M&A Deal Summary

Angeles Equity Partners Acquires APCT

On June 4, 2019, private equity firm Angeles Equity Partners acquired semiconductors company APCT from Saugatuck Capital Company and Greyrock Capital Group

Acquisition Highlights
  • This is Angeles Equity Partners’ 1st transaction in the Semiconductors sector.
  • This is Angeles Equity Partners’ 4th transaction in the United States.
  • This is Angeles Equity Partners’ 2nd transaction in California.
Investment Fate
  • APCT was sold to a consortium of financial buyers in 2021.

M&A Deal Summary
Date 2019-06-04
Target APCT
Sector Semiconductors
Buyer(s) Angeles Equity Partners
Sellers(s) Saugatuck Capital Company
Greyrock Capital Group
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)
Finn Dixon & Herling LLP (Legal)

Target

APCT

Santa Clara, California, United States
website
APCT is a manufacturer of high reliability, technologically advanced, quick-turn printed circuit board prototypes for aerospace and defense, industrial, and consumer electronics companies. The company offers its customers world-class cycle times and quality, robust engineering capabilities, and comprehensive global program management. APCT was founded in 1977 and is based in Santa Clara, California.

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Buyer(S) 1

Buyer

Angeles Equity Partners

Investor Investor Investor

website

Category Private Equity Firm
Founded 2014
PE ASSETS 360M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Angeles Equity Partners LLC is a private equity firm focused on acquiring North American headquartered companies valued up to $350 million. Angeles is a hands-on investor and prefers underperforming companies in need of restructuring, non-core assets of larger businesses, or family/founder owned businesses that could benefit from operational assistance. Target sectors include automotive, building materials, machinery, chemicals, electronics, manufacturing, metals, transportation/logistics, packaging, and distribution. Angeles Capital Partners was formed in 2014 and is based in Los Angeles, California.

DEAL STATS #
Overall 4 of 15
Sector (Semiconductors) 1 of 1
Type (Secondary Buyout) 2 of 4
State (California) 2 of 5
Country (United States) 4 of 14
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-26 American Construction Source

Springfield, Missouri, United States

American Construction Source is an LBM distributor with 70+ locations in nine states serving the needs of custom home builders, repair & remodel contractors, and DIY consumers. ACS provides lumber and building materials businesses the resources, leverage, and focus to make their ideas happen. American Construction Source was founded in 2018 and is based in Springfield, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-11 Mini Pharmacy Enterprises

Los Angeles, California, United States

Mini Pharmacy Enterprises is a specialty pharmacy and distributor of diabetic supplies, Continuous Glucose Monitors, general prescriptions, nutritional formulas, and durable medical equipment to its patient base. Mini has been primarily serving the southern California market for almost 40 years and is one of the nation's largest pharmacies specializing in the distribution of diabetes care and medical supplies. Mini Pharmacy Enterprises was founded in 1980 and is based in Los Angeles, California.

Buy -

Seller(S) 2

SELLER

Saugatuck Capital Company

Wilton, Connecticut, United States

Investor Investor

website

Category Private Equity Firm
Founded 1982
PE ASSETS 300M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Saugatuck Capital is a private equity firm that provides capital for growth, buyouts, and industry consolidations. Saugatuck targets smaller middle-market companies with revenues of $15 to $100 million operating in fragmented service and manufacturing industries. Saugatuck will not invest in high tech, real estate, or financial businesses, as well as start-ups and turnaround situations. Saugatuck was formed in 1982 and is a registered SBIC. The Firm is based in Wilton, Connecticut.

DEAL STATS #
Overall 9 of 11
Sector (Semiconductors) 1 of 1
Type (Secondary Buyout) 4 of 4
State (California) 2 of 3
Country (United States) 8 of 10
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-12 Exocor

St. Catharines, Ontario, Canada

Exocor, Inc. is a provider of welding filler metals used in fabrication, repair, and refurbishment across a diverse group of heavy industries including oil and gas, power generation, and infrastructure. Exocor was established in 1997 and is based in St. Catharines, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-18 Lunada Bay Tile Murrine Mosaics and Accents

Harbor City, California, United States

Lunada Bay Corp. is a designer and supplier of high-end decorative tile. Lunada Bay manufactures glass, ceramic and concrete tiles with an emphasis on simplicity, texture and color. Lunada design specialized manufacturing techniques in concert with its suppliers that create effects unlike any other source in the industry to develop products that resonate with, and inspire, the way people want to live. Lunada Bay was founded in 2000 and is based in Harbor City, California.

Buy -
SELLER

Greyrock Capital Group

Walnut Creek, California, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 350M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Greyrock Capital Group provides mezzanine debt and equity capital to finance buyouts, recapitalizations and growth needs of middle market companies. Greyrock looks to invest between $8 and $40 million of equity and/or junior capital in companies with minimum revenues of $10 million and at least $2 million of EBITDA. Greyrock prefers companies in defensible markets with low cost structures. Greyrock Capital was formed in 2002 and has offices in San Francisco, California; Chicago, Illinois; and Westport, Connecticut.

DEAL STATS #
Overall 37 of 45
Sector (Semiconductors) 1 of 1
Type (Secondary Buyout) 15 of 18
State (California) 8 of 11
Country (United States) 37 of 45
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-11 International Imaging Materials

Amherst, New York, United States

International Imaging Materials is a developer and manufacturer of Thermal Transfer Ribbons, Direct Thermal Films, and Fluid Inks used to print-on-demand variable information such as barcodes, text, and graphics in Automatic Identification, Packaging, and Graphics markets. In addition, medical applications, such as orthopedic braces, sterile supplies, compression devices, and patient mobility products, vices. International Imaging Materials was founded in 1983 and is based in Amherst, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 DecisionQuest

Torrance, California, United States

DecisionQuest is a litigation support services firms, specializing in trial consulting, demonstrative exhibits, courtroom technology and social media analysis. DecisionQuest was founded in 1991 and is based in Torrance, California.

Sell -
Mergr

Product

Company

Legal