M&A Deal Summary

Saratoga Partners Acquires Formica

On September 1, 1989, merchant bank Saratoga Partners acquired building materials company Formica for 405M USD

Acquisition Highlights
  • This is Saratoga Partners’ 1st transaction in the Building Materials sector.
  • This is Saratoga Partners’ largest (disclosed) transaction.
  • This is Saratoga Partners’ 3rd transaction in the United States.
  • This is Saratoga Partners’ 1st transaction in Ohio.
Investment Fate
  • Formica was sold to a strategic buyer in 1995 for 625M USD.
  • Formica was sold to a consortium of financial buyers in 1998.
  • Formica was sold to a strategic buyer in 2000.
  • Formica was sold to a strategic buyer in 2007.
  • Formica was divested to a consortium of strategic buyers in 2018 for 840M USD.

M&A Deal Summary
Date 1989-09-01
Target Formica
Sector Building Materials
Buyer(s) Saratoga Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 405M USD

Target

Formica

Cincinnati, Ohio, United States
website
Formica Corp. is a producer of high-pressure decorative laminates. Formica was founded in 1913 and is based in Cincinnati, Ohio.

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Buyer(S) 1

Buyer

Saratoga Partners

New York, New York, United States

Investor

website

Category Merchant Bank
Founded 1998
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Saratoga Partners is an independent private equity firm focused on investments in partnership with management in the manufacturing, business services and media and telecommunications industries. Saratoga pursues businesses valued from $50 to $400 million and generally acts as the lead investor. Target companies typically have leading market positions and operate in defensible niches with provide proprietary products. Prospective transaction situations include corporate buyouts, consolidations, and divestitures. Saratoga Partners dates back to 1984 and became independent in 1998. The Firm is based in New York City.

DEAL STATS #
Overall 3 of 19
Sector (Building Materials) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 3 of 8
State (Ohio) 1 of 3
Country (United States) 3 of 18
Year (1989) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1988-01-01 Viking Office Products

Los Angeles, California, United States

Viking Office Products, Inc., is a leading mail order seller of office supplies to small- and medium-sized businesses. The company relies on sophisticated computerized mailing systems to send customized catalogs to its potential buyers, and then provides them with a high level of customer service in order to keep their business. Founded as a small California stationery store, Viking began to expand dramatically in the mid-1980s and has attained high levels of revenue and income growth ever since.

Buy $66M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1992-06-26 CapMAC Holdings

United States

CapMAC Holdings, Inc. is a provider of software that unifies and coordinates robust voice and data communications and information sharing. The technology allows for seamless and concurrent communication, collaboration, information and application sharing among multiple business parties from computers to telephones to wireless devices. CapMAC Holdings is based in the United States.

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