M&A Deal Summary

PennantPark Investment, Norwest Mezzanine Partners and Sentinel Capital Partners Acquires ECM Industries

On December 13, 2013, lender PennantPark Investment Corp., mezzanine finance firm Norwest Mezzanine Partners and private equity firm Sentinel Capital Partners acquired electrical equipment company ECM Industries LLC from Enerpac Tool Group Corp. for 258M USD

Acquisition Highlights
  • This is PennantPark Investment’s 1st, Norwest Mezzanine Partners’ 1st and Sentinel Capital Partners’ 2nd transaction in the Electrical Equipment sector.
  • This is PennantPark Investment’s 2nd, Norwest Mezzanine Partners’ 2nd and Sentinel Capital Partners’ 2nd largest (disclosed) transaction.
  • This is PennantPark Investment’s 15th, Norwest Mezzanine Partners’ 52nd and Sentinel Capital Partners’ 44th transaction in the United States.
  • This is PennantPark Investment’s 1st, Norwest Mezzanine Partners’ 2nd and Sentinel Capital Partners’ 3rd transaction in Wisconsin.
Investment Fate
  • ECM Industries was sold to a financial buyer in 2017.
  • ECM Industries was sold to a consortium of financial buyers in 2019.

M&A Deal Summary

Date 2013-12-13
Target ECM Industries LLC
Sector Electrical Equipment
Buyer(s) PennantPark Investment Corp.
Norwest Mezzanine Partners
Sentinel Capital Partners
Sellers(s) Enerpac Tool Group Corp.
Deal Type Divestiture
Deal Value 258M USD

Target

ECM Industries LLC

New Berlin, Wisconsin, United States
website
ECM Industries is a manufacturer and supplier of electrical products for construction, maintenance, lighting, irrigation, landscape supply, and gas utility markets. ECM Industries is based in New Berlin, Wisconsin.

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Buyer(S) 3

Buyer

PennantPark Investment Corp.

Investor Investor Investor Investor Investor

website


Category Lender
Founded 2007
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 15 of 21
Sector (Electrical Equipment) 1 of 1
Type (Divestiture) 2 of 3
State (Wisconsin) 1 of 1
Country (United States) 15 of 21
Year (2013) 1 of 1
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-13 Vestcom, Inc.

Little Rock, Arkansas, United States

Vestcom is a provider of technology-enabled shelf-edge media solutions to the retail and consumer products industry. The company offers an array of solutions including customized shelf-edge labels, branding and promotional content labels, and shelf-edge strips with product information. Vestcom was founded in 1996 and is based in Little Rock, Arkansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-03 JA Cosmetics Corp.

New York, New York, United States

JA Cosmetics Corp. is a developer and marketer of high quality, "extreme value" priced color cosmetics products sold online and through retailers such as Target, Kmart and Dollar General. JA Cosmetics Corp. was established in 2004 and is based in New York city.

Buy -
Buyer

Norwest Mezzanine Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 2.2B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Norwest Mezzanine Partners (NMP) is an independent investment firm focused on providing junior capital to support transactions initiated by private equity sponsors. NMP looks to commit up to $50 million per investment. Prospective transaction situations can include buyouts, acquisitions, leveraged buildups or consolidations, recapitalizations, and going privates. NMP will consider opportunities in a wide range of industries, including distribution, manufacturing, healthcare, and consumer products. Norwest Mezzanine Partners is affiliated with private equity firm Norwest Equity Partners. NMP was formed in 2000 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 54 of 84
Sector (Electrical Equipment) 1 of 2
Type (Divestiture) 5 of 6
State (Wisconsin) 2 of 4
Country (United States) 52 of 81
Year (2013) 2 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-05 Avtron Aerospace, Inc.

Cleveland, Ohio, United States

Avtron Aerospace, Inc. is a designer and manufacturer of electrical, electronic, and hydraulic aircraft component test solutions for the global commercial and military aerospace markets. Avtron Aerospace was founded in 1953 and is based in Cleveland, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-27 Hospitality Staffing Solutions LLC

Atlanta, Georgia, United States

Hospitality Staffing Solutions LLC is a provider of outsourced housekeeping and related services to the hospitality sector in the United States. With operations in 38 states and Puerto Rico, HSS provides a comprehensive suite of services, including housekeeping, food service, laundry, and groundskeeping, as well as outsourcing solutions for day-to-day management responsibilities, including hiring, training, and payroll. Founded in 1990, the company currently supports more than 1,000 properties in 75 markets.

Sell -
Buyer

Sentinel Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1995
PE ASSETS 60.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Sentinel Capital Partners is a private equity firm that targets investments in middle-market companies with strong management and 'attractive growth prospects'. Sentinel looks to invest up to $175 million of equity in companies generating EBITDA of up to $65 million. Sectors of interest include business services/outsourcing, consumer products and services, food and restaurants, franchising, and manufacturing. Prospective transaction situations include management buyouts, recapitalizations, corporate divestitures, take-privates, and growth capital financings. Sentinel Capital Partners was formed in 1995 and is based in New York City.


DEAL STATS #
Overall 48 of 87
Sector (Electrical Equipment) 2 of 5
Type (Divestiture) 4 of 5
State (Wisconsin) 3 of 5
Country (United States) 44 of 80
Year (2013) 2 of 2
Size (of disclosed) 2 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-03 ECI LLC

Elon, North Carolina, United States

RegO is a designer and manufactures a comprehensive range of flow control valves and regulators that are sold to domestic and international markets under the RegO and Goddard brand names. RegO was formed in 1908 and is based in Elon, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-24 Checkers Drive-In Restaurants, Inc.

Tampa, Florida, United States

Checkers/Rally’s Drive-In Restaurants, Inc. is the largest double drive-thru restaurant chain in the United States. The company develops, owns, operates and franchises both Checkers and Rally’s® restaurants. Based in Tampa, Florida, it has almost 800 restaurants open across the U.S. In recent years, the brand has been awarded several of the industry’s most prestigious awards including: “Best Drive-Thru in America” by QSR Magazine and the “Hot! Again Award” from Nation’s Restaurant News.

Buy -

Seller(S) 1

SELLER

Enerpac Tool Group Corp.

Menomonee Falls, Wisconsin, United States

website


Category Company
Founded 1910
SectorMachinery
Employees2,300
Revenue 493M USD (2020)
DESCRIPTION
Entrance to Actuant's corporate headquarters in Menomonee Falls, Wisconsin.
Entrance to Actuant's corporate headquarters in Menomonee Falls, Wisconsin.

Enerpac Tool Group is a premier industrial tools and services company serving a broad and diverse set of customers in more than 90 countries. Enerpac Tool Group businesses are in high-pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world. Enerpac Tool Group was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin.


DEAL STATS #
Overall 3 of 8
Sector (Electrical Equipment) 2 of 3
Type (Divestiture) 3 of 8
State (Wisconsin) 1 of 2
Country (United States) 2 of 5
Year (2013) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-02 Viking SeaTech Ltd.

Aberdeen, United Kingdom

Viking SeaTech Ltd. is an offshore support specialist providing a comprehensive range of equipment and services to the offshore oil and gas industry. Viking serves customers globally with its primary markets in the North Sea (U.K. and Norway) and Australia.

Buy $225M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-30 Hayes Industries Ltd.

Sugar Land, Texas, United States

Hayes Industries Ltd. is a custom and high volume commodity manufacturer of multiple niche, customer specific, American-made products. Hayes service a wide variety of industries, including construction, geophysical, oil, defense, and consumer markets.

Buy $31M