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Archives for October 2012

Grey Mountain Partners Acquires Louisiana Oilfield Divers

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Triton Diving Services, a portfolio company of Grey Mountain Partners, has acquired the diving assets of Louisiana Oilfield Divers, including the Premier Explorer, a 208-foot vessel.

“With a 20-ton lift capacity, accommodations for 40 crew and a fully functioning machine shop, the Premier Explorer vessel is an excellent addition to Triton’s growing dive service vessel fleet,” said Beth Lesniak, Vice President of Grey Mountain. “We look forward to serving customers that have already utilized the Premier Explorer and enhancing our ability to respond to our customers’ current needs in the Gulf of Mexico and abroad.”

Triton is an offshore commercial diving services provider focused on the Gulf of Mexico. The company provides decommissioning, maintenance, inspection and repair, and emergency services to the major operators and engineering firms in the offshore oil and gas market. Triton has an owned fleet of seven vessels and approximately 260 employees and is based in Metairie, LA (www.tritondiving.net).

“This acquisition strengthens Triton’s position as the dominant shallow water commercial diving contractor operating in the Gulf of Mexico. The additional capacity provided by this acquisition will allow us to better serve our customers,” said Mark Jeansonne, CEO of Triton Diving Services.

Grey Mountain Partners invests in middle market companies with enterprise values between $30 million and $150 million. The firm is based in Boulder, CO (www.greymountain.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-2-12

J.F. Lehman & Company Acquires Assets of Maritime Services Corporation

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US Joiner, a manufacturer of marine interiors and a portfolio company of J.F. Lehman & Company, has acquired certain assets from Maritime Services Corporation.

This acquisition will enable US Joiner to further establish its presence in the Pacific Northwest marine marketplace by establishing a regional office with manufacturing capabilities.

Maritime Services Corporation (MSC) was founded in 1986 as a ship interior joiner contractor. Products and services include complete ship interior outfitting, case work and mill work manufacturing, marine interior design and marine electrical. Customers include ship owners and operators from all sectors of the maritime industry including cruise ships, tankers, tugs, offshore accommodations, fishing vessels, research vessels, ferries, military ships and gaming vessels worldwide. The company is based in Hood River, OR (www.mscor.com).

US Joiner installs and outfits marine interiors of large oceangoing vessels for U.S. Government and commercial customers. US Joiner was acquired in June 2011 by J.F. Lehman & Company. The company has approximately 500 employees and is headquartered in Crozet, VA (www.usjoiner.com).

“The purchase of these assets from MSC is an excellent addition to US Joiner and a highly complementary fit. We look forward to expanding our presence and capabilities in the Pacific Northwest to better serve our existing customers as well as the broader marine marketplace in this region. In addition, the cruise market expertise that comes with this acquisition will grow our presence in this large and expanding industry sector,” said Joe Mullen, President of US Joiner.

J.F. Lehman & Company is a middle-market private equity firm focused primarily on the maritime, defense, and aerospace sectors. The firm was founded by Dr. John F. Lehman, who served six years as Secretary of the United States Navy. To date, J.F. Lehman has made investments in companies with an aggregate transaction value of approximately $1.6 billion. The firm was founded in 1992 and is headquartered in New York with additional offices in Washington, DC and London (www.jflpartners.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-1-12

Hudson Ferry Capital Invests in ALCOM

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Hudson Ferry Capital has made an investment in ALCOM, a designer and manufacturer of specialty aluminum trailers.

ALCOM manufactures aluminum trailers in hundreds of configurations that are sold through a network of over 300 dealers. The company’s brand names include: Mission Trailers, SnoPro/CargoPro, E-Z Hauler, and High Country. Under a license agreement, ALCOM also manufacturers Polaris branded aluminum trailers sold by many Polaris dealers. The company was founded in 2005 and is based in Winslow, ME (www.alcomusa.com).

“ALCOM has the elements we look for in a potential investment, including a talented management team and a dedicated work force. The company has a solid product offering and a strong dealer network that can be augmented with further investment,” said Hudson Ferry Partner Bruce Robertson.

Generational Equity, an advisor to privately-held and family-owned businesses for mergers and acquisitions, represented ALCOM in this transaction. Generational Equity is headquartered in Dallas, TX (www.genequityco.com). “ALCOM’s owners were focused on finding a partner to grow the business throughout North America and beyond,” said Tom Staszak, Managing Director, who led the Generational Equity team representing ALCOM. “The experienced team at Hudson Ferry recognized the opportunity ahead of ALCOM and provided a perfect combination of experience and enthusiasm for the partnership.”

Hudson Ferry Capital invests in lower middle market companies with revenues of $25 million to $300 million and EBITDAs of $5 million to $40 million. Sectors of interest include: niche manufacturers; building products companies; business services providers; and outsourcing providers. The firm is based in New York, NY (www.hudsonferry.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-1-12

Roark Capital Acquires Massage Envy

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Roark Capital Group has acquired Massage Envy, a provider of massage therapy and facial treatments. “Massage Envy is consistent with our strategy to invest in market-leading franchises with strong brands and differentiated service offerings. We believe Massage Envy has significant opportunities to enhance its leadership position in the spa and massage industry,” said Neal Aronson, Roark Capital’s managing partner.

Massage Envy is a provider of therapeutic massage that provides professional and affordable therapeutic massage and spa services to consumers with busy lifestyles, at convenient times and locations.  Massage Envy has more than 1.25 million members spread across 800 locations in 45 states. In 2012, Massage Envy franchisees will provide more than 16 million massage and facial treatments to members and guests. The company is based in Scottsdale, AZ (www.MassageEnvy.com).

“We are thrilled to have Roark as a partner as we continue to grow the Massage Envy brand,” said Dave Crisalli, Massage Envy’s President & CEO. “Roark’s strong operational approach and deep consumer and franchise experience makes them an ideal partner for our leadership team, regional developers, franchisees and team members.”

Roark Capital Group invests in business and consumer service companies with revenues ranging from $20 million to $1 billion. Sectors of interest include franchise, direct marketing, business services and financial services. The firm has more than $3 billion of equity capital under management and is located in Atlanta, GA (www.roarkcapital.com).

With this acquisition, Roark and its affiliates have made 22 investments in franchise businesses that collectively have more than 4,100 franchisees, 11,000 locations and $10 billion in system-wide revenues across 50 states and 56 countries. Its current franchise/multi-unit portfolio includes Arby’s, Auntie Anne’s, Batteries Plus, Bosley’s Pet Food Plus, Carvel Ice Cream, Cinnabon, Corner Bakery, FASTSIGNS, Il Fornaio, McAlister’s Deli, Moe’s Southwest Grill, Money Mailer, Pet Valu, Primrose Schools, Schlotzsky’s, Wingstop and the franchisor of Seattle’s Best Coffee on certain military bases and in certain international markets.

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-1-12

Resilience Capital Partners Acquires CR Brands

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CR Brands, a manufacturer and marketer of branded and private label household cleaning and laundry products, announced today that its equity partner, Juggernaut Capital Partners, has agreed to sell the company to Resilience Capital Partners. The company’s senior leadership team will continue to manage the company’s day-to-day operations.

“I am very excited to partner with Resilience Capital Partners in driving the next phase of growth for CR Brands. Resilience is an ideal partner for our company given its deep operating expertise and network of industry relationships,” said President and Chief Executive Officer Rich Owen.

CR Brands manufactures and markets both branded and private label household cleaning and laundry products. The company’s branded products are marketed under the well-known brands Mean Green, Biz, Oxydol, Pine Power and Magnum Power. CR Brands has national distribution with leading retailers such as Dollar General, Family Dollar, Walmart, Target and Kroger. The company has also partnered with certain customers (e.g. Kroger, Publix) to manufacture proprietary store brand household cleaning products. The company is based in West Chester, OH (www.crbrandsinc.com).

Michael Merriman, an Operating Executive of Resilience, has been appointed Chairman of the Board of CR Brands. Prior to joining Resilience in 2008, Mr. Merriman served as CEO of Lamson and Sessions Corporation (2006-2007), as CFO of American Greetings Corporation (2005-2006) and as CEO of Royal Appliance Mfg. Co., the manufacturer of Dirt Devil vacuum cleaners (1995-2004).

“The acquisition of CR Brands is a unique opportunity to acquire a leading household products platform with multiple growth opportunities. We look forward to working with CR Brands and its strong management team to drive growth in its well established portfolio,” said Mr. Merriman.

Resilience Capital Partners specializes in investing in lower middle market companies within a range of industries. Resilience’s value oriented investment strategy is to acquire companies in a variety of special situations including underperformers, corporate divestitures, turnarounds, and orphan public companies. Since its inception in 2001, Resilience has acquired 26 companies under 18 platforms with over $2 billion in revenue. The firm is based in Cleveland, OH (www.resiliencecapital.com).

“CR Brands has a strong track record of offering brands that deliver strong performance and exceptional value to its customers and consumers. We look forward to working with the company’s management team to continue to develop a leading household products platform,” said Bassem Mansour, Co-CEO of Resilience Capital Partners.

Juggernaut Capital Partners is makes investments in middle market companies primarily in the consumer products and business services industries where the principals have knowledge and experience. The firm is based in Washington, DC (www.juggernautcap.com).

Financing for the transaction was provided by PNC Business Credit and Steel City Capital Funding, a division of PNC Bank.

Sawaya Segalas & Co., a consumer-focused investment banking firm, acted as exclusive financial advisor to CR Brands in connection with the transaction.

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-1-12

Morgenthaler Private Equity Exits Avtron Industrial Automation

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Avtron Holdings, a portfolio company of Morgenthaler Private Equity, has sold Avtron Industrial Automation, a provider of control and automation products, to Nidec Corporation.

Avtron Industrial Automation (AIA) manufactures AC and DC drive systems, diagnostic and productivity software, and encoders to the cranes and material handling, pulp and paper, mining, metals, and marine sectors. The company’s products and systems are used for the precise control of the motion of heavy industrial equipment in applications such as oil and gas drilling rigs, port cranes and hoists, mining shovels and draglines, maritime vessel propulsion systems, steel rolling mills, and paper machines. AIA has 150 employees and was founded in 1953. The company is headquartered in Independence, OH (www.avtron.com).

AIA was one of three companies owned by Avtron Holdings. In March 2012, Avtron Loadbank was sold to Emerson. Avtron Aerospace was not part of this transaction and will continue to operate under Avtron and be owned by Morgenthaler Private Equity.

Morgenthaler Private Equity invests in companies in the lower middle market with transaction values between $25 million and $150 million and EBITDA in excess of $5 million. Sectors of interests include high-value manufacturing and proprietary business services. The firm has offices in Cleveland, OH and Boston, MA (www.morgenthaler.com).

Western Reserve Partners served as financial advisor to Morgenthaler Private Equity.

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-1-12

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