Charlesbank Capital Partners has acquired HDT Global, a portfolio company of Metalmark Capital since August 2007. The management team of HDT Global, led by President & CEO Andy Hove, is making a significant co-investment in the transaction.
HDT Global is a provider of services that assist domestic and international militaries, emergency response organizations, and large industrial companies to deploy technology-enabled applications, counter asymmetric threats, and achieve mission success. HDT’s soldier support products include rapidly-deployable tactical shelters; environmental control units; power generation and heating units; chemical, biological, radiological, and nuclear (CBRN) filters and filtration systems; and personnel and advanced aerial delivery parachute systems. The company was founded in 1937 and is based near Cleveland in Solon, OH (www.hdtglobal.com).
“We are proud to back this talented management team, which has built a leading portfolio of integrated products and services with an outstanding reputation for technology leadership, innovation, performance and support,” said Sam Bartlett, Managing Director at Charlesbank. “We look forward to helping the HDT team continue to enhance its core offerings and expand the business internationally and through acquisitions.”
Charlesbank Capital Partners invests in management-led buyouts and growth capital financings, typically investing from $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm has $3 billion of capital under management and has offices in Boston and New York (www.charlesbank.com).
“We are pleased with the progress HDT has made to become the leading provider of fully integrated, deployable solutions to a variety of end markets during our partnership with the company,” said Jeff Siegal, Managing Director, Metalmark Capital. “We thank HDT’s employees, management and board of directors for their hard work, commitment and valuable contributions, and we wish them the very best in this next chapter.”
Metalmark Capital was established by the principals of Morgan Stanley Capital Partners (MSCP) to manage the Metalmark Capital and MSCP funds. Since 1986, the Metalmark Capital and MSCP funds have invested $7 billion of equity capital in over 100 companies. These companies span a range of industries, including energy and natural resources, industrials and healthcare.
Metalmark Capital is currently investing its latest fund with $2.5 billion of committed capital. The firm is based in New York (www.metalmarkcapital.com).
Advisors for Charlesbank on the transaction included Houlihan Lokey for financial, Ropes & Gray for legal and PricewaterhouseCoopers for accounting and tax. For HDT, Suntrust and Wells Fargo served as financial advisors and Kirkland & Ellis as legal advisor.
2014 PEPD • Private Equity’s Leading News Magazine • 9-17-14