M&A Deal Summary

Macquarie Bank Acquires America s Water Heater Rentals

On June 25, 2007, Macquarie Bank acquired consumer services company America s Water Heater Rentals from Angelo Gordon s Private Equity Group and Lewis & Clark Capital for 95M USD

Acquisition Highlights
  • This is Macquarie Bank’s 2nd transaction in the Consumer Services sector.
  • This is Macquarie Bank’s 9th largest (disclosed) transaction.
  • This is Macquarie Bank’s 5th transaction in the United States.
  • This is Macquarie Bank’s 1st transaction in Pennsylvania.
Investment Fate
  • America s Water Heater Rentals was divested to a consortium of strategic buyers in 2013 for 30M USD.

M&A Deal Summary

Date 2007-06-25
Target America s Water Heater Rentals
Sector Consumer Services
Buyer(s) Macquarie Bank
Sellers(s) Angelo Gordon s Private Equity Group
Lewis & Clark Capital
Deal Type Add-on Acquisition
Deal Value 95M USD

Target

America s Water Heater Rentals

Canonsburg, Pennsylvania, United States
website
America's Water Heater Rentals LLC is a residential water heater rental business with 85,000 customers in 14 states. Partnered with a fundless sponsor to purchase this non-core business from a large, Midwest utility

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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 11 of 25
Sector (Consumer Services) 2 of 2
Type (Add-on Acquisition) 8 of 15
State (Pennsylvania) 1 of 1
Country (United States) 5 of 13
Year (2007) 2 of 4
Size (of disclosed) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-03 Boart Longyear

Salt Lake City, Utah, United States

Boart Longyear is a provider of drilling services, tools and equipment. Boart Longyear was established in 1890 and is based in Salt Lake City, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Global Tower Partners

Boca Raton, Florida, United States

Global Tower operates wireless communication towers.Global Tower Management, LLC (d/b/a Global Tower Partners, "GTP") is a leading operator of communications towers and related wireless infrastructure. Including the acquisition of Dobson Communication's tower assets, the company owns approximately 1,125 towers and manages over 3,000 rooftop sites.

Buy $1.4B

Seller(S) 2

SELLER

Angelo Gordon s Private Equity Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Angelo, Gordon's Private Equity Group is the private equity arm of asset manager Angele, Gordon & Co. AG's private equity group focuses on acquiring assets from financially distressed sellers or from larger corporations. Prospective transactions include forced sales, management-led buyouts, private company recapitalizations, corporate carve-outs, asset pool purchases, and other complex situations. The Group prefers control when considering opportunities and generally looks to commit $25 to $125 million of capital in transactions valued up to $500 million. Broad sectors of interest include specialty finance, retail, consumer, healthcare services/facilities, real estate, and business services. Angelo, Gordon's Private Equity group is based in New York City.


DEAL STATS #
Overall 2 of 12
Sector (Consumer Services) 1 of 2
Type (Add-on Acquisition) 2 of 6
State (Pennsylvania) 1 of 1
Country (United States) 2 of 11
Year (2007) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-04 National Home Health Care

Scarsdale, New York, United States

National Home Health Care Corp., through its five subsidiaries, delivers home care services to address the practical, physical and emotional needs of its patients and their families.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-09 Adrenaline Family Entertainment

Edmond, Oklahoma,

Adrenaline Family Entertainment has been established with the goal of building a diversified portfolio of amusement park operations through acquisition and selective greenfield development opportunities.

Buy -
DESCRIPTION

FTL Capital is a private investment firm focused on partnering with management teams to pursue acquisitions of profitable US-based companies with up to $100 million in revenues. FTL has a preference for family-owned companies with strong business models, differentiated products/services, and significant opportunities for growth. Sectors of interest include industrial products/services, business services, financial services, real estate, technology, and food. FTL Capital was formed in 2001 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 3 of 6
Sector (Consumer Services) 1 of 1
Type (Add-on Acquisition) 2 of 4
State (Pennsylvania) 1 of 1
Country (United States) 3 of 6
Year (2007) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-10 White Hen Pantry

Lombard, Illinois, United States

White Hen Pantry, Inc. is a eading convenience store chain in mid-west with over 270 locations nation widePartnered with senior management and a distressed fund to acquire the business out of the Clark Retail bankruptcy

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-01 Valley Minerals

Clayton, Missouri, United States

Valley Minerals is a stocking manufacturer of Dolomitic Quicklime. The product line of packaged products in 50-pound bags and super sacks including; Art slag, ASA-1, Dolomitic lime, Hi Calcium lime, Zirmag, Zircon Sand, and other minerals and sands. Valley Minerals was founded in 1926 and is based in Clayton, Missouri.

Buy -