M&A Deal Summary

Northstar Capital, GarMark Partners and H.I.G. Private Equity Acquire Stant

On June 19, 2008, mezzanine finance firm Northstar Capital, mezzanine finance firm GarMark Partners and private equity firm H.I.G. Private Equity acquired manufacturer Stant from Tomkins

Acquisition Highlights
  • This is Northstar Capital’s 6th, GarMark Partners’ 2nd and H.I.G. Private Equity’s 2nd transaction in the Manufacturing sector.
  • This is Northstar Capital’s 28th, GarMark Partners’ 11th and H.I.G. Private Equity’s 57th transaction in the United States.
  • This is Northstar Capital’s 2nd, GarMark Partners’ 1st and H.I.G. Private Equity’s 1st transaction in Indiana.

M&A Deal Summary
Date 2008-06-19
Target Stant
Sector Manufacturing
Buyer(s) Northstar Capital
GarMark Partners
H.I.G. Private Equity
Sellers(s) Tomkins
Deal Type Divestiture

Target

Stant

Connersville, Indiana, United States
website
Stant is a designer, manufacturer and distributor of automotive and industrial products including fuel caps, radiator and oil filler caps, thermostats, fuel vapor recovery systems and carbon canisters. The company sells products globally to original equipment manufacturers as well as to the aftermarket. Stant was founded in 1910 and is based in Connersville, Indiana.

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Buyer(S) 3

Buyer

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 29 of 108
Sector (Manufacturing) 6 of 15
Type (Divestiture) 2 of 3
State (Indiana) 2 of 4
Country (United States) 28 of 103
Year (2008) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-27 Kieffer

Sheboygan, Wisconsin, United States

Kieffer is a full-service provider of innovative and high quality signs and related services. Kieffer is based in Sheboygan, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-29 All Tech Inspection

Corpus Christi, Texas, United States

All Tech Inspection offers inspection and non-destructive testing services to a diverse base of customers including refineries, petrochemical and chemical manufacturing facilities and natural gas processing plants.

Buy -
Buyer

GarMark Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1997
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GarMark Partners is a private investment firm that makes debt and equity investments in a wide range of companies. The Firm invests in businesses at various stages of development to facilitate acquisitions, divestitures, recapitalizations, turnarounds or growth. Garmark typically invests between $5 and $30 million with an EBITDA $3 and $25 million. The firm prefers to invest in the sectors of manufacturing/industrial products, distribution, business services, consumer brands, food/nutrition products, transportation, healthcare, retail, and restaurants. GarMark Partners was formed in 1997 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 13 of 34
Sector (Manufacturing) 2 of 2
Type (Divestiture) 2 of 3
State (Indiana) 1 of 1
Country (United States) 11 of 32
Year (2008) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-23 Nudo Products

Springfield, Illinois, United States

Nudo Products is a custom manufacturers of laminated panels and accessories used in agriculture, telecom, signage, decking, industrial furniture and architectural applications. Nudo laminates wood, plastic, metal, fiberglass, nylon and polycarbonate in a variety of colors and dimensions. Nudo Products was founded in 1954 and is based in Springfield, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-08 Michigan Seamless Tube

South Lyon, Michigan, United States

Michigan Seamless Tube is the manufacturer of carbon and alloy seamless cold drawn pipe and tube for over 80 years.

Sell -
Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1993
PE ASSETS 57.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $500 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 60 of 350
Sector (Manufacturing) 2 of 9
Type (Divestiture) 4 of 44
State (Indiana) 1 of 2
Country (United States) 57 of 232
Year (2008) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 Vantage Specialty Chemicals

Chicago, Illinois, United States

Vantage Specialty Chemicals is a specialty chemicals company focused on naturally derived ingredients serving a diverse and growing set of global end markets including personal care, consumer products, industrial and food markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-25 Pendum

Elmhurst, Illinois, United States

Pendum is a national independent ATM service provider for ATMs and other cash automation equipment for national and community banks, credit unions, off-premise deployers, gaming and retail establishments. Pendum draws on more than 25 years of dedicated service to the ATM industry to bring customers flexible, consultative solutions that reduce costs and improve uptime.

Buy -

Seller(S) 1

SELLER

Tomkins

London, United Kingdom

website

Category Company
Sector Engineering
Revenue 4.2B USD (2012)
DESCRIPTION

Tomkins is a global engineering and manufacturing leading group. This American company manufactures a variety of products for the industrial, automotive and building products market focusing on energy-efficiency and green products.

DEAL STATS #
Overall 2 of 4
Sector (Manufacturing) 1 of 2
Type (Divestiture) 2 of 4
State (Indiana) 1 of 1
Country (United States) 2 of 4
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-16 Trico Products

Rochester Hills, Michigan, United States

TRICO is a global manufacturer, marketer and distributor of windshield wiper blades, systems and components. The Company operates as a fully integrated business with major market positions in both the Aftermarket and Original Equipment Manufacturer ("OEM") segments.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-26 Koch Filter

Louisville, Kentucky, United States

Koch Filter Corp is a world class manufacturer of air filtration products.

Buy -
Mergr

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