M&A Deal Summary

Applied Adhesives Acquires Ward Adhesives

On July 18, 2012, Applied Adhesives acquired distribution company Ward Adhesives from Ellipse Capital, Midwest Mezzanine Funds and Svoboda Capital Partners

Acquisition Highlights
  • This is Applied Adhesives’ 1st transaction in the Distribution sector.
  • This is Applied Adhesives’ 1st transaction in the United States.
  • This is Applied Adhesives’ 1st transaction in Wisconsin.

M&A Deal Summary

Date 2012-07-18
Target Ward Adhesives
Sector Distribution
Buyer(s) Applied Adhesives
Sellers(s) Ellipse Capital
Midwest Mezzanine Funds
Svoboda Capital Partners
Deal Type Merger
Advisor(s) Madeira Partners (Financial)

Target

Ward Adhesives

Pewaukee, Wisconsin, United States
Ward Adhesives, Inc. is a distributor of specialty adhesives for the packaging, product assembly, and graphic arts markets. Ward Adhesives was founded in 1988 and is based in Pewaukee, Wisconsin.

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Buyer(S) 1

Buyer

Applied Adhesives

Minnetonka, Minnesota, United States

Category Company
Founded 1971
Sector Distribution
DESCRIPTION

Applied Adhesives is a distributor of adhesives, dispensing equipment, assembly automation systems, and production tools. Applied Adhesives was founded in 1971 and is based in Minnetonka, Minnesota.


DEAL STATS #
Overall 1 of 13
Sector (Distribution) 1 of 4
Type (Merger) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 1 of 13
Year (2012) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-13 Adhezion

Rockford, Michigan, United States

Adhezion is a distributor of adhesive products and application equipment focused on the automotive and packaging markets in North America. Adhezion is based in Rockford, Michigan.

Buy -

Seller(S) 3

SELLER

Ellipse Capital

Chicago, Illinois, United States

Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Ellipse Capital is a private investment group focused on partnering with management teams to acquire distribution businesses. Ellipse looks to identify companies where the Firm can work with management to expand geographic reach, product/service offerings, and customers. For new company investments, Ellipse seeks to invest $10 to $50 million for controlling positions in businesses valued up to $100 million. Ellipse Capital was formed in 2008 and is based in Chicago.


DEAL STATS #
Overall 5 of 8
Sector (Distribution) 4 of 6
Type (Merger) 1 of 1
State (Wisconsin) 1 of 1
Country (United States) 5 of 8
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-04 GPA Specialty Substrate Solutions

McCook, Illinois, United States

GPA is a marketer and value-added distributor of specialty printable substrates in North America. The company sells specialty labels, paper, substrates, and films and provides technical knowledge to the printing and graphic arts industry across the country.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-24 GPA Specialty Substrate Solutions

McCook, Illinois, United States

GPA is a marketer and value-added distributor of specialty printable substrates in North America. The company sells specialty labels, paper, substrates, and films and provides technical knowledge to the printing and graphic arts industry across the country.

Sell -
SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


DEAL STATS #
Overall 22 of 56
Sector (Distribution) 1 of 5
Type (Merger) 2 of 2
State (Wisconsin) 1 of 4
Country (United States) 21 of 55
Year (2012) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-05 Culligan

Rosemont, Illinois, United States

Culligan offers water softeners, filtration systems, industrial water treatment solutions, and drinking water systems. Culligan was founded in 1936 and is based in Rosemont, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-09 LeadingResponse

Tampa, Florida, United States

LeadingResponse is client acquisition and lead generation specialist to professional service firms. LeadingResponse offers technology-enabled, data-driven client acquisition services to professional services end markets. LeadingResponse was founded in 1995 and is based in Tampa, Florida and with operations in Plano, Texas.

Buy -
SELLER

Svoboda Capital Partners

Chicago, Illinois, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Svoboda Capital Partners is a private equity firm that seeks buyout, recapitalization, and growth capital investments in mid-sized companies with leading market positions, strong customer relationships, and high margins. Svoboda generally looks to invest up to $25 million in businesses generating sales of $10 to $100 million and EBITDA of $3 to $15 million. Sectors of interest include value-added distribution, business services, and consumer products. Svoboda Capital Partners was formed in 1998 and is based in Chicago, Illinois.


DEAL STATS #
Overall 18 of 34
Sector (Distribution) 4 of 11
Type (Merger) 1 of 1
State (Wisconsin) 2 of 3
Country (United States) 18 of 34
Year (2012) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-13 Nth Degree

Duluth, Georgia, United States

Nth Degree is a provider of exhibit management and event services. The company provides specialized installation and dismantle services for trade shows and also serves as an experiential marketing and management agency. Nth Degree is based in Duluth, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-05 Parts Now

Middleton, Wisconsin, United States

Parts Now is a distributor of consumable printer parts and related accessories and trainer of printer repair technicians. Parts Now was founded in 1989 and is based in Middleton, Wisconsin.

Sell -