M&A Deal Summary

Bunker Hill Capital, Brookside Capital Partners and Crescent Capital Group Acquire Hubbardton Forge

On November 15, 2013, private equity firm Bunker Hill Capital, mezzanine finance firm Brookside Capital Partners and mezzanine finance firm Crescent Capital Group acquired building materials company Hubbardton Forge from Lineage Capital

Acquisition Highlights
  • This is Bunker Hill Capital’s 1st, Brookside Capital Partners’ 1st and Crescent Capital Group’s 1st transaction in the Building Materials sector.
  • This is Bunker Hill Capital’s 9th, Brookside Capital Partners’ 10th and Crescent Capital Group’s 43rd transaction in the United States.
  • This is Bunker Hill Capital’s 1st, Brookside Capital Partners’ 1st and Crescent Capital Group’s 1st transaction in Vermont.

M&A Deal Summary

Date 2013-11-15
Target Hubbardton Forge
Sector Building Materials
Buyer(s) Bunker Hill Capital
Brookside Capital Partners
Crescent Capital Group
Sellers(s) Lineage Capital
Deal Type Secondary Buyout
Advisor(s) BB&T Capital Markets (Financial)

Target

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.

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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 10 of 16
Sector: Building Materials M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Vermont M&A 1 of 1
Country: United States M&A 9 of 15
Year: 2013 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-08 Dyno

Pompano Beach, Florida, United States

Dyno is an exclusive licensee of the Singer brand for sewing accessories and a large producer and marketer of holiday decorative home products. Dyno was founded in 1954 and is based in Pompano Beach, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-30 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.

Buy -
Buyer
DESCRIPTION

Brookside Capital Partners is an investment management firm focused on stable lower-middle market companies in the US. The Firm typically commits $5 to $30 million per transaction to support buyouts, leveraged recapitalizations, strategic acquisitions and growth. Potential businesses generally have revenue greater than $15 million, and EBITDA of at least $4 million. Industries of interest include business services, consumer, distribution, healthcare, manufacturing, and transportation and logistics. Brookside Capital Partners was established in 2001 and is based in Stamford, Connecticut.


DEAL STATS #
Overall 10 of 68
Sector: Building Materials M&A 1 of 3
Type: Secondary Buyout M&A Deals 3 of 16
State: Vermont M&A 1 of 1
Country: United States M&A 10 of 68
Year: 2013 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-06 TenderHeart Health Outcomes

Austin, Texas, United States

TenderHeart Health Outcomes is a provider of care management solutions, in partnership with managed care organizations, for patients with incontinence issues. TenderHeart Health Outcomes was founded in 2005 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-18 Naylor Association Solutions

McLean, Virginia, United States

Naylor Association Solutions provides a comprehensive set of solutions, including communications strategy, print, and digital communications, full-service event management, advertising, sponsorships, and exhibit sales, career centers, online learning, association management, and member management software. Naylor Association Solutions was established in 1969 and is based in McLean, Virginia.

Buy -
Buyer

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 48.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $40 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


DEAL STATS #
Overall 49 of 67
Sector: Building Materials M&A 1 of 1
Type: Secondary Buyout M&A Deals 16 of 25
State: Vermont M&A 1 of 1
Country: United States M&A 43 of 54
Year: 2013 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-11 BrightView

Blue Bell, Pennsylvania, United States

BrightView is a provider of commercial landscaper, designs, creates, and maintains the landscapes on earth and provides comprehensive snow and ice removal services. BrightView was founded in 1939 and is based in Blue Bell, Pennsylvania.

Sell $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-21 Van Pool

Wilbraham, Massachusetts, United States

Van Pool is a provider of transportation services for special needs and homeless students in Massachusetts, Connecticut, and New Hampshire. Van Pool was founded in 1980 and is based in Wilbraham, Massachusetts.

Buy -

Seller(S) 1

SELLER

Lineage Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 160M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Lineage Capital is a private investment firm focused on acquiring interests in family-controlled and owner-managed middle-market businesses. The Firm targets businesses with EBITDA of $4 million or greater. Lineage looks for control or minority investment situations and will consider opportunities throughout North America. Lineage Capital was formed in 2003 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 5 of 11
Sector: Building Materials M&A 2 of 2
Type: Secondary Buyout M&A Deals 4 of 6
State: Vermont M&A 1 of 1
Country: United States M&A 5 of 11
Year: 2013 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-02 BioIVT

Hicksville, New York, United States

BioIVT is a provider of biological products to life sciences and pharmaceutical companies. BioIVT specializes in control and disease state matrices manufactured from human and animal blood, plasma, serum, tissues, and other fluids which are used in drug discovery, compound development, clinical and research diagnostics. BioIVT was founded in 1981 and is based in Hicksville, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-07 Wilson Associates

Dallas, Texas, United States

Wilson Associates is a provider of a full range of interior architectural design services for the construction and renovation of luxury hotels, resorts and casinos worldwide.

Sell -