M&A Deal Summary

Cerberus Capital Management and Goldman Sachs Merchant Banking Acquire Imagine

On January 26, 2021, asset manager Cerberus Capital Management and private equity firm Goldman Sachs Merchant Banking acquired information technology company Imagine from Oak Hill Capital

Acquisition Highlights
  • This is Cerberus Capital Management’s 2nd and Goldman Sachs Merchant Banking’s 12th transaction in the Information Technology sector.
  • This is Cerberus Capital Management’s 53rd and Goldman Sachs Merchant Banking’s 120th transaction in the United States.
  • This is Cerberus Capital Management’s 3rd and Goldman Sachs Merchant Banking’s 3rd transaction in Minnesota.

M&A Deal Summary

Date 2021-01-26
Target Imagine
Sector Information Technology
Buyer(s) Cerberus Capital Management
Goldman Sachs Merchant Banking
Sellers(s) Oak Hill Capital
Deal Type Recapitalization
Advisor(s) Moelis & Co. (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

Imagine

Minneapolis, Minnesota, United States
Entrance to Imagine! Print Solutions' corporate headquarters in Shakopee, Minnesota.
Entrance to Imagine! Print Solutions' corporate headquarters in Shakopee, Minnesota.
Imagine is a complete visual communications provider, delivering end-to-end solutions for retailers, CPGs and various other segments. Imagine helps brand marketers execute in-store campaigns with the highest level of quality and accuracy while maintaining a streamlined, cost-effective process. Imagine was founded in 1988 and is based in Minneapolis, Minnesota.

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Buyer(S) 2

Buyer

Cerberus Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1992
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cerberus Capital Management is a private investment firm that targets a wide range of global investments. Cerberus primarily looks for undervalued or distressed situations. Industry sectors of interest include aerospace and defense, apparel, automotive and industrial, building products, commercial services, consumer and retail, financial services, healthcare, manufacturing and distribution, paper, packaging, and printing, real estate, technology, telecommunications, transportation, and travel. In addition to private equity investing, Cerberus also provides corporate credit and acquires real estate. Cerberus was formed in 1992 by Steve Feinberg and is based in New York City.


DEAL STATS #
Overall 76 of 87
Sector (Information Technology) 2 of 4
Type (Recapitalization) 1 of 1
State (Minnesota) 3 of 4
Country (United States) 53 of 63
Year (2021) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 Sparton

De Leon Springs, Florida, United States

Sparton Corp. is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace, and Industrial & Commercial. Sparton was founded in 1900 and is based in De Leon Springs, Florida.

Sell $380M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-04 CTA Acoustics

Madison Heights, Michigan, United States

CTA Acoustics manufactures and supplies acoustical and thermal insulation products for the automotive, industrial, and other markets.

Sell -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 169 of 181
Sector (Information Technology) 12 of 13
Type (Recapitalization) 5 of 5
State (Minnesota) 3 of 3
Country (United States) 120 of 125
Year (2021) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-21 MDC Partners

New York, New York, United States

MDC Partners is an influential marketing and communications networks in the world. Its 50+ advertising, public relations, branding, digital, social and event marketing agencies are responsible for some of the most memorable and engaging campaigns for the world's most respected brands. As "The Place Where Great Talent Lives," MDC Partners is known for its unique partnership model, empowering the most entrepreneurial and innovative talent to drive competitive advantage and business growth for clients. By leveraging technology, data analytics, insights, and strategic consulting solutions, MDC Partners drives measurable results and optimizes return on marketing investment for over 1,700 clients worldwide. MDC Partners was founded in 1980 and is based in New York, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-06 Equa bank

Praha, Czech Republic

Equa bank offers simple, comprehensible, and transparent banking services for retail and business customers. Products include current and savings accounts with free maintenance, multi-currency debit cards, mortgages, term deposits, consumer loans, insurance, and business loans. Equa bank is based in Praha, Czech Republic.

Sell -

Seller(S) 1

SELLER

Oak Hill Capital

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oak Hill Capital Partners was originally formed as the private equity investment vehicle for Robert Bass and in 1999, opened up to outside investors and raised its first private equity fund. Oak Hill looks to invest in middle-market companies and focuses its efforts within six industry groups. The six groups include basic industries; business and financial services; consumer, retail, and distribution; healthcare; media and telecom; and technology. Oak Hill targets businesses with defensible business models, strong market positions, and 'best-in-class' management. Oak Hill Capital was formed in 1986 and has offices in Stamford, Connecticut; Menlo Park, California; and New York City.


DEAL STATS #
Overall 52 of 55
Sector (Information Technology) 5 of 6
Type (Recapitalization) 2 of 3
State (Minnesota) 1 of 1
Country (United States) 44 of 46
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-04 Race Communications

San Francisco, California, United States

Race Communications is a telecommunications and technology company, offering a full range of communications services. Race focuses its efforts on building top-tier networks that service 25,000 homes, small businesses and Fortune 500 companies alike. Race Communications is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-01 Lit Communities

Arlington, Vermont, United States

Lit Communities partners and advises local communities in building and operating fiber-based broadband network infrastructure. Lit Communities is based in Arlington, Vermont.

Buy -