M&A Deal Summary

Harbour Group Acquires Cleaver-Brooks

On December 20, 2012, asset manager Harbour Group acquired machinery company Cleaver-Brooks from Wellspring Capital Management

Acquisition Highlights
  • This is Harbour Group’s 7th transaction in the Machinery sector.
  • This is Harbour Group’s 25th transaction in the United States.
  • This is Harbour Group’s 2nd transaction in Georgia.

M&A Deal Summary

Date 2012-12-20
Target Cleaver-Brooks
Sector Machinery
Buyer(s) Harbour Group
Sellers(s) Wellspring Capital Management
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc.
RBC Capital Markets (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

Cleaver-Brooks

Thomasville, Georgia, United States
website
Cleaver-Brooks, Inc. specializes in producing energy-efficient highly engineered firetube, water tube and large custom boilers that are complemented by sales of proprietary low-emission burners, packaged water systems, control systems, and aftermarket parts and services. Cleaver-Brooks was founded in 1929 and is based in Thomasville, Georgia.

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Buyer(S) 1

Buyer

Harbour Group

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1976
Size Large
Type Sector Agnostic
DESCRIPTION

Harbour Group is a private investment firm that seeks to invest in companies within the sectors of manufacturing and distribution. The firm pursues companies with EBITDA between $4 million and $60 million, and revenue between $50 million and $100 million. In addition, the firm looks for investments within North America and around the world with enterprise value between $30 million and $500 million. Harbour Group was formed in 1976 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 25 of 39
Sector (Machinery) 7 of 7
Type (Secondary Buyout) 12 of 18
State (Georgia) 2 of 3
Country (United States) 25 of 38
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-12 CPS Products

Miramar, Florida, United States

CPS Products, Inc. manufactures tools, equipment, and instruments used by professional technicians who service commercial HVAC and automotive air conditioning systems. CPS Products was founded in 1989 and is based in Miramar, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-07 Onicon

Clearwater, Florida, United States

Onicon, Inc. is a manufacturer of highly accurate flow meters and energy measurement systems (BTU meters), which are ideally suited for HVAC, municipal water and process applications. Onicon was founded in 1987 and is based in Largo, Florida.

Buy -

Seller(S) 1

SELLER

Wellspring Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $2 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.


DEAL STATS #
Overall 16 of 36
Sector (Machinery) 1 of 2
Type (Secondary Buyout) 5 of 15
State (Georgia) 2 of 2
Country (United States) 13 of 32
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-01 OMNI Energy Services

Carencro, Louisiana, United States

OMNI Energy Services Corp., headquartered in Carencro, Louisiana, offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the Gulf of Mexico. The Company provides its services through three business segments: Environmental Services, Seismic Services (including drilling, surveying and permitting services) and Equipment Rental.

Sell $445M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-02 National Seating & Mobility

Franklin, Tennessee, United States

National Seating & Mobility is a provider of complex rehabilitation seating, mobility, and positioning systems. NSM provides personalised solutions to individuals with mobility challenges by bringing together industry-leading expertise, uniquely engineered systems, and breakthrough technologies. National Seating & Mobility was founded in 1992 and is based in Franklin, Tennessee.

Buy -