M&A Deal Summary

Altus Capital Partners and Centerfield Capital Partners Acquire Air Innovations

On December 4, 2024, private equity firm Altus Capital Partners and mezzanine finance firm Centerfield Capital Partners acquired business services company Air Innovations

Acquisition Highlights
  • This is Altus Capital Partners’ 2nd and Centerfield Capital Partners’ 11th transaction in the Business Services sector.
  • This is Altus Capital Partners’ 22nd and Centerfield Capital Partners’ 95th transaction in the United States.
  • This is Altus Capital Partners’ 2nd and Centerfield Capital Partners’ 5th transaction in New York.

M&A Deal Summary

Date 2024-12-04
Target Air Innovations
Sector Business Services
Buyer(s) Altus Capital Partners
Centerfield Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Air Innovations

North Syracuse, New York, United States
Air Innovations is a designer and builder of environmental process control systems for applications that cannot be addressed with standard HVAC equipment. The company customizes packaged solutions for temperature, humidity, filtration, and pressurization. Air Innovations was founded in 1986 and is based in North Syracuse, New York.

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Buyer(S) 2

Buyer

Altus Capital Partners

Wilton, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 280M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Altus Capital Partners is a private equity firm focused on acquiring and investing in medium sized North American-based manufacturing companies. Altus looks for businesses with EBITDA of at least $4 million and valued between $25 and $100 million. Typical transaction types include buyouts, recapitalizations, and divestitures. Alta Capital Partners was formed in 2003 and is based in Wilton, Connecticut.


DEAL STATS #
Overall 22 of 23
Sector: Business Services M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 11 of 12
State: New York M&A 2 of 2
Country: United States M&A 22 of 23
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-29 MGC Diagnostics

Saint Paul, Minnesota, United States

MGC Diagnostics designs, develops, manufactures, and markets non-invasive cardiorespiratory diagnostic systems, accessories, and consumables for the detection, classification, and management of cardiorespiratory disease. MGC Diagnostics was founded in 1977 and is based in Saint Paul, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-07 ALM Positioners

Rock Island, Illinois, United States

ALM Positioners provides technologically advanced positioning solutions that enhance manufacturing safety and efficiency. It enables workers to safely increase their handling efficiency while eliminating hazardous conditions on the manufacturing floor. ALM Positioners is based in Rock Island, Illinois.

Buy -
Buyer

Centerfield Capital Partners

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 95 of 100
Sector: Business Services M&A 11 of 11
Type: Buyout (LBO, MBO, MBI) M&A Deals 40 of 42
State: New York M&A 5 of 5
Country: United States M&A 95 of 100
Year: 2024 M&A 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-13 Pure Wafer

San Jose, California, United States

Pure Wafer is a provider of silicon wafer reclaim services and supplies virgin silicon wafers, specialty thin film deposition products, and silicon parts services. Pure Wafer was founded in 2008 and is based in San Jose, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-20 Indo-European Foods

Commerce, California, United States

Indo-European Foods is an importer and value-added distributor of specialty ethnic foods offering third-party, proprietary branded, and private label products to over 1,000 independent ethnic grocers predominantly located in the Western U.S. and national chains covering 45 states. It sources, develops, markets, and distributes Eastern European, Mediterranean, and North African food products including spreads, preserves, condiments, appetizers, cheeses, confections, seasonings, and specialty grains and rice. The company's primarily owned brands include Indo-European and ZERGÜT. Indo-European Foods was founded in 1966 and is based in Commerce, California.

Sell -