M&A Deal Summary

Manulife Investment Management, The Carlyle Group and Odyssey Investment Partners Acquire Pexco

On August 15, 2012, mezzanine finance firm Manulife Investment Management, private equity firm The Carlyle Group and private equity firm Odyssey Investment Partners acquired manufacturer Pexco from Saw Mill Capital

Acquisition Highlights
  • This is Manulife Investment Management’s 1st, The Carlyle Group’s 18th and Odyssey Investment Partners’ 2nd transaction in the Manufacturing sector.
  • This is Manulife Investment Management’s 13th, The Carlyle Group’s 235th and Odyssey Investment Partners’ 29th transaction in the United States.
  • This is Manulife Investment Management’s 2nd, The Carlyle Group’s 7th and Odyssey Investment Partners’ 1st transaction in Georgia.
Investment Fate
  • Pexco was sold to a consortium of financial buyers in 2017.
  • Pexco was sold to a strategic buyer in 2018.
  • Pexco was divested to a consortium of buyers in 2022.

M&A Deal Summary

Date 2012-08-15
Target Pexco
Sector Manufacturing
Buyer(s) Manulife Investment Management
The Carlyle Group
Odyssey Investment Partners
Sellers(s) Saw Mill Capital
Deal Type Secondary Buyout

Target

Pexco

Johns Creek, Georgia, United States
website
Pexco is a North American designer and fabricator of engineered plastic components. It provides standard and specialty parts and components to manufacturers and end-users for a broad range of custom applications, including the specialty industrial, fluid-handling, lighting, traffic safety, fence, and electrical insulation industries. Pexco offers a full range of custom design, engineering, and fabrication services, including ISO 9001:2015 registration, across its manufacturing operations.

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Buyer(S) 3

Buyer

Manulife Investment Management

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 1.4B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Manulife Investment Management is a private investment group that provides mezzanine as well as non-controlling equity capital to middle-market businesses. Manulife Investment's target investment size is $10 to $50 million per transaction. The Group prefers opportunities located in the US. Manulife Investment Management was established in 1998 and maintains offices in Boston and New York City.


DEAL STATS #
Overall 14 of 23
Sector (Manufacturing) 1 of 3
Type (Secondary Buyout) 4 of 5
State (Georgia) 2 of 2
Country (United States) 13 of 22
Year (2012) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-04 Eddy Packing Company

Yoakum, Texas, United States

Eddy Packing Company is a broadly diversified, premier processor of beef, pork, and poultry products. The Company offers a complete line of fully cooked, marinated, cured, fresh, and frozen meat products, such as smoked sausage, fajita meat, pulled beef/pork/chicken, ribs, pork chops/loins, chicken breast, brisket, and other meat products. Eddy Packing was founded in 1953 and is based in Yoakum, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-01 Swanson Industries

Morgantown, West Virginia, United States

Swanson Industries specializes in manufacturing, supplying, and repairing hydraulic components, especially for fluid power, mining, and construction industries.

Buy -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 84.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 443 of 691
Sector (Manufacturing) 18 of 23
Type (Secondary Buyout) 45 of 123
State (Georgia) 7 of 10
Country (United States) 235 of 336
Year (2012) 20 of 37
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-15 Getty Images

Seattle, Washington, United States

Getty Images offers a full range of content solutions to meet the needs of customers around the world. With a broad portfolio that includes the Getty Images, Stock, and Unsplash brands, the Company reaches and empowers a broad base of global customers ranging from international enterprises to amateur creators. Getty Images was formed in 1995 and is based in Seattle, Washington.

Buy $3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-29 Goodman Global

Houston, Texas, United States

Goodman Global, Inc. is the largest domestic unit manufacturer of heating, ventilation and air conditioning products for residential and light-commercial use.

Sell $3.7B
Buyer

Odyssey Investment Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 8.2B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Odyssey Investments is a private equity firm that seeks control/majority investments in middle-market companies. Odyssey looks to back existing management and make investments in the form of leveraged acquisitions, growth financings and recapitalizations. Sectors of interest include industrial manufacturing, business and financial services, aerospace products and services, and 'route-based services'. Odyssey Investment Partners is based in New York City with an additional office in Woodland Hills, California.


DEAL STATS #
Overall 31 of 52
Sector (Manufacturing) 2 of 3
Type (Secondary Buyout) 11 of 23
State (Georgia) 1 of 3
Country (United States) 29 of 49
Year (2012) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-31 IPS

Greenville, South Carolina, United States

IPS is a provider of maintenance, repair, and replacement solutions for critical process equipment serving industrial and renewable energy end markets in North America. IPS was founded in 2007 and headquartered in Greenville, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-01 Duravant

Downers Grove, Illinois, United States

Duravant is a provider of highly engineered automation equipment and related aftermarket solutions for packaging, material handling, and food processing applications. Duravant designs and assembles mission-critical equipment, including form-fill-seal machines, robotic palletizers, conveyors, and thermal processors, primarily serving the food and beverage, e-commerce, distribution, and agriculture end-markets. Duravant is based in Downers Grove, Illinois.

Buy -

Seller(S) 1

SELLER

Saw Mill Capital

Briarcliff Manor, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 610M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Saw Mill Capital is a private equity firm focused on middle-market company acquisitions valued up to $200 million. Saw Mill prefers businesses with defensible market positions, solid growth prospects, and historical cash-flow. Sectors of interest include manufacturing, specialty distribution, and service. Saw Mill looks to commit between $15 and $75 million per transaction in companies with at least $3 million of EBITDA. Saw Mill will not invest in retail, healthcare services, media/telecom, information technology, financial services, personnel based services, apparel or businesses driven by fad or fashion. Saw Mill Capital was formed in 1997 and is based in Briarcliff Manor, New York.


DEAL STATS #
Overall 4 of 13
Sector (Manufacturing) 1 of 3
Type (Secondary Buyout) 3 of 7
State (Georgia) 2 of 3
Country (United States) 3 of 12
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-22 Gateway Packaging

Granite City, Illinois, United States

Gateway Packaging Company LLC is a flexible packaging converter and provider of flexible packaging solutions. The Company designs and manufactures multi-wall paper and plastic bags, pouches, roll stock, lidding, and labels primarily for the pet food and human food markets. Gateway Packaging was founded in 1982 and is based in Granite City, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-23 Pine Environmental Services

Windsor, New Jersey, United States

Pine Environmental Services is a provider of rental solutions for environmental test & measurement equipment, non-destructive testing equipment, and continuous emission stack testing equipment in North America. Pine offers a full suite of rentals, sales, and services solutions to its customers across 38 locations in the US and Canada. Pine Environmental Services was established in 1995 and is based in Windsor, New Jersey.

Buy -