M&A Deal Summary

FFL Partners, American Capital and Kensington Capital Partners Acquire Transtar Industries

On December 7, 2010, private equity firms FFL Partners, American Capital and Kensington Capital Partners acquired automotive company Transtar Industries from Norwest Mezzanine Partners and Linsalata Capital Partners for 425M USD

Acquisition Highlights
  • This is FFL Partners’ 1st, American Capital’s 13th and Kensington Capital Partners’ 1st transaction in the Automotive sector.
  • This is FFL Partners’ , American Capital’s 9th and Kensington Capital Partners’ largest (disclosed) transaction.
  • This is FFL Partners’ 18th, American Capital’s 237th and Kensington Capital Partners’ 1st transaction in the United States.
  • This is FFL Partners’ 1st, American Capital’s 11th and Kensington Capital Partners’ 1st transaction in Ohio.
Investment Fate
  • Transtar Industries was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2010-12-07
Target Transtar Industries
Sector Automotive
Buyer(s) FFL Partners
American Capital
Kensington Capital Partners
Sellers(s) Norwest Mezzanine Partners
Linsalata Capital Partners
Deal Type Secondary Buyout
Deal Value 425M USD

Target

Transtar Industries

Cleveland, Ohio, United States
website
Transtar Industries is a distributor and remanufacturer of automotive aftermarket transmission repair parts and manufacturers of automotive refinishing products. Transtar Industries was founded in 1975 and is based in Cleveland, Ohio.

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Buyer(S) 3

Buyer

FFL Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 5.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

FFL Partners (formerly known as Friedman Fleischer & Lowe) is a private equity group focused on majority and minority investments in North American middle-market companies. Prospective businesses generally have revenues of $30 to $400 million and are valued between $50 and $300 million. Target situations include ownership restructurings in closely-held and family-owned companies, management buyouts, PIPEs, growth equity fundings, take privates, special situations, and recapitalizations. Sectors of interest include outsourced business services, education and training, marketing and media, consumer products, healthcare, and financial services. FFL Partners was formed in 1997 and is based in San Francisco.


DEAL STATS #
Overall 19 of 51
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 3 of 15
State (Ohio) 1 of 1
Country (United States) 18 of 47
Year (2010) 2 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-26 AmericanWest Bank

Scottsdale, Arizona, United States

AmericanWest Bank (fka SKBHC Holdings) is a bank holding company based in Spokane, Washington with branches across the mountain west region. AmericanWest was formed by Scott Kisting, a highly accomplished banking executive, to create a business-focused community bank.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-10 Texas Home Health

Dallas, Tennessee, United States

Guardian Home Care Holdings is a provider of home healthcare and hospice services with over 40 offices in Texas, Georgia and Tennessee.

Sell -
Buyer

American Capital

website


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 249 of 265
Sector (Automotive) 13 of 13
Type (Secondary Buyout) 52 of 60
State (Ohio) 11 of 13
Country (United States) 237 of 253
Year (2010) 1 of 1
Size (of disclosed) 9 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-01 J-Pac Medical

Somersworth, New Hampshire, United States

J-Pac Medical is a provider of contract packaging and medical device manufacturing services. J-Pac produces a wide range of advanced medical products such as implantable surgical mesh, orthopedic devices and oral thin films. J-Pac Medical is based in Somersworth, New Hampshire.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-15 Bumble Bee Foods

San Diego, California, United States

Bumble Bee Foods is a producer and marketer of canned tuna and other seafood and the leader in the premium albacore tuna market. The company sells its broad range of products under the well-known brands Bumble Bee, Clover Leaf and Orleans. Bumble Bee Foods was founded in 1899 and is based in San Diego, California.

Sell $980M
DESCRIPTION

Kensington Capital Partners is a specialist private equity group and M&A advisor focused on the automotive and industrial sectors. Kensington is based in Kensington, New York.


DEAL STATS #
Overall 2 of 4
Sector (Automotive) 1 of 2
Type (Secondary Buyout) 1 of 1
State (Ohio) 1 of 1
Country (United States) 1 of 2
Year (2010) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Lise Watier Cosmétiques

Ville Mont-Royal, Quebec, Canada

LiseLise Watier Cosmétiques, Inc. is a developer and manufacturer of cosmetics, skincare, and fragrances sold through department stores and drugstores. Lise Watier Cosmétiques was founded in 1965 and is based in Ville Mont-Royal, Quebec.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-02 Pure Power Technologies

Columbia, South Carolina, United States

Pure Power Technologies LLC is a provider of high-performance diesel fuel-injection systems and precision machining products and systems for medium- and heavy-duty truck applications.

Buy -

Seller(S) 2

SELLER

Norwest Mezzanine Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Norwest Mezzanine Partners (NMP) is an independent investment firm focused on providing junior capital to support transactions initiated by private equity sponsors. NMP looks to commit up to $50 million per investment. Prospective transaction situations can include buyouts, acquisitions, leveraged buildups or consolidations, recapitalizations, and going privates. NMP will consider opportunities in a wide range of industries, including distribution, manufacturing, healthcare, and consumer products. Norwest Mezzanine Partners is affiliated with private equity firm Norwest Equity Partners. NMP was formed in 2000 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 18 of 53
Sector (Automotive) 3 of 5
Type (Secondary Buyout) 9 of 21
State (Ohio) 1 of 3
Country (United States) 17 of 51
Year (2010) 3 of 4
Size (of disclosed) 6 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-15 Hospitality Staffing Solutions

Atlanta, Georgia, United States

Hospitality Staffing Solutions LLC is a provider of outsourced housekeeping and related services to the hospitality sector in the United States. With operations in 38 states and Puerto Rico, HSS provides a comprehensive suite of services, including housekeeping, food service, laundry, and groundskeeping, as well as outsourcing solutions for day-to-day management responsibilities, including hiring, training, and payroll. Founded in 1990, the company currently supports more than 1,000 properties in 75 markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-20 Quickie Manufacturing

Cinnaminson, New Jersey, United States

Quickie Manufacturing Corp. is a provider of retail household cleaning tools and related products.Quickie Manufacturing Corporation is the largest supplier of retail household cleaning tools and equipment and related products. Quickie sells through the home center, food, drug, mass merchant and hardware channels.

Sell -
SELLER

Linsalata Capital Partners

Mayfield Heights, Ohio, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Linsalata Capital Partners is a middle-market buyout firm that targets equity investments in businesses operating in a broad range of industries. Linsalata looks to invest $15 to $50 million in businesses generating at least $5 million in EBITDA. The Firm will consider transactions valued up to $300 million. Target sectors include automotive aftermarket products, building products, business services, aerospace, commercial durables, consumer packaged goods, contract manufacturing services, direct marketing, education, ethnic products, food and beverage, food service equipment, health and safety products, healthcare services and outsourcing, hobby/crafts, home furnishing, home improvement products, industrial products, infastructure products, leisure/recreation, logistics, medical devices and diagnostics, niche apparel, outdoor/garden living, packaging, personal services, pet products and services, and plastics. Linsalata Capital was formed in 1984 and is based in Mayfield Heights, Ohio.


DEAL STATS #
Overall 23 of 41
Sector (Automotive) 3 of 5
Type (Secondary Buyout) 7 of 17
State (Ohio) 6 of 7
Country (United States) 23 of 41
Year (2010) 2 of 2
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-30 Diversco Holdings

Spartanburg, South Carolina, United States

Diversco Holdings, Inc. is a provider of janitorial, maintenance, sanitation and security services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-16 Whitcraft

Eastford, Connecticut, United States

Whitcraft is a manufacturer of high quality, precision formed, machined and fabricated metal parts for the U.S. aerospace industry. The Company manufactures new and replacement jet engine and helicopter parts for large engine manufacturers serving both the commercial and military aircraft market. Whitcraft was founded in 1960 and is based in Eastford, Connecticut.

Buy -