M&A Deal Summary

Detroit Technologies Acquires Formed Fiber Technologies

On May 29, 2013, Detroit Technologies acquired automotive company Formed Fiber Technologies from American Capital and MPE Partners

Acquisition Highlights
  • This is Detroit Technologies’ 1st transaction in the Automotive sector.
  • This is Detroit Technologies’ 1st transaction in the United States.
  • This is Detroit Technologies’ 1st transaction in Maine.

M&A Deal Summary
Date 2013-05-29
Target Formed Fiber Technologies
Sector Automotive
Buyer(s) Detroit Technologies
Sellers(s) American Capital
MPE Partners
Deal Type Add-on Acquisition
Advisor(s) Variant Capital Advisors LLC
Conway MacKenzie, Inc. (Financial)

Target

Formed Fiber Technologies

Auburn, Maine, United States
website
Formed Fiber Technologies, Inc. is a manufacturer and supplier of thermoformed automotive non-woven products for North American automotive OEMs and Tier I suppliers. FFT's products are used as trunk liners and for interior trim applications on cars, SUVs and light trucks.

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Buyer(S) 1

Buyer

Detroit Technologies

Bingham Farms, Michigan, United States

website

Category Company
Founded 1996
Sector Automotive
DESCRIPTION

Detroit Technologies, Inc. (DTI) is a Tier 1 automotive supplier that produces interior components and acoustic systems for a number of large volume, global automotive manufacturers and their well-known vehicle brands. DTI was recognized as "Supplier of the Year" by the Urban Wheel Awards and Decisive Magazine. DTI has been a General Motors 'Supplier of the Year' for four consecutive years and is a three-time recipient of Toyota's Certificate of Achievement Award.

DEAL STATS #
Overall 1 of 1
Sector (Automotive) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Maine) 1 of 1
Country (United States) 1 of 1
Year (2013) 1 of 1

Seller(S) 2

SELLER

American Capital

website

Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.

DEAL STATS #
Overall 144 of 194
Sector (Automotive) 7 of 11
Type (Add-on Acquisition) 68 of 87
State (Maine) 1 of 1
Country (United States) 141 of 186
Year (2013) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-15 FreeConference.com

Los Angeles, California, United States

FreeConference.com, Inc. a provider of toll and toll-free audio conference calling services.NBased in Los Angeles, CA, FreeConference.com offers two service options: free conference calling and toll-free conference. With the free service, participants conduct a conference call and pay nothing. Conference organizers pay for the toll-free service and receive additional options that allow them to record, download, transcribe and play back conferences over the phone. In 2003, the Company's website won the Business WEBBY award for best telecommunications website, the leading international award in Internet commerce.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-12 Neways International

Springville, Utah, United States

Neways is a leading manufacturer and distributor of safe, effective and innovative personal care and nutritional products. Neways' mission is to enhance the health, wealth and well-being of people around the world. Products are sold through a worldwide network of independent distributors with sales in 23 countries. Neways also operates manufacturing facilities in Salem, Utah, and Auckland, New Zealand. Neways' headquarters are located in Springville, Utah.

Sell -
SELLER

MPE Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1968
PE ASSETS 3.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MPE Partners is a Midwest based investment firm principally focused private equity investments throughout North America. MPE has a preference for buyouts and recapitalizations of lower middle-market, family and entrepreneur owned businesses. The Firm looks for stand-alone companies operating in the 'high-value' manufacturing or business services sectors. MPE seeks businesses with at least $5 million of EBITDA and valued up to $250 million. MPE Partners is headquartered in Cleveland, Ohio.

DEAL STATS #
Overall 39 of 58
Sector (Automotive) 2 of 3
Type (Add-on Acquisition) 18 of 27
State (Maine) 1 of 1
Country (United States) 37 of 56
Year (2013) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-15 Galleon Pharmaceuticals

Horsham, Pennsylvania, United States

Galleon Pharmaceuticals engages in the pharmaceutical treatment of sleep apnea and related breathing-control disorders. Galleon Pharmaceuticals was founded in 2003 and is based in Horsham, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-18 United Pipe & Steel

Ipswich, Massachusetts, United States

United Pipe & Steel Corp. is an independent master distributor of steel, copper and plastic pipe as well as conduit used in water/wastewater, irrigation, plumbing, electrical and infrastructure construction applications.

Buy -
Mergr

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