Manufacturing Acquisitions in 2017

A.C.T Lighting, Inc. has acquired RHC Holdings Corporation (RapcoHorizon), a Jackson, Missouri–based manufacturer of audio, data and specialty industrial wire and interconnect assemblies. The acquisition brings RapcoHorizon’s branded product portfolio (including ProCo, RAT, RoadHog and StageMASTER) into A.C.T’s entertainment-technology product and service offering to expand capabilities and product range for live-production and audio markets.

Visioneering, Inc., a portfolio company of family office 3P Equity Partners, has acquired the assets of Plasco Tooling and Engineering Corporation. The deal adds Plasco’s composite tooling, fixtures and patented stretch form die technology and 42,000 ft2 manufacturing capability in Romeo, Michigan to Visioneering’s aerospace tooling platform to expand capabilities in the aerospace and defense market.

Tinicum, L.P. (managed by Tinicum Incorporated) has acquired Astrodyne TDI from Audax Private Equity. Astrodyne, a Nashua, New Hampshire-based developer and manufacturer of specialized power supplies, EMI filters and electronic control products serving medical, military, aerospace and industrial markets, has over 600 employees across the U.S. and China.

Iconex LLC, a portfolio company of Atlas Holdings LLC, has acquired RiteMade Paper Converters, Inc., a paper converting manufacturer headquartered in Kansas City, Kansas. Dinan Capital Advisors served as exclusive financial advisor to RiteMade, which was 100% ESOP owned and operates three manufacturing facilities in Kansas City (KS), Ashland (VA) and Reno (NV).

Apple has acquired InVisage Technologies, a startup that developed QuantumFilm imaging sensor technology and related nanomaterials to improve camera performance in space-constrained devices. The deal brings InVisage's imaging capabilities and team into Apple to support camera, authentication (FaceID), AR/VR and other imaging-focused initiatives.

Gentherm Incorporated acquired Etratech Enterprises, Inc., a Burlington, Ontario–based designer and manufacturer of advanced electronic controls and systems, from Etratech shareholders (including minority investor The Shotgun Fund). Etratech, which employs more than 400 people and had estimated revenues of CAD 77 million (about US$61 million) trailing-12-months, was purchased for US$64 million (~8.5x trailing EBITDA).

The AMES Companies, a subsidiary of Griffon Corporation, has acquired Harper Brush Works, a division of Horizon Global, for approximately $5 million. The deal adds brooms, brushes and other cleaning tools to AMES' long-handled tool portfolio and is expected to contribute roughly $10 million in annualized revenue.

Arsenal Capital Partners has acquired Carolina Color Corporation and Breen Color Concentrates, combining the two specialty color- and additive-concentrate suppliers to form a leading platform in the plastics colorant market. The combined business operates five U.S. manufacturing facilities and will leverage complementary technologies (including Carolina Color's G2/G3 products and Breen's PVC-focused formulations) to expand product offerings and pursue further growth and acquisitions.

Hall Industries has acquired Heyl & Patterson, a long-established provider of bulk material handling and thermal processing equipment. The acquisition expands Hall Industries' manufacturing and engineering capabilities in bulk solids handling, retrofit/parts services and thermal processing, and was advised on the buy-side by Grouse Ridge Capital (exclusive) and a 7 Mile banker (transaction completed while at another firm).

MSI Capital Partners partnered with Aavin Equity Partners and Green Diamond management to recapitalize Green Diamond Sand Products and form Green Diamond Performance Materials Inc. as a platform to fund continued growth and potential add-on investments in the industrial minerals sector. The transaction closed on September 8, 2017, with Orca Capital Securities advising the company.

Midwest private equity firm Mason Wells has acquired L.B. White Company, a Onalaska, Wisconsin-based manufacturer of forced-air, radiant and variable-rate heating equipment for the swine, poultry and construction markets. Cleary Gull served as exclusive financial advisor to L.B. White in the transaction; Mason Wells said it will provide capital and resources to support growth and the company's management transition.

Parkway Products, a Florence, Kentucky-based manufacturer backed by private equity sponsor Capital Partners, has completed the acquisition of LMR Plastics in Greeneville, Tennessee from Leonard Industries Manufacturing, LLC. The add-on expands Parkway's large-tonnage injection molding and in-mold decorating capabilities and adds a southeastern U.S. production location to Parkway's network.

Arlington Capital Partners, a Washington, D.C.-area private equity firm, has acquired Tex Tech Industries, a Maine-headquartered manufacturer of specialty high-performance textile materials serving aerospace, defense and industrial markets. The deal—completed in August 2017—transfers ownership from ShoreView Industries and positions Tex Tech for growth under Arlington's buy-and-build strategy.

Savaria Corporation has entered into an agreement to acquire all of the assets of Visilift, LLC for US$5.0 million, with additional contingent consideration tied to post-closing performance. The acquisition expands Savaria's residential elevator product portfolio by adding Visilift's round and octagonal panoramic glass elevator technology and transfers production to Savaria's manufacturing facilities.

OneAccord Capital, via its Solomons Fund, acquired FarWest Fabricators, a metal parts manufacturer headquartered in Moxee, Washington. The deal transfers ownership from the founding Carter family to OneAccord’s fund while retaining Jeff Carter as a shareholder, advisor and board member; OneAccord plans to provide operational resources to drive long-term growth.

Newtex Industries has completed its acquisition of Thermostatic Industries, Inc., a California-based distributor of high-temperature fabrics and fabricated insulation. The deal adds West Coast distribution for Newtex, expands its advanced high-temperature fabrics portfolio (including distribution rights to 3M Nextel ceramic fabrics), and relocates Thermostatic operations to a modern facility in Rancho Cucamonga, California.

Yamaha Motor Corporation, U.S.A. announced the acquisition of Bennett Marine, Inc., a Florida-based manufacturer of hydraulic and electric trim tab systems. Bennett Marine will be integrated into Yamaha's newly created subsidiary, Yamaha Marine Systems Company, Inc., to broaden Yamaha's marine product offerings and improve systems integration for boat builders and dealers.

Alleghany Capital Corporation has entered into a definitive agreement to acquire a 45% equity interest in Wilbert Funeral Services, a leading provider of burial vaults, cremation products and precast concrete solutions for the funeral and cemetery industries. The minority investment establishes a long-term partnership to support Wilbert's management team in pursuing profitable growth, product innovation and potential acquisitions while preserving the company’s culture.

Anderson-Cook, Inc. has acquired Roto-Flo and U.S. Gear Tools, Inc., subsidiaries of U.S. Group, Inc. The acquisition expands Anderson-Cook's precision rolling and gearing tooling capabilities and augments its machine tool product portfolio while preserving U.S.-based manufacturing operations.

Yamaha Motor Corporation, U.S.A. formed Yamaha Marine Systems Company (YMSC) and YMSC acquired the assets of Kracor, Inc., a Milwaukee-based rotational molding manufacturer. The acquisition expands Yamaha Marine's integrated marine systems capabilities by adding in-house rotational molded parts and integrated fuel tank systems for boat builders and Yamaha's internal business units.

KAISER AG, a family-owned Liechtenstein industrial vehicle manufacturer, has acquired Premier Oilfield Equipment, a North American designer and manufacturer of specialized hydrovac (vacuum) trucks and petroleum tanks. Brown Gibbons Lang & Company served as exclusive financial advisor to Premier; transaction terms were not disclosed.

Trinseo (NYSE:TSE) has signed a definitive agreement to acquire API Applicazioni Plastiche Industriali S.p.A., a Mussolente, Italy-based producer of thermoplastic elastomers and bioplastics. The purchase, funded from Trinseo's cash on hand, includes API’s Mussolente manufacturing and research facilities and is expected to close in Q3 2017; API’s management and employees will join Trinseo and the Brunetti family will support the transition.

SK Capital Partners has acquired Foremark Performance Chemicals (formerly D.B. Western - Texas), a La Porte, Texas-based producer of formaldehyde and derivatives. The acquisition expands SK Capital's chemicals portfolio and adds Foremark's large formaldehyde, UFC and MEA triazine production capabilities serving end-markets including oil & gas, building materials and textiles.

Hadley Capital has completed a recapitalization of Gillinder Glass, partnering with the Gillinder family and management to create a platform to support the company's growth. The transaction preserves Charlie Gillinder as President and brings management ownership while providing capital to expand into new U.S. and international markets.

North Central Equity LLC, a Minneapolis-based privately owned holding company, has acquired Sunrise Fiberglass LLC, a Wyoming, Minnesota manufacturer of custom-fabricated fiberglass components and assemblies for OEMs. North Central plans to expand Sunrise's sales and marketing efforts and install leadership from its operating companies to grow the business.

The Timken Company has acquired Torsion Control Products, Inc., a Rochester Hills, Michigan-based designer and manufacturer of engineered torsional couplings and torque limiter products for off-highway power transmission applications. Timken said the acquisition expands its couplings product offering and technical capabilities and will help broaden its global footprint; Angle Advisors advised TCP on the transaction.

Mittler Bros. Machine & Tool acquired Cellular Concepts, Inc., a Detroit-based manufacturer of 3-axis horizontal and vertical CNC production modules, from its owner/subsidiary parent U.S. Group, Inc. The acquisition brings Cell Con’s product line and customization capabilities into Mittler Bros.’ Wright City, Missouri manufacturing platform; Angle Advisors served as exclusive investment banking advisor to Cellular Concepts.

The Eastern Company has acquired Velvac Holdings, Inc., a portfolio company of Prospect Partners, for $39.5 million plus an earnout tied to Road-iQ growth. Velvac — a designer and manufacturer of camera-enabled vision systems for medium and heavy-duty commercial vehicles and motorhomes — will operate as an independent subsidiary with its existing CEO continuing to lead the business.

KODA Enterprises Group, a Waltham-based middle market private investment firm, has acquired V-TEK, Inc., a Mankato, Minnesota manufacturer of precision packaging, inspection, and bond-testing equipment (including subsidiaries Royce Instruments and V-TEK Mexico). V-TEK will continue to operate under existing management across its U.S. and Mexico locations, and KODA plans to support the company’s organic product development and pursue strategic acquisitions to drive growth.

Patrick Industries, Inc. completed the acquisition of the business and certain assets of Medallion Plastics, Inc., a custom thermoformer based in Elkhart, Indiana. The transaction (approximately $10 million cash consideration) expands Patrick's thermoforming capabilities and is expected to be immediately accretive to earnings while allowing Medallion to operate under its existing brand and facilities.

Capital For Business, Inc. (CFB) completed the acquisition of Lake Air Companies, a Minneapolis-based precision metal manufacturer. CFB partnered with The Mendota Group, Aldine Capital Partners and Lake Air's management team to complete the transaction, providing capital and ownership transition to support future growth.

Nanogate AG has completed the acquisition of approximately 80% of US-based Jay Plastics, creating Nanogate Jay Systems LLC. The deal gives Nanogate production capacity and market access in North America, strengthens its surface metalization and PVD technology portfolio, and is expected to boost the Group's sales and earnings.

Hadley Capital, a private investment firm, has acquired Pneumatic Conveying, Inc. (Pneu-Con), a California-based designer and manufacturer of turnkey pneumatic conveying and dry bulk material handling systems. The business was purchased from founder Wayland Gillespie in partnership with his son Warren Gillespie; Hadley and Warren plan to build on Pneu-Con’s engineering and manufacturing capabilities going forward.

Highlander Partners, a Dallas-based private investment firm, acquired a controlling interest in Hi‑Tech Industries, a Farmington, Michigan manufacturer and distributor of professional car care products and specialty aerosols. Hi‑Tech will continue to operate autonomously from its Farmington and Southfield facilities under its existing management while Highlander pursues a buy-and-build strategy in the automotive appearance market.

Tredegar Corporation’s subsidiary The William L. Bonnell Company, Inc. (Bonnell Aluminum) agreed to acquire 100% of Futura Industries Corporation for approximately $92 million in a net debt-free, asset purchase expected to close by mid‑February 2017. Futura, headquartered in Clearfield, Utah, (≈350 employees) supplies extruded aluminum products and OEM components for end markets including flooring trims, truck grills and solar panels; the deal is expected to be immediately accretive to Tredegar's ongoing earnings and expands Bonnell's presence in the western U.S.

BITZER US, Inc., a subsidiary of the BITZER Group, has acquired ElectraTherm, a Reno, Nevada-based manufacturer of waste heat-to-power systems. The purchase adds ElectraTherm's Organic Rankine Cycle technology and Power+ Generator product line to BITZER's commercial refrigeration and heat-exchange portfolio to expand product capabilities and accelerate clean, fuel-free power offerings.

LFM Capital, a Nashville-based private equity firm, has acquired EDSCO Fasteners LLC, a Denton, Texas-based manufacturer of foundation anchoring systems, from Validor Capital. The deal gives LFM a platform in the anchoring systems / fasteners market with multiple North American facilities and aims to expand sales and geographic reach across infrastructure end markets.

FlowTech, Inc., a Kalamazoo, Michigan-based manufacturer of fluid filtration products and purification equipment, was acquired from long-time owner Phil Ragains by individual investors David Kersjes and Steven Remstad (DAAD Holdings, Inc.). The sellers engaged Calder Capital as exclusive M&A advisor; Ragains will remain as a consultant to support the ownership transition while the new owners plan to grow the business.