M&A Deal Summary

Bain Capital Private Equity and BRS Acquire Alliance Laundry Systems

On February 1, 1998, private equity firms Bain Capital Private Equity and BRS acquired manufacturer Alliance Laundry Systems from Raytheon for 358M USD

Acquisition Highlights
  • This is Bain Capital Private Equity’s 2nd and BRS’s 1st transaction in the Manufacturing sector.
  • This is Bain Capital Private Equity’s 64th and BRS’s largest (disclosed) transaction.
  • This is Bain Capital Private Equity’s 8th and BRS’s 7th transaction in the United States.
  • This is Bain Capital Private Equity’s 1st and BRS’s 1st transaction in Wisconsin.
Investment Fate
  • Alliance Laundry Systems was sold to a consortium of financial buyers in 2005 for 450M USD.
  • Alliance Laundry Systems was sold to a consortium of financial buyers in 2015.

M&A Deal Summary

Date 1998-02-01
Target Alliance Laundry Systems
Sector Manufacturing
Buyer(s) Bain Capital Private Equity
BRS
Sellers(s) Raytheon
Deal Type Divestiture
Deal Value 358M USD

Target

Alliance Laundry Systems

Ripon, Wisconsin, United States
website
Alliance Laundry Systems is a manufacturer of stand-alone commercial laundry equipment in North America. Alliance Laundry produces a full line of washing machines, dryers, and pressing machines under the brand names of Speed Queen, UniMac, Huebsch and Ajax.

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Buyer(S) 2

Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 9 of 226
Sector (Manufacturing) 2 of 7
Type (Divestiture) 3 of 38
State (Wisconsin) 1 of 1
Country (United States) 8 of 119
Year (1998) 3 of 4
Size (of disclosed) 64 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-01-01 FleetCor

Atlanta, Georgia, United States

FleetCor is a global provider of fuel cards, commercial payment and data solutions, stored value solutions, and workforce payment products and services to businesses, retailers, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America, Europe, Australia and New Zealand. FleetCor's payment programs enable customers to manage and control their commercial payments, card programs, and employee spending and provide card-accepting merchants with a high volume customer base that can increase sales and customer loyalty. FleetCor also provides a suite of fleet related and workforce payment solution products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. FleetCor was formed in 1986 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-05-01 US Synthetic

Orem, Utah, United States

The world's largest independent manufacturer of synthetic diamonds used in oil and gas drill bits.

Buy $165M
Buyer

BRS

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BRS is a private equity investment firm that specializes in management buyouts and recapitalizations of middle-market companies with strong market positions and growth potential. Broad areas of interest include consumer products, consumer services, food/nutrition, restaurants, retail, and distribution. BRS looks to commit $10 to $25 million per transaction. BRS was formed in 1995 and is based in New York, New York.


DEAL STATS #
Overall 7 of 47
Sector (Manufacturing) 1 of 2
Type (Divestiture) 2 of 7
State (Wisconsin) 1 of 1
Country (United States) 7 of 42
Year (1998) 1 of 3
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-12-01 HealthPlus

Houston, Texas, United States

HealthPlus is a private company hospital provide health care services. It operates acute-care hospitals.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-08-01 Penhall

Irving, Texas, United States

Penhall is a national provider of concrete cutting, breaking and excavation and highway grinding services in the United States with the first or second market position in the majority of its served markets. Penhall has 37 branch locations in 17 states, over 800 skilled employees and an equipment fleet of 750 revenue producing units. Penhall provides a broad range of concrete- and asphalt-related services that generally are part of much larger construction projects in the non-residential building construction and infrastructure markets. Penhall was founded in 1957 and is headquartered in Irving, Texas.

Buy -

Seller(S) 1

SELLER

Raytheon

Waltham, Massachusetts, United States

website


Category Company
Founded 1922
Sector Defense
Employees61,000
Revenue 27.1B USD (2018)
DESCRIPTION
Raytheon office in Burlington, Massachusetts.
Raytheon office in Burlington, Massachusetts.

Raytheon Company is a technology and innovation leader specializing in defense, security and civil markets throughout the world. Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems; as well as a broad range of mission support services. Raytheon was established in 1922 and is based in Waltham, Massachusetts.


DEAL STATS #
Overall 4 of 9
Sector (Manufacturing) 1 of 1
Type (Divestiture) 4 of 9
State (Wisconsin) 1 of 1
Country (United States) 4 of 9
Year (1998) 1 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-12-31 Raytheon Company Semiconductor Division

United States

Raytheon Company Semiconductor Division is a designer, developer and manufacturer of logic, discrete, analog and non-volatile memory semiconductors.

Sell $120M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1998-12-22 Raytheon - Sonobuoy Business

Waltham, Massachusetts, United States

Raytheon - Sonobuoy Business engages in design and production of anti-submarine warfare (“ASW”) sensors, primarily sonobuoys. Its product offering includes sonobuoys used by the US Navy and most of the world’s ASW defence forces. In addition to sonobuoy production, the Company designs and produces multimode hydrophones and other advanced sensors and is under contract to the US Navy to provide ASW engineering services on selected programmes.

Sell $22M