M&A Deal Summary

MidOcean Partners Acquires Cloyes

On February 22, 2022, private equity firm MidOcean Partners acquired automotive company Cloyes from Hidden Harbor Capital Partners

Acquisition Highlights
  • This is MidOcean Partners’ 2nd transaction in the Automotive sector.
  • This is MidOcean Partners’ 48th transaction in the United States.
  • This is MidOcean Partners’ 1st transaction in Arkansas.

M&A Deal Summary
Date 2022-02-22
Target Cloyes
Sector Automotive
Buyer(s) MidOcean Partners
Sellers(s) Hidden Harbor Capital Partners
Deal Type Secondary Buyout
Advisor(s) Stifel, Nicolaus & Co., Inc.
Donnelly Penman & Partners (Financial)
McDermott Will & Emery (Legal)

Target

Cloyes

Fort Smith, Arkansas, United States
website
Cloyes is a designer, developer, manufacturer, and distributor of timing drive systems and components for the automotive aftermarket. Its products are mission-critical components for engine performance and function used in high-performance and replacement applications. Cloyes is based in Fort Smith, Arkansas.

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Buyer(S) 1

Buyer

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring controlling interests in middle-market companies throughout North America. The Firm has a preference for consumer and business services sectors including automotive, food/beverage, retail, consumer products, information services, infrastructure services, training and more. MidOcean seeks opportunities valued between $150 and $750 million where it can commit $75 to $300 million. In addition to investing equity, MidOcean also looks to provide flexible credit solutions as well. MidOcean Partners was formed in 2003 and is based in New York, New York.

DEAL STATS #
Overall 53 of 57
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 21 of 24
State (Arkansas) 1 of 1
Country (United States) 48 of 52
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-21 BH Cosmetics

Burbank, California, United States

BH Cosmetics is a direct-to-consumer color cosmetics brand focused on the Millennial / Generation Z consumer. BH offers a full suite of high-quality color cosmetics including products for the face, lips, eyes, brows as well as brushes and accessories. BH Cosmetics is based in Burbank, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-11 Pragmatic Institute

Phoenix, Arizona, United States

Pragmatic Institute is an operator of a corporate training company focused on serving product management and marketing professionals. Pragmatic Institute’s product management framework and world-class instructors are recognized as best-in-class by leading technology companies throughout the world. Pragmatic Institute was founded in 1993 and is based in Phoenix, Arizona.

Buy -

Seller(S) 1

SELLER

Hidden Harbor Capital Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2016
PE ASSETS 715M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Hidden Harbor Capital Partners is an operationally focused private equity firm focused on acquiring North American middle-market companies. The Firm seeks businesses with up to $500 million in revenue and up to $30 million of EBITDA. Sectors of interest include industrials, transportation/logistics, consumer products, automotive, environmental, chemicals, food/beverages, and business services. Hidden Harbor Capital Partners was established in 2016 and is based in Boca Raton, Florida.

DEAL STATS #
Overall 2 of 2
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Arkansas) 1 of 1
Country (United States) 2 of 2
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-08 ACS

Milledgeville, Georgia, United States

ACS provides a differentiated value proposition to customers through its expertise and reliability in HVAC services. ACS provides highly responsive preventative maintenance, service, and repair work for thousands of residential and commercial customers across Georgia and has broad capabilities in retrofit and rehab HVAC installations, with a particular focus on the education and healthcare segments. ACS was founded in 1967 and is based in Milledgeville, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-01 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 -
Mergr

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Legal