M&A Deal Summary

Altus Capital Partners and Cohesive Capital Partners Acquire Thermal Solutions Manufacturing

On March 4, 2019, private equity firms Altus Capital Partners and Cohesive Capital Partners acquired automotive company Thermal Solutions Manufacturing from Resilience Capital Partners, Monroe Capital and Wynnchurch Capital

Acquisition Highlights
  • This is Altus Capital Partners’ 1st and Cohesive Capital Partners’ 1st transaction in the Automotive sector.
  • This is Altus Capital Partners’ 19th and Cohesive Capital Partners’ 16th transaction in the United States.
  • This is Altus Capital Partners’ 3rd and Cohesive Capital Partners’ 1st transaction in Tennessee.

M&A Deal Summary
Date 2019-03-04
Target Thermal Solutions Manufacturing
Sector Automotive
Buyer(s) Altus Capital Partners
Cohesive Capital Partners
Sellers(s) Resilience Capital Partners
Monroe Capital
Wynnchurch Capital
Deal Type Secondary Buyout

Target

Thermal Solutions Manufacturing

Nashville, Tennessee, United States
Thermal Solutions Manufacturing is a manufacturer and distributor of heat exchange and temperature control products to the North American heavy-duty aftermarket and specialty vehicle original equipment markets. Thermal Solutions Manufacturing was founded in 2012 and is based in Nashville, Tennessee.

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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 19 of 22
Sector (Automotive) 1 of 2
Type (Secondary Buyout) 6 of 6
State (Tennessee) 3 of 3
Country (United States) 19 of 22
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-11 International Imaging Materials

Amherst, New York, United States

International Imaging Materials is a developer and manufacturer of Thermal Transfer Ribbons, Direct Thermal Films, and Fluid Inks used to print-on-demand variable information such as barcodes, text, and graphics in Automatic Identification, Packaging, and Graphics markets. In addition, medical applications, such as orthopedic braces, sterile supplies, compression devices, and patient mobility products, vices. International Imaging Materials was founded in 1983 and is based in Amherst, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-06 GED

Glenwillow, Ohio, United States

GED designs, engineers, and manufactures automation solutions for the North American window and door industry. The Company’s solution offerings include equipment manufacturing, production software, and aftermarket parts and services. GED is based in Glenwillow, Ohio.

Sell -
Buyer

Cohesive Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 385M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Cohesive Capital Partners is private equity co-investment firm. The Firm looks to invest and work alongside deal sponsors in small to mid-sized companies and will consider businesses operating in any sector. Prospective deal situations include buyouts, growth equity financings, and other opportunistic situations. Cohesive Capital Partners was formed in 2010 and is based in New York City.

DEAL STATS #
Overall 17 of 32
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 4 of 6
State (Tennessee) 1 of 1
Country (United States) 16 of 30
Year (2019) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-01 MyEyeDr.

Vienna, Virginia, United States

MyEyeDr. provides exceptional eye care for patients of all ages through its local community of doctors. MyEyeDr. offers a comprehensive selection of popular glasses and brands for every budget and lifestyle. MyEyeDr. was founded in 2001 and is based in Vienna, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-30 Foursquare

New York, New York, United States

Foursquare is a location technology platform, delivering precise insight into how people move throughout the world. Foursquare was founded in 2009 and is based in New York City.

Buy -

Seller(S) 3

SELLER

Resilience Capital Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 675M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Resilience Capital Partners is a private equity firm focused on investing in lower middle-market underperforming and turnaround situations. Resilience targets non-core divisions or subsidiaries, companies with severe operational issues, businesses suffering from insufficient management focus, and privately held companies with lack of access to capital. Sectors of interest include niche manufacturing, specialty chemicals, and industrial services. Prospective companies are generally located in North America with $25 to $250 million in revenue, and EBITDA typically under $20 million. Resilience Capital Partners was formed in 2001 and is located in Cleveland, Ohio.

DEAL STATS #
Overall 11 of 19
Sector (Automotive) 5 of 5
Type (Secondary Buyout) 5 of 6
State (Tennessee) 1 of 1
Country (United States) 11 of 19
Year (2019) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-03 MiQ Partners

West Chester, Ohio, United States

MiQ Partners is a provider of complex electro-mechanical assemblies and turnkey contract manufacturing solutions. MiQ Partners was founded in 1948 and is based in West Chester, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-26 Systron Donner Inertial

Concord, California, United States

Systron Donner, Inc. is a provider of quartz microelectromechanical systems (QMEMS) used in inertial sensing products that provide precision guidance, navigation, and locational solutions, Systron Donner develops products that have been used in everything from business aircraft to fighter jets to the MARS Rover. Systron Donner, Inc. was founded in 1953 and is based in Concord, California.

Buy -
SELLER

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.

DEAL STATS #
Overall 30 of 53
Sector (Automotive) 3 of 3
Type (Secondary Buyout) 7 of 13
State (Tennessee) 1 of 1
Country (United States) 30 of 53
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-08 M&D Distributors

Humble, Texas, United States

M&D Distributors is a distributor of aftermarket parts and components for maintaining and repairing diesel-powered engines within Texas, Oklahoma, and Louisiana. M&D Distributors’ product portfolio includes more than 100,000 new and remanufactured fuel injection, turbocharger, engine part, and filtration products from leading OEMs and aftermarket suppliers. M&D Distributors was founded in 1943 and is based in Humble, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-30 LAI International

Westminster, Maryland, United States

LAI International, Inc. is a contract manufacturer to make complete precision-engineered components and assemblies for the aerospace, power generation, defense, medical and other advanced technology industries. LAI International was established in 1979 and is based in Westminster, Maryland.

Sell -
SELLER

Wynnchurch Capital

Rosemont, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 9.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wynnchurch Capital is a private equity firm focused on middle-market company investments in the US and Canada. Wynnchurch looks to commit $50 to $750 million of equity per platform. Sectors of interest include manufacturing, business services, logistics, energy and power services, and value-added distribution. Prospective transaction types include management buyouts, recapitalizations, corporate carve-outs, restructurings, turnarounds and growth capital situations. Wynnchurch Capital was formed in 1999 and is based in Rosemont, Illinois.

DEAL STATS #
Overall 21 of 36
Sector (Automotive) 7 of 7
Type (Secondary Buyout) 9 of 17
State (Tennessee) 1 of 1
Country (United States) 19 of 29
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-05 Boss Industries

LaPorte, Indiana, United States

Boss Industries is a provider of power take-off (PTO) rotary screw air technology, offering a full line of vehicle-integrated compressors as well as natural gas booster and vapor recovery systems. Boss Industries was founded in 1988 and is based in LaPorte, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-23 Alliance

Laval, Quebec, Canada

Alliance is a manufacturer of polymeric sand and related installation products used in residential and commercial hardscaping projects. The Company’s flagship product line, G2 polymeric sand, greatly reduces required maintenance on hardscaping projects and provides a strong defense against insects, weeds, and erosion. Alliance was founded in 2003 and is based in Laval, Quebec.

Buy -
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