Morgenthaler Private Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Morgenthaler Private Equity has acquired 8 companies. It has also invested in 2 others.

Morgenthaler Private Equity’s most common sectors for investment are life science (19%) and medical products (13%). The Firm’s most common investment types include venture (55%) and recapitalization (20%). In total, Morgenthaler Private Equity has invested in 18 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired OREXIGEN Therapeutics for $30M.

In the last 3 years, Morgenthaler Private Equity has exited 6 companies. The Firm’s most common exit type is trade sale (45%). Morgenthaler Private Equity’s largest (disclosed) exit occurred in 2019 when it sold Promedior for $1.4B.

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M&A Summary

  • M&A Total Activity134
    • M&A Buy Activity80
    • M&A Sell Activity54
  • Total Sectors Invested 21
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 66
  • M&A Advisors 14

Morgenthaler Private Equity

Fifth Third Center, 600 Superior Avenue East, Suite 2500,
Cleveland, Ohio 44114
United States
(216) 416-7500
www.mpepartners.com

Morgenthaler is a Midwest based investment firm focused on venture capital and private equity investments. Morgenthaler's private equity group invests in profitable, lower middle-market businesses in the form of management led buyouts, leveraged build-ups, or recapitalization. The Group looks for stand-alone companies operating in the 'high-value' manufacturing or business services sectors. Morgenthaler seeks transactions valued from $25 to $150 million and EBITDA of $5 to $20 million. The Group will consider opportunities throughout North America, Europe, and Asia. Morgenthaler has offices in Cleveland, Ohio and Boston, Massachusetts.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Distribution, Electrical Equipment, Forest Products, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Machinery, Manufacturing, Medical Products, Plastics, Semiconductors, Software, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization, Acquisition Financing, PIPE, Secondary Buyout, Venture

Geographic Preferences: East US, Midwest US, South US, West US, Canada, Western Europe, Eastern Europe, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 5 20
Investment Size - -
Enterprise Value 25 150
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.0/yr) # 70 - 7 - 2 1 80
vol $30M $30M
Sell (1.6/yr) # 46 2 1 2 2 1 54
vol $3.1B $20M $1.4B $4.5B
  134

Most Recent M&A

Company Date Value Type
Trachte, Inc. 2020-09-22 - Secondary Buyout
Oregon, Wisconsin · www.trachteusa.com
Teel Plastics, Inc. 2020-02-05 - Recapitalization
Baraboo, Wisconsin · www.teel.com
Promedior, Inc. 2019-11-15 1.4B USD Merger
Lexington, Massachusetts · www.promedior.com
Garmat USA LLC 2019-06-27 - Growth Capital
Englewood, Colorado · www.garmatspraybooths.com
Cantrell 2019-03-25 - Buyout (LBO, MBO, MBI)
Gainesville, Georgia · www.cantrell.com
United Pipe & Steel Corp. 2019-02-01 - Merger
Ipswich, Massachusetts · www.united-pipe.com
Polytek Development Corp. 2018-10-22 - Secondary Buyout
Easton, Pennsylvania · www.polytek.com
Principia Biopharma, Inc. 2018-09-13 - IPO
South San Francisco, California · www.principiabio.com
Bettcher Industries 2017-10-04 - Recapitalization
Birmingham, Ohio · www.bettcher.com
Safe Fuel Systems, Inc. 2017-08-10 - Recapitalization
Hialeah, Florida · www.safefuelsystems.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
B&E Group LLC 2015-11-18 B&E Group LLC - OEM Manufacturing Division 2019-11-06 1
Southwick, Massachusetts · www.begroupllc.com Southwick, Massachusetts
Plastic Components, Inc. 2017-03-10 Syracuse Plastics of North Carolina, Inc. 2019-03-05 1
Germantown, Wisconsin · www.plasticcomponents.com Cary, North Carolina · www.syracuseplasticsnc.com
Bowles Fluidics Corp. 2014-12-23 dlhBOWLES 2015-07-14 1
Columbia, Maryland · www.bowlesfluidics.com Canton, Ohio · www.dlhbowles.com

M&A by Sector

Sector Current # Value All-time # Value
Life Science 3 (17%) - 15 (19%) 30M (100%)
Medical Products 2 (11%) - 10 (13%) -
Technology Hardware - - 8 (10%) -
Semiconductors - - 7 (9%) -
Aerospace 2 (11%) - 4 (5%) -
Machinery 3 (17%) - 4 (5%) -
Manufacturing 1 (6%) - 4 (5%) -
Plastics 3 (17%) - 4 (5%) -
Automotive 1 (6%) - 3 (4%) -
Distribution 1 (6%) - 3 (4%) -
Information Technology - - 3 (4%) -
Software - - 3 (4%) -
Communications - - 2 (3%) -
Consumer Products 1 (6%) - 2 (3%) -
Electrical Equipment - - 2 (3%) -
Building Materials - - 1 (1%) -
Business Services - - 1 (1%) -
Electronics - - 1 (1%) -
Forest Products - - 1 (1%) -
Internet Software and Services 1 (6%) - 1 (1%) -
Transportation - - 1 (1%) -
Total 18 - 80 $30M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (100%) - 78 (98%) 30M (100%)
  California 6 (33%) - 32 (40%) 30M (100%)
  Massachusetts 1 (6%) - 8 (10%) -
  Ohio 1 (6%) - 7 (9%) -
  Wisconsin 3 (17%) - 4 (5%) -
  Pennsylvania 2 (11%) - 3 (4%) -
  Georgia 1 (6%) - 3 (4%) -
  Texas - - 3 (4%) -
  Minnesota - - 3 (4%) -
  New Hampshire 1 (6%) - 2 (3%) -
  Colorado 1 (6%) - 2 (3%) -
  North Carolina - - 2 (3%) -
  Missouri - - 2 (3%) -
  Michigan - - 2 (3%) -
  Maryland 1 (6%) - 1 (1%) -
  Florida 1 (6%) - 1 (1%) -
  New Jersey - - 1 (1%) -
  Maine - - 1 (1%) -
  Connecticut - - 1 (1%) -
Canada - - 1 (1%) -
  Ontario - - 1 (1%) -
Australia - - 1 (1%) -
Domestic 18 (100%) - 78 (98%) 30M (100%)
Cross-border - - 2 (3%) -
Total 18 - 80 $30M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 5 (28%) - 44 (55%) -
Recapitalization 7 (39%) - 16 (20%) -
Buyout (LBO, MBO, MBI) 3 (17%) - 9 (11%) 30M (100%)
Growth Capital 3 (17%) - 5 (6%) -
Divestiture - - 3 (4%) -
Consolidation - - 1 (1%) -
PIPE - - 1 (1%) -
Special Situations/Distressed - - 1 (1%) -
Total 18 - 80 $30M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 14 (26%) 3.3B (74%)
IPO 13 (24%) -
Secondary Sale 12 (22%) 830M (19%)
Trade Sale 11 (20%) 338M (8%)
Shut Down 2 (4%) -
Merger 1 (2%) -
Sold to Existing Investors 1 (2%) -
Total 54 $4.5B

Top M&A Advisors

Financial Deals
Lincoln International
4
D.A. Davidson & Co.
1
Duff & Phelps Corp.
1
Legal Deals
Baker & Hostetler LLP
9
Jones Day
5
Mintz Levin Cohn Ferris Glovsky and Popeo PC
3

Deal Values

buy # Total
< $100M 1 $30M
TOTAL $30M
Largest OREXIGEN Therapeutics, Inc.
$30M (2006-11-22)
sell # Total
> $1B 1 $1.4B
$100M to $1B 5 $2.9B
< $100M 3 $185M
TOTAL $4.5B
Largest Promedior, Inc.
$1.4B (2019-11-15)

M&A Connections

Deals %
Acquired from
Strategic(s)
100%
3 100%
Exited to
PE Firm(s)
38%
15 38%
Strategic(s)
63%
25 63%

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