M&A Deal Summary

Black Canyon Capital and New Heritage Capital Acquire Saunders & Associates

On May 12, 2008, private equity firms Black Canyon Capital and New Heritage Capital acquired test/measurement equipment company Saunders & Associates

Acquisition Highlights
  • This is Black Canyon Capital’s 2nd and New Heritage Capital’s 1st transaction in the Test/Measurement Equipment sector.
  • This is Black Canyon Capital’s 5th and New Heritage Capital’s 11th transaction in the United States.
  • This is Black Canyon Capital’s 1st and New Heritage Capital’s 1st transaction in Arizona.

M&A Deal Summary

Date 2008-05-12
Target Saunders & Associates
Sector Test/Measurement Equipment
Buyer(s) Black Canyon Capital
New Heritage Capital
Deal Type Recapitalization
Advisor(s) RSM EquiCo Capital Markets LLC (Financial)
Snell & Wilmer (Legal)

Target

Saunders & Associates

Phoenix, Arizona, United States
Saunders & Associates is a premier, global manufacturer of test, measurement, and production equipment supplying the global frequency control device manufacturing industry. Saunders & Associates was founded in 1967 and is based in Phoenix, Arizona.

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Buyer(S) 2

Buyer

Black Canyon Capital

Los Angeles, California, United States

Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Black Canyon is a private investment firm that targets both equity and debt/mezzanine related investments in middle-market companies. Sectors of interest include business services, consumer products, financial services, industrial/niche manufacturing, healthcare, media, restaurants, and retail. Black Canyon's target investment size is $25 to $50 million in businesses with at least $5 million of EBITDA. Prospective investment situations can include leveraged buyouts, management buyouts, recapitalizations/refinancings, and growth/acquisition financings. Black Canyon Capital was formed in 2004 and is based in Los Angeles.


DEAL STATS #
Overall 5 of 7
Sector (Test/Measurement Equipment) 2 of 2
Type (Recapitalization) 2 of 2
State (Arizona) 1 of 1
Country (United States) 5 of 7
Year (2008) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-31 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
2008-11-01 Archway Marketing Services

Rogers, Minnesota, United States

Archway Marketing Services is a provider of end-to-end marketing logistics and fulfillment services, specifically focusing on point-of-sale and point-of-purchase materials, sales literature, product samples, gift cards, and consumer promotions. Archway Marketing Services was founded in 1952 and is based in Rogers, Minnesota.

Buy -
Buyer

New Heritage Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New Heritage Capital LLC is a private investment firm specializing in the acquisition and equity-based recapitalization of private, family owned businesses. Heritage looks to invest in growing, middle-market companies with at least $30 million in annual revenue and EBITDA of at least $4 million. Target sectors include aerospace, consumer products, food/beverage, media/publishing, healthcare, manufacturing, pet products, plastics/packaging, printing, and value-added distribution. New Heritage Capital LLC was formed in 2006 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 13 of 31
Sector (Test/Measurement Equipment) 1 of 1
Type (Recapitalization) 2 of 4
State (Arizona) 1 of 2
Country (United States) 11 of 28
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-01 Centra Industries

Cambridge, Ontario, Canada

Centra Industries is a family-owned manufacturer of structural components and assemblies for commercial aircraft, specializing in high-speed production of geometrically complex, tight tolerance parts. Company products can be found on major platforms such as Boeing's 737, 747, 777, and 787, Bombardier's RJ and Business Jet programs, Airbus's A-380, and Lockheed Martin's F35.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-24 Sunrise Growers-Frozsun Foods

Placentia, California, United States

Sunrise Growers-Frozsun Foods, Inc. is a supplier of frozen strawberry products as well as a distributor and marketer of fresh strawberries. Sunrise sells under its own brands as well as through its customers' private label programs.

Sell -