M&A Deal Summary

Charlesbank Capital Partners and Golub Capital Acquire Tecomet

On September 29, 2008, private equity firm Charlesbank Capital Partners and lender Golub Capital acquired medical products company Tecomet from Cardinal Health

Acquisition Highlights
  • This is Charlesbank Capital Partners’ 2nd and Golub Capital’s 1st transaction in the Medical Products sector.
  • This is Charlesbank Capital Partners’ 25th and Golub Capital’s 13th transaction in the United States.
  • This is Charlesbank Capital Partners’ 3rd and Golub Capital’s 1st transaction in Massachusetts.
Investment Fate
  • Tecomet was sold to a consortium of financial buyers in 2013.
  • Tecomet was sold to a consortium of financial buyers in 2017.

M&A Deal Summary

Date 2008-09-29
Target Tecomet
Sector Medical Products
Buyer(s) Charlesbank Capital Partners
Golub Capital
Sellers(s) Cardinal Health
Deal Type Divestiture

Target

Tecomet

Wilmington, Massachusetts, United States
Tecomet is a contract manufacturer of precision-engineered medical devices and components for the orthopedic, cardiovascular, medical imaging and aerospace markets. The company manufactures orthopedic implants as well as trauma and cranio-maxillofacial products for medical device customers (accounting for 70% of revenue). Tecomet also makes aerospace and industrial products, including components for satellites and infrared applications. Tecomet was founded in 1964 and is based in Wilmington, Massachusetts.

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Buyer(S) 2

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 29 of 90
Sector (Medical Products) 2 of 3
Type (Divestiture) 2 of 9
State (Massachusetts) 3 of 7
Country (United States) 25 of 79
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-02 StoneCastle Partners

New York, New York, United States

StoneCastle Partners is an asset manager focused on the community banking industry, with a strong track record in managing bank trust-preferred securitizations. The company intends to continue growing its core business by leveraging its origination network and underwriting capabilities to invest in other community bank assets and liabilities through a variety of investment vehicles. StoneCastle Partners is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-03-01 MasterCraft

Vonore, Tennessee, United States

MasterCraft is a manufacturer of inboard “sport boats” used for waterskiing, wakeboarding and general recreation. MasterCraft was founded in 1968 and is based in Vonore, Tennessee.

Sell -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 13 of 68
Sector (Medical Products) 1 of 7
Type (Divestiture) 1 of 2
State (Massachusetts) 1 of 3
Country (United States) 13 of 66
Year (2008) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-07 B+B SmartWorx

Ottawa, Illinois, United States

B+B SmartWorx designs and manufactures wired and wireless industrial networking and device connectivity solutions. B+B’s products allow customers to network-enable legacy equipment, extend network connections, or embed network connectivity into applications where reliability in rugged or hostile environments is critical.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-22 Driven Brands

Charlotte, North Carolina, United States

Driven Brands is a parent company of automotive aftermarket brands across four distinct verticals: Repair & Maintenance, housing Meineke Car Care Centers; Paint & Collision, housing Maaco, CARSTAR, and ABRA; Distribution, housing 1-800-Radiator & A/C and Spire Supply; and Quick Lube, housing Take 5 Oil Change. Driven Brands was incorporated in 1972 and is based in Charlotte, North Carolina.

Buy -

Seller(S) 1

SELLER

Cardinal Health

Dublin, Ohio, United States

Category Company
Founded 1979
Sector Distribution
Employees47,040
Revenue 205.0B USD (2023)
DESCRIPTION
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.
Entrance to Cardinal Health's corporate headquarters in Dublin, Ohio.

Cardinal Health is a distributor of healthcare products. Cardinal Health manufactures medical and surgical products and distributes pharmaceuticals and medical supplies worldwide. Cardinal Health was founded in 1979 and is based in Dublin, Ohio.


DEAL STATS #
Overall 4 of 10
Sector (Medical Products) 2 of 3
Type (Divestiture) 4 of 7
State (Massachusetts) 1 of 1
Country (United States) 4 of 8
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-02 Corpak MedSystems

Buffalo Grove, Illinois, United States

CORPAK MedSystems is a developer, manufacturer and marketer of innovative medical devices focused on the enteral feeding and bedside location technology markets. The Company has established the leading market position in premium branded, adult, long-term nasogastric (“NG”) feeding tubes and offers a broad portfolio of other high quality, branded enteral products, including gastrostomy feeding tubes, gastric relief devices and enteral feeding safety devices.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-09-01 CareFusion

San Diego, California, United States

CareFusion Corp. is a global medical technology company that provides various healthcare services to hospitals. Amongst other services, CareFusion is a provider of wireless, barcode-enabled patient identification systems used in hospitals. CareFusion was formed in 2009 when it was spun out of Cardinal Health.

Sell -