M&A Deal Summary

Odyssey Investment Partners and Newstone Capital Partners Acquire EAG Laboratories

On September 25, 2008, private equity firm Odyssey Investment Partners and mezzanine finance firm Newstone Capital Partners acquired test/measurement equipment company EAG Laboratories from American Capital

Acquisition Highlights
  • This is Odyssey Investment Partners’ 1st and Newstone Capital Partners’ 1st transaction in the Test/Measurement Equipment sector.
  • This is Odyssey Investment Partners’ 19th and Newstone Capital Partners’ 1st transaction in the United States.
  • This is Odyssey Investment Partners’ 3rd and Newstone Capital Partners’ 1st transaction in California.
Investment Fate
  • EAG Laboratories was sold to a publicly-traded strategic buyer in 2017 for 780M USD.

M&A Deal Summary

Date 2008-09-25
Target EAG Laboratories
Sector Test/Measurement Equipment
Buyer(s) Odyssey Investment Partners
Newstone Capital Partners
Sellers(s) American Capital
Deal Type Secondary Buyout

Target

EAG Laboratories

San Diego, California, United States
website
EAG Laboratories is a North American provider of advanced chemical testing services for pesticides, industrial and household chemicals. It provides end-to-end support for e-fate, metabolism, eco-toxicology and residue studies required for pesticide and chemical regulatory testing to support global registration requirements.

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Buyer(S) 2

Buyer

Odyssey Investment Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 8.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Odyssey Investments is a private equity firm that seeks control/majority investments in middle-market companies. Odyssey looks to back existing management and make investments in the form of leveraged acquisitions, growth financings and recapitalizations. Sectors of interest include industrial manufacturing, business and financial services, aerospace products and services, and 'route-based services'. Odyssey Investment Partners is based in New York City with an additional office in Woodland Hills, California.


DEAL STATS #
Overall 21 of 52
Sector (Test/Measurement Equipment) 1 of 3
Type (Secondary Buyout) 5 of 23
State (California) 3 of 8
Country (United States) 19 of 49
Year (2008) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-16 Norcross Safety Products

Cranston, Rhode Island, United States

Norcross Safety Products a designer, manufacturer and marketer of branded products in the personal protection equipment industry. The Company manufactures and markets a full line of personal protection equipment for workers in the general safety, domestic preparedness, fire service and utility/high voltage industries. The Company sells products under trusted, long-standing and well-recognized brand names, including North, Morning Pride, Ranger, Servus, Pro-Warrington and Salisbury.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-29 SM&A

Irvine, California, United States

SM&A is a provider of consulting and project management related services for bid preparation and program management projects primarily to aerospace and defense government contractors. SM&A was formed in 1982 and is based in Irvine, California.

Buy $120M
Buyer

Newstone Capital Partners

Dallas, Texas, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2006
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Newstone Capital Partners is an independent private investment firm focused on investing in mezzanine securities of middle-market businesses. Newstone looks for companies operating in the manufacturing and consumer products/service industries. Prospective businesses typically generate sales of $100 million to $1 billion and EBITDA in excess of $20 million. The Firm can commit up to $100 million per transaction. Proceeds are generally used to support leveraged buyouts, recapitalizations, and growth capital financings. Newstone Capital Partners has offices in Los Angeles, California and Dallas, Texas.


DEAL STATS #
Overall 1 of 1
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2008) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-04 EAG Laboratories

San Diego, California, United States

EAG Laboratories is a North American provider of advanced chemical testing services for pesticides, industrial and household chemicals. It provides end-to-end support for e-fate, metabolism, eco-toxicology and residue studies required for pesticide and chemical regulatory testing to support global registration requirements.

Sell $780M

Seller(S) 1

SELLER

American Capital

website


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 98 of 194
Sector (Test/Measurement Equipment) 1 of 3
Type (Secondary Buyout) 34 of 71
State (California) 15 of 30
Country (United States) 96 of 186
Year (2008) 19 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-10 Moxy Media Technologies

Guelph, Ontario, Canada

Moxy Media has established itself as a leading online media publisher. We?ve taken an active role in shaping the landscape for seekers of information, products and services all over the world.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-16 Affordable Care

Morrisville, North Carolina, United States

Affordable Care is a dental practice management services company that supports a network of affiliated dental practices providing removable prosthetics and related services. Affordable Care was founded in 1975 and is based in Morrisville, North Carolina.

Buy -