Secondary Buyout • Machinery

Berkshire Partners Acquires Harvey Performance Co.

On November 3, 2021, private equity firm Berkshire Partners acquired machinery company Harvey Performance Co. from Summit Partners

Acquisition Context
  • This is Berkshire Partners’ 3rd transaction in the Machinery sector.
  • This is Berkshire Partners’ 87th transaction in the United States.
  • This is Berkshire Partners’ 17th transaction in Massachusetts.

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M&A Deal Summary

Date November 3, 2021
Target Harvey Performance Co.
Sector Machinery
Buyer(s) Berkshire Partners
Sellers(s) Summit Partners
Deal Type Secondary Buyout

Target Company

Harvey Performance Co.

Rowley, Massachusetts, United States
Harvey Performance Co. is dedicated to providing products, services, and solutions that increase productivity for customers in the manufacturing and metalworking industries, including the aerospace and defense, medical, automotive, industrial motors, and telecommunications sectors. The company consists of two complementary brands: Harvey Tool – a broad, one-stop offering for hard-to-find micro-cutting tools – and Helical Solutions – a manufacturer of high-performance custom and standard end mills. The company is recognized as a market leader because of unsurpassed technical expertise and engineering know-how. Harvey Performance Co. was formed in 1985 and is based in Rowley, Massachusetts.
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Buyer Overview 1

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 Context for Buyer #
Overall 98 of 106
Sector: Machinery 3 of 3
Type: Secondary Buyout 21 of 24
State: Massachusetts 17 of 18
Country: United States 87 of 94
Year: 2021 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-20 Portillo’s

Oak Brook, Illinois, United States

Portillo’s is a restaurant company operating restaurants in the Chicago area as well as locations in Arizona and California. The first Portillo’s location, known as “The Dog House,” was opened by Dick Portillo. Portillo’s was founded in 1963 and is based in Oak Brook, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-03 Teraco

Johannesburg, South Africa

Teraco is a provider of carrier and cloud-neutral colocation data centers and with over 18 000 cross-connects. As the first provider of highly resilient, vendor-neutral data environments in sub-Saharan Africa, Teraco brings global content closer to the digital edge. Teraco was founded in 2008 and is based in Johannesburg, South Africa.

Sell -

Seller Profile 1

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1984
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.


Deal Context for Seller #
Overall 268 of 298
Sector: Machinery 2 of 2
Type: Secondary Buyout 51 of 64
State: Massachusetts 30 of 35
Country: United States 236 of 258
Year: 2021 19 of 24
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-27 Hairstory

New York, New York, United States

Hairstory is an unconventional haircare brand that helped to create the sustainable, non-detergent cleansing category. Hairstory’s core product, New Wash, cleans hair without any detergent, ending what the company sees as a vicious cycle of over-cleansing created by shampoo. Hairstory was founded in 2015 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-19 InnovaCare Health

Orlando, Florida, United States

InnovaCare Health improves the lives of patients and physicians through innovative solutions for value-based healthcare. Throughout its 20+ year history, InnovaCare Health has owned, operated, and managed an integrated portfolio of medical groups, health plans, medical service organizations, clinical networks, and more. InnovaCare Health was founded in 1998 is based in Orlando, Florida.

Sell -