M&A Deal Summary

Armory Capital and Mill City Capital Acquire Horizon Hobby

On March 5, 2014, family office Armory Capital and private equity firm Mill City Capital acquired technology hardware company Horizon Hobby

Acquisition Highlights
  • This is Armory Capital’s 1st and Mill City Capital’s 1st transaction in the Technology Hardware sector.
  • This is Armory Capital’s 3rd and Mill City Capital’s 5th transaction in the United States.
  • This is Armory Capital’s 2nd and Mill City Capital’s 1st transaction in Illinois.

M&A Deal Summary

Date 2014-03-05
Target Horizon Hobby
Sector Technology Hardware
Buyer(s) Armory Capital
Mill City Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

Horizon Hobby

Champaign, Illinois, United States
Horizon Hobby is a developer and marketer of radio control hobby products. Horizon Hobby was founded in 1985 and is based in Champaign, Illinois.

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Buyer(S) 2

DESCRIPTION

Armory Capital is a lower middle-market private investment firm. Armory looks to invest $10 to $50 million in growth companies with at least $10 million in revenues. Target transaction situations include management buyouts, shareholder liquidity needs, ownership transitions, and growth capital financings. Sectors of interest include agriculture, business services, consumer products, financial services, healthcare services, manufacturing, media, and transportation. Armory Capital was formed in 2009 and is based in Champaign, Illinois.


DEAL STATS #
Overall 3 of 7
Sector (Technology Hardware) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 2 of 2
State (Illinois) 2 of 4
Country (United States) 3 of 7
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-21 Jim s Formal Wear

Trenton, Illinois, United States

Jim's Formal Wear engages in the wholesale distribution and supply of men's formalwear in the United States. Jim's Formal Wear was founded in 1964 and is based in Trenton, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-06 Envisage Technologies

Bloomington, Indiana, United States

Envisage Technologies provides training software solutions for military commands, federal law enforcement academies, and state law enforcement and public safety sectors in the United States. Envisage Technologies was founded in 2001 and is based in Bloomington, Indiana.

Buy -
Buyer

Mill City Capital

Wayzata, Minnesota, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2010
Size Small
Type Sector Agnostic
DESCRIPTION

Mill City Capital is a private equity firm that makes control investments in lower middle market companies with enterprise values ranging between $15 and $100 million. Mill City concentrates on businesses located in the upper Midwest. Areas of interest include industrial products/services, machinery, distribution, consumer products, and food. Mill City Capital is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 7 of 13
Sector (Technology Hardware) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 6 of 7
State (Illinois) 1 of 2
Country (United States) 5 of 10
Year (2014) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-24 Bonnetts Energy

Grande Prairie, Alberta, Canada

Bonnetts Energy Corp. is a provider of wireline, production and testing, oilfield rental, fishing, and pipe recovery services. Bonnetts suite of complementary service lines, which include cased-hole wireline, specialty pump-down, and swabbing services. Bonnetts Energy was founded in 1972 and is based in Grande Prairie, Alberta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-01 MBI Energy Services

Belfield, North Dakota, United States

MBI Energy Services, Inc. is a provider of oilfield services in the Williston Basin of North Dakota and Montana. The company provides services that address the fluid management and related transportation needs for the entire life of an oil well. MBI Energy Services was founded in 1979 and is based in Belfield, North Dakota.

Sell -