Core Viewpoint - North American Construction Group Ltd. (NACG) has announced a definitive share purchase agreement to acquire Iron Mine Contracting (IMC) for approximately $115 million, marking a strategic expansion into the Western Australian market and enhancing its service offerings in the mining sector [1][2][6]. Acquisition of Iron Mine Contracting - IMC is a diversified mining services contractor based in Western Australia, providing services such as contract mining, crushing, and civil services across key commodity sectors including gold, iron ore, and lithium [2][21]. - IMC has a strong order book exceeding $1.0 billion, which includes a recently awarded lithium mining contract with a three-year term [3]. Strategic Rationale for the Acquisition - The acquisition is expected to be immediately accretive, increasing NACG's earnings per share by approximately 20% in 2026 and expanding its exposure to rare earth and critical minerals in Western Australia from 5% to 15% of total earnings [6][7]. - The total estimated consideration of $115 million represents 2.5 times the expected EBITDA in 2026, calculated before any realized synergies [7]. Financing and Transaction Details - The acquisition will be funded through a combination of senior-secured bank financing (65%) and vendor-provided debt financing (35%) [7]. - The upfront payment of approximately $40 million will be funded by NACG's existing revolving credit facility, with additional secured equipment financing of $35 million being assumed [7]. Business Update on Infrastructure Initiatives - NACG aims to achieve 25% of total combined revenue from infrastructure initiatives by 2028, with ongoing progress reported [10]. - The company executed a binding purchase and sale agreement to sell twenty-six Caterpillar 400-ton haul trucks and purchase eight Komatsu 240-ton haul trucks, optimizing fleet utilization [11]. Financial Outlook for 2026 - The overall proforma contractual backlog is projected to be $4.3 billion, with combined revenue estimates for 2026 ranging from $1.5 billion to $1.7 billion [15][16]. - Adjusted EBITDA for 2026 is expected to be between $380 million and $420 million, with adjusted earnings per share projected at $2.85 to $3.15 [16]. Growth and Strategic Positioning - NACG, in partnership with the MacKellar Group, is positioned as a Tier 1 contractor in Australia, capable of pursuing larger opportunities across the country [13]. - The company is actively pursuing major projects in Canada and the U.S., including nation-building projects and mass civil earthworks [14].

California Pizza Kitchen (CPK) is to be acquired by an investor group led by Consortium Brand Partners, with Convive Brands CEO Jon Weber appointed to lead the chain’s restaurant operations, as reported by Reuters. The deal comes five years after CPK entered bankruptcy during the pandemic, when a sales slowdown and high debt levels led the company to seek protection in July 2020. Lenders took ownership of the business following that process. Under the new structure, Weber - whose Convive Brands is part ...

Consortium Brand Partners is getting into the food business. The New York-based consumer brand investment platform that owns Draper James, Outdoor Voices and Jonathan Adler is part of a group that is acquiring California Pizza Kitchen. More from WWD The purchase price was not disclosed, but under the terms of the deal, Consortium is buying the business with Eldridge Industries, Aurify Brands and Convive Brands. Bain Capital Credit is supporting the deal with a debt and equity investment. It is expected ...

Core Viewpoint - Morgan Stanley initiated coverage of Waters Corp. with an Equalweight rating and a $423 price target, highlighting the company's strong operational performance but noting near-term uncertainties due to its latest acquisition [1] Company Performance - Waters Corp. has effectively executed its transformation priorities over the past five years, enhancing commercial capabilities and expanding into higher-growth areas [2] - Large molecule chemistry now accounts for 50% of bioseparation revenues, with ongoing advancements in LC-MS for clinical diagnostics and battery testing, both identified as high-single-digit growth drivers [2] Acquisition and Integration Risks - The planned acquisition of Becton Dickinson's Biosciences and Diagnostics businesses introduces integration risks due to the size and complexity of the assets, which are significantly larger and more diverse than previous acquisitions [3] - Successful integration will depend on Waters' ability to apply its disciplined operating model while managing the capital-spending pressures and recovery timelines of the acquired units [3] Near-term Outlook - Despite a favorable view of Waters' core business, the integration challenges associated with the acquisition limit near-term visibility, justifying the Equalweight stance [4]

Core Insights - Tempo has acquired the brands and intellectual property of Spring Gully Foods after the company entered administration for the second time, indicating a significant shift in ownership and potential revitalization of the brand [1][2] - Spring Gully Foods, known for its sauces and condiments, has faced financial difficulties, including a 25% revenue decline in the 2025 financial year, attributed to increased competition and loss of key customer contracts [4][5] - Tempo aims to focus on innovation and long-term growth for Spring Gully, leveraging its strong FMCG network to enhance the brand's market presence [3][5][6] Company Overview - Spring Gully Foods has been operational for nearly 80 years, producing a variety of products under multiple labels, including Spring Gully and Gardener [2] - The company reported a trading income of A$15.1 million (US$9.8 million) for the year ending June, down from A$19.1 million the previous year, and incurred a pre-tax loss of A$1.3 million [5] - Tempo's acquisition is part of a broader strategy to strengthen its position in the shelf-stable and pantry goods sector, enhancing its multi-brand and private-label business [6]

South Korea’s Posco To Buy Indonesian Tycoon Putera Sampoerna’s Palm Oil Business For $885 Million https://t.co/2TztJfpOaD ...

Core Points - Allison Transmission Holdings, Inc. announced a private placement of $500 million in 5.875% Senior Notes due 2033 and a $1,200 million senior secured incremental term loan facility [1][2] - The proceeds from these offerings will be used to finance the acquisition of Dana Incorporated's off-highway business and cover related expenses [1] - The Notes Offering is expected to close around November 21, 2025, while the Incremental Term Loan Facility will close concurrently with the Dana Business Acquisition [1] Financial Details - The Notes will bear an interest rate of 5.875% and the Incremental Term Loan Facility will have an interest rate of Term SOFR plus 1.75% [1] - The total amount of the Incremental Term Loan Facility is $1,200 million [1] Company Overview - Allison Transmission is a leading designer and manufacturer of propulsion solutions for commercial and defense vehicles, and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions [5] - The company operates in over 150 countries and has manufacturing facilities in the USA, Hungary, and India [5] - Founded in 1915, Allison Transmission is headquartered in Indianapolis, Indiana [5]

Financial Data and Key Metrics Changes - The company reported revenue of $211.4 million for Q3 2025, marking the second highest quarterly level ever, slightly below the record [5][6] - Operating margin improved to 10.9% from 4.1% year-over-year, with adjusted operating margin at 12.3% [6][15] - Gross profit increased to $64.5 million, up nearly 17% compared to the prior year, with a gross margin of 30.5% [15][16] - Free cash flow for the quarter was $21 million, driven by strong cash earnings and lower working capital requirements [18] Business Line Data and Key Metrics Changes - Aerospace segment sales were $192.7 million, consistent with recent periods, while the test business reported sales of $18.7 million, down from Q3 2024 but higher than earlier quarters in 2025 [6][15] - Aerospace operating margin was 16.2%, generating all operating income for the quarter, while the test segment had a near break-even operating margin of negative 0.1% [7][15] Market Data and Key Metrics Changes - Total bookings for the quarter were $210 million, resulting in a book-to-bill ratio of 1.0, with a backlog of $647 million, indicating strong future demand [7][8] Company Strategy and Development Direction - The company made two recent acquisitions: Envoy Aerospace, which enhances FAA certification capabilities, and Buhler Motor Aviation, expected to generate $20-$25 million in sales in 2026 [9][10][50] - The company is focusing on increasing OEM build rates and enhancing passenger connectivity and entertainment systems in aircraft, which are key growth drivers [24][25] Management's Comments on Operating Environment and Future Outlook - Management expects Q4 2025 revenue to increase to $225-$235 million, driven by market forces and the recent acquisition [23] - For 2026, the company anticipates at least 10% growth, supported by industry trends and new programs, including a significant U.S. Army contract [24][28] Other Important Information - The company completed refinancing actions that lowered the cost of debt and reduced potential dilution from convertible bonds [11][12][20] - The transition from an asset-based lending facility to a cash flow revolver improved financial flexibility [12][20] Q&A Session Summary Question: Expectations for Test revenue in Q4 - Management expects Test revenue to increase to around $20-$21 million in Q4, marking the strongest quarter for 2025 [34] Question: Insights on aerospace revenue increase - A general ramp in aerospace revenue is expected, with significant programs contributing to the fourth quarter [35][36] Question: Confidence in 2026 growth expectations - Management indicated that the Army test program will be a significant contributor to revenue in 2026, despite uncertainties due to government shutdowns [42][45] Question: Revenue and margin expectations for FLRAA program - Anticipated revenue from the FLRAA program is projected to be around $38-$40 million in 2026, with improved margins expected as the program transitions to production [48][49] Question: Integration of recent acquisitions - The integration of Buhler is underway, with expectations for operational efficiencies, while Envoy will enhance the company's FAA certification capabilities [54][55]

Core Insights - Colliers has acquired Greenhill Engineers Pty Ltd, enhancing its geographic footprint and scale in the South Australian market [1][2][3] - The acquisition allows Colliers Engineering to integrate Greenhill's operations and rebrand as "Colliers Engineering & Design," while Greenhill's leadership will continue as shareholders under Colliers' partnership model [2][3] Company Overview - Greenhill, founded in 2004, employs 65 professionals providing civil engineering, electrical infrastructure, transport infrastructure, and landscape architecture services [3] - Colliers operates through three platforms: Real Estate Services, Engineering, and Investment Management, with over $5.0 billion in annual revenues and more than $100 billion in assets under management [4] Strategic Implications - The acquisition aligns with Colliers' long-term growth ambitions and enhances its technical capabilities and geographic reach [2][3] - Greenhill's leadership expressed that Colliers' values and entrepreneurial culture align with their own, making the partnership a natural fit [3]

Core Insights - Nelnet, Inc. has announced an agreement to acquire Finastra's Canadian student loan servicing business, expected to close in Q1 2026, subject to customary conditions [1][2]. Company Overview - Nelnet is a diversified company focused on consumer lending, loan servicing, payments, and technology, primarily in the education sector, with over 6,700 associates [6]. - Finastra is a global leader in financial services software, serving over 8,000 customers, including 45 of the world's top 50 banks, across more than 130 countries [7]. Transaction Details - The acquisition will enhance Nelnet's capabilities in servicing student loans, as the Canadian business currently services loans for 2.4 million borrowers using proprietary technology [2]. - The Canadian operations will continue to be led by Susan Tersigni and will remain headquartered in Mississauga, Ontario, employing over 450 staff [4]. Strategic Alignment - The acquisition aligns with Finastra's strategy to focus on core strengths while partnering with an experienced player in the industry, ensuring continued growth for the student lending business [5]. - Nelnet's CEO expressed excitement about leveraging their financial strength and loan servicing experience to support the Canadian team's mission [3].