M&A Deal Summary

Resolute Industrial Acquires Tioga

On August 7, 2017, Resolute Industrial acquired electronics company Tioga from Mangrove Equity Partners and Hunter Equity Capital

Acquisition Highlights
  • This is Resolute Industrial’s 1st transaction in the Electronics sector.
  • This is Resolute Industrial’s 1st transaction in the United States.
  • This is Resolute Industrial’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2017-08-07
Target Tioga
Sector Electronics
Buyer(s) Resolute Industrial
Sellers(s) Mangrove Equity Partners
Hunter Equity Capital
Deal Type Add-on Acquisition

Target

Tioga

Brooklyn Center, Minnesota, United States
website
Tioga designs, manufacture, sale, and rental temporary heaters for energy, mining, oil and gas, commercial construction, and industrial markets. Tioga was founded in 1961 and is based in Brooklyn Center, Minnesota.

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Buyer(S) 1

Buyer

Resolute Industrial

Indianapolis, Indiana, United States

website

Category Company
Founded 2015
Sector Manufacturing
DESCRIPTION

Resolute Industrial is an independent provider of specialty HVAC&R rental services, compressor remanufacturing, and refrigerant storage solutions for mission critical applications across North America. Resolute Industrial was founded in 2015 and is based in Indianapolis, Indiana.

DEAL STATS #
Overall 1 of 6
Sector (Electronics) 1 of 1
Type (Add-on Acquisition) 1 of 6
State (Minnesota) 1 of 1
Country (United States) 1 of 6
Year (2017) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-04 American Equipment Group

Fort Wayne, Indiana, United States

American Equipment Group, Inc. is a growing industrial equipment dealer consists of American Spot Cooling, which provides temporary cooling, heating, dehumidification, and power solutions, and its sister company American Power Rental, which offers temporary HVAC products including generators, power distribution, and transformers.

Buy -

Seller(S) 2

SELLER

Mangrove Equity Partners

Tampa, Florida, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2007
Size Small
Type Sector Agnostic
DESCRIPTION

Mangrove Equity Partners is a lower-middle market private equity firm focused on investing in North American businesses valued from $10 to $50 million. Mangrove generally targets companies operating in basic industries with defensible market positions and solid growth prospects. Sectors of interest include services, manufacturing, and value-added distribution. Prospective businesses typically have revenues up to $100 million and are profitable with at least $2 million of cash-flow. Target transaction types include management buyouts/buy-ins, recapitalizations, industry, consolidations, family successions, and select turnarounds. Mangrove Equity Partners is based in Tampa, Florida.

DEAL STATS #
Overall 7 of 12
Sector (Electronics) 1 of 1
Type (Add-on Acquisition) 6 of 10
State (Minnesota) 1 of 1
Country (United States) 6 of 11
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-06 Westland Technologies

Modesto, California, United States

Westland Technologies, Inc. designs and manufactures custom-molded rubber parts for vibration and sound dampening, sealing, signature management, thermal insulation, and shock absorption in a range of industrial and defense applications. WTI provides sole-source mission critical technology used on a majority of the U.S. Naval fleet worldwide, including submarines (Virginia Class, Ohio Class, and Los Angeles Class), surface ships (cruisers and destroyers), and aircraft carriers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-16 APR

Opelika, Alabama, United States

APR is an automotive engineering company. APR is a producer of software and hardware systems to boost the performance of Volkswagen Auto Group (VAG) cars. APR makes performance products for Audi, Volkswagen, SEAT, Skoda, and Porsche, and enjoys a loyal enthusiastic following due to their leadership in product innovation, customer service, and outstanding product performance. APR was founded in 1997 and is based in Opelika, Alabama.

Sell -
SELLER

Hunter Equity Capital

website

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Hunter Equity Capital is a private equity firm focused on growth oriented investments and acquisitions of lower middle-market companies throughout the US and Canada. The Firm target profitable ($2 to $5 million of EBITDA) businesses with up to $50 million of revenue. Areas of interest include basic manufacturing, equipment rental, and industrials. Hunter Equity will not invest in biotech, commodities, construction, technology, real estate, retail, restaurants, and software companies. Hunter Equity Capital was formed in 2008 and is headquartered in Chicago.

DEAL STATS #
Overall 1 of 1
Sector (Electronics) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Minnesota) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-28 Tioga

Brooklyn Center, Minnesota, United States

Tioga designs, manufacture, sale, and rental temporary heaters for energy, mining, oil and gas, commercial construction, and industrial markets. Tioga was founded in 1961 and is based in Brooklyn Center, Minnesota.

Buy -
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