Manufacturing Recapitalizations in 2021
Acquisition Volume in Manufacturing Recapitalizations in 2021 by Year
Last 5 years
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December 31, 2021
- Buyer
- Onward Capital, Midwest Mezzanine Funds, Wintrust Financial Corporation, Centerfield Capital Partners
- Target
- Century Drill & Tool Corporation
- Industry
- Manufacturing
- Location
- Wisconsin, United States
- Type
- Recapitalization
Chicago-based private equity firm Onward Capital completed a recapitalization of Century Drill & Tool Corporation, a Green Bay, Wisconsin distributor and manufacturer of power tool accessories. The recapitalization was funded by Wintrust Financial Corporation, Midwest Mezzanine Funds and Centerfield Capital Partners, with Midwest Mezzanine providing subordinated debt and equity to support the transaction.
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December 21, 2021
- Buyer
- AEA Investors' Small Business Fund (AEA SBF)
- Target
- Monroe Engineering Holdings, LLC
- Seller
- Management and employee investors
- Industry
- Manufacturing
- Location
- Michigan, United States
- Type
- Recapitalization
AEA Investors' Small Business Fund (AEA SBF) recapitalized Monroe Engineering Holdings, LLC alongside management and employee investors. The investment provides liquidity to existing stakeholders and positions Monroe to continue serving OEM customers across aerospace, medical, renewable energy and other industrial end markets.
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November 22, 2021
- Buyer
- Sentinel Capital Partners
- Target
- RefrigiWear
- Industry
- Manufacturing
- Location
- Georgia, United States
- Type
- Recapitalization
Sentinel Capital Partners has entered into a partnership with RefrigiWear, the Dahlonega, Georgia-based manufacturer of insulated industrial workwear. Terms were not disclosed; the deal will keep the founding family involved while enabling growth initiatives and broader-based employee ownership.
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November 4, 2021
- Buyer
- Main Street Capital Corporation, Unidentified co-investor
- Target
- YSN Imports, LLC d/b/a Flame King
- Seller
- Existing owners and management team
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Recapitalization
Main Street Capital Corporation provided $31.6 million of financing to YSN Imports, LLC d/b/a Flame King to facilitate a recapitalization and support future growth. The financing consisted of first-lien senior secured term debt and a direct equity investment, and Main Street (with an unnamed co-investor) also provided a revolving line of credit alongside the company's existing owners and management.
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October 18, 2021
- Buyer
- Pallinghurst Graphite International Limited
- Target
- Nouveau Monde Graphite Inc.
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Recapitalization
Pallinghurst Graphite International Limited converted the full C$15 million convertible bond into common shares of Nouveau Monde Graphite, receiving shares in two tranches and related interest shares, resulting in an approximate 21% ownership stake. The conversion releases the related security, settles accrued interest with share issuance, and provides Nouveau Monde increased financing flexibility as it advances its battery anode material project in Québec.
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October 15, 2021
- Buyer
- MPE Partners (Morgenthaler Private Equity)
- Target
- DecoArt
- Seller
- Stan Clifford, DecoArt senior management
- Industry
- Manufacturing
- Location
- Kentucky, United States
- Type
- Recapitalization
MPE Partners (Morgenthaler Private Equity) completed a recapitalization of DecoArt, a manufacturer of paints and finishes for arts, crafts and home decorating. The transaction brings in incoming CEO Jonathan Kane, keeps founder Stan Clifford involved as a board member, and positions DecoArt for accelerated organic and inorganic growth including potential add-on acquisitions.
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- Buyer
- Ontario Teachers' Pension Plan Board
- Target
- Vantage Elevator Solutions
- Seller
- Golden Gate Capital
- Industry
- Manufacturing
- Location
- New York, United States
- Type
- Recapitalization
Ontario Teachers' Pension Plan Board agreed to acquire a majority stake in Vantage Elevator Solutions, a North American designer, manufacturer and distributor of elevator components. Golden Gate Capital will retain a significant minority stake; the transaction is expected to close before the end of 2021 and terms were not disclosed.
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October 5, 2021
- Buyer
- Graycliff Partners LP
- Target
- CHawk Technology International
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Recapitalization
Graycliff Partners LP completed an equity investment and recapitalization of CHawk Technology International, a Hayward, California-based manufacturer of precision plastic and metal components and assemblies serving the semiconductor capital equipment, aerospace, and medical device industries. Graycliff will combine CHawk with its prior acquisition, Gold Tech Industries, to form a platform for continued growth in semicap and complementary end markets.
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- Buyer
- High Street Capital, Wells Fargo Strategic Capital
- Target
- Tramec LLC
- Industry
- Manufacturing
- Location
- Kansas, United States
- Type
- Recapitalization
High Street Capital, alongside Wells Fargo Strategic Capital, has invested in Tramec LLC in a management-led recapitalization to support organic growth, new product and market introductions, and operational improvement. Tramec, headquartered in Iola, Kansas, manufactures and distributes engineered components to heavy-duty truck and trailer OEM and aftermarket channels.
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September 22, 2021
- Buyer
- Namakor Holdings LP, W Investments Group LP, Tail End Capital Partners
- Target
- Gelpac Inc.
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Recapitalization
Namakor Holdings LP and W Investments Group LP completed a secondary purchase of Gelpac Inc. and onboarded Pittsburgh-based Tail End Capital Partners as a new investor. The transaction provides shareholder liquidity and raises capital to accelerate Gelpac’s growth through add-on acquisitions and expanded U.S. presence.
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September 17, 2021
- Buyer
- Calvert Street Capital Partners, Inc.
- Target
- Machine Specialties, Inc.
- Seller
- Rob Simmons, Tammy Simmons, Machine Specialties management
- Industry
- Manufacturing
- Location
- North Carolina, United States
- Type
- Recapitalization
Calvert Street Capital Partners recapitalized Machine Specialties, Inc. (MSI) in partnership with the company's management team to support MSI's next phase of organic and acquisitive growth. The transaction closed on September 20, 2021 and positions MSI to expand capabilities serving aerospace & defense, medical, industrial and other end markets.
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- Buyer
- KLH Capital
- Target
- Undisclosed precision tank & cylinder manufacturer
- Industry
- Manufacturing
- Location
- United States
- Type
- Recapitalization
KLH Capital completed a recapitalization of a Midwest-based precision tank and cylinder manufacturer in September 2021. Generational Equity advised the seller; the investment will provide growth capital and support succession planning while the company continues to serve top-tier OEM customers across consumer, defense and industrial end markets.
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- Buyer
- Voyager Interests, LLC
- Target
- Lee Specialties, Inc.
- Seller
- Doug Quinn (owner)
- Industry
- Manufacturing
- Location
- Alberta, Canada
- Type
- Recapitalization
Voyager Interests, a private equity firm focused on energy services and equipment, has completed a majority recapitalization of Lee Specialties, a Blackfalds, Alberta-based manufacturer of wireline pressure control equipment. The transaction provides Lee with capital and a partner to support organic growth and acquisitions while keeping Doug Quinn and the current management team engaged.
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July 29, 2021
- Buyer
- Gemini Investors
- Target
- American Standard Circuits, The Cable Company
- Industry
- Manufacturing
- Location
- United States
- Type
- Recapitalization
Gemini Investors completed two investments: a recapitalization of American Standard Circuits (a U.S.-based printed circuit board designer and manufacturer) alongside management, and the acquisition of The Cable Company (a specialty online retailer of high-end audio/video cables). Gemini will partner with ASC's management to support the company's manufacturing operations across defense, aerospace, automotive, medical and industrial end markets and will operate The Cable Company as a consumer-facing e-commerce business serving audiophiles.
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July 27, 2021
- Buyer
- MPE Partners (Morgenthaler Private Equity)
- Target
- Waterfront Brands
- Industry
- Manufacturing
- Location
- Minnesota, United States
- Type
- Recapitalization
MPE Partners (Morgenthaler Private Equity) announced the recapitalization of Waterfront Brands, the designer and manufacturer of premium watercraft lifts, docks, and related accessories, partnering with management led by CEO Don Hurley. Financing for the transaction was provided by Tree Line Capital Partners, Manulife Investment Management, Northwestern Mutual Capital, and LBC Credit Partners; Livingstone served as Waterfront's exclusive financial advisor. The recapitalization is intended to support accelerated organic growth and execution of complementary add-on acquisitions.
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July 9, 2021
- Buyer
- High Street Capital
- Target
- BCD International, Inc.
- Seller
- Jeff Burgess (Founder), Burgess family
- Industry
- Manufacturing
- Location
- Illinois, United States
- Type
- Recapitalization
Chicago-based private equity firm High Street Capital has completed a partial recapitalization investment in BCD International, partnering with founder Jeff Burgess to support the company's aggressive growth plan. BCD, a Buffalo Grove, Illinois–based maker of purpose-built video surveillance storage appliances with a global footprint, will use the capital to hire sales personnel, expand hybrid cloud capabilities, and accelerate international expansion.
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- Buyer
- New Mountain Capital, Wind Point Partners, Blackstone Strategic Partners
- Target
- Ascensus Specialties
- Seller
- Prior Wind Point Partners fund
- Industry
- Manufacturing
- Location
- Washington, United States
- Type
- Recapitalization
New Mountain Capital has led a recapitalization of Ascensus Specialties, with Wind Point Partners exiting its prior fund position while reinvesting alongside New Mountain through a special purpose vehicle anchored by Blackstone Strategic Partners. Ascensus, a Bellevue, Washington-based specialty chemicals manufacturer and global leader in borohydride, borane and specialty alcoholate reagents, will use the new capital to support R&D, product innovation and continued growth across pharmaceutical, microelectronics and other specialty end markets.
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- Buyer
- EPIC I‑b (managed by Castik Capital)
- Target
- Waterlogic
- Seller
- EPIC I Fund (Castik Capital)
- Industry
- Manufacturing
- Location
- United Kingdom
- Type
- Recapitalization
Castik Capital closed its single-asset EPIC I‑b fund at approximately €700m to acquire a controlling majority stake in Waterlogic from Castik’s earlier EPIC I fund. The recapitalization gives Waterlogic a longer investment horizon and additional capital to pursue its buy‑and‑build strategy and global growth; Waterlogic currently reports c. $400m revenue, EBITDA in excess of $150m and has completed nearly 80 add‑on acquisitions.
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