A Year to Remember for Tampa Bay’s M&A Activity
While global dealmaking activity didn’t stage the dramatic comeback many hoped for in 2024, Tampa Bay defied the odds with an extraordinary year of mergers and acquisitions (M&A). Despite a slight global rebound toward the year’s end, transaction volume worldwide only increased by 7% compared to 2023, staying consistent with mid-2010s levels, according to a Bain & Co. report. In contrast, Tampa Bay companies posted a banner year, with transaction values reaching record highs.
Top Tampa Bay Deals of 2024
The region witnessed more multibillion-dollar deals in 2024 than in recent memory. Reported deals valued at over $1 billion totaled $18.2 billion, more than double the previous year and $6 billion more than 2022’s high-water mark for M&A activity. Below are the top five deals of the year that made waves across industries.
1. The Quick Pivot: Masonite and Owens Corning
The largest deal in Tampa Bay wasn’t planned but came together when another transaction fell apart. Tampa-based door manufacturer Masonite International Corp. (NYSE: DOOR) had been finalizing a $3 billion acquisition of PGT Innovations when it was outbid by a private competitor. Masonite quickly pivoted, striking a $3.9 billion deal with Ohio-based Owens Corning (NYSE: OC). This combination created an industry giant with $13 billion in annual revenue and 30,000 employees.
2. From Bidding War to Breakup: PGT and Miter Brands
PGT Innovations (Nasdaq: PGT) switched gears after the Masonite deal fell through. The company accepted a $3.1 billion take-private offer from Miter Brands, following nine months of proposals from Miter’s CEO, Matthew DeSoto. PGT paid a steep breakup fee to secure this deal, forming a company with over 10,000 employees across 10 states.
3. Health Care Carve-Out: McKesson and Florida Cancer Specialists
In health care, McKesson Corp. (NYSE: MCK) made waves with a $2.49 billion carve-out of Florida Cancer Specialists’ administrative services unit. The division, called Community Oncology Revitalization Enterprises Venture (Core Ventures), operates nearly 100 locations statewide. McKesson’s 70% stake positions it as a major player in the oncology sector.
4. Sole Bank Deal: SouthState Bank Acquires Independent Bank
Winter Haven-based SouthState Bank (NYSE: SSB) completed a $2 billion acquisition of Independent Bank (Nasdaq: IBCP) on January 2, marking the only bank transaction in Tampa Bay in years. The deal formed a $65 billion bank, now the 46th-largest in the U.S., expanding SouthState’s reach into the lucrative Texas market.
5. Manufacturing Match: Honeywell and Air Products
Honeywell (Nasdaq: HON) strengthened its liquified natural gas (LNG) business with a $1.8 billion acquisition of Air Products’ LNG unit in Palmetto. The deal included a 390,000-square-foot manufacturing facility, complementing Honeywell’s existing LNG operations and creating a workforce of 1,300 employees in the Tampa Bay area.
Honorable Mentions
- Roper Technologies (NYSE: ROP) completed two acquisitions: the $1.75 billion purchase of Procare Solutions in January and a $1.6 billion deal for Transact Campus in August.
- Mosaic Co. (NYSE: MOS) exited a Saudi Arabian joint venture with a $1.5 billion sale, marking a rare large transaction for North America’s largest fertilizer producer.
- Primo Water Corp. closed its merger with BlueTriton Brands, forming a water distribution business with $6.5 billion in annual revenue and a portfolio of iconic brands like Deer Park and Ozarka.
Looking Ahead
Tampa Bay’s resilience and adaptability in 2024’s uncertain market set a precedent for future growth. With record-breaking deals across diverse industries, the region has solidified its position as a hub for transformative business activity. What’s next for Tampa Bay? Stay tuned for 2025’s game-changing deals.
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