M&A Deal Summary

DWK Life Sciences Acquires Wheaton Industries

On September 15, 2015, DWK Life Sciences acquired packaging company Wheaton Industries from Incline Equity Partners, Barings Private Equity, Apogem Capital and PNC Mezzanine Capital

Acquisition Highlights
  • This is DWK Life Sciences’ 1st transaction in the Packaging sector.
  • This is DWK Life Sciences’ 1st transaction in the United States.
  • This is DWK Life Sciences’ 1st transaction in New Jersey.

M&A Deal Summary
Date 2015-09-15
Target Wheaton Industries
Sector Packaging
Buyer(s) DWK Life Sciences
Sellers(s) Incline Equity Partners
Barings Private Equity
Apogem Capital
PNC Mezzanine Capital
Deal Type Add-on Acquisition

Target

Wheaton Industries

Millville, New Jersey, United States
website
Wheaton Industries, Inc. is a marketer, manufacturer and re-packager of containers, laboratory ware, instrumentation and associated products and services sold principally to customers in the general laboratory, life sciences, and diagnostics and reagent / chemicals packaging markets.

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Buyer(S) 1

Buyer

DWK Life Sciences

Mainz, Germany

website

Category Company
Founded 1887
Sector Manufacturing
Employees640
Revenue 75M EUR (2014)
DESCRIPTION

DWK Life Sciences is one of the manufacturers of borosilicate glass, a particularly chemical- and temperature-resistant special-purpose glass that is primarily used for laboratory glass and in chemical engineering and households. DWK Life Sciences was founded in 1887 and is based in Mainz, Germany.

DEAL STATS #
Overall 1 of 4
Sector (Packaging) 1 of 2
Type (Add-on Acquisition) 1 of 3
State (New Jersey) 1 of 2
Country (United States) 1 of 3
Year (2015) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-12 Kimble Chase Life Science and Research Products

Rockwood, Tennessee, United States

Kimble Chase Life Science and Research Products LLC is a producer of laboratory and scientific glassware. The product portfolio includes reusable laboratory glassware for research, development and analytics, such as beakers, Erlenmeyer flasks and measuring cylinders as well as disposable laboratory products such as culture tubes, pipettes, chromatography vials and other specialty laboratory glassware.

Buy $131M

Seller(S) 4

SELLER

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.

DEAL STATS #
Overall 19 of 39
Sector (Packaging) 1 of 1
Type (Add-on Acquisition) 9 of 11
State (New Jersey) 2 of 4
Country (United States) 18 of 38
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-21 AFC Industries

College Point, New York, United States

AFC Industries is a provider of supply chain management services and vendor-managed inventory programs to original equipment manufacturers. The company specializes in fasteners and other essential assembly components. It also provides a wide array of value-added services, including kitting, packaging, assembly, and other customization specific to their customers’ needs. AFC Industries was formed in 1987 and is based in College Point, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-20 Rotating Machinery Services

Bethlehem, Pennsylvania, United States

Rotating Machinery Services is a provider of specialty aftermarket repair, maintenance, and overhaul services for large, highly engineered rotating machinery. RMS’s solutions improve performance and extend the useful life of complex machinery used in customers’ critical industrial processes. Rotating Machinery Services was founded in 1997 and is based in Bethlehem, Pennsylvania.

Buy -
SELLER

Barings Private Equity

Investor Investor

website

Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 14 of 37
Sector (Packaging) 2 of 3
Type (Add-on Acquisition) 11 of 23
State (New Jersey) 3 of 5
Country (United States) 13 of 33
Year (2015) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-29 Siblu

Pessac, France

Siblu is an owner-occupied holiday park operator, offering facilities and services in 22 award-winning destinations in France and the Netherlands, comprising approximately 12,000 pitches. Siblu was founded in 1975 and is based in Pessac, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-19 Engineering Planning and Management

Framingham, Massachusetts, United States

Engineering Planning and Management, Inc. is a provider of safety related engineering services and software to nuclear facilities and other commercial facilities across the globe.

Sell -
SELLER

Apogem Capital

Chicago, Illinois, United States

website

Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.

DEAL STATS #
Overall 15 of 49
Sector (Packaging) 2 of 2
Type (Add-on Acquisition) 8 of 21
State (New Jersey) 3 of 6
Country (United States) 15 of 49
Year (2015) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-14 Safemark

Orlando, Florida, United States

Safemark is a provider of technology-enabled secure storage, mobility and guest amenity solutions. Safemark operates three brands (Safemark, Best Lockers and ScooterBug) whose products enable the Company to reach a broad set of end markets, including water parks, theme/amusement parks, resorts, hotels, zoos, and casinos, among others.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-18 Huskie Tools

Glendale Heights, Illinois, United States

Huskie Tools, Inc. is a provider of professional-grade, battery-operated hydraulic hand tools, hoists and related accessories that are used by linemen in the electric utility industry and in broader industrial end markets.

Buy -
SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 25 of 48
Sector (Packaging) 1 of 2
Type (Add-on Acquisition) 7 of 14
State (New Jersey) 2 of 2
Country (United States) 24 of 46
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-11 Salient Federal Solutions

Fairfax, Virginia, United States

Salient Federal Solutions, Inc. is a provider of technology and engineering services to government agencies, primarily within the intelligence community and the Department of Defense.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-31 Molded Devices

Tempe, Arizona, United States

Molded Devices is a manufacturer of custom dip molded, dip-coated, and injection molded parts. MDI specializes in short run, small batch, custom molded products primarily for U.S.-based OEM customers in industrial, medical, and consumer end markets. Molded Devices was founded in 1998 and is based in Tempe, Arizona.

Buy -
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