Bertram Capital has sold its web-handling equipment maker Maxcess International to Berwind Corporation, a family office based in Philadelphia.
Maxcess is a designer and manufacturer of industrial rolls, converting components, and specialized machinery for web handling and converting applications. The company is headquartered in Oklahoma City, OK (www.maxcessintl.com).
The Maxcess platform was formed by Bertram through the acquisitions of Neenah, WI-based Webex in December 2012; Oklahoma City, OK-based Maxcess International in January 2014; Cleveland, OH-based Fives North America Guiding in February 2015; Appleton, WI-based Valley Roller in August 2015; Wauconda, IL-based Menges Roller in November 2017; and Edgerton, WI-based Componex Corporation in March 2018.
“Bertram supported our growth with talent, ideas, resources and capital every step of the way,” said Maxcess CEO Greg Jehlik. “They encouraged us to confidently pursue our global expansion strategy and to seek game-changing acquisitions that transformed Maxcess into a powerful industrial technology platform. Trust and close collaboration were the constant themes of our very rewarding partnership with Bertram, and we cannot thank them enough for their years of support and hard work.”
“The sale of Maxcess is a prime example of Bertram’s ability to drive and successfully implement our “High 5” investment strategy. Through selective and accretive acquisitions and execution of a well-defined value creation plan, Bertram built a powerful industry leader,” said Jeff Drazan, Managing Partner of Bertram Capital. To drive growth and create value in its portfolio companies, Bertram uses an investment strategy called “High 5” which focuses on five core operating principles – sales and marketing improvement, management support, supply chain optimization, technology optimization, and add-on acquisitions.
Bertram invests in middle-market business services, consumer, industrial and manufacturing companies that have revenues from $25 million to $250 million and EBITDA of $5 million to $30 million. The firm is headquartered south of San Francisco in San Mateo, CA (www.bertramcapital.com).
“The closing of the Maxcess transaction represents the culmination of a tremendous partnership with an excellent management team, led by Greg Jehlik, and the successful transformation of the company into a highly strategic global platform,” said Kevin Yamashita, Partner and Head of Industrials at Bertram Capital. “The combined efforts of the Maxcess and Bertram teams solidified the company’s global market leadership position, accelerated its growth, and significantly expanded its core addressable market. As the industry’s one-stop shop for customers’ web-handling needs, Maxcess is well-positioned for continued growth.”
Berwind Corporation, the buyer of Maxcess, is a family-owned investment management company. Berwind targets middle market companies with transaction values of $200 million to $900 million across a range of industries. The company is based in Philadelphia, PA (www.berwind.com).
Robert W. Baird (www.rwbaird.com) was the financial advisor to Bertram Capital and Maxcess. The Baird transaction team was led by managing directors Joel Cohen and Trisha Renner.
© 2018 Private Equity Professional | July 9, 2018
Audax Private Equity has acquired Revolution Dancewear from Incline Equity Partners which acquired the company in July 2010.
“Revolution is a recognized leader in the dance costume and dancewear market,” said Geoffrey Rehnert, Co-Chief Executive Officer of Audax. “We look forward to supporting Joe Sclafani and the entire Revolution team to continue growing the business organically and through acquisitions.”
Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and San Francisco (
“We are very proud of what we have accomplished along with the management team at Revolution,” said Leon Rubinov, Partner with Incline. “We knew that in order to grow the business we needed to expand both geographically and into new product lines. The team achieved these goals through organic initiatives as well as through three add-on acquisitions. Our combined efforts helped the company more than double in size during our ownership.”
Incline Equity Partners invests from $15 million to $30 million in support of recapitalizations, buyouts and corporate divestitures of lower middle market companies that have EBITDAs greater than $5 million and enterprise values between $50 million and $300 million. Sectors of interest include value-added distribution, specialized light manufacturing, and business and industrial services. Incline was formed in 2011 and is based in Pittsburgh (
Highlander Partners has acquired Queen City Candy, a manufacturer of confectionery products including gummies, jellies, and fruit snacks.
“We are excited about our acquisition of QCC and believe the opportunity in the gummy confection and vitamin space will continue to grow at a significant rate,” said Jeff Hull, President and Managing Partner of Highlander. “QCC offers outstanding manufacturing capabilities, with its cutting-edge manufacturing equipment and unique production capabilities. We believe that with Highlander’s resources and in collaboration with Brands, QCC will be able to expand its product offerings and enter new markets, further accelerating the company’s growth.”
Highlander Partners makes investments in middle market businesses in targeted industries in which the principals of the firm have significant operating and investing experience. Sectors of interest include manufacturing, consumer products, industrial goods, automotive accessories, packaging, food and beverage, and specialty chemicals.
“We have been very active; this is Highlander’s fourth investment in the confection space in the last two years and this is our third food deal this year,” said Alex Guiva, a Partner at Highlander. “Having closed more than twenty transactions in the food space, we remain fully committed to the food and beverage categories, both finished consumer products and ingredients, and we continue seeking high-quality food businesses that have a strong market position, differentiated offerings and compelling growth opportunities.”
Cadence Aerospace, a portfolio company of Arlington Capital Partners since November 2017, has acquired Perfekta.
“The acquisition of Perfekta continues to build upon our investment thesis for Cadence by further expanding our unique and vertically integrated capabilities in large and complex precision machined aerospace components,” said Peter Manos, a Managing Partner at Arlington Capital. “In addition, Perfekta’s strategic location in Wichita, a geography that is home to some of the aerospace industry’s most important players, will bring Cadence closer to its shared customer base.”
Arlington invests in buyouts and recapitalizations of companies valued from $50 million to $500 million. Sectors of interest include government services and technology; aerospace and defense; healthcare; and business services and software. Arlington is investing out of its fourth fund which closed in July 2016 with $700 million of capital. The firm is based in Chevy Chase, MD (
