M&A Deal Summary

H.I.G. Private Equity and Bayside Capital Acquire AirNet Systems

On March 31, 2008, private equity firm H.I.G. Private Equity and lender Bayside Capital acquired transportation company AirNet Systems for 29M USD

Acquisition Highlights
  • This is H.I.G. Private Equity’s 4th and Bayside Capital’s 1st transaction in the Transportation sector.
  • This is H.I.G. Private Equity’s 19th and Bayside Capital’s largest (disclosed) transaction.
  • This is H.I.G. Private Equity’s 54th and Bayside Capital’s 4th transaction in the United States.
  • This is H.I.G. Private Equity’s 5th and Bayside Capital’s 1st transaction in Ohio.

M&A Deal Summary
Date 2008-03-31
Target AirNet Systems
Sector Transportation
Buyer(s) H.I.G. Private Equity
Bayside Capital
Deal Type Going Private
Deal Value 29M USD
Advisor(s) EVE Partners LLC
Brown Gibbons Lang (BGL) (Financial)
Vorys, Sater, Seymour and Pease (Legal)

Target

AirNet Systems

Columbus, Ohio, United States
AirNet Systems focuses its resources on providing value-added, time-critical aviation services to a diverse set of customers in the most service-intensive, cost-effective manner possible. AirNet operates an integrated national transportation network and also provides tailored and dedicated solutions to banks and other time-critical shippers. AirNet’s aircraft are located strategically throughout the United States.

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Buyer(S) 2

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $1000 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 57 of 371
Sector (Transportation) 4 of 18
Type (Going Private) 2 of 10
State (Ohio) 5 of 9
Country (United States) 54 of 246
Year (2008) 2 of 11
Size (of disclosed) 19 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-25 Claymont Steel Holdings

Claymont, Delaware, United States

Claymont Steel operates a steel mini-mill specializing in the manufacture and sale of custom-order discrete steel plate in the United States and Canada. The Company provides steel plate to a variety of end use applications including bridges, railcars, tool & die manufacture, and specialty machine & equipment manufacture. Claymont Steel's specialized production facilities, located in Claymont, Delaware, are specifically configured to provide custom-sized steel plate, which gives it a strong advantage over commodity-oriented domestic steel plate manufacturers that are physically unable to produce a significant portion of Claymont Steel's product range.

Sell $565M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-10 Linden Lumber

Linden, Alabama, United States

Linden Lumber Company, Ltd., based in Linden, Alabama, is a leading lumber products manufacturer of Southern hardwoods.

Buy -
Buyer

Bayside Capital

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Lender
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bayside Capital is the credit affiliate of mega-sized private equity firm, HIG Capital. The Firm is split into three groups, Bayside Credit Partners, Bayside Fixed Income, and Bayside Special Situations. Within its operating segments, the Firm provides a variety of equity and debt financing solutions to a variety of private and public companies. Bayside typically targets businesses with revenues in excess of $50 million and will invest $10 to $100 million per transaction. Bayside will invest in companies across a broad spectrum of industries, including business services, manufacturing, healthcare, retail, food/agriculture, and specialty finance. The Firm will not invest in start-up enterprises, real estate ventures, or project finance. Although Bayside seeks to purchase a controlling interest in its portfolio companies, the firm will consider promising minority investments. Bayside prefers companies with substantial operations in the United States and Canada, but will consider opportunities in Europe. Bayside Capital has offices in Miami, Atlanta, Boston, and San Francisco.

DEAL STATS #
Overall 5 of 14
Sector (Transportation) 1 of 1
Type (Going Private) 1 of 1
State (Ohio) 1 of 1
Country (United States) 4 of 8
Year (2008) 1 of 4
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-16 Ready Pac Foods

Irwindale, California, United States

Ready Pac Foods, Inc. is a producer and marketer of high-quality fresh foods, including cut, washed, packaged and ready-to-eat produce. With facilities around the country.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-25 Pendum

Elmhurst, Illinois, United States

Pendum is a national independent ATM service provider for ATMs and other cash automation equipment for national and community banks, credit unions, off-premise deployers, gaming and retail establishments. Pendum draws on more than 25 years of dedicated service to the ATM industry to bring customers flexible, consultative solutions that reduce costs and improve uptime.

Buy -
Mergr

Product

Company

Legal