M&A Deal Summary

American Capital and Behrman Capital Acquire Pelican Products

On October 26, 2004, private equity firms American Capital and Behrman Capital acquired consumer products company Pelican Products from Norwest Equity Partners for 200M USD

Acquisition Highlights
  • This is American Capital’s 19th and Behrman Capital’s 3rd transaction in the Consumer Products sector.
  • This is American Capital’s 17th and Behrman Capital’s largest (disclosed) transaction.
  • This is American Capital’s 127th and Behrman Capital’s 14th transaction in the United States.
  • This is American Capital’s 25th and Behrman Capital’s 1st transaction in California.
Investment Fate
  • Pelican Products was sold to a consortium of financial buyers in 2021.

M&A Deal Summary
Date 2004-10-26
Target Pelican Products
Sector Consumer Products
Buyer(s) American Capital
Behrman Capital
Sellers(s) Norwest Equity Partners
Deal Type Secondary Buyout
Deal Value 200M USD

Target

Pelican Products

Torrance, California, United States
Pelican Products is a designer and manufacturer of high performance protective cases, temperature controlled packaging solutions, advanced portable lighting systems and rugged gear for professionals and outdoor enthusiasts. Pelican's products are used by professionals in the most demanding markets including fire safety, law enforcement, defense / military, aerospace, entertainment, industrial and consumer. Pelican products are designed and built to last a lifetime. Pelican Products was founded in 1976 and is based in Torrance, California.

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Buyer(S) 2

Buyer

American Capital

Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.

DEAL STATS #
Overall 131 of 265
Sector (Consumer Products) 19 of 22
Type (Secondary Buyout) 22 of 60
State (California) 25 of 47
Country (United States) 127 of 253
Year (2004) 29 of 35
Size (of disclosed) 17 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-22 Montana Silversmiths

Columbus, Montana, United States

Montana Silversmiths is a designer, manufacturer, and distributor of accessories, jewelry and lifestyle products. Montana Silversmiths was founded in 1973 and is based in Columbus, Montana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-01 Consolidated Utility Services

Omaha, Nebraska, United States

Consolidated Utility Services, Inc. is a provider of a full spectrum of utility damage prevention process services and solutions. CUS’s customers include companies in the utility (gas, electric, water, sewer), telecommunications and cable industries. CUS provides critical services that help customers manage cost and service risks associated with damage to their buried infrastructure caused by a broad range of excavation activity.

Buy -
Buyer

Behrman Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 4.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Behrman Capital is a private equity firm focused on management buyouts, leveraged buildups and recapitalizations of established growth companies. Areas of interest include healthcare, defense, specialty manufacturing, business to business outsourcing, and information technology. Behrman looks to invest in the range from $25 to $125 million of equity capital in companies generating sales of $25 to $250 million. Behrman Capital was formed in 1991. The Firm is based in New York City with an additional office in San Francisco.

DEAL STATS #
Overall 14 of 29
Sector (Consumer Products) 3 of 3
Type (Secondary Buyout) 4 of 9
State (California) 1 of 1
Country (United States) 14 of 29
Year (2004) 4 of 4
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-30 WIL Research

Ashland, Ohio, United States

WIL Research Co., Inc. is a global Contract Research Organization (CRO) that provides product safety toxicological research, bioanalytical, and formulation services to the pharmaceutical, biotechnology, chemical, agrochemical, and food products industries, as well as manufacturing support for clinical trials.

Buy $105M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-02 Selig Sealing Products

Forrest, Illinois, United States

Selig Sealing Products, Inc. is a designer and manufacturer of highly engineered closure liner solutions for food, beverage, pharmaceutical, healthcare, personal care and industrial applications.

Buy -

Seller(S) 1

SELLER

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 3 of 54
Sector (Consumer Products) 1 of 9
Type (Secondary Buyout) 1 of 24
State (California) 1 of 6
Country (United States) 3 of 52
Year (2004) 2 of 2
Size (of disclosed) 8 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-01 Becker Underwood

Ames, Iowa, United States

Becker Underwood is a manufacturer of environmentally-friendly, specialty chemical products for the amenity turf, lawn care, aquatics, seed, and landscaping markets.

Buy $200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-25 Poet

Siox Falls, South Dakota, United States

Poet is an operator of renewable fuels company with a focus on corn and cellulosic ethanol with 26 plants in seven states the company produces over one billion gallons of ethanol annually. Poet was founded in 1983 and is based in Sioux Falls, South Dakota.

Buy -
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