M&A Deal Summary

Avante Capital Partners and Promus Equity Partners Acquire Auto Meter Products

On June 11, 2013, mezzanine finance firm Avante Capital Partners and private equity firm Promus Equity Partners acquired automotive company Auto Meter Products from Harbour Group

Acquisition Highlights
  • This is Avante Capital Partners’ 1st and Promus Equity Partners’ 1st transaction in the Automotive sector.
  • This is Avante Capital Partners’ 9th and Promus Equity Partners’ 5th transaction in the United States.
  • This is Avante Capital Partners’ 1st and Promus Equity Partners’ 2nd transaction in Illinois.

M&A Deal Summary

Date 2013-06-11
Target Auto Meter Products
Sector Automotive
Buyer(s) Avante Capital Partners
Promus Equity Partners
Sellers(s) Harbour Group
Deal Type Secondary Buyout
Advisor(s) BB&T Capital Markets (Financial)

Target

Auto Meter Products

Sycamore, Illinois, United States
Auto Meter Products is a developer and manufacturer of aftermarket automotive gauges as well as battery test and charging equipment. Auto Meter Products operates out of a 93,000 square foot facility in Sycamore, Illinois and distributes its products to over 600 active customers within the specialty warehouse distributor, retailer, and OEM channels. Auto Meter Products was founded in 1957 and is based in Sycamore, Illinois.

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Buyer(S) 2

Buyer

Avante Capital Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Avante Mezzanine Partners is a provider of junior capital to lower middle-market companies generating at least $3 million in cash flow. The Firm looks to invest $5 to $20 million per transaction and generally works with private equity and independent sponsors in buyout transactions, as well as with entrepreneurs and owners to finance recapitalizations, refinancings, acquisitions and growth. Avante Mezzanine was formed in 2009 and has offices in Los Angeles and Boston.


DEAL STATS #
Overall 9 of 30
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 3 of 7
State (Illinois) 1 of 3
Country (United States) 9 of 30
Year (2013) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-07 Dexmet

Wallingford, Connecticut, United States

Dexmet Corp. is a provider of customized, highly-engineered expanded metal foils and polymers for mission-critical applications including lightning strike protection, power storage technology and structural technology. Dexmet Corp. was founded in 1942 and is based in Wallingford, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-04 Aero-Metric

Sheboygan, Wisconsin, United States

Aero-Metric, Inc. is a provider of geospatial services to corporate and governmental clients. Using photogrammetric and image processing technologies, Aero-Metric produces maps and provides services which define the earth's topographic shape, identify and measure its natural and man-made features and chronicle its condition

Sell -
Buyer

Promus Equity Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Promus Equity Partners is a private investment firm affiliated with Promus Holdings, a multi-family office. Promus looks to fund buyouts, management buyouts, and recapitalizations as well as growth equity financings and strategic add-ons for existing portfolio companies. Sectors of interest include consumer products, food, beverages, industrial products, specialty materials, distribution, and business services. Target platform companies generally have up to $15 million of EBITDA. Promus Equity Partners was founded in 2011 and is based in Chicago, Illinois.


DEAL STATS #
Overall 5 of 27
Sector (Automotive) 1 of 3
Type (Secondary Buyout) 1 of 2
State (Illinois) 2 of 6
Country (United States) 5 of 26
Year (2013) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-05 Associated Steel Group

Oklahoma City, Oklahoma, United States

Associated Steel Group is a designer and manufacturer of custom-engineered metal buildings, roofing systems and components for the non-residential construction industry. Associated Steel Group is based in Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-19 Metasource

Draper, Utah, United States

Metasource is a provider of technology-enabled BPO services with a focus on the financial services, healthcare, and retail industries. MetaSource offers a full range of services, including document processing, customer care, and content management solutions delivered via premise-based and SaaS-based platforms designed to help customers achieve organizational efficiencies, cost savings, and other strategic benefits. Metasource was founded in 2007 and is based in Draper, Utah.

Buy -

Seller(S) 1

SELLER

Harbour Group

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1976
Size Large
Type Sector Agnostic
DESCRIPTION

Harbour Group is a private investment firm that seeks to invest in companies within the sectors of manufacturing and distribution. The firm pursues companies with EBITDA between $4 million and $50 million, and revenue between $50 million and $100 million. In addition, the firm looks for investments within North America and around the world with enterprise value between $30 million and $500 million. Harbour Group was formed in 1976 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 12 of 23
Sector (Automotive) 3 of 3
Type (Secondary Buyout) 4 of 7
State (Illinois) 2 of 3
Country (United States) 12 of 23
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-07 Onicon

Clearwater, Florida, United States

Onicon, Inc. is a manufacturer of highly accurate flow meters and energy measurement systems (BTU meters), which are ideally suited for HVAC, municipal water and process applications. Onicon was founded in 1987 and is based in Largo, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-01 Phillips & Temro

Eden Prairie, Minnesota, United States

Phillips & Temro is a supplier of highly engineered diesel and gasoline engine components with an emerging presence in electric and hybrid electric vehicle platforms. Phillips & Temro was founded in 1920 and is based in Eden Prairie, Minnesota.

Buy -