December 2009 – Fourth Quarter 2009 Statistical Review Mid-Atlantic Deal Review Editor’s Note: The December edition consists only of a statistical review of 4th Quarter Mid-Atlantic capital markets activity with associated commentary. Quick Stats from Chessiecap is the most comprehensive and thoroughly researched presentation of Mid-Atlantic transaction data available—Private Placements, M&A and Public Offerings. Mid-Atlantic […]
[This is the third commentary based on public filings concerning the proposed merger of The Stanley Works and Black & Decker Corporation as well as other publicly available information on the two companies.] When I first learned of the sale of Black & Decker Corporation (NYSE: BDK) to The Stanley Works (NYSE:SWK) in November of […]
November 2009 Mid-Atlantic Deal Review from Chessiecap, Inc. Editor’s Note: Running late for Nov reporting, but I think you will find the Deal and News Notes sections informative. This is the 3rd Edition of the Mid-Atlantic Deal Review, a monthly review of transaction activity in the D.C.-Maryland-Virginia-West Virginia region. This edition is a Free Trial, […]
No signs of a reviving deal economy in the November data. November was an unusual month where Maryland (paced by a large M&A deal) captured 87% of M&A volume and 71% of private placement volume (half of which was Biotech). In general, in recent months, Maryland companies have been more in need of capital and […]
SunEdison LLC Where Big-Time M&A Comes to Maryland. 11/23/2009 Sale of Company. The reports on the big Wall Street bonuses that have so recently rubbed Joe Six-pack the wrong way are that the bonuses are going to the traders and not to the M&A professionals. M&A has not begun to recover as our monthly statistics […]
TeleCommunication Systems, Inc. (NasdaqGM: TSYS) Swinging for the Fences. Once upon a time there was a struggling little government contractor in Annapolis, headed by a larger-than-life Naval Academy officer who had to be out of his depth thinking that he could convert his modest foothold in the government market into a major public company. I […]
Coastal Sunbelt and MCG Capital—A Sign of Tough Times? Here is a follow-the-trail story. At the end of November, I noticed an SEC filing of a private placement of $20 million for something called “Coastal Acquisition Corp.” That is a sizeable capital raise. No press release. No indication of who this company was. So, we […]
The Death of Black & Decker [This commentary is based on public filings concerning the proposed merger of The Stanley Works and Black & Decker Corporation as well as other publicly available information on the two companies. It was first published by Citybizlist.com on December 18, 2009. A companion piece to this commentary entitled “Black […]
October 2009 Mid-Atlantic Deal Review Trial Edition from Chessiecap, Inc. Editor’s Note: Welcome to the 2nd Edition of the Mid-Atlantic Deal Review, a monthly review of transaction activity in the D.C.-Maryland-Virginia-West Virginia region. This edition is a Free Trial, which we hope will begin to add great value to your work and knowledge of the […]
October Private Placements knocked the ball out of the park ($289M) with several major investments in Telecom and Biotech. Meanwhile, both M&A and the struggling local market for Public Offerings fell off the table. Private Placements: October was dominated by several gigantic placements that blur the line between buyout and venture investment
IXI Corporation Wins Big for Investors through Sale to Equifax. 10/28/2009 Sale of Company. Every now and then, an investment works the way it is supposed to. Core Capital, ECentury, and Blue Chip put $7.75M into IXI in 2004, followed the next year by a much smaller ECentury top-off round in 2005. Then, IXI management […]
TEOCO, GlycoMimetics and United BioSource—Private Placement or Acquisition? It is an issue that has interested us for years. When is an investment a buyout and when is it a venture investment? The line used to be very clear. Buyout funds absolutely had to have control, and control was defined as over 50% of the voting […]
Black & Decker: How Our System Rewards Failure Black & Decker Corporation (NYSE: BDK), based in the Baltimore suburb of Towson, announced in early November that it was merging with The Stanley Works (NYSE:SWK) based in Connecticut. As per the usual script, this “merger” was hailed as a great step forward for Black & Decker. […]
Iridium, Iridium, 9/29/2009 sale of company & IPO. In a somewhat complicated deal (we’ve seen worse), a Greenhill (investment bank) sponsored SPAC (Special Purpose Acquisition Company) acquired the up and down (yes, a pun) satellite company Iridium for $539M (a unique Chessiecap calculation).
SkyTerra Communications, Inc., 9/23/2009 sale of company. This is another buyout of another local satellite company for approximately the same transaction value as Iridium—all in the same week.