M&A Deal Summary

Ares Private Equity Group Acquires Form Technologies

On January 21, 2025, private equity firm Ares Private Equity Group acquired manufacturer Form Technologies from TriArtisan Capital Advisors and American Industrial Partners for 304M USD

Acquisition Highlights
  • This is Ares Private Equity Group’s 2nd transaction in the Manufacturing sector.
  • This is Ares Private Equity Group’s 12th largest (disclosed) transaction.
  • This is Ares Private Equity Group’s 90th transaction in the United States.
  • This is Ares Private Equity Group’s 6th transaction in North Carolina.

M&A Deal Summary

Date 2025-01-21
Target Form Technologies
Sector Manufacturing
Buyer(s) Ares Private Equity Group
Sellers(s) TriArtisan Capital Advisors
American Industrial Partners
Deal Type Secondary Buyout
Deal Value 304M USD
Advisor(s) Jefferies (Financial)
Kirkland & Ellis (Legal)

Target

Form Technologies

Charlotte, North Carolina, United States
Form Technologies is a producer of precision-engineered components with complex geometries and tight tolerances. Utilizing proprietary processes and engineering expertise, the company manufactures over five billion high-precision components annually, serving diverse end markets worldwide. Form Technologies was founded in 2018 and is based in Charlotte, North Carolina.

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Buyer(S) 1

Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 24.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 122 of 122
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 44 of 44
State (North Carolina) 6 of 6
Country (United States) 90 of 90
Year (2025) 1 of 1
Size (of disclosed) 12 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-08 99¢ Only Stores

Commerce, California, United States

99¢ Only Stores is a unique deep-discount retailer of primarily name-brand consumable general merchandise. We have always delivered great value to our customers, and in these challenging economic times. 99¢ Only Stores was founded in 1982 and is based in Commerce, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-20 Birdsboro Power

Berks County, Pennsylvania, United States

Birdsboro Power is a brownfield 488-MW natural gas-fired combined-cycle generation facility. The project features the GE 7HA.02 gas turbine and a GE steam turbine, and will remediate and redevelop a site that was once home to a manufacturing facility. Birdsboro Power is based in Berks County, Pennsylvania.

Sell -

Seller(S) 2

DESCRIPTION

TriArtisan Capital Advisors is a private equity firm focused on mid-sized company investments and acquisitions. The Firm targets profitable companies with $25 to $300 million of EBITDA operating in a variety of industries including retail, business services, industrial, media, and healthcare. Prospective transaction situations include buyouts, growth equity investments, spin-offs, carve-outs, roll-ups, recapitalizations, and restructurings. TriArtisan Capital Advisors was originally established in 2002 and is headquartered in New York City.


DEAL STATS #
Overall 1 of 1
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 1
Year (2025) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 HOA

Atlanta, Georgia, United States

HOA is an operator of over 430 Hooters restaurants in 44 states and 27 foreign countries. HOA is well-known for its brand of food and fun, featuring a casual beach-theme atmosphere, a menu that features seafood, sandwiches and Hooters nearly, chicken wings, and service provided by the All-American cheerleaders, the Hooters Girls. HOA was founded in 1983 and is based in Atlanta, Georgia.

Buy -
SELLER

American Industrial Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

American Industrial Partners is a private equity firm focused on investments in North American manufacturing or industrial service companies. For platform acquisitions, the Firm seeks businesses with at least $500 million of revenue and the Firm will consider transactions valued up to $2 billion. Operating characteristics of prospective businesses include historical record of strong free cash flows, opportunities to drive value through operating enhancements, and sustainable competitive advantages. American Industrial Partners will consider a variety of transaction types including leveraged buyouts, structured equity investments, bridge financings, senior debt, carve-outs, take privates, turnarounds, and rescue financings. American Industrial Partners was formed in 1989 and is based in New York City.


DEAL STATS #
Overall 30 of 30
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 10 of 10
State (North Carolina) 1 of 1
Country (United States) 26 of 26
Year (2025) 1 of 1
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-31 Virtek

Waterloo, Ontario, Canada

Virtek provides vision and laser projection solutions primarily for the aerospace, construction, and industrial end markets. The company’s proprietary laser projection systems enable customers to maximize productivity and reduce human error by providing visual guides for assembly, construction, inspection, and paint tasks. Virtek was founded in 1986 and is based in Waterloo, Ontario.

Sell -