Secondary Buyout • Packaging

Aurora Capital Partners and Manulife Investment Management Acquire Industrial Container Services

On September 1, 2011, private equity firm Aurora Capital Partners and mezzanine finance firm Manulife Investment Management acquired packaging company Industrial Container Services from Wingate Partners

Acquisition Context
  • This is Aurora Capital Partners’ 1st and Manulife Investment Management’s 2nd transaction in the Packaging sector.
  • This is Aurora Capital Partners’ 15th and Manulife Investment Management’s 9th transaction in the United States.
  • This is Aurora Capital Partners’ 4th and Manulife Investment Management’s 1st transaction in California.
Investment Fate
  • Industrial Container Services was sold to a consortium of financial buyers in 2017.
  • Industrial Container Services was sold to a strategic buyer in 2018.

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M&A Deal Summary

Date September 1, 2011
Target Industrial Container Services
Sector Packaging
Buyer(s) Aurora Capital Partners
Manulife Investment Management
Sellers(s) Wingate Partners
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co. (Financial)

Target Company

Industrial Container Services

Montebello, California, United States
Industrial Container Services is a provider of reusable container solutions in the United States, providing new and reconditioned steel, plastic, and fiber drums. With 49 facilities across the United States and Canada, ICS collects, reconditions and distributes over 10 million steel, poly and intermediate bulk containers annually and is the only company capable of offering comprehensive services, including pickup and reconditioning of containers of all major packaging types, new container manufacturing and distribution, to customers nationally. Industrial Container Services is based in Montebello, California.
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Buyers Overview 2

Buyer

Aurora Capital Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Aurora Capital Partners is a private investment firm that manages private equity funds as well as investment vehicles focused on debt/equity securities. Targeted businesses are generally industry leaders that operate in defensible markets with sustainable margins. Sectors of interest include aerospace, industrial products, and services, packaging, plastics, distribution, manufacturing, media, retail, and chemicals. Aurora will only consider majority/control positions. Aurora's investment horizon is typically three to seven years. Aurora Capital Partners was formed in 1991 and is based in Los Angeles, California.


Deal Context for Buyer #
Overall 15 of 43
Sector: Packaging 1 of 3
Type: Secondary Buyout 7 of 22
State: California 4 of 8
Country: United States 15 of 42
Year: 2011 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-16 Anthony

Sylmar, California, United States

Anthony, Inc. is a manufacturer of specialty glass, commercial glass refrigerator and freezer doors, case lighting, and display and merchandising systems. Anthony operates globally with locations in the U.S., Italy, China and South Africa.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-13 Alltub

Boulogne-Billancourt, France

Alltub is a manufacturer of collapsible aluminum tubes for the packaging of pharmaceutical, cosmetics, foodstuffs, and industrial products. Alltub was founded in 2005 and is based in Boulogne-Billancourt, France.

Buy -
Buyer

Manulife Investment Management

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1998
Size Large
Type Sector Agnostic
DESCRIPTION

Manulife Investment Management is a private investment group that provides mezzanine as well as non-controlling equity capital to middle-market businesses. Manulife Investment's target investment size is $10 to $50 million per transaction. The Group prefers opportunities located in the US. Manulife Investment Management was established in 1998 and maintains offices in Boston and New York City.


Deal Context for Buyer #
Overall 10 of 26
Sector: Packaging 2 of 2
Type: Secondary Buyout 3 of 6
State: California 1 of 3
Country: United States 9 of 24
Year: 2011 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-11 CyberCore Technologies

Elkridge, Maryland, United States

CyberCore Technologies is a provider of information technology services to a variety of federal government agencies with a focus on intelligence and security. CyberCore Technologies was founded in 2000 and is based in Elkridge, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-02 Document Technologies

Atlanta, Georgia, United States

DTI is a privately held legal process outsourcing company in the US serving law firms and corporations. DTI helps its clients accelerate the changes they must make to remain competitive. DTI was founded in 1998 and is based in Atlanta, Georgia.

Buy -

Seller Profile 1

SELLER

Wingate Partners

Dallas, Texas, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1987
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Wingate Partners is a turnaround investment firm that purchases controlling stakes in troubled manufacturing, distribution and service businesses headquartered in the US. Wingate looks to acquire under-performing companies, profitable businesses in changing or out of favor industries, and companies with incomplete management teams. Target businesses typically have revenues between $50 and $250 million. Wingate will not invest in banking, insurance, real estate, media, natural resources, and high technology. Wingate Partners was formed in 1987 and is based in Dallas, Texas.


Deal Context for Seller #
Overall 9 of 23
Sector: Packaging 1 of 2
Type: Secondary Buyout 3 of 11
State: California 1 of 2
Country: United States 9 of 23
Year: 2011 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-08 Preferred Compounding

Copley, Ohio, United States

Preferred Compounding Corp. is a manufacturer and supplier of proprietary and custom mixed rubber compounds with manufacturing plants in Tallapoosa, Ga.; Huntingdon, Tenn.; Fruithurst, Ala. Preferred Compounding Corp. was founded in 1973 and is based in Copley, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-11 Premier Retail Interiors

Weston, Florida, United States

Premier Retail Interiors, Inc. engages in designing and manufacturing custom cosmetics displays for department stores.

Sell -