M&A Deal Summary

Centerbridge Partners Acquires Culligan

On June 5, 2012, asset manager Centerbridge Partners acquired consumer products company Culligan from CD&R and Midwest Mezzanine Funds

Acquisition Highlights
  • This is Centerbridge Partners’ 2nd transaction in the Consumer Products sector.
  • This is Centerbridge Partners’ 13th transaction in the United States.
  • This is Centerbridge Partners’ 1st transaction in Illinois.
Investment Fate
  • Culligan was sold to a consortium of financial buyers in 2016 for 915M USD.
  • Culligan was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2012-06-05
Target Culligan
Sector Consumer Products
Buyer(s) Centerbridge Partners
Sellers(s) CD&R
Midwest Mezzanine Funds
Deal Type Secondary Buyout

Target

Culligan

Rosemont, Illinois, United States
Culligan offers water softeners, filtration systems, industrial water treatment solutions, and drinking water systems. Culligan was founded in 1936 and is based in Rosemont, Illinois.

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Buyer(S) 1

Buyer

Centerbridge Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2005
PE ASSETS 38.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Centerbridge Partners is a mega-sized private equity firm focused primarily on distressed/special situations in North America and Europe. In addition to making control investments, Centerbridge also maintains funds for non-control credit investments. Centerbridge was formed in 2005 and is based in New York City.


DEAL STATS #
Overall 14 of 50
Sector: Consumer Products M&A 2 of 3
Type: Secondary Buyout M&A Deals 7 of 27
State: Illinois M&A 1 of 5
Country: United States M&A 13 of 41
Year: 2012 M&A 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-31 Reddy Ice Holdings

Dallas, Texas, United States

Reddy Ice Holdings, Inc. is a manufacturer and distributor of packaged ice in the United States. The Company sells its products primarily under the widely known Reddy Ice® brand to a variety of customers in 37 states and the District of Columbia. Reddy Ice provides a broad array of product offerings in the marketplace through traditional direct store delivery, warehouse programs, and its proprietary technology, The Ice Factory®.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-15 Wastequip

Charlotte, North Carolina, United States

Wastequip is a North American manufacturer of waste and recycling equipment, with an international network of manufacturing facilities and the most extensive dealer network in the industry. Wastequip's broad range of waste and recycling equipment and systems is used to collect, process and transport recyclables, solid waste, liquid waste and organics. The Company's brands include Wastequip, Toter, Galbreath, Pioneer, Mountain Tarp, Cusco, Go To Parts, and Accurate. Wastequip was founded in1989 and is based in Charlotte, North Carolina.

Buy -

Seller(S) 2

SELLER

CD&R

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clayton, Dubilier & Rice LLC (CD&R) is a large private equity firm that targets non-core divestitures of large corporations, growth equity financings, traditional buyouts, and corporate/family partnerships. CD&R looks for opportunities in North America, Western Europe, and Asia and will consider businesses in a wide range of sectors including consumer/retail, healthcare, industrials, and services. Prospective companies generally lead their respective markets, have stable cash flows, and possess competitive advantages through differentiated products, services, or processes. CD&R was formed in 1978 and has offices in New York City and London.


DEAL STATS #
Overall 12 of 48
Sector: Consumer Products M&A 1 of 3
Type: Secondary Buyout M&A Deals 4 of 7
State: Illinois M&A 2 of 6
Country: United States M&A 10 of 38
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-31 Roofing Supply Group

Dallas, Texas, United States

Roofing Supply Group LLC is a wholesale distributor of roofing supplies and related materials.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-06 Covetrus

Portland, Maine, United States

Covetrus is a provider of technology-enabled healthcare services for companion and equine veterinary practitioners. The company partners with veterinarians to create insight into gaps in patient care and offer professionalized pro-active prescription management to drive client engagement and improve compliance. Covetrus was formed in 2010 and is based in Portland, Maine.

Buy -
SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


DEAL STATS #
Overall 21 of 58
Sector: Consumer Products M&A 4 of 5
Type: Secondary Buyout M&A Deals 10 of 25
State: Illinois M&A 4 of 8
Country: United States M&A 20 of 57
Year: 2012 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-11 Allied 100

Bannockburn, Illinois, United States

Allied 100 is a distributor and retailer of automated external defibrillators (AEDs), AED supplies and accessories, and advanced life support monitors. The company offers a comprehensive product selection via its dynamic websites and provides expert customer support to medical professionals and other users of these life-saving devices throughout North America. Allied 100 was established in 2002 and is based in Madison, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-18 Ward Adhesives

Pewaukee, Wisconsin, United States

Ward Adhesives, Inc. is a distributor of specialty adhesives for the packaging, product assembly, and graphic arts markets. Ward Adhesives was founded in 1988 and is based in Pewaukee, Wisconsin.

Sell -