M&A Deal Summary

Argand Partners and Farol Asset Management Acquire Midwest Can

On March 3, 2020, private equity firms Argand Partners and Farol Asset Management acquired plastics company Midwest Can from GenNx360 Capital Partners

Acquisition Highlights
  • This is Argand Partners’ 1st and Farol Asset Management’s 1st transaction in the Plastics sector.
  • This is Argand Partners’ 3rd and Farol Asset Management’s 15th transaction in the United States.
  • This is Argand Partners’ 1st and Farol Asset Management’s 1st transaction in Illinois.

M&A Deal Summary
Date 2020-03-03
Target Midwest Can
Sector Plastics
Buyer(s) Argand Partners
Farol Asset Management
Sellers(s) GenNx360 Capital Partners
Deal Type Secondary Buyout
Advisor(s) Piper Sandler & Co. (Financial)
Winston & Strawn (Legal)

Target

Midwest Can

Franklin Park, Illinois, United States
Midwest Can is a manufacturer of portable fuel containers used for the safe handling, storage, and usage of flammable liquids such as gas, diesel, and kerosene. Midwest Can design and manufactures PFCs, which contain its industry-major FlameShield Safety System, as well as fluid management accessories such as funnels, drain pans, and spouts. Midwest Can’s products are sold through a diverse customer base consisting of farm & fleet, lawn & garden, automotive aftermarket, hardware, and gas & convenience retailers. Midwest Can was founded in 1951 and is based in Franklin Park, Illinois.

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Buyer(S) 2

Buyer

Argand Partners

Investor Investor

Category Private Equity Firm
Founded 2015
PE ASSETS 685M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argand Partners is a value-oriented private equity firm focused on acquiring controlling interests in middle-market industrial businesses that have established market leadership positions and track records of stable cash flows. Argand typically pursues complex situations involving corporate carve-outs of non-core divisions, industries that are out of favor or in transition, middle-market companies grappling with the opportunities and difficulties of global operations, good companies with overleveraged balance sheets, and family-owned businesses transitioning to professional management. Target companies generally have $15 to $50 million of EBITDA. Argand Partners was founded in 2015 and is based in New York City.

DEAL STATS #
Overall 5 of 6
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Illinois) 1 of 1
Country (United States) 3 of 3
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-06 Concrete Pumping Holdings

Thornton, Colorado, United States

Concrete Pumping Holdings is a concrete pumping service and concrete environmental waste management solutions provider in the U.S. and U.K. Concrete Pumping Holdings is also a provider of concrete waste management services in the U.S. market, operating under the brand, Eco-Pan. Concrete Pumping Holdings was incorporated in 1983 and is based in Thornton, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-26 Cherry

Auerbach, Germany

Cherry is a manufacturer of computer input devices with a focus on office, gaming, industry, security, e-health solutions, and switches for mechanical keyboards. Cherry was founded in 1953 and is based in Auerbach, Germany.

Buy -
Buyer

Farol Asset Management

Investor Investor Investor

Category Private Equity Firm
Founded 2011
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Farol Asset Management is a private equity firm that looks to match institutional investors with direct investment opportunities. The Firm seeks to commit $5 to $30 million per transaction to support a variety of transaction situations and typically works with opportunities brought to it by private equity firms, fund-less sponsors, entrepreneurs and operating executives. Farol Asset Management was formed in 2011 and is headquartered in New York City.

DEAL STATS #
Overall 16 of 23
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Illinois) 1 of 1
Country (United States) 15 of 21
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-21 Innophos

Cranbury, New Jersey, United States

Innophos is an international producer of performance-critical and nutritional specialty ingredients, with applications in food, beverage, dietary supplements, pharmaceutical, oral care and industrial end markets. Innophos was founded in 2004 and is based in Cranbury, New Jersey.

Buy $932M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-15 24 Hour Fitness

San Ramon, California, United States

24 Hour Fitness is a health club provider, involved in helping members change their lives and reach their individual fitness goals. 24 Hour Fitness offers fitness solutions for everyone including personal training services, group exercise classes and strength, cardio and functional training equipment.

Sell -

Seller(S) 1

SELLER

GenNx360 Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2006
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GenNx360 Capital Partners is a private equity firm focused on acquiring mid-sized US-based businesses. GenNx360 targets companies with revenues between $50 and $500 million and $5 to $35 million of EBITDA. The Firm looks to invest $25 to $100 million per transaction. Specific areas of interest include industrial water treatment, specialty chemicals/engineered materials, industrial machinery/equipment components, agriculture products and services, global transportation component parts, aerospace/defense, oil/gas services and business services. GenNx360 Capital Partners was formed in 2006 and is based in New York City.

DEAL STATS #
Overall 7 of 16
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 1 of 5
State (Illinois) 1 of 2
Country (United States) 6 of 14
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-14 AeroRepair

Londonderry, New Hampshire, United States

AeroRepair is an independent Maintenance, Repair, and Overhaul (MRO) platform in North America with a focus on wheels, brakes, batteries and landing gears, serving a highly attractive and diverse group of regional and mainline airlines as well as corporate fleets and narrow and wide-body aircraft. AeroRepair's sister-company, Hemico, provides Parts Manufacturer Approval engineering services, as well as Designated Engineering Representative, approved repairs. AeroRepair offers its customers complete wheel and brake management solutions including high-quality workmanship, leading turn-times, asset management, and logistics services. AeroRepair is based in Londonderry, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-02 Precinmac Precision Machining

South Paris, Maine, United States

Precinmac Precision Machining is a manufacturer of high tolerance precision machined components and assemblies. The company formulates cost-saving alternatives to current production and sourcing methods by offering a single-source solution for precise, high-quality, flexible, and on-time manufacturing to top-tier customers globally. Precinmac Precision Machining is based in South Paris, Maine.

Sell -
Mergr

Product

Company

Legal