Behrman Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Behrman Capital has acquired 3 companies. It has also invested in 1 other.

Behrman Capital’s most common sectors for investment are healthcare services (15%) and business services (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (41%) and secondary buyout (26%). In total, Behrman Capital has invested in 17 US states. Its largest (disclosed) acquisition occurred in 2003 when it acquired ILC Industries for $303M.

The Firm’s most common exit type is trade sale (36%). Behrman Capital’s largest (disclosed) exit occurred in 2016 when it sold Data Device for $1.0B.

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M&A Summary

  • M&A Total Activity43
    • M&A Buy Activity26
    • M&A Sell Activity17
  • Total Sectors Invested 16
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 14
  • M&A Advisors 5

Behrman Capital

126 East 56th Street, 27th Floor,
New York, New York 10022
United States,
(212)980-6500
www.behrmancap.com
contact.request@behrmancap.com

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.


Investment Criteria

Sectors of Interest: Aerospace, Building Materials, Business Services, Defense, Distribution, Electrical Equipment, Healthcare Services, Information Technology, Manufacturing, Packaging, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 25 250
Target EBITDA 10 50
Investment Size 25 125
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.8/yr) # 22 - - 2 2 - 26
vol $1.0B $1.0B
Sell (0.2/yr) # 16 1 - - - - 17
vol $2.2B $1.0B $3.2B
  43

Most Recent M&A

Company Date Value Type
Waterline Renewal Technologies, Inc. 2019-04-10 - Divestiture
Rosemont, Illinois
The Emmes Corp. 2019-03-04 - Growth Capital
Rockville, Maryland · www.emmes.com
kSARIA Corp. 2018-10-01 - Buyout (LBO, MBO, MBI)
Methuen, Massachusetts · www.ksaria.com
Corfin Industries LLC 2018-02-20 - Buyout (LBO, MBO, MBI)
Salem, New Hampshire · www.corfin.com
Data Device Corp. 2016-05-24 1.0B USD Add-on Acquisition
Bohemia, New York · www.ddc-web.com
Selig Sealing Products, Inc. 2015-08-03 - Add-on Acquisition
Forrest, Illinois · www.seligsealing.com
Carr Management Holdings LLC 2014-09-23 - Secondary Buyout
Nashua, New Hampshire · www.carrmanagement.com
BECO Holding Co., Inc. (dba Brooks Equipment Company) 2014-09-02 - Secondary Buyout
Charlotte, North Carolina · www.brooksequipment.com
Ark Holding Co., Inc. (dba Covenant Dove) 2013-11-27 - Divestiture
Bartlett, Tennessee · www.covenantdove.com
Atherotech, Inc. 2013-07-09 - Recapitalization
Birmingham, Alabama · www.atherotech.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
kSARIA Corp. 2018-10-01 Co-Operative Industries Aerospace & Defense (CIA&D) 2019-10-02 1
Methuen, Massachusetts · www.ksaria.com Fort Worth, Texas · www.coopind.com
Carr Management Holdings LLC 2014-09-23 Hillside Plastics, Inc. 2015-10-19 1
Nashua, New Hampshire · www.carrmanagement.com Turners Falls, Massachusetts · www.hillsideplastics.com
ILC Industries, Inc. 2003-04-15 JetSolutions SA 2014-05-28 2
Bohemia, New York · www.ilcdover.com Rossens, Switzerland
Pelican Products, Inc. 2004-10-26 Cool Logistics Ltd. 2014-01-23 5
Torrance, California · www.pelican.com Leighton Buzzard, United Kingdom · www.cool-logistics.com
Pelican Products, Inc. 2004-10-26 Minnesota Thermal Science LLC 2013-01-14 4
Torrance, California · www.pelican.com Baxter, Minnesota · www.mnthermalscience.com
ILC Industries, Inc. 2003-04-15 Grayling Industries, Inc. 2012-12-01 1
Bohemia, New York · www.ilcdover.com Alpharetta, Georgia · www.graylingindustries.com
Pelican Products, Inc. 2004-10-26 Trimcast Pty. Ltd. 2011-04-01 3
Torrance, California · www.pelican.com Knoxfield, Australia · www.trimcast.com.au
Pelican Products, Inc. 2004-10-26 Hardigg Industries, Inc. 2009-01-13 2
Torrance, California · www.pelican.com South Deerfield, Massachusetts · www.hardigg.com
Pelican Products, Inc. 2004-10-26 Pelican Products Pty. Ltd. 2008-03-26 1
Torrance, California · www.pelican.com Erina, Australia

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 1 (9%) - 4 (15%) -
Life Science - - 3 (11%) 105M (10%)
Business Services 2 (18%) - 3 (11%) -
Consumer Products 1 (9%) 200M (40%) 2 (7%) 200M (20%)
Packaging - - 2 (7%) 173M (17%)
Distribution 1 (9%) - 2 (7%) -
Information Technology 1 (9%) - 2 (7%) -
Semiconductors 1 (9%) 303M (60%) 1 (4%) 303M (30%)
Forest Products - - 1 (4%) 145M (14%)
Defense - - 1 (4%) 90M (9%)
Aerospace 1 (9%) - 1 (4%) -
Electronics - - 1 (4%) -
Environmental 1 (9%) - 1 (4%) -
Plastics 1 (9%) - 1 (4%) -
Safety/Security 1 (9%) - 1 (4%) -
Technology Hardware - - 1 (4%) -
Total 11 $503M 27 $1.0B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (100%) 503M (100%) 27 (100%) 1.0B (100%)
  Illinois 1 (9%) - 3 (11%) 173M (17%)
  New Hampshire 2 (18%) - 2 (7%) -
  Maryland 2 (18%) - 2 (7%) -
  New York 1 (9%) 303M (60%) 2 (7%) 303M (30%)
  Alabama 1 (9%) - 2 (7%) -
  North Carolina 1 (9%) - 2 (7%) -
  Massachusetts 1 (9%) - 2 (7%) -
  Ohio - - 2 (7%) 195M (19%)
  Texas - - 2 (7%) -
  California 1 (9%) 200M (40%) 1 (4%) 200M (20%)
  Delaware 1 (9%) - 1 (4%) -
  Minnesota - - 1 (4%) 145M (14%)
  Kansas - - 1 (4%) -
  Florida - - 1 (4%) -
  Connecticut - - 1 (4%) -
  Virginia - - 1 (4%) -
  Tennessee - - 1 (4%) -
Total 11 $503M 27 $1.0B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (36%) 303M (60%) 11 (41%) 476M (47%)
Secondary Buyout 3 (27%) 200M (40%) 7 (26%) 435M (43%)
Divestiture 2 (18%) - 4 (15%) 105M (10%)
Growth Capital 1 (9%) - 2 (7%) -
Consolidation - - 1 (4%) -
Recapitalization 1 (9%) - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 11 $503M 27 $1.0B

Exits by Deal Type

Type Total # Value
Secondary Sale 7 (41%) 1.8B (55%)
Trade Sale - Public Company 4 (24%) 1.4B (45%)
Trade Sale 2 (12%) -
Divestiture 1 (6%) -
IPO 1 (6%) -
Merger 1 (6%) -
Recapitalization 1 (6%) -
Total 17 $3.2B

Top M&A Advisors

Financial Deals
Bear Stearns & Co. Inc.
 2
Bank of America Merrill Lynch
 1
The Chertoff Group
 1
Legal Deals
Goodwin Procter LLP
 12
Latham & Watkins
 1

Deal Values

buy # Total
$100M to $1B 5 $926M
< $100M 1 $90M
TOTAL $1.0B
Largest ILC Industries, Inc.
$303M (2003-04-15)
sell # Total
> $1B 1 $1.0B
$100M to $1B 6 $2.2B
TOTAL $3.2B
Largest Data Device Corp.
$1.0B (2016-05-24)

M&A Connections

Deals %
Acquired from
PE Firm(s)
64%
9 64%
Strategic(s)
36%
5 36%
Exited to
PE Firm(s)
47%
7 47%
Strategic(s)
53%
8 53%

Investor Summary

Size

Large

PE Assets

3.0B USD

Established

1991

Specialist/Generalist

Specialist

Leadership

Grant G Behrman

Founding & Managing Partner

William M. Matthes

Managing Partner

Simon P. Lonergan

Partner

Jeffrey S. Wu

Partner

Gary K. Dieber

CFO & CCO

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