Recapitalization • Utilities

Brass Ring Capital and First Capital Partners Acquire Franklin Energy

On December 10, 2007, private equity firm Brass Ring Capital and mezzanine finance firm First Capital Partners acquired utilities company Franklin Energy

Acquisition Context
  • This is Brass Ring Capital’s 1st and First Capital Partners’ 1st transaction in the Utilities sector.
  • This is Brass Ring Capital’s 4th and First Capital Partners’ 3rd transaction in the United States.
  • This is Brass Ring Capital’s 3rd and First Capital Partners’ 2nd transaction in Wisconsin.
Investment Fate
  • Franklin Energy was sold to a consortium of financial buyers in 2010.
  • Franklin Energy was sold to a consortium of financial buyers in 2016.
  • Franklin Energy was sold to a consortium of financial buyers in 2019.

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M&A Deal Summary

Date December 10, 2007
Target Franklin Energy
Sector Utilities
Buyer(s) Brass Ring Capital
First Capital Partners
Deal Type Recapitalization

Target Company

Franklin Energy

Port Washington, Wisconsin, United States
Franklin Energy offers a seamless customer experience through energy efficiency and demand response program management services, as well as product fulfillment. Franklin Energy has a nationwide footprint and will leverage its 30 years of expertise as it continues delivering integrated customer engagement solutions alongside its implementation services and product solutions. Franklin Energy was founded in 1994 and is based in Port Washington, Wisconsin.
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Buyers Overview 2

Buyer

Brass Ring Capital

Minnetonka, Minnesota, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Brass Ring Capital is a private investment firm focused on small company investments in the upper Midwest US. Brass Ring looks for profitable companies generating revenues of $5 to $50 million and EBITDA of $1 to $5 million. Sectors of interest include business services and manufacturing. Brass Ring's investment horizon is between four and five years. Brass Ring will not invest in companies requiring major restructuring or investment in technology. Brass Ring Capital is based in Minnetonka, Minnesota.


Deal Context for Buyer #
Overall 4 of 16
Sector: Utilities 1 of 1
Type: Recapitalization 2 of 11
State: Wisconsin 3 of 4
Country: United States 4 of 16
Year: 2007 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-31 IGCTechnologies

Milwaukee, Wisconsin, United States

IGCTechnologies is a manufacturer of cost saving additives for the metal casting sector, and distributor of niche industrial ingredients.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-23 Nationwide Learning

Topeka, Kansas, United States

Nationwide Learning LLC is a publisher of student-authored books. Nationwide Learning is seeking add-on acquisitions.

Buy -
Buyer

First Capital Partners

Omaha, Nebraska, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2006
PE ASSETS 241M USD
Size Small
Type Sector Agnostic
DESCRIPTION

First Capital Partners is an Omaha, Nebraska-based private investment firm that provides equity and subordinated debt financing to lower middle-market companies. First targets businesses with revenues of $10 to $100 million and EBITDA up to $10 million. Investments are generally used to fund management buyouts, growth capital financings, recapitalizations, divestitures, and generational transfers of ownership. Broad areas of interest include manufacturing, business services, and value-added distribution. First Capital will not invest in startups, early stage companies, high technology, real estate, or retail. First Capital Partners is based in US.


Deal Context for Buyer #
Overall 3 of 37
Sector: Utilities 1 of 1
Type: Recapitalization 1 of 9
State: Wisconsin 2 of 6
Country: United States 3 of 37
Year: 2007 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-03 Wisconsin Film & Bag

Shawano, Wisconsin, United States

Wisconsin Film and Bag produces custom polyethylene bags and film for the flexible packaging industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-31 UPF Services

Spokane Valley, Washington, United States

UPF Services LLC is a provider of residential and commercial real estate mortgage and loan services to its financial institution customers. Mortgage lenders and loan servicers use these services to quantify and qualify risk and manage loss mitigation throughout the mortgage and loan spectrum.

Buy -