M&A Deal Summary

Calvert Street Capital Partners and Patriot Capital Acquire Thermal Process Holdings

On July 19, 2016, private equity firms Calvert Street Capital Partners and Patriot Capital acquired business services company Thermal Process Holdings

Acquisition Highlights
  • This is Calvert Street Capital Partners’ 1st and Patriot Capital’s 9th transaction in the Business Services sector.
  • This is Calvert Street Capital Partners’ 13th and Patriot Capital’s 68th transaction in the United States.
  • This is Calvert Street Capital Partners’ 1st and Patriot Capital’s 2nd transaction in Wisconsin.

M&A Deal Summary
Date 2016-07-19
Target Thermal Process Holdings
Sector Business Services
Buyer(s) Calvert Street Capital Partners
Patriot Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

Thermal Process Holdings

Elkhorn, Wisconsin, United States
Thermal Process Holdings provides heat treating services through four operating companies (Diamond Heat Treat, Certified Heat Treating, Hudapack Metal Treating, and P&L Heat Treating & Grinding). Thermal Process Holdings is based in Elkhart, Wisconsin.

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Buyer(S) 2

Buyer

Calvert Street Capital Partners

Lutherville, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 526M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Calvert Street Capital Partners (CSCP) is a private equity firm that invests in mid-sized companies. CSCP will consider opportunities across the US with a preference for opportunities located in the Eastern US. The Firm generally targets investments in scalable niche manufacturing, industrial, and business service companies. CSCP looks to invest $15 to $50 million per transaction. CSCP will not invest in start-ups, early stage venture capital, real estate or in companies that develop rapidly changing technology. Calvert Street Capital Partners was formed in 1995 and is based in Baltimore, Maryland.

DEAL STATS #
Overall 13 of 21
Sector (Business Services) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 9 of 10
State (Wisconsin) 1 of 1
Country (United States) 13 of 20
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-20 Abrasive Form

Bloomingdale, Illinois, United States

Abrasive Form is one of the world’s largest independent precision creep-feed grinding manufacturers serving the industrial gas turbine, aerospace, automotive, and general industrial sectors. Abrasive-Form's product portfolio includes 400+ custom-engineered metal component parts including turbine blades, vanes, shrouds, rotors, and sprockets. Abrasive-Form, Inc. Founded in 1976 and headquartered in Bloomingdale, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-02 National Molding

Miami Lakes, Florida, United States

National Molding is a specialty manufacturer of small, intricate injection molded plastic components and fasteners for a diverse range of world class customers. NMC’s proprietary Hetero Cavity® System uses quick change modular, interchangeable tools which allow NMC to manufacture multiple, unrelated products within one production run and continually change and vary the mix based on customer demand. National Molding was founded in 1964 and is based in Miami Lakes, Florida.

Sell -
Buyer

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.

DEAL STATS #
Overall 68 of 108
Sector (Business Services) 9 of 11
Type (Buyout (LBO, MBO, MBI)) 20 of 33
State (Wisconsin) 2 of 5
Country (United States) 68 of 108
Year (2016) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-06 Cutex Brands

Festus, Missouri, United States

Cutex Brands LLC is a producer of nail polish removers and nail treatments, sold through drug stores, mass merchandisers, supermarkets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-26 Carson Dellosa Education

Greensboro, North Carolina, United States

Carson Dellosa Education is a provider of K-8 supplemental education content for parents, teachers, and students with an established portfolio of five market-leading brands known for high-quality, rigorous educational materials. Carson Dellosa Education was founded in 1975 and is based in Greensboro, North Carolina.

Buy -
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