Acquisition of CashCall Mortgage by Impac Mortgage Holdings, Inc.
Jan 08, 2015
OUTCOME: Deal Closed
Impac Mortgage Holdings, Inc. (NYSE MKT: IMH) (“Impac” or the “Company”), is pleased to announce its subsidiary, Impac Mortgage Corp., has signed a definitive agreement to acquire the mortgage operatio...ns of CashCall, Inc. (“CashCall”). In 2013, CashCall’s mortgage division was ranked by the Mortgage Bankers Association as the 31st largest residential mortgage originator with approximately $6.5 billion in total originations. In the fourth quarter of 2014, CashCall’s mortgage division volume was approximately $800 million and is expected to add significant retail direct origination volume to the Impac Mortgage Corp. platform beginning in 2015. CashCall’s mortgage operations will operate as a separate division of Impac Mortgage Corp. under the name CashCall Mortgage.
Mergers and acquisitions
Sale of American Arium to ASSET Intertech, Inc.
Jun 01, 2013
OUTCOME: Deal Closed
ASSET® InterTech (www.asset-intertech.com), the leading supplier of tools for embedded instrumentation, today acquired Arium (www.arium.com), a Irvine, Calif., provider of software debug tools for syst...ems based on Intel® and ARM® processors. Arium’s debug tools will be integrated into ASSET’s ScanWorks® platform for debug, validation and test, making it the most powerful and comprehensive non-intrusive toolset for chip and circuit board designers, manufacturing test engineers and troubleshooting support personnel.
“Arium has a long history – 35 years in fact – of developing innovative JTAG-based debug and trace tools for that layer of software between the operating system and the underlying hardware,” said Glenn Woppman, president and CEO of ASSET InterTech. “Of course, faster software debug on prototypes of circuit board designs is crucial for moving designs into manufacturing sooner and accelerating new product introductions, but there is more to this beyond the tools themselves. By combining the expertise of our two organizations we are going to be able to help engineers solve a broader spectrum of problems with the kinds of non-intrusive methodologies that are best suited to today’s technology; methodologies that work from the inside out, not from the outside in.”
Mergers and acquisitions
Acquisition of Sprint Pipeline Services by Primoris Services Corporation
Mar 01, 2013
OUTCOME: Deal Closed
Primoris Services Corporation (NASDAQ Global Select: PRIM) acquired Sprint Pipeline Services, L.P. ("Sprint"). Based in Pearland (Houston), Texas, Sprint provides a comprehensive range of pipeline cons...truction, maintenance, upgrade, fabrication and specialty services primarily in the southeast United States.
For the year ended December 31, 2011, Sprint generated revenues of approximately $70 million. The majority of Sprint's revenues were derived from Master Service Agreements (MSA) with its pipeline customers.
Total consideration was approximately $28 million, $20 million of which was paid at closing and consisted of 62,052 shares of Primoris common stock, valued at $1 million, and $19 million in cash. Incentive provisions, which take into account Sprint's financial performance over the past several years, could provide additional cash consideration totaling $8 million based on Sprint achieving the following EBITDA (as that term is defined in the asset purchase agreement) targets:
•$7 million for the period March 12, 2012 through December 31, 2012 would result in cash payment of $4 million to the Sellers; and
•$7.75 million for the calendar year 2013 would result in an additional $4 million cash payment to the Sellers.
Sprint will operate as a wholly-owned subsidiary of Primoris as part of the East Construction Services segment.
Brian Pratt, Primoris' Chairman, President, and CEO, commented, "Primoris has been active in the energy business for over six decades, and the acquisition of Sprint will allow us to strengthen significantly our geographical presence into the Gulf Coast region. The Sprint team, headed by Robert Grimes and Jon Johnston, has earned a solid reputation for client focus, quality construction and performance. We look forward to working together in this region on energy related opportunities for specialized pipeline construction and related services."
