Add-on Acquisition • Metals/Mining

Carpenter Technology Acquires Latrobe Specialty Metals

On February 29, 2012, Carpenter Technology acquired metals/mining company Latrobe Specialty Metals from Watermill Group and Hicks Holdings

Acquisition Context
  • This is Carpenter Technology’s 1st transaction in the Metals/Mining sector.
  • This is Carpenter Technology’s 2nd transaction in the United States.
  • This is Carpenter Technology’s 1st transaction in Pennsylvania.

Explore All 957 Add-on Acquisition Metals/Mining Deals - Search the Database Free


M&A Deal Summary

Date February 29, 2012
Target Latrobe Specialty Metals
Sector Metals/Mining
Buyer(s) Carpenter Technology
Sellers(s) Watermill Group
Hicks Holdings
Deal Type Add-on Acquisition
Advisor(s) Credit Suisse Investment Banking (Financial)
Jones Day (Legal)

Target Company

Latrobe Specialty Metals

Latrobe, Pennsylvania, United States
Latrobe Specialty Metals, Inc. is a producer and distributor of specialty steels and alloys. Latrobe Steel offers a comprehensive line of aerospace related specialty steels and alloys for technical niche applications, as well as high-speed, tool and die steels. Latrobe Specialty Metals was formed in 1913 and is based in Latrobe, Pennsylvania.
Explore More Deals

Browse All 215,158 Deals

FILTER BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Search Free

Buyer Overview 1

Buyer

Carpenter Technology

Philadelphia, Pennsylvania, United States

Category Company
Founded 1889
Sector Metals/Mining
Employees4,600
Revenue 2.8B USD (2024)
DESCRIPTION

Carpenter Technology develops, manufactures, and distributes cast/wrought and powder metal stainless steels and specialty alloys. Carpenter Technology was founded in 1889 and is based in Philadelphia, Pennsylvania.


Deal Context for Buyer #
Overall 3 of 4
Sector: Metals/Mining 1 of 2
Type: Add-on Acquisition 3 of 4
State: Pennsylvania 1 of 1
Country: United States 2 of 3
Year: 2012 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-27 Oilfield Alloys Pte.

Singapore, Singapore

Oilfield Alloys Pte. Ltd. is a manufacturer and distributes directional drilling equipment in the Asia-Pacific region.

Buy $4.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-02 Puris

Bruceton Mills, West Virginia, United States

Puris LLC is an open source producers of titanium powder for additive manufacturing.

Buy $35M

Seller Profiles 2

SELLER

Watermill Group

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

The Watermill Group is a private investment firm focused on acquiring/investing in mid-sized businesses operating in traditional industries. Watermill generally looks for US or Canada-based companies which require operating, strategic and capital resources to grow. Sectors of interest include metals, rubber/plastics, paper, packaging, chemicals, food products, value-added distribution, manufacturing, business services, and building products/services. Prospective companies typically generate $35 to $400 million revenues, however Watermill will consider certain smaller businesses as well. Watermill will not invest in fashion businesses, tech companies or industries characterized by short product life cycles or binary outcomes. Watermill was formed in 1978 and is based in Lexington, Massachusetts.


Deal Context for Seller #
Overall 6 of 11
Sector: Metals/Mining 1 of 2
Type: Add-on Acquisition 4 of 7
State: Pennsylvania 1 of 2
Country: United States 6 of 11
Year: 2012 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-01 Manistique Papers

Manistique, Michigan, United States

Manistique Papers, Inc. is a producer of uncoated groundwood specialty papers and newsprint made from 100% recycled fiber. MPI operates a single paper machine that has over 130,000 tons of annual capacity. MPI’s products mainly serve the commercial printing industry, with niche positions in foodservice and office products. The largest end use of the Company’s paper for free-standing inserts, which are typically distributed along with newspapers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-17 FutureMark Paper Co.

Alsip, Illinois, United States

FutureMark Paper Co. is a provider of recycled paper for books and magazines, as well as for commercial printing and packaging applications. FutureMark Paper was formed in 1968 and is based in Alsip, Illinois.

Buy -
SELLER

Hicks Holdings

Dallas, Texas, United States

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Hicks Holdings is the family office that owns and operates the Hicks Family Assets. Hicks Holdings consists of Hicks Sports Group, Hicks Equity Partners, Hicks Real Estate Partners, and Hicks Trans American Partners. Hicks Equity Partners (HEP) is the private equity unit and generally seeks investment opportunities in media, branded foods, consumer products, energy, and industrials. HEP looks for established companies with strong cash flows and proven track records. Typical transactions include divestitures, acquisitions of private or public companies, growth financings, and distressed/special situations. Hicks Equity Partners along with the rest of Hicks Holdings is located in Dallas, Texas.


Deal Context for Seller #
Overall 4 of 5
Sector: Metals/Mining 1 of 1
Type: Add-on Acquisition 2 of 3
State: Pennsylvania 1 of 1
Country: United States 4 of 5
Year: 2012 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-07 Anvita

San Diego, California, United States

Anvita Health is an experienced and visionary health care analytics company that provides deep clinical insights to companies who want to improve the quality and lower the cost of health care for their members and clients. We analyze health data from more sources than any other analysis engine, and provide deeper clinical insights, in batch mode or in real time.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-11 H-D Advanced Manufacturing

Houston, Texas, United States

H-D Advanced Manufacturing is a manufacturer of precision-engineered products for mission-critical applications serving a variety of demanding end markets including aerospace & defense, oil & gas, industrial gearing and motion control, and more. H-D Advanced Manufacturing was founded in 2012 and is based in Houston, Texas.

Buy -