M&A Deal Summary

Oak Hill Capital, Intermediate Capital Group and Aerostar Capital Acquire Firth Rixson

On November 10, 2007, private equity firm Oak Hill Capital, mezzanine finance firm Intermediate Capital Group and private equity firm Aerostar Capital acquired aerospace company Firth Rixson from The Carlyle Group for 945M GBP

Acquisition Highlights
  • This is Oak Hill Capital’s 2nd, Intermediate Capital Group’s 3rd and Aerostar Capital’s 1st transaction in the Aerospace sector.
  • This is Oak Hill Capital’s , Intermediate Capital Group’s 11th and Aerostar Capital’s 0th largest (disclosed) transaction.
  • This is Oak Hill Capital’s 2nd, Intermediate Capital Group’s 60th and Aerostar Capital’s 1st transaction in the United Kingdom.
Investment Fate
  • Firth Rixson was sold to a publicly-traded strategic buyer in 2014 for 2.9B USD.

M&A Deal Summary

Date 2007-11-10
Target Firth Rixson
Sector Aerospace
Buyer(s) Oak Hill Capital
Intermediate Capital Group
Aerostar Capital
Sellers(s) The Carlyle Group
Deal Type Secondary Buyout
Deal Value 945M GBP

Target

Firth Rixson

Sheffield, United Kingdom
Firth Rixson Ltd. is a supplier of highly engineered rings, industrial forgings and specialized metal products primarily to aerospace engine manufacturers, headquartered in East Hartford, Connecticut and Sheffield, England.

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Buyer(S) 3

Buyer

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


DEAL STATS #
Overall 31 of 76
Sector (Aerospace) 2 of 3
Type (Secondary Buyout) 5 of 25
Country (United Kingdom) 2 of 3
Year (2007) 6 of 8
Size (of disclosed) 1 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-25 TelecityGroup

London, United Kingdom

TelecityGroup is a provider of premium network-independent data centers in Europe. Data centres are its core business: It designs, builds and operates premium, highly connected and secure environments to house technical, web and IT infrastructure.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-22 Local TV

Ft. Wright, Kentucky, United States

Local TV is a major new platform of broadcast TV stations created by merging nine TV stations acquired from the New York Times Broadcast Media Group with eight TV stations acquired from News Corporation in July 2008.

Buy $1.1B
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 201 of 293
Sector (Aerospace) 3 of 3
Type (Secondary Buyout) 54 of 115
Country (United Kingdom) 60 of 80
Year (2007) 29 of 33
Size (of disclosed) 11 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-11 Global Garden Products

Castelfranco Veneto, Italy

Global Garden Products provides a powered garden equipment market leader with a particularly strong position in Italy, Scandinavia and the UK. Global Garden Products was founded in 2000 and is based in Castelfranco Veneto, Italy.

Sell €730M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-01 Ayming

Gennevilliers, France

Ayming is a French consulting company specializing in cost reduction consultancy. Ayming is an international Business Performance consultancy and has a global footprint. The Group is present in 16 countries: Belgium, Canada, Czech Republic, France, Germany, the UK, Ireland, Hungary, Italy, Netherlands, Poland, Portugal, Spain, Slovakia, and the USA. Ayming was founded in 1986 and is based in Gennevilliers, France.

Buy €3.5B
Buyer

Aerostar Capital

Wilson, Wyoming, United States

Category Private Equity Firm
Founded 1997
Size Small
Type Sector Focused
DESCRIPTION

Aerostar Capital is a specialist private investment firm focused on companies that sell products and services to commercial aviation, defense, government and satellite entities. Prospective businesses typically have revenues greater than $100 million, as well as 'good cash flow, solid relations with a diverse set of global customers, a clearly focused and competitively sustainable growth strategy, and a strong and committed management team'. Non-core divestitures are of particular interest. The Firm's investment horizon is generally 3 to 7 years. Aerostar Capital was formed in 1997 and is based in Wilson, Wyoming.


DEAL STATS #
Overall 2 of 2
Sector (Aerospace) 1 of 1
Type (Secondary Buyout) 2 of 2
Country (United Kingdom) 1 of 1
Year (2007) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-22 HDT Global

Solon, Ohio, United States

HDT Global is a provider of highly engineered solutions for branches of the US military, international governments, and commercial customers. HDT holds a portfolio of products aimed at creating and controlling environmental conditions to protect and optimize the functioning of critical equipment and personnel. Its innovative products include rapidly deployable shelters, sophisticated environmental control, and power equipment, and nuclear, biological, and chemical protection systems. HDT Global was founded in 1937 and is based in Solon, Ohio.

Buy $335M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-16 HDT Global

Solon, Ohio, United States

HDT Global is a provider of highly engineered solutions for branches of the US military, international governments, and commercial customers. HDT holds a portfolio of products aimed at creating and controlling environmental conditions to protect and optimize the functioning of critical equipment and personnel. Its innovative products include rapidly deployable shelters, sophisticated environmental control, and power equipment, and nuclear, biological, and chemical protection systems. HDT Global was founded in 1937 and is based in Solon, Ohio.

Sell -

Seller(S) 1

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 106 of 482
Sector (Aerospace) 7 of 15
Type (Secondary Buyout) 22 of 118
Country (United Kingdom) 7 of 37
Year (2007) 20 of 24
Size (of disclosed) 28 of 136
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-02 Kramer Junction

Boron, California, United States

Kramer Junction is comprised of five 30-megawatt solar-thermal projects that produce renewable energy under long-term contracts with Southern California Edison. The projects are managed and co-owned by FPL, the industry's leading renewable operator.

Sell $320M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-18 Ingenio

San Francisco, California, United States

Ingenio is a peer-to-peer e-commerce marketplace, connecting customers and advisors through its proprietary web and telephony technology platform. Ingenio was founded in 1999 and is based in San Francisco, California.

Sell -