisory The Garretson Resolution Group, Inc Professional Services/Advisory ProfessionalChats, LLC Technology/Media/Telecom The Unravel Corporation
Entirety
Epiq Systems, Inc
Kansas City, KS
Cincinnati, OH
Entirety Entirety
Ruby Receptionists, Inc Portland, OR RSM Marketing Services Wichita, KS
Lee's Summit, MO
Lenexa, KS
CentralSquare Technologies
Technology/Media/Telecom Lucity, Inc
Entirety
Lake Mary, FL
Overland Park, KS
Manufacturing/Distribution
Metal Doors & Frame Company Entirety
Walsh Door & Security Des Moines, IA
North Kansas City
Mariner Wealth Advisors, LLC Prime Capital Investments Advisors, LLC
Professional Services/Advisory Martin Financial Group
Entirety
Overland Park, KS New Albany, IN
Professional Services/Advisory Longer Investments, Inc
Assets
Overland Park, KS Fayetteville, AR
Equipment Management, Service and Repair, Inc
Healthcare/Life Sciences
Entirety
CSA, LLC
Lee’s Summit, MO Wilmington, OH
Manufacturing/Distribution
NSC Minerals, Ltd
Entirety
US Salt, LLC
Kansas City, MO
Saskatoon, Canada
Blue Valley Ban Corporation
Heartland Financial USA, Inc
Financial Institutions
Castle Creek Capital, LLC
Dubuque, IA
Overland Park, KS
Consumer Products & Services Groom & Sons' Ace Hardware Entirety
Westlake Ace Hardware Lenexa, KS
McKinney, TX
Consumer Products & Services Calvary Chapel of Kansas City K300CH-FX Station Educational Media Foundation, Inc
Rocklin, CA
Overland Park, KS
Consumer Products & Services Beauty Brands, LLC
Assets
Absolute Beauty, LLC Kansas City, MO
Lenexa, KS
Aviation and Truck Equipment Business Shawnee Mission Hyundai, Inc
Manufacturing/Distribution
Wabash National Corporation
AFI Partners, LLC
New York, NY
Lafayette, IN
Reed Automotive Group, Inc
Consumer Products & Services Group 1 Automotive, Inc
Kansas City, MO
Houston, TX
Consumer Products & Services Lawn-Corps, Inc
Entirety
St. Louis Composting, Inc Valley Park, MO
Belton, MO
Professional Services/Advisory The Weinberg Group, Inc
Entirety
ProPharma Group, Inc Overland Park, KS Washington, DC
Innovative Foodservice Group
Consumer Products & Services J.E.S. Restaurant Equipment, Inc
Entirety
Kansas City, KS
Greenwood, SC
Tallgrass Energy GP, LLC (100%) & Tallgrass Energy, LP (44%)
Energy/Utility & Infrastructure
Minority Stake
The Blackstone Group New York, NY
Leawood, KS
Professional Services/Advisory Slagle, Bernard & Gorman, PC Merger
Swanson Midgley, LLC Kansas City, MO
Kansas City, MO
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q1 FEBRUARY
Generali Global Assistance, Inc
Consumer Products & Services Arthur J. Gallagher & Company
Trip Mate, Inc
Bethesda, MD
Rolling Meadows, IL
L-3 Mobile Vision, Inc
Technology/Media/Telecom L3 Technologies, Inc
Safe Fleet Holdings, LLC Belton, MO
New York, NY
Healthcare/Life Sciences Manufacturing/Distribution
OMS Rehab
Merger Entirety Entirety
Rehab Medical, Inc
Indianapolis, IN
Kansas City, MO Kansas City, MO
Adapt Laser Systems
Boyne Capital Partners Miami, FL
Consumer Products & Services CigaWatt, Inc
Liberated Solutions, Inc Independence, MO Blue Springs, MO
Manufacturing/Distribution
Bublitz Material Handling, Inc Merger
Riekes Equipment
Omaha, NE
North Kansas City, MO
Forensics, Review and eDiscovery Services
Technology/Media/Telecom QUiVX
Xact Data Discovery
Mission, KS
Walnut Creek, CA
Critical Alert Systems, LLC Joseph Hollander & Craft, LLC
Technology/Media/Telecom Sphere3 Consulting
Entirety
Westbrook, ME
Kansas City, MO
Professional Services/Advisory Rosengreen Law Firm, LLC Merger
Overland Park, KS Leawood, KS
Wassenaar, Netherlands
Technology/Media/Telecom Tacx Onroerend en Roerend Goed, BV
Entirety
Garmin
Olathe, KS
One Taco Republic and Three BRGR Restaurants
Consumer Products & Services Bread & Butter Concepts
Whitney VinZant
Kansas City, MO
Kansas City, MO
Mariner Wealth Advisors, LLC Mariner Wealth Advisors, LLC
Professional Services/Advisory RTB Consulting, LLC
Entirety
Overland Park, KS Cincinnati, OH
Professional Services/Advisory Authent Advisors
Entirety
Overland Park, KS Corte Madera, CA
Manufacturing/Distribution
Mid-America Fittings, Inc
Entirety Entirety Entirety Entirety
Wynnchurch Capital, LLC Rosemont, IL
Overland Park, KS Wall Township, NJ
Technology/Media/Telecom Health Care Software, Inc
WellSky
Lenexa, KS
Financial Institutions
The Johnston Group, LLC
Creative Planning
Overland Park, KS Minneapolis, MN
Energy/Utility & Infrastructure Reliable Propane
Ferrellgas Partners, LP Liberty, MO
Sikeston, MO
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q1 MARCH
American Trailer Rental Group Multi Service Technology Solutions, Inc LTN Global Communications, Inc
Transportation & Logistics
Fleet Trailer Rentals, LLC Entirety
Walton, OH
Kansas City, KS
Technology/Media/Telecom TicketRX
Entirety
Overland Park, KS Overland Park, KS
Technology/Media/Telecom Niles Media Group, Inc
Entirety
Savage, MD
Liberty, MO
Food/Agriculture & Animal Health
IntelliFarms, LLC
Entirety
Ag Growth International, Inc Winnipeg, Canada Archie, MO
Financial Institutions
Bankers Trust Company Corporate Trust Business
UMB Bank
Kansas City, MO Des Moines, IA
Manufacturing/Distribution
Motion Envelope
Entirety
Tension Corporation
Kansas City, MO Dallas, TX
Professional Services/Advisory Southwood Research, Ltd Entirety
ProPharma Group, Inc
Overland Park, KS Buckinghamshire, United Kingdom
Food/Agriculture & Animal Health Architecture/Engineering & Construction
Iowa Premium Beef, LLC
National Beef Packing Company
Sysco Corporation
Kansas City, MO Houston, TX
Great Plains Roofing and Sheet Metal Central Packaging Products and Equipment, LLC
Western Specialty Contractors
Assets
St. Louis, MO
Kansas City, KS
B2B Industrial Packaging, LLC
Manufacturing/Distribution
Entirety
Addison, IL
Lenexa, KS
Financial Institutions Financial Institutions
Cobalt Ventures, LLC
Medval, LLC
The Advocator Group, LLC Wakefield, MA
Kansas City, MO
Fairport Bancshares, Inc Entirety
Bethany Bankshares, Inc
Bethany, MO
Maysville, MO
Transportation & Logistics
Austin Ventures
MIQ Logistics, LLC
Noatum Logistics
Madrid, Spain
Austin, TX
U.S. Court Reporting Business
Professional Services/Advisory Epiq Systems, Inc
Veritext Corporation
Livingston, NJ
Kansas City, KS
Manufacturing/Distribution
ProPolymer Coatings
Entirety
Tnemec
Kansas City, MO St. Louis, MO
Green Investment Group Limited
Edinburgh, United Kingdom
Energy/Utility & Infrastructure TradeWind Energy, Inc
Savion, LLC
Lenexa, KS
Energy/Utility & Infrastructure TradeWind Energy, Inc
Entirety
Enel SpA
Rome, Italy
Lenexa, KS
Kansas City and St. Louis Operations of Morey's Seafood International
Food/Agriculture & Animal Health
Acuity Capital Partners
Fortune International, LLC Bensenville, IL
Chicago, IL
Technology/Media/Telecom Burly Studios
Entirety
MBB Agency
Leawood, KS
Wichita, KS
Two Lawrence-based Auto Dealerships
Consumer Products & Services Briggs Auto Group
McCarthy Auto Group
Olathe, KS
Manhattan, KS
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q2 APRIL Professional Services/Advisory H&A eDiscovery, Inc
Entirety
Epiq Systems, Inc
Kansas City, KS
Ontario, Canada
Akoya Capital Partners & Landon Capital Partners Chicago, IL
Manufacturing/Distribution
Trinity Technology Group
Entirety
Higginsville, MO
News-Press & Gazette Company
Technology/Media/Telecom Heartland Media, LLC
KQTV
St. Joseph, MO
San Francisco, CA
Transaction Data Systems, Inc
Technology/Media/Telecom Pharm Assess, Inc
Entirety
Ocoee, FL
Overland Park, KS
AGD Insurance Brokerage Services, LLC
RPS Benefits by Design, Inc
Financial Institutions
Merger
Overland Park, KS St. Joseph, MO
Financial Institutions
Liberty Bancorp, Inc
Entirety
Central Bancompany, Inc Jefferson City, MO Liberty, MO
London, United Kingdom
Professional Services/Advisory Digital Spring
Entirety
MMGY Global
Kansas City, MO
Mariner Wealth Advisors, LLC
Professional Services/Advisory Foundations Wealth Management
Entirety
Overland Park, KS Sioux Falls, SD
Consumer Products & Services Hillenmeyer Landscape Services
Entirety
HeartLand, LLC
Olathe, KS
Lexington, KY
Mariner Wealth Advisors, LLC
Professional Services/Advisory Singer Xenos Schechter Sosler Wealth Management
Entirety
Overland Park, KS Coral Gables, FL
AmTrust Agricultural Insurance Services
Producers Ag Insurance Group, Inc Weave Gotcha Covered! Custom Truck One Source Curran Companies & Willcrest Partners
Financial Institutions
AmTrust Financial Services, Inc
Amarillo, TX
New York, NY
Consumer Products & Services WomenSpirit
Entirety
Kansas City, MO
Kansas City, MO
Manufacturing/Distribution
Terex Corporation
Assets
Kansas City, MO
Westport, CT
Manufacturing/Distribution
Precision Aerospace, LLC
Entirety
Kansas City, MO
Phoenix, AZ
Manufacturing/Distribution Food/Agriculture & Animal Health
Specialty Products, Inc
Entirety
VersaFlex
Kansas City, KS
Lakewood, WA
Aratana Therapeutics, Inc
Entirety
Elanco Animal Health Greenfield, IN
Leawood, KS
Artisan Technology Group, LLC
Technology/Media/Telecom Engage Mobile Solutions, LLC Entirety
Kansas City, MO
Kansas City, MO
Five Megaplex Movie Theaters
Financial Institutions
Unknown
EPR Properties
Kansas City, MO
-
Financial Institutions
TCN/SIG Telehousing
Two Data Centers QTS Realty Trust, Inc
Overland Park, KS Groningen, Netherlands
Thou Mayest Coffee Roasters
Consumer Products & Services Quay Coffee
Entirety
Kansas City, MO
Kansas City, MO
Manufacturing/Distribution
Xeleum Lighting, LLC
Entirety
EiKO Global, LLC
Shawnee, KS
Boynton Beach, FL
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q2 MAY Healthcare/Life Sciences
McBee Associates, Inc
Entirety Entirety Entirety Entirety
Netsmart Technologies, Inc Overland Park, KS Wayne, PA
Technology/Media/Telecom Complia, LLC
NIC, Inc
Olathe, KS San Diego Shelton, CT
Denver, CO
Technology/Media/Telecom Zego
Paylease, Inc
Kansas City, MO Kansas City, MO
Technology/Media/Telecom Decision Insight
TABS Analytics
Summit Bank of Kansas City
Citizens Bank & Trust Company
Financial Institutions
Entirety
Kansas City, MO Lee's Summit, MO
Consumer Products & Services Travel Clean Express Car Wash
Entirety
GO Car Wash
Phoenix, AZ
Overland Park, KS
Kanstul Musical Instruments
Manufacturing/Distribution
Entirety
B.A.C. Musical Instruments Kansas City, MO Anaheim, CA
Technology/Media/Telecom Blue Rivet, LLC
Entirety
MBB Agency
Leawood, KS
Kansas City, MO
ImageFIRST Healthcare Laundry Specialists
Consumer Products & Services Faultless Laundry Company, Inc Consumer Products & Services Cinetopia, LLC
Majority Stake
King of Prussia, PA Kansas City, MO
Entirety
AMC Entertainment Holdings Leawood, KS
Beaverton, OR
Midstream Energy Asset Management
Financial Institutions
Advisory Research, Inc
Tortoise Capital Advisors
Leawood, KS
Chicago, IL
Manufacturing/Distribution Architecture/Engineering & Construction
Kim Supply, Inc
Assets
Kleen Rite Corporation
Columbia, PA
Kansas City, MO
Integrated Electronics, Inc Entirety
Echo Systems
Omaha, NE
Lenexa, KS
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q2 JUNE Professional Services/ Advisory Technology/Media/ Telecom Financial Institutions Architecture/Engineering & Construction
Momentum Strategy Group
Entirety
Axiom Strategies
Kansas City, MO Brandon, FL
Hallmark Business Connections
Entirety
InComm, Inc
Atlanta, GA
Kansas City, MO
KCB Bank, Inc
Entirety
Academy Bank
Kansas City, MO Kearney, MO
Environmental Services, Inc and Geotechnical & Environmental Consultants, Inc
Entirety
Terracon Consultants, Inc
Olathe, KS
Lenexa, KS
Healthcare/Life Sciences Rx-Net, Inc
Entirety
OmniSYS LLC
Dallas, TX
Shawnee, KS
Architecture/Engineering & Construction
DaVinci Roofscapes, LLC
Entirety
Royal Building Products, Inc Houston, TX
Kansas City, KS
Manufacturing/ Distribution
Pulse Aerospace, Inc
Entirety
AeroVironment, Inc
Simi Valley, CA Lawrence, KS
Financial Institutions Professional Services/ Advisory Consumer Products & Services Food/Agriculture & Animal Health Technology/Media/ Telecom
Wave Financial, Inc
Entirety
H&R Block, Inc
Kansas City, MO Toronto, Canada
Mariner Wealth Advisors, LLC
SMS Capital Management, Inc
Entirety
Overland Park, KS Bellaire, TX
Fast & Easy Services
Entirety
Inland Truck Parts Company Overland Park, KS Grand Junction, CO
Unknown
Grain Facility
Bartlett and Company, Inc
Kansas City, MO San Luis Potosi, Mexico
Balance Innovations, LLC
Entirety
The Brink's Company
Richmond, VA
Lenexa, KS
18 US-based Multi- screen Cinema Properties
Financial Institutions
Cineworld Group, PLC
EPR Properties
Kansas City, MO Brentford,
United Kingdom
Manufacturing/ Distribution
Berg Wholesale
Entirety
Banner Solutions
Kansas City, MO Tualatin, OR
Healthcare/Life Sciences Practice Insight, LLC
Entirety Entirety Entirety
eSolutions, Inc
Overland Park, KS Houston, TX
Transportation & Logistics Driveaway USA
Team Drive-Away
Shawnee, KS
Lee's Summit, MO
Healthcare/Life Sciences Watson Imaging Center
Diagnostic Imaging Centers Kansas City, MO St. Louis, MO
Consumer Products & Services Food/Agriculture & Animal Health
Big Splash Car Wash
Entirety
GO Car Wash
Phoenix, AZ
Grandview, MO
Dairy Farmers of America, Inc
St. Albans Cooperative Creamery, Inc Entirety
Kansas City, KS St. Albans, VT
Pompano Beach, FL
Healthcare/Life Sciences Pathfinder Health Innovations, Inc Entirety
Central Reach
Kansas City, MO
US-based Lab in De Soto, KS
London, United Kingdom
Healthcare/Life Sciences Oncimmune
Biodesix
Boulder, CO
Manufacturing/ Distribution Manufacturing/ Distribution
Air Industrial Resource, Inc
Entirety
Sullair, LLC
Chicago, IL
Kansas City, MO
Douglas Pump Service
Entirety
C&B Equipment, Inc
Wichita, KS
Overland Park, KS
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q3 JULY Technology/Media/Telecom QDiscovery
Entirety
Xact Data Discovery
Mission, KS
New London, CT
Financial Institutions
Regal Cinemas, Inc
Cinematic Facility
EPR Properties
Kansas City, MO Knoxville, TN
Assets of Oklahoma City Branch Isle of Capri Casino Kansas City
Manufacturing/Distribution Hunton Group, Inc
O'Connor Company, Inc
Lenexa, KS
Houston, TX
Consumer Products & Services Professional Services/ Advisory Professional Services/ Advisory
Eldorado Resorts
Twin River Casino Hotel
Lincoln, RI
Reno, NV
CAH Holdings, Inc
Employee Benefits Unit Virtus, LLC
Overland Park, KS Birmingham, AL
Integrity Marketing Group, LLC
American Senior Benefits
Entirety
Dallas, TX
Olathe, KS
National Real Estate Insurance Group
Financial Institutions
Entirety
Tim Norris
Kansas City, MO Kansas City, MO
Technology/Media/Telecom NEXTFactor Enterprises, Inc Entirety
MMGY Global
Kansas City , MO Vancouver, Canada
Edgewater Growth Capital Partners, LP
Manufacturing/Distribution JZ Capital Partners Limited 9.5% stake in Orizon Aerostructures
Chicago, IL
New York, NY
Prepaid Wireless Business
Technology/Media/Telecom Sprint Corporation
DISH Network Corporation Englewood, CO
Overland Park, KS
Pony Express Community Bank
Financial Institutions
Entirety
First Option Bank
Osawatomie, KS St. Joseph, MO
Food/Agriculture & Animal Health Professional Services/ Advisory
Superior Cake Products, Inc
Hostess Brands, Inc
Sara Lee Frozen Bakery
Oak Brook, IL
Kansas City, MO
Zimmerman Axelrad Meyer Stern & Wise Pc
Entirety
Spencer Fane, LLP
Overland Park, KS Houston, TX
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q3 AUGUST
Technology/Media/Telecom Lockpath, Inc
Entirety
NAVEX Global, Inc
Lake Oswego, OR Overland Park, KS
Technology/Media/Telecom WorkSpace Communications, LLC
Cloud Customer Base Altigen Communications, Inc San Jose, CA
Overland Park, KS
Professional Services/ Advisory Consumer Products & Services Food/Agriculture & Animal Health
Truss, LLC
Entirety
Hub International
Chicago, IL
Kansas City, MO
Ngen Technologies USA Corporation
Entirety
Liberated Solutions, Inc
Independence, MO Dallas , TX
Three Kansas City Locations
t.Loft
Blue Hand Holdings, LLC Lenexa, KS
Kansas City, MO
Financial Institutions
George K. Baum & Company Municipal Securities Business
Stifel Financial Corporation St. Louis, MO
Kansas City, MO
Manufacturing/Distribution Vanguard Packaging
Entirety
Dunes Point Capital
Rye, NY
Kansas City, MO
Food/Agriculture & Animal Health
Atlas Team
Entirety
Deveron UAS Corporation Toronto, Canada
Kansas City, MO
West Lothian, United Kingdom
Technology/Media/Telecom A2E Limited
Entirety
Pivot International, Inc
Lenexa, KS
Technology/Media/Telecom Nxt-ID, Inc
FitPay, Inc
Garmin
Lenexa, KS
Melbourne, FL
Food/Agriculture & Animal Health
Animal Health Unit (Shawnee)
Leverkusen, Germany
Bayer AG
Elanco Animal Health
Greenfield, IN
Manufacturing/Distribution Midwest Acoustics, Inc
Merger
Image Flooring, LLC
Lenexa, KS
Kansas City, MO
Consumer Products & Services Consumer Products & Services
Kansas City Royals Baseball Corporation John Sherman
David Glass
Kansas City, MO Kansas City, MO
Great Range Capital
HeartLand, LLC
Sterling Investment Partners Westport, CT
Mission Woods, KS
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q3 SEPTEMBER Technology/Media/Telecom Beyond IT, Inc
Entirety Entirety
Xact Data Discovery
Mission, KS
Houston, T
Consumer Products & Services Ceres Commodities, LLC
The Redwood Group, LLC Mission, KS
Newport, HY
Specialized Builder's Hardware, Inc
Manufacturing/Distribution
Assets
Banner Solutions
Kansas City, MO
Anaheim, CA
Food/Agriculture & Animal Health
Company Kitchen, LLC
Entirety
365 Retail Markets
Troy, MI
Merriam, KS
Professional Services/Advisory Centralized Showing Service, Inc
Entirety
ShowingTime, Inc
Chicago, IL
Overland Park, KS
Metcalf Partners Wealth Management
Financial Institutions
Cornerstone Financial
Merger
Overland Park, KS Lenexa, KS
Juice Merchandising Corporation Packaging Products Corporation
Manufacturing/Distribution
Entirety
Apex Plastics
Brookfield, MO
Kansas City, MO
Pacific Packaging Products, Inc
Manufacturing/Distribution
Entirety
Wilmington, MA
Mission , KS
Financial Institutions
America’s Best 401k
Entirety
Creative Planning
Overland Park, KS Overland Park, KS
Financial Institutions
Platte County Bancshares, Inc Platte Valley Bank of Missouri
Central Bancompany, Inc Jefferson City, MO Platte City, MO
Mariner Wealth Advisors, LLC
Professional Services/Advisory Snow Creek Wealth Management
Entirety
Overland Park, KS Nashville, TN
Manufacturing/Distribution
Pasek Corporation
Entirety
DH Pace Company, Inc Olathe, KS
Boston, MA
Global Aviation Services, LLC
PrimeFlight Aviation Services, Inc
Transportation & Logistics
CSA Air, Inc
Sugar Land, TX
Kingsford, MI
Technology/Media/Telecom Murdock Marketing, LLC
Entirety
GlynnDevins, Inc
Kansas City, MO
Oklahoma City, OK
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q4 OCTOBER
United Consumers Credit Union
Financial Institutions
Cross Roads Credit Union
Entirety
Independence, MO Kansas City, MO
Healthcare/Life Sciences
UVANTA Kansas City
Entirety
Pharmscript, LLC
Somerset, NJ
Lenexa, KS
Battery Ventures and Other Investors
Healthcare/Life Sciences
ClearCare, Inc
WellSky
Lenexa, KS
Boston, MA
Technology/Media/Telecom Priority Vendor Technologies Entirety
C2FO
Leawood, KS
Uttar Pradesh, India
Architecture/Engineering & Construction Food/Agriculture & Animal Health
Pacific Mutual Door Company, Inc
Hardwoods Distribution, Inc Mid-Kansas Cooperative Association
Entirety
Langley, Canada
Kansas City, MO
Mid-West Fertilizer, Inc
Entirety
Moundridge, KS
Paola, KS
Financial Institutions
Bank of the Prairie
Entirety
Country Club Bank
Kansas City, MO
Olathe, KS
Healthcare/Life Sciences
AbleVets, LLC
Entirety
Cerner Corporation
North Kansas City, MO Chantily, VA
Transportation & Logistics
Team Drive-Away
Entirety
United Road
Romulus, MI
Olathe, KS
Enterprise and Cloud Billing Business
Technology/Media/Telecom Ericsson
Kansys, Inc
Olathe, KS
Stockholm, Sweden
Manufacturing/Distribution Manufacturing/Distribution Healthcare/Life Sciences
Castle Creations, Inc
Entirety
Pivot International, Inc Lenexa, KS
Olathe, KS
Textured Coatings of America Assets
Tnemec
Kansas City, MO
Panama City, FL
Medidal Corporation
Entirety Entirety Entirety
eSolutions, Inc
Overland Park, KS Chicago, IL
Technology/Media/Telecom Open Relay, LLC Professional Services/Advisory Gray Plant Mooty, Inc
Twenty Thirty Group Lathrop Gage, LLP
London, England Kansas City, MO
Lenexa, KS
Minneapolis, MN
Professional Services/Advisory Charles Rutenberg Realty, LLC Entirety
United Real Estate
Kansas City, MO
Ft. Lauderdale, FL
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q4 NOVEMBER
Solus Alternative Asset Management
Transportation & Logistics
Jack Cooper Transport
Entirety
New York, NY
Kansas City, MO
The Access Group - TranSystems
Technology/Media/Telecom Attache Software
Entirety
Kansas City, MO New South Wales
Consumer Products & Services Magna-Plus, Inc
Entirety
Stouse, LLC
New Century, KS Kansas City, KS
Architecture/Engineering & Construction
Timberlake Engineering Consultants, LLC
Entirety
Custom Engineering, Inc
Independence, MO Columbia, MO
Consumer Products & Services Landmark South Chrysler Dodge Jeep Ram
Entirety
Max Motors II, LLC
Butler, MO
Belton, MO
Food/Agriculture & Animal Health
Continental Grain Company
Remaining Shares of ContiLatin del Peru
Seaboard
Merriam, KS
New York, NY
Professional Services/Advisory Yotabites Consulting, LLC Entirety
ProKarma, Inc
Omaha, NE
Lenexa, KS
Healthcare/Life Sciences
Kansas City Dermatology Entirety
Epiphany Dermatology, PA Waco, TX
Overland Park, KS
Professional Services/Advisory Element, LLC
Entirety
MJH Life Sciences
Cranbury, NJ
Kansas City, MO
Consumer Products & Services Houlihan's Restaurants, Inc Assets
Landry's, Inc
Houston, TX
Leawood, KS
Manufacturing/Distribution
Banner Solutions
Entirety
Tailwind Capital Group
New York, NY
Kansas City, MO
31% Interest in National Beef Packing Company
Food/Agriculture & Animal Health
Jefferies Financial Group
Marfrig Global Foods
Sao Paulo, Brazil
New York, NY
Healthcare/Life Sciences
Suture Express, Inc
Entirety
Medline Industries, Inc
Northfield, IL
Overland Park, KS
Optifour Integrated Wealth Management
Financial Institutions
Entirety
Creative Planning
Overland Park, KS Reston, VA
Consumer Products & Services Haggerty Ace Hardware Entirety
Westlake Ace Hardware
Lenexa, KS
Cooperstown, NY Kansas City, MO
Financial Institutions
Thomas McGee Group
Entirety
RSC Insurance Brokerage, Inc Boston, MA
Financial Institutions
Commerce Trust Company Corporate Trust Business
UMB Bank
Kansas City, MO Kansas City, MO
Charter School Portolio
Financial Institutions
EPR Properties
Rosemawr Management, LLC New York, NY
Kansas City, MO
INDUSTRY
SELLER
UNIT SOLD
BUYER
BUYER LOCATION
SELLER LOCATION
Q4 DECEMBER
Standex International Corporation
Manufacturing/Distribution
Torotel, Inc
Entirety
Salem, NH
Olathe
Voortman Cookies Limited 2 Business Units
Consumer Products & Services Swander Pace Capital
Hostess Brands, Inc
Kansas City, MO San Francisco, CA
Professional Services/Advisory Thruline Marketing
EducationDynamics, LLC
Hoboken, NJ
Lenexa, KS
Healthcare/Life Sciences
CompAlliance, LLC Hogan Financial Management
Entirety
Genex Services
Wayne, PA
Merriam, KS
Financial Institutions
Entirety
Creative Planning
Overland Park, KS Milwaukee, WI
Financial Institutions
Mike Berg & Associates
Entirety
RPS Benefits by Design, Inc Overland Park, KS Albuquerque, NM
Kansas City Regional Association of Realtors
Professional Services/Advisory Five County Realtors
Entirety
Leawood, KS
Nevada, MO
Technology/Media/Telecom Valence Services
Entirety
Veriship, Inc
Overland Park, KS Salt Lake City, UT
Architecture/Engineering & Construction
Cobb Refrigeration, LLC Entirety
Temp-Con, Inc
Olathe, KS
Lenexa, KS
Energy/Utility & Infrastructure Tallgrass Energy, LP
Majority Stake
The Blackstone Group
New York, NY
Leawood, KS
Professional Services/Advisory LV8 Group
Entirety
Lillian James Creative, LLC Kansas City, MO Kansas City, MO
Mariner Wealth Advisors, LLC Mariner Wealth Advisors, LLC Superior Bowen Asphalt Company, LLC Mission Critical Partners, LLC Superior Bowen Asphalt Company, LLC
Professional Services/Advisory David J. Miller Associates, LLP
Tax Practice
Overland Park, KS Chatham, NJ
Professional Services/Advisory G.M. Bremer & Associates Tax Practice
Overland Park, KS El Segundo, CA
Architecture/Engineering & Construction Architecture/Engineering & Construction Architecture/Engineering & Construction
O'Donnell & Sons Construction
Entirety
Kansas City, MO Overland Park, KS
Public Safety Network Consulting Business
Black & Veatch
Port Matilda, PA
Overland Park, KS
Hamm, Inc
Two Asphalt Plants
Kansas City, MO Perry
ABOUT CC CAPITAL ADVISORS CC Capital Advisors, part of Country Club Financial Services, a subsidiary of Country Club Bank, is a Kansas City-based investment banking group that specializes in mergers and acquisitions, corporate fundraising, and financial and strategic planning for public and private corporations throughout the United States and abroad. Its team of professionals has an extensive amount of experience and expertise in a broad range of fields, including engineering and construction services; energy, utility and infrastructure; financial institutions, healthcare, agribusiness and animal health; and manufacturing, transportation and distribution.
JOHN HENSE Managing Director 816-360-8646 BILL CONWAY Managing Director 816-360-8697 CHRIS BRITO Associate 816-360-8694 JACK RUSGIS Analyst 816-859-7462 TYLER CLEMENT Analyst 816-859-7446
TERRY CHRISTENBERRY Managing Director 816-360-8698
STEPHANIE SIDERS Vice President 816-360-8695 JULIAN BUEGERS Associate 816-859-7513 JACK SCHANZE Analyst 816-425-9391 LANEAH KNUTH Executive Assistant 816-425-9403
{~CC Capital Advisors I N T E GR I T Y. E X P E R I E NC E . COMM I TME N T.
The information contained in this report was compiled by CC Capital Advisors from a variety of sources including news reports, S&P Capital IQ, SEC filings, company statements, and information provided by M&A professionals. Many deals did not disclose pricing, and other private transactions may not have been publicly announced. Transactions are subject to change or termination prior to closing. While CC Capital Advisors makes a good faith effort to ensure the accuracy of this report, it is intended for general information purposes only. CC Capital Advisors is not responsible for any errors or omissions in this report.
Country Club Financial Services Inc., dba CC Capital Advisors, Member FINRA, SIPC
{~CC Capital Advisors
I NTEGR I TY. EXPER I ENCE . COMMI TMENT. 2001 Shawnee Mission Pkwy, Ste 110 Mission Woods, KS 66205 816-360-8600 www.cccapitaladvisors.com
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