M&A Deal Summary

Covia Acquires Peak Lime

On August 10, 2007, Covia acquired chemicals company Peak Lime from Merit Capital Partners

Acquisition Highlights
  • This is Covia’s 1st transaction in the Chemicals sector.
  • This is Covia’s 1st transaction in the United States.
  • This is Covia’s 1st transaction in Alabama.

M&A Deal Summary

Date 2007-08-10
Target Peak Lime
Sector Chemicals
Buyer(s) Covia
Sellers(s) Merit Capital Partners
Deal Type Add-on Acquisition

Target

Peak Lime

Calera, Alabama, United States
Peak Lime, Inc. is a manufacturer of lime (also known as quicklime) and hydrate lime (water added to form a slurry) and distributes it throughout the southeastern United States. Lime is a widely-used industrial material with applications in steel manufacturing, chemical production, utilities (for flue gas desulfurization), construction, water treatment, and acid neutralization.

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Buyer(S) 1

Buyer

Covia

Independence, Ohio, United States

website


Category Company
Founded 1970
Sector Metals/Mining
Revenue 1.6B USD (2019)
DESCRIPTION

Covia is a producer of high-quality products, distinctive technical capabilities, and the industry’s most comprehensive and accessible distribution network. The company has a strong legacy built on a spirit of partnership with each other which attracts great people and helps them excel while fueling innovation and prosperity for all stakeholders. Covia was founded in 1970 and is based in Independence, Ohio.


DEAL STATS #
Overall 1 of 3
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Alabama) 1 of 2
Country (United States) 1 of 3
Year (2007) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1994-01-27 AIMCOR Minerals Division /Applied Industrial Materials/

Stamford, Connecticut, United States

Miner and distributor of various industrial minerals (primarily southern bentonite and olivine) for use by the U.S. foundry industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Southern Lime

Calera, Alabama, United States

Southern Lime one of the world's leading industrial mineral producers and a subsidiary of Belgium-based SCR-Sibelco NV.

Buy -

Seller(S) 1

SELLER

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.


DEAL STATS #
Overall 15 of 51
Sector (Chemicals) 2 of 3
Type (Add-on Acquisition) 6 of 27
State (Alabama) 1 of 1
Country (United States) 15 of 50
Year (2007) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-01 Acme Industries

Elk Grove Village, Illinois, United States

Acme Industries specializes in the precision machining of large parts, with computer-controlled machining centers capable of handling parts up to 8,000 pounds. Acme’s value-added services include design, engineering, precision machining and prototype machining. Major customers include the Electromotive Division (EMD) of General Motors, Deere and Company and Allison Transmissions. Acme Industries was formed in 1948 and is based in Elk Grove Village, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-15 Digney York Associates

Vienna, Virginia, United States

Digney York Associates LLC is a provider of interior renovation services to the luxury hospitality industry. Specializing in guest room renovations, the company offers services that span from pre-construction through the construction phase of renovations. Digney York Associates LLC was established in 1985 and is based in Vienna, Virginia.

Buy $20M