M&A Deal Summary

ONCAP Management Partners and Penfund Acquire Hopkins Manufacturing

On June 17, 2011, private equity firm ONCAP Management Partners and mezzanine finance firm Penfund acquired automotive company Hopkins Manufacturing from American Capital and Friend Skoler

Acquisition Highlights
  • This is ONCAP Management Partners’ 2nd and Penfund’s 2nd transaction in the Automotive sector.
  • This is ONCAP Management Partners’ 5th and Penfund’s 2nd transaction in the United States.
  • This is ONCAP Management Partners’ 1st and Penfund’s 1st transaction in Kansas.

M&A Deal Summary
Date 2011-06-17
Target Hopkins Manufacturing
Sector Automotive
Buyer(s) ONCAP Management Partners
Penfund
Sellers(s) American Capital
Friend Skoler
Deal Type Secondary Buyout
Advisor(s) BlackArch (Financial)

Target

Hopkins Manufacturing

Emporia, Kansas, United States
website
Hopkins Manufacturing is a manufacturer and marketer of specialized towing products and functional accessories for the automotive and recreational vehicle aftermarket. Hopkins Manufacturing was founded in 1953 and is based in Emporia, Kansas.

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Buyer(S) 2

Buyer

ONCAP Management Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

ONCAP is the mid-market private equity business of Onex Corporation. ONCAP looks to invest in small and mid-sized North American businesses where it can commit $20 to $200 million of equity capital. ONCAP considers investment opportunities in a wide range of industry sectors. Situations of interest include, complete or partial sales of a closely held private companies, divestitures, companies seeking equity capital to pursue key strategic initiatives, and take privates. ONCAP was established in 1999 and is based in Toronto.

DEAL STATS #
Overall 15 of 33
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 3 of 10
State (Kansas) 1 of 1
Country (United States) 5 of 18
Year (2011) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-01 Pure Canadian Gaming

7055 Argyll Road, Alberta, Canada

Pure Canadian Gaming operates casinos in Edmonton, Calgary and Lethbridge. The casinos offer in aggregate, in excess of 2,900 slot machines, 90 table games, 35 poker tables and 40 VLTs along with associated food and beverage and entertainment offerings.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-23 Davis-Standard

Pawcatuck, Connecticut, United States

Davis-Standard designs develop and manufacture extrusion systems and process controls for the flexible web converting, plastics processing, and rubber industries. Davis-Standard manufactures extrusion equipment for the blown film, blow molding, cast film, extrusion coating and laminating, and other applications. Davis-Standard was founded in 1848 and is based in Pawcatuck, Connecticut.

Buy -
Buyer

Penfund

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1979
PE ASSETS 2.7B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Penfund is a private investment firm that provides equity, junior capital, and alternative financing to Canadian-based middle-market companies with EBITDA of at least C$20 million. Penfund can commit up to C$225 million per transaction. Penfund does not have any industry preferences and its investments are generally used to support growth needs, recapitalization, shareholder liquidity, acquisitions, and buyouts. Penfund was formed in 1979 and is based in Toronto.

DEAL STATS #
Overall 9 of 28
Sector (Automotive) 2 of 4
Type (Secondary Buyout) 3 of 12
State (Kansas) 1 of 1
Country (United States) 2 of 14
Year (2011) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-02 Choice Environmental Services

Fort Lauderdale, Florida, United States

Choice Environmental Services, Inc. is a collector and processor of non-hazardous residential and commercial solid waste company.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-17 Del Monte Canada

Toronto, Ontario, Canada

Del Monte Canada, Inc. is a provider of canned fruits, refrigerated fruits, and canned tomatoes and vegetables in Canada.

Sell -

Seller(S) 2

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 126 of 194
Sector (Automotive) 4 of 11
Type (Secondary Buyout) 41 of 71
State (Kansas) 4 of 4
Country (United States) 123 of 186
Year (2011) 5 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-04 Hartstrings

Strafford, Pennsylvania, United States

Hartstrings is a leading designer, wholesaler and retailer of classic coordinated children's apparel sold under the hartstrings, kitestrings and k.c. parker labels.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-29 HomeAway

Austin, Texas, United States

HomeAway, Inc. is an online marketplace for the vacation rental industry matching home owners with consumers. HomeAway was formed in 2004 and is based in Austin, Texas.

Sell -
SELLER

Friend Skoler

West Caldwell, New Jersey, United States

website

Category Private Equity Firm
Founded 1998
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Friend Skoler is a private equity firm that invests in profitable middle-market companies across a range of industries. The Firm looks to commit $10 to $100 million of equity capital in businesses valued between $3 and $20 million. Generally, target companies have at least $10 million in sales and $1 million of EBIT. Sectors of interest include manufacturing, distribution, business services, direct marketing, e-commerce, event photography, digital imaging, retail and branded consumer products companies. The Firm will consider transactions ranging from buyouts and recapitalizations to expansion and acquisition financings. Friend Skoler was formed in 1998 and is based in Saddle Brook, New Jersey.

DEAL STATS #
Overall 5 of 9
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 3 of 5
State (Kansas) 1 of 1
Country (United States) 4 of 8
Year (2011) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-01 Slime

San Luis Obispo, California, United States

Slime has been a pioneer and innovator in tire sealant and tire repair technology. The SLiME formula is manufactured in-house using automated technology and undergoes regular product testing to ensure reliability.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-08 Salon Lofts

Columbus, Ohio, United States

Salon Lofts develops and leases individual salon suites with upscale finishes and appeals to individual stylists who in turn operate their own businesses. Salon Lofts also provides stylists with proprietary web-based salon management and marketing support tools. Salon Lofts was founded in 2003 and is based in Columbus, Ohio.

Buy -
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