M&A Deal Summary

Aavid Thermalloy Acquires Thermacore

On October 18, 2016, Aavid Thermalloy acquired manufacturer Thermacore from Pine Street Capital Partners and Bay Capital Investment Partners

Acquisition Highlights
  • This is Aavid Thermalloy’s 3rd transaction in the Manufacturing sector.
  • This is Aavid Thermalloy’s 4th transaction in the United States.
  • This is Aavid Thermalloy’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2016-10-18
Target Thermacore
Sector Manufacturing
Buyer(s) Aavid Thermalloy
Sellers(s) Pine Street Capital Partners
Bay Capital Investment Partners
Deal Type Add-on Acquisition
Advisor(s) Stifel, Nicolaus & Co., Inc. (Financial)
Barley Snyder (Legal)

Target

Thermacore

Lancaster, Pennsylvania, United States
Thermacore, Inc. is specializes in the design, development and manufacturing of high performance thermal management systems and components for the computer, military, aerospace, energy conversion, medical, and telecommunications markets.

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Buyer(S) 1

Buyer

Aavid Thermalloy

Concord, New Hampshire, United States
Category Company
Founded 1964
Sector Electrical Equipment
DESCRIPTION

Aavid Thermalloy provides a broad range of technologically advanced thermal management solutions for aerospace and defense, telecommunication, LED lighting, server, data center, consumer electronics, transportation, and industrial applications to customers all over the world. Aavid Thermalloy is based in Concord, New Hampshire.

DEAL STATS #
Overall 6 of 6
Sector (Manufacturing) 3 of 3
Type (Add-on Acquisition) 5 of 5
State (Pennsylvania) 1 of 1
Country (United States) 4 of 4
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-12 Niagara Thermal Products

Niagara Falls, New York, United States

Niagara Thermal Products LLC is a manufacturer and marketer of specialty heat removal systems such as heat sinks, thermal heat exchangers and fin materials.

Buy -

Seller(S) 2

SELLER

Pine Street Capital Partners

Albany, New York, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2004
PE ASSETS 425M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pine Street Capital Partners (PSCP) provides mezzanine capital to small and medium-sized private and public companies. PSCP will consider investments from $3 to $15 million in companies generating at least $10 million of sales. Target sectors include manufacturing, business services, consumer products, healthcare and media. PSCP prefers investments in the Northeast and Mid-Atlantic regions of the US, but will consider opportunities nationwide. Investment funds are typically used to support strategic acquisitions, growth, management and employee buyouts, and leveraged recapitalization. PSCP will not invest in the real estate, biotech and oil & gas industries. Pine Street Capital Partners was formed in 2004 and is based in Albany, New York.

DEAL STATS #
Overall 6 of 16
Sector (Manufacturing) 1 of 3
Type (Add-on Acquisition) 2 of 5
State (Pennsylvania) 1 of 1
Country (United States) 6 of 16
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-22 Adaptec Solutions

Rochester, New York, United States

Adaptec Solutions is a designer, integrator, and value-added distributor of material handling and automation solutions for the grocery, food & beverage, industrial, personal care, and automotive markets. Adaptec Solutions was founded in 1977 and is based in Rochester, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-20 Merrill Industries

Ellington, Connecticut, United States

Merrill Industries is a manufacturer and sells high-quality corrugated and solid fiber packaging products, and resells packing filler materials such as foam and plastic inserts. Merrill Industries is based in Ellington, Connecticut.

Sell -
SELLER

Bay Capital Investment Partners

Category Mezzanine Finance Firm
Founded 2007
Size Small
Type Sector Agnostic
DESCRIPTION

Bay Capital Investment Partners is a private investment group that provides senior debt, subordinated debt, mezzanine capital and equity capital to facilitate acquisitions, management buyouts and recapitalizations and to provide growth capital. The Firm is sector agnostic however generally prefers companies in the Eastern US. Bay Capital Investment Partners was established in 2007 and is headquartered in Providence, Rhode Island.

DEAL STATS #
Overall 2 of 5
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 1 of 3
State (Pennsylvania) 1 of 1
Country (United States) 2 of 5
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-16 Certica Solutions

Wakefield, Massachusetts, United States

Certica Solutions, Inc. provides an education technology platform, content and data solutions that enable K-12 educators and administrators to improve instructional and organizational performance. Certica partners with a diverse network of education technology companies, publishers and assessment providers; and delivers solutions directly to over 500 school districts, charter schools and educational service agencies. Certica Solutions was founded in 2000 and is based in Wakefield, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-01 Claris Vision

Warwick, Rhode Island, United States

Koch Eye Associates, Inc. is a provider of eye care and surgical practices, with twenty doctors treating patients at eight office locations, three laser vision centers, and a surgery center. Koch Eye Associates was founded in 1981 and is based in Warwick, Rhode Island.

Sell -
Mergr

Product

Company

Legal