M&A Deal Summary

Hubbell Lighting Acquires Kurt Versen

On January 14, 2008, Hubbell Lighting acquired electrical equipment company Kurt Versen from Audax Private Equity, Arrowhead Investment Management and Apogem Capital for 100M USD

Acquisition Highlights
  • This is Hubbell Lighting’s 1st transaction in the Electrical Equipment sector.
  • This is Hubbell Lighting’s largest (disclosed) transaction.
  • This is Hubbell Lighting’s 1st transaction in the United States.
  • This is Hubbell Lighting’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2008-01-14
Target Kurt Versen
Sector Electrical Equipment
Buyer(s) Hubbell Lighting
Sellers(s) Audax Private Equity
Arrowhead Investment Management
Apogem Capital
Deal Type Add-on Acquisition
Deal Value 100M USD
Advisor(s) Piper Jaffray Companies
Edgeview Partners LP (Financial)

Target

Kurt Versen

Westwood, New Jersey, United States
website
Kurt Versen Co. is a designer and manufacturer of high end specification-oriented, recessed downlighting for commercial applications.

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Buyer(S) 1

Buyer

Hubbell Lighting

Greenville, South Carolina, United States

website

Category Company
Sector Consumer Products
DESCRIPTION

Hubbell Lighting supplies a comprehensive range of indoor and outdoor lighting products to industrial, commercial and institutional applications and is the largest manufacturer of residential lighting fixtures in North America.

DEAL STATS #
Overall 1 of 1
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 1 of 1
Year (2008) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 3

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 12 of 97
Sector (Electrical Equipment) 1 of 5
Type (Add-on Acquisition) 7 of 32
State (New Jersey) 1 of 5
Country (United States) 12 of 92
Year (2008) 1 of 3
Size (of disclosed) 20 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-09 Bridgeport Tank Trucks

Bridgeport, Texas, United States

Bridgeport Tank Trucks, Inc. is a provider of fluid transport and disposal services and equipment rentals for oilfield production and drilling applications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-01 In The Swim

West Chicago, Illinois, United States

In The Swim is a multi-channel direct marketer of swimming pool supplies and equipment to the residential and commercial swimming pool markets in the United States. Products include chemicals, covers and liners, equipment, parts, and accessories, which are sold through a catalog, internet, telesales, retail, and wholesale channels. In The Swim was founded in 1982 and is based in West Chicago, Illinois.

Buy -
SELLER

Arrowhead Investment Management

Greenwich, Connecticut, United States

Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1996
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Arrowhead Investment Management is a provider of subordinated debt, preferred stock and non-control common equity to mid-sized businesses. Arrowhead invests alongside private equity sponsors in acquisitions, buyouts, recapitalizations and growth capital transactions. Arrowhead is a generalist investor, however the Firm tends to focus on healthcare, packaging, chemicals, consumer products, industrial manufacturing, value-added distribution and business services. Arrowhead looks to commit $10 to $100 million in transactions valued up to $500 million. Arrowhead Investment Management was formed in 1996 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 13 of 24
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (New Jersey) 1 of 1
Country (United States) 13 of 24
Year (2008) 1 of 2
Size (of disclosed) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Ecovyst

Malvern, Pennsylvania, United States

Ecovyst is a worldwide producer of specialty inorganic performance chemicals, high-end catalysts and engineered glass beads for the consumer, oil & gas, transportation safety, specialty plastics and industrial markets. Ecovyst is based in Malvern, Pennsylvania.

Sell $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-19 Implus

Durham, North Carolina, United States

Implus designs, markets and distributes insoles, foot care devices, traction devices, socks, shoe care products and shoe laces under four primary brand names (Sof Sole, AirPlus, Sof Comfort, Yaktrax and Sneakerballs) and several private-label brands. Implus was founded in Durham, North Carolina.

Sell -
SELLER

Apogem Capital

Chicago, Illinois, United States

website

Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.

DEAL STATS #
Overall 2 of 49
Sector (Electrical Equipment) 1 of 4
Type (Add-on Acquisition) 1 of 21
State (New Jersey) 1 of 6
Country (United States) 2 of 49
Year (2008) 1 of 1
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-06 Cape Electrical Supply

Cape Girardeau, Missouri, United States

Cape Electrical Supply is a distributor of electrical and communications products to commercial, industrial, residential, institutional, and utility customers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-15 Freestyle Solutions

Totowa, New Jersey, United States

Freestyle Solutions, Inc. is a software developer and marketer of solutions for direct selling, e-commerce and multi-channel businesses. Its solutions are designed specifically for small to medium-sized merchants, distributors, manufacturers and third-party fulfillment operations, and range from complete front-end solutions such as hosted e-commerce web sites to complete back-end order management solutions. Freestyle Solutions was founded in 1983 and is based in Totowa, New Jersey.

Buy -
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