M&A Deal Summary

Applied Industrial Technologies Acquires FCX Performance

On January 9, 2018, Applied Industrial Technologies acquired machinery company FCX Performance from Harvest Partners Private Equity and Oaktree Capital Management for 768M USD

Acquisition Highlights
  • This is Applied Industrial Technologies’ 1st transaction in the Machinery sector.
  • This is Applied Industrial Technologies’ largest (disclosed) transaction.
  • This is Applied Industrial Technologies’ 22nd transaction in the United States.
  • This is Applied Industrial Technologies’ 6th transaction in Ohio.

M&A Deal Summary
Date 2018-01-09
Target FCX Performance
Sector Machinery
Buyer(s) Applied Industrial Technologies
Sellers(s) Harvest Partners Private Equity
Oaktree Capital Management
Deal Type Add-on Acquisition
Deal Value 768M USD
Advisor(s) Robert W. Baird & Co., Inc.
Stephens Investment Banking (Financial)
White & Case (Legal)

Target

FCX Performance

Columbus, Ohio, United States
FCX Performance is a specialty process flow control distribution company, providing technical, mission critical products and value-added services to more than 15,000 end users, original equipment manufacturers and engineering and construction firms across the process, energy and high purity industries. FCX Performance was founded in 1999 and is based in Columbus, Ohio.

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Buyer(S) 1

Buyer

Applied Industrial Technologies

Cleveland, Ohio, United States
Category Company
Founded 1923
Sector Distribution
Employees6,350
Revenue 4.4B USD (2023)
DESCRIPTION

Applied Industrial Technologies is an industrial distributor that offers more than five million parts to serve the needs of MRO and OEM customers in virtually every industry. Applied Industrial Technologies was founded in 1923 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 32 of 41
Sector (Machinery) 1 of 2
Type (Add-on Acquisition) 31 of 40
State (Ohio) 6 of 7
Country (United States) 22 of 30
Year (2018) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-06 Sentinel Fluid Controls

Indianapolis, Indiana, United States

Sentinel Fluid Controls is a distributor of hydraulic and lubrication components, systems and solutions

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-14 Olympus Controls

Tualatin, Oregon, United States

Olympus Controls Corp. is an engineering services company that specializes in the integration of motion control, machine vision, and robotic technologies. Olympus Controls is based in Tualatin, Oregon.

Buy -

Seller(S) 2

SELLER

Harvest Partners Private Equity

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.

DEAL STATS #
Overall 22 of 30
Sector (Machinery) 2 of 2
Type (Add-on Acquisition) 4 of 5
State (Ohio) 3 of 4
Country (United States) 20 of 27
Year (2018) 2 of 2
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Continuum Energy Services

Houston, Texas, United States

Continuum Energy Services LLC is a diversified natural gas service provider with operations spanning the natural gas value chain throughout the Mid-continent and into Appalachia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-04 Neighborly

Waco, Texas, United States

Neighborly is a home services franchisor of 25 service brands (including Neighborly umbrella service brand) and more than 4,000 franchise owners serving 10 million+ customers in nine countries, focused on repairing, maintaining and enhancing homes and businesses. Neighborly was founded in 1981 and is based in Waco, Texas.

Buy -
SELLER

Oaktree Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1995
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.

DEAL STATS #
Overall 53 of 77
Sector (Machinery) 2 of 2
Type (Add-on Acquisition) 26 of 31
State (Ohio) 3 of 3
Country (United States) 40 of 53
Year (2018) 1 of 9
Size (of disclosed) 3 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-04 NAPEC

Drummondville, Quebec, Canada

NAPEC, Inc. is a company operating in the energy sector. The Corporation is a provider of construction and maintenance services to the public utility and heavy industrial markets, mainly in Québec, Ontario, and the eastern United States. NAPEC and its subsidiaries build and maintain electrical transmission and distribution systems and natural gas networks. The Corporation also installs gas-powered and electric-powered heavy equipment for utilities, gas-fired industrial power plants, petrochemical facilities, and solar panel farms in North America. The Corporation also offers environmental construction and road matting services.

Buy $320M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-11 Axilone

Paris, France

Axilone is a manufacturer of plastic components for the make-up, fragrance and skincare markets: caps, jars, dispensing caps, galvanized and metallized collars and jars with strong added value through surface treatment. Axilone was founded in 1998 and is based in Paris, France.

Sell -
Mergr

Product

Company

Legal