M&A Deal Summary

Morgan Stanley Capital Partners and Morgan Stanley Tactical Value Investing Acquire Nivel Parts & Manufacturing

On May 21, 2021, private equity firms Morgan Stanley Capital Partners and Morgan Stanley Tactical Value Investing acquired automotive company Nivel Parts & Manufacturing from Kelso and Bratenahl Capital Partners

Acquisition Highlights
  • This is Morgan Stanley Capital Partners’ 1st and Morgan Stanley Tactical Value Investing’s 1st transaction in the Automotive sector.
  • This is Morgan Stanley Capital Partners’ 36th and Morgan Stanley Tactical Value Investing’s 10th transaction in the United States.
  • This is Morgan Stanley Capital Partners’ 3rd and Morgan Stanley Tactical Value Investing’s 3rd transaction in Florida.

M&A Deal Summary

Date 2021-05-21
Target Nivel Parts & Manufacturing
Sector Automotive
Buyer(s) Morgan Stanley Capital Partners
Morgan Stanley Tactical Value Investing
Sellers(s) Kelso
Bratenahl Capital Partners
Deal Type Secondary Buyout

Target

Nivel Parts & Manufacturing

Jacksonville, Florida, United States
website
Nivel Parts & Manufacturing is an independent manufacturer and distributor of aftermarket golf car replacement parts and accessories. Nivel Parts & Manufacturing was founded in 1968 and is based in Jacksonville, Florida.

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Buyer(S) 2

DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.


DEAL STATS #
Overall 39 of 46
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 12 of 15
State (Florida) 3 of 3
Country (United States) 36 of 43
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-18 AWT Labels & Packaging

Minneapolis, Minnesota, United States

AWT Labels & Packaging is a narrow and wide-web converter of labels and flexible packaging for a diverse set of end markets including healthcare, food and beverage, personal care, household, specialty, and industrial/OEM. AWT Labels & Packaging was founded in 1991 and is based in Minneapolis, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-26 Sila Heating & Air Conditioning

King of Prussia, Pennsylvania, United States

Sila Heating & Air Conditioning is a provider of residential HVAC, plumbing, indoor air quality, and home automation systems. Sila Heating & Air Conditioning was founded in 1989 and is based in King of Prussia, Pennsylvania.

Buy -
DESCRIPTION

Morgan Stanley Tactical Value Investing is an opportunistic investment group within Morgan Stanley focused on flexible capital solutions across asset classes, sectors, and geographies. The group will consider a variety of investment solutions including preferred equity, asset-backed loans, recapitalizations, PIPEs, and junior/senior debt. Morgan Stanley Tactical Value Investing is headquartered in New York City.


DEAL STATS #
Overall 13 of 14
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 2 of 3
State (Florida) 3 of 3
Country (United States) 10 of 11
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-17 Lifetime Value

New York, New York, United States

Lifetime Value is an information services technology platform comprising a portfolio of brands that provide easy access to information to help make all of life’s decisions, big and small. LTV’s brands include best-in-class web-based and mobile products that put the power of data into the hands of customers. Lifetime Value was founded in 2007 and is based in New York city.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-15 OneTeam Partners

Washington, District of Columbia, United States

OneTeam Partners provides athletes to maximize the value of their name, image, and likeness rights. OneTeam will manage and further commercialize player intellectual property, beginning with established franchises in video games and trading cards. OneTeam Partners was established in 2019 and is based in Washington, District of Columbia.

Buy -

Seller(S) 2

SELLER

Kelso

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1971
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.


DEAL STATS #
Overall 45 of 52
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 11 of 13
State (Florida) 5 of 6
Country (United States) 39 of 45
Year (2021) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-06 Ferraro Foods

Piscataway, New Jersey, United States

Ferraro Foods is a foodservice distributor in the Eastern U.S., delivering food products, value, and reliable service primarily to the Italian restaurant and pizzeria segment. Ferraro Foods is based in Piscataway, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-09 Renfro Brands

Mount Airy, North Carolina, United States

Renfro Brands is a global manufacturer, designer, distributor, and marketer of legwear products. The Company provides a full line of branded and private label legwear products and is the licensee for leading brands such as Fruit of the Loom, Dr. Scholl’s, Polo/Ralph Lauren, Chaps, Carhartt, Russell, New Balance, Keds, Sperry, Vera Bradley, and Merrell. We also design, manufacture, market, and distribute our owned brands including K. Bell, Copper Sole, and Hot Sox. Renfro Brands was founded in 1921 and is based in Mount Airy, North Carolina.

Sell -
DESCRIPTION

Bratenahl Capital Partners is a private investment group focused on fund as well as direct/co-investment opportunities. The Firm's direct investment practice seeks to commit $500K to $15 million in partnership with other funded or unfunded sponsors. Bratenahl does not have any sector preferences, but does prefer companies with diversified customers and experienced management in place. Bratenahl Capital Partners was formed in 2003 and is headquartered in Cleveland, Ohio.


DEAL STATS #
Overall 25 of 26
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 10 of 10
State (Florida) 3 of 3
Country (United States) 21 of 22
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-23 American Safety Council

Orlando, Florida, United States

American Safety Council is a provider of e-Learning training solutions to address transportation and workplace safety, testing, medical continuing education, and other regulatory-driven training on behalf of the government, institutions of higher learning, business, and industry, and individual clients. American Safety Council was founded in 1998 and is based in Orlando, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-01 Amware Logistics

Lawrenceville, Georgia, United States

Amware Logistics is a provider of B2B and B2C third-party logistics and order fulfillment services for a wide variety of industries throughout North America. Amware operates over 2 million square feet of warehouse space through nine facilities located across the United States. Amware Logistics was founded in 1989 and is based in Lawrenceville, Georgia.

Sell -