M&A Deal Summary

CHS Capital, BRS and The Edgewater Funds Acquire AMF

On August 7, 2007, private equity firms CHS Capital, BRS and The Edgewater Funds acquired leisure company AMF from CHS Capital and The Edgewater Funds

Acquisition Highlights
  • This is CHS Capital’s 2nd, BRS’s 1st and The Edgewater Funds’ 2nd transaction in the Leisure sector.
  • This is CHS Capital’s 32nd, BRS’s 29th and The Edgewater Funds’ 17th transaction in the United States.
  • This is CHS Capital’s 4th, BRS’s 1st and The Edgewater Funds’ 3rd transaction in Virginia.
Investment Fate
  • AMF went bankrupt in 2012.
  • AMF merged with another company in 2013.

M&A Deal Summary
Date 2007-08-07
Target AMF
Sector Leisure
Buyer(s) CHS Capital
BRS
The Edgewater Funds
Sellers(s) CHS Capital
The Edgewater Funds
Deal Type Recapitalization

Target

AMF

Mechanicsville, Virginia, United States
website
AMF Bowling is a bowling brand and company. AMF Bowling operates approximately 370 bowling centers worldwide and is a bowling products manufacturer and distributor. AMF's product line consists of bowling pins, automatic pin-spotters, synthetic lanes, other bowling products and billiards tables.

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Buyer(S) 3

Buyer

CHS Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1988
PE ASSETS 2.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CHS Capital (formerly Code Hennessy & Simmons) is a large private equity firm that targets US based company investments in a variety of sectors. CHS will consider both control and non-control positions in businesses with proven management and strong growth potential. Broad sectors of interest include business services, consumer services, consumer products, distribution, industrial products and infrastructure. The Firm looks for businesses valued from $75 to $300 million. CHS will not invest in venture opportunities or turnaround situations. CHS was formed in 1988 and is based in Chicago, Illinois.

DEAL STATS #
Overall 32 of 42
Sector (Leisure) 2 of 2
Type (Recapitalization) 2 of 4
State (Virginia) 4 of 4
Country (United States) 32 of 42
Year (2007) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-11 Berkline/Benchcraft Holdings

Morristown, Tennessee, United States

Berkline/Benchcraft is a manufacturer of motion upholstery furniture.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-29 The Waddington Group

Covington, Kentucky, United States

The Waddington Group is a manufacturer and marketer of premium disposable tableware for commercial, foodservice and retail markets. Headquartered in Covington, KY, the company operates seventeen manufacturing facilities across the U.S., Canada, the United Kingdom and Ireland.

Sell -
Buyer

BRS

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1995
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BRS is a private equity investment firm that specializes in management buyouts and recapitalizations of middle-market companies with strong market positions and growth potential. Broad areas of interest include consumer products, consumer services, food/nutrition, restaurants, retail, and distribution. BRS looks to commit $10 to $25 million per transaction. BRS was formed in 1995 and is based in New York, New York.

DEAL STATS #
Overall 30 of 47
Sector (Leisure) 1 of 2
Type (Recapitalization) 7 of 8
State (Virginia) 1 of 1
Country (United States) 29 of 42
Year (2007) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-05 Remington

Madison, North Carolina, United States

Remington designs, produces and sells sporting goods products for the hunting and shooting sports markets, as well as military, government and law enforcement markets. Founded in 1816 in upstate New York, the Company is one of the US' oldest operating manufacturer.

Sell $370M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-01 Crystal Clean

Hoffman Estates, Illinois, United States

Crystal Clean is an environmental service company that provides parts cleaning, used oil, re-refining, and hazardous and non-hazardous waste collection services. Crystal Clean was founded in 2007 and is based in Hoffman Estates, Illinois.

Sell -
Buyer

The Edgewater Funds

Chicago, Illinois, United States

website

Category Private Equity Firm
Founded 1991
PE ASSETS 2.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Edgewater Funds is a private equity firm that targets investments in profitable, middle-market growth companies. Target companies typically have revenues of $20 to $500 million in revenue and EBITDA of $5 to $30 million. The Firm will consider minority and control investments in the form of growth capital financings and traditional buyouts. Edgewater looks for North American businesses operating in a variety of industries. Sectors of interest include business services; financial and government services; consumer products and services; healthcare; IT services and software; and industrial/manufacturing. Edgewater was formed in 1991 and is based in Chicago, Illinois.

DEAL STATS #
Overall 18 of 52
Sector (Leisure) 2 of 3
Type (Recapitalization) 1 of 3
State (Virginia) 3 of 4
Country (United States) 17 of 50
Year (2007) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-20 PGI International

Houston, Texas, United States

PowerQuest is a manufactures and distributes instrumentation and engineered products for the energy industry worldwide. PGI product lines include instrumentation valves and manifolds, remote power supplies, oilfield valve fittings and wellhead components, proprietary products for gas liquid measurement and safety related equipment.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-04 Mid America Recycling

Des Moines, Iowa, United States

Mid-America Recycling, Inc. (MAR) is a provider in creating and implementing cost-effective, quality-driven recycling programs for recyclers, waste haulers, landfills, municipalities for the recycling of paper and paper-based, aluminum, glass, plastic and other recyclable material.

Sell -

Seller(S) 2

SELLER

CHS Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1988
PE ASSETS 2.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CHS Capital (formerly Code Hennessy & Simmons) is a large private equity firm that targets US based company investments in a variety of sectors. CHS will consider both control and non-control positions in businesses with proven management and strong growth potential. Broad sectors of interest include business services, consumer services, consumer products, distribution, industrial products and infrastructure. The Firm looks for businesses valued from $75 to $300 million. CHS will not invest in venture opportunities or turnaround situations. CHS was formed in 1988 and is based in Chicago, Illinois.

DEAL STATS #
Overall 21 of 46
Sector (Leisure) 1 of 2
Type (Recapitalization) 1 of 2
State (Virginia) 3 of 4
Country (United States) 21 of 46
Year (2007) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-11 Berkline/Benchcraft Holdings

Morristown, Tennessee, United States

Berkline/Benchcraft is a manufacturer of motion upholstery furniture.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-29 The Waddington Group

Covington, Kentucky, United States

The Waddington Group is a manufacturer and marketer of premium disposable tableware for commercial, foodservice and retail markets. Headquartered in Covington, KY, the company operates seventeen manufacturing facilities across the U.S., Canada, the United Kingdom and Ireland.

Sell -
SELLER

The Edgewater Funds

Chicago, Illinois, United States

website

Category Private Equity Firm
Founded 1991
PE ASSETS 2.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Edgewater Funds is a private equity firm that targets investments in profitable, middle-market growth companies. Target companies typically have revenues of $20 to $500 million in revenue and EBITDA of $5 to $30 million. The Firm will consider minority and control investments in the form of growth capital financings and traditional buyouts. Edgewater looks for North American businesses operating in a variety of industries. Sectors of interest include business services; financial and government services; consumer products and services; healthcare; IT services and software; and industrial/manufacturing. Edgewater was formed in 1991 and is based in Chicago, Illinois.

DEAL STATS #
Overall 4 of 40
Sector (Leisure) 1 of 3
Type (Recapitalization) 1 of 1
State (Virginia) 1 of 4
Country (United States) 4 of 39
Year (2007) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-20 PGI International

Houston, Texas, United States

PowerQuest is a manufactures and distributes instrumentation and engineered products for the energy industry worldwide. PGI product lines include instrumentation valves and manifolds, remote power supplies, oilfield valve fittings and wellhead components, proprietary products for gas liquid measurement and safety related equipment.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-04 Mid America Recycling

Des Moines, Iowa, United States

Mid-America Recycling, Inc. (MAR) is a provider in creating and implementing cost-effective, quality-driven recycling programs for recyclers, waste haulers, landfills, municipalities for the recycling of paper and paper-based, aluminum, glass, plastic and other recyclable material.

Sell -
Mergr

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