M&A Deal Summary

Bratenahl Capital Partners, Berkshire Partners and Warburg Pincus Acquire CPP

On June 14, 2019, family office Bratenahl Capital Partners, private equity firm Berkshire Partners and private equity firm Warburg Pincus acquired aerospace company CPP from Bratenahl Capital Partners, Blue Point Capital Partners, Warburg Pincus, American Capital and Audax Private Debt

Acquisition Highlights
  • This is Bratenahl Capital Partners’ 4th, Berkshire Partners’ 2nd and Warburg Pincus’ 5th transaction in the Aerospace sector.
  • This is Bratenahl Capital Partners’ 30th, Berkshire Partners’ 70th and Warburg Pincus’ 193rd transaction in the United States.
  • This is Bratenahl Capital Partners’ 11th, Berkshire Partners’ 2nd and Warburg Pincus’ 6th transaction in Ohio.

M&A Deal Summary
Date 2019-06-14
Target CPP
Sector Aerospace
Buyer(s) Bratenahl Capital Partners
Berkshire Partners
Warburg Pincus
Sellers(s) Bratenahl Capital Partners
Blue Point Capital Partners
Warburg Pincus
American Capital
Audax Private Debt
Deal Type Recapitalization

Target

CPP

Cleveland, Ohio, United States
CPP is an aerospace casting manufacturer and offers both sand and investment casting capabilities. The company specializes in producing complex, mission-critical components for a variety of leading commercial and military aircraft and regional/business jets, as well as industrial gas turbines. CPP was founded in 1991 and is based in Cleveland, Ohio.

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Buyer(S) 3

Buyer

Bratenahl Capital Partners

Investor Investor

Category Family Office
Founded 2003
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Bratenahl Capital Partners is a family-backed private investment group focused on fund as well as direct/co-investment opportunities. The Firm's direct investment practice seeks to commit $500K to $15 million in partnership with other funded or unfunded sponsors. Bratenahl does not have any sector preferences, but does prefer companies with diversified customers and experienced management in place. Bratenahl Capital Partners was formed in 2003 and is headquartered in Cleveland, Ohio.

DEAL STATS #
Overall 35 of 35
Sector (Aerospace) 4 of 4
Type (Recapitalization) 2 of 2
State (Ohio) 11 of 11
Country (United States) 30 of 30
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-14 Stancor Pumps

Monroe, Connecticut, United States

Stancor, Inc. is a designer and manufacturer of electric submersible pumps, controls and related replacement parts and accessories for critical heavy industrial applications in the mining, utility, commercial construction and wastewater industries. Stancor Pumps was founded in 1985 and is based in Monroe, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-14 Avtron Aerospace

Cleveland, Ohio, United States

Avtron Aerospace, Inc. is a designer and manufacturer of electrical, electronic, and hydraulic aircraft component test solutions for the global commercial and military aerospace markets. Avtron Aerospace was founded in 1953 and is based in Cleveland, Ohio.

Sell -
Buyer

Berkshire Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Berkshire Partners is a private equity firm focused on investing in businesses with strong management and that lead their respective markets. Berkshire will consider investments in both public and private companies. Prospective transactions for private companies include leveraged buyouts, recapitalizations, growth capital financings, and privatizations. Public company transactions include take-privates, PIPEs, and equity stakes. Berkshire generally looks to invest $150 to $500 million of equity capital per transaction in companies valued up to $2 billion. Sectors of interest include industrial manufacturing, consumer products, retailing, transportation, communications and business services. Berkshire Partners was formed in 1984 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 80 of 100
Sector (Aerospace) 2 of 2
Type (Recapitalization) 21 of 23
State (Ohio) 2 of 3
Country (United States) 70 of 88
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-08 IVC Evidensia

Bristol , United Kingdom

IVC Evidensia is a diversified vet services platform, an extensive network of clinics/hospitals, and comprehensive pet e-commerce and telemedicine offerings. IVC Evidensia was founded in 2011 and is based in Bristol, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Vi-Jon Laboratories

St. Louis, Missouri, United States

Vi-Jon Laboratories is a manufacturer of private label personal care products in the U.S. The Company produces private label products across a broad range of personal care categories including mouthwash, soaps, hand sanitizers, first aid, baby care, and hair care. Vi-Jon Laboratories was founded in 1908 and is based in St. Louis, Missouri.

Sell -
Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 403 of 482
Sector (Aerospace) 5 of 5
Type (Recapitalization) 6 of 7
State (Ohio) 6 of 8
Country (United States) 193 of 237
Year (2019) 12 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-14 Aion Bank

Brussels, Belgium

Aion Bank is an European digital bank operating on a cloud-native IT platform that provides banking services to retail and SME customers via two channels. Aion Bank is based in Brussels, Belgium.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-24 Jinxin Fertility

Chengdu, China

Jinxin Fertility is an international professional services organization in the field of assisted reproductive technology. The company builds a multidisciplinary and cross-regional reproductive health service system with advanced Gynecology and Obstetrics technology. Jinxin Fertility was founded in 1951 and is based in Chengdu, China.

Sell -

Seller(S) 5

SELLER

Bratenahl Capital Partners

Investor Investor

Category Family Office
Founded 2003
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Bratenahl Capital Partners is a family-backed private investment group focused on fund as well as direct/co-investment opportunities. The Firm's direct investment practice seeks to commit $500K to $15 million in partnership with other funded or unfunded sponsors. Bratenahl does not have any sector preferences, but does prefer companies with diversified customers and experienced management in place. Bratenahl Capital Partners was formed in 2003 and is headquartered in Cleveland, Ohio.

DEAL STATS #
Overall 22 of 26
Sector (Aerospace) 2 of 3
Type (Recapitalization) 2 of 2
State (Ohio) 6 of 7
Country (United States) 18 of 22
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-14 Stancor Pumps

Monroe, Connecticut, United States

Stancor, Inc. is a designer and manufacturer of electric submersible pumps, controls and related replacement parts and accessories for critical heavy industrial applications in the mining, utility, commercial construction and wastewater industries. Stancor Pumps was founded in 1985 and is based in Monroe, Connecticut.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-14 Avtron Aerospace

Cleveland, Ohio, United States

Avtron Aerospace, Inc. is a designer and manufacturer of electrical, electronic, and hydraulic aircraft component test solutions for the global commercial and military aerospace markets. Avtron Aerospace was founded in 1953 and is based in Cleveland, Ohio.

Sell -
SELLER

Blue Point Capital Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1990
PE ASSETS 1.9B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Blue Point Capital Partners is a middle-market private equity firm focused on investments throughout the US, Canada, and Europe. The Firm looks to commit $10 to $50 million of equity capital in companies generating sales of $30 to $300 million and EBITDA of at least $7 million. Blue Point looks for control investments that arise from management led buyouts, recapitalizaitons, and companies in need of growth capital. Sectors of interest include transportation components, metals processing, plastics, packaging, specialty distribution, environmental, building materials, industrial textiles, transportation/logistics, chemicals, industrial outsourcing, and engineered components. Blue Point will not invest in real estate, restaurants, retail, or companies operating in highly regulated industries. Blue Point Capital Partners was formed in 1990 and has offices in Cleveland, Ohio; Charlotte, North Carolina; and Seattle, Washington.

DEAL STATS #
Overall 30 of 36
Sector (Aerospace) 3 of 3
Type (Recapitalization) 1 of 1
State (Ohio) 8 of 8
Country (United States) 28 of 33
Year (2019) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-02 TAS Environmental Services

Forest Hill, Texas, United States

TAS Environmental Services is a provider of environmental, industrial cleaning, emergency response, waste transportation services and solutions for businesses and communities. TAS Environmental Services was founded in 2004 and is based in Forest Hill, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-20 VRC Holdings

Milwaukee, Wisconsin, United States

VRC Holdings is a designer and manufacturer of mission-critical seals, wiring grommets, tubing and molded thermoplastics primarily for the aerospace & defense, automotive, industrial, oil & gas, marine, and medical end markets. VRC Holdings is based in Milwaukee, Wisconsin.

Buy -
SELLER

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.

DEAL STATS #
Overall 186 of 251
Sector (Aerospace) 3 of 4
Type (Recapitalization) 4 of 4
State (Ohio) 3 of 4
Country (United States) 108 of 137
Year (2019) 14 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-14 Aion Bank

Brussels, Belgium

Aion Bank is an European digital bank operating on a cloud-native IT platform that provides banking services to retail and SME customers via two channels. Aion Bank is based in Brussels, Belgium.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-24 Jinxin Fertility

Chengdu, China

Jinxin Fertility is an international professional services organization in the field of assisted reproductive technology. The company builds a multidisciplinary and cross-regional reproductive health service system with advanced Gynecology and Obstetrics technology. Jinxin Fertility was founded in 1951 and is based in Chengdu, China.

Sell -
SELLER

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 191 of 194
Sector (Aerospace) 5 of 5
Type (Recapitalization) 4 of 4
State (Ohio) 10 of 11
Country (United States) 183 of 186
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-01 TestAmerica Environmental Services

North Canton, Ohio, United States

TestAmerica Environmental Services LLC is the largest provider of outsourced laboratory testing services in several of the most attractive niche segments within the $10 billion non-clinical outsourced laboratory testing services market. Company headquartered in Asheville, North Carolina.

Sell $175M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-29 Unison

Dulles, Virginia, United States

Unison is a provider of purpose-built procurement and contract management software solutions to U.S. federal government agencies and government contractors. All software development and support are done within the USA. For over 30 years, Unison has continually advanced software and insight solutions to help Federal programs efficiently achieve their missions. Unison was founded in 1983 and is based in Dulles, Virginia.

Sell -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.

DEAL STATS #
Overall 44 of 51
Sector (Aerospace) 1 of 1
Type (Recapitalization) 4 of 4
State (Ohio) 6 of 8
Country (United States) 44 of 51
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-27 CPS

Dublin, Ohio, United States

CPS is a provider of outsourced pharmacy services to hospitals and integrated health systems. CPS offers a suite of services, information technology and data informatics, including pharmacy management, technology-based tools and data analytics. CPS was founded in 1971 and is based in Dublin, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-13 Sunless

Macedonia, Ohio, United States

Sunless is a manufacturer of spray tanning booths, innovative airbrush equipment, proprietary solutions, and professional-grade retail products for the sunless tanning segment of the indoor tanning industry. Sunless is based in Macedonia, Ohio.

Sell -
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