M&A Deal Summary

Canopy Capital Partners, Plexus Capital and Valley Bank Acquire Alloy Cladding

On May 22, 2019, private equity firm Canopy Capital Partners, private equity firm Plexus Capital and Valley Bank acquired manufacturer Alloy Cladding

Acquisition Highlights
  • This is Canopy Capital Partners’ 1st, Plexus Capital’s 7th and Valley Bank’s 1st transaction in the Manufacturing sector.
  • This is Canopy Capital Partners’ 4th, Plexus Capital’s 78th and Valley Bank’s 8th transaction in the United States.
  • This is Canopy Capital Partners’ 3rd, Plexus Capital’s 13th and Valley Bank’s 5th transaction in Florida.

M&A Deal Summary
Date 2019-05-22
Target Alloy Cladding
Sector Manufacturing
Buyer(s) Canopy Capital Partners
Plexus Capital
Valley Bank
Deal Type Recapitalization

Target

Alloy Cladding

Jupiter, Florida, United States
Alloy Cladding is a turnkey industry contractor, offering a variety of specialties including submerged arc stainless steel digester overlay, carbon steel buildup, portable field service machining, process piping system installations, digester component replacement, and pressure vessel alterations and re-ratings. Alloy Cladding was founded in 1956 and is based in Jupiter, Florida.

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Buyer(S) 3

Buyer

Canopy Capital Partners

Investor Investor

Category Private Equity Firm
Founded 2015
Size Small
Type Sector Agnostic
DESCRIPTION

Canopy Capital Partners is a private equity firm focused on lower middle-market companies generating sales of $5 to $100 million and EBITDA between $1 and $10 million. Canopy Capital Partners will consider a variety of transaction situations, including management buyouts, growth financings, and recapitalizations. Sectors of interest include business services, construction, distribution, machinery, manufacturing, and transportation. Canopy Capital Partners was formed in 2015 and is based in Tampa, Florida.

DEAL STATS #
Overall 4 of 9
Sector (Manufacturing) 1 of 1
Type (Recapitalization) 4 of 6
State (Florida) 3 of 5
Country (United States) 4 of 9
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-15 Turtle Infrastructure Partners

Largo, Florida, United States

Turtle Infrastructure Partners is a multi-generational firm and a provider of asphalt milling services for over 40 years. Turtle Southeast is a Provider of road maintenance services to paving contractors. Turtle Infrastructure Partners was founded in 1974 and is based in Largo, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-15 Barcode

Bentonville, Arkansas, United States

Barcode optimizes growth for forward-thinking CPG companies in Walmart and Sam’s Club through complete account management and an unmatched suite of services and expertise. The company allows its clients to appreciate a hands-off and thriving Walmart business, which empowers them to redirect their efforts and expand in other retailers. Barcode was formed in 2006 and is based in Bentonville, Arkansas.

Buy -
Buyer

Plexus Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 2.2B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Plexus Capital is a private equity firm that invests in buyouts, acquisitions, recapitalizations and growth financings in the form of junior and/or equity capital. Plexus focuses on lower middle-market businesses located in the Mid-Atlantic and Southeast areas of the US. The Firm looks for businesses companies in the business services, consumer services, manufacturing, value-added distribution, and healthcare sectors with up to $2 to $15 million of cash-flow. Plexus Capital was formed in 1995 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 78 of 97
Sector (Manufacturing) 7 of 9
Type (Recapitalization) 23 of 25
State (Florida) 13 of 17
Country (United States) 78 of 97
Year (2019) 8 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 The Allied Group

Cranston, Rhode Island, United States

The Allied Group is a vertically-integrated provider of document management and life science kitting services. The Allied Group was founded in 1946 and is based in Cranston, Rhode Island.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 Advanced Drying Systems

Tampa, Florida, United States

Advanced Drying Systems Corp. provides water damage restoration services for residential and commercial customers throughout Florida and Louisiana. Advanced Drying Systems was established in 2009 and is based in Tampa, Florida.

Buy -
Buyer

Valley Bank

Morristown, New Jersey, United States
Category Company
Founded 1927
Sector Financial Services
Employees3,749
Revenue 1.9B USD (2023)
DESCRIPTION

Valley Bank is a regional bank holding company that operates 204 branches in 144 communities serving 16 counties throughout northern and central New Jersey, Manhattan, Brooklyn, Queens, and Long Island. Valley Bank was founded in 1927 and is based in Morristown, New Jersey.

DEAL STATS #
Overall 8 of 11
Sector (Manufacturing) 1 of 1
Type (Recapitalization) 2 of 2
State (Florida) 5 of 6
Country (United States) 8 of 11
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-15 Turtle Infrastructure Partners

Largo, Florida, United States

Turtle Infrastructure Partners is a multi-generational firm and a provider of asphalt milling services for over 40 years. Turtle Southeast is a Provider of road maintenance services to paving contractors. Turtle Infrastructure Partners was founded in 1974 and is based in Largo, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-23 Oritani Financial

Washington Township, New Jersey, United States

Oritani Financial is a provider of financial services in the US through its retail and commercial banks. Oritani Financial was founded in 1911 and is based in Washington Township, New Jersey.

Buy $740M
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