M&A Deal Summary

Genstar Capital Acquires Boyd

On April 2, 2015, private equity firm Genstar Capital acquired manufacturer Boyd from TruArc Partners, PennantPark Investment Advisers and Morgan Stanley Capital Partners for 557M USD

Acquisition Highlights
  • This is Genstar Capital’s 2nd transaction in the Manufacturing sector.
  • This is Genstar Capital’s 5th largest (disclosed) transaction.
  • This is Genstar Capital’s 44th transaction in the United States.
  • This is Genstar Capital’s 9th transaction in California.
Investment Fate
  • Boyd was sold to a consortium of financial buyers in 2018.

M&A Deal Summary

Date 2015-04-02
Target Boyd
Sector Manufacturing
Buyer(s) Genstar Capital
Sellers(s) TruArc Partners
PennantPark Investment Advisers
Morgan Stanley Capital Partners
Deal Type Secondary Buyout
Deal Value 557M USD

Target

Boyd

Modesto, California, United States
website
Boyd Corp is a designer, manufacturer, marketer, and distributor of extruded, die-cut, and molded flexible rubber and plastic components and sealing systems for industrial applications. The business has a history of design and manufacturing innovation related to sealing systems and applications.

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Buyer(S) 1

Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.


DEAL STATS #
Overall 49 of 99
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 17 of 46
State (California) 9 of 13
Country (United States) 44 of 91
Year (2015) 3 of 6
Size (of disclosed) 5 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-25 Mercer Advisors

Denver, Colorado, United States

Mercer Advisors is an independent RIA primarily services the mass-affluent and high-net-worth clients. Mercer attracts and retains clients by offering comprehensive wealth management solutions, including: financial planning, investment management, tax management, retirement income and benefits planning, and estate planning. Mercer Advisors was founded in 1985 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-30 All Web Leads

Austin, Texas, United States

All Web Leads is a provider of online marketing services to the insurance industry, leveraging a network of owned and affiliated websites to generate qualified consumer quote inquiries for their licensed agent, broker and carriers clients.

Buy -

Seller(S) 3

SELLER

TruArc Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
PE ASSETS 2.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

TruArc Partners is a private equity firm that invests in small to mid-market companies throughout North America. The Firm seeks to invest $50 to $150 million in companies valued between $100 and $500 million. TruArc Partners will consider a variety of transaction types, including leveraged acquisitions, build-ups, recapitalizations, restructurings and growth equity commitments. TruArc Partners was formerly known as Snow Phipps Group. The Firm was established in 2005 and is based in New York City.


DEAL STATS #
Overall 5 of 16
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 2 of 7
State (California) 1 of 3
Country (United States) 5 of 16
Year (2015) 2 of 3
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-09 Acentia

Falls Church, Virginia, United States

Acentia LLC is an information technology services provider to U.S. government civilian, national security, and intelligence agencies. Acentia provides infrastructure operations, network engineering and architecture, information assurance, specialized relocation and engineering, program management, software development, and strategic planning to its customers with a focus on end-to-end IT solutions and complementary consulting services. Acentia LLC was established in 2001 and is based in Falls Church, Virginia.

Sell $300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-02 Tasti D-Lite

Franklin, Tennessee, United States

Tasti D-Lite LLC is a provider of unique low-fat and lower-calorie frozen dairy dessert product sold through its network of retail stores.

Sell -
SELLER

PennantPark Investment Advisers

Investor Investor Investor Investor Investor

website


Category Lender
Founded 2007
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 3 of 17
Sector (Manufacturing) 1 of 3
Type (Secondary Buyout) 2 of 12
State (California) 1 of 3
Country (United States) 3 of 17
Year (2015) 2 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-09 Acentia

Falls Church, Virginia, United States

Acentia LLC is an information technology services provider to U.S. government civilian, national security, and intelligence agencies. Acentia provides infrastructure operations, network engineering and architecture, information assurance, specialized relocation and engineering, program management, software development, and strategic planning to its customers with a focus on end-to-end IT solutions and complementary consulting services. Acentia LLC was established in 2001 and is based in Falls Church, Virginia.

Sell $300M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-02 Paradigm Outcomes

Walnut Creek, California, United States

Paradigm Outcomes is a provider of managed care services for persons with catastrophic injuries from the workplace. Paradigm, through its proprietary databases, processes and medical network, achieves improved outcomes for injured workers as well as significant savings for insurers and other parties involved in their care. Paradigm Outcomes was founded in 1991 and is based in Walnut Creek, California.

Sell -
DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.


DEAL STATS #
Overall 7 of 22
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 2 of 8
State (California) 2 of 5
Country (United States) 6 of 18
Year (2015) 2 of 4
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-10 EmployBridge

Atlanta, Georgia, United States

EmployBridge is a provider of specialty staffing services including three primary industry verticals: logistics, manufacturing, and transportation. Within its target industries, EmployBridge has developed service models that enable it to attract and place qualified personnel through the development of defined recruiting, testing, placement, and sales processes that are tailored to meet the needs of its target industries. EmployBridge is based in Atlanta, Georgia.

Sell $410M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-01 Southern Star Central

Owensboro, Kentucky, United States

Southern Star Central is a provider of natural gas transmission and storage network. The pipeline network extends over more than 9,300 kilometers across eight states, serving mainly the Kansas and Missouri markets. Southern Star Central was founded in 2002 and is based in Owensboro, Kentucky.

Sell -