M&A Deal Summary

Advantech Acquires B+B SmartWorx

On November 16, 2015, Advantech acquired electronics company B+B SmartWorx from Graham Partners, Golub Capital and Inverness Graham Investments for 100M USD

Acquisition Highlights
  • This is Advantech’s 1st transaction in the Electronics sector.
  • This is Advantech’s largest (disclosed) transaction.
  • This is Advantech’s 1st transaction in the United States.
  • This is Advantech’s 1st transaction in Illinois.

M&A Deal Summary

Date 2015-11-16
Target B+B SmartWorx
Sector Electronics
Buyer(s) Advantech
Sellers(s) Graham Partners
Golub Capital
Inverness Graham Investments
Deal Type Add-on Acquisition
Deal Value 100M USD

Target

B+B SmartWorx

Ottawa, Illinois, United States
B+B SmartWorx designs and manufactures wired and wireless industrial networking and device connectivity solutions. B+B’s products allow customers to network-enable legacy equipment, extend network connections, or embed network connectivity into applications where reliability in rugged or hostile environments is critical.

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Buyer(S) 1

Buyer

Advantech

Taipei City, Taiwan

Category Company
Founded 1981
Sector Technology Hardware
Revenue 64.6B TWD (2023)
DESCRIPTION

Advantech offers comprehensive system integration, hardware, software, customer-centric design services, and global logistics support; all backed by industry-leading front and back office e-business solutions. Advantech was founded in 1981 and is based in Taipei, Taiwan.


DEAL STATS #
Overall 1 of 1
Sector (Electronics) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Illinois) 1 of 1
Country (United States) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 3

SELLER

Graham Partners

Newtown Square, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Graham Partners is a private equity that targets middle market industrial and manufacturing companies. The Firm seeks to invest in businesses based in the US and also consider investments in Canada and Western Europe. Graham Partners focuses on strong growth potential companies with high return on invested capital, led by experienced management teams in revenues between $30 - $500 million and EBITDA between $10 million and $50 million. The firm typically invests between $10 million and $100 million in equity and the balance via debt and can invest higher than $100 million through co-investments. Broad areas of interest include building products, water management, medical products, consumer products, packaged food & beverage, packaging, aerospace/defense, agriculture, capital equipment, energy related products, home and outdoor, sports and leisure, and transportation services. Prospective transaction types include MBOs, recapitalization and growth capital financing. Graham Partners is an affiliate of The Graham Group was formed in 1988 and is based in Newton Square, Pennsylvania.


DEAL STATS #
Overall 16 of 37
Sector (Electronics) 1 of 1
Type (Add-on Acquisition) 6 of 14
State (Illinois) 1 of 1
Country (United States) 14 of 34
Year (2015) 2 of 3
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-28 Infiltrator Water Technologies

Old Saybrook, Connecticut, United States

Infiltrator Water Technologies LLC is a manufacturer of products for the water and wastewater industries. Infiltrator manufactures a variety of revolutionary products and innovative, environmentally friendly alternatives to traditional stone and pipe leachfield and concrete septic wastewater system components. Infiltrator Water Technologies LLC was founded in 1987 and is based in Old Saybrook, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-09 SP Industries

Warminster, Pennsylvania, United States

SP Industries is a manufacturer of specialty equipment, scientific glassware, and laboratory and lab safety supplies serving the pharmaceutical, biotechnology, educational, industrial, and OEM markets. SP Industries is based in Warminster, Pennsylvania.

Sell -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 11 of 41
Sector (Electronics) 1 of 1
Type (Add-on Acquisition) 4 of 19
State (Illinois) 1 of 2
Country (United States) 11 of 39
Year (2015) 2 of 2
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-16 J. Mclaughlin

Brooklyn, New York, United States

J. Mclaughlin is a designer, marketer and multi-channel retailer of classic American sportswear with modern relevance. J. Mclaughlin was founded in 1977 and is based in Brooklyn, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-08 Quickbase

Cambridge, Massachusetts, United States

Quickbase provides a cloud-based platform that empowers problem solvers to quickly turn ideas for better ways to work into apps that make their organizations more efficient. Quickbase was founded in 1999 and is based in Cambridge, Massachusetts.

Buy -
SELLER

Inverness Graham Investments

Newtown Square, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Inverness Graham Investments is the private equity arm of The Graham Group. The Firm looks to make controlling investments in lower mid-market companies throughout the US. Inverness targets capital-efficient businesses with strong/sustainable cash flow, differentiated products, and operating in growing markets. The Firm seeks to commit $20 to $80 million in companies valued up to $75 million. Sectors of interest include aerospace/defense, biotech/pharmaceuticals, building materials, business services, consumer services, packaging, industrial equipment/components, electronic equipment, food/beverages, medical devices/supplies, energy & power products/services, specialty chemicals, and technology hardware. Prospective transaction situations include buyouts, growth capital financings, recapitalizations, consolidations, and divestitures. Inverness Graham Investments was formed in 2003 and is based in Philadelphia. The Firm has an additional office in Los Angeles.


DEAL STATS #
Overall 9 of 17
Sector (Electronics) 1 of 1
Type (Add-on Acquisition) 5 of 9
State (Illinois) 2 of 3
Country (United States) 9 of 17
Year (2015) 3 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-28 Infiltrator Water Technologies

Old Saybrook, Connecticut, United States

Infiltrator Water Technologies LLC is a manufacturer of products for the water and wastewater industries. Infiltrator manufactures a variety of revolutionary products and innovative, environmentally friendly alternatives to traditional stone and pipe leachfield and concrete septic wastewater system components. Infiltrator Water Technologies LLC was founded in 1987 and is based in Old Saybrook, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-02 Danville Materials

San Ramon, California, United States

Danville Materials, Inc. designs, formulates and manufactures a range of intra-oral air abrasion and micro-etching equipment as well as consumable dental materials used by dentists globally.

Sell -