Streetbeat News

Acquisitions Mergers

GVA

Granite Construction Incorporated (NYSE:GVA) has acquired Lehman-Roberts Company and Memphis Stone & Gravel Company, expanding its footprint in the Memphis market. The acquisition prompts Granite to increase its 2024 revenue target to $3.8B-$4B. The acquisition is expected to be accretive to EBITDA, but the 2024 adjusted EBITDA margin target remains at 9%-11%. The acquisition was financed through a new $150M term loan and existing credit facilities.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 2:14 pm

TRIN

Trinity Capital Inc. (NASDAQ:TRIN) has committed $45 million in growth capital to Neurolens, a company that provides innovative prescription lenses to treat headaches, neck and shoulder pain, and eyestrain caused by eye misalignment. Neurolens recently launched the N3, a device for eyecare providers to measure eye misalignment accurately. The investment is expected to support Neurolens's operational growth and promote the adoption of the N3 device in optometry practices in the US and Canada.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 2:11 pm

SOVO

Sovos Brands, Inc. (NASDAQ:SOVO) has promoted E. Yuri Hermida to President, effective December 11, 2023. Hermida, previously the Chief Growth Officer, has been instrumental in executing the company's growth strategy. He has a strong background with experience at Reckitt Benckiser and Procter & Gamble. Sovos Brands is also in the process of merging with Campbell Soup Company, expected to be completed in 2024.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 1:36 pm

BX

Blackstone has acquired Power Grid Components, a manufacturer of products for electric utilities. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 1:34 pm

NXGL

NEXGEL, Inc. has acquired Kenkoderm, a skincare line specializing in psoriasis treatment, with the aim of expanding its health and wellness consumer product portfolio. The acquisition is expected to be immediately accretive to NEXGEL's profitability, as Kenkoderm has been profitable over the trailing twelve months. NEXGEL plans to optimize marketing and supply chain operations to drive revenue growth and improve margins. Kenkoderm's products are sold primarily through e-commerce and Amazon, often as subscription bundles. NEXGEL's CEO, Adam Levy, intends to implement new marketing strategies and expand distribution channels, including retail. The transaction details can be found in NEXGEL's Form 8-K filed with the SEC on December 5, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 1:10 pm

EXP

Eagle Materials Inc. has secured exclusive agreements with Terra CO2 to produce low-carbon supplementary cementitious material (SCM) using Terra's technology. The deal covers the potential establishment of commercial-scale plants in three geographic areas, including the Greater Denver market, with each plant potentially producing around 240,000 tons of SCM annually.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 12:47 pm

SAIA

Saia, Inc. (NASDAQ:SAIA) has won the bid to acquire 17 terminals from Yellow Corporation during its Chapter 11 bankruptcy proceedings, with a purchase price of $235.7 million. These terminals are located across various states in the U.S., expanding Saia's operational footprint.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 12:46 pm

IAG

IAMGOLD Corporation (NYSE:IAG) has signed an agreement to acquire all issued and outstanding shares of Vanstar Mining Resources in a deal valued at approximately $31.1 million. Vanstar shareholders will receive 0.2008 of an IAMGOLD share for each Vanstar share they hold, based on the 5-day volume weighted average price of IAMGOLD shares on the TSX as of December 1, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 12:08 pm

CRNT

Ceragon Networks Ltd. (NASDAQ:CRNT) has completed the acquisition of Siklu, which is expected to increase Ceragon's 2024 revenue by $25M-$29M. The acquisition enhances Ceragon's end-to-end 5G offerings and gives it a stronger position in the millimeter-wave market in North America. The deal is anticipated to be accretive to Ceragon's gross margins and non-GAAP earnings by the second half of 2024, due to Siklu's higher margins and expected synergies. Ceragon has also expanded its total loan credit facility by $5 million to $77 million, with Siklu's primary lender joining Ceragon's lending consortium.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 12:06 pm

NIO

Nio, Inc. (NYSE:NIO) reported Q3 revenue of $2.61 billion, surpassing analysts' estimates and showing significant Y/Y and Q/Q growth in vehicle deliveries and revenue. Despite a non-GAAP loss of $0.31 per share, which was better than expected, gross margin contracted due to changes in product mix. Nio also acquired manufacturing assets from JAC for about $457 million. The company expects Q4 deliveries to increase Y/Y and projects Q4 revenue growth of 0.1% - 4%. NIO shares rose 3.55% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 05, 2023 | 11:25 am