22 Worcester Business Journal | Book of Lists 2017 | wbjournal.com
F O C U S B A N K I N G & F I N A N C E
Mergers & acquisitions
Ranked by sale price, then date closed
Buyer (unit purchasing) Sale price
Date
announced Date closed Seller (unit sold, if applicable)
1
Dell Technologies Inc.
One Dell Way, Round Rock, Texas 78682
512-728-4737 • www.dell.com
$67 billion 10/12/2015 9/7/2016
EMC Corp.
1
176 South St., Hopkinton 01748
508-435-1000 • www.emc.com
2
Sycamore Partners
9 West 57th St., 31st Floor, New York, N.Y. 10019
212-796-8500 • sycamorepartners.com
$6.9 billion 6/28/2017
Pending
approval
Staples Inc.
500 Staples Drive, Framingham 01702
508-253-5000 • www.staples.com
3
Sunovion Pharmaceuticals Inc.
84 Waterford Drive, Marlborough 01752
508-481-6700 • www.sunovion.com
$635 million 8/31/2016 10/21/2016
Cynapsus Therapeutics Inc.
Toronto, Canada
4
Boston Scientific Corp.
300 Boston Scientific Way, Marlborough 01752
508-683-5670 • www.bostonscientific.com
$435 million 3/30/2017 5/16/2017
Symetis SA
Ecublens, Switzerland
5
Apax Partners
33 Jermyn St., London, United Kingdom SW1Y 6DN
44-20-7872-6300 • www.apax.com
$397 million 4/3/2017 4/3/2017
Candela Corp., a subsidiary of Syneron
530 Boston Post Road, Wayland 01778
508-358-7400 • www.syneron-candela.com
6
Boston Scientific Corp.
300 Boston Scientific Way, Marlborough 01752
508-683-5670 • www.bostonscientific.com
$210 million 9/27/2016 11/22/2016
EndoChoice Holdings Inc.
11405 Old Roswell Road, Alpharetta, Ga. 30009
888-682-3636
7
Berkshire Hills Bancorp Inc.
24 North St., Pittsfield 01202
800-773-5601 • www.berkshirebank.com
$209 million 5/22/2017
Pending
approval
Commerce Bancshares Corp.
386 Main. St., Worcester 01608
508-797-6842 • www.bankatcommerce.com
8
Unum
1 Mercantile St., Worcester 01608
508-799-4441 • www.unum.com
$127 million 4/4/2016 8/1/2016
H&J Capital LLC
2
8485 Goodwood Blvd., Baton Rouge, La. 70806
225-926-2888
9
Genesee & Wyoming Inc.
20 West Ave., Darien, Conn. 06820
203-202-8900 • www.gwrr.com
$126 million 8/15/2016 10/27/2016
Providence and Worcester Railroad Co.
75 Hammond St., Worcester 01610
508-755-4000 • www.pwrr.com
10
Boston Scientific Corp.
300 Boston Scientific Way, Marlborough 01752
508-683-5670 • www.bostonscientific.com
$75 million 12/2/2016 12/13/2016
Neovasc
Vancouver, Canada
11
IPG Photonics Corp.
50 Old Webster Road, Oxford 01540
508-373-1100 • www.ipgphotonics.com
$40 million 6/19/2017
Pending
approval
3
Innovative Laser Technologies
5110 Main St. NE, Minneapolis, Minn.
763-574-7374 • www.iltinc.com
12
Oxford Immunotec Global PLC
700 Nickerson Road, Suite 200, Marlborough 01752
877-208-7768 • www.oxfordimmunotec.com
$22 million 6/23/2016 7/1/2016
Imugen
315 Norwood Park South, Norwood 02062
781-255-0770 • www.imugen.com
13
Oxford Immunotec Global PLC
700 Nickerson Road, Suite 200, Marlborough 01752
877-208-7768 • www.oxfordimmunotec.com
$6 million
4
10/14/2016 10/14/2016
Immunetics Inc.
27 Drydock Ave., Boston 02210
14
RXi Pharmaceuticals Corp.
257 Simarano Drive, Marlborough 01752
508-767-3861 • www.rxipharma.com
$2.7 million 10/12/2016 1/9/2017
MirImmune Inc.
One Kendall Square, Cambridge 02139
15
Complete Technology Resources Inc.
2 Mount Royal Ave., Suite 350, Marlborough 01752
508-909-5961 • www.completetechnologyresources.com
$110,000 6/1/2016 6/1/2016
Hugg Tech Computers
13743 East Morgan Drive, Gilbert, Ariz. 85296
480-695-9985 • www.huggtech.com
16
SpencerBANK 5
230 Park Ave., Worcester 01609
508-421-8070 • www.spencerbankonline.com
Merger
undisclosed
4/18/2017 6/12/2017
Southbridge Savings Bank
5
253-257 Main St., Southbridge 01550
508-765-9103 • www.southbridgesavingsbank.com
17
Greenwood Industries Inc.
640 Lincoln St., Worcester 01613
508-865-4040 • greenwoodindustries.com
Undisclosed 6/1/2017 6/1/2017
Apollo Roofing & Sheet Metal Inc.
316 Lockwood St., Providence, R.I. 02907
401-274-6630
18
IPG Photonics Corp.
50 Old Webster Road, Oxford 01540
508-373-1100 • www.ipgphotonics.com
Undisclosed 5/23/2017 5/23/2017
OptiGrate Corp.
562 South Econ Circle, Oviedo, Fla. 32765
407-542-7704 • www.optigrate.com
19
Simonds International
135 Intervale Road, Fitchburg, Mass. 01420
978-343-3731 • www.simondsint.com
Merger
undisclosed
5/18/2017 5/18/2017
B.G.R. Saws
Lévis, Quebec, Canada
www.sciesbgr.com
20
OptumHealth
11000 Optum Circle, Eden Prairie, Minn. 55344
800-386-3404 • www.optum.com
Undisclosed 4/20/2017
Pending
approval
Reliant Medical Group
630 Plantation St., Worcester 01605
508-852-0600 • www.reliantmedicalgroup.org
July marks one year since
Hopkinton data storage compa-
ny EMC's shareholders
approved an acquisition by
Texas computing giant Dell. The
$67-billion deal closed last
September, so the new partner-
ship is still in its very early stag-
es, but early indications are that
the arrangement hasn't yet
fared well, said Will Mitchell, a
professor of strategic manage-
ment at the Rotman School of
Management at the University of
Toronto.
"It doesn't mean that he
can't turn it around, but it better
happen fast," Mitchell said of
Dell Founder, Chairman and
CEO Michael Dell.
Dell's losses have actually
only grown since the EMC deal
went through. The company lost
$1.5 billion In the first quarter of
fiscal 2018, which ended in
May. In the same quarter the
year prior, Dell lost $139 million.
For the fiscal year that ended
in February, Dell had a net loss
of more than $3.7 billion. For
the prior year, it lost $1.2 billion.
The company was taken private
in 2013 but still reports its
financials.
Dell losing both revenue and
profitability is a deadly combina-
tion, Mitchell said, and was
under pressure to grow and dif-
ferentiate itself from competi-
tors. EMC, with $2 billion in net
income and 70,000 employees,
provided an opportunity. The
company's revenue had grown
in five years from $17 billion to
$25 billion and was reliably
profitable.
Dell's acquisition of the
37-year-old company was called
the largest tech merger in the
industry's history, and Dell saw
it as a chance to capitalize on
the growing cloud-computing
sector.
Paul Vigna, a Wall Street
Journal columnist, said at the
Dell struggling
after EMC
purchase
EMC's former headquarters in
Hopkinton.
