M&A Deal Summary

The Cypress Group Acquires CPI

On January 26, 2004, private equity firm The Cypress Group acquired electrical equipment company CPI from Leonard Green & Partners and The Carlyle Group for 300M USD

Acquisition Highlights
  • This is The Cypress Group’s 2nd transaction in the Electrical Equipment sector.
  • This is The Cypress Group’s 7th largest (disclosed) transaction.
  • This is The Cypress Group’s 6th transaction in the United States.
  • This is The Cypress Group’s 2nd transaction in Texas.
Investment Fate
  • CPI was sold to a publicly-traded strategic buyer in 2008.
  • CPI was divested to a consortium of buyers in 2022.

M&A Deal Summary

Date 2004-01-26
Target CPI
Sector Electrical Equipment
Buyer(s) The Cypress Group
Sellers(s) Leonard Green & Partners
The Carlyle Group
Deal Type Secondary Buyout
Deal Value 300M USD

Target

CPI

Plano, Texas, United States
CPI is a designer and manufacturer of electronic components, subsystems and antenna systems for the communications, government, medical and scientific markets. CPI provides technology solutions used in the generation, transmission and reception of signals used in both commercial (broadband internet, in‐flight connectivity) and government (earth observation, satellite communications) applications. CPI was founded in 1995 and is based in Plano, Texas.

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Buyer(S) 1

Buyer

The Cypress Group

New York, New York, United States

Category Private Equity Firm
Founded 1989
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Cypress Group is a private equity firm that acquires businesses in a range of industries. Broad sectors of interest include consumer services, financial services, and manufacturing. The Cypress Group was formed in 1989 and is headquartered in New York, New York.


DEAL STATS #
Overall 9 of 12
Sector: Electrical Equipment M&A 2 of 2
Type: Secondary Buyout M&A Deals 3 of 3
State: Texas M&A 2 of 3
Country: United States M&A 6 of 9
Year: 2004 M&A 1 of 3
Size (of disclosed) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 American Marketing Industries

Independence, Montana, United States

American Marketing Industries Inc. manufactures and markets apparels.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-04 Cinemark

Plano, Texas, United States

Cinemark is an operator of movie theaters in the United States, or U.S., Brazil, Argentina, Chile, Colombia, Peru, Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, Guatemala, Bolivia, Curacao and Paraguay. Cinemark was incorporated in 1984 and is based in Plano, Texas.

Buy $1.5B

Seller(S) 2

SELLER

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.


DEAL STATS #
Overall 3 of 55
Sector: Electrical Equipment M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 19
State: Texas M&A 1 of 9
Country: United States M&A 3 of 52
Year: 2004 M&A 1 of 2
Size (of disclosed) 12 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Jetro

College Point, New York, United States

Jetro is a wholesale cash and carry in the United States, serving grocery retailers and foodservice operators. The company operates two different warehouse formats, Restaurant Depot and Jetro Cash & Carry. Jetro was founded in 1976 and is based in College Point, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-01 White Cap

Norcross, Georgia, United States

White Cap is a distributor of specialty concrete and construction products. White Cap serves as a one-stop shop providing concrete accessories and chemicals, tools and equipment, building materials and fasteners, erosion and waterproofing and safety products to professional contractors by meeting their distinct and customized supply needs in non-residential, residential and industrial applications. White Cap was formed in 1976 and is based in Norcross, Georgia.

Sell -
SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 25 of 490
Sector: Electrical Equipment M&A 1 of 5
Type: Secondary Buyout M&A Deals 4 of 119
State: Texas M&A 1 of 38
Country: United States M&A 19 of 261
Year: 2004 M&A 1 of 24
Size (of disclosed) 85 of 138
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-12 Fennel Technologies AG

Loenhe, Germany

Fennel Technologies AG is a supplier of metal and plastic components for the automotive sector.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-02-01 Awaken

Beijing, China

Awaken Limited, through its Chinese subsidiary Since Times, deployed and operated China Mobile's Java infrastructure and provided value added services to mobile phone subscribers in China.

Buy -