Watermill Group Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Watermill Group has acquired 1 company.

Watermill Group’s most common sectors for investment aremetals/mining (25%) and chemicals (19%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and secondary buyout (25%). In total, Watermill Group has invested in 9 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Latrobe Specialty Metals for $215M.

In the last 3 years, Watermill Group has exited 1 company. The Firm’s most common exit type is trade sale (64%). Watermill Group’s largest (disclosed) exit occurred in 2015 when it sold Global Tubes for $200M.

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M&A Summary

  • M&A Total Activity27
    • M&A Buy Activity16
    • M&A Sell Activity11
  • Total Sectors Invested 7
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 11
  • M&A Advisors 10

Watermill Group

Watermill Group

321 Newbury Street, 2nd Floor,
Boston, Massachusetts 02115
United States
(781) 891-6660
www.watermill.com
bprocter@watermill.com

The Watermill Group is a private investment firm focused on acquiring/investing in mid-sized businesses operating in traditional industries. Watermill generally looks for US or Canada-based companies which require operating, strategic and capital resources to grow. Sectors of interest include metals, rubber/plastics, paper, packaging, chemicals, food products, value-added distribution, manufacturing, business services, and building products/services. Prospective companies typically generate $35 to $400 million revenues, however Watermill will consider certain smaller businesses as well. Watermill will not invest in fashion businesses, tech companies or industries characterized by short product life cycles or binary outcomes. Watermill was formed in 1978 and is based in Lexington, Massachusetts.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Distribution, Electrical Equipment, Energy Services and Equipment, Environmental, Food, Forest Products, Machinery, Manufacturing, Metals/Mining, Packaging, Plastics

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 35 400
Target EBITDA - 30
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.2/yr) # 15 - 1 - - - 16
vol $215M $215M
Sell (0.2/yr) # 10 - - 1 - - 11
vol $200M $200M
  27

Most Recent M&A

Company Date Value Type
Tenere, Inc. 2022-07-19 - Trade Sale
Dresser, Wisconsin · www.tenere.com
Weston Forest Products, Inc. 2021-01-04 - Buyout (LBO, MBO, MBI)
Mississauga, Ontario · www.westonforest.com
Enbi Group 2019-04-03 - Secondary Buyout
Shelbyville, Indiana · www.enbigroup.com
C&M Technologies Group, Inc. 2018-01-03 - Trade Sale
Wauregan, Connecticut · www.cmcorporation.com
Cooper & Turner Ltd. 2017-08-16 - Buyout (LBO, MBO, MBI)
South Yorkshire, United Kingdom · www.cooperandturner.co.uk
Experi-Metal, Inc. 2016-08-02 - Buyout (LBO, MBO, MBI)
Sterling Heights, Michigan · www.experi-metal.com
Manistique Papers, Inc. 2015-07-27 - Shut Down
Manistique, Michigan · www.manistiquepapers.com
Quality Metalcraft, Inc. 2015-07-01 - Buyout (LBO, MBO, MBI)
Livonia, Michigan · www.qualitymetalcraft.com
Global Tubes 2015-05-08 200M USD Trade Sale
Collegeville, Pennsylvania · www.superiortube.com
FutureMark Paper Co. 2015-03-19 - Shut Down
Alsip, Illinois · www.futuremarkpaper.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Metals/Mining 2 (40%) - 4 (25%) 215M (100%)
Chemicals - - 3 (19%) -
Manufacturing 2 (40%) - 3 (19%) -
Distribution 1 (20%) - 2 (13%) -
Forest Products - - 2 (13%) -
Electrical Equipment - - 1 (6%) -
Plastics - - 1 (6%) -
Total 5 - 16 $215M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 3 (60%) - 14 (88%) 215M (100%)
  Michigan 2 (40%) - 3 (19%) -
  Pennsylvania - - 2 (13%) 215M (100%)
  Massachusetts - - 2 (13%) -
  Illinois - - 2 (13%) -
  Indiana 1 (20%) - 1 (6%) -
  Wisconsin - - 1 (6%) -
  Texas - - 1 (6%) -
  Ohio - - 1 (6%) -
  Connecticut - - 1 (6%) -
United Kingdom 1 (20%) - 1 (6%) -
Canada 1 (20%) - 1 (6%) -
  Ontario 1 (20%) - 1 (6%) -
Domestic 3 (60%) - 14 (88%) 215M (100%)
Cross-border 2 (40%) - 2 (13%) -
Total 5 - 16 $215M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (80%) - 8 (50%) -
Secondary Buyout 1 (20%) - 4 (25%) -
Divestiture - - 2 (13%) 215M (100%)
Consolidation - - 1 (6%) -
Growth Capital - - 1 (6%) -
Total 5 - 16 $215M

Exits by Deal Type

Type Total # Value
Trade Sale 4 (36%) -
Trade Sale - Public Company 3 (27%) 200M (100%)
Shut Down 2 (18%) -
Secondary Sale 1 (9%) -
Unknown 1 (9%) -
Total 11 $200M

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
1
Cappello Global LLC
1
W.Y. Campbell & Co.
1
Legal Deals
Goodwin Procter
4
K&L Gates LLP
3
Blais, Halpert, Lieberman & Greene
1

Deal Values

buy # Total
$100M to $1B 1 $215M
TOTAL $215M
Largest Latrobe Specialty Metals, Inc.
$215M (2006-12-08)
sell # Total
$100M to $1B 1 $200M
TOTAL $200M
Largest Global Tubes
$200M (2015-05-08)

M&A Connections

Deals
Acquired from
Investor(s)
31%
5 (31%)
Strategic(s)
13%
2 (13%)
Exited to
Investor(s)
9%
1 (9%)
Strategic(s)
64%
7 (64%)

FAQ

When was Watermill Group founded?

Watermill Group was founded in 1978.

What type of investor is Watermill Group?

Watermill Group is a private equity firm.

Where is Watermill Group headquartered?

Watermill Group is headquartered in Boston, Massachusetts.

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