Pfingsten Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Pfingsten Partners has invested in 6 companies.

Pfingsten Partners’ most common sectors for investment are electrical equipment (16%) and distribution (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (59%) and growth capital (14%). In total, Pfingsten Partners has invested in 18 US states.

In the last 3 years, Pfingsten Partners has exited 6 companies. The Firm’s most common exit type is trade sale (43%). Pfingsten Partners’ largest (disclosed) exit occurred in 2003 when it sold Norcraft Companies for $315M.

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M&A Summary

  • M&A Total Activity84
    • M&A Buy Activity51
    • M&A Sell Activity33
  • Total Sectors Invested 17
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 23
  • M&A Advisors 7

Pfingsten Partners

300 N. LaSalle Street, Suite 5400,
Chicago, Illinois 60654
United States
(312) 222-8707
www.pfingstenpartners.com
pfingstenpartners@pfingsten.com

Pfingsten Partners is a private equity firm focused on investments in niche manufacturing, distribution, and business services companies. The Firm targets platform companies headquartered in the US although add-on acquisitions can be located outside the US. Prospective companies typically have revenues of $20 to $150 million and EBITDA of $3 to $12 million. Transaction types include private companies undergoing an ownership transition, corporate divestitures, strategic add-ons, and turnarounds. Pfingsten only invests in situations allowing for control. Pfingsten will not invest in real estate, natural resources, highly regulated businesses, retail, restaurants, early-stage companies, or technology. Pfingsten Partners was formed in 1989 and is based in Chicago, Illinois.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Distribution, Education, Electrical Equipment, Energy Services and Equipment, Engineering, Food, Furniture, Machinery, Manufacturing, Marketing, Media, Packaging, Publishing, Retail, Safety/Security

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 20 150
Target EBITDA 3 12
Investment Size - -
Enterprise Value 15 100
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.6/yr) # 43 2 3 3 - - 51
Sell (1.6/yr) # 25 2 - 6 - - 33
vol $578M $578M
  84

Most Recent M&A

Company Date Value Type
FireKing International LLC 2019-12-01 - Secondary Buyout
New Albany, Indiana · www.fireking.com
Advanced Lighting Concepts LLC 2019-11-26 - Growth Capital
San Diego, California · www.environmentallights.com
Midwest Products and Engineering, Inc. 2019-10-01 - Secondary Buyout
Milwaukee, Wisconsin · www.mpe-inc.com
Bailey International LLC 2019-09-05 - Secondary Buyout
Knoxville, Tennessee · www.baileynet.com
Engineered Specialties LLC 2019-07-23 - Growth Capital
Auburndale, Wisconsin · www.rapidairproducts.com
ZSI, Inc. 2019-07-01 - Add-on Acquisition
Canton, Missouri · www.zsi-inc.com
ZSi-Foster 2019-07-01 - Add-on Acquisition
Canton, Michigan · www.zsi-foster.com
Unified Power Holdings LLC 2019-06-04 - Secondary Buyout
Terrell, Texas · www.unifiedpowerusa.com
Full Spectrum Group, Inc. 2019-02-15 - Growth Capital
Pleasanton, California · www.fsaservice.com
South-Tek Systems LLC 2018-11-20 - Growth Capital
Wilmington, North Carolina · www.southteksystems.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Crane 1 Services, Inc. 2015-10-07 Piedmont Hoist & Crane, Inc. - Service Division 2020-03-11 4
Miamisburg, Ohio · www.crane1.com Colfax, North Carolina
FireKing Security Group LLC 2010-10-05 FireKing Office & Consumer Products Division 2020-03-03 1
New Albany, Indiana · www.fireking.com New Albany, Indiana

M&A by Sector

Sector Current # Value All-time # Value
Electrical Equipment 3 (21%) - 8 (16%) -
Distribution 1 (7%) - 6 (12%) -
Machinery 1 (7%) - 6 (12%) -
Manufacturing 2 (14%) - 6 (12%) -
Business Services 1 (7%) - 4 (8%) -
Publishing - - 3 (6%) -
Technology Hardware 2 (14%) - 3 (6%) -
Building Materials - - 2 (4%) -
Energy Services and Equipment - - 2 (4%) -
Furniture 1 (7%) - 2 (4%) -
Marketing 1 (7%) - 2 (4%) -
Safety/Security 1 (7%) - 2 (4%) -
Automotive - - 1 (2%) -
Food - - 1 (2%) -
Insurance - - 1 (2%) -
Medical Products - - 1 (2%) -
Packaging 1 (7%) - 1 (2%) -
Total 14 - 51 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (100%) - 51 (100%) -
  Illinois - - 10 (20%) -
  Ohio 2 (14%) - 8 (16%) -
  Wisconsin 2 (14%) - 4 (8%) -
  Minnesota 1 (7%) - 4 (8%) -
  California 2 (14%) - 3 (6%) -
  Florida 1 (7%) - 3 (6%) -
  Texas - - 3 (6%) -
  Missouri - - 3 (6%) -
  Alabama 2 (14%) - 2 (4%) -
  Indiana 1 (7%) - 2 (4%) -
  Tennessee - - 2 (4%) -
  Vermont 1 (7%) - 1 (2%) -
  Oregon 1 (7%) - 1 (2%) -
  North Carolina 1 (7%) - 1 (2%) -
  Georgia - - 1 (2%) -
  Colorado - - 1 (2%) -
  Michigan - - 1 (2%) -
Total 14 - 51 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (50%) - 30 (59%) -
Growth Capital 6 (43%) - 7 (14%) -
Secondary Buyout 1 (7%) - 6 (12%) -
Stake Purchase - - 5 (10%) -
Consolidation - - 2 (4%) -
Divestiture - - 1 (2%) -
Total 14 - 51 -

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (42%) 315M (54%)
Trade Sale 9 (27%) -
Trade Sale - Public Company 7 (21%) 263M (46%)
Unknown 2 (6%) -
Recapitalization 1 (3%) -
Total 33 $578M

Top M&A Advisors

Financial Deals
BB&T Capital Markets
1
Lincoln International
1
Harris Williams & Co.
1
Legal Deals
Paul Hastings LLP
4
Katten Muchin Rosenman LLP
1

Deal Values

sell # Total
$100M to $1B 2 $443M
< $100M 2 $135M
TOTAL $578M
Largest Norcraft Companies, Inc.
$315M (2003-10-22)

M&A Connections

Deals
Acquired from
Investor(s)
14%
7 (14%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
42%
14 (42%)
Strategic(s)
45%
15 (45%)

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