M&A Deal Summary

GFI Energy Ventures and Oaktree Capital Management Acquire Cannon Technologies

On January 1, 2005, private equity firm GFI Energy Ventures and asset manager Oaktree Capital Management acquired test/measurement equipment company Cannon Technologies

Acquisition Highlights
  • This is GFI Energy Ventures’ 1st and Oaktree Capital Management’s 1st transaction in the Test/Measurement Equipment sector.
  • This is GFI Energy Ventures’ 12th and Oaktree Capital Management’s 19th transaction in the United States.
  • This is GFI Energy Ventures’ 1st and Oaktree Capital Management’s 1st transaction in Minnesota.
Investment Fate
  • Cannon Technologies was sold to a publicly-traded strategic buyer in 2006.

M&A Deal Summary

Date 2005-01-01
Target Cannon Technologies
Sector Test/Measurement Equipment
Buyer(s) GFI Energy Ventures
Oaktree Capital Management
Deal Type Buyout (LBO, MBO, MBI)

Target

Cannon Technologies

Minneapolis, Minnesota, United States
Cannon Technologies, Inc. is a developer and marketer of measurement and control products aimed at helping utilities improve the utilization, reliability and cost effectiveness of their transmission and distribution systems.

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Buyer(S) 2

Buyer

GFI Energy Ventures

Los Angeles, California, United States

Category Private Equity Firm
Founded 1995
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

GFI Energy Ventures is a specialist private investment firm focused on businesses surrounding the energy industry. GFI generally looks to acquire a controlling or significant interest in private companies or business units of public companies. Energy sub-sectors of interest include power quality/power conversion; energy measurement and control; transmission and distribution optimization; and information systems/transaction support. GFI seeks opportunities with at least $50 million in revenue and valued up to $500 million. The Firm will not invest in start-ups, turnarounds, unproven technology, or investments requiring less than $30 million of equity capital. GFI Energy Ventures was formed in 1995 and is based in Los Angeles, California. GFI Energy Ventures was acquired by Oaktree Capital Management in 2009.


DEAL STATS #
Overall 14 of 32
Sector: Test/Measurement Equipment M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 9 of 21
State: Minnesota M&A 1 of 2
Country: United States M&A 12 of 30
Year: 2005 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-19 SPL WorldGroup

San Francisco, California, United States

SPL WorldGroup, Inc. is a provider of customer management solutions to the energy and service related industries in regulated and competitive markets worldwide.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-26 Trans-Elect Development Co.

Reston, Vermont, United States

Trans-Elect Development Co. LLC is an independent transmission company, focused on the acquisition and operation of transmission systems, the development and construction of new transmission lines, and the upgrade of existing transmission systems.

Buy -
Buyer

Oaktree Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


DEAL STATS #
Overall 21 of 129
Sector: Test/Measurement Equipment M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 11 of 45
State: Minnesota M&A 1 of 2
Country: United States M&A 19 of 83
Year: 2005 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-01 Tumi

South Plainfield, New Jersey, United States

Tumi is a manufacturer and supplier of travel suitcases and bags.

Sell $276M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-03 HydroChem

Deer Park, Texas, United States

HydroChem LLC is a provider of industrial services, including chemical cleaning, hydroblasting, tank cleaning, and mechanical and industrial vacuuming.

Buy -