Tracked deals
20
20 tracked deals across 2023.
Manufacturing Recapitalizations in 2023
Buyer mix
PE-led
33 pe · 2 family office
Top trend
Volume peaked in 2023
20 tracked deals announced in 2023.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Parkway Capital | 3 | Mezzanine-focused investment firm (unit of Calvert Street... | PE |
| Sidereal Capital Group | 2 | Lower middle‑market private equity firm focused on manufa... | PE |
| Spring Capital Partners | 2 | Provider of subordinated debt and minority equity (mezzan... | PE |
| Tecum Capital | 2 | Pittsburgh-based private investment firm providing mezzan... | PE |
| Addison Capital Partners | 1 | Private equity firm partnering with owners/operators of s... | PE |
| CORE Industrial Partners | 1 | Industrial-focused private equity firm investing in North... | PE |
| Clearview Capital Fund IV, L.P. | 1 | Middle-market private equity firm making platform investm... | PE |
| Crossplane Capital | 1 | Private equity firm investing control equity in niche man... | PE |
| Druid Capital Partners, LLC | 1 | Boutique private equity investment manager focused on low... | PE |
| Emko Capital | 1 | Middle-market private equity firm specializing in investm... | PE |
Acquisition Volume in Manufacturing Recapitalizations in 2023 by Year
Last 9 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
December 19, 2023
- Buyer
- Sentinel Capital Partners
- Target
- Online Labels Group
- Seller
- Tenex Capital Management
- Industry
- Manufacturing
- Location
- Florida, United States
- Type
- Recapitalization
Sentinel Capital Partners completed a recapitalization of Online Labels Group, acquiring the label converter and flexible packaging business from Tenex Capital Management. Online Labels Group — which operates five U.S. manufacturing facilities and is headquartered in Sanford, Florida — provides pressure-sensitive labels, shrink sleeves and flexible packaging to a wide range of SMB and enterprise customers; the transaction supports a sponsor-to-sponsor transition and continued growth initiatives.
-
December 11, 2023
- Buyer
- Crossplane Capital
- Target
- Hynes Industries
- Industry
- Manufacturing
- Location
- Ohio, United States
- Type
- Recapitalization
Dallas-based private equity firm Crossplane Capital completed a recapitalization of Hynes Industries alongside CEO Rick Organ and the company's leadership team. Hynes, a Youngstown, Ohio-headquartered manufacturer of precision roll-formed metal parts with additional facilities in Painesville, Ohio and Kokomo, Indiana, will receive investments to expand capacity and capabilities to support growth across automated material handling, truck trailer, solar and other industrial end markets.
-
- Buyer
- Hidden Harbor Capital Partners
- Target
- Teckrez, LLC
- Industry
- Manufacturing
- Location
- Florida, United States
- Type
- Recapitalization
Hidden Harbor Capital Partners made a strategic investment in Teckrez, LLC, a Jacksonville-based supplier of tackifier resins and acrylic monomer solutions, with the transaction closing on November 30, 2023. Founder Tom Eckhardt will remain an investor and serve on the board; Capital Dynamics provided financing and advisors on both sides supported the deal. Terms were not disclosed.
-
October 27, 2023
- Buyer
- Hemingway Capital, Parkway Capital, Spring Capital Partners, IBC Funds
- Target
- Chibuzo, LLC
- Seller
- Werner and Theresa Hugo
- Industry
- Manufacturing
- Location
- Arkansas, United States
- Type
- Recapitalization
New York-based private equity firm Hemingway Capital led a recapitalization of Chibuzo, LLC, a Fort Smith, Arkansas manufacturer of wood pallets and crates, partnering with Werner and Theresa Hugo. The transaction was financed with subordinated debt and preferred equity provided by Spring Capital Partners, Parkway Capital (a Calvert Street affiliate) and IBC Funds to support the acquisition/recapitalization.
-
October 20, 2023
- Buyer
- High Street Capital
- Target
- Adams Magnetic Products
- Seller
- Scott Lewis and family
- Industry
- Manufacturing
- Location
- Illinois, United States
- Type
- Recapitalization
Chicago-based private equity firm High Street Capital has acquired a controlling stake in Adams Magnetic Products, a custom manufacturer and distributor of permanent magnets and magnetic assemblies headquartered in Elmhurst, Illinois. The transaction is a recapitalization that brings growth capital and operational support while founder Scott Lewis and family retain a significant minority ownership and Lewis transitions to the company's board.
-
October 3, 2023
- Buyer
- Sidereal Capital Group, Parkway Capital, Farragut Capital Partners
- Target
- Peachey Hardwood Flooring
- Seller
- Don Coleman
- Industry
- Manufacturing
- Location
- Pennsylvania, United States
- Type
- Recapitalization
Sidereal Capital Group led a recapitalization of Peachey Hardwood Flooring, partnering with the company's senior management while Parkway Capital and Farragut Capital Partners provided subordinated/unitranche debt and equity financing. The transaction provides liquidity to owner Don Coleman and will fund increased production capacity and growth initiatives at the Reedsville, Pennsylvania manufacturer of premium hardwood flooring and millwork.
-
October 3, 2023
- Buyer
- Emko Capital, Tecum Capital, Woodforest National Bank
- Target
- Scotchman Industries, Steelmax Tools
- Industry
- Manufacturing
- Location
- South Dakota, United States
- Type
- Recapitalization
Emko Capital recapitalized Scotchman Industries and Steelmax Tools and created the new holding company SMX Industrial Solutions to combine the two metal-fabrication equipment brands. Tecum Capital provided supporting debt and equity and Woodforest National Bank participated in financing; the new platform will broaden the companies' product portfolio and support future acquisitions across manufacturing, construction and energy end markets.
-
August 11, 2023
- Buyer
- Mosaic Capital Partners LLC, Tecum Capital, Salem Investment Partners, Patriot Capital
- Target
- Gautier Steel Holdings Inc.
- Industry
- Manufacturing
- Location
- Pennsylvania, United States
- Type
- Recapitalization
Mosaic Capital Partners led an investment into the newly formed Gautier Steel Holdings Inc. ESOP, supporting the combination of two mills operating in Johnstown, Pennsylvania. Financial partners in the transaction included Tecum Capital, Salem Investment Partners and Patriot Capital, and CEO Glen Buckley will continue to lead the business while employees receive substantial retirement benefits through the ESOP.
-
August 1, 2023
- Buyer
- MCM Capital Partners
- Target
- Tech NH, Inc.
- Industry
- Manufacturing
- Location
- New Hampshire, United States
- Type
- Recapitalization
MCM Capital Partners completed a majority recapitalization of Tech NH, Inc., a Merrimack, New Hampshire-based technical injection molder that serves the medical device, general industrial, defense and green energy markets. The recapitalization provides Tech NH with growth capital and access to MCM’s sales, digital marketing and business development resources; the deal is the first platform acquisition for MCM Capital Partners IV, L.P.
-
- Buyer
- MSouth Equity Partners, The Beekman Group
- Target
- Automated Equipment Holding Company, LLC (d/b/a GED Integrated Holdings / GED)
- Industry
- Manufacturing
- Location
- Ohio, United States
- Type
- Recapitalization
MSouth Equity Partners completed an investment in Automated Equipment Holding Company, LLC (d/b/a GED), a Glenwillow, Ohio-based designer and manufacturer of automation equipment for the North American window and door industry. The Beekman Group remains an investor and Jeff Reed will continue as Executive Chairman; MSouth said it will support GED's next phase of growth organically and via M&A to build a broader industrial automation platform.
-
- Buyer
- Tinicum L.P. / Tinicum Incorporated
- Target
- Greene Group Industries
- Seller
- Selling shareholders and management
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Recapitalization
Tinicum L.P. (Tinicum Incorporated) has acquired a controlling interest in Greene Group Industries, a California-based manufacturer of complex metal components for medical and commercial applications. The deal will keep existing shareholders and management as minority owners and aims to accelerate investments in technology, capabilities and capacity to support Greene's growth with global customers.
-
- Buyer
- Addison Capital Partners
- Target
- Communication Power Companies (CPC)
- Seller
- CPC management
- Industry
- Manufacturing
- Location
- New York, United States
- Type
- Recapitalization
Addison Capital Partners has recapitalized Communication Power Companies (CPC), partnering with CPC management; financial terms were not disclosed. The investment provides a long-term capital base to support CPC's ongoing growth as a vertically integrated design-build manufacturer of RF and microwave power amplifiers serving military, industrial, scientific and medical markets.
-
July 1, 2023
- Buyer
- Druid Capital Partners, LLC
- Target
- Thermex-Thermatron, LP
- Seller
- Existing shareholders of Thermex-Thermatron
- Industry
- Manufacturing
- Location
- Kentucky, United States
- Type
- Recapitalization
Druid Capital Partners has completed the acquisition of Thermex-Thermatron, a long-established manufacturer of high-power industrial RF and microwave heating systems, partnering with Thermex management led by President/CEO Ray Lund. The transaction provides liquidity to existing shareholders and positions Thermex to pursue growth opportunities while continuing to serve global customers across automotive, medical and packaging markets.
-
May 18, 2023
- Buyer
- Clearview Capital Fund IV, L.P., Vertikal Brands (team established by Clearview Capital)
- Target
- Inventive, LLC
- Industry
- Manufacturing
- Location
- Idaho, United States
- Type
- Recapitalization
Clearview Capital Fund IV completed a recapitalization of Inventive, LLC (closed May 5, 2023), partnering with its Vertikal Brands team to support growth of the domestic manufacturing business. Inventive founder Chuck Ceccarelli retained a significant equity stake; Clearview said it will leverage Inventive's engineering and lean manufacturing capabilities to expand product development and market reach in towing, fishing, ATV/UTV and garage end markets.
-
May 11, 2023
- Buyer
- Presidio Investors (Presidio-managed continuation vehicle), Kline Hill Partners
- Target
- ElevATE Semiconductor
- Seller
- Presidio Investors Fund II, Other shareholders
- Industry
- Manufacturing
- Location
- California, United States
- Type
- Recapitalization
Presidio Investors' continuation vehicle, led in the transaction by Kline Hill Partners, completed a final close to acquire a controlling interest in ElevATE Semiconductor from Presidio Investors Fund II and other shareholders. ElevATE, a San Diego-based designer of low-power, high-density integrated circuits for automated test equipment, will receive longer-term capital to support R&D, sales channel expansion and continued growth.
-
- Buyer
- Heritage Growth Partners LLC
- Target
- CAB Worldwide LLC
- Industry
- Manufacturing
- Location
- Georgia, United States
- Type
- Recapitalization
Heritage Growth Partners LLC, a private family investment office, led a growth recapitalization of CAB Worldwide LLC in a transaction that included a senior secured debt facility from PNC Bank. The investment is intended to support CAB’s operations, expand capabilities, and fund future acquisitions, with Heritage Growth principals joining CAB’s board.
-
- Buyer
- Triton IV Continuation Fund (TIV CF)
- Target
- Flokk Group
- Seller
- Innova Capital, Minority co-investors, Triton Fund IV
- Industry
- Manufacturing
- Location
- Oslo, Norway
- Type
- Recapitalization
Innova Capital and its minority co-investors sold their stake in Flokk Group as part of a larger transaction that moved four Triton Fund IV portfolio companies (Assemblin, EQOS, Flokk and Unica) into the newly-formed Triton IV Continuation Fund (TIV CF). The deal represents Innova's final exit from its Innova/5 vehicle and transfers majority-held assets into the continuation fund managed by Triton.
-
February 28, 2023
- Buyer
- Sidereal Capital Group, Parkway Capital, Spring Capital Partners, Route 2 Capital Partners, MPowered Capital
- Target
- Palmetto Adhesives Company, LLC
- Industry
- Manufacturing
- Location
- South Carolina, United States
- Type
- Recapitalization
Sidereal Capital Group led a recapitalization of Palmetto Adhesives Company, LLC, partnering with the company's senior management while Parkway Capital, Spring Capital Partners, Route 2 Capital Partners, and MPowered Capital provided subordinated debt and equity support. Palmetto Adhesives, a Greenville, South Carolina–based manufacturer and distributor of hot melt and water-based adhesives with additional facilities in New Jersey and California, will use the capital to support growth and expansion initiatives.
-
February 23, 2023
- Buyer
- CORE Industrial Partners
- Target
- GEM Manufacturing
- Seller
- Robert Caulfield, Mark Caulfield, Christopher Gemino, GEM shareholders
- Industry
- Manufacturing
- Location
- Connecticut, United States
- Type
- Recapitalization
CORE Industrial Partners has recapitalized GEM Manufacturing, a precision deep-drawn metal components manufacturer headquartered in Waterbury, Connecticut. The Caulfield and Gemino family shareholders rolled a significant portion of proceeds, with Robert and Mark Caulfield staying for a short transition while CORE partners with management to expand capabilities and pursue growth initiatives.
-
January 10, 2023
- Buyer
- Hamilton Robinson Capital Partners
- Target
- Sani-Matic
- Industry
- Manufacturing
- Location
- Wisconsin, United States
- Type
- Recapitalization
Hamilton Robinson Capital Partners has recapitalized Sani-Matic in partnership with the company's management team. Founded in 1943 and headquartered in Sun Prairie, Wisconsin, Sani-Matic designs and manufactures hygienic automated cleaning and sanitizing systems for the food, beverage, pharmaceutical and personal care markets; the recapitalization will provide resources to support growth and market expansion.
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