M&A Deal Summary

Lubar and Baird Capital Acquire Erdman

On January 1, 2004, private equity firms Lubar and Baird Capital acquired business services company Erdman for 85M USD

Acquisition Highlights
  • This is Lubar’s 1st and Baird Capital’s 3rd transaction in the Business Services sector.
  • This is Lubar’s and Baird Capital’s largest (disclosed) transaction.
  • This is Lubar’s 6th and Baird Capital’s 19th transaction in the United States.
  • This is Lubar’s 1st and Baird Capital’s 9th transaction in Wisconsin.
Investment Fate
  • Erdman was sold to a publicly-traded strategic buyer in 2008 for 247M USD.
  • Erdman was divested to a consortium of buyers in 2012.

M&A Deal Summary
Date 2004-01-01
Target Erdman
Sector Business Services
Buyer(s) Lubar
Baird Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 85M USD

Target

Erdman

Madison, Wisconsin, United States
website
Erdman is a healthcare planning, development, and design-build firm, partnering with hospitals, integrated health systems, and physician groups to provide optimal healthcare facility solutions. Erdman was founded in 1951 and is based in Madison, Wisconsin.

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Buyer(S) 2

Buyer

Lubar

Milwaukee, Wisconsin, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1968
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Lubar & Co. is a private investment firm that seeks control or minority investments in Midwest US-based companies from the Great Lakes to Texas. The Firm looks for businesses with at least $15 million of revenue and valued between $15 and $100 million. Sectors of interest include niche manufacturing, business services, energy, architecture/engineering/construction, healthcare products and services, and asset management. Prospective transaction situations can include management buyouts, generational changes of ownership, recapitalizations, corporate divestitures, late-stage growth equity, and co-investments with other private equity firms. Lubar & Co. was formed in 1968 and is based in Milwaukee, Wisconsin.

DEAL STATS #
Overall 6 of 15
Sector (Business Services) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 1 of 4
State (Wisconsin) 1 of 6
Country (United States) 6 of 15
Year (2004) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Wrightwood Capital

Chicago, Illinois, United States

Wrightwood Capital, a highly respected provider of debt capital to the U.S. commercial real estate sector.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 Zero Zone

North Prairie, Wisconsin, United States

Zero Zone is a manufacturer of refrigerated display case equipment for the supermarket, convenience store, and drug store markets as well as refrigeration and electrical distribution systems used in supermarkets, ice arenas, and cold storage industrial applications. Zero Zone was founded in 1961 and is based in North Prairie, Wisconsin.

Buy -
Buyer

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 19 of 75
Sector (Business Services) 3 of 11
Type (Buyout (LBO, MBO, MBI)) 16 of 29
State (Wisconsin) 9 of 13
Country (United States) 19 of 63
Year (2004) 1 of 5
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-02 Encore Discovery Solutions

The Woodlands, Texas, United States

At Encore Discovery Solutions, we support many of the world’s leading law firms and corporations with end-to-end discovery management. Our world-class discovery professionals are experts who help our clients identify and implement the right process and technology for any discovery or similar data-intensive matter. Encore Discovery Solutions, Inc. was formerly known as Encore Legal Solutions, Inc. and changed its name to Encore Discovery Solutions, Inc. in June 2008.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-04 The Hygenic

Akron, Ohio, United States

Hygenic is a manufacturer of natural rubber, latex and synthetic rubber products primarily serving the medical and therapy/fitness industries as well as some other industrial applications.

Buy -
Mergr

Product

Company

Legal