M&A Deal Summary

Charlesbank Capital Partners Acquires Galls

On February 1, 2018, private equity firm Charlesbank Capital Partners acquired distribution company Galls from CI Capital Partners, AEA Investors and PennantPark Investment Advisers

Acquisition Highlights
  • This is Charlesbank Capital Partners’ 5th transaction in the Distribution sector.
  • This is Charlesbank Capital Partners’ 51st transaction in the United States.
  • This is Charlesbank Capital Partners’ 2nd transaction in Kentucky.

M&A Deal Summary

Date 2018-02-01
Target Galls
Sector Distribution
Buyer(s) Charlesbank Capital Partners
Sellers(s) CI Capital Partners
AEA Investors
PennantPark Investment Advisers
Deal Type Secondary Buyout
Advisor(s) Moelis & Co. (Financial)
Paul, Weiss, Rifkind, Wharton & Garrison (Legal)

Target

Galls

Lexington, Kentucky, United States
Galls is a distributor of uniforms and equipment to the public safety market. Galls represents the largest distributor of uniform and equipment to public safety personnel, including police, fire, EMS, private security, corrections, federal/military, and postal. Galls services customers through a national catalogue, convenient eCommerce site, more than 50 dedicated sales reps, 80 locations, and its proprietary "eQuip" online solution serving state and local agencies. Each year, more than one million men and women in the public safety, postal and public transportation industries depend on Galls for their essential equipment and apparel. Galls was founded in 1967 and is based in Lexington, Kentucky.

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Buyer(S) 1

Buyer

Charlesbank Capital Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Charlesbank Capital Partners is a private equity firm focused on investing in companies at various stages of development, including private and public companies, distressed situations, as well as later stage high growth businesses. Charlesbank typically invests $50 to $150 million per deal, in companies valued between $150 million and $3 billion. Industries of interest include consumer products, distribution, energy, financial services, food, education, health-care products and services, manufacturing, media and communications, and retail. Charlesbank Capital Partners is based in Boston, Massachusetts with an additional office in New York City.


DEAL STATS #
Overall 58 of 89
Sector (Distribution) 5 of 6
Type (Secondary Buyout) 17 of 31
State (Kentucky) 2 of 2
Country (United States) 51 of 78
Year (2018) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-05 United Road Services

Romulus, Michigan, United States

United Road Services is a provider of vehicle transport and logistics in North America. United Road serves 10,000-plus diverse customers including manufacturers, retailers, finance and leasing companies, rental agencies, auctions, web-based logistics firms and individuals transporting millions of new, remarketed and specialty vehicles annually. United Road Services was founded in 1998 and is based in Romulus, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-12 Cedar Creek

Tulsa, Oklahoma, United States

Cedar Creek, Inc. is a wholesale building materials distribution company.Beginning as one yard in Oklahoma, we have since expanded our operations across the United States. “Locations” of our distribution yards can be found under the locations link. The Company is headquartered in Oklahoma with operations in the United States, offering a wide range of products that vary by region.

Sell $413M

Seller(S) 3

SELLER

CI Capital Partners

New York, New York, United States

Investor Investor


Category Private Equity Firm
Founded 1993
Size Large
Type Sector Agnostic
DESCRIPTION

CI Capital Partners is a private equity investment firm specializing in leveraged buyouts of middle-market companies. CI Capital primarily targets investments in North America and looks to invest between $10 and $150 million of equity capital per transaction. The Firm concentrates on acquiring companies in stable industries with consolidation potential. CI has a particular interest in business services, consumer services, distribution, transportation, and healthcare Services. CI Capital Partners was founded in 1993 and is based in New York City.


DEAL STATS #
Overall 18 of 27
Sector (Distribution) 4 of 5
Type (Secondary Buyout) 8 of 14
State (Kentucky) 1 of 1
Country (United States) 15 of 24
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-02 Simplified Logistics

Westlake, Ohio, United States

Simplified Logistics is a third-party logistics (3PL) provider with a focus on less-than-truckload (LTL) transportation management services. Simplified's comprehensive service offering includes logistics consulting, transportation management, customer reporting, and freight audit and payment services. Simplified was founded in 2003 and is based in Westlake, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-12 Tech Air

Danbury, Connecticut, United States

Tech Air is a packager and distributor of industrial, medical and specialty gases, welding equipment, and supplies. Tech Air was founded in 1935 and is based in Danbury, Connecticut.

Sell -
SELLER

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.


DEAL STATS #
Overall 51 of 78
Sector (Distribution) 9 of 16
Type (Secondary Buyout) 20 of 34
State (Kentucky) 2 of 2
Country (United States) 48 of 71
Year (2018) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-31 Spectrum Plastics Group

Alpharetta, Georgia, United States

Spectrum Plastics Group is a manufacturer of the thermoplastic profile, tube, and sheet plastic extrusions used in industrial, consumer, and other applications. Spectrum Plastics Group has manufacturing facilities in the U.S. and Mexico serving a variety of end-markets, including aerospace, retail, medical, traffic control, lighting, and fence. Spectrum Plastics Group was founded in 2017 and is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-24 Springs Window Fashions

Montgomery, Pennsylvania, United States

Springs Window Fashions is a manufacturer and marketer of custom and stock window coverings and drapery hardware to retail and commercial customers, as well as independent designers, franchisors, and decorators. Springs Window Fashions was founded in 1939 and is based in Montgomery, Pennsylvania.

Buy -
SELLER

PennantPark Investment Advisers

Investor Investor Investor Investor Investor


Category Lender
Founded 2007
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 12 of 17
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 9 of 12
State (Kentucky) 1 of 1
Country (United States) 12 of 17
Year (2018) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-05 Robertshaw Controls

Itasca, Illinois, United States

Robertshaw Controls is a global design, engineering and manufacturing company that sells product solutions into the white goods industry and leverages this portfolio and technology into adjacent markets and after sales channels. Robertshaw manufactures more than 10,000 sophisticated controls for commercial and home appliances. Primary applications include controls for clothes washers and dryers, dishwashers, refrigerators, electric and gas cooking, ice makers, fluid dispensing, storage water heaters, gas valves for space/central heating, and automotive/off road temperature and fluid controls. Robertshaw Global Headquarters is located in Itasca, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-02 Convergint

Schaumburg, Illinois, United States

Convergint is a designer, installer, and services integrated building systems including electronic security, fire alarm, and life safety systems. Convergint was founded in 2001 and is based in Schaumburg, Illinois.

Sell -