M&A Deal Summary

Gilbert Global Equity Partners Acquires California Pellet Mill

On December 1, 2003, private equity firm Gilbert Global Equity Partners acquired machinery company California Pellet Mill from American Capital and Compass Diversified

Acquisition Highlights
  • This is Gilbert Global Equity Partners’ 1st transaction in the Machinery sector.
  • This is Gilbert Global Equity Partners’ 1st transaction in the United States.
  • This is Gilbert Global Equity Partners’ 1st transaction in Iowa.

M&A Deal Summary
Date 2003-12-01
Target California Pellet Mill
Sector Machinery
Buyer(s) Gilbert Global Equity Partners
Sellers(s) American Capital
Compass Diversified
Deal Type Secondary Buyout

Target

California Pellet Mill

Waterloo, Iowa, United States
website
California Pellet Mill Co. is a supplier of process equipment used for oilseed processing and animal feed production. The Company's product offering includes a complete line of pellet mills, flaking mills, roller mills, hammermills, grinders, process control systems, and micro and minor ingredient scaling systems, as well as a broad range of ancillary equipment. The Company's products are also used in other industrial applications, including ethanol production, wood waste pelleting, refuse-derived fuel applications, other waste processing and recycling, and general grinding and agglomeration of a variety of materials. CPM was formed in 1883 and is based in Waterloo, Iowa.

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Buyer(S) 1

Buyer

Gilbert Global Equity Partners

New York, New York, United States

website

Category Private Equity Firm
Founded 1997
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gilbert Global is an institutional investment firm that makes private equity and equity-related investments in both public and private companies around the world. The firm invests in a broad range of transaction types, including: (a) growth companies formed with unique products and/or services; (b) privatizations of franchises; (c) strategic alliances with entities that can be used as acquisition and/or consolidation vehicles; (d) mature businesses that produce high levels of cash flow; and (e) operational turnarounds of under-performing companies with overleveraged capital structures. The firm typically commits between $20 million to $150 million of capital per transaction. Gilbert Global was formed in 1997 and has offices in New York, New York and New Canaan, Connecticut.

DEAL STATS #
Overall 3 of 4
Sector (Machinery) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Iowa) 1 of 1
Country (United States) 1 of 2
Year (2003) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-10-10 Montpelier Re Holdings

Pembroke, Bermuda

Montpelier Re Holdings Ltd. is a insurance and reinsurance company that focuses on the property reinsurance market. Targeted lines of business include property catastrophe excess of loss reinsurance, property risk excess of loss reinsurance, facultative reinsurance, whole account quota share reinsurance, and property retrocession reinsurance.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-02 TRUE Sports

Memphis, Tennessee, United States

TRUE Sports is a designer, manufacturer, and supplier of golf club shafts as well as performance sports products including hockey sticks, lacrosse stick handles and other equipment. TRUE Sports manufactures both steel and graphite shafts and its brands include Dynamic Gold, Dynalite, Project X, Rifle, and Alloy Blue. TRUE Sports was founded in 1902 and is based in Memphis, Tennessee.

Buy -

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 9 of 194
Sector (Machinery) 1 of 8
Type (Secondary Buyout) 3 of 71
State (Iowa) 1 of 3
Country (United States) 9 of 186
Year (2003) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-25 CamelBak Products

Petaluma, California, United States

CamelBak Products LLC is a provider of personal hydration solutions for outdoor, recreation and military use. The company's products include hydration packs, reusable bottles and individual purification and filtration systems.

Buy $210M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-16 Stretto

Irvine, California, United States

Stretto provides a full spectrum of bankruptcy-administration solutions and technology tools to fiduciaries. By merging the industry’s leading bankruptcy software and services providers for Chapter 7 trustees and debtors’ attorneys, and introducing new corporate-restructuring administration capabilities, Stretto provides an unparalleled portfolio of bankruptcy-related services. Stretto was established in 1987 and is based in Irvine, California.

Buy $78M
SELLER

Compass Diversified

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1998
PE ASSETS 3.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Compass Diversified is a holding company focused on acquiring controlling interests in profitable small to middle-market businesses in attractive niche industries. Compass generally looks for US-based companies with proven management in place, low technological and/or product obsolescence risk, diverse customers, and EBITDA of at least $20 million. Compass Diversified was founded in 1998 and is headquartered in Westport, Connecticut.

DEAL STATS #
Overall 2 of 15
Sector (Machinery) 2 of 3
Type (Secondary Buyout) 1 of 4
State (Iowa) 2 of 2
Country (United States) 2 of 14
Year (2003) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-02-21 California Pellet Mill

Waterloo, Iowa, United States

California Pellet Mill Co. is a supplier of process equipment used for oilseed processing and animal feed production. The Company's product offering includes a complete line of pellet mills, flaking mills, roller mills, hammermills, grinders, process control systems, and micro and minor ingredient scaling systems, as well as a broad range of ancillary equipment. The Company's products are also used in other industrial applications, including ethanol production, wood waste pelleting, refuse-derived fuel applications, other waste processing and recycling, and general grinding and agglomeration of a variety of materials. CPM was formed in 1883 and is based in Waterloo, Iowa.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Advanced Circuits

Aurora, California, United States

Advanced Circuits is a manufacturer of quick-turn, prototype, and production rigid printed circuit boards (“PCBs”). Customers include research and development professionals at OEMs and academic institutions in the United States and Canada. Advanced Circuits was established in 1989 and is based in Aurora, Colorado.

Buy -
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