M&A Deal Summary

Cordova Smart & Williams, First Atlantic Capital and Goldman Sachs Merchant Banking Acquire Sprint Industrial

On November 13, 2007, private equity firms Cordova Smart & Williams, First Atlantic Capital and Goldman Sachs Merchant Banking acquired business services company Sprint Industrial from The CapStreet Group

Acquisition Highlights
  • This is Cordova Smart & Williams’ 1st, First Atlantic Capital’s 1st and Goldman Sachs Merchant Banking’s 5th transaction in the Business Services sector.
  • This is Cordova Smart & Williams’ 15th, First Atlantic Capital’s 11th and Goldman Sachs Merchant Banking’s 38th transaction in the United States.
  • This is Cordova Smart & Williams’ 1st, First Atlantic Capital’s 2nd and Goldman Sachs Merchant Banking’s 5th transaction in Texas.
Investment Fate
  • Sprint Industrial was sold to a publicly-traded strategic buyer in 2019.

M&A Deal Summary

Date 2007-11-13
Target Sprint Industrial
Sector Business Services
Buyer(s) Cordova Smart & Williams
First Atlantic Capital
Goldman Sachs Merchant Banking
Sellers(s) The CapStreet Group
Deal Type Secondary Buyout
Advisor(s) Edgeview Partners
Piper Sandler & Co. (Financial)
Vinson & Elkins (Legal)

Target

Sprint Industrial

Houston, Texas, United States
Sprint Industrial is a provider of specialized industrial rental equipment and services to blue-chip customers in the petrochemical, chemical, and downstream energy industries. Sprint’s product lines include temporary liquid and solid storage tanks for maintenance projects, as well as safety products such as gas detection and breathing air systems to protect workers and employees during maintenance jobs. Sprint Industrial was formed in 2001 and is based in Houston, Texas.

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Buyer(S) 3

DESCRIPTION

Cordova, Smart & Williams (CSW) is a private equity investment firm specializing in buyouts, recapitalizations, and growth capital financings of middle-market companies. CSW was formed in 2002 and is based in New York City.


DEAL STATS #
Overall 15 of 16
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Texas M&A 1 of 1
Country: United States M&A 15 of 16
Year: 2007 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Eateries

Edmond, Oklahoma, United States

Founded in 1984 and headquartered in Edmond, Oklahoma, Eateries is the parent company of two fast-growing casual dining concepts: Garfield's Restaurant & Pub and Garcia's Mexican Restaurant. Located in 23 states in the eastern U.S., Garfield's offers guests a wide variety of American menu selections. Primarily located in Phoenix, Arizona, Garcia's Mexican Restaurant offers a traditional menu of fresh, high-quality Mexican food.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-02 H2O Plus

Chicago, Illinois, United States

Founded in 1989, H2O Plus is a leading developer, manufacturer, and marketer of prestige, branded, water-based skincare products for the face and body. The company markets an expansive portfolio of 500 proprietary, company-owned formulations based on the principle of establishing clean, natural alternatives to the pore-clogging products pervasive in the personal care products market. Through its unique ingredient concept, H2O Plus combines “water plus” natural sea-derived nutrients and state-of–the-art technology to improve and maintain healthy and youthful-looking skin.

Buy -
Buyer

First Atlantic Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

First Atlantic Capital is a private equity firm that seeks investments in medium-sized US-based businesses valued between $100 and $500 million. Sectors of interest include business services, industrial and consumer goods, packaging, plastics, food processing, general manufacturing, and value-added distribution. First Atlantic typically targets control investment situations. The Firm has a particular interest in companies with strong expansion opportunities, either organic or through acquisitions, or companies with strong business foundations where a few operational improvements can substantially better financial performance. In addition to its private equity investing activity, First Atlantic manages First Atlantic Real Estate, a New York based real estate investment firm wholly owned by First Atlantic Capital. First Atlantic Capital was formed in 1989 and is based in New York City.


DEAL STATS #
Overall 11 of 14
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 4 of 6
State: Texas M&A 2 of 2
Country: United States M&A 11 of 14
Year: 2007 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-17 Custom Food Products

Carson, California, United States

Custom Food Products, Inc. currently doing business as Best Western Foods, Inc. formulates, processes, and markets value-added, cooked and pre-cooked meat products including a range of beef, chicken, pork, poultry, and turkey products. The Company sells its products to consumer product companies, packaged food manufacturers, chain restaurants, and national foodservice chains. It has production facilities in Los Angeles and Carson, California; and Owingsville, Kentucky. The Company was founded in 1946 and is based in Carson, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-05 Captive Plastics

Piscataway, New Jersey, United States

Captive Plastics, Inc. is a manufacturer of plastic packaging for the Personal Care, Health Care, Food and Spirits markets.

Sell -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 52 of 189
Sector: Business Services M&A 5 of 15
Type: Secondary Buyout M&A Deals 9 of 68
State: Texas M&A 5 of 10
Country: United States M&A 38 of 130
Year: 2007 M&A 18 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-24 Facebook

Menlo Park, California, United States

Facebook is a social utility company that helps people communicate more efficiently with their friends, family, and coworkers. Facebook develops technologies that facilitate the sharing of information through the social graph, the digital mapping of people's real-world social connections. Facebook was founded in 2004 and is based in Menlo Park, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-19 Tervita

Calgary, Alberta, Canada

Tervita is a North American environmental solutions provider. Its integrated earth, water, waste and resource solutions deliver safe and efficient results through all phases of a project by minimizing impact, maximizing returns. Tervita was founded in 1979 and is based in Calgary, Canada.

Buy $3.5B

Seller(S) 1

SELLER

The CapStreet Group

Houston, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 650M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

The CapStreet Group is a private equity firm that primarily invests in businesses that were previously owned by entrepreneurs, families or other non-institutional investors. CapStreet typically looks for control investment situations, and has a preference for businesses located in the Southwest US. CapStreet typically invests between $10 million and $25 million of equity in companies valued less than $150 million. The CapStreet Group was formed in 1990 and is based in Houston, Texas.


DEAL STATS #
Overall 10 of 31
Sector: Business Services M&A 3 of 6
Type: Secondary Buyout M&A Deals 4 of 10
State: Texas M&A 6 of 25
Country: United States M&A 10 of 31
Year: 2007 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-10 Cardtronics

Houston, Texas, United States

Cardtronics is a provider of integrated Automated Teller Machine and financial kiosk products and services. Cardtronics was formed in 1989 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-21 Trinity Steel Fabricators

Trinity, Texas, United States

Trinity Steel Fabricators, Inc. is a provider of structural steel fabrication services to the refining, petrochemical, oil & gas, diversified chemical and power end markets. Trinity Steel Fabricators was established in 1976 and is based in Trinity, Texas.

Buy -