Archives for November 2012

Littlejohn & Co. Exits Synchronous Aerospace Group

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Littlejohn & Co. has signed an agreement to sell its portfolio company, Synchronous Aerospace Group, to Precision Castparts Corp.

“It was a great pleasure to work with the Littlejohn team who gained a deep understanding of our business and operations, and were deeply engaged in helping us plan and execute on our targeted operational initiatives,” said Ron Case, President and Chief Executive Officer of Synchronous.  “We thank them for their support.”

Synchronous is a supplier of assemblies and components used in aircraft in the commercial aerospace and defense markets.  The company’s products include mechanical assemblies such as high-lift mechanisms and secondary flight controls, and structural assemblies which include wing ribs, bulkheads, and track and beam assemblies.  Synchronous’ core capabilities include gantry machining, hard-metal machining, high-speed machining, turning, sheet-metal forming, and metal and composite bonding.  Synchronous has 700 employees at its four operational centers located in Wichita, KS; Santa Ana, CA; Kent, WA; and Tulsa, OK.  Synchronous is headquartered in Santa Ana, CA (www.syncaero.com).

“Under the leadership of Ron Case over our ownership period Synchronous developed and executed against a set of meaningful strategic and operational initiatives to both expand the company’s book of business as well as enhance its profitability, all while creating an enterprise that is an integral part of its aerospace customers’ supply chains,” said Edmund Feeley, Managing Director of Littlejohn.

Lazard acted as the exclusive financial advisor and Morrison Cohen acted as legal counsel to Synchronous.

Littlejohn & Co. makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. The firm is currently investing from Littlejohn Fund IV which has over $1.3 billion in capital commitments. Littlejohn & Co. is based in Greenwich, CT (www.littlejohnllc.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

KPS Capital Partners Acquires Autocast and Forge

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Chassis Brakes International Group, a portfolio company of KPS Capital Partners, has acquired substantially all of the assets of Autocast and Forge Pty Ltd.

Autocast and Forge Pty Ltd (ACF) is Australia’s largest independent cast iron foundry serving the automotive industry, primarily engineering and manufacturing specialized castings. ACF’s customers include a majority of Australian automotive manufacturers. The company employs approximately 100 employees at its single facility in Seven Hills, NSW (www.autocast.net.au).

KPS purchased Chassis Brakes International Group (CBI) from The Bosch Group in May 2012 with a strategic plan to grow the business as an independent enterprise.  With the acquisition of ACF, CBI has expanded and strengthened its manufacturing capabilities in Australia through vertical integration and has solidified its position as the largest manufacturer of automotive foundation brakes and foundation brake components in Australia.

CBI is one of the world’s three largest manufacturers of automotive foundation brakes and foundation brake components. CBI’s primary products, which include brake calipers, disk brakes, drum brakes and parking brakes, are sold directly to original equipment manufacturers and through various aftermarket channels. CBI is based in Drancy, France and employs approximately 5,900 people at 21 manufacturing facilities and engineering centers in Europe, Asia, South America and Australia (www.chassisbrakes.com).

KPS Capital Partners is the manager of the KPS Special Situations Funds, a group of private equity funds with over $2.6 billion of committed capital focused on investing in restructurings, turnarounds and other special situations. KPS has created new companies to purchase operating assets out of bankruptcy; established stand-alone entities to operate divested assets; and recapitalized highly leveraged public and private companies. The KPS investment strategy targets companies with strong franchises that are experiencing operating and financial problems. KPS portfolio companies, as of September 30, 2012, have aggregate annual revenues of approximately $7.2 billion, operate 89 manufacturing plants in 25 countries, and employ over 30,000 associates, directly and through joint ventures worldwide.  KPS Capital Partners is headquartered in New York (www.kpsfund.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

Platte River Equity Acquires The WellMark Company

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Platte River Equity has acquired The WellMark Company, a manufacturer of liquid and pneumatic flow controls and valves. “WellMark has built a great reputation for high quality products, outstanding customer service and loyal employees,” said Platte River Managing Director Peter Calamari. “We are looking forward to working with the team at WellMark to help grow the business from the strong foundation that has been built over the last thirty years.”

“The significant development of unconventional resources in North America has driven the need for continued build-out of production and pipeline infrastructure.  We believe that the acquisition of WellMark provides an opportunity to capitalize on these growing demand trends and establishes a solid platform for future investments in the flow control industry,” said Platte River Principal Mark Brown.

WellMark produces a full line of liquid and pneumatic flow controls and valves to the oil and gas and petrochemical industries. Products include diaphragm operated valves, pneumatic and electrical level controls, safety relief valves, chemical pumps, liquid level indicators, switches, point level electronic controls, and various accessory products. The company’s brands include WellMark, Cemco and Major.  WellMark was founded in 1981 and is headquartered in Oklahoma City, OK (www.wellmarkco.com).

“We are pleased about WellMark’s new partnership with Platte River Equity,” said Dick Pfieffer, co-founder of the company. “The additional capital along with the significant operating and financial experience of the Platte River team creates exciting opportunities for WellMark as we remain focused on building quality products and maintaining the highest level of service for our customers.”

St. Charles Capital served as buy-side advisor to Platte River. Madison Capital Funding provided senior debt financing for the transaction.

Platte River Equity is a private equity firm focused on investments in lower middle market operating companies with enterprise values generally between $20 million and $250 million.  The firm focuses on investing in the aerospace and transportation; energy and industrial services; and chemicals, metals and industrial minerals sectors. Platte River Equity manages funds with committed capital of approximately $700 million.  The firm is based in Denver, CO (www.platteriverequity.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

Investcorp Exits FleetPride

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Investcorp has completed the sale of FleetPride, North America’s largest truck and trailer parts distributor, to TPG for more than $1 billion.

Since its acquisition of FleetPride in 2006, Investcorp has supported 31 different add-on acquisitions by the company, strengthening its cross-country supply chain and adding total acquired sales of over $270 million. Investcorp helped increase FleetPride’s branch count to 248 with operations in 45 U.S. states. Investcorp’s initiatives increased the company’s EBITDA from $52 million at the time of purchase in June 2006 to over $100 million forecasted for 2012, helping generate a net return of more than 200% for investors.

“FleetPride represents the type of core, mid-market corporate investment that we typically target in the U.S. We worked closely with FleetPride’s management team from a very early stage in our investment to successfully implement strategic growth plans, thereby enhancing the company’s operations. The success of the FleetPride investment is a testament to our ability to grow our portfolio companies, even during challenging economic conditions, while maximizing the returns for our investors,” said Steve Puccinelli, Managing Director at Investcorp and Head of Corporate Investment for North America and Europe.

FleetPride is a supplier and retailer of heavy-duty truck and trailer parts. The company carries a full line of brand-name parts as well as an assortment of private label brand parts. FleetPride also offers in-house remanufactured products such as brake shoes and driveline components and truck and trailer repair services. The company has 248 locations in 45 states and is based in The Woodlands, TX (www.fleetpride.com).

Investcorp invests in mid-size companies operating in a wide array of industry sectors that have total enterprise values of between $200 million and $1 billion and are located in North America or Western Europe. The group has offices in London, UK and New York, NY (www.investcorp.com).

TPG is a private investment firm founded in 1992 with approximately $51 billion of assets under management. Sectors of interest include industrials, retail, consumer, financial services, travel and entertainment, technology, media and communications, and healthcare. TPG makes investments throughout North America, Europe, Asia and Australia. The firm has offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Sao Paulo, Shanghai, Singapore and Tokyo (www.tpg.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

Mason Wells Acquires Whitehall Specialties

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Mason Wells has closed on the acquisition of Whitehall Specialties, a producer of cheese products.  Co-investing with Mason Wells on this transaction were Northleaf Capital, PPM America, Audax Mezzanine and the management of Whitehall.

“Mason Wells is delighted to be partnering with Whitehall Specialties to continue expanding its market reach and developing new products,” said Greg Myers, senior managing director of Mason Wells. “Whitehall has a tremendous reputation in the market due to its dedicated employees, and a culture devoted to serving its customers with the highest quality products.”

Whitehall Specialties is a producer and marketer of analog and processed cheese products.  Analog, or imitation, cheese is used in a variety of food processing, food service, and retail applications.  Analog cheese products contain a blend of natural dairy and non-dairy ingredients.  Whitehall offers a complete line of products including block, shredded, dried and grated, individually wrapped slices, and slice-on-slice.  Whitehall’s products are sold worldwide as branded and private label retail products, and are also sold as ingredients to food processors and food service providers.  Whitehall was founded in 1994 and operates from three production facilities, two in Whitehall, WI (headquarters) and one in Hillsboro, WI (www.whitehall-specialties.com).

“We are excited about our new partnership with Mason Wells and believe its experience in supporting growth-oriented businesses by bringing additional resources to the table will benefit Whitehall’s customers, suppliers and employees, and enable us to grow globally,” said Steve Fawcett, Whitehall’s President and CEO.

Senior financing for the transaction was led by BMO Capital Markets, and mezzanine financing was provided by Audax.

Mason Wells makes investments in Midwest-based companies with $25 million to $300 million in revenues and an EBITDA of at least $5 million.  Sectors of interest include consumer packaged goods, packaging materials & converting, engineered products & services and outsourced business services.  The firm was founded in 1982 and is based in Milwaukee, WI (www.masonwells.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

Lincolnshire Acquires National Pen Company

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Lincolnshire Management has acquired National Pen Company, a provider of direct mail promotional pens and other products.  National Pen Company was a portfolio company of Berwind Corporation.

National Pen is a direct mail provider of personalized promotional products including pens, cups, mouse pads, calendars, shirts and bags.  The company has a large and diverse customer base of approximately one million customers in the U.S., Canada, Europe, Australia and New Zealand. The company is headquartered in San Diego (www.nationalpen.com).

Lincolnshire is a middle market private equity firm that manages $1.7 billion and focuses on acquiring business platforms with $50 million to $500 million in revenue that can be meaningfully grown organically and through acquisitions.  Lincolnshire has completed more than 70 acquisitions, and is currently investing its $835 million private equity fund, Lincolnshire Equity Fund IV.  Founded in 1986, the firm is headquartered in New York and has offices in Atlanta, Boston, Chicago and Los Angeles (www.lincolnshiremgmt.com).

Berwind Corporation is a family-owned investment management company.  Berwind targets middle market companies with transaction values of $75 million to $700 million, and focuses on manufacturing businesses in a range of industries including pharmaceutical, specialty chemical, office and craft, automotive, consumer and natural resources. .  The company is based in Philadelphia, PA (www.berwind.com).

Harris Williams & Co. acted as the exclusive advisor to National Pen.  The transaction closed on November 20, 2012, and was led by Patrick Hanraty, Nathan Bouknight and Justin Shuman from the firm’s Philadelphia office.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

Madison Dearborn Invests in Aderant Holdings

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Madison Dearborn Partners has agreed to make an equity investment in Aderant Holdings, a developer of legal software.  Existing investors Vista Equity Partners and the Aderant management team, led by Chief Executive Officer Chris Giglio, will retain significant ownership positions.  The transaction is expected to be completed by the end of this year.

“We are very pleased to bring on an investor of Madison Dearborn’s stature and relevant industry expertise,” said Chris Giglio. “We are proud of our accomplishments since our founding in 1978 and, with the continued support and guidance of Vista Equity Partners and with the addition of our new investor Madison Dearborn, we are in a great position to continue our upward trajectory through the expansion of our services to our clients.”

Aderant Holding is a provider of business management software for law and professional services firms. Its software and services assist in business development, calendar/docket matter management with built-in court rules, client relationship management, practice and financial management, time and billing, case management, and business intelligence.  Aderant supports 3,200 clients in more than 30 countries and its clients represent 77 percent of the AmLaw 200 across all segments of the legal market. The company’s clients include Clifford Chance, Allens, Deloitte, Gibson Dunn & Crutcher, Grant Thornton, Greenberg Traurig, and Skadden Arps Slate Meagher & Flom. Aderant currently employs approximately 400 people located in 10 offices across five countries.  The company is based in Atlanta (www.aderant.com).

“As a financially and strategically sound company and an industry leader and innovator, Aderant is the type of organization we are focused on at Madison Dearborn,” said Doug Grissom, a managing director at Madison Dearborn and the head of the firm’s business and government services team. “We are pleased to be able to acquire approximately half of Vista Equity’s and Aderant management’s stakes in the business. We’re looking forward to working with Chris and his team and our new partners at Vista Equity to support Aderant and its continued growth.”

BofA Merrill Lynch served as financial advisor, Kirkland & Ellis served as legal counsel, and Ernst & Young provided accounting advice to Madison Dearborn. BMO Capital Markets and Marks Baughan were Aderant’s and Vista’s financial advisors, Kirkland & Ellis provided legal advice and McGladrey provided accounting services.

Madison Dearborn Partners has more than $18 billion of capital under management and makes new investments through its most recent funds, Madison Dearborn Capital Partners V and Madison Dearborn Capital Partners VI.  The firm invests in businesses across a spectrum of industries including basic industries; business and government services; consumer; financial services; health care; and telecom, media and technology services. Madison Dearborn Partners was founded in 1992 and is based in Chicago (www.mdcp.com).

Vista Equity Partners has more than $6.6 billion in committed capital and makes equity investments in enterprise software businesses and technology-enabled solutions companies.  The firm was founded in 2000 and has over 50 investment professionals operating out of Austin TX, Chicago, IL and San Francisco CA (www.vistaequitypartners.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

Doug Lawson Joins Lazard Middle Market as New Packaging Head

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Lazard Middle Market has hired Doug Lawson as a new Managing Director and head of Packaging within the firm’s Industrials Group. He will be based in Lazard’s Chicago office.

“Doug has established a national reputation in the packaging sector, having advised on many of the most notable middle market transactions in the sector in recent years,” said Bob Frost, head of the Industrial Group for Lazard Middle Market.

Mr. Lawson’s investment banking experience include numerous sale and buy-side advisory mandates, leveraged buyouts, and fairness opinions for a wide variety of clients, including private equity groups, public companies, and privately owned businesses.  Prior to joining Lazard, Mr. Lawson was a Managing Director and head of the Packaging Group at BMO Capital Markets in Chicago, where he established and led the firm’s M&A and financing practice in the packaging sector.

Prior to BMO Capital Markets, he was a Principal at Piper Jaffray, where he built an M&A business in the packaging sector. Mr. Lawson previously held senior positions at ABN AMRO, Duff & Phelps Credit Rating Company, where he built and headed the project finance group. Early in his career, Mr. Lawson worked at the law firm of McCarthy Tétrault and as an accountant with Ernst & Young in Toronto.

Lazard Middle Market provides strategic advice on mergers and acquisitions, restructuring, and public and private capital raising to the middle market, serving a diverse set of clients, including private equity, venture capital, entrepreneurs, and public and private companies.  Lazard Middle Market has offices in New York, Chicago, Minneapolis, and Charlotte (www.lazardmm.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

Castanea Partners Exits Urban Decay

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Castanea Partners has signed an agreement to sell Urban Decay, a women’s cosmetics company, to L’Oréal.

Urban Decay is a women’s cosmetics company with products that emphasize femininity and irreverence. The company markets its products through domestic and international specialty beauty retailers, department stores, and its website. The company is based in Newport Beach, CA (www.urbandecay.com).

“The entire Urban Decay team has done a great job of rapidly growing the company while remaining true to their brand and its values. We very much enjoyed working with the Urban Decay team and are confident they will thrive with their new partners.” said Steve Berg, Partner from Castanea.

Urban Decay was founded in 1996 by Wende Zomnir and was bought by Moet-Hennessy Louis Vuitton in 2000, before being sold again in 2002 to the Falic Group.  In 2009 it was acquired by Castanea Partners.  Urban Decay had revenues of $140 million over the past 12 months, more than three times its revenue at the time of Castanea’s investment in 2009.

“Castanea has been a great partner for Urban Decay as they truly understand who we are and appreciate what it takes to grow a successful brand, said Ms. Zomnir, Chief Creative Officer.

Castanea Partners invests from $15 million to $75 million in small and middle market companies in publishing, education, training, consumer brands, specialty retail, and marketing services.  Castanea participates in leveraged buyouts, growth and acquisition equity investments, and operationally challenging situations.  The firm is currently investing from its third fund, a $500 million fund that targets companies with enterprise values up to $250 million. The firm is located in Newton, MA (www.castaneapartners.com).

“Castanea was incredibly supportive of our team and encouraged us to invest in our vision of becoming one of the top cosmetics brands in the world,” said Urban Decay CEO Tim Warner

L’Oréal is one of the world’s leading beauty companies. The company has built a portfolio of 27 international, diverse and complementary brands. With sales amounting to 20.3 billion euros in 2011, L’Oréal employs 68,900 people worldwide.  The company is based in Paris, France (www.loreal.com).

Castanea Partners was advised by Deutsche Bank, Piper Jaffray, and Deloitte.  L’Oréal was advised by Lazard and Weil, Gotshal and Manges.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

Baird Capital Partners Acquires GoConfigure

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Backyard Discovery, a provider of outdoor recreation products and a portfolio company of Baird Capital Partners, has acquired GoConfigure, a provider of delivery, installation and maintenance services.

GoConfigure (GCI) provides delivery, installation and maintenance services to retailers and OEMs nationwide, with a particular focus on fitness equipment, wooden swing sets, wooden sheds, basketball goals, game tables, trampolines and gun safes. The company is base in Lisle, IL (www.gciteam.com).

“This acquisition combines GCI’s nationwide installation network and robust customer service platform with BYD’s proprietary consumer product offering,” said Gordon Liao, Vice President at Baird Capital Partners. ”We see this as unique in the consumer products world and as a major strategic advantage for the company.”

Backyard Discovery (BYD) is a global consumer products company with nationwide installation capabilities. BYD was established in 2007 through the Baird Capital Partners-backed merger of Backyard Adventures and Leisure Time Products, two outdoor recreation product providers. In the past two years, BYD acquired SHEDS USA and Classic Manor Builders to become a leader in the wooden sheds category. The company’s products are marketed under the following brand names: Create-N-Adventure, Adventure Playsets, Backyard Adventure, Leisure Time Products and Backyard Builders. BYD products are sold through nationwide retailers including Wal-Mart, Sam’s Club, Toys-R-Us, BJ’s and through independent dealers across the country. Backyard Discovery is based in Pittsburg, KS (www.swingsetsonline.com).

“We have had a long-standing relationship with GCI and are excited about the opportunity to broaden our reach,” said Ron Scripsick, CEO of BYD. “We look forward to building upon the significant opportunities between us and providing the best customer service for both the retail channel and end consumer.”

Baird Capital Partners invests in lower middle-market companies in the manufactured products, healthcare and business services sectors. The firm invests from $15 million to $35 million in companies with enterprise values of $25 to $125 million and EBITDAs greater than $5 million. Baird Capital Partners was founded in 1989 and is based in Chicago, IL (www.bairdcapitalpartners.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

KKR Acquires Alliant Insurance Services

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Kohlberg Kravis Roberts & Co. has signed an agreement to acquire Alliant Insurance Services, a specialty insurance brokerage firm, from Blackstone.  The management team and employees of Alliant own approximately 45% of the company and will roll over a substantial portion of their investment in the company.  The transaction is expected to close in the fourth quarter.

Alliant Insurance Services is one of the largest insurance brokerage firms in the United States and has a history dating back to 1925. Alliant provides property and casualty, workers’ compensation, employee benefits, surety, and financial products and services to some 20,000 clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups. The company is headquartered in Newport Beach, CA (www.alliantinsurance.com).

“This transaction marks the next phase of Alliant’s growth and offers us an exciting opportunity to continue to build the business and offer best in class products and services to our clients.  We are pleased to be partnering with KKR and appreciate the positive role that private capital can play in helping us manage our business and execute a growth strategy.  This transaction will enable Alliant to remain independent and maintain its market leading position,” said Tom Corbett, Chairman and CEO of Alliant.

KKR makes private equity, fixed income and other investments in companies in North America, Europe, Asia and the Middle East. The firm has $66 billion in assets under management. In addition to its New York headquarters the firm has offices in Menlo Park, San Francisco, Houston, Washington DC, London, Paris, Hong Kong, Tokyo, Beijing, Mumbai, Dubai and Sydney (www.kkr.com).

“Alliant’s leadership team has built a unique insurance distribution franchise that is differentiated in its expertise, product offerings and client relationships.  We are excited to partner with the Alliant team as it builds on the successful track record of product innovation, platform expansion and accretive acquisition activity in the specialty insurance marketplace,” said Tagar Olson, Member of KKR.

Blackstone’s private equity group comprises 129 professionals in New York, London, Germany, Mumbai, Singapore, Hong Kong, Shanghai and Beijing. The group currently has $47 billion in assets under management.  Blackstone Capital Partners VI, Blackstone’s latest private equity fund, closed in January of this year with over $16 billion in commitments (www.blackstone.com).

JP Morgan Chase and Blackstone Advisory Partners served as advisers to Blackstone and Alliant on the transaction.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

Onex Acquires USI Insurance Services

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Onex Corporation has agreed to acquire USI Insurance Services from GS Capital Partners in a transaction valued at approximately $2.3 billion.  The transaction is anticipated to close by the end of 2012.

USI is a distributor of property and casualty insurance and employee benefits products to businesses throughout the United States. USI is ranked as one of the ten largest insurance brokers in the United States.  The firm was founded in 1994 and is headquartered in Briarcliff Manor, NY, and operates out of 100 offices in 26 states (www.usi.biz).

“USI has established a strong national insurance brokerage with a very impressive management team led by Mike Sicard,” said Robert Le Blanc, an Onex Managing Director. “The company is well positioned to continue to grow both organically and by building on its track record of successful acquisitions.”

Employees of USI invested alongside GS Capital Partners in a take-private of the company in 2007, and will remain significant investors in USI going forward.

GS Capital Partners is the private equity vehicle through which Goldman Sachs conducts its large, privately negotiated, corporate equity investment activities and is currently investing through its sixth fund. GS Capital Partners focuses on large, sophisticated business opportunities in which value can be created through leveraging the resources of Goldman Sachs (www.gs.com/pia).

“USI’s management team and employees have demonstrated a commitment to growing and improving the business, and we are pleased with the company’s performance over the last several years. Since our take-private in 2007, USI has successfully integrated operations and developed a common operating platform with industry-leading margins, differentiated acquisition capabilities, and a strong platform for organic growth,” said Sumit Rajpal, a Managing Director at GS Capital Partners.

Onex Corporation makes private equity investments through the Onex Partners and the ONCAP families of funds. Onex has more than $14 billion of assets under management and is based in Toronto (www.onex.com).

Onex was advised by Morgan Stanley, with Morgan Stanley, BofA Merrill Lynch, Citigroup, Goldman Sachs, RBC Capital Markets LLC and UBS Securities providing bank and bridge financing commitments.  GS Capital Partners was advised by Goldman, Sachs & Co. and RBC Capital Markets.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

Brynwood Partners Exits Balance Bar

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Brynwood Partners has sold its portfolio company, Balance Bar Company, to NBTY, a portfolio company of The Carlyle Group.  Brynwood acquired Balance Bar from Kraft Foods in 2009.

Balance Bar Company is a maker of nutrition and energy bars.  The company was founded in 1992 and is headquartered in Valhalla, NY (www.balancebar.com).

“We are delighted to announce the divestiture of Balance Bar, which was our first investment in our most recent fund, Brynwood VI,” said Hendrik Hartong III, the Chairman of Balance Bar and a Senior Managing Partner with Brynwood Partners. “We are grateful to all of the Balance Bar employees for their hard work and dedication to the business. We wish NBTY continued success with this great brand.”

NBTY is a vertically integrated manufacturer, marketer, distributor and retailer of vitamins, nutritional supplements and related products.  NBTY currently markets over 25,000 SKUs under many brands, including Nature’s Bounty, Sundown, American Health, Ester-C, Solgar, MET-Rx, Osteo Bi-Flex, SISU, Rexall, Pure Protein, Body Fortress, Puritan’s Pride, Vitamin World, Holland & Barrett, GNC (UK), Physiologics, and De Tuinen. The company is headquartered in Ronkonkoma, NY (www.nbty.com).

Brynwood Partners is an operationally-focused private equity fund that makes control investments in lower middle market companies. Sectors of interest include consumer products, light manufacturing with low capital intensity, and business services. Brynwood Partners has $500 million of capital under management. The firm was founded in 1984 and is based in Greenwich, CT (www.brynwoodpartners.com).

The Carlyle Group invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. The Carlyle Group employs 1,300 people in 32 offices across six continents and is based in Washington, DC (www.carlyle.com).

Houlihan Lokey Capital served as the investment banking advisor to Balance Bar.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

SeaFort Capital Acquires A.W. Leil Cranes

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SeaFort Capital has partnered with senior managers Larry MacDonald and Robert Fraser to acquire A.W. Leil Holdings Limited, a crane rental and lift services business.

“We are excited to invest in an established Nova Scotia business alongside experienced and dedicated operating partners.  A.W. Leil boasts a committed group of skilled employees and a modern fleet of cranes.  We intend to continue the legacy that Allison Leil Sr. and his family have established through decades of reliable performance,” said Rob Normandeau, President of SeaFort.

A.W. Leil is a crane rental and lift services business.  The company operates a fleet of over fifty cranes under the trade names A.W. Leil, Sagadore Cranes and Cape Breton Cranes, and has five offices and over sixty employees. The company was founded in 1958 and is based in Dartmouth, Nova Scotia (www.awleil.com).

SeaFort Capital makes control investments in small and medium sized Canadian businesses that have earnings from $2 million to $10 million and have a strong tangible asset base.  Sectors of interest include “old economy” industries such as manufacturing, distribution or equipment services.  The firm is based in Halifax, Nova Scotia (www.seafortcapital.com).

“Over the last 54 years, I have taken great pride in my business, developing a personal connection to each employee and a deep familiarity with every piece of equipment.  I am pleased to see SeaFort partner with Larry and Robert to acquire the company.  I am confident that they will treat our people fairly and uphold our values as they work to grow and develop the business,” said Allison Leil Sr.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

Kilmer Capital Partners and TerraNova Partners Acquire Compact Power Equipment Centers

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Kilmer Capital Partners and TerraNova Partners have acquired Compact Power Equipment Centers, a rental supplier of compact and medium-heavy equipment.

Compact Power Equipment Centers provides towable rental equipment such as mini-skids, excavators, skid steers, trenchers and chipper shredders through Home Depot Tool Rental Centers. To date, Home Depot has Compact Power Equipment Centers within its Home Depot Tools Rental departments in some 400 stores. The company also sells new and used equipment for the construction and landscaping industries including utility loaders, backhoe loaders, trenchers, excavators, or skid steers through its online sales function at www.CPECdirect.com.  Compact Power Equipment Centers was founded in 2009 and is based in Fort Mill, SC (www.cpiequipment.com).

Kilmer Capital Partners makes control and minority investments of $5 million to $50 million in companies that have revenues from $20 million to $200 million. The firm is industry agnostic but has a specific interest in the electronics, communications, technology, food, apparel, healthcare, consumer products, media and entertainment sectors. Kilmer Capital is based in Toronto (www.kilmercapital.com).

TerraNova Partners is a multi-disciplined and diversified investment fund focused primarily on private equity investments.  The firm is headquartered in Toronto and also has an office in New York (www.terranovapartners.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

Irving Place Capital Acquires Stull Technologies

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Mold-Rite Plastics, a manufacturer of rigid plastic packaging products and a portfolio company of Irving Place Capital, has acquired Stull Technologies, a manufacturer of dispensing closures, caps, lids, and packaging components.

The acquisition will broaden Mold-Rite Plastics’ product line, geographic reach and manufacturing capabilities. “Combining Stull Technologies with the Mold-Rite Plastics family is another example of our commitment to superior service, flexibility and overall customer-focused value,” said Brian Bauerbach, President and CEO of Mold-Rite Plastics. “We are very excited to work with the outstanding people at Stull to continue our mission of enhancing our customers’ products through superior packaging solutions.”

Stull Technologies is a designer, developer, and manufacturer of dispensing closures, caps, lids, and packaging components. The company is based in Somerset, NJ (www.stulltech.com).

Mold-Rite Plastics is a manufacturer of rigid plastic packaging products, serving a variety of markets around the world. The company’s product lines include a variety of caps and closures, a full line of jars and a variety of specialty items. The company was founded in 1976 and is headquartered in Plattsburgh, NY (www.moldriteplastics.com).

Irving Place Capital invests in buyouts, recapitalizations and growth capital opportunities. The firm focuses on making control or entrepreneur-driven investments. Since its formation in 1997, Irving Place Capital has been an investor in 55 companies and manages over $4 billion, including its current $2.7 billion institutional fund. The firm is based in New York (www.irvingplacecapital.com).

P&M Corporate Finance served as financial advisor to Stull Technologies.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-26-12

Kinderhook Exits Nurse on Call

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Home Health Care Holdings, the parent company of Nurse on Call and a portfolio company of Kinderhook Industries, has been sold to Emeritus Corporation for $102.5 million.  Emeritus will acquire 91% of the equity of Home Health Care Holdings with the remaining equity owned by certain members of Nurse on Call’s management team.

Nurse on Call (NOC) has been a portfolio company of Kinderhook since 2005 and this sale represents a return on invested capital of over 5.0x, including prior distributions, for Kinderhook.

Nurse on Call is a Medicare licensed home health care agency that employs registered and licensed nurses to provide a variety of medically necessary services to home bound patients. Services provided by the company include skilled nursing, home health aide and medical social services.  Nurse on Call is regionally focused with 29 offices located throughout the state of Florida. The company is based in Lake Worth, FL (www.nurseoncallfl.com).

“NOC’s partnership with Kinderhook enabled the company to successfully navigate through a dynamic period of change in the healthcare industry,” said Dale Clift, CEO of Nurse on Call. “The Kinderhook team fully supported our growth strategy.  As a result, we were able to open 28 offices throughout Florida, employ over 1,700 caregivers and offer services throughout 47 Florida counties.”

“Kinderhook is proud of the accomplishments of the company’s management team and hard-working employees over the past seven years,” said Chris Michalik, Managing Director at Kinderhook Industries. “Mr. Clift and his team achieved impressive revenue and EBITDA growth and more importantly, built a company which is operationally sound with a culture committed to delivering high levels of service and patient care. NOC is well positioned to continue to thrive under Emeritus’ ownership.”

Kinderhook Industries is a manager of private equity funds with $770 million of committed capital. Kinderhook primarily makes control investments in companies with transaction values of $25 million to $100 million in which the firm can achieve financial, operational and growth improvements. Kinderhook pursue private equity investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations and existing small capitalization companies lacking institutional support. The firm is based in New York, NY (www.kinderhook.com).

Emeritus (NYSE: ESC) is the nation’s largest memory care and assisted living provider with the ability to serve nearly 50,000 residents at more than 470 communities throughout 44 states. Emeritus offers the spectrum of senior residential choices, care options and life enrichment programs that fulfill individual needs and promote purposeful living throughout the aging process. The company is based in Seattle, WA (www.Emeritus.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-20-12

American Industrial Partners Acquires U.S. Operating Subsidiaries of Hampson Aerospace

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American Industrial Partners has acquired the United States operating subsidiaries (“AIP Aerospace”) of Hampson Industries.

This transaction marks the fund’s fifth investment in 2012 and will be made out of American Industrial Partners Capital Fund V, LP, AIP’s $717.5 million fund that closed in December 2011.  “We feel fortunate to have found a business with such a unique set of competencies,” said Joel Rotroff of AIP.  “We are excited by the outlook for the commercial aerospace industry and look forward to working with management to drive growth and margin improvement.”

AIP Aerospace is comprised of five operating divisions with a total of approximately $210 million in sales. Three divisions are developers of metallic and composite aerospace molds, mandrels, assembly jigs and fixtures and include Odyssey Industries (Lake Orion, MI) (www.odysseytooling.com); Global Tooling Systems (Macomb, MI) (www.global-tooling-systems.com); and Coast Composites (Santa Ana, CA) (www.coastcomposites.com).  The remaining two divisions are manufacturers of aerostructure and composite components and include Composites Horizons (Covina, CA) (www.chi-covina.com); and Texstars (Grand Prairie, TX) (www.texstars.com).  Through these five operating divisions AIP Aerospace has approximately 1,140 employees and 10 manufacturing facilities located in California, Michigan and Texas.

“We are extremely pleased to be partnering with the American Industrial Partners team.  Our shared commitment to build on the demonstrated accomplishments of our businesses, as well as our focus on delivering expanded capabilities and value to our customers will drive profitable growth,” said Norman Jordan, CEO of AIP Aerospace.

American Industrial Partners seeks to acquire control positions in North American headquartered industrial companies with sales ranging from $100 million to $500 million. The firm was founded in 1989 and is currently managing more than $1.1 billion in equity capital. American Industrial Partners is based in New York (www.aipartners.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-20-12