M&A Deal Summary

Castle Harlan and Stockwell Capital Acquire Advanced Accessory Systems

On April 15, 2003, private equity firms Castle Harlan and Stockwell Capital acquired automotive company Advanced Accessory Systems from CCMP Capital and Celerity Partners for 260M USD

Acquisition Highlights
  • This is Castle Harlan’s 1st and Stockwell Capital’s 2nd transaction in the Automotive sector.
  • This is Castle Harlan’s 9th and Stockwell Capital’s 26th largest (disclosed) transaction.
  • This is Castle Harlan’s 20th and Stockwell Capital’s 3rd transaction in the United States.
  • This is Castle Harlan’s 1st and Stockwell Capital’s 2nd transaction in Michigan.
Investment Fate
  • Advanced Accessory Systems was sold to a strategic buyer in 2006 for 203M USD.

M&A Deal Summary

Date 2003-04-15
Target Advanced Accessory Systems
Sector Automotive
Buyer(s) Castle Harlan
Stockwell Capital
Sellers(s) CCMP Capital
Celerity Partners
Deal Type Secondary Buyout
Deal Value 260M USD

Target

Advanced Accessory Systems

Sterling Heights, Michigan, United States
website
Advanced Accessory Systems, is a global supplier of roof rack systems, towing systems and related lifestyle accessories to the automotive OEM and aftermarket.

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Buyer(S) 2

Buyer

Castle Harlan

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Castle Harlan is a large private equity firm that targets private company investments in the US and Australia. Castle Harlan targets businesses in a wide range of industries that include, packaging, industrial services, manufacturing, restaurants, business services, distribution, publishing, and transportation. Castle Harlan can provide both equity and mezzanine capital. The Firm is affiliated with Australian private equity firm CHAMP Private Equity, and together formed CHAMP - Castle Harlan Australian Mezzanine Partners. Castle Harlan was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 25 of 46
Sector (Automotive) 1 of 2
Type (Secondary Buyout) 4 of 16
State (Michigan) 1 of 1
Country (United States) 20 of 36
Year (2003) 1 of 1
Size (of disclosed) 9 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-09-24 Ion Track Instrument

Wilmington, Massachusetts, United States

Ion Track Instrument, Inc. provides fire safety and security solutions to more than 1 million customers worldwide.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-23 Land N Sea Distributing

Fort Lauderdale, Florida, United States

Land ’N’ Sea Distributing, Inc. is a full service, wholesale only distributor, serving the Marine Industry for over 30 years. With over 60,000 different parts and accessories available from thirteen warehouses, Land ’N’ Sea prides itself in fast efficient delivery throughout the US and Canada. In a cooperative effort with Mercury Marine's Latin America and Caribbean division, Land 'N' Sea serves over 60 additional countries worldwide. For many years, Land ’N’ Sea has been recognized as the industry leader with the most innovative marketing and dealer support programs.

Sell $52M
Buyer

Stockwell Capital

Austin, Texas, United States

Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.


DEAL STATS #
Overall 3 of 44
Sector (Automotive) 2 of 3
Type (Secondary Buyout) 1 of 10
State (Michigan) 2 of 4
Country (United States) 3 of 35
Year (2003) 3 of 4
Size (of disclosed) 26 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-02-01 ZF TRW Automotive Holdings

Livonia, Michigan, United States

ZF TRW Automotive is a supplier of automotive systems, modules and components. The company focuses on safety-related products and its business lines are braking and steering, occupant safety systems, and engine valves, fasteners, and body control systems. ZF TRW Automotive is based in Livonia, Michigan.

Buy $4.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-12 Regency Gas Services

Dallas, Texas, United States

Regency Gas Services was led by a team of industry executives assembled by Charlesbank. The company purchased and operated 2,900 miles of natural gas gathering, processing and pipeline assets in Colorado, Kansas, Louisiana, Oklahoma and Texas

Buy -

Seller(S) 2

SELLER

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.


DEAL STATS #
Overall 14 of 78
Sector (Automotive) 1 of 4
Type (Secondary Buyout) 2 of 23
State (Michigan) 1 of 2
Country (United States) 13 of 61
Year (2003) 1 of 3
Size (of disclosed) 26 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-03-01 Ascend Media

Lee’s Summit, Missouri, United States

Ascend Media is a custom media company. Ascend’s portfolio of clients and their communication objectives are diverse and reflect a broad array of American commerce. Ascend Integrated Media is uniquely positioned to work with companies to develop and produce brand enhancing communications products. The company's highly skilled team of media professionals engages on behalf of the client to create and manage print and digital content associated with marketing, branding and social media initiatives. Ascend Media was founded in 1982 and is based in Lee’s Summit, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-15 The Tennis Channel

Santa Monica, California, United States

The Tennis Channel, Inc. is a hybrid of comprehensive sports, health, fitness, pop culture, entertainment and travel programming, home to every aspect of the wide-ranging, worldwide tennis community.

Buy -
SELLER

Celerity Partners

Los Angeles, California, United States

Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
Size Small
Type Sector Agnostic
DESCRIPTION

Celerity Partners is a private equity firm that has invested equity capital in the change of control transactions of private companies. Celerity Partners typically partner with business owners to provide liquidity to entrepreneur and family-owned businesses, recapitalize existing owners of independent companies or facilitate corporate divestitures. Celerity Partners will consider investment opportunities across a wide range of industries in Healthcare, Contract Manufacturing, Energy Services, Infrastructure, and Environmental Services, and Transportation & Logistics. Celerity Partners was formed in 1995 and has offices in Los Angeles and Menlo Park.


DEAL STATS #
Overall 3 of 23
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 1 of 8
State (Michigan) 1 of 1
Country (United States) 2 of 21
Year (2003) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-20 Analytical Bio-Chemistry Laboratories

Columbia, Missouri, United States

Analytical Bio-Chemistry Laboratories, Inc. (ABC Laboratories) is a provider of product development and analytical testing services for the Agrochemical and Pharma/Biopharma markets. The company offers a complete range of agricultural product development and GLP-compliant environmental testing services for the Agrochemical industry through its Environmental Services division, as well as a comprehensive suite of development and CGMP and GLP-compliant testing capabilities for small and large molecule therapies and medical devices through its Pharmaceutical Services division.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-24 Chaparral Network Storage

Longmont, Colorado, United States

Chaparral Network Storage, Inc. develops storage networking solutions for data intensive enterprise applications. Chaparral's mission is to enable connectivity of both Fibre Channel and SCSI high performance storage subsystems into the dynamic environment of enterprise-wide storage networks.

Sell $72M