Global M&A Network’s U.S.A. Atlas Awards recognized two Lowenstein Sandler-led transactions, which won in the respective categories of Middle Market Deal of the Year and Private Equity ACQ Deal of the Year.
- The $50 million convertible preferred equity investment by Lowenstein client Abry Partners in PowerFleet, the new global IoT telematics and M2M technology company created to facilitate the acquisition of Pointer Telocation Ltd. by I.D. Systems, Inc., was named Middle Market Deal of the Year for transactions valued between $100-200 million.
In that deal, Lowenstein Sandler represented Abry Partners, a private equity investment firm focused on media, communications, insurance, and business and information services. Abry’s investment was made in connection with the acquisition by I.D. Systems, a provider of enterprise asset management and industrial Internet of Things (IoT) technology, of Pointer, a provider of telematics and mobile IoT solutions. The acquisition was effected through a newly created holding company structure, whereby PowerFleet acquired Pointer in a cash and stock transaction valued at approximately $140 million and I.D. Systems and Pointer each became wholly owned subsidiaries of PowerFleet. The Lowenstein team included Steven E. Siesser, Brooke A. Gillar, Kate Basmagian, Erica Perlmutter, and Nicole Stefanelli.
- The $80.8 million acquisition by an affiliate of Greenbriar Equity Group L.P. of Lowenstein client Arotech Corporation (NasdaqGM: ARTX) (Arotech) was named Private Equity ACQ Deal of the Year.
Arotech is a Michigan-based defense and security company engaged in interactive simulation and mobile power systems. Lowenstein Sandler represented Arotech in its definitive agreement for Greenbriar to acquire all outstanding shares of Arotech’s common stock for an aggregate equity value of approximately $80.8 million, a 32.7 percent premium over Arotech’s closing share price on September 20, 2019. The Lowenstein deal team included Steven M. Skolnick, Alan Wovsaniker, Kate Basmagian, Elisia M. Klinka, Erica Perlmutter, and Mitchell McDonald.
Global M&A Network covers and serves the alternative investment, corporate growth, mergers, acquisitions, and restructuring industries worldwide. Winners are selected independently based on select deal performance criteria, expertise, clients served, and leadership.
The awards were presented at the U.S.A. M&A Atlas Awards Dinner on March 5, 2020, in Washington, D.C.