Pfingsten Partners Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Pfingsten Partners has acquired 1 company. It has also invested in 6 others.

Pfingsten Partners’ most common sectors for investment areelectrical equipment (15%) and distribution (13%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (54%) and growth capital (19%). In total, Pfingsten Partners has invested in 21 US states.

In the last 3 years, Pfingsten Partners has exited 9 companies. The Firm’s most common exit type is trade sale (42%). Pfingsten Partners’ largest (disclosed) exit occurred in 2022 when it sold Dynapower Company for $580M.

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M&A Summary

  • M&A Total Activity90
    • M&A Buy Activity54
    • M&A Sell Activity36
  • Total Sectors Invested 18
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 24
  • 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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.0/yr) # 44 3 3 - 2 2 54
Sell (1.8/yr) # 27 - 6 - 1 2 36
vol $578M $580M $1.2B
  90

Most Recent M&A

Company Date Value Type
Fowler High Precision 2022-09-07 - Growth Capital
Canton, Massachusetts · www.fowlerprecision.com
Oliver, Inc. 2022-07-08 - Secondary Buyout
Twinsburg, Ohio · www.oliverinc.com
Dynapower Company LLC 2022-04-26 580M USD Add-on Acquisition
South Burlington, Vermont · www.dynapower.com
Fairbank Equipment, Inc. 2022-01-06 - Secondary Buyout
Wichita, Kansas · www.fairbankequipment.com
New England Electrical Contracting LLC 2021-10-20 - Growth Capital
Kingston, Massachusetts
Crane 1 Services, Inc. 2021-08-16 - Secondary Buyout
Miamisburg, Ohio · www.crane1.com
Omega Systems LLC 2021-03-15 - Growth Capital
Reading, Pennsylvania · www.omegasystemscorp.com
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
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Electrical Equipment 2 (14%) - 8 (15%) -
Distribution 2 (14%) - 7 (13%) -
Machinery - - 6 (11%) -
Business Services 1 (7%) - 5 (9%) -
Manufacturing 2 (14%) - 5 (9%) -
Energy Services and Equipment 1 (7%) - 3 (6%) -
Publishing - - 3 (6%) -
Technology Hardware 2 (14%) - 3 (6%) -
Building Materials - - 2 (4%) -
Furniture 1 (7%) - 2 (4%) -
Marketing 1 (7%) - 2 (4%) -
Medical Products - - 2 (4%) -
Automotive - - 1 (2%) -
Food - - 1 (2%) -
Information Technology 1 (7%) - 1 (2%) -
Packaging - - 1 (2%) -
Safety/Security - - 1 (2%) -
Test/Measurement Equipment 1 (7%) - 1 (2%) -
Total 14 - 54 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (100%) - 54 (100%) -
  Illinois - - 10 (19%) -
  Ohio - - 8 (15%) -
  Wisconsin 2 (14%) - 4 (7%) -
  Minnesota 1 (7%) - 4 (7%) -
  California 2 (14%) - 3 (6%) -
  Florida 1 (7%) - 3 (6%) -
  Texas - - 3 (6%) -
  Missouri - - 3 (6%) -
  Massachusetts 2 (14%) - 2 (4%) -
  Alabama 2 (14%) - 2 (4%) -
  Tennessee - - 2 (4%) -
  Pennsylvania 1 (7%) - 1 (2%) -
  Oregon 1 (7%) - 1 (2%) -
  North Carolina 1 (7%) - 1 (2%) -
  Kansas 1 (7%) - 1 (2%) -
  Vermont - - 1 (2%) -
  Michigan - - 1 (2%) -
  Indiana - - 1 (2%) -
  Georgia - - 1 (2%) -
  Colorado - - 1 (2%) -
Total 14 - 54 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (29%) - 29 (54%) -
Growth Capital 9 (64%) - 10 (19%) -
Secondary Buyout 1 (7%) - 7 (13%) -
Stake Purchase - - 5 (9%) -
Consolidation - - 2 (4%) -
Divestiture - - 1 (2%) -
Total 14 - 54 -

Exits by Deal Type

Type Total # Value
Secondary Sale 16 (44%) 315M (27%)
Trade Sale 9 (25%) -
Trade Sale - Public Company 8 (22%) 843M (73%)
Unknown 2 (6%) -
Recapitalization 1 (3%) -
Total 36 $1.2B

Top M&A Advisors

Financial Deals
Lincoln International
1
Harris Williams & Co.
1
The Jordan, Edmiston Group, Inc. (JEGI)
1
Legal Deals
Paul Hastings LLP
4
Katten Muchin Rosenman LLP
1

Deal Values

sell # Total
$100M to $1B 3 $1.0B
< $100M 2 $135M
TOTAL $1.2B
Largest Dynapower Company LLC
$580M (2022-04-26)

M&A Connections

Deals
Acquired from
Investor(s)
15%
8 (15%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
44%
16 (44%)
Strategic(s)
44%
16 (44%)

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