M&A Deal Summary

CCMP Capital and Unitas Capital Acquire Waco International

On January 16, 2006, private equity firms CCMP Capital and Unitas Capital acquired business services company Waco International from Ethos Private Equity for 5.4B ZAR

Acquisition Highlights
  • This is CCMP Capital’s 7th and Unitas Capital’s 1st transaction in the Business Services sector.
  • This is CCMP Capital’s 21st and Unitas Capital’s 4th largest (disclosed) transaction.
  • This is CCMP Capital’s 1st and Unitas Capital’s 1st transaction in South Africa.
Investment Fate
  • Waco International was sold to a consortium of financial buyers in 2012.

M&A Deal Summary

Date 2006-01-16
Target Waco International
Sector Business Services
Buyer(s) CCMP Capital
Unitas Capital
Sellers(s) Ethos Private Equity
Deal Type Secondary Buyout
Deal Value 5.4B ZAR

Target

Waco International

Johannesburg, South Africa
Waco International is an equipment rental and industrial services business with operations in Africa, Australasia, and the United Kingdom. Waco International was established in 1952 and is based in Johannesburg, South Africa.

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Buyer(S) 2

Buyer

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.


DEAL STATS #
Overall 69 of 97
Sector: Business Services M&A 7 of 11
Type: Secondary Buyout M&A Deals 10 of 21
Country: South Africa M&A 1 of 1
Year: 2006 M&A 2 of 4
Size (of disclosed) 21 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 College Sports Television

New York, New York, United States

College Sports Television is comprised of two business units: College Sports TV and CollegeSports.com. College Sports TV televises regular season and championship event coverage from every major collegiate athletic conference. CollegeSports.com and its network of official athletic sites are leading online sources for college sports broadband content, news, information, scores and analysis. The company was acquired by CBS in 200

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 Aecom

Dallas, Texas, United States

Aecom is a global provider of professional technical and management support services for public and private clients around the world. Aecom provides planning, consulting, architectural and engineering design, and program and construction management services for a broad range of projects, including highways, airports, bridges, mass transit systems, government and commercial buildings, water and wastewater facilities, and power transmission and distribution. AECOM was formed in 1980 and is based in Dallas, Texas.

Sell $35M
Buyer

Unitas Capital

Hong Kong, China

Category Private Equity Firm
Founded 1999
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Unitas Capital is a private equity firm focused on buyouts and growth capital investments in medium-to-large sized businesses across Asia. Unitas targets opportunities throughout Australia & New Zealand, Greater China, Korea, Japan and Singapore. Areas of interest include branded consumer, retail and industrial manufacturing/services. Unitas dates back to 1999 (when it was part of and known as J.P. Morgan Partners Asia) and has offices in Hong Kong and Shanghai.


DEAL STATS #
Overall 6 of 17
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 3
Country: South Africa M&A 1 of 1
Year: 2006 M&A 2 of 4
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Independent Liquor

Papakura, New Zealand

Independent Liquor is the market leader in the Australasian ready-to-drink alcoholic beverages category, the fastest growing component of the Australasian industry. Independent Liquor also manufactures and distributes beer, wine and spirits.

Buy NZ$1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-23 Godfreys Pty

Melbourne, Australia

Godfreys Pty Ltd. is Australia's retailer of cleaning appliances, with over 200 company-owned and franchised stores across Australia and New Zealand.

Buy $300M

Seller(S) 1

SELLER

Ethos Private Equity

Illovo, South Africa

Category Private Equity Firm
Founded 1984
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Ethos Private Equity is a private equity investor that targets opportunities in South Africa. Ethos looks for stable businesses valued between $15 and $100 million US. Target transactions include divestitures of non-core assets, sector consolidations, development of family owned businesses, growth financings, and turnarounds. Ethos was formed in 1984 and is based in Johannesburg, South Africa.


DEAL STATS #
Overall 11 of 25
Sector: Business Services M&A 1 of 4
Type: Secondary Buyout M&A Deals 3 of 4
Country: South Africa M&A 11 of 22
Year: 2006 M&A 2 of 3
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Doves Group

Durbanville, South Africa

The Doves Group as one of the largest funeral directing companies in Southern Africa is a major role player in the progressive development of the funeral industry in this part of the world. As a founder member of the National Funeral Directors Association (NFDA) and the Funeral Federation of South Africa (FFSA) it has influenced the present day structure of the industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-01 ATIO

Johannesburg, South Africa

ATIO is a certified Level 4 Broad-based Black Economic Empowerment (B-BBEE) contributor which on its own entitles ATIO’s customers to claim 100% recognition of their procurement spend with ATIO for their own B-BBEE certification (under “Preferential Procurement”). In addition to this, ATIO has been recognized as a Value-Adding Supplier (VAS). What this ultimately means for ATIO’s customers, is that because they are making use of us, our customers can claim a total of 225% recognition of their procurement spend with ATIO for their own B-BBEE certification.

Buy -