M&A Deal Summary

TGF Management, PPM America Capital Partners, Weston Presidio, Harvest Partners and Investcorp International Acquires Associated Materials

On April 1, 2002, private equity firm TGF Management Corp., private equity firm PPM America Capital Partners, private equity firm Weston Presidio, private equity firm Harvest Partners LLC and asset manager Investcorp International, Inc. acquired building materials company Associated Materials, Inc. for 436M USD

Acquisition Highlights
  • This is TGF Management’s 2nd, PPM America Capital Partners’ 1st, Weston Presidio’s 1st, Harvest Partners’ 1st and Investcorp International’s 2nd transaction in the Building Materials sector.
  • This is TGF Management’s 1st, PPM America Capital Partners’ 1st, Weston Presidio’s 3rd, Harvest Partners’ 2nd and Investcorp International’s 11th largest (disclosed) transaction.
  • This is TGF Management’s 15th, PPM America Capital Partners’ 1st, Weston Presidio’s 9th, Harvest Partners’ 3rd and Investcorp International’s 25th transaction in the United States.
  • This is TGF Management’s 2nd, PPM America Capital Partners’ 1st, Weston Presidio’s 1st, Harvest Partners’ 1st and Investcorp International’s 1st transaction in Ohio.
Investment Fate
  • Associated Materials was sold to a financial buyer in 2010 for 1.3B USD.

M&A Deal Summary

Date 2002-04-01
Target Associated Materials, Inc.
Sector Building Materials
Buyer(s) TGF Management Corp.
PPM America Capital Partners
Weston Presidio
Harvest Partners LLC
Investcorp International, Inc.
Deal Type Going Private
Deal Value 436M USD

Target

Associated Materials, Inc.

Cuyahoga Falls, Ohio, United States
website
Associated Materials, Inc. is a manufacturer of exterior residential building products, which are distributed through company-owned distribution centers and independent distributors across North America.

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Buyer(S) 5

Buyer

TGF Management Corp.

Austin, Texas, United States

website


Category Private Equity Firm
Founded 1992
PE ASSETS 700M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

TGF Management is a private equity firm focused on management buyouts and recapitalizations of profitable, middle-market companies generating sales of $50 to $250 million and EBITDA of $5 of $25 million. Areas of interest include manufacturing, distribution, construction, industrial service, outsourced business services, food, and consumer products. TGF's target investment size is $25 to $100 million and the Firm's geographic focus is on opportunities in the Southwest US. TGF will not invest in oil/gas exploration and production companies, real estate, and businesses with 'significant technology risk'. TGF Management was formed in 1992 and is based in Austin, Texas.


DEAL STATS #
Overall 15 of 22
Sector (Building Materials) 2 of 3
Type (Going Private) 2 of 2
State (Ohio) 2 of 2
Country (United States) 15 of 22
Year (2002) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-12-20 NetSpend Holdings, Inc.

Austin, Texas, United States

NetSpend Holdings, Inc. is a provider of reloadable prepaid debit cards and related financial services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-06-05 Veridian Corp.

Arlington, Virginia, United States

Veridian Corp. is a provider of information technology and network security and applied science and engineering services to the U.S. intelligence community and military services, and to the civilian and commercial sectors.

Sell -
Buyer

PPM America Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1991
PE ASSETS 3.9B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

PPM America Capital Partners (PPMACP) is the private equity investment arm of PPM America, an indirect subsidiary of Prudential plc. PPMACP actively pursues private equity co-investments in management buyout, recapitalizations, industry build-up, and growth equity transactions. PPMACP generally looks to commit $15 to $50 million in businesses valued up to $1 billion. PPMACP is based in Chicago, Illinois.


DEAL STATS #
Overall 1 of 4
Sector (Building Materials) 1 of 1
Type (Going Private) 1 of 1
State (Ohio) 1 of 2
Country (United States) 1 of 4
Year (2002) 1 of 2
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-05-01 Dr. Leonard's Healthcare Corp.

Edison, New Jersey, United States

Dr. Leonard's Healthcare Corp. is an online mail retailer of home healthcare, comfort and convenience products.

Buy -
Buyer

Weston Presidio

Boston, Massachusetts, United States

Investor Investor

website


Category Private Equity Firm
Founded 1991
PE ASSETS 3.3B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Weston Presidio is a private investment firm focused on providing growth capital to later stage companies. The Firm looks to commit $10 to $50 million per investment to support growth initiatives, recapitalizations, and management-led buyouts. Sectors of interest include consumer products/services, business services, manufacturing and industrial, media/publishing, healthcare and technology. The Firm prefers to act as the lead investor, but will consider investing in select non-control minority positions. Weston Presidio was formed in 1991 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 9 of 45
Sector (Building Materials) 1 of 3
Type (Going Private) 1 of 3
State (Ohio) 1 of 2
Country (United States) 9 of 44
Year (2002) 1 of 3
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-05-08 BlueArc Corp.

San Jose, California, United States

BlueArc Corp. is a provider of the performance and scalable enterprise-class network attached storage systems. BlueArc Corporation delivers the world's highest-performance and most scalable enterprise-class network attached storage (NAS) systems.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-04-12 JetBlue Airways Corp.

Long Island City, New York, United States

JetBlue is a low-fare, low-cost passenger airline serving US business and leisure travelers. JetBlue Airways was formed in 1998 and is based in Long Island City, New York.

Sell -
Buyer

Harvest Partners LLC

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest up to $100 million in consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.


DEAL STATS #
Overall 3 of 44
Sector (Building Materials) 1 of 3
Type (Going Private) 1 of 2
State (Ohio) 1 of 6
Country (United States) 3 of 42
Year (2002) 1 of 2
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-05-17 Williams Industrial Services Group, Inc.

Tucker, Georgia, United States

Williams is a designer, engineer and manufacturer of auxiliary equipment for gas turbines used in power plants and a variety of industrial applications. Williams was founded in 1998 and is based in Tucker, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-08-01 Home Care Supply, Inc.

Beaumont, Texas, United States

Home Care Supply, Inc. is a provider of durable medical, respiratory therapy and rehabilitation equipment and supplies to home-bound patients. Harvest partnered with the senior executives of a successful prior portfolio company, Taylor Medical, to form Home Care Supply in 1998.

Buy $145M
Buyer

Investcorp International, Inc.

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1982
PE ASSETS 21.4B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Investcorp International, Inc. is a publicly traded global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.


DEAL STATS #
Overall 38 of 152
Sector (Building Materials) 2 of 7
Type (Going Private) 1 of 1
State (Ohio) 1 of 3
Country (United States) 25 of 75
Year (2002) 1 of 6
Size (of disclosed) 11 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-12-19 Stahl Holdings BV

Waalwijk, Netherlands

Stahl is producer of chemicals for leather products; next to this, Stahl produces polymers and performance coatings for a variety of substrates such as textile, paper, plastics, rubber, metal and wood. Stahl offers a wide range of solutions to the automotive, shoe, apparel & accessories and home interior sectors, and for industrial applications.

Buy €375M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-06-11 PortalPlayer LLC

San Jose, California, United States

PortalPlayer offers a base platform for next generation entertainment products such as portable digital music devices, general audio systems and streaming audio receivers, using MP3 and other popular digital compression technologies, tightly integrated with e-commerce and digital rights management.

Buy $42M