M&A Deal Summary

Arsenal Capital Partners Acquires Applied Adhesives

On March 16, 2021, private equity firm Arsenal Capital Partners acquired distribution company Applied Adhesives from Goldner Hawn Johnson & Morrison

Acquisition Highlights
  • This is Arsenal Capital Partners’ 2nd transaction in the Distribution sector.
  • This is Arsenal Capital Partners’ 43rd transaction in the United States.
  • This is Arsenal Capital Partners’ 1st transaction in Minnesota.

M&A Deal Summary
Date 2021-03-16
Target Applied Adhesives
Sector Distribution
Buyer(s) Arsenal Capital Partners
Sellers(s) Goldner Hawn Johnson & Morrison
Deal Type Secondary Buyout
Advisor(s) BlackArch (Financial)
Faegre Baker Daniels LLP (Legal)

Target

Applied Adhesives

Minnetonka, Minnesota, United States
Applied Adhesives is a distributor of adhesives, dispensing equipment, assembly automation systems, and production tools. Applied Adhesives was founded in 1971 and is based in Minnetonka, Minnesota.

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Buyer(S) 1

Buyer

Arsenal Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Arsenal Capital Partners is a private equity firm focused on middle-market healthcare, specialty industrial, and financial service companies. Specifically, Arsenal looks to acquire businesses in the areas of specialty chemicals, aerospace/defense, transportation, environmental services, business services, insurance, asset management, financial technology, medical products, healthcare IT, and healthcare contract research/manufacturing. The Firm typically seeks to commit $50 to $300 million per investment in profitable businesses with at least $10 million of EBITDA. Funds are generally used to support buyouts, recapitalizations, growth financings, consolidations, and divestitures. The Firm avoids investing in companies reliant on high levels of technology. Arsenal Capital Partners was formed in 2000 and is headquartered in New York City.

DEAL STATS #
Overall 47 of 57
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 10 of 15
State (Minnesota) 1 of 1
Country (United States) 43 of 50
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-17 Best Value Healthcare

Lakeland, Florida, United States

Best Value Healthcare is a patient-centered, physician-led, and population health-focused healthcare company. Best Value creates a direct path to improving outcomes, reducing costs, and enhancing healthcare experiences. Best Value Healthcare was founded in 2015 and is based in Lakeland, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-06 Fenzi Group

Tribiano , Italy

Fenzi Group is a provider of state-of-the-art technologies related to glass processing. The company specializes in manufacturing insulating glass sealants and spacers, decorative paints, and solar coatings for various construction and industrial end markets. Fenzi Group was founded in 1941 and is based in Milan, Italy.

Buy -

Seller(S) 1

SELLER

Goldner Hawn Johnson & Morrison

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 825M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Goldner Hawn Johnson & Morrison (GHJ&M) is a private equity firm that targets middle market companies in the Midwest US. GHJ&M generally looks for businesses valued between $20 and $150 million and looks to invest between $10 to $25 million of equity capital per transaction. Sectors of interest include agribusiness, food, power generation, basic materials, medical products, consumer products, retail, restaurants, consumer services, business services, and industrials. GHJ&M prefers control investments, but in certain instances, the Firm will also consider minority positions. GHJ&M was formed in 1989 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 30 of 33
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 11 of 14
State (Minnesota) 10 of 11
Country (United States) 30 of 33
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-12 Concept Machine Tool

Minneapolis, Minnesota, United States

Concept Machine Tool is a value-added distributor and service provider for advanced machining, automation, and measuring equipment in the upper Midwest. Concept provides turn-key manufacturing and automation solutions primarily to the medical, aerospace & defense, and industrial end markets. Concept Machine Tool is based in Minneapolis, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 North America Central School Bus

Joliet, Illinois, United States

North America Central School Bus is a national provider of student transportation services. The Company provides home-to-school bus services during the academic year for public schools, school charter services, and non-school charter services. North America Central School Bus was founded in 2004 and is based in Joliet, Illinois.

Sell -
Mergr

Product

Company

Legal