Divestiture • Life Science

American Capital, Behrman Capital and TPG Acquire WIL Research Co.

On September 30, 2004, private equity firms American Capital, Behrman Capital and TPG acquired life science company WIL Research Co. from Great Lakes Chemical for 105M USD

Acquisition Context
  • This is American Capital’s 3rd, Behrman Capital’s 3rd and TPG’s 5th transaction in the Life Science sector.
  • This is American Capital’s 22nd, Behrman Capital’s 4th and TPG’s 109th largest (disclosed) transaction.
  • This is American Capital’s 125th, Behrman Capital’s 13th and TPG’s 38th transaction in the United States.
  • This is American Capital’s 6th, Behrman Capital’s 3rd and TPG’s 1st transaction in Ohio.
Investment Fate
  • WIL Research Co. was sold to a consortium of financial buyers in 2007 for 500M USD.
  • WIL Research Co. was sold to a strategic buyer in 2016 for 585M USD.

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M&A Deal Summary

Date September 30, 2004
Target WIL Research Co.
Sector Life Science
Buyer(s) American Capital
Behrman Capital
TPG
Sellers(s) Great Lakes Chemical
Deal Type Divestiture
Deal Value 105M USD

Target Company

WIL Research Co.

Ashland, Ohio, United States
WIL Research Co., Inc. is a global Contract Research Organization (CRO) that provides product safety toxicological research, bioanalytical, and formulation services to the pharmaceutical, biotechnology, chemical, agrochemical, and food products industries, as well as manufacturing support for clinical trials.
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Buyers Overview 3

Buyer

American Capital


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 Context for Buyer #
Overall 128 of 265
Sector: Life Science 3 of 5
Type: Divestiture 13 of 14
State: Ohio 6 of 13
Country: United States 125 of 253
Year: 2004 26 of 35
Size (of disclosed) 22 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-17 Erickson Construction

Chandler, Arizona, United States

Erickson Construction is a construction services and pre-fabricated building products company. It provides turnkey framing services, framing packages, trusses, and other products to builders and developers. Erickson Construction Co., Inc. was founded in 1975 and is based in Chandler, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-01 DigitalNet

Herndon, Virginia, United States

DigitalNet was a provider of managed government network services, government information security solutions and application development and integration services to U.S. government defense, intelligence and civilian federal government agencies. This government technology company also provided seat management services and monitoring and maintenance of government computer systems on a per-desktop basis.

Sell $600M
Buyer

Behrman Capital

New York, New York, United States

Investor Investor Investor Investor Investor


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

Behrman Capital is a private equity firm focused on management buyouts, leveraged buildups and recapitalizations of established growth companies. Areas of interest include healthcare, defense, specialty manufacturing, business to business outsourcing, and information technology. Behrman looks to invest in the range from $25 to $125 million of equity capital in companies generating sales of $25 to $250 million. Behrman Capital was formed in 1991. The Firm is based in New York City with an additional office in San Francisco.


Deal Context for Buyer #
Overall 13 of 29
Sector: Life Science 3 of 4
Type: Divestiture 2 of 4
State: Ohio 3 of 3
Country: United States 13 of 29
Year: 2004 3 of 4
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-01 Executive Greetings

New Hartford, Connecticut, United States

Executive Greetings, Inc. is a manufacturer and marketer of customized promotional business products. The company produces seasonal and everyday greeting cards, calendars, desk diaries and planners; advertising specialty products; dental practice promotional items; business forms, labels and stationery; labor law signage; and human resource products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-26 Pelican Products

Torrance, California, United States

Pelican Products is a designer and manufacturer of high performance protective cases, temperature controlled packaging solutions, advanced portable lighting systems and rugged gear for professionals and outdoor enthusiasts. Pelican's products are used by professionals in the most demanding markets including fire safety, law enforcement, defense / military, aerospace, entertainment, industrial and consumer. Pelican products are designed and built to last a lifetime. Pelican Products was founded in 1976 and is based in Torrance, California.

Buy $200M
Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 296.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


Deal Context for Buyer #
Overall 52 of 453
Sector: Life Science 5 of 46
Type: Divestiture 10 of 41
State: Ohio 1 of 4
Country: United States 38 of 299
Year: 2004 8 of 10
Size (of disclosed) 109 of 114
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-23 MGM

Beverly Hills, California, United States

MGM is an entertainment company focused on the production and global distribution of film and television content across all platforms. The company owns one of the world’s deepest libraries of premium film and television content.

Buy $3.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-15 MacroGenics

Rockville, Maryland, United States

MacroGenics is a developer of monoclonal antibodies and vaccines in the areas of oncology, autoimmunity, and infectious disease. The Company has an anti-CD3 monoclonal antibody in Phase III clinical development for type 1 diabetes. MacroGenics has a deep pipeline of clinical and preclinical antibodies enabled by its proprietary Fc-engieering and diabody capabilities. MacroGenics was founded in 2000 and is based in Rockville, Maryland.

Buy -

Seller Profile 1

SELLER

Great Lakes Chemical

Michigan, United States

Category Company
Founded 1936
Sector Chemicals
DESCRIPTION

Great Lakes Chemical Corp. is a producer and distributor of chemicals.


Deal Context for Seller #
Overall 1 of 1
Sector: Life Science 1 of 1
Type: Divestiture 1 of 1
State: Ohio 1 of 1
Country: United States 1 of 1
Year: 2004 1 of 1
Size (of disclosed) 1 of 1