IPAWEEK
10 - 15 September 2018
SS&C to acquire Intralinks for US$ 1.5 bn
it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
B&G Foods to sell Pirate’s Booty to Hershey Company for US$ 420 mn
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
Renesas Electronics Corporation to acquire IDT for US$ 7.2 bn
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SAIC will acquire Engility Holdings Inc. for US$ 2.5 bn
IHG's Hotel Indigo set to open in Australia in 2020
Samsung Electronics opens a AI Center in New York City
Air Products to build Liquid Hydrogen Plant at its La Porte, Texas Facility
IT-BPM
Engineering
SAIC will acquire Engility Holdings Inc. for $2.5 billion
Infrastructure
Ideanomics signs $6bn deal with China's leading Auto Financing Company
SS&C to acquire Intralinks for $1.5 billion.
Boeing & Air Peace of Nigeria announce order for 10 - 737 MAX Airplanes
Stanley Black & Decker to acquire 20% stake in MTD Products
Renesas Electronics Corporation to acquire IDT for $7.2bn
Walmart to acquire Cornershop in Mexico and Chile
BOFA International acquired by Donaldson Company, Inc
Samsung Electronics opens a New AI Center in New York City
Bechtel to design and build $1.3 billion Ohio Energy facility
Genstar Capital completes sale of Accruent to Fortive Corporation for $2 billion
ST Engineering to acquire Nacelle Manufacturer for US$ 630m
Dusit enters luxury villa rental market with acquisition of Elite Havens
Rafael Holdings Increases Stake in Rafael Pharma
Johnson & Johnson Medical GmbH acquires EIT GmbH
A new Park Inn by Redission to land at Oslo Airport
Stryker agreement to acquire Invuity, Inc.
B&G Foods to sell Pirate’s Booty to Hershey Company for $420 Mn
Food
IHG opens second Holiday Inn Express hotel in Seoul
Hilton Grand Vacations announces its first Caribbean resort
Wessanen has acquired Abbot Kinneys
Tourism
IHG's newest Hotel Indigo in Australia set to open in 2020
Boston Scientific agreement to acquire Augmenix
Thermo Fisher Scientific to acquire Advanced Bioprocessing Business from BD
Healthcare
Focus Brands completes acquisition of Jamba Juice
Genstar Capital, a leading private equity firm focused on investments in targeted segments of the software, industrial technology, healthcare, and financial services industries, announced that it has completed the previously announced sale of Accruent, the world’s leading provider of physical resource management solutions, to Fortive Corporation for $2.0 billion. Under Genstar’s two-year ownership, the company doubled revenue, successfully completed nine acquisitions, and rapidly expanded international growth. Founded in 1995, Accruent is a global software company that helps organizations achieve superior performance by transforming how they manage their physical resources. Accruent employs over 1,100 employees and its solutions are used by more than 10,000 global customers across a wide range of industries. It has experienced strong international revenue growth with 20 percent of Accruent’s revenue coming from global markets, fueled by a strong business partner network spanning more than 150 countries.
Genstar Capital completes sale of Accruent to Fortive Corporation for US$ 2 billion
Read article on globalfdi.net
SS&C Technologies Holdings, Inc., a global provider of financial services software and software-enabled services, announced it has entered into a definitive agreement to acquire Intralinks Holdings, Inc. from affiliates of Siris Capital Group for total consideration of $1.5 billion. The purchase price will consist of $1 billion in cash and $500 million in SS&C stock, with the per share price of the stock based on the volume weighted average trading price for 30 trading days prior to closing. SS&C and Frank Baker, Siris’ co-founder and managing partner, expect that Mr. Baker will join the SS&C Board of Directors following the closing on a mutually-agreed date. Intralinks is a leading financial technology provider for the global banking, deal making and capital markets communities. The company facilitates strategic initiatives including mergers and acquisitions, capital raising and investor reporting by enabling and securing the flow of information. Intralinks innovates to enhance the value, speed and confidentiality of deal making, reporting and communications – driving success for its users. Intralinks provides the leading investor communications platform for private equity and hedge fund professionals with the largest hosted community of general and limited partners for the alternative investments industry. “Intralinks brings a wealth of expertise and a leadership position in the data sharing and collaboration technology space,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “Intralinks and SS&C share many of the industry’s largest customers and together we are well-positioned to meet the needs of major banks, alternative funds and other corporations seeking to automate document-centric, collaborative workflows.”
SS&C to acquire Intralinks for US$ 1.5 billion
Samsung Electronics Co., Ltd. announced that it will open a new artificial intelligence (AI) research center in New York City, the U.S., to strengthen its AI capabilities. Located in the heart of Chelsea, the New York AI Center will be led by Daniel D. Lee, Executive Vice President of Samsung Research and a global authority in AI robotics, who joined Samsung Electronics last June. With cooperation from a leading authority in neuroscience-based AI technologies, H. Sebastian Seung, Executive Vice President of Samsung Research, the New York AI Center will spearhead the advanced AI research in robotics. As the Chief Research Scientist of Samsung Electronics, Seung will also advise Samsung on advanced AI research in developing future business growth opportunities. Samsung has announced plans to expand its advanced AI research capabilities to employ about 1,000 specialists by 2020. This will be Samsung’s sixth AI center around the world, and it will work in partnership with Samsung’s other AI research facilities. The additional AI centers are located in Korea, the U.K., Canada, Russia, and Silicon Valley, the U.S.
Walmart Inc. announced the acquisition of Cornershop, Inc., a leading online marketplace for on-demand delivery from supermarkets, pharmacies and specialty food retailers in Mexico and Chile. This transaction is an important step forward in accelerating the company’s omnichannel capabilities and growth in Latin America. It follows Walmart’s recent investment in Dada-JD Daojia in China and the strategic alliance with Rakuten in Japan. “We are focused on making life easier for customers and associates by building strong local businesses, powered by Walmart,” said Judith McKenna, president and CEO of Walmart International. “Cornershop’s digital expertise, technology and capabilities will strengthen our successful businesses in Mexico and Chile and provide learning for other markets in which we operate. This is an opportunity to leverage both of our brands, as well as Walmart’s strong supply chain and store network. Combining Cornershop’s innovative, crowdsourced delivery platform with Walmart’s unique assets will allow us to accelerate growth for both companies, delighting our customers by saving them both time and money. We are excited to welcome Cornershop to the Walmart family.”
Ideanomics, a leading global fintech and asset digitization services company focused on digital asset production and distribution, has announced a monumental, three-year, $6B deal with First Auto Loan China's leading auto financing company. Financing activities will be completed via both fixed income and asset-backed security offerings through a hybrid of both traditional distribution channels as well as Velocity Ledger's blockchain-based offering globally. Under the terms of the deal, Ideanomics, through its global strategic alliance network, will provide two distinct financing campaigns, one in China and the second across global markets. Ideanomics has exclusivity for financing activities outside of China. The Company will collaborate on financing activities that are conducted within China. In line with Ideanomics' 4+2+1 Strategy, this deal is representative of the Company's Fixed Income Financial Digital Assets market penetration to provide global fractionalization, securitization, and tokenization of healthy cashflow-producing real-world assets. Additionally, the Company is building out a global value chain which includes sales and trading as well as AI-enhanced asset ratings.
Ideanomics signs US$ 6bn deal with China's Auto Financing Company
Boeing and Air Peace of Nigeria announced a new order for ten 737 MAX 8 airplanes during a signing ceremony in Lagos. Air Peace already operates Boeing 737s between major cities in Central and West Africa. The airline, which recently added Boeing 777s to its fleet, is looking to soon launch its international flight operations. The 737 MAX 8 is part of a family of airplanes that offer 130 to 230 seats and the ability to fly up to 3,850 nautical miles (7,130 kilometers). With improvements such as the CFM International LEAP-1B engine and Advanced Technology winglets, the 737 MAX will help Air Peace save more than 20 percent on fuel costs compared to its current single-aisle airplanes. The MAX 8, in particular, offers airlines 13 more seats than its closest competitor, seven percent lower costs for each of those seats, and 300 miles more range. The operating advantages, along with the popular Boeing Sky Interior, explain why carriers have been choosing to fly the MAX in Africa.
Boeing & Air Peace of Nigeria announces order for 10 - 737 MAX Airplanes
ST Engineering to acquire Nacelle Manufacturer for US$ 630 million
Singapore Technologies Engineering Ltd announced that the Group’s US subsidiary, Vision Technologies Aerospace Incorporated (VT Aerospace), has entered into a conditional share purchase agreement to acquire a 100% ownership in MRA Systems, LLC (MRAS) from General Electric Company (the “Proposed Acquisition”). The aggregate purchase consideration for the Proposed Acquisition is US$630m on a cash-free and debt-free basis, subject to closing adjustments for underfunded pension obligations, other debt-like items, transaction expenses, net working capital and other contingent adjustments. MRAS – established nacelle manufacturer With 90 years of history in the aviation industry, MRAS is an established Original Equipment Manufacturer (OEM) of engine nacelle systems for both narrowbody and widebody aircraft. Based in Baltimore, Maryland, USA with approximately 800 employees, MRAS has two principal business lines: (1) design, development, production and sale of nacelles, thrust reversers and aerostructures, and (2) spare parts sales. Strong fit to ST Engineering Group ST Engineering has been looking to invest in new growth areas, including businesses that offer competitive products through the ownership of intellectual properties and that are synergistic to its core businesses. MRAS is a strong fit given its expertise and proprietary designs to manufacture nacelles using advanced composites. The Proposed Acquisition will allow ST Engineering to scale up its aerospace capabilities by moving the company into the OEM business of high-value nacelle components and replacement parts. MRAS’ design, engineering and manufacturing know-how in advanced composite structures is synergistic with ST Engineering’s composite manufacturing capabilities.
Air Products, the leading global hydrogen provider, announced plans to build a new liquid hydrogen plant at its La Porte, Texas industrial gas facility to meet increasing product demand from several customer markets. The liquid hydrogen plant will produce approximately 30 tons per day, will draw its hydrogen to be liquefied from Air Products’ existing Gulf Coast hydrogen pipeline system network, and is to be onstream in 2021. “The investment in this new liquid hydrogen production facility in Texas will assist with meeting current customer demand, as well as capture the increased growth that we see coming from several markets. Logistically, our La Porte plant has several operational benefits which make the site selection for this new facility a good choice. We are confident with this additional capacity that we will be able to meet the projected growing liquid hydrogen needs coming from the varied industries in the United States for which a reliable source of this product is vitally important to our customers’ manufacturing operations,” said Marie Ffolkes, president, Americas at Air Products. Once liquefied at La Porte, the hydrogen will be delivered in trailers to customers in industries including: electronics, chemical and petrochemical, metals, material handling, float glass, edible fats and oils, and utilities. Air Products also has liquid hydrogen production plants operating in New Orleans, Louisiana; Sacramento, California; Sarnia, Ontario, Canada; and Rotterdam in The Netherlands.
Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, and Integrated Device Technology, Inc., a leading supplier of analog mixed-signal products including sensors, connectivity and wireless power, announced they have signed a definitive agreement under which Renesas will acquire IDT for US$49.00 per share in an all-cash transaction representing an equity value of approximately US$6.7 billion (approximately 733.0 billion yen at an exchange rate of 110 yen to the dollar). The acquisition combines two recognized leaders in embedded processors and analog mixed-signal semiconductors, each with unique strengths in delivering products to improve performance and efficiency in high-computing electronic systems. The boards of directors of both companies have unanimously approved the transaction. Closing of the transaction is expected to occur in the first half of 2019, following approvals by IDT shareholders and the relevant regulatory authorities. Since 2016, Renesas has been executing its growth strategy to thrive in the global marketplace and become a global leading embedded solution provider. As part of this initiative, Renesas is working to expand its analog solution lineup and to strengthen its kit solution offerings that combine its microcontrollers (MCUs), system-on-chips (SoCs) and analog products. These efforts will be underpinned by revenue growth in its focus domains: automotive segment, which is expected to see tremendous growth with autonomous driving and EV/HEV; industrial and infrastructure segments, which are expected to advance with Industry 4.0 and 5G (fifth-generation) wireless communications, as well as the fast-growing IoT segment. Renesas views accretive acquisitions as key enablers in achieving this growth strategy to deliver further incremental growth. The completion of the Intersil Corporation acquisition in February 2017 enabled Renesas to add industry-leading power management and precision analog capabilities to its product portfolio. Renesas is capitalizing on the exciting opportunities in its focus business segments by offering combined solutions. The transaction announced today further accelerates Renesas’ growth strategy, bringing substantial strategic and financial benefits.
Renesas Electronics Corporation to acquire IDT for US$ 7.2 billion
Science Applications International Corp. and Engility Holdings Inc., announced that they have entered into a definitive agreement under which SAIC will acquire Engility in an all-stock transaction valued at $2.5 billion, creating the second largest independent technology integrator in government services with $6.5 billion of pro-forma last 12 months’ revenue. The combination of these two complementary businesses will accelerate SAIC’s growth strategy into key markets, enhance its competitive position and provide significant financial benefits. “The highly complementary portfolios, combined with our similar cultures, operating models, and histories, make this transaction a compelling combination that enhances the value proposition for our customers, employees, and shareholders,” said SAIC CEO Tony Moraco. “We look forward to welcoming the Engility team into SAIC, as together we create a market leader in government services with more than 23,000 employees.” “Engility’s market-leading expertise in next-generation systems engineering and integration services, particularly among space, federal, and intelligence customers, will augment SAIC’s strong mission, engineering and enterprise IT offerings to create a more comprehensive suite of capabilities serving a broader set of customers,” said Engility Chairman, CEO and President Lynn Dugle. “The combined capabilities of the two companies will have the capacity and differentiated solutions that can best meet our customers’ demands and take advantage of improved market conditions.” The combination will enhance shareholder value creation, with greater customer access and more competitive and differentiated solutions, supported by more than $375 million in pro-forma annual free cash flow to enhance capital deployment flexibility and $150 million of expected annual gross cost synergies ($75 million of expected annual net cost synergies, after consideration of the pro-forma company’s cost type contract mix). Upon closing, SAIC shareholders will own approximately 72% and Engility shareholders will own approximately 28% of the combined company on a pro forma, fully diluted basis.
Stanley Black & Decker announced that it has entered into a definitive agreement to acquire a 20 percent stake in MTD Products Inc, a privately held global manufacturer of outdoor power equipment, for $234 million in cash. Under the terms of the agreement, Stanley Black & Decker has the option to acquire the remaining 80 percent of MTD beginning on July 1, 2021. Stanley Black & Decker's President and CEO James M. Loree commented, "This investment in MTD increases our presence in the $20 billion global lawn and garden market in a financially and operationally prudent way. We have always viewed outdoor products as an attractive growth category for us to expand our presence beyond handheld electric products. This transaction gives us the opportunity to do that with a world class partner. MTD has a first-rate management team, talented employees and a mission, values and commitment to innovation that are very closely aligned with our own, and we are excited to move forward with them." This partnership significantly enhances Stanley Black & Decker and MTD's existing commercial relationship, which currently includes the manufacture of select outdoor products under the Craftsman brand. Going forward, the two companies will work together to pursue revenue and cost opportunities, improve operational efficiency and introduce new and innovative products for professional and residential outdoor equipment customers, leveraging their respective portfolios of strong brands.
BOFA International Ltd , world leaders in industrial fume and dust extraction technology, has announced it is to be acquired by Donaldson Company, Inc. Donaldson is a global leader in the industrial air filtration market, manufacturing filtration systems and parts. BOFA, headquartered in Poole, Dorset, has experienced significant growth since a management buyout supported by mid-market private equity investor LDC in 2015. Over the past three years, substantial investment has been made in the company’s infrastructure, international growth strategy and product development. Revenues have almost doubled to £27m and headcount has increased by 50%. BOFA has been recognised for its market-leading products, receiving two Queen’s Awards for Enterprise for outstanding achievement by a UK business in International Trade, and for Innovation in developing its world-first Intelligent Operating (iQ) system. Earlier this year, the company was recognised for its fast-growing worldwide sales in The Sunday Times HSBC International Track 200. The arrangement brings many clear synergies, with Donaldson’s portfolio of large scale industrial extraction systems complementing BOFA’s extensive range of portable extraction systems. The acquisition will enable BOFA to continue pushing the boundaries of fume and dust extraction technology in both product development and industry sector applications globally.
Bechtel, a global leader in engineering, procurement and construction, has been selected by South Field Energy LLC to design and build a combined-cycle facility in Columbiana County, Ohio that will deliver a clean, reliable and efficient source of energy to more than one million homes. Bechtel has received approval to begin construction immediately on the 1,182-megawatt South Field Energy facility. The peak construction phase is expected to create approximately 1,000 jobs. The facility is scheduled to enter commercial operation in 2021. Bechtel will be responsible for the engineering, procurement, and construction of the electric generating facility, which will use General Electric power generation equipment including two natural gas turbines, each paired with a heat recovery steam generator and steam turbine generator. Bechtel Enterprises partnered with Advanced Power to develop the project. The facility is the second major project in Ohio for the Bechtel-Advanced Power team, who completed the Carroll County Energy Facility in December 2017. The team is also constructing the Cricket Valley Energy Center, a natural gas-fired, combined-cycle power facility in Dover, NY.
Bechtel to design and build US$ 1.3 billion Ohio Energy facility
Thermo Fisher Scientific Inc., the world leader in serving science, has signed a definitive agreement with BD , a leading global medical technology company, under which Thermo Fisher will acquire BD's Advanced Bioprocessing business. This business combines a strong technical services program with a variety of peptones that enhance cell culture media formulations to improve yield and reduce variability in biopharmaceutical applications. "Thermo Fisher has a trusted value proposition for customers who are working in biologic drug development and manufacturing," said Mark Stevenson, executive vice president and chief operating officer of Thermo Fisher Scientific. "The addition of these new capabilities will complement our bioproduction offering and strengthen our ability to serve this rapidly growing market, from development to large-scale production." Patrick Kaltenbach, president of Life Sciences for BD, said "We are excited that our Advanced Bioprocessing team will have the opportunity to join a company with deep expertise and a long-standing commitment to supporting biopharmaceutical production. It will create new prospects, building on a 25-year history of ensuring that high-quality biopharmaceuticals get to the market quickly."
Rafael Holdings increases stake in Rafael Pharma
Rafael Holdings, Inc. announced that, through a subsidiary, it has partially exercised a warrant to purchase preferred equity in Rafael Pharmaceuticals, Inc. a clinical stage, metabolic oncology-therapeutics company which is developing innovative, highly selective and well tolerated anti-cancer agents. "We see real promise in Rafael Pharma's lead therapeutic compound, CPI-613 - as well as in other molecules under development in Rafael Pharma's Altered Energy Metabolism Directed platform," said Howard Jonas, Chairman and CEO of Rafael Holdings. "We are excited to continue our investment in this promising approach to some of the most difficult-to-treat cancers." "Rafael Pharma anticipates initiating Phase III clinical trials with CPI-613 in patients with pancreatic cancer and in patients with relapsed/refractory AML," said Sanjeev Luther, Rafael Pharmaceutical's President and Chief Executive Officer. "This investment will help us to execute on our clinical trial programs and hopefully move us closer to bringing CPI-613 to patients in need."
Boston Scientific announces agreement to acquire Augmenix
Boston Scientific announced that it has entered into a definitive agreement to acquire Augmenix, Inc., a privately-held company which has developed and commercialized the SpaceOAR System, a therapy used to reduce common and debilitating side effects that men may experience after receiving prostate cancer radiotherapy. The transaction consists of an upfront cash payment of $500 million, and up to $100 million for reaching sales-based milestones. The SpaceOAR hydrogel is CE Marked, cleared by the FDA and has been used in more than 30,000 patients worldwide. As a result of commercial adoption, expanded U.S. reimbursement and a total addressable market valued at $750M, product sales are estimated to reach $50M in 2018, and approach $90M in 2019. "The acquisition furthers our category leadership strategy in urology and the SpaceOAR hydrogel is a crucial addition to our growing prostate health treatment portfolio of products that improve the quality of life and clinical outcomes for men with prostate cancer and benign prostatic hyperplasia," said Dave Pierce, executive vice president and president, MedSurg, Boston Scientific. "The injection of this hydrogel during a minimally-invasive, in-office procedure can reduce the unwanted and unintended side effects of prostate radiation and provide substantial peace of mind for patients and their treating physicians." Clinical trials in Europe and the U.S. have demonstrated that the space created by the hydrogel significantly reduces the amount of radiation delivered to the rectum. Additionally, the randomized SpaceOAR hydrogel U.S. clinical trial demonstrated that patients who received the hydrogel spacer reported significantly less rectal pain during prostate radiotherapy and had significantly less severe long-term rectal complications, including zero incidence of grade 2 rectal toxicity versus a 5.7% rate experienced by patients without the spacer.
Johnson & Johnson Medical Devices Companies*, through its subsidiary Johnson & Johnson Medical GmbH, announced the acquisition of Emerging Implant Technologies GmbH (EIT), a privately held manufacturer of 3D-printed titanium interbody implants for spinal fusion surgery, based in Wurmlingen, Germany. The products in this portfolio leverage EIT’s proprietary advanced cellular titanium, which consists of an open and interconnected porous structure designed to allow bone to grow into the implant. As an industry leader across the full range of orthopaedic and spine specialties, Johnson & Johnson Medical Devices Companies will leverage its global commercial infrastructure to bring EIT’s technologies to patients around the world. This acquisition allows DePuy Synthes, the orthopaedics business of Johnson & Johnson, to enhance its comprehensive interbody implant portfolio that includes expandable interbody devices, titanium integrated PEEK technology and now 3D-printed cellular titanium, for both minimally invasive and open spinal surgery. The EIT technology complements DePuy Synthes’ investment in the interbody implant segment in spine, including the recent introductions of the CONCORDE LIFT Expandable Interbody Device, and in the U.S., the PROTI 360°™ Family of Titanium-Integrated Interbody Implants, designed to treat patients with degenerative disc disease. This acquisition underscores the companies’ commitment to building an innovative portfolio of spine solutions to improve the standard of care for patients. Moving forward, DePuy Synthes will continue to focus on the spinal disease states with the most potential for surgeons and their patients – degenerative disc disease, deformity and complex cervical – and introduce technologies in the fastest-growing segments within these disease states; specifically, interbody implants, enabling technologies, minimally invasive spine (MIS), and biomaterials.
Stryker announced a definitive agreement to acquire all the issued and outstanding shares of common stock of Invuity, Inc. for a total equity value of approximately $190 million Invuity is the leader in advanced photonics and single-use, lighted instruments that deliver enhanced visualization for a wide variety of clinical applications including orthopaedic and spine surgery, general surgery, and women's health procedures, and is a recent entrant into the enhanced energy market. Founded in 2004, and headquartered in San Francisco, California, Invuity's portfolio of innovative products is highly complementary to the Surgical portfolio of Stryker's Instruments business. "Invuity's innovative products in the single-use lighted instrumentation and enhanced energy markets provide best in class illumination and help make surgery safer," stated Spencer S. Stiles, Group President, Neurotechnology, Instruments and Spine. "I look forward to the work we will do together to advance Stryker's mission of making healthcare better."
Wessanen and the owners of Abbot Kinney's have signed and completed the acquisition of Abbot Kinney's by Wessanen. Abbot Kinney's is a young and very dynamic innovation leader in organic almond and coconut based yoghurt alternatives and ice-cream. Founded in 2014, Abbot Kinney's already built a leading position in its category in Health Food Stores in The Netherlands and has started to build a strong presence in key markets across Europe. Plant based food is at the heart of the Wessanen strategy and Dairy Alternatives is one of our core categories, present across all key countries in Europe and beyond. Abbot Kinney's plant based yoghurt alternatives and ice-cream are a welcome addition to Wessanen's Dairy Alternative category, which until now for the larger part consisted of ambient drinks. Moreover the brand fits very well into Wessanen's existing portfolio of healthy and sustainable brands. Christophe Barnouin, CEO of Wessanen, said: "Driving the change to plant based food is the essence of our strategy. The acquisition of Abbot Kinney's is a further step in accelerating growth and innovation in our core categories. Beyond drinks, the segment of plant based yoghurt alternatives and ice-cream is an excellent and so far mostly untapped growth opportunity for us. Abbot Kinney's is a fast growing and innovative brand that has developed a range of strong products which we believe will thrive within the Wessanen family.
Focus Brands, Inc. ("FBI") announced the successful completion of its previously announced tender offer for all of the outstanding shares of common stock of Jamba, Inc. ("Jamba"). Jamba is now a wholly-owned subsidiary of FBI. "We are excited to officially welcome Jamba, a leader in the smoothie and juice category with strong franchise operators and an iconic heritage, into our family of well-known and highly loved 'fan favorite' brands," said Steve DeSutter, CEO of FBI. "We look forward to what lies ahead for this great brand, especially the continued growth that will benefit Jamba guests, franchisees, and employees." Jamba is the #1 smoothie and juice franchisor in the world with a healthier lifestyle brand offering freshly blended whole fruit and vegetable smoothies, bowls, juices, cold-pressed shots, boosts, snacks, and meal replacements. Jamba Juice has more than 800 locations worldwide.
B&G Foods, Inc. announced that it has entered into an agreement to sell the Pirate Brands business, including the Pirate’s Booty, Smart Puffs and Original Tings brands, to The Hershey Company for approximately $420.0 million in cash, subject to customary closing and post-closing adjustments. “Pirate Brands is a terrific business that has performed very well for us and we believe it will continue to thrive under the ownership of The Hershey Company,” stated Robert C. Cantwell, President and Chief Executive Officer of B&G Foods. “The transaction we are announcing is a great example of our ability to create meaningful shareholder value through accretive M&A by acquiring and investing in on-trend food brands. We acquired Pirate Brands in 2013 for approximately $195 million and thanks to the passion, creativity and hard work of our dedicated team of employees, we have more than doubled the value of the business in five short years, creating tremendous value for our shareholders.” Mr. Cantwell continued, “One of my biggest goals as CEO has been to ensure that B&G Foods remains ready and able to continue our acquisition strategy. By selling Pirate Brands at a very attractive multiple and using the net proceeds to reduce long-term debt, we will significantly reduce our leverage, which positions us very well for future acquisitions.”
B&G Foods to sell Pirate’s Booty to Hershey Company for US$ 420 Million
Dusit Thani Public Company Limited (DTC), one of Thailand’s foremost hotel and property development companies, has expanded into the high-end vacation rental market through the full acquisition of Elite Havens, the leading provider of high-end vacation rentals in Asia. Established in 1998, Elite Havens performs integrated marketing, reservations, concierge and management services for luxury villas and currently maintains a network of more than 200 fully staffed properties across Indonesia, Thailand, Sri Lanka, and the Maldives. DTC’s acquisition of Elite Havens follows the company’s three-pronged strategy for sustainable and profitable growth, which includes balance, diversification, and expansion, particularly into new market segments, which will enhance DTC’s capacity to provide integrated services and drive revenue growth. Mr Jon Stonham, CEO, Elite Havens, said, “With our strong focus on people and exceeding expectations with our services, Elite Havens shares the same values as Dusit, so there is already a strong synergy for us to build on. We look forward to a very bright future of sustainable and profitable growth as we expand our operations as part of the Dusit family.” Following its strategy for balance, diversification and expansion, DTC has been actively enhancing its operations with investments in new market segments. The company made moves into the shared economy last year with an investment in Favstay, a Thai hospitality startup offering condos and villas for rent in Thailand’s top destinations, and in April this year DTC announced it would also enter the affordable lifestyle segment with the launch of ASAI Hotels.
Savvy leisure and business travellers visiting Seoul can now enjoy an affordable and hassle-free stay right in the heart of Hongdae, one of the liveliest districts in the South Korean capital. InterContinental Hotels Group (IHG) has opened the doors to the brand new Holiday Inn Express Seoul Hongdae, the second Holiday Inn Express® hotel in Seoul — bringing 294 guest rooms that combine comfort, convenience and the best value for guests. Just a short 30-minute drive from Gimpo International Airport or a 50 minute drive (one hour by Airport Subway) from Incheon International Airport, Holiday Inn Express Seoul Hongdae offers convenient access to the Yeouido Business District and Gangnam Business District, making it a smart accommodation choice for business travellers. Situated right at the main junction of Hongdae above the new AK Mall, the hotel serves as an ideal base for travellers looking to explore the bustling area, with famous attractions like the Hongdae Walking Street as well as Hongdae Mural Street, Trick Eye Museum and the Yeontral Park located just a stone’s throw away. For an unforgettable retail experience, guests can take a leisurely 15-minute stroll to Mecenatpolis Mall, one of the newest malls in the city. Those interested to learn more about the country’s history can venture slightly further out to the War Memorial of Korea just a short car-ride away, or Gyengbok Palace only 20 minutes by subway, before topping their experience off at the Bamdokkaebi Night Market for a taste of famed Korean street food and irresistible shopping bargains.
Australia’s most iconic food market will be the focal point of IHG’s latest hotel signing, with Hotel Indigo Adelaide Markets set to open in 2020 in partnership with Primefield Property Pty Ltd. The sixteen-storey boutique hotel on Market Street, which will shortly commence construction, will be the first Hotel Indigo in Adelaide and the sixth signing for the brand in Australasia, following Hotel Indigo Brisbane Fortitude Valley, Melbourne Docklands, Sydney Central, Melbourne Little Collins Street and Auckland. No two Hotel Indigo properties are the same, with each drawing on the story of its local area to inspire every aspect of the hotel to help guests feel part of the destination. With its vibrant atmosphere and special place in Adelaideans’ hearts, there would be few neighbourhoods more would be more apt for a Hotel Indigo than the Central Market precinct. Built in 1869, Adelaide Central Market is one of Adelaide's best-known landmarks one of Australia's largest fresh produce markets providing a range of fresh and multi-cultural products, including fruit & vegetables, meat & seafood, cafes, breads and much more. Hotel Indigo Adelaide Markets will draw on this personality through distinctive architectural and interior design that will flow through the 137 rooms, meeting spaces, gym and level four pool with sun deck. And with such a thriving hub of produce and culture at its doorstep, local food will be integral to the hotel’s neighbourhood café and rooftop bar.
Hilton Grand Vacations Inc. announces it has acquired interests in The Crane Resort in Saint Philip, Barbados. The timeshare weeks that will be available to HGV owners and guests will be branded “Hilton Grand Vacations at The Crane.” This will be HGV’s first offering in the highly desirable Caribbean market. “Our owners tell us how much they love beach vacations, so we couldn’t be more excited to offer our first Caribbean destination within a world-class resort and a spectacular location,” says Mark Wang, president and CEO, Hilton Grand Vacations. “This new project is one more way we’re continuing to expand our brand presence and maximize customer experience.” The Crane Resort was founded as Barbados’ first resort in 1887 and is the oldest continuously operating resort in the Caribbean. This resort is located on 40 acres of beachfront property on one of the top beaches in the world. Resort amenities include a 1.5-acre cascading cliff-top pool complex, day spa, retail, fitness center, kids’ club, gardens, rooftop terraces and award-winning dining with seven restaurant and beverage options. In addition, many suites have large, private swimming pools.
Radisson Hospitality AB, publicly listed on Nasdaq Stockholm, Sweden and part of the Radisson Hotel Group, is proud to announce the signing of the Park Inn by Radisson Oslo Airport Hotel West in Norway. Located near a critical hub of international travel, the hotel brings the group’s portfolio in Norway to 24 hotels and more than 6,000 rooms in operation or under development. The upper midscale, full service, Park Inn by Radisson Oslo Airport Hotel West will provide guests with stress-free experiences, good food and upbeat environments – while acting as a convenient base for both leisure and business travelers passing through the second-busiest airport in the Nordics region. Home to some of the world’s largest shipping companies and shipbrokers, Oslo is a key location within the maritime industry. It’s also a highly desirable tourist destination that’s seeing rapid growth in its demand, with the number of visitors leaping by almost a fifth year-on-year. Elie Younes, Executive Vice President & Chief Development Officer, Radisson Hotel Group, said: “We’re delighted to continue our growth in Nordics – our home market – by signing a Park Inn by Radisson Oslo Airport Hotel West. This is our third hotel at the Oslo Gardermoen Airport and our ninth in city of Oslo. Our portfolio features 24 hotels in Norway alone and 60 across the entire Nordic region. As the leading and largest international hotel operator with Scandinavian roots, we look forward to continuing our heritage of world-class brands in great destinations and hubs.” Due to open by the end of this year, the Park Inn by Radisson Oslo Airport Hotel West will feature 233 guestrooms. It will also have a restaurant, a bar, a fitness room and 12 meeting and conference rooms.
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