M&A Deal Summary

Argosy Private Equity and Ironwood Capital Acquire Capewell Aerial Systems

On September 7, 2018, private equity firm Argosy Private Equity and growth capital firm Ironwood Capital acquired defense company Capewell Aerial Systems from CW Industrial Partners, Bratenahl Capital Partners and Advantage Capital Partners

Acquisition Highlights
  • This is Argosy Private Equity’s 2nd and Ironwood Capital’s 1st transaction in the Defense sector.
  • This is Argosy Private Equity’s 68th and Ironwood Capital’s 65th transaction in the United States.
  • This is Argosy Private Equity’s 1st and Ironwood Capital’s 18th transaction in Connecticut.

M&A Deal Summary

Date 2018-09-07
Target Capewell Aerial Systems
Sector Defense
Buyer(s) Argosy Private Equity
Ironwood Capital
Sellers(s) CW Industrial Partners
Bratenahl Capital Partners
Advantage Capital Partners
Deal Type Secondary Buyout

Target

Capewell Aerial Systems

South Windsor, Connecticut, United States
Capewell Aerial Systems is a design and manufactures tactical, parachute and aerial delivery products. Capewell Aerial Systems was founded in 1881 and is based in South Windsor, Connecticut.

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Buyer(S) 2

Buyer

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 68 of 88
Sector (Defense) 2 of 2
Type (Secondary Buyout) 10 of 11
State (Connecticut) 1 of 1
Country (United States) 68 of 88
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-24 Quantum Global Technologies

Dublin, Pennsylvania, United States

Quantum Global Technologies LLC is a provider of ultra-high purity outsourced parts cleaning (OPC), process tool part recoating, surface treatment and analytical services to the semiconductor and related industries. Quantum Global Technologies was founded in 2000 and is based in Dublin, Pennsylvania.

Sell $400M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-17 ECS Environmental Solutions

Belton, Texas, United States

ECS Environmental Solutions is a designer and manufacturer of environmental systems and solutions for the odor control market. ECS designs manufacture and install odor control systems for a wide range of customers with a focus on the municipal wastewater market. ECS Environmental Solutions was founded in 1995 and is based in Belton, Texas.

Buy -
Buyer

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 65 of 95
Sector (Defense) 1 of 2
Type (Secondary Buyout) 7 of 9
State (Connecticut) 18 of 20
Country (United States) 65 of 95
Year (2018) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-31 Performance Team

Santa Fe Springs, California, United States

Performance Team LLC is a third-party logistics and distribution provider, offering consolidation, warehousing, distribution, and transportation services across the US. Performance Team was founded in 1987 and is based in Santa Fe Springs, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-07 SAFE Security

San Ramon, California, United States

SAFE Security, Inc. is one of the largest providers of security alarm systems in the United States. SAFE provides alarm monitoring and related services to over 100,000 customers in all 50 states, Puerto Rico and Canada. Company Founded in 1988 and headquartered in San Ramon, California.

Sell -

Seller(S) 3

SELLER

CW Industrial Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 500M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

CW Industrial Partners is an industrial-focused private equity firm that is backed by knowledgeable investors who partner with it in finding, vetting, and owning companies. CW Industrial Partners acquires lower middle-market companies in manufacturing and industrial services industries and provides capital, support, and freedom to grow. CW Industrial Partners was founded in 1999 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 11 of 18
Sector (Defense) 1 of 1
Type (Secondary Buyout) 3 of 5
State (Connecticut) 1 of 2
Country (United States) 9 of 16
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-04 Innoveyance

Cleveland, Ohio, United States

Innoveyance provides conveyor, scrap handling, and filtration systems for sophisticated industrial applications. The company sells roller and pneumatic solutions to blue-chip customers in corrugated paper, beverage cans, fulfillment centers, and other industrial applications. Innoveyance was formed in 2018 and is based in Cleveland, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-12 The Godfrey Group

Durham, North Carolina, United States

Godfrey Group specialized in b2b SaaS and helped businesses like Seenit transition from founder-led sales to process-driven scale up. More importantly, the move signals the UK software market is heating up. The Godfrey Group was founded in 2005 and is based in Durham, North Carolina.

Sell -
DESCRIPTION

Bratenahl Capital Partners is a family-backed private investment group focused on fund as well as direct/co-investment opportunities. The Firm's direct investment practice seeks to commit $500K to $15 million in partnership with other funded or unfunded sponsors. Bratenahl does not have any sector preferences, but does prefer companies with diversified customers and experienced management in place. Bratenahl Capital Partners was formed in 2003 and is headquartered in Cleveland, Ohio.


DEAL STATS #
Overall 19 of 27
Sector (Defense) 1 of 1
Type (Secondary Buyout) 7 of 10
State (Connecticut) 1 of 2
Country (United States) 15 of 23
Year (2018) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-05 Selmet

Albany, Oregon, United States

Selmet, Inc. is a manufacturer of complex titanium investment castings for the aerospace and defense industries. Selmet possesses unique capabilities to process titanium and features a product offering that includes engine, airframe and other aircraft and military components. Selmet was founded in 1983 and is based in Albany, Oregon.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-02 Radix Wire & Cable

Glenwillow, Ohio, United States

Radix Wire & Cable is a manufacturer of electrical wire and cable for high-performance applications - serving the industrial, commercial, fire protection, consumer, and oil & gas markets. Radix Wire & Cable was founded in 1944 and is based in Cleveland, Ohio.

Sell -
SELLER

Advantage Capital Partners

New Orleans, Louisiana, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1992
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Advantage Capital Partners is a private equity firm focused on providing growth capital to a variety of companies. The Firm's geographic coverage includes Alabama, Colorado, Florida, Hawaii, Louisiana, Mississippi, Missouri, New York, Texas, Wisconsin and Washington DC. Advantage looks to initially commit $0.5 to $2 million per investment and can provide mezzanine debt in addition to equity capital. Areas of interest include communications, information technology, life science, and energy. Advantage Capital was formed in 1992 and is headquartered in New Orleans, Louisiana.


DEAL STATS #
Overall 81 of 97
Sector (Defense) 1 of 1
Type (Secondary Buyout) 13 of 14
State (Connecticut) 9 of 9
Country (United States) 81 of 97
Year (2018) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-04 Bayou Companies

New Iberia, Louisiana, United States

Bayou Companies is a provider of onshore pipe coatings and offshore coatings and insulation, including highly-specialized insulation for the oil & gas industry. Bayou has been a reliable partner for its customers across its mission-critical suite of services and has continued to invest in capabilities that match the increasingly complex demands of the pipeline community. Bayou Companies was founded in 1942 and is based in New Iberia, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-03 North End Teleservices

Omaha, Nebraska, United States

North End Teleservices is a contact center providing a wide range of advanced contact center solutions and exceptional service delivery to clients around the world. North End Teleservices was founded in 2015 and is based in Omaha, Nebraska.

Buy -