M&A Deal Summary

The Gladstone Companies Acquires Behrens Manufacturing

On December 16, 2013, lender The Gladstone Companies acquired manufacturer Behrens Manufacturing from The Mendota Group and Capital For Business for 18M USD

Acquisition Highlights
  • This is The Gladstone Companies’ 4th transaction in the Manufacturing sector.
  • This is The Gladstone Companies’ 3rd largest (disclosed) transaction.
  • This is The Gladstone Companies’ 14th transaction in the United States.
  • This is The Gladstone Companies’ 1st transaction in Minnesota.
Investment Fate
  • Behrens Manufacturing was sold to a consortium of financial buyers in 2016.

M&A Deal Summary

Date 2013-12-16
Target Behrens Manufacturing
Sector Manufacturing
Buyer(s) The Gladstone Companies
Sellers(s) The Mendota Group
Capital For Business
Deal Type Secondary Buyout
Deal Value 18M USD

Target

Behrens Manufacturing

Winona, Minnesota, United States
website
Behrens Manufacturing is a manufacturer and distributor of galvanized and metalware products that are sold primarily in home improvement, automotive, and hardware stores. Products produced by the company include a variety of galvanized steel products such as pails, garbage cans, utility tubs, planters, and funnels as well as other products for the promotional and advertising premium markets. Behrens Manufacturing was founded in 1911 and is based in Winona, Minnesota.

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Buyer(S) 1

Buyer

The Gladstone Companies

Investor Investor Investor Investor Investor

website


Category Lender
Founded 2001
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Gladstone Companies manages a series of publicly traded investment vehicles and looks to make debt and equity investments in US-based small to middle-market businesses. The Firm focuses on second lien debt, mezzanine debt, secured and unsecured subordinated loans, equity and real estate sale leasebacks. Target investments generally range from $5 to $30 million in companies with over $3 million in EBITDA. Target sectors include manufacturing, industrial products, business and government Services, media, communications, consumer products and services, healthcare services, transportation, specialty chemicals, and energy services. The Gladstone Companies was formed in 2001 and is based in McLean, Virginia.


DEAL STATS #
Overall 14 of 23
Sector (Manufacturing) 4 of 5
Type (Secondary Buyout) 6 of 7
State (Minnesota) 1 of 1
Country (United States) 14 of 23
Year (2013) 3 of 3
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-02 J.America

Fowlerville, Michigan, United States

J.America, Inc. is a provider of licensed decorated and undecorated apparel and headwear, which is sold to distribution channels, including specialty college and resort retailers, military exchanges, mid-tier and mass retailers, sporting goods stores, farm & fleet retailers, and through wholesale distributors and decorators that service the imprinted sportswear market across the country. J.America was founded in 1992 and is based in Fowlerville, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-20 Head Country

Ponca City, Oklahoma, United States

Head Country is a manufacturer of BBQ sauce brand with three BBQ sauce flavors currently as well as seasonings and marinades. Head Country was formed in 1980 and is based in Ponca City, Oklahoma.

Buy -

Seller(S) 2

SELLER

The Mendota Group

Madison, Wisconsin, United States

website


Category Private Equity Firm
Founded 2000
Size Small
Type Sector Focused
DESCRIPTION

The Mendota Group is a private investment firm that targets Midwest US-based investments in low to medium technology manufacturing, distribution, and service-related companies. Prospective acquisitions are either privately owned or subsidiaries/divisions of publicly owned companies. Mendota typically seeks businesses with revenues between $5 and $20 million and valued less then $20 million. The Mendota Group is based in Madison, Wisconsin.


DEAL STATS #
Overall 2 of 3
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 1 of 1
State (Minnesota) 1 of 2
Country (United States) 2 of 3
Year (2013) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-25 Door Engineering & Manufacturing

Kasota, Minnesota, United States

Door Engineering & Manufacturing LLC is a manufacturer of custom design and engineered doors for specialty industrial applications, the aviation industry, governmental sectors and agribusiness. Products manufactured include; Bottom Rolling Hanger Doors, Four-Fold and Bi-Fold Doors, Craneway Doors, Vertical Lift Doors, Fire Doors, Industrial Sliding Doors and Clean Room Doors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-03 Door Engineering & Manufacturing

Kasota, Minnesota, United States

Door Engineering & Manufacturing LLC is a manufacturer of custom design and engineered doors for specialty industrial applications, the aviation industry, governmental sectors and agribusiness. Products manufactured include; Bottom Rolling Hanger Doors, Four-Fold and Bi-Fold Doors, Craneway Doors, Vertical Lift Doors, Fire Doors, Industrial Sliding Doors and Clean Room Doors.

Sell -
SELLER

Capital For Business

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1959
PE ASSETS 150M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Capital for Business (CFB) is a private investment firm focused on providing junior capital to growing lower middle-market companies with at least $8 million in sales. CFB targets businesses serving niche consumer, commercial, distribution, manufacturing, and service markets throughout the United States. Funds are typically used to support management buyouts, leveraged buyouts, recapitalizations, corporate divestitures, growth financings, and going-private transactions. CFB will not invest in start-ups, turnarounds, unproven technologies, biotech, real estate, and financial institutions. Capital for Business was founded in 1959 and is headquartered in St. Louis, Missouri.


DEAL STATS #
Overall 5 of 17
Sector (Manufacturing) 2 of 6
Type (Secondary Buyout) 2 of 5
State (Minnesota) 1 of 2
Country (United States) 5 of 17
Year (2013) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-28 Detroit Tool Metal Products

Lebanon, Missouri, United States

Detroit Tool Metal Products Co. is a manufacturer of precision metal stampings and fabricated components for a broad range of industries and applications. DTMP serves a diversified group of industries including, but not limited to, agriculture, appliance, heavy truck, medium truck, lawn, and garden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-16 Whitworth Tool

Hardinsburg, Kentucky, United States

Whitworth Tool specializes in two primary types of business - precision parts manufacturing (both long and short run) and quick turn-around tool & die emergency repair and new tool manufacturing. Whitworth Tool was founded in 1998 and is based in Hardinsburg, Kentucky.

Buy -