M&A Deal Summary

Corning Acquires Axygen BioScience

On September 16, 2009, Corning, Inc. acquired manufacturing company Axygen BioScience, Inc. from American Capital and ShoreView Industries for 400M USD

Acquisition Highlights
  • This is Corning’s 1st transaction in the Manufacturing sector.
  • This is Corning’s 3rd largest (disclosed) transaction.
  • This is Corning’s 6th transaction in the United States.
  • This is Corning’s 1st transaction in California.

M&A Deal Summary

Date 2009-09-16
Target Axygen BioScience, Inc.
Sector Manufacturing
Buyer(s) Corning, Inc.
Sellers(s) American Capital
ShoreView Industries
Deal Type Add-on Acquisition
Deal Value 400M USD
Advisor(s) Lincoln International (Financial)

Target

Axygen BioScience, Inc.

Union City, California, United States
website
Axygen Inc is a manufacturer and distributor of high quality life sciences plastic consumables, liquid handling products and bench-top laboratory equipment.

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Buyer(S) 1

Buyer

Corning, Inc.

Corning, New York, United States

website


Category Company
Founded 1851
SectorManufacturing
Employees61,200
Revenue 14.1B USD (2021)
DESCRIPTION

Corning is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics, mobile emissions control, optical communications and life sciences. Corning was incorporated in 1851 and is based in Corning, New York.


DEAL STATS #
Overall 6 of 17
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 6 of 14
State (California) 1 of 4
Country (United States) 6 of 13
Year (2009) 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-04 Optimum Manufacturing Corp.

Charlestown, New Hampshire, United States

Optimum Manufacturing Corp., is a manufacturer of precision machined components serving the aerospace and defense, scientific, medical and communications industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-04 Plastiques Gosselin SA

Cedex, France

Plastiques Gosselin SA manufactures disposable plastic laboratory consumables for customers in Europe and internationally.

Buy -

Seller(S) 2

SELLER

American Capital

website


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 103 of 191
Sector (Manufacturing) 7 of 13
Type (Add-on Acquisition) 50 of 87
State (California) 16 of 31
Country (United States) 101 of 183
Year (2009) 5 of 8
Size (of disclosed) 15 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-07 People Media, Inc.

Dallas, Texas, United States

People Media consists of 27 targeted dating sites, including BlackPeopleMeet.com, BBPeopleMeet.com, LDSPlanet.com, SingleParentMeet.com and SeniorPeopleMeet.com.

Sell $80M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-10-14 Imperial Supplies LLC

Green Bay, Wisconsin, United States

Imperial Supplies LLC is a value-added distributor of after-market components to fleet and facility-based markets.

Sell -
SELLER

ShoreView Industries

website


Category Private Equity Firm
Founded 2002
PE ASSETS 1.3B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

ShoreView Industries is a middle-market private investment principally focused on partnering with family or entrepreneurial-owned companies. ShoreView will consider a variety of investment situations, including buyouts, leveraged recapitalizations, minority investments, and industry consolidations. Areas of interest include engineered products, distribution, industrial services, business services, and niche consumer products. ShoreView industries was established in 2002 and is headquartered in Minneapolis, Minnesota.


DEAL STATS #
Overall 3 of 26
Sector (Manufacturing) 1 of 3
Type (Add-on Acquisition) 1 of 8
State (California) 1 of 2
Country (United States) 3 of 25
Year (2009) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-17 SWS Environmental Services, Inc.

Panama City, Florida, United States

SWS Environmental Services is a provider of emergency response and environmental cleanup services. SWS provides a broad range of essential services including industrial, hazardous waste management, emergency response, marine, and remediation services to the energy, manufacturing, education, healthcare, chemical, transportation, government, and retail sectors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-01 Rohrer Corp.

Wadsworth, Ohio, United States

Rohrer is a manufacturer of high-visibility consumer packaging, including graphically intensive skin, blister, folding carton, and clamshell packaging. The Company serves a diverse customer base across a variety of end markets, such as hardware, office supplies, batteries, consumer electronics, and personal care. Rohrer was established in 1973 and is based in Wadsworth, Ohio.

Buy -