M&A Deal Summary

Honeywell Acquires Prestone Products

On June 9, 1997, Honeywell acquired chemicals company Prestone Products from Vestar Capital Partners

Acquisition Highlights
  • This is Honeywell’s 1st transaction in the Chemicals sector.
  • This is Honeywell’s 3rd transaction in the United States.
  • This is Honeywell’s 1st transaction in Connecticut.

M&A Deal Summary

Date 1997-06-09
Target Prestone Products
Sector Chemicals
Buyer(s) Honeywell
Sellers(s) Vestar Capital Partners
Deal Type Add-on Acquisition

Target

Prestone Products

Danbury, Connecticut, United States
website
Prestone Products Corporation is a producer of branded and private label automotive antifreeze. The company also holds leadership positions in several car care categories, including cooling system products, ice fighters and brake and power steering fluids.

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Buyer(S) 1

Buyer

Honeywell

Charlotte, North Carolina, United States

website


Category Company
Founded 1885
Sector Diversified
Employees97,000
Revenue 35.5B USD (2022)
DESCRIPTION
Honeywell office in Hyderabad, India.
Honeywell office in Hyderabad, India.

Honeywell is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Honeywell was founded in 1885 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 3 of 82
Sector (Chemicals) 1 of 3
Type (Add-on Acquisition) 2 of 64
State (Connecticut) 1 of 2
Country (United States) 3 of 54
Year (1997) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-06-09 AlliedSignal Aerospace

Mishawaka, Indiana, United States

AlliedSignal Aerospace manufactures and markets aircraft engines, equipments, and systems.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-06-07 Honeywell

Minneapolis, Minnesota, United States

Honeywell Inc. was a former manufacturer of electronic controls. In 1999, Allied Signal acquired Honeywell and changed the name of the combined company to Honeywell International.

Buy $13.8B

Seller(S) 1

SELLER

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 7 of 64
Sector (Chemicals) 1 of 3
Type (Add-on Acquisition) 1 of 27
State (Connecticut) 1 of 3
Country (United States) 7 of 51
Year (1997) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-05-01 Advanced Organics

Sandusky, Ohio, United States

Advanced Organics, Inc., is an organic waste recycling company that collects organic materials such as bakery and cereal waste and converts them into bakery feed, a corn substitute sold to the animal feed market. The Company is headquartered in Upper Sandusky, OH.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1997-09-01 Sun Apparel

El Paso, Texas, United States

Sun Apparel, Inc., designs, manufactures, and distributes jeans wear, sportswear, and related apparel for men, women, and children in the United States.

Buy -