M&A Deal Summary

Warburg Pincus, American Capital, Audax Private Debt, Bratenahl Capital Partners and Blue Point Capital Partners Acquire CPP

On September 14, 2011, private equity firm Warburg Pincus, private equity firm American Capital, mezzanine finance firm Audax Private Debt, family office Bratenahl Capital Partners and private equity firm Blue Point Capital Partners acquired aerospace company CPP from Arlington Capital Partners

Acquisition Highlights
  • This is Warburg Pincus’ 3rd, American Capital’s 5th, Audax Private Debt’s 1st, Bratenahl Capital Partners’ 2nd and Blue Point Capital Partners’ 2nd transaction in the Aerospace sector.
  • This is Warburg Pincus’ 109th, American Capital’s 242nd, Audax Private Debt’s 39th, Bratenahl Capital Partners’ 11th and Blue Point Capital Partners’ 19th transaction in the United States.
  • This is Warburg Pincus’ 3rd, American Capital’s 12th, Audax Private Debt’s 5th, Bratenahl Capital Partners’ 4th and Blue Point Capital Partners’ 6th transaction in Ohio.
Investment Fate
  • CPP was recapitalized in 2019.

M&A Deal Summary

Date 2011-09-14
Target CPP
Sector Aerospace
Buyer(s) Warburg Pincus
American Capital
Audax Private Debt
Bratenahl Capital Partners
Blue Point Capital Partners
Sellers(s) Arlington Capital Partners
Deal Type Secondary Buyout
Advisor(s) Morgan Stanley
Lazard (Financial)
Kirkland & Ellis (Legal)

Target

CPP

Cleveland, Ohio, United States
CPP is an aerospace casting manufacturer and offers both sand and investment casting capabilities. The company specializes in producing complex, mission-critical components for a variety of leading commercial and military aircraft and regional/business jets, as well as industrial gas turbines. CPP was founded in 1991 and is based in Cleveland, Ohio.

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Buyer(S) 5

Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 198 of 492
Sector: Aerospace M&A 3 of 6
Type: Secondary Buyout M&A Deals 25 of 70
State: Ohio M&A 3 of 9
Country: United States M&A 109 of 241
Year: 2011 M&A 15 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-07 Total Safety

Houston, Texas, United States

Total Safety is a provider of integrated safety and compliance services and the products necessary to support them, including gas detection, respiratory protection, safety training, fire protection, compliance and inspection, comprehensive flare services, industrial hygiene, onsite emergency medical treatment/paramedics, communications systems, engineered systems design, and materials management. Total Safety is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-20 International Asset Systems

Oakland, California, United States

International Asset Systems is a provider of cloud-based solutions for global logistics and transportation management. IAS serves providers of global transportation, focusing on first- and last-mile landside movement for logistics service providers, motor carriers, ocean carriers, railroads and equipment lessors.

Buy -
Buyer

American Capital


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 254 of 265
Sector: Aerospace M&A 5 of 5
Type: Secondary Buyout M&A Deals 55 of 60
State: Ohio M&A 12 of 13
Country: United States M&A 242 of 253
Year: 2011 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-02 Value Plastics

Fort Collins, Colorado, United States

Value Plastics, Inc. designs and manufactures over 3,400 plastic tubing components. Major product areas include quick connect fittings (quick disconnect couplings), sanitary fittings or couplers, luer fittings and connectors as well as alternatives to luer fittings, check valves, tubing fittings and connectors up to 1' (25.4 mm) ID, fittings and connectors joining plastic tubing to threaded ports, blood pressure fittings and connectors, and bondable (prototyping) fittings and connectors.

Sell $250M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-03 YORK Label

Omaha, Nebraska, United States

YORK Label, Inc. is a supplier of high-end pressure-sensitive label solutions and operates flexographic label printing facilities in North America.

Sell $356M
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 40 of 120
Sector: Aerospace M&A 1 of 1
Type: Secondary Buyout M&A Deals 16 of 58
State: Ohio M&A 5 of 8
Country: United States M&A 39 of 118
Year: 2011 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-01 INNOVÉ Beauty & Wellness

Macedonia, Ohio, United States

INNOVÉ Beauty & Wellness manufactures and sells spray tanning equipment, spray tanning solution, and related accessories. The company provides consumers with natural-looking tans through MysticTan, VersaSpa, and Norvell brands. INNOVÉ Beauty & Wellness is based in Macedonia, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-09 TruckPro

Cordova, Tennessee, United States

TruckPro is an independent distributor of heavy-duty aftermarket truck parts and accessories in the U.S. TruckPro distributes a full range of products that cover maintenance and repair events for substantially all major OEMs of heavy-duty vehicles. TruckPro sells its products to over 35,000 customers in numerous end markets, including small, regional and national trucking companies; private fleets; waste services companies; construction companies; municipalities and independent repair shops. TruckPro was founded in 1958 and is based in Memphis, Tennessee.

Sell -
DESCRIPTION

Bratenahl Capital Partners is a family-backed private investment group focused on fund as well as direct/co-investment opportunities. The Firm's direct investment practice seeks to commit $500K to $15 million in partnership with other funded or unfunded sponsors. Bratenahl does not have any sector preferences, but does prefer companies with diversified customers and experienced management in place. Bratenahl Capital Partners was formed in 2003 and is headquartered in Cleveland, Ohio.


DEAL STATS #
Overall 16 of 35
Sector: Aerospace M&A 2 of 4
Type: Secondary Buyout M&A Deals 4 of 8
State: Ohio M&A 4 of 11
Country: United States M&A 11 of 30
Year: 2011 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-27 Satair A/S

Kastrup, Denmark

Satair A/S is a supplier of aircraft parts and service solutions for aircraft maintenance. Satair A/S offers various services, ranging from parts supply and distribution to a selection of tailor-made service provider solutions. In the Asia Pacific region Satair A/S also offers repair service on a broad selection of its product portfolio. Customers include all types of commercial operators and maintenance providers as well as several military operators worldwide. With approximately 360 employees worldwide, Satair A/S is headquartered in Copenhagen, Denmark and serves its business partners globally through sales and warehousing locations in Europe, North America, the Middle East, Asia Pacific and China.

Sell $483M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-16 Selmet

Albany, Oregon, United States

Selmet, Inc. is a manufacturer of complex titanium investment castings for the aerospace and defense industries. Selmet possesses unique capabilities to process titanium and features a product offering that includes engine, airframe and other aircraft and military components. Selmet was founded in 1983 and is based in Albany, Oregon.

Buy -
Buyer

Blue Point Capital Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Blue Point Capital Partners is a middle-market private equity firm focused on investments throughout the US, Canada, and Europe. The Firm looks to commit $10 to $50 million of equity capital in companies generating sales of $30 to $300 million and EBITDA of at least $5 million. Blue Point looks for control investments that arise from management led buyouts, recapitalizaitons, and companies in need of growth capital. Sectors of interest include transportation components, metals processing, plastics, packaging, specialty distribution, environmental, building materials, industrial textiles, transportation/logistics, chemicals, industrial outsourcing, and engineered components. Blue Point will not invest in real estate, restaurants, retail, or companies operating in highly regulated industries. Blue Point Capital Partners was formed in 1990 and has offices in Cleveland, Ohio; Charlotte, North Carolina; and Seattle, Washington.


DEAL STATS #
Overall 20 of 54
Sector: Aerospace M&A 2 of 3
Type: Secondary Buyout M&A Deals 5 of 11
State: Ohio M&A 6 of 13
Country: United States M&A 19 of 50
Year: 2011 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-18 Trek Diagnostic Systems

Cleveland, Ohio, United States

Trek develops and markets diagnostic testing products used to detect and identify infectious organisms and determine their susceptibility to various types, combinations and concentrations of antimicrobial agents. Trek markets its products primarily to the clinical, veterinary and pharmaceutical industries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-26 Legend Brands

Burlington, Washington, United States

Legend Brands is the leading manufacturer of restorative drying products for the water damage restoration industry with over 60% market share in the U.S.

Sell $70M

Seller(S) 1

SELLER

Arlington Capital Partners

Bethesda, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 7.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Arlington Capital Partners is a middle-market private equity firm focused on buyouts and recapitalizations in targeted growth industries. Arlington targets US based companies valued between $50 and $500 million with strong potential for organic growth and possible consolidation opportunities. Sectors of interest include business services and outsourcing, aerospace/defense, federal and commercial IT, media, education and training, healthcare services, and manufacturing. Arlington Capital was formed in 1999 and is headquartered in Washington DC.


DEAL STATS #
Overall 7 of 40
Sector: Aerospace M&A 2 of 4
Type: Secondary Buyout M&A Deals 1 of 11
State: Ohio M&A 1 of 1
Country: United States M&A 7 of 38
Year: 2011 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-11 MicroPact

Arlington, Virginia, United States

MicroPact, Inc. is a provider of specialized, vertically oriented case management and business process management (BPM) applications for government. MicroPact, Inc. was founded in 2001 and is based in Arlington, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-21 White Oak Technologies

Silver Spring, Maryland, United States

White Oak Technologies, Inc. (WOTI) is a provider of advanced technical services to the intelligence community. The company develops and deploys next-generation solutions that support large-scale IT programs through mission-oriented analytics, cyber defense and computer forensics.

Sell -