M&A Deal Summary

Gen Cap America, First New England Capital and Argosy Private Equity Acquire Dayton Parts

On April 23, 2003, private equity firms Gen Cap America, First New England Capital and Argosy Private Equity acquired automotive company Dayton Parts from JPE for 19M USD

Acquisition Highlights
  • This is Gen Cap America’s 1st, First New England Capital’s 1st and Argosy Private Equity’s 1st transaction in the Automotive sector.
  • This is Gen Cap America’s 2nd, First New England Capital’s and Argosy Private Equity’s 3rd largest (disclosed) transaction.
  • This is Gen Cap America’s 10th, First New England Capital’s 1st and Argosy Private Equity’s 7th transaction in the United States.
  • This is Gen Cap America’s 1st, First New England Capital’s 1st and Argosy Private Equity’s 1st transaction in Pennsylvania.
Investment Fate
  • Dayton Parts was sold to a consortium of financial buyers in 2006.
  • Dayton Parts was sold to a consortium of financial buyers in 2012.
  • Dayton Parts was sold to a publicly-traded strategic buyer in 2021 for 338M USD.

M&A Deal Summary

Date 2003-04-23
Target Dayton Parts
Sector Automotive
Buyer(s) Gen Cap America
First New England Capital
Argosy Private Equity
Sellers(s) JPE
Deal Type Divestiture
Deal Value 19M USD

Target

Dayton Parts

Harrisburg, Pennsylvania, United States
website
Dayton Parts is a manufacturer and distributor of heavy-duty truck and trailer replacement parts. The Company manufactures aftermarket leaf springs and is a full-line distributor of heavy-duty undercarriage replacement parts, such as springs, brake and wheel-end suspensions, and steering components. Dayton Parts was founded in 1922 and is headquartered in Harrisburg, Pennsylvania.

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Buyer(S) 3

Buyer

Gen Cap America

Nashville, Tennessee, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 250M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Gen Cap America, Inc. is a private investment firm focused on acquisitions and recapitalization of mid-sized businesses. Gen Cap looks to invest in privately held companies or non-core divestitures generating $5 to $100 million in annual revenues. Gen Cap prefers businesses operating in basic industries, such as manufacturing, distribution, and services. The Firm avoids investing in real estate or 'high-tech' businesses. Gen Cap America was formed in 1988 and is based in Nashville, Tennessee.


DEAL STATS #
Overall 11 of 55
Sector (Automotive) 1 of 1
Type (Divestiture) 1 of 6
State (Pennsylvania) 1 of 2
Country (United States) 10 of 54
Year (2003) 2 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-23 Hobby-Lobby International

Brentwood, Tennessee, United States

Hobby Lobby is a distributor and retailer of model airplanes, helicopters, boats and accessories. The company was founded in 1964 and is located in Brentwood, Tennessee. Hobby Lobby sells its merchandise over the Internet, through mail-order catalogs, walk-in traffic and other smaller hobby shops.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-07-20 Tennessee Mat Company

Nashville, Tennessee, United States

Located in Nashville, Tennessee, and founded in 1950, Tennessee Mat Company manufactures commercial matting products everything from entrance mats to anti-fatigue products to wheel chocks. In the fifty years since its inception, Tennessee Mat Company has significantly contributed to the advancement of matting technology and was the first to introduce anti-fatigue matting in 1963.

Buy $14M
Buyer

First New England Capital

West Hartford, Connecticut, United States

website


Category Private Equity Firm
Founded 1988
PE ASSETS 50M USD
Size Small
Type Sector Agnostic
DESCRIPTION

First New England Capital is a private investment firm that provides equity and mezzanine capital to later-stage, small and middle-market companies operating in the Northeast US. First New England typically invests $2 to $5 million in companies generating $10 to $150 million in annual revenue. First New England can act as the lead investor or participate alongside others. The Firm will consider opportunities across many different sectors. First New England Capital was formed in 1988 and is based in Hartford, Connecticut.


DEAL STATS #
Overall 1 of 6
Sector (Automotive) 1 of 1
Type (Divestiture) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 6
Year (2003) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-09 DNR Group

Louisville, Kentucky, United States

DNR Group, LLC is a full service direct mail company that mails over 1 billion pieces annually through serving the fundraising, financial, healthcare, publishing and consumer products markets. From mail piece innovation that supports the data you target, to powerful production capabilities, we help you execute your programs and understand your results.

Sell -
Buyer

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 7 of 73
Sector (Automotive) 1 of 1
Type (Divestiture) 1 of 2
State (Pennsylvania) 1 of 16
Country (United States) 7 of 73
Year (2003) 1 of 3
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-02-26 AmBath/ReBath

Tempe, Arizona, United States

Headquartered near Phoenix, Arizona, AmBath manufactures and installs bathtub liners, wall systems, shower liners and vanity tops in hotels. The company began operations in 1979.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-01 Cattron

Warren, Ohio, United States

Cattron is a manufacturer of wireless control solutions for safety and mission-critical applications. Cattron has designed, manufactured, and supplied controls that are well recognized and respected in both the rail and industrial markets. Cattron's product portfolio includes complementary machine and operator controls. Cattron was founded in 1946 and is based in Warren, Ohio.

Buy -

Seller(S) 1

SELLER

JPE

Colorado, Colorado, United States

Category Company
Sector Automotive
DESCRIPTION


DEAL STATS #
Overall 1 of 1
Sector (Automotive) 1 of 1
Type (Divestiture) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (2003) 1 of 1
Size (of disclosed) 1 of 1