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ORIX Adds-On to RoadSafe

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protection-services-nf1RoadSafe Traffic Systems, a portfolio company of ORIX Capital Partners and Aperion Management, has acquired Protection Services Inc. (PSI).

protection-services-nf22PSI offers traffic control and pavement marking services to private contractors, federal agencies, state transportation departments, governmental entities and utilities. PSI’s products can be purchased or rented through the company’s network of branches that serve more than 20 states. The company is based just outside of Harrisburg in Lemoyne, PA (www.protectionservices.com).

roadsafe-nf1RoadSafe Traffic Systems, like PSI, is a provider of pavement marking, sign installation and traffic control services and equipment to the roadway construction, railroad and utility industries. RoadSafe is headquartered in Chicago (www.roadsafetraffic.com).

According to ORIX, the buy of PSI creates a nationwide provider of traffic control services that can serve projects of any size in over 40 states. PSI’s team of nearly 300 employees is expected to join RoadSafe, which will now number nearly 1,500 in total employment. “It was an opportune time for our two companies to join forces as we expand service offerings and add resources to support growth,” said David Meirick, President and CEO of RoadSafe. “PSI is a respected company in the industry, and their level of service—combined with their expertise—made them a great fit for RoadSafe.”

ORIX Capital Partners (ORIX CP) acquired RoadSafe in February 2016 from Falcon Investment Advisors and Aperion Management. Aperion continues to have a minority equity interest in the company in partnership with ORIX CP.

christopher-suan-nf1“We continue to seek strategic add-ons for RoadSafe which will complement the strong organic growth the company has experienced as a result of the incredible value, reliability and safety of its services,” said Christopher Suan, Managing Director for ORIX CP.

ORIX CP invests from $50 million to $150 million of equity capital per transaction in North America based middle-market companies.  The group will invest across a range of industries and special situations. Areas of specific interest include business services, retail, consumer, industrials, telecommunications and technology. ORIX CP is led by President and CEO Yoshiteru “Terry” Suzuki, who previously served as Co-CEO of Cerberus Japan from June 2002 to March 2015, along with Mr. Suan.

orix-nf1ORIX USA provided debt to back the buy of PSI. ORIX USA offers senior secured, unsecured, mezzanine, equipment leasing, and structured loan credit products to private equity, corporate, real estate, and public finance sectors. ORIX USA was founded in 1981 and is based in Dallas, with additional offices in New York, London, Paris, Frankfurt, Chicago, Los Angeles, Minneapolis, Washington DC, San Francisco, and Atlanta. ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly traded financial services company with operations in 35 countries worldwide (www.orix.com).

Aperion Management, which has been an investor in RoadSafe since its inception in 2007, invests in small to midsize businesses valued between $15 million and $150 million. The firm is based in New York (no website found).

© 2016 Private Equity Professional

November 29, 2016

Wynnchurch Sells JAC Products

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jac-nf1Wynnchurch Capital has completed the sale of JAC Products to Argonaut Private Equity and Hall Capital. Wynnchurch acquired JAC Products in December of 2010 from Annex Capital Management.

jac-nf44JAC Products is a designer and manufacturer of a roof racks, cargo management systems, assist steps and other similar functional components. The company’s aluminum, plastic and steel products are sold to automotive OEMs worldwide and used on more than 110 different platforms. JAC operates manufacturing facilities across North America, Europe and Asia. The company was founded in 1967 and is headquartered west of Detroit in Saline, MI (www.jacproducts.com).

ian-kirson-nf1“We are thankful to have partnered with a world class management team to capitalize on JAC’s leading market position and drive significant operational improvement,” said Ian Kirson, a Partner at Wynnchurch. “These efforts significantly increased earnings and allowed us to realize an outstanding return for our investors. It is satisfying to see our combined efforts produce a company that is the clear industry thought leader and is well positioned to enter its next phase of growth.”

“Since Wynnchurch acquired the company in 2010, JAC has gone through a multi-year transformation. The senior management team, with assistance from Wynnchurch, has taken steps to improve the business including developing a culture of transparency, problem solving and continuous improvement, increasing profitability through the elimination of waste and improving productivity, and focusing the company on customer quality and product innovation,” said Mike Wood, JAC’s CEO.

wynnchurch nf2Wynnchurch Capital makes investments of $10 million to $90 million in middle-market companies that have revenues of $5 million to $500 million. Sectors of interest include niche manufacturing, business and industrial services, energy and power services, logistics, transportation and value-added distribution. The firm was founded in 1999 and is located in the Chicago suburb of Rosemont with additional offices in Detroit (Bloomfield Hills), Los Angeles (El Segundo), and Toronto (www.wynnchurch.com).

Argonaut Private Equity makes investments of $1 million to $200 million in companies in the consumer electronics, specialty materials, telecommunications, software, aviation, and healthcare industries. Argonaut’s portfolio includes investments in the United States, China, Israel, Japan, Eastern Europe and Australia. The firm has $3.5 billion of assets under management and is based in Tulsa (no website found).

hall-capital-nf1Hall Capital Partners (HCP) is the private equity affiliate of Hall Capital, a private investment company owned by the Hall family. HCP makes control or non-control investments of $2 million to $25 million in manufacturing, distribution, or service companies with revenues of $10 million to $100 million and operating profit of at least $1 million. The firm has raised three private equity funds with a total of $250 million of committed capital from the Hall family and outside partners, both individual and institutional. HCP has offices in Oklahoma City, Chicago (Lake Forest), Nashville, and New York (www.hall-capital.com).

Quarton International (www.quartoninternational.com) was the investment banking advisor to JAC Products on this transaction.

© 2016 Private Equity Professional • 11-11-16

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