Pfingsten Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Pfingsten Partners has acquired 2 companies. It has also invested in 6 others.

Pfingsten Partners’ most common sectors for investment are electrical equipment (14%) 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 17 US states.

In the last 3 years, Pfingsten Partners has exited 6 companies. The Firm’s most common exit type is secondary buyout (42%). 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 Activity82
    • M&A Buy Activity51
    • M&A Sell Activity31
  • Total Sectors Invested 18
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 22
  • M&A Advisors 7

Pfingsten Partners LLC

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 with an additional office in Hong Kong.


Investment Criteria

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

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Recapitalization, Special Situations/Distressed, 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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.0/yr) # 41 2 2 3 3 - 51
Sell (1.8/yr) # 22 3 1 - 5 - 31
vol $533M $45M $578M
  82

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
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
Unified Power Holdings LLC 2019-06-04 - Secondary Buyout
Terrell, Texas · www.unifiedpowerusa.com
Full Spectrum Group LLC 2019-02-15 - Growth Capital
Stone Mountain, Georgia · www.fullspecllc.com
South-Tek Systems LLC 2018-11-20 - Growth Capital
Wilmington, North Carolina · www.southteksystems.com
Quality Valve, Inc. 2018-07-31 - Growth Capital
Mobile, Alabama · www.qualityvalves.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Crane 1 Services, Inc. 2015-10-22 Piedmont Hoist & Crane, Inc. - Service Division 2020-03-11 4
Franklin, Ohio · www.crane1services.com Colfax, North Carolina
FKI Security Group LLC 2010-10-05 FireKing Office & Consumer Products Division 2020-03-03 1
New Albany, Indiana · www.fkisecuritygroup.com New Albany, Indiana
Sign-Zone, Inc. 2017-05-16 Promic B.V. 2019-05-07 3
Brooklyn Center, Minnesota · www.signzoneinc.com Nederweert, Netherlands · www.promic.nl
Sign-Zone, Inc. 2017-05-16 Xarisma, Inc. 2019-01-08 2
Brooklyn Center, Minnesota · www.signzoneinc.com Huntsville, Alabama · www.xarisma.com
Oliver Printing & Packaging Co. 2016-05-19 Disc Graphics, Inc. 2019-01-03 2
Twinsburg, Ohio · www.oliverprinting.com Hauppauge, New York · www.discgraphics.com
Sign-Zone, Inc. 2017-05-16 Jansen Display s.r.o. 2018-10-02 1
Brooklyn Center, Minnesota · www.signzoneinc.com Prestanov, Czech Republic · www.jansen-display.com
Crane 1 Services, Inc. 2015-10-22 Mt. Clemens Crane & Service Co., Inc. 2018-09-17 3
Franklin, Ohio · www.crane1services.com Harrison Township, Michigan · www.mccrane.com
Crane 1 Services, Inc. 2015-10-22 Absolute Crane Service, Inc. 2018-07-26 2
Franklin, Ohio · www.crane1services.com Houston, Texas · www.absolutecrane.com
Oliver Printing & Packaging Co. 2016-05-19 Pohlig Packaging 2017-08-16 1
Twinsburg, Ohio · www.oliverprinting.com Richmond, Virginia · www.pohlig.com
Crane 1 Services, Inc. 2015-10-22 Crane Service & Inspections 2017-01-31 1
Franklin, Ohio · www.crane1services.com Monroe, Ohio · www.csicraneservice.com

M&A by Sector

Sector Current # Value All-time # Value
Electrical Equipment 2 (11%) - 7 (14%) -
Distribution 1 (6%) - 6 (12%) -
Machinery 1 (6%) - 6 (12%) -
Manufacturing 4 (22%) - 6 (12%) -
Business Services 1 (6%) - 4 (8%) -
Publishing 1 (6%) - 4 (8%) -
Energy Services and Equipment 2 (11%) - 3 (6%) -
Building Materials - - 2 (4%) -
Furniture 1 (6%) - 2 (4%) -
Safety/Security 1 (6%) - 2 (4%) -
Technology Hardware 1 (6%) - 2 (4%) -
Automotive - - 1 (2%) -
Construction 1 (6%) - 1 (2%) -
Food - - 1 (2%) -
Insurance - - 1 (2%) -
Marketing - - 1 (2%) -
Medical Products 1 (6%) - 1 (2%) -
Packaging 1 (6%) - 1 (2%) -
Total 18 - 51 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (100%) - 51 (100%) -
  Illinois - - 10 (20%) -
  Ohio 2 (11%) - 8 (16%) -
  Wisconsin 2 (11%) - 4 (8%) -
  Missouri 1 (6%) - 4 (8%) -
  Minnesota 1 (6%) - 4 (8%) -
  Florida 2 (11%) - 3 (6%) -
  Texas - - 3 (6%) -
  Georgia 2 (11%) - 2 (4%) -
  Alabama 2 (11%) - 2 (4%) -
  Indiana 1 (6%) - 2 (4%) -
  California 1 (6%) - 2 (4%) -
  Tennessee - - 2 (4%) -
  Vermont 1 (6%) - 1 (2%) -
  Oregon 1 (6%) - 1 (2%) -
  North Carolina 1 (6%) - 1 (2%) -
  Colorado - - 1 (2%) -
Total 18 - 51 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 8 (44%) - 30 (59%) -
Growth Capital 6 (33%) - 7 (14%) -
Secondary Buyout 4 (22%) - 6 (12%) -
Stake Purchase - - 5 (10%) -
Consolidation - - 2 (4%) -
Divestiture - - 1 (2%) -
Total 18 - 51 -

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (45%) 315M (54%)
Trade Sale - Public Company 7 (23%) 263M (46%)
Trade Sale 7 (23%) -
Unknown 2 (6%) -
Recapitalization 1 (3%) -
Total 31 $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
PE Firm(s)
89%
8 89%
Strategic(s)
11%
1 11%
Exited to
PE Firm(s)
65%
24 65%
Strategic(s)
35%
13 35%

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