M&A Deal Summary

BASF Acquires Becker Underwood

On November 28, 2012, BASF acquired chemicals company Becker Underwood from Norwest Equity Partners, Norwest Mezzanine Partners, Antares Capital and LNC Partners for 1.2B USD

Acquisition Highlights
  • This is BASF’s 9th transaction in the Chemicals sector.
  • This is BASF’s 5th largest (disclosed) transaction.
  • This is BASF’s 6th transaction in the United States.
  • This is BASF’s 1st transaction in Iowa.

M&A Deal Summary

Date 2012-11-28
Target Becker Underwood
Sector Chemicals
Buyer(s) BASF
Sellers(s) Norwest Equity Partners
Norwest Mezzanine Partners
Antares Capital
LNC Partners
Deal Type Add-on Acquisition
Deal Value 1.2B USD
Advisor(s) Greenhill & Co., Inc. (Financial)

Target

Becker Underwood

Ames, Iowa, United States
website
Becker Underwood is a manufacturer of environmentally-friendly, specialty chemical products for the amenity turf, lawn care, aquatics, seed, and landscaping markets.

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Buyer(S) 1

Buyer

BASF

Ludwigshafen, Germany

website


Category Company
Founded 1865
Sector Chemicals
Employees107,646
Revenue 59.1B EUR (2020)
DESCRIPTION
Entrance to BASF's office in Florham Park, New Jersey.
Entrance to BASF's office in Florham Park, New Jersey.

BASF is a global producer of chemicals. BASF looks to combine economic success with environmental protection and social responsibility. BASF was founded in 1865 and is based in Ludwigshafen, Germany.


DEAL STATS #
Overall 11 of 19
Sector (Chemicals) 9 of 12
Type (Add-on Acquisition) 8 of 14
State (Iowa) 1 of 1
Country (United States) 6 of 8
Year (2012) 4 of 4
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-12 Equateq

Isle of Lewis, United Kingdom

Equateq Ltd. is a producer of highly concentrated omega-3 fatty acids. Equateq’s proprietary technology allows flexible formulation of omega-3 fatty acids at exceptional purity levels.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-19 BASF SE - Capcure Business

Germany

BASF's Capcure Business consists of mercaptan-based curatives that are used in epoxy curing applications that require rapid room temperature cure.

Sell -

Seller(S) 4

SELLER

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $30 and $250 million, typically providing $50 to $500 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota and has office in New York City.


DEAL STATS #
Overall 22 of 48
Sector (Chemicals) 1 of 2
Type (Add-on Acquisition) 11 of 17
State (Iowa) 3 of 3
Country (United States) 22 of 47
Year (2012) 4 of 4
Size (of disclosed) 1 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-04 The Waddington Group

Covington, Kentucky, United States

The Waddington Group is a manufacturer and marketer of premium disposable tableware for commercial, foodservice and retail markets. Headquartered in Covington, KY, the company operates seventeen manufacturing facilities across the U.S., Canada, the United Kingdom and Ireland.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Trilliant Food & Nutrition

Little Chute, Wisconsin, United States

Trilliant Food & Nutrition (f/k/a Victor Allen’s Coffee) roasts, grinds, and packages gourmet and traditional coffee through private label and its own brands. Victor Allen’s primarily sells through retail and foodservice distributor channels, sourcing beans from 16 different countries and offering over 100 blending formulas of extensive variety.

Buy -
SELLER

Norwest Mezzanine Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Norwest Mezzanine Partners (NMP) is an independent investment firm focused on providing junior capital to support transactions initiated by private equity sponsors. NMP looks to commit up to $50 million per investment. Prospective transaction situations can include buyouts, acquisitions, leveraged buildups or consolidations, recapitalizations, and going privates. NMP will consider opportunities in a wide range of industries, including distribution, manufacturing, healthcare, and consumer products. Norwest Mezzanine Partners is affiliated with private equity firm Norwest Equity Partners. NMP was formed in 2000 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 22 of 51
Sector (Chemicals) 1 of 3
Type (Add-on Acquisition) 9 of 24
State (Iowa) 3 of 3
Country (United States) 21 of 49
Year (2012) 3 of 3
Size (of disclosed) 2 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-06 Stanton Carpet

Syosset, New York, United States

Stanton Carpet is a designer and distributor of decorative, high-quality branded carpet and custom rugs and runners. The Stanton family of brands are available through approximately 4,000 retail partners nationwide, including independent retail floor showrooms, trade showrooms and home furnishing retailers. Stanton Carpet was founded in 1980 and is based in Syosset, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-14 Hospice Advantage

Bay City, Michigan, United States

Hospice Advantage, Inc. is a hospice care organization that provides end-of-life care, palliative treatment, personal care, and family support services, primarily to patients in their homes.

Buy -
SELLER

Antares Capital

Miami, Florida, United States

Investor Investor

website


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 24 of 39
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 10 of 16
State (Iowa) 1 of 1
Country (United States) 23 of 38
Year (2012) 2 of 3
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-19 Cellit

Miami, Florida, United States

Cellit, Inc. is a developer of software to automate multimedia customer interactions for the call center and customer service industries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-31 DTx

Melbourne, Florida, United States

Designs, manufactures, and provides contract manufacturing and logistics services for embedded systems for medical device, broadcast equipment, and point-of-sale system customers.

Sell -
SELLER

LNC Partners

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2010
PE ASSETS 235M USD
Size Small
Type Sector Agnostic
DESCRIPTION

LNC Partners is a private investment firm focused on providing up to $25 million of equity and junior capital to support a variety of company transactions. As a provider of debt, LNC offers subordinated debt and unitranche securities. As a provider of equity, LNC will invest as a minority or majority partner. Prospective transaction situations include buyouts, refinancings, acquisition financings, growth capital needs, and recapitalizations. Sectors of interest include business and information services, financial services, insurance, healthcare, and niche manufacturing. LNC Partners is based in Reston, Virginia.


DEAL STATS #
Overall 14 of 24
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 5 of 9
State (Iowa) 1 of 1
Country (United States) 14 of 24
Year (2012) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-06 Vitalyst

Bala Cynwyd, Pennsylvania, United States

Vitalyst is a provider of remote, desktop application software support services for Fortune 1000 Companies. The Company works in partnership with clients' IT departments as both a Help Desk support enhancement as well as a remote training department for desktop application software. Vitalyst was founded in 1992 and is based in Bala Cynwyd, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-19 Nordco

Oak Creek, Wisconsin, United States

Nordco is a provider of highly-engineered equipment, parts and services to the railroad maintenance-of-way, railcar moving and rail flaw detection sectors. Nordco was founded in 1926 and is based in Oak Creek, Wisconsin.

Sell -