M&A Deal Summary

Boyd Acquires Aavid Thermalloy

On May 18, 2017, Boyd acquired electrical equipment company Aavid Thermalloy from Audax Private Equity, Trustar Capital and Oaktree Capital Management

Acquisition Highlights
  • This is Boyd’s 1st transaction in the Electrical Equipment sector.
  • This is Boyd’s 3rd transaction in the United States.
  • This is Boyd’s 1st transaction in New Hampshire.

M&A Deal Summary
Date 2017-05-18
Target Aavid Thermalloy
Sector Electrical Equipment
Buyer(s) Boyd
Sellers(s) Audax Private Equity
Trustar Capital
Oaktree Capital Management
Deal Type Add-on Acquisition

Target

Aavid Thermalloy

Concord, New Hampshire, United States
Aavid, through its global network of manufacturing and design centers, provides a broad range of technologically advanced thermal management solutions for aerospace and defense, telecommunication, LED lighting, server, data center, consumer electronics, transportation, and industrial applications to customers all over the world.

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Buyer(S) 1

Buyer

Boyd

Modesto, California, United States
Category Company
Founded 1996
Sector Manufacturing
DESCRIPTION

Boyd Corp is a designer, manufacturer, marketer, and distributor of extruded, die-cut, and molded flexible rubber and plastic components and sealing systems for industrial applications. The business has a history of design and manufacturing innovation related to sealing systems and applications.

DEAL STATS #
Overall 3 of 12
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 10
State (New Hampshire) 1 of 1
Country (United States) 3 of 10
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-31 Specification Seals

Anaheim, California, United States

Specification Seals Co. (Spec Seals) is a manufacturer of synthetic rubber O-rings, gaskets and seals to a wide range of industrial seal distributors and original equipment manufacturers throughout North America.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-26 Action Fabricators

Grand Rapids, Michigan, United States

Action Fabricators, Inc. is a premier converter of custom designed flexible materials, including custom made tapes, adhesives, non-adhesive backed foams and other specialty materials for numerous end market applications, including automotive, medical, electronics, security, furniture, appliance, and general industrial applications. Action provides its clients with cost-effective, value-added custom solutions to meet their specific application needs.

Buy -

Seller(S) 3

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 53 of 102
Sector (Electrical Equipment) 3 of 5
Type (Add-on Acquisition) 19 of 35
State (New Hampshire) 2 of 2
Country (United States) 51 of 97
Year (2017) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-19 AI Fire

Long Beach, California, United States

AI Fire is a provider of fire and life safety services, including inspection, service, customized work orders, and installation for fire alarms, sprinklers, fire extinguishers, and other fire suppression systems. AI Fire was founded in 2009 and is based in Long Beach, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-30 Rough Country

Dyersburg, Tennessee, United States

Rough Country is a designer and manufacturer of specialty-engineered, metal-formed exhaust hardware components for automobiles and light trucks. Rough Country was founded in 1939 and is based in Dyersburg, Tennessee.

Sell -
SELLER

Trustar Capital

Hong Kong, China

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Trustar Capital is the private equity arm of financial services/asset manager CITIC Group. Trustar Capital separates its private equity investment activity into three groups; China, Japan, and the US. In general, Trustar looks to invest in companies with 'strong franchises', with established brands and high barriers to entry. For US-based opportunities, the firm looks to leverage its connections in China. Broad areas of interest include niche manufacturing, consumer products, and business services. The Firm does not invest in start-ups or distressed businesses. Trustar Capital is based in Hong Kong.

DEAL STATS #
Overall 14 of 25
Sector (Electrical Equipment) 2 of 2
Type (Add-on Acquisition) 10 of 12
State (New Hampshire) 1 of 1
Country (United States) 6 of 8
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-12 Formel D

Cologne, Germany

Formel D is a service provider to the automotive and component supply industry. The company develops concepts and scalable solutions for quality assurance and process optimisation along the entire automotive value chain - from development to production through to aftersales. Formel D was founded in 1993 and is based in Cologne, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-25 LifeStyles

Singapore, Singapore

LifeStyles is specialized in sexual wellness sector, possessing a broad product range. LifeStyles was founded in 1905 and is based in Singapore.

Buy $600M
SELLER

Oaktree Capital Management

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1995
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.

DEAL STATS #
Overall 50 of 77
Sector (Electrical Equipment) 6 of 8
Type (Add-on Acquisition) 25 of 31
State (New Hampshire) 2 of 2
Country (United States) 38 of 53
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-29 Sterling Lumber

Phoenix, Illinois, United States

Sterling Lumber Co. is a North American provider of access, crane, and outrigger mats to owners and constructors of energy and power infrastructure, particularly electric transmission & distribution and oil & gas pipelines. Sterling also provides turnkey matting solution services, including access planning, site preparation, mat installation and removal, and site restoration. Sterling’s matting solutions help protect the environment, increase construction efficiency, and play a critical role in ensuring jobsite safety.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-16 Coriant

Naperville, Illinois, United States

Coriant, Inc. is a developer of an innovative and dynamic networking solutions for a fast-changing and cloud-enabled business world. The Coriant portfolio of SDN-enabled, edge-to-core transport solutions enables network operators to reduce operational complexity, improve utilization of multi-layer network resources, and create new revenue-generating services optimized for the evolving demands of business and consumer applications, including video, mobile, and cloud. Coriant is based in Naperville, Illinois.

Buy -
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