M&A Deal Summary

Wellspring Capital Management Acquires Qualitor

On November 3, 2014, private equity firm Wellspring Capital Management acquired automotive company Qualitor from Baird Capital, American Capital and HCI Equity Partners

Acquisition Highlights
  • This is Wellspring Capital Management’s 1st transaction in the Automotive sector.
  • This is Wellspring Capital Management’s 29th transaction in the United States.
  • This is Wellspring Capital Management’s 3rd transaction in Michigan.

M&A Deal Summary
Date 2014-11-03
Target Qualitor
Sector Automotive
Buyer(s) Wellspring Capital Management
Sellers(s) Baird Capital
American Capital
HCI Equity Partners
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)

Target

Qualitor

Southfield, Michigan, United States
website
Qualitor is a supplier of branded aftermarket safety and wear products for the automotive aftermarket. Qualitor provides wiper blades and auto care accessories, as well as brake hardware and related components.

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Buyer(S) 1

Buyer

Wellspring Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1995
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $2 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.

DEAL STATS #
Overall 34 of 50
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 11 of 21
State (Michigan) 3 of 3
Country (United States) 29 of 45
Year (2014) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 Tradesmen International

Macedonia, Ohio, United States

Tradesmen International is a provider of contingent skilled craftsmen to commercial construction and industrial contractor customers across 93 offices in 39 states and Canada. Tradesmen International was formed in 1992 and is based in Macedonia, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-07 ChemAid Laboratories

Saddle Brook, New Jersey, United States

ChemAid Laboratories, Inc. is a formulator and manufacturer of skincare, hair care and bath and body products.

Sell -

Seller(S) 3

SELLER

Baird Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 3.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Baird Capital Partners (BCP) is the US private equity arm of Baird Private Equity. BCP makes investments in middle-market companies based in the US. BCP targets companies valued between $25 and $125 million and looks to invest between $15 and $35 million of equity per transaction. BCP focuses on three primary areas including business services (transaction processing, process outsourcing, professional services), healthcare (outsourcing services, medical products, contract manufacturing), and manufactured products (industrial/commercial, specialty consumer, distribution). BCP is affiliated with Baird Capital Partners Europe, Baird Capital Partners Asia, Baird Venture Partners, and Granville Baird Capital Partners. Baird Capital Partners is based in Chicago, Illinois.

DEAL STATS #
Overall 30 of 50
Sector (Automotive) 3 of 3
Type (Secondary Buyout) 6 of 14
State (Michigan) 1 of 1
Country (United States) 30 of 44
Year (2014) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-08 Ellman International

Oceanside, New York, United States

Ellman International is a privately-held manufacturer of surgical devices used to perform medical, dental and veterinary procedures in the United States, Europe and Asia.

Sell $13M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 Digi-Star

Fort Atkinson, Wisconsin, United States

Digi-Star LLC is a manufacturer of weighing systems designed for agricultural equipment.

Sell $133M
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 163 of 194
Sector (Automotive) 9 of 11
Type (Secondary Buyout) 55 of 71
State (Michigan) 1 of 2
Country (United States) 158 of 186
Year (2014) 13 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-23 Wausau Financial Systems

Mosinee, Wisconsin, United States

Wausau Financial Systems, Inc. is a provider of fully-bundled software and hardware technology solutions for remittance and check processing.

Sell $90M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-04 Schulman Associates IRB

Cincinnati, Ohio, United States

Schulman Associates IRB, Inc. is a Independent institutional review board overseeing the review of research protocols and consent documents used to protect human subjects participating in pharmaceutical, biotech, and medical device trials.

Buy -
SELLER

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.

DEAL STATS #
Overall 12 of 26
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 3 of 8
State (Michigan) 3 of 3
Country (United States) 11 of 24
Year (2014) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-01 Milan Supply Chain Solutions

Milan, Tennessee, United States

Milan Supply Chain Solutions is a provider of regional transportation and logistics solutions, specializing in truckload and warehousing and distribution services. Milan Supply Chain Solutions was founded in 1969 and is based in Milan, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-01 Tribar Technologies

Howell, Michigan, United States

Tribar Technologies is a supplier of high profile vehicle badge assemblies and other highly-engineered products. Tribar Technologies was founded in 1995 and is based in Howell, Michigan.

Buy -
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