M&A Deal Summary

Harbour Group Acquires SP Industries

On December 9, 2015, asset manager Harbour Group acquired medical products company SP Industries from Graham Partners and Northstar Capital

Acquisition Highlights
  • This is Harbour Group’s 1st transaction in the Medical Products sector.
  • This is Harbour Group’s 28th transaction in the United States.
  • This is Harbour Group’s 2nd transaction in Pennsylvania.

M&A Deal Summary
Date 2015-12-09
Target SP Industries
Sector Medical Products
Buyer(s) Harbour Group
Sellers(s) Graham Partners
Northstar Capital
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)

Target

SP Industries

Warminster, Pennsylvania, United States
website
SP Industries, Inc. is a manufacturer of specialty equipment, scientific glassware, and laboratory and lab safety supplies serving the pharmaceutical, biotechnology, educational, industrial, and OEM markets. SP Industries is based in Warminster, Pennsylvania.

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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 28 of 39
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 14 of 18
State (Pennsylvania) 2 of 2
Country (United States) 28 of 38
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-01 SloanLED

San Angelo, Texas, United States

SloanLED is a designer and manufacturer of LED lighting systems for use in sign, spa, and optoelectronic applications. SloanLED was founded in 1957 and is based in San Angelo, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-21 Marshall Excelsior

Marshall, Michigan, United States

Marshall Excelsior Co. is a designer, manufacturer, and supplier of mission-critical, highly engineered flow control products used in the transportation, storage, and consumption of liquefied petroleum gas ("LPG") and liquefied anhydrous ammonia ("NH3"). Over the past 40 years, MEC has provided a variety of solutions, including fittings, adapters, valves, regulators, pigtails, gauges and accessories, to its growing base of customers. MEC's products support various LPG and NH3 applications including bulk storage, transport, commercial, domestic and recreational vehicles. Marshall Excelsior was founded in 1976 and is based in Marshall, Michigan.

Buy -

Seller(S) 2

SELLER

Graham Partners

Newtown Square, Pennsylvania, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Graham Partners is a private equity that targets middle market industrial and manufacturing companies. The Firm seeks to invest in businesses based in the US and also consider investments in Canada and Western Europe. Graham Partners focuses on strong growth potential companies with high return on invested capital, led by experienced management teams in revenues between $30 - $500 million and EBITDA between $10 million and $50 million. The firm typically invests between $10 million and $100 million in equity and the balance via debt and can invest higher than $100 million through co-investments. Broad areas of interest include building products, water management, medical products, consumer products, packaged food & beverage, packaging, aerospace/defense, agriculture, capital equipment, energy related products, home and outdoor, sports and leisure, and transportation services. Prospective transaction types include MBOs, recapitalization and growth capital financing. Graham Partners is an affiliate of The Graham Group was formed in 1988 and is based in Newton Square, Pennsylvania.

DEAL STATS #
Overall 17 of 37
Sector (Medical Products) 1 of 1
Type (Secondary Buyout) 5 of 15
State (Pennsylvania) 2 of 5
Country (United States) 15 of 34
Year (2015) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-16 B+B SmartWorx

Ottawa, Illinois, United States

B+B SmartWorx designs and manufactures wired and wireless industrial networking and device connectivity solutions. B+B’s products allow customers to network-enable legacy equipment, extend network connections, or embed network connectivity into applications where reliability in rugged or hostile environments is critical.

Sell $100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-26 ACME

Allentown, Pennsylvania, United States

ACME is a manufacturer of vacuum insulated pipe used in the transmission of gasses that have been liquefied, repairs cryogenic storage tanks, and repairs and manufactures tank trailers used in transporting liquid nitrogen, oxygen, and helium, etc. ACME was established in 1969 and is based in Allentown, Pennsylvania.

Buy -
SELLER

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 32 of 77
Sector (Medical Products) 1 of 2
Type (Secondary Buyout) 10 of 24
State (Pennsylvania) 3 of 6
Country (United States) 31 of 73
Year (2015) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-24 Vetio Animal Health

St. Louis, Missouri, United States

Vetio Animal Health is a contract manufacturer of proprietary chemical-based products and solutions. Vetio Animal Health was founded in 1989 and is based in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-01 Avidity Science

Waterford, Wisconsin, United States

Avidity Science is a designer and manufacturer of automated watering and monitoring solutions for the animal and laboratory research markets. Avidity Science was established in 1969 and is based in Waterford, Wisconsin.

Buy -
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