M&A Deal Summary

Golub Capital Acquires American Fire Protection Group

On December 1, 2005, lender Golub Capital acquired safety/security company American Fire Protection Group from Ridge Capital Partners, Nicolet Capital Partners and Windjammer Capital Investors for 42M USD

Acquisition Highlights
  • This is Golub Capital’s 1st transaction in the Safety/Security sector.
  • This is Golub Capital’s 2nd largest (disclosed) transaction.
  • This is Golub Capital’s 3rd transaction in the United States.
  • This is Golub Capital’s 1st transaction in Minnesota.
Investment Fate
  • American Fire Protection Group was sold to a strategic buyer in 2012.

M&A Deal Summary

Date 2005-12-01
Target American Fire Protection Group
Sector Safety/Security
Buyer(s) Golub Capital
Sellers(s) Ridge Capital Partners
Nicolet Capital Partners
Windjammer Capital Investors
Deal Type Secondary Buyout
Deal Value 42M USD

Target

American Fire Protection Group

Edina, Minnesota, United States
website
American Fire Protection Group, Inc. is a fire protection industry. American Fire Protection Group provides quality of protection for any facility through a wide variety of fire suppression systems, from basic wet pipe sprinkler systems and dry pipe sprinkler systems to complex special hazards systems, such as foam and chemical suppression systems.

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Buyer(S) 1

Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 3 of 67
Sector (Safety/Security) 1 of 2
Type (Secondary Buyout) 1 of 27
State (Minnesota) 1 of 2
Country (United States) 3 of 65
Year (2005) 2 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-21 DTLR Villa

Hanover, Maryland, United States

DTLR Villa is a specialty retailer targeting the young urban male with over 70 stores in six regions: Atlanta, Baltimore, Chicago, North Carolina, Virginia, and Washington, D.C. DTLR Villa values the urban lifestyle and is committed to bringing the hottest urban fashions to the streets. The Company’s products include footwear, apparel, and accessories. DTLR Villa was formed in 1982 and is based in Hanover, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-05 Bravo Brio

Columbus, Ohio, United States

Bravo Brio is a restaurant company featuring two rapidly growing, category defining brands in the upscale casual Italian dining segment: Bravo Cucina Italiana and Brio Tuscan Grille.

Buy -

Seller(S) 3

SELLER

Ridge Capital Partners

Middleburg, Virginia, United States

Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 50M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Ridge Capital Partners is a private equity firm that invests in smaller middle-market companies. Ridge seeks to invest $3 to $8 million in businesses with revenues of $15 and $100 million and EBITDA of $2 to $20 million. Ridge primarily looks for opportunities in basic industries. Sectors of interest include business services, chemicals, communications, manufacturing, education, machinery, and healthcare. Prospective transaction situations include recapitalizations, consolidations, buyouts, take-privates, and growth capital financings. Ridge Capital was formed in 1992 and is based outside of Washington, DC.


DEAL STATS #
Overall 3 of 6
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 2 of 3
State (Minnesota) 1 of 2
Country (United States) 2 of 5
Year (2005) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-05 SP Industries

Warminster, Pennsylvania, United States

SP Industries, Inc. is a manufacturer of specialty equipment, scientific glassware, and laboratory and lab safety supplies serving the pharmaceutical, biotechnology, educational, industrial, and OEM markets. SP Industries is based in Warminster, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-13 Toter

Statesville, North Carolina, United States

Toter is a rotational molder of automated waste collection and material handling container systems for municipalities, private waste haulers, and industrial and commercial businesses. The company also manufactures and markets garden planters, ponds, feeders and lawn carts for the retail and agricultural markets.

Sell -
SELLER

Nicolet Capital Partners

Evanston, Illinois, United States

website


Category Private Equity Firm
Founded 2005
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Nicolet Capital Partners LLC is a private equity firm that invests in established companies headquartered in the US. Nicolet focuses on companies with distinct and sustainable market positions, revenues between $30 - $300 and EBITDA greater than $7 million. The Firm provides both debt and equity capital. Nicolet will consider minority and majority positions and looks to invest $15 to $50 million per transaction. Specific areas of interest include manufacturing, distribution, business services and consumer products. The Firm will consider a variety of transaction types, including buyouts, growth capital financings, and recapitalizations. Nicolet Capital Partners LLC is formed 2005 and is based in Evanston, Illinois.


DEAL STATS #
Overall 1 of 7
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 1 of 4
State (Minnesota) 1 of 1
Country (United States) 1 of 7
Year (2005) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-09-01 MacLean Power Systems

Fort Mill, South Carolina, United States

MacLean Power Systems is a manufacturer of products used by utilities for building transmission and distribution lines and substations. MPS product families include hardware and connection products as well as insulation and protection products. MacLean Power Systems was founded in 1925 and is based in Fort Mill, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-03 Shari’s Management

Beaverton, Oregon, United States

Shari’s Management Corp. is a 97-unit chain of family-style restaurants. Shari’s Management Corp. offers 24-hour sit-down dining and a broad selection of value-oriented breakfast, lunch and dinner.

Sell $80M
SELLER

Windjammer Capital Investors

Newport Beach, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital Investors is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital Investors was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


DEAL STATS #
Overall 6 of 26
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 3 of 12
State (Minnesota) 2 of 3
Country (United States) 6 of 26
Year (2005) 2 of 2
Size (of disclosed) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-24 Skilled Healthcare Group

Foothill Ranch, California, United States

Skilled Healthcare is a operator of long-term care facilities and a leading provider of a full continuum of post-acute care services, with a strategic emphasis on sub-acute specialty medical care. The Company operated a network of 71 facilities in California, Texas, Kansas and Nevada, including both skilled nursing and assisted living facilities.

Sell $640M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-03 Shari’s Management

Beaverton, Oregon, United States

Shari’s Management Corp. is a 97-unit chain of family-style restaurants. Shari’s Management Corp. offers 24-hour sit-down dining and a broad selection of value-oriented breakfast, lunch and dinner.

Sell $80M