Recapitalization • Distribution

Citizens Capital and Brookside Equity Partners Acquire Champion Energy

On June 1, 2004, private equity firms Citizens Capital and Brookside Equity Partners acquired distribution company Champion Energy

Acquisition Context
  • This is Citizens Capital’s 1st and Brookside Equity Partners’ 1st transaction in the Distribution sector.
  • This is Citizens Capital’s 5th and Brookside Equity Partners’ 9th transaction in the United States.
  • This is Citizens Capital’s 1st and Brookside Equity Partners’ 1st transaction in New York.
Investment Fate
  • Champion Energy was sold to a strategic buyer in 2010.

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M&A Deal Summary

Date June 1, 2004
Target Champion Energy
Sector Distribution
Buyer(s) Citizens Capital
Brookside Equity Partners
Deal Type Recapitalization

Target Company

Champion Energy

New Rochelle, New York, United States
Distributor of residential and commercial heating oil.
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Buyers Overview 2

Buyer

Citizens Capital

Boston, Massachusetts, United States

Category Private Equity Firm
Founded 1997
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Citizens Capital is the private equity affiliate of Citizens Financial and provides both mezzanine and equity capital to later-stage privately-held companies in the US. Citizens looks to commit $3 to $15 million in subordinated debt transactions and $1 to $3 million for growth equity needs. Target sectors include manufacturing, consumer products, distribution, and service-based industries. The Firm's investment horizon is five to seven years. Citizens Capital is based in Boston, Massachusetts.


Deal Context for Buyer #
Overall 5 of 8
Sector: Distribution 1 of 1
Type: Recapitalization 1 of 1
State: New York 1 of 1
Country: United States 5 of 8
Year: 2004 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-05-01 AeroSat

Amherst, New Hampshire, United States

AeroSat Corp. develops, produces and distributes wireless communications solutions. Created from its patented core technologies, AeroSat's product line of antennae for corporate and commercial aircraft enable the worldwide reception of television in aircraft, two-way satellite communications, and aircraft-to-aircraft communications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-01 Courion

Westborough, Massachusetts, United States

Courion Corp. is a provider of identity governance and administration solutions to manage access risk and maintain compliance.

Buy -
Buyer

Brookside Equity Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Brookside Equity Partners (BEP) focuses on private equity investments, including direct control investments, majority or minority co-investments alongside other investment firms, and, on a selective basis, investments in private funds or special situations. BEP targets North American middle-market companies with revenues greater than $15 million and at least $5 million of EBITDA. Sectors of interest include manufacturing, chemicals, financial services, environmental, food, and distribution. Brookside Equity Partners was formed in 1977 and is based in Stamford, Connecticut.


Deal Context for Buyer #
Overall 9 of 38
Sector: Distribution 1 of 1
Type: Recapitalization 3 of 10
State: New York 1 of 5
Country: United States 9 of 37
Year: 2004 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-01 Elkay Plastics

Commerce, California, United States

Elkay Plastics Co., Inc. distributes and manufactures flexible industrial packaging, mainly polyethylene bags that are used in a wide variety of industrial, food service, medical, hospitality, electronic and retail applications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 Specified Air Solutions

Buffalo, New York, United States

Specified Air Solutions is a multi-branded, commercial and industrial HVAC equipment manufacturer focused on providing end users with semi-custom, energy efficient solutions for indoor air quality, cooling, heating, and dehumidification needs. The company's diverse product offering is utilized in a range of niche market applications, including education, hospitality, distribution warehouses, retail, community centers, vehicle service shops, commercial offices, and manufacturing facilities. Specified Air Solutions was founded in 1923 and is based in Buffalo, New York.

Buy -