Deal Diary

Welcome to Acquisition International’s Deal Diary, the place where we showcase exciting deals from across the globe. With each diary entry, we’ll be taking a comprehensive look at the inner workings of the deal in question and will be venturing behind the scenes to take a look at the dedicated professionals involved in ensuring its success.

Here you will discover the most active deal makers and a comprehensive catalogue of the transactions they have been involved with.

Tier 1: The Website - Go live worldwide within 24 hours!

Within 24 hours of booking, we'll upload your deal and company profile - including contact details and links to your homepage - right here on our site, putting you and your firm in front of
40,000 visitors every month!

You will, of course, get a full company bio, including your contact details and fully clickable links direct to your website, and to make sure the people who matter will be able to find every deal you and your firm have been involved in at the click of a button, all of the deals posted on the Deal Diary site are incredibly easy to search by firm name, individual name, sector or region. We even have an automatically updated deal leaderboard (right). 

Tier 2: The Newsletter - Direct to 108,000 subscribers!

Your involvement in the deal will be featured on our weekly Deal Round-Up newsletter,  published via email every Thursday to a global audience of  108,000. Your deal write-up will also include hyperlinked images and logos, taking readers straight to your homepage. That’s a potential 108,000 clicks every month!

Tier 3: The Publication - Sent to 108,000 people in 170 countries!

The deal and your involvement will appear in the Deal Diary section of our monthly magazine, distributed to 108,000 people in 170 countries around the world. This is where you can tell us all about the deal and how you made it happen, providing the perfect opportunity to shout about your firm’s experience, expertise and the great work you’ve been doing.

GO

Antal Acquires Smart Moves
May 27, 2015
APS Foods Acquisition of Wight Salads
May 27, 2015
Morgan Tucker Acquisition of BES Consulting Engineers
May 27, 2015
Wirtualna Polska Holding IPO
May 27, 2015
Access Technology's Acquisition of Changeworknow
May 21, 2015
Drillisch's Acquisition of Phone House Germany
May 21, 2015
XPO Logistics to Acquire Bridge Terminal Transport
May 21, 2015
Kodiak's Acquisition of Zarsky Lumber
May 21, 2015
Merkle's Acquisition of Periscopix
May 21, 2015
Apax's Acquisition of Quality Distribution
May 21, 2015

Apax's Acquisition of Quality Distribution

View Biography
Fried, Frank, Harris, Shriver & Jacobson

Steve Epstein, Legal Counsel to Quality Distribution

Quality Distribution, Inc., a North American logistics and transportation provider with market leading businesses, today announced that it has entered into a definitive agreement to be acquired by funds advised by Apax Partners, a global private equity firm, for approximately $800 million, including the assumption of debt, or $16.00 per share in cash.

The transaction price represents a premium of approximately 63% over Quality Distribution’s closing share price on May 6, 2015.  Quality Distribution believes that the transaction provides its shareholders with an attractive premium that delivers immediate compelling value for their shares.  The definitive agreement was unanimously approved by Quality Distribution’s Board of Directors, which recommended that Quality Distribution’s shareholders approve the agreement. 

The acquisition is subject to customary closing conditions, including obtaining the approval of the holders of a majority of the total outstanding shares of Quality Distribution common stock and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.  The transaction is expected to be completed in the third quarter of 2015.  Under the terms of the agreement, Quality Distribution may solicit alternative proposals from third parties during a 40-day "go-shop" period following the date of execution of the definitive agreement.  There can be no assurances that this process will result in a superior acquisition proposal. 

“We believe our sale to Apax maximizes value for our shareholders and provides Quality Distribution with the increased financial flexibility we need to continue to grow,” said Gary Enzor, Chairman and Chief Executive Officer of Quality Distribution.  “Apax supports our strategy and is committed to helping us continue our pursuit of strategic growth in our Chemical and Intermodal businesses while managing the current market conditions in the energy industry.  They will bring financial resources and expertise that will assist us as we expand Quality Distribution through internal investment and initiatives as well as disciplined acquisitions.  This, in turn, should provide more opportunities for our employees and independent affiliates and benefit our customers through greater scale and cost-effective capabilities.”

Quality Distribution operates the largest chemical bulk logistics network in North America through its wholly-owned subsidiary, Quality Carriers, Inc., and is the largest North American provider of intermodal tank container and depot services through its wholly-owned subsidiary, Boasso American Corporation.  Quality also provides logistics and transportation services to the unconventional oil and gas industry through its wholly-owned subsidiary, QC Energy Resources, Inc.  Quality’s network of independent affiliates and independent owner-operators provides nationwide bulk transportation and related services.  Quality is an American Chemistry Council Responsible Care® Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.

“Having followed Quality for several years, we have been impressed with the strategy and vision articulated by the Company’s management team,” said Ashish Karandikar, a Partner on Apax’s Services team.  “As the leading logistics platform in the bulk chemical transportation industry, Quality is well positioned to take advantage of both organic growth opportunities and strategic acquisitions while benefiting from the financial and operational flexibility of operating as a private company.  We look forward to partnering with Quality’s management team as they pursue the Company’s next phase of growth.”

RBC Capital Markets is serving as financial advisor to Quality Distribution, and Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal counsel to Quality Distribution.  Skadden Arps, Slate, Meagher & Flom LLP and Kirkland & Ellis LLP are serving as legal counsel to Apax.

Apax has secured committed financing for the transaction, which will be provided by Deutsche Bank AG New York Branch, Bank of America, N.A., Jefferies Finance LLC, MIHI LLC and SunTrust Bank. 

Quality Distribution intends to announce its first quarter 2015 financial results in a separate press release on Wednesday, May 6, 2015.  In light of the pending transaction, Quality Distribution has cancelled its previously scheduled first quarter 2015 financial results conference call. 

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Blablacar Acquisition of Carpooling.com
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Charterhouse's Acquisition of Stake in Comexposium
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Well Acquires Care4U Pharmacy
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