M&A News: 5 Deals of the Week (May 11)
Top-5 deals this week by size (<$50 million, $50-$100 million, $100-$500 million, $500 million - $1 billion and >$1 billion)
Deals are always being done. Commerce never sleeps. Here are the most interesting M&A deals by size that caught my attention this week.
Deal Size >$1 billion
Dubai Aerospace Enterprise (DAE) acquired Nordic Aviation Capital (NAC) for $2 billion. NAC is a global leader in regional aircraft leasing and asset management, with a strategy of expanding into larger narrowbody aircraft. The deal significantly expands DAE’s fleet of owned, managed and committed aircraft operating globally. Their fleet now counts 750 aircraft, with an owned and managed fleet of 650 on lease to 161 airlines in 74 countries. This makes DAE the 3rd largest aircraft lessor globally.
“Our fleet of 650 owned and managed aircraft now makes us the 3rd largest aircraft lessor globally by number of aircraft. This transaction augments our position as a global leader in aircraft leasing and enhances our ability to offer more cost-effective solutions to our current and prospective clients. This transaction also offers us the opportunity to deepen our relationship with the OEMs across a broader range of aircraft types” - Firoz Tarapore, CEO of DAE
Deal Size $500 million to $1 billion
Sumimoto Rubber Industries, from Japan, acquired the Dunlop brand from US-based Goodyear for $735 million. This acquisition gives Sumimoto the rights to the Dunlop brand for consumer, commercial and specialty tires. The deal also included intellectual property and inventories associated with the Dunlop brand. In total, Sumimoto paid $526 million for the Dunlop brand, $105 million for the transition support fee and $104 million for existing Dunlop inventories. As part of the deal terms, Goodyear will retain rights to the Dunlop motorcycle tire trademarks in Europe and Australia / New Zealand market. The all cash deal advances Goodyear’s efforts to reduce debt levels as part of their ongoing “Goodyear Forward” transformation plan.
"The sale of the Dunlop brand is another action that advances Goodyear Forward by optimizing our portfolio, reducing leverage and sharpening our focus on our core portfolio of brands" - Mark Stewart, CEO of Goodyear
Deal size $100 million to $500 million
Like the previous deal, this is another US-Japan cross border deal. US-based Quaker Houghton (KWR) acquired Japan-based Dipsol Chemicals for $153 million. KWR is a global leader in industrial process fluids. Dipsol Chemicals is a leading supplier of surface treatment and plating solutions and services for automotive and industrial applications. The deal further diversifies KWR’s reach into adjacent markets. The $153 million purchase price values the deal at 10.5x adj. EBITDA (TTM), and was funded using debt issued under KWR’s existing credit facility. This acquisition is another milestone in KWR’s M&A strategy, and on the same day they announced their next acquisition of Nantech (a U.K. based manufacturer of treatment chemicals for $5.2 million).
"We are very excited to have completed the acquisition of Dipsol and announce the acquisition of Natech, demonstrating our ability to use our strong financial position to make strategic investments that will accelerate growth and create shareholder value. Dipsol and Natech provide Quaker Houghton with leading market positions in their respective markets and product technologies, that complement our technical service model and add capabilities and breadth to our differentiated portfolio of products and services. They also expand our advanced solutions businesses in attractive end markets with solid growth characteristics, providing ample opportunity to cross-sell and meet the evolving needs of our global customers." - Joseph Berquist, CEO of KWR
Deal size $50 million to $100 million
Personally, I’m not into video games. But this M&A deal in the sector grabbed my attention. MOBA Networks, a Swedish firm that buys, grows and runs online gaming communities is acquiring startup Wargraphs for $54 million. The most interesting part: Wargraphs is still in startup mode, with only one employee and no outside funding. The deal will see MOBA pay half ($26 million) in cash up-front, with the remaining amount to be paid pending achievement of 12 and 24 month EBITDA targets. Wargraphs builds Porofessor (part of modding platform Overwolf) and does analytics for League of Legends, as well as Legends of Runeterra and Teamflight Tactics. For these games, Wargraphs provides players with key statistics and data. Their app has over 10 million downloads and 1.25 million daily active users (combined app and website traffic). Their revenues are estimated as around $13.8 million.
Deal size <$50 million
Pappas Restaurants (USA) acquired On The Border (OTB) Mexican Grill restaurant chain from OTB holdings for $15.9 million. OTB is a Tex-Mex style restaurant chain that filed for bankruptcy in March 2025. Pappas is acquiring OTB’s restaurant assets in a bankruptcy auction. The deal expands Pappas’ presence in the Tex-Mex restaurant sector and add to its portfolio comprising Pappadeaux Seafood Kitchen, Pappasito’s Cantine, Pappas Bar-B-Q and Pappas Bros. Steakhouse brands.
"On The Border has always stood out for its energy and bold flavors—it's a brand we've known and respected for years…this gives us the chance to bring our passion for Tex-Mex to more guests, and we're excited to build on what makes both brands special." - Chris Pappas, co-Chairman of Pappas Restaurants Inc.