M&A Deal Summary

Goldman Sachs Merchant Banking Acquires Boyd

On July 11, 2018, private equity firm Goldman Sachs Merchant Banking acquired manufacturer Boyd from Genstar Capital

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 2nd transaction in the Manufacturing sector.
  • This is Goldman Sachs Merchant Banking’s 107th transaction in the United States.
  • This is Goldman Sachs Merchant Banking’s 10th transaction in California.

M&A Deal Summary

Date 2018-07-11
Target Boyd
Sector Manufacturing
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) Genstar Capital
Deal Type Secondary Buyout
Advisor(s) Robert W. Baird & Co., Inc. (Financial)
Weil Gotshal & Manges (Legal)

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

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 152 of 179
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 50 of 64
State (California) 10 of 13
Country (United States) 107 of 122
Year (2018) 8 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-22 CityFibre

London, United Kingdom

CityFibre builds, designs and operates pure-fibre networks across the UK. As the UK’s only nationwide, wholesale provider of dark fibre, and with a range of active products, CityFibre serves tier 1 providers, local authorities, mobile operators and communications providers. CityFibre was founded in 2011 and is based in London, United Kingdom.

Buy £538M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-16 U.S. Security Associates

Roswell, Georgia, United States

U.S. Security Associates, Inc. is a security and facility services company with over 160,000 employees, provides unparalleled security services and solutions. With headquarters in Santa Ana, Calif., and Conshohocken, Pa., Allied Universal combines people and technology to deliver evolving, tailored solutions that allow our clients to focus on their core business. An unrelenting focus on clients’ success creates partnerships rooted in quality and value, and is supported by experience gained from being in business for over 60 years. Through our people and leading services, systems and solutions.

Sell $1.0B

Seller(S) 1

SELLER

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B 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 40 of 59
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 15 of 23
State (California) 8 of 11
Country (United States) 36 of 53
Year (2018) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-11 Cyncly

Borgenhaugen, Norway

Cyncly is a global provider of specialized visualization, sales, manufacturing and content software and solutions for key retail, design and manufacturing industries. The Company’s connected platform includes Configure, Price, Quote software, online space planning, computer-aided design applications, business process management, manufacturing execution systems and enterprise resource planning. Cyncly was founded in 1989 and is based in Borgenhaugen, Norway.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-17 Bracket

Wayne, Pennsylvania, United States

Bracket is a clinical trial technology and specialty services provider dedicated to helping biopharmaceutical sponsors and contract research organizations increase the power of their clinical research data by leveraging core competencies in Science, Technology, and Service.

Sell -