M&A Deal Summary

Balmoral Funds Acquires Enesco

On November 9, 2015, private equity firm Balmoral Funds acquired distribution company Enesco from Tinicum Capital Partners

Acquisition Highlights
  • This is Balmoral Funds’ 1st transaction in the Distribution sector.
  • This is Balmoral Funds’ 8th transaction in the United States.
  • This is Balmoral Funds’ 1st transaction in Illinois.
Investment Fate
  • Enesco was sold to a strategic buyer in 2023.

M&A Deal Summary
Date 2015-11-09
Target Enesco
Sector Distribution
Buyer(s) Balmoral Funds
Sellers(s) Tinicum Capital Partners
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)

Target

Enesco

Itasca, Illinois, United States
website
Enesco is a distributor of products to wide variety of specialty card and gift retailers, home décor boutiques, as well as mass-market chains and direct mail retailers. Enesco was founded in 2007 and is based in Itasca, Illinois.

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Buyer(S) 1

Buyer

Balmoral Funds

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2005
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Balmoral Funds is a private equity firm which targets recapitalizations, special situations, and acquisitions of small and middle-market companies. Typical investment candidates are located in the US or Canada, undergoing operational challenges with up to $400 million of revenue. Sectors of interest include manufacturing, business services, consumer products, retail, and value-added distribution. The Firm's target investment size is $5 to $40 million. Balmoral Funds was established in 2005 and is based in Los Angeles, California.

DEAL STATS #
Overall 8 of 15
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Illinois) 1 of 1
Country (United States) 8 of 15
Year (2015) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-01 iGPS

Orlando, Florida, United States

iGPS operates the world’s first pallet rental service providing shippers and receivers with lightweight, 100 percent recyclable all-plastic pallets with embedded RFID tags. Its highly engineered platform—the world’s most advanced shipping pallet—is rapidly replacing wood as the platform of choice among the world’s most innovative companies. Businesses that switch from wood pallets to iGPS realize game-changing savings—as much as $2 per unitized load—thanks to lower transport costs, reduced production downtime, reduced product damage and fewer rejected loads. iGPS was founded in 2006 and is based in Orlando, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-05 Silver Aero

Walsenburg, Colorado, United States

Silver Aero Corp. is a privately held company that sells and leases aftermarket aircraft engines, airframes and their associated parts.

Buy -

Seller(S) 1

SELLER

Tinicum Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1998
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Tinicum Capital Partners is a private equity group that seeks to acquire control of companies through acquisitions or restructurings or to take minority stakes in public or private companies through equity or debt securities. Tinicum's target equity investment size is between $30 and $150 million per transaction. Sectors of interest include aerospace; HVAC components; medical devices; financial services; specialty industrial products or components; pumps, valves and other process control equipment; specialty machinery; electrical equipment; motors and motion control equipment; specialty metals/magnetics; and media/advertising. The Firm will not consider investments in venture capital, real estate, or unproven technology. Tinicum was formed in 1998 and is based in New York City.

DEAL STATS #
Overall 18 of 27
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 3 of 6
State (Illinois) 4 of 4
Country (United States) 16 of 24
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-01 Kennametal

Pittsburgh, Pennsylvania, United States

Kennametal is a provider of innovative resistant products, application engineering and services backed by advanced material science, serving customers in 60 countries across diverse sectors of aerospace, earthworks, energy, industrial production, transportation and infrastructure. Kennametal was founded in 1938 and is based in Pittsburgh, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-11 PAS Global

Houston, Texas, United States

PAS Global LLC is a provider of software solutions for ICS cybersecurity, process safety, and asset reliability to the energy, process, and power industries worldwide. PAS solutions include industrial control system cybersecurity, automation asset management, IPL assurance, alarm management, high-performance HMI™, boundary management, and control loop performance optimization. PAS solutions are installed in over 1,100 facilities worldwide in more than 70 countries. PAS Global was founded in 1993 and is based in Houston, Texas.

Buy -
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