M&A Deal Summary

Bunker Hill Capital, Apogem Capital and Five Points Capital Acquire ASPEQ Heating Group

On June 30, 2015, private equity firm Bunker Hill Capital, asset manager Apogem Capital and private equity firm Five Points Capital acquired electrical equipment company ASPEQ Heating Group

Acquisition Highlights
  • This is Bunker Hill Capital’s 1st, Apogem Capital’s 4th and Five Points Capital’s 1st transaction in the Electrical Equipment sector.
  • This is Bunker Hill Capital’s 10th, Apogem Capital’s 46th and Five Points Capital’s 56th transaction in the United States.
  • This is Bunker Hill Capital’s 1st, Apogem Capital’s 1st and Five Points Capital’s 1st transaction in Mississippi.
Investment Fate
  • ASPEQ Heating Group was sold to a consortium of financial buyers in 2019.
  • ASPEQ Heating Group was sold to a publicly-traded strategic buyer in 2023 for 418M USD.

M&A Deal Summary

Date 2015-06-30
Target ASPEQ Heating Group
Sector Electrical Equipment
Buyer(s) Bunker Hill Capital
Apogem Capital
Five Points Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

ASPEQ Heating Group

St. Louis, Mississippi, United States
ASPEQ Heating Group is a provider of custom-configured electric heating and thermal management products to the industrial, commercial, military, marine, and transportation markets. ASPEQ serves a highly diversified customer base and provides over 30 distinct product categories, including immersion and circulation heaters, duct heaters, tubular elements, unit and comfort heaters, and explosion-proof heaters, among others, as well as integrated controls and spare parts. Products are marketed through a multi-channel approach under the longstanding and well-known INDEECO, Heatrex, AccuTherm, and Brasch brands. ASPEQ Heating Group was formed in 2008 and is based in St. Louis, Mississippi.

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Buyer(S) 3

Buyer

Bunker Hill Capital

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Bunker Hill Capital is a private equity firm that makes control investments in profitable, lower middle-market companies with EBITDA of $3 to $15 million. Bunker Hill looks for fundamentally sound businesses with defensible market positions, but at an 'inflection' point in its growth cycle. Sectors of interest include business services, industrial, retail, and consumer products and services. Bunker Hill Capital was formed in 2003 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 11 of 16
Sector: Electrical Equipment M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 6 of 6
State: Mississippi M&A 1 of 1
Country: United States M&A 10 of 15
Year: 2015 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-15 Hubbardton Forge

Castleton, Vermont, United States

Hubbardton Forge is a designer and manufacturer of innovative, high quality lighting products. The company’s wrought-iron lighting products are sold for both residential and commercial applications. Hubbardton Forge was founded in 1974 and is based in Castleton, Vermont.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-15 Medicinal Genomics

Beverly, Massachusetts, United States

Medicinal Genomics provides state-of-the-art life science technology to cannabis and its pests and was the first company to sequence the cannabis genome. Its products, based on next-generation DNA sequencing technology, help growers, dispensaries, and safety testing laboratories characterize and understand the quality of medicinal cannabis. Medicinal Genomics was founded in 2011 and is based in Beverly, Massachusetts.

Buy -
Buyer

Apogem Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.


DEAL STATS #
Overall 46 of 70
Sector: Electrical Equipment M&A 4 of 4
Type: Buyout (LBO, MBO, MBI) M&A Deals 16 of 22
State: Mississippi M&A 1 of 1
Country: United States M&A 46 of 70
Year: 2015 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 AWP Safety

North Canton, Ohio, United States

AWP Safety is a provider of professional traffic control design and execution services in support of utility infrastructure maintenance and construction activity. AWP Safety was founded in 1981 and is based in North Canton, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-20 Polytek

Easton, Pennsylvania, United States

Polytek is a manufacturer of liquid mold rubbers and casting plastics. Polytek’s proprietary specialty polymers are used by customers to create flexible molds to reproduce highly-detailed, complex objects for a variety of industrial and consumer applications, including concrete casting, special effects, tooling, sculpture, and prototyping. Polytek was founded in 1984 and is based in Easton, Pennsylvania.

Buy -
Buyer

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.


DEAL STATS #
Overall 56 of 89
Sector: Electrical Equipment M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 23 of 30
State: Mississippi M&A 1 of 1
Country: United States M&A 56 of 89
Year: 2015 M&A 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-20 Northwest Plan Services

Seattle, Washington, United States

Northwest Plan Services, Inc. is an independent recordkeeper and administrator of retirement plans. The Company provides a comprehensive suite of services for 401(k), profit sharing, defined contribution plans, defined benefit pension plans, and other plan types. In addition to recordkeeping, administration, compliance and participant services, the Company provides consulting, employee communication and actuarial services to a client base ranging from small to medium-sized companies having 50 to 500 employees to large, S&P 500 clients with tens of thousands of employees. Northwest Plan Services was formed in 1994 and is based in Seattle, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-30 Aurora Parts & Accessories

Lebanon, Indiana, United States

Aurora Parts & Accessories is a distributor of aftermarket parts and accessories for over-the-road semi-trailers. The company offers a complete line of branded and private label parts in the industry, maintaining a comprehensive inventory to serve all makes and models of trailer. Aurora Parts & Accessories is based in Lebanon, Indiana.

Sell -