M&A Deal Summary

Macquarie Bank Acquires AIR-serv Group

On July 10, 2006, Macquarie Bank acquired machinery company AIR-serv Group from Wind Point Partners and Geneva Glen Capital for 420M USD

Acquisition Highlights
  • This is Macquarie Bank’s 1st transaction in the Machinery sector.
  • This is Macquarie Bank’s 5th largest (disclosed) transaction.
  • This is Macquarie Bank’s 3rd transaction in the United States.
  • This is Macquarie Bank’s 2nd transaction in Minnesota.
Investment Fate
  • AIR-serv Group was divested to a consortium of strategic buyers in 2013.

M&A Deal Summary

Date 2006-07-10
Target AIR-serv Group
Sector Machinery
Buyer(s) Macquarie Bank
Sellers(s) Wind Point Partners
Geneva Glen Capital
Deal Type Add-on Acquisition
Deal Value 420M USD

Target

AIR-serv Group

Mendota Heights, Minnesota, United States
website
AIR-serv Group LLC is an operator of freestanding coin-operated tire-inflation and vacuum vending machines. AIR-Serv owns and operates over 32,000 air vending machines, and maintains exclusive contracts for the provision of air vending services with over 90 major national gas station and convenience stores chains.

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Buyer(S) 1

Buyer

Macquarie Bank

Sydney, Australia

website


Category Company
Founded 1969
Sector Financial Services
Employees19,266
Revenue 6.9B AUD (2022)
DESCRIPTION
Macquarie's corporate headquarters in downtown Sydney.
Macquarie's corporate headquarters in downtown Sydney.

Macquarie Bank is an Australian investment banking and diversified financial services group, providing banking, financial advisory and investment and funds management services. Macquarie Bank was founded in 1969 and is based in Sydney, Australia.


DEAL STATS #
Overall 7 of 25
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 5 of 15
State (Minnesota) 2 of 2
Country (United States) 3 of 13
Year (2006) 4 of 6
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-23 South East London & Kent Bus

Ilford, United Kingdom

South East London & Kent Bus Co. Ltd. is a provider of bus services on routes within and from London, principally under contract from Transport for London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-22 Grupo Itevelesa

Madrid, Spain

Grupo Itevelesa is an independent company of technical inspection of vehicles. operates 72 fixed locations and 20 mobile units across 11 autonomous communities; it also provides industrial safety, metrology, and environmental inspection services. Grupo Itevelesa was founded in 1982 and is based in Madrid, Spain.

Buy €500M

Seller(S) 2

SELLER

Wind Point Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wind Point Partners is a private equity firm focused on acquisitions of mid-sized companies operating in the business services, consumer products, healthcare services, and industrial products sectors. Wind Point looks to invest $60 to $130 million in companies valued up to $500 million. Prospective transaction types include leveraged buyouts, recapitalizations, industry consolidations, and growth capital financings. Wind Point Partners began investing in 1984 and is based in Chicago.


DEAL STATS #
Overall 11 of 55
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 7 of 26
State (Minnesota) 2 of 6
Country (United States) 11 of 50
Year (2006) 2 of 3
Size (of disclosed) 2 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-01 ArrMaz Custom Chemicals

Mulberry, Florida, United States

ArrMaz Custom Chemicals, Inc. is a producer of process chemicals to the phosphate fertilizer mining and manufacturing industry, a manufacturer of additives to the asphalt paving market, and a growing supplier of other diversified industrial mineral flotation and surfactant chemicals.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-28 Knape & Vogt

Grand Rapids, Michigan, United States

Knape & Vogt is a designer, manufacturer, and distribution of kitchen and bath storage solutions and office products for original equipment manufacturers, specialty distributors, office furniture dealers, hardware chains and major home centers throughout the country. Knape & Vogt was founded in 1898 and is based in Grand Rapids, Michigan.

Buy $106M
SELLER

Geneva Glen Capital

Chicago, Illinois, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Geneva Glen Capital is a private equity firm that invests in lower middle-market companies. The Firm partners with management when pursuing private companies with leading market positions, significant growth potential, and stable cash flows. Target businesses are located in the US or Canada and have $2 to $20 million of EBITDA. Sectors of interest include business/consumer services, consumer products, environmental services, education, healthcare, niche manufacturing, publishing, chemicals, insurance, and value-added distribution. Geneva Glen will not invest in high technology, retail, restaurants, real estate, or early-stage companies. Geneva Glen Capital was formed in 2008 and is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 11
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 1 of 8
State (Minnesota) 1 of 1
Country (United States) 1 of 11
Year (2006) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Emerald Waste Services

Freeport, Florida, United States

Emerald Waste Services LLC is a solid waste services provider.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Container Recycling Alliance

Lombard, Illinois, United States

Container Recycling Alliance LLC is a glass recycler company. CRA utilizes state-of-the-art automated ceramic detection and color sorting equipment, as well as full bottle destruction and decasing capabilities.

Buy -