CapitalWorks Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, CapitalWorks has acquired 4 companies.

CapitalWorks’ most common sectors for investment are manufacturing (19%) and business services (10%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (41%) and secondary buyout (28%). In total, CapitalWorks has invested in 9 US states and 2 different countries.

In the last 3 years, CapitalWorks has exited 8 companies. The Firm’s most common exit type is trade sale (54%). CapitalWorks’ largest (disclosed) exit occurred in 2013 when it sold PVF Capital for $106M.

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M&A Summary

  • M&A Total Activity37
    • M&A Buy Activity22
    • M&A Sell Activity15
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 18
  • M&A Advisors 4

CapitalWorks LLC

1100 Superior Avenue 17th Floor, Suite 1725,
Cleveland, Ohio 44114
United States
(216) 781-3233
www.capitalworks.net
engage@capitalworks.net

CapitalWorks is a private investment firm that seeks investments in smaller middle-market companies in a variety of industries. Target companies typically have EBITDA of $3 to $9 million and are located in the Midwest. In addition to private equity investing, CapitalWorks also invests capital through a long/short equity fund. CapitalWorks was formed in 1999 and is based in Beachwood, Ohio.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Consumer Services, Defense, Distribution, Electrical Equipment, Electronics, Environmental, Financial Services, Internet Software and Services, Machinery, Manufacturing, Media, Packaging, Plastics, Publishing, Renewable Energy

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Special Situations/Distressed, Stake Purchase

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

Transaction Criteria Min Max
Target Revenue 15 75
Target EBITDA 3 9
Investment Size - -
Enterprise Value 15 60
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 17 1 1 1 2 - 22
Sell (1.6/yr) # 7 - 3 2 3 - 15
vol $106M $106M
  37

Most Recent M&A

Company Date Value Type
Gemcity Engineering and Manufacturing 2019-12-16 - Merger
Dayton, Ohio · www.gemcity.com
Avtron Aerospace, Inc. 2019-10-14 - Add-on Acquisition
Cleveland, Ohio · www.avtronaero.com
Chemtron Corp. 2019-08-16 - Secondary Buyout
Avon, Ohio · www.chemtron-corp.com
Essco, Inc. (Electric Sweeper Service Co.) 2019-06-20 - Secondary Buyout
Twinsburg, Ohio · www.essco.net
Libra Industries, Inc. 2019-05-21 - Buyout (LBO, MBO, MBI)
Mentor, Ohio · www.libraindustries.com
The Godfrey Group 2018-12-12 - Add-on Acquisition
Durham, North Carolina · www.godfreygroup.com
Capewell Aerial Systems LLC 2018-09-07 - Secondary Buyout
Meadows of Dan, Virginia · www.capewellaerialsystems.com
C&M Conveyor, Inc. 2018-06-04 - Secondary Buyout
Bloomington, Indiana · www.cmconveyor.com
Premium Plastic Solutions LLC 2017-12-15 - Add-on Acquisition
Latrobe, Pennsylvania · www.premiummolding.com
KKSP Precision Machining LLC 2017-11-30 - Secondary Buyout
Glendale Heights, Illinois · www.kksp.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Libra Industries, Inc. 2019-05-21 Benchmark Electronics, Inc. - Guaymas, Mexico Facility 2020-01-28 2
Mentor, Ohio · www.libraindustries.com Guaymas, Mexico
Libra Industries, Inc. 2019-05-21 Gemcity Engineering and Manufacturing 2019-12-16 1
Mentor, Ohio · www.libraindustries.com Dayton, Ohio · www.gemcity.com
C&M Conveyor, Inc. 2018-06-04 Ohio Blow Pipe Co. 2018-09-21 1
Bloomington, Indiana · www.cmconveyor.com Cleveland, Ohio · www.obpairsystems.com
Ripley Tools LLC 2014-02-03 Optical Design Manufacturing, Inc. 2017-12-19 1
Cromwell, Connecticut · www.ripley-tools.com Laconia, New Hampshire · www.odm-inc.com
Paradigm Windows Solutions 2016-01-07 Vista Window Co. LLC 2017-02-22 1
Portland, Maine · www.paradigmwindows.com Lordstown, Ohio · www.vistawindowco.com

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing 1 (17%) - 4 (18%) -
Business Services 1 (17%) - 2 (9%) -
Media - - 2 (9%) -
Aerospace - - 1 (5%) -
Automotive - - 1 (5%) -
Building Materials 1 (17%) - 1 (5%) -
Defense - - 1 (5%) -
Distribution 1 (17%) - 1 (5%) -
Electrical Equipment - - 1 (5%) -
Electronics 1 (17%) - 1 (5%) -
Environmental - - 1 (5%) -
Financial Services - - 1 (5%) -
Internet Software and Services - - 1 (5%) -
Machinery 1 (17%) - 1 (5%) -
Packaging - - 1 (5%) -
Plastics - - 1 (5%) -
Renewable Energy - - 1 (5%) -
Total 6 - 22 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 6 (100%) - 20 (91%) -
  Ohio 2 (33%) - 9 (41%) -
  Indiana 1 (17%) - 3 (14%) -
  Illinois - - 2 (9%) -
  Missouri 1 (17%) - 1 (5%) -
  Maine 1 (17%) - 1 (5%) -
  Connecticut 1 (17%) - 1 (5%) -
  Virginia - - 1 (5%) -
  Pennsylvania - - 1 (5%) -
  North Carolina - - 1 (5%) -
Canada - - 2 (9%) -
  Ontario - - 1 (5%) -
  British Columbia - - 1 (5%) -
Domestic 6 (100%) - 20 (91%) -
Cross-border - - 2 (9%) -
Total 6 - 22 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 2 (33%) - 9 (41%) -
Secondary Buyout 3 (50%) - 6 (27%) -
Divestiture - - 2 (9%) -
Growth Capital 1 (17%) - 2 (9%) -
Stake Purchase - - 2 (9%) -
Going Private - - 1 (5%) -
Total 6 - 22 -

Exits by Deal Type

Type Total # Value
Trade Sale 5 (33%) -
Trade Sale - Public Company 4 (27%) 106M (100%)
Secondary Sale 4 (27%) -
Merger 1 (7%) -
Unknown 1 (7%) -
Total 15 $106M

Top M&A Advisors

Financial Deals
KippsDeSanto & Co.
 1
Fidus Partners LLC
 1
Legal Deals
Calfee, Halter & Griswold LLP
 3
Benesch, Friedlander, Coplan & Aronoff LLP
 3

Deal Values

sell # Total
$100M to $1B 1 $106M
TOTAL $106M
Largest PVF Capital Corp.
$106M (2013-10-15)

M&A Connections

Deals %
Acquired from
PE Firm(s)
78%
7 78%
Strategic(s)
22%
2 22%
Exited to
PE Firm(s)
36%
5 36%
Strategic(s)
64%
9 64%

Investor Summary

Size

Small

Established

1999

Specialist/Generalist

Generalist

Leadership

Robert MCcreary III

Chairman of the Board & Founder

Richard Hollington III

Managing Partner & CEO

Mikel Harding

Managing Director & CFO

Todd Martin

Managing Director & President

J.D. Sullivan

Partner

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