M&A Deal Summary

Norwest Equity Partners, Norwest Mezzanine Partners, Antares Capital and LNC Partners Acquire Becker Underwood

On September 1, 2004, private equity firm Norwest Equity Partners, mezzanine finance firm Norwest Mezzanine Partners, private equity firm Antares Capital and private equity firm LNC Partners acquired chemicals company Becker Underwood from Century Park Capital Partners for 200M USD

Acquisition Highlights
  • This is Norwest Equity Partners’ 1st, Norwest Mezzanine Partners’ 1st, Antares Capital’s 1st and LNC Partners’ 1st transaction in the Chemicals sector.
  • This is Norwest Equity Partners’ 4th, Norwest Mezzanine Partners’ 3rd, Antares Capital’s 2nd and LNC Partners’ largest (disclosed) transaction.
  • This is Norwest Equity Partners’ 17th, Norwest Mezzanine Partners’ 19th, Antares Capital’s 8th and LNC Partners’ 12th transaction in the United States.
  • This is Norwest Equity Partners’ 2nd, Norwest Mezzanine Partners’ 2nd, Antares Capital’s 1st and LNC Partners’ 1st transaction in Iowa.
Investment Fate
  • Becker Underwood was sold to a publicly-traded strategic buyer in 2012 for 1.2B USD.

M&A Deal Summary

Date 2004-09-01
Target Becker Underwood
Sector Chemicals
Buyer(s) Norwest Equity Partners
Norwest Mezzanine Partners
Antares Capital
LNC Partners
Sellers(s) Century Park Capital Partners
Deal Type Secondary Buyout
Deal Value 200M USD
Advisor(s) Piper Jaffray Companies (Financial)
Sidley (Legal)

Target

Becker Underwood

Ames, Iowa, United States
website
Becker Underwood is a manufacturer of environmentally-friendly, specialty chemical products for the amenity turf, lawn care, aquatics, seed, and landscaping markets.

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Buyer(S) 4

Buyer

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $30 and $250 million, typically providing $50 to $500 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota and has office in New York City.


DEAL STATS #
Overall 17 of 73
Sector (Chemicals) 1 of 3
Type (Secondary Buyout) 4 of 27
State (Iowa) 2 of 2
Country (United States) 17 of 70
Year (2004) 3 of 3
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-06 Life Time

New York, New York, United States

Life Time operates sports, athletic, fitness, and family recreation centers offering premium amenities and services in a resort-like setting. Life Time was founded in 2017 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-26 Pelican Products

Torrance, California, United States

Pelican Products is a designer and manufacturer of high performance protective cases, temperature controlled packaging solutions, advanced portable lighting systems and rugged gear for professionals and outdoor enthusiasts. Pelican's products are used by professionals in the most demanding markets including fire safety, law enforcement, defense / military, aerospace, entertainment, industrial and consumer. Pelican products are designed and built to last a lifetime. Pelican Products was founded in 1976 and is based in Torrance, California.

Sell $200M
Buyer

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 20 of 88
Sector (Chemicals) 1 of 3
Type (Secondary Buyout) 4 of 31
State (Iowa) 2 of 2
Country (United States) 19 of 85
Year (2004) 6 of 9
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-26 Spyder Active Sports

Boulder, Colorado, United States

Spyder Active Sports designs and markets the most recognized and respected brand of high-performance, technically-oriented skiwear in the world.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-15 Dynatronics

Glendora, California, United States

Dynatek provides electronic products in the motorcycle industry. With the help of top racers and motorcycle builders around the world, Dynatek has worked to create the electronic products necessary to support the modern motorcycle.

Buy -
Buyer

Antares Capital

Miami, Florida, United States

Investor Investor

website


Category Private Equity Firm
Founded 1993
Size Small
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 8 of 54
Sector (Chemicals) 1 of 2
Type (Secondary Buyout) 6 of 30
State (Iowa) 1 of 1
Country (United States) 8 of 53
Year (2004) 3 of 4
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-07 FFG Industries

Deerfield, Illinois, United States

Flavor and Fragrance Group (FFG) Industries, Inc. is a middle-market manufacturer of flavors and fragrances serving the food, beverage, home environment, and personal care industries. The Company's flavors and fragrances are used in a variety of consumer products including chai, soft drinks, sport drinks, coffees, health bars, air fresheners, candles, lotions, detergents, and health and beauty aids.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-08 Aspen Marketing Services

West Chicago, Illinois, United States

Aspen Marketing Services (Aspen) Aspen is an integrated marketing services company with approximately 400 professionals located in nine offices nationwide.

Buy -
Buyer
DESCRIPTION

LNC Partners is a private investment firm focused on providing $10 to $30 million of equity and junior capital to support a variety of company transactions. As a provider of debt, LNC offers subordinated debt and unitranche securities. As a provider of equity, LNC will invest as a minority or majority partner. Prospective transaction situations include buyouts, refinancings, acquisition financings, growth capital needs, and recapitalizations. Sectors of interest include business and information services, financial services, insurance, healthcare, and niche manufacturing. LNC Partners is based in Reston, Virginia.


DEAL STATS #
Overall 12 of 42
Sector (Chemicals) 1 of 1
Type (Secondary Buyout) 2 of 6
State (Iowa) 1 of 1
Country (United States) 12 of 42
Year (2004) 4 of 5
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-23 Soff-Cut International

Corona, California, United States

Soff-Cut is the innovator and producer of early-entry concrete sawing equipment and replacement blades. Its products enable the concrete construction industry to greatly reduce or eliminate the early, random cracking of concrete slabs and flatwork.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-20 Milestone AV Technologies

Savage, Minnesota, United States

Milestone AV Technologies is a designer, marketer and distributor of branded audio-visual mounting equipment and display solutions for flat panel displays, projectors, AV furniture, and speakers to both the consumer and the commercial markets. Our innovative products, sold principally under the Chief and Sanus brands, are sold through numerous channels, including Pro AV dealers, regional home theater dealers, consumer electronics retailers, mass merchants and original equipment manufacturers.

Buy -

Seller(S) 1

SELLER

Century Park Capital Partners

El Segundo, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Century Park Capital Partners (CPCP) is a private equity firm that partners with owners and managers to build companies. The Firm targets businesses generating sales of $20 to $100 million and EBITDA of $3 to $15 million. Century Park Capital specializes in facilitating owner liquidity and business expansion through minority and majority recapitalizations, growth financings, management led buyouts, and acquisition financings. CPCP looks to invest $10 to $40 million per transaction. Areas of interest include consumer products, food, education, business services, test/measurement equipment, medical components, pet supplies, packaging, automotive, chemicals, and third party logistics. CPCP was formed in 2000 and is based in Los Angeles with an additional office in Menlo Park, California.


DEAL STATS #
Overall 1 of 15
Sector (Chemicals) 1 of 2
Type (Secondary Buyout) 1 of 9
State (Iowa) 1 of 1
Country (United States) 1 of 15
Year (2004) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-01 Hi-Tech Rubber

Anaheim, California, United States

Hi-Tech Rubber, Inc., is an custom molder of precision elastomeric components utilized primarily in the medical industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-01 Kids Line

South Gate, California, United States

Kidsline, Inc. designs, produces, and markets infant bedding and coordinated accessories.

Sell $130M