M&A Deal Summary

Pine Street Capital Partners and Circle Peak Capital Acquire Fischbein

On May 2, 2007, mezzanine finance firm Pine Street Capital Partners and private equity firm Circle Peak Capital acquired machinery company Fischbein from Cortec Group

Acquisition Highlights
  • This is Pine Street Capital Partners’ 2nd and Circle Peak Capital’s 1st transaction in the Machinery sector.
  • This is Pine Street Capital Partners’ 8th and Circle Peak Capital’s 6th transaction in the United States.
  • This is Pine Street Capital Partners’ 3rd and Circle Peak Capital’s 1st transaction in North Carolina.
Investment Fate
  • Fischbein was sold to a consortium of financial buyers in 2011.
  • Fischbein was sold to a consortium of financial buyers in 2011.
  • Fischbein was sold to a consortium of financial buyers in 2013.
  • Fischbein merged with another company in 2016.

M&A Deal Summary

Date 2007-05-02
Target Fischbein
Sector Machinery
Buyer(s) Pine Street Capital Partners
Circle Peak Capital
Sellers(s) Cortec Group
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)

Target

Fischbein

Statesville, North Carolina, United States
Fischbein designs, manufactures, and distributes packaging and material handling equipment. The Company offers filling, weighing, closing, handling, palletizing equipment, and sewing and sealing equipment. Fischbein is headquartered in Statesville, North Carolina.

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Buyer(S) 2

Buyer

Pine Street Capital Partners

Albany, New York, United States

Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2004
PE ASSETS 425M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pine Street Capital Partners (PSCP) provides mezzanine capital to small and medium-sized private and public companies. PSCP will consider investments from $3 to $15 million in companies generating at least $10 million of sales. Target sectors include manufacturing, business services, consumer products, healthcare and media. PSCP prefers investments in the Northeast and Mid-Atlantic regions of the US, but will consider opportunities nationwide. Investment funds are typically used to support strategic acquisitions, growth, management and employee buyouts, and leveraged recapitalization. PSCP will not invest in the real estate, biotech and oil & gas industries. Pine Street Capital Partners was formed in 2004 and is based in Albany, New York.


DEAL STATS #
Overall 8 of 41
Sector (Machinery) 2 of 3
Type (Secondary Buyout) 1 of 6
State (North Carolina) 3 of 3
Country (United States) 8 of 41
Year (2007) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Velocity Technology Solutions

Charlotte, North Carolina, United States

Velocity Technology Solutions, Inc. is a provider of enterprise software hosting and systems integration services to mid-market businesses and government entities. Velocity Technology Solutions was founded in 2003 and is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-01 Alfred Angelo

Delray Beach, Florida, United States

Alfred Angelo, Inc. is a designer, manufacturer, wholesaler and retailer of bridal gowns and special occasion dresses.

Sell -
Buyer

Circle Peak Capital

New York, New York, United States


Category Private Equity Firm
Founded 2002
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Circle Peak Capital is a private investment firm that makes control investments in mid-sized private companies. Circle Peak looks for opportunities in the consumer, industrial, and financial service sectors with low technology risk and high potential for internal growth. The Firm looks to invest alongside others to support management buyouts, acquisition platforms, and recapitalizations involving junior capital commitments. Circle Peak looks to commit up to $100 million in businesses with up to $500 million in revenue. Circle Peak does not invest in biotech, utilities, oil/gas, high technology, drugs, or transportation companies. Circle Peak Capital was formed in 2002 and is based in New York City.


DEAL STATS #
Overall 6 of 6
Sector (Machinery) 1 of 1
Type (Secondary Buyout) 2 of 2
State (North Carolina) 1 of 1
Country (United States) 6 of 6
Year (2007) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-05 Rocket Dog Brands

Haywards, California, United States

Rocket Dog is a leading global designer, developer and distributor of footwear. Founded in 1993 and based in Hayward, CA, Rocket Dog's product categories include active, boots, casual, dress and sandals/flats designed with a unique youthful style.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-01 Fischbein

Statesville, North Carolina, United States

Fischbein designs, manufactures, and distributes packaging and material handling equipment. The Company offers filling, weighing, closing, handling, palletizing equipment, and sewing and sealing equipment. Fischbein is headquartered in Statesville, North Carolina.

Sell -

Seller(S) 1

SELLER

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cortec Group is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with equity of $100-$500 million and EBITDA of $10 to $50 million. Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 13 of 35
Sector (Machinery) 2 of 2
Type (Secondary Buyout) 8 of 22
State (North Carolina) 1 of 2
Country (United States) 13 of 34
Year (2007) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-20 The Hygenic

Akron, Ohio, United States

Hygenic is a manufacturer of natural rubber, latex and synthetic rubber products primarily serving the medical and therapy/fitness industries as well as some other industrial applications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-14 Dr. Leonard s Healthcare

Edison, New Jersey, United States

Dr. Leonard's Healthcare Corp. is an online mail retailer of home healthcare, comfort and convenience products.

Sell -