M&A Deal Summary

Blue Sage Capital and Stellus Capital Management Acquire Baker Manufacturing

On July 12, 2022, private equity firms Blue Sage Capital and Stellus Capital Management acquired manufacturer Baker Manufacturing from Rock Island Capital

Acquisition Highlights
  • This is Blue Sage Capital’s 3rd and Stellus Capital Management’s 1st transaction in the Manufacturing sector.
  • This is Blue Sage Capital’s 24th and Stellus Capital Management’s 17th transaction in the United States.
  • This is Blue Sage Capital’s 2nd and Stellus Capital Management’s 1st transaction in Wisconsin.

M&A Deal Summary
Date 2022-07-12
Target Baker Manufacturing
Sector Manufacturing
Buyer(s) Blue Sage Capital
Stellus Capital Management
Sellers(s) Rock Island Capital
Deal Type Secondary Buyout
Advisor(s) McDermott Will & Emery (Legal)

Target

Baker Manufacturing

Evansville, Wisconsin, United States
Baker Manufacturing is a manufacturer of pumps for the viscous fluid transfer market; water well equipment and accessories for residential and industrial/municipal water systems; and short-run castings for general industrial markets. Baker Manufacturing was founded in 1873 and is based in Evansville, Wisconsin.

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Buyer(S) 2

Buyer

Blue Sage Capital

Austin, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Blue Sage Capital is a private investment firm that invests in lower middle-market companies that have the potential to become market leaders. Target businesses typically generate sales of $20 to $125 million and are valued up to $125 million. Blue Sage is a generalist firm with broad industry interest. Target sectors include industrial, distribution, service, healthcare, manufacturing, energy and media. Blue Sage geographically prefers companies located in Texas and the Southwest US. Blue Sage will not invest in banks, life insurance companies, oil and gas exploration and development projects, real estate development or companies located outside of the United States. Blue Sage was formed in 2003 and is based in Austin, Texas.

DEAL STATS #
Overall 25 of 29
Sector (Manufacturing) 3 of 3
Type (Secondary Buyout) 5 of 6
State (Wisconsin) 2 of 2
Country (United States) 24 of 28
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-07 Timber Automation

Hot Springs, Arizona, United States

Timber Automation is a provider of custom-engineered equipment and control systems for woodyards and sawmills that maximize yield, increase uptime and reduce production costs. Timber Automation was founded in 2017 an is based in Hot Springs, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-13 Ligchine

Darien, Wisconsin, United States

Ligchine is a designer, manufacturer, and marketer of laser-guided boom-operated concrete screeds. The Company produces a diverse range of models under the ScreedSaver banner, and Ligchine’s products provide best-in-class concrete floor flatness and levelness results for its customers. Ligchine was founded in 2007 and is based in Darien, Wisconsin.

Sell -
Buyer

Stellus Capital Management

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Stellus Capital Management is a provider of debt and equity capital to middle-market companies headquartered throughout the US and Canada. For credit commitments, Stellus looks to provide $10 to $50 million of capital to help support buyouts, acquisitions, recapitalization, growth opportunities, rescue financing, distressed situations, as well as bridge loans. Sectors' of interest for Stellus' credit practice includes business services, energy, general industrial, government, healthcare, software and specialty finance. Stellus' equity practice seeks to provide $30 to $50 million to small and mid-sized energy (upstream, oilfield services, midstream) companies. Stellus Capital was originally formed in 2004 as Laminar Direct Capital and operated as the direct investing unit of D.E. Shaw. The Group became independent in 2012. Stellus has offices in Houston, New York City, and Washington DC.

DEAL STATS #
Overall 17 of 23
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 4 of 6
State (Wisconsin) 1 of 1
Country (United States) 17 of 23
Year (2022) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-12 Amika

Brooklyn, New York, United States

Amika is an independent haircare brand that sits at the intersection of professional, prestige, and digital channels. amika’s clean and highly effective portfolio of hair care products and tools has earned the brand numerous accolades. Amika was founded in 2009 and is based in Brooklyn, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-25 Curion

Chamblee, Georgia, United States

Curion is a data-driven platform with solutions to deliver product and consumer insights. The Company has oexperience working with research and development (R&D) and insights teams within to design and execute research. Curion is based in Chamblee, Georgia.

Buy -

Seller(S) 1

SELLER

Rock Island Capital

Oak Brook, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 310M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Rock Island Capital is a private equity firm that provides equity and mezzanine capital to middle-market manufacturing, distribution or service companies located in the US. Rock Island typically invests to support management buyouts, generational changes of ownership, growth and expansion, and recapitalization. Prospective companies generally have sales of at least $10 million and are valued up to $150 million. The Firm will consider both majority or minority positions. Rock Island Capital has offices in Oak Brook, Illinois and Kansas City, Missouri.

DEAL STATS #
Overall 10 of 12
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 4 of 5
State (Wisconsin) 2 of 2
Country (United States) 10 of 12
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-17 Advanced Industrial Devices

Tulsa, Oklahoma, United States

Advanced Industrial Devices is a provider of electric motor automation and control solutions across the United States. AID designs and sells custom variable frequency drive control systems that are utilized across a diverse set of applications within the oil and gas and industrial sectors. Advanced Industrial Devices was formed in 1983 and is based in Tulsa, Oklahoma.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-16 DGS Retail

Mansfield, Massachusetts, United States

DGS Retail is a provider of interior décor, signage, and fixtures for major chain retailers and restaurant chains. Its products include design elements that help define a retailer’s brand and image: wall décor, banners, signage, displays, risers, and counters. DGS Retail was founded in 1979 and is based in Mansfield, Massachusetts.

Sell -
Mergr

Product

Company

Legal