M&A Deal Summary

Berwind Acquires Caplugs

On April 15, 2015, family office Berwind acquired plastics company Caplugs from Windjammer Capital and HarbourVest Partners

Acquisition Highlights
  • This is Berwind’s 1st transaction in the Plastics sector.
  • This is Berwind’s 10th transaction in the United States.
  • This is Berwind’s 1st transaction in New York.

M&A Deal Summary

Date 2015-04-15
Target Caplugs
Sector Plastics
Buyer(s) Berwind
Sellers(s) Windjammer Capital
HarbourVest Partners
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey (Financial)
Choate Hall & Stewart (Legal)

Target

Caplugs

Buffalo, New York, United States
Caplugs is a designer, manufacturer and marketer of injection-molded plastic and vinyl protection products. Caplugs has six manufacturing processes, including injection molding, vinyl-dip molding, vinyl coating, extrusion, compression molding, and die-cutting that offer customers a wide range of options and bring value as a long-term partner. Caplugs has ten global manufacturing facilities in New York, Pennsylvania, California, Texas, Holland, Belgium, Australia, Canada, and China. Caplugs was founded in 1948 and is headquartered in Buffalo, New York.

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Buyer(S) 1

Buyer

Berwind

Philadelphia, Pennsylvania, United States

Category Family Office
Founded 1886
Size Large
Type Sector Agnostic
DESCRIPTION

Berwind Corporation is a family-owned private investment firm focused on building a diversified portfolio of highly successful manufacturing and service companies. Target companies should be leaders in their respective markets, with strong organic growth prospects, and consistently high margins. Specific areas of interest include pharmaceutical, specialty chemical, office and craft, automotive, and natural resources. Acquisitions of any size are considered if they are assimilated into an existing Berwind company. Potential new platform companies range in value between $300 and $1500 million. Berwind Corporation dates back to 1886 and is based in Philadelphia, Pennsylvania.


DEAL STATS #
Overall 11 of 12
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 5 of 6
State (New York) 1 of 1
Country (United States) 10 of 11
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-17 TASI

Harrison, Ohio, United States

TASI is a manufacturer of highly-engineered leak test and measurement equipment designed to enhance manufacturing efficiency in the automotive, plastics, industrial and pharmaceutical end markets. TASI was founded in 1981 and is headquartered in Harrison, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-22 Elmer s Products

Columbus, Ohio, United States

Elmer's Products, Inc. is a provider of activity-based adhesive and cutting products that inspire creativity in the classroom, at home, in the office, in the workshop and at the craft table.

Sell $600M

Seller(S) 2

SELLER

Windjammer Capital

Newport Beach, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital Investors is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital Investors was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


DEAL STATS #
Overall 20 of 26
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 9 of 12
State (New York) 2 of 2
Country (United States) 20 of 26
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 BBB Industries

Daphne, Alabama, United States

BBB Industries engages in remanufacturing of starters, alternators, hydraulic and air disc brake calipers, both hydraulic and electronic power steering products and turbochargers for the OEM, personal and commercial vehicle aftermarket industries. BBB Industries was founded in 1987 headquartered in Daphne, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-20 Heritage Food Service Group

Fort Wayne, Indiana, United States

Heritage Food Service Group, Inc. is a distributor of OEM replacement and repair parts for commercial kitchen equipment in the foodservice industry. Heritage Food Service Group was founded in 1987 and is based in Fort Wayne, Indiana.

Buy -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 64 of 132
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 18 of 34
State (New York) 4 of 6
Country (United States) 40 of 83
Year (2015) 6 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-23 United Surgical Partners International

Addison, Texas, United States

United Surgical Partners International, Inc. is a develops ambulatory surgery centers primarily in partnership with hospitals and with physicians in the U.S.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-22 Preston Hollow Capital

Dallas, Texas, United States

Preston Hollow Capital is an independent specialty finance company focused on directly originated and negotiated municipal project finance transactions. Preston Hollow Capital was founded in 2014 and is based in Dallas, Texas.

Buy -