M&A Deal Summary

Olympus Partners and Norwest Mezzanine Partners Acquire Woodcraft Industries

On January 10, 2007, private equity firm Olympus Partners and mezzanine finance firm Norwest Mezzanine Partners acquired forest products company Woodcraft Industries from Behrman Capital and Antares Capital for 296M USD

Acquisition Highlights
  • This is Olympus Partners’ 1st and Norwest Mezzanine Partners’ 1st transaction in the Forest Products sector.
  • This is Olympus Partners’ 4th and Norwest Mezzanine Partners’ largest (disclosed) transaction.
  • This is Olympus Partners’ 15th and Norwest Mezzanine Partners’ 29th transaction in the United States.
  • This is Olympus Partners’ 1st and Norwest Mezzanine Partners’ 2nd transaction in Minnesota.
Investment Fate
  • Woodcraft Industries was sold to a publicly-traded strategic buyer in 2015 for 249M USD.

M&A Deal Summary

Date 2007-01-10
Target Woodcraft Industries
Sector Forest Products
Buyer(s) Olympus Partners
Norwest Mezzanine Partners
Sellers(s) Behrman Capital
Antares Capital
Deal Type Secondary Buyout
Deal Value 296M USD

Target

Woodcraft Industries

St. Cloud, Minnesota, United States
website
Woodcraft Industries, Inc. is a provider of doors and components to original equipment manufacturers ("OEMs") in the kitchen and bathroom cabinet industry.

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Buyer(S) 2

Buyer

Olympus Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1988
PE ASSETS 8.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Olympus Partners is a private equity group focused on investing in growth companies with strong management, and positions in their respective markets. The Firm will consider both venture capital and private equity investments and looks to commit $50 to $300 million per transaction. The Firm focuses its investment activities within the business services, healthcare, financial services, consumer, restaurant, software/IT services, and logistics/transportation industries. Olympus Partners was formed in 1988 and is based in Stamford Connecticut.


DEAL STATS #
Overall 16 of 52
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 4 of 28
State (Minnesota) 1 of 3
Country (United States) 15 of 49
Year (2007) 1 of 2
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-16 Meridian Rail Services

Lake Oswego, Oregon, United States

Meridian Rail Services is a provider of outsourced services to the railroad industry. The company provides wheel set maintenance, component reconditioning, and railcar repair services to Class I railroads, shortline railroads, and private railcar owners.

Sell $228M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-09 TravelCenters of America

Westlake, Ohio, United States

TravelCenters of America is a full-service travel center network providing quality products and services for professional truck drivers, expediters, RVers and motorist. TravelCenters of America was founded in 1972 and is based in Westlake, Ohio.

Sell -
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 30 of 88
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 5 of 30
State (Minnesota) 2 of 7
Country (United States) 29 of 85
Year (2007) 1 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-09 Crosman

Bloomfield, New York, United States

Crosman Corp. is a manufacturer of airguns and accessories. Crosman offers a complete line of airguns, paintball guns, slingshots, targets, and other accessories under the brand names of Crosman, Benjamin, Sheridan, and Copperhead. Crosman was established in 1923 and is based in Bloomfield, New York.

Sell $143M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-04 Benchmark Medical

Malvern, Pennsylvania, United States

Benchmark Medical, Inc. is a provider of musculoskeletal rehabilitation services.

Sell -

Seller(S) 2

SELLER

Behrman Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1991
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Behrman Capital is a private equity firm focused on management buyouts, leveraged buildups and recapitalizations of established growth companies. Areas of interest include healthcare, defense, specialty manufacturing, business to business outsourcing, and information technology. Behrman looks to invest in the range from $25 to $125 million of equity capital in companies generating sales of $25 to $250 million. Behrman Capital was formed in 1991. The Firm is based in New York City with an additional office in San Francisco.


DEAL STATS #
Overall 8 of 22
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 2 of 10
State (Minnesota) 1 of 1
Country (United States) 8 of 22
Year (2007) 1 of 3
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-12 Tandem Health Care

Maitland, Florida, United States

Tandem Health Care, Inc. provides long-term healthcare services through a network of long-term healthcare facilities in the United States. It operates through three segments: Inpatient Services, Rehabilitation Therapy, and Other. The Inpatient Services segment provides facility-based long-term healthcare services, including long-term skilled nursing care, short-term transitional therapy and rehabilitation care, Alzheimer’s care, assisted living services, and independent living services.

Sell $620M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-30 Peacock Foods

Geneva, Illinois, United States

Peacock is a provider of outsourced supply chain management and packaging solutions to the food industry. Peacock’s full range of services includes primary and secondary packaging of ambient, refrigerated and frozen food products. In addition, the company provides customers with project engineering, design consulting, materials management, primary food processing, warehousing and shipping services.

Buy $173M
SELLER

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 17 of 39
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 1 of 13
State (Minnesota) 1 of 3
Country (United States) 16 of 38
Year (2007) 1 of 4
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 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.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-20 The Hygenic

Akron, Ohio, United States

Hygenic is a manufacturer of natural rubber, latex and synthetic rubber products primarily serving the medical and therapy/fitness industries as well as some other industrial applications.

Sell -