M&A Deal Summary

ClearLight Partners and Black Canyon Capital Acquire Switchcraft

On April 6, 2005, private equity firms ClearLight Partners and Black Canyon Capital acquired electrical equipment company Switchcraft from Cortec Group

Acquisition Highlights
  • This is ClearLight Partners’ 1st and Black Canyon Capital’s 1st transaction in the Electrical Equipment sector.
  • This is ClearLight Partners’ 6th and Black Canyon Capital’s 1st transaction in the United States.
  • This is ClearLight Partners’ 1st and Black Canyon Capital’s 1st transaction in Illinois.
Investment Fate
  • Switchcraft was sold to a publicly-traded strategic buyer in 2011.

M&A Deal Summary

Date 2005-04-06
Target Switchcraft
Sector Electrical Equipment
Buyer(s) ClearLight Partners
Black Canyon Capital
Sellers(s) Cortec Group
Deal Type Secondary Buyout

Target

Switchcraft

Chicago, Illinois, United States
Switchcraft, Inc. is a designer and manufacturer of high-performance electronic connectors, cable assemblies, and other value-added products and systems used in diverse applications in the global electronics industry.

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Buyer(S) 2

Buyer

ClearLight Partners

Newport Beach, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

ClearLight Partners LLC is a private equity firm that invests in mid-sized companies with strong cash-flow margins and limited capital intensity. ClearLight looks for US and Canadian headquartered companies with annual revenues between $25 and $250 million and EBITDA of $4 and $15 million. ClearLight targets investments across a broad range of industries with a particular interest in specialty manufacturing and distribution, business services, education and training, healthcare services, specialty finance, and consumer products and services. The Firm's target investment size is $10 to $50 million per transaction. ClearLight Partners was formed in 2000 and is based in Newport Beach, California.


DEAL STATS #
Overall 6 of 22
Sector: Electrical Equipment M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 7
State: Illinois M&A 1 of 3
Country: United States M&A 6 of 22
Year: 2005 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-01 SCS Refrigerated Services

Algona, Washington, United States

SCS Refrigerated Services (“SCS”) is a leading provider of public refrigerated warehouse services in the Pacific Northwest. SCS provides temperature controlled cold storage as well as logistics services, transportation, and handling services for customers in industries ranging from dairy products to seafood.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-06 Richardson Sales Performance

Philadelphia, Pennsylvania, United States

Richardson Sales Performance is a provider of sales training and consulting firm. Richardson Sales Performance was founded in 1979 and is based in Philadelphia, Pennsylvania.

Buy -
Buyer

Black Canyon Capital

Los Angeles, California, United States

Category Private Equity Firm
Founded 2004
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Black Canyon is a private investment firm that targets both equity and debt/mezzanine related investments in middle-market companies. Sectors of interest include business services, consumer products, financial services, industrial/niche manufacturing, healthcare, media, restaurants, and retail. Black Canyon's target investment size is $25 to $50 million in businesses with at least $5 million of EBITDA. Prospective investment situations can include leveraged buyouts, management buyouts, recapitalizations/refinancings, and growth/acquisition financings. Black Canyon Capital was formed in 2004 and is based in Los Angeles, California.


DEAL STATS #
Overall 1 of 7
Sector: Electrical Equipment M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Illinois M&A 1 of 1
Country: United States M&A 1 of 7
Year: 2005 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-22 Malibu Boats

Loudon, Tennessee, United States

Malibu Boats is a designer and manufacturer of sport boats. Malibu Boats was founded in 1982 and is based in Loudon, Tennessee.

Buy -

Seller(S) 1

SELLER

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cortec Group is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with equity of $100-$500 million and EBITDA of $10 to $50 million. Cortec Group was formed in 1984 and is based in New York City.


DEAL STATS #
Overall 9 of 35
Sector: Electrical Equipment M&A 1 of 2
Type: Secondary Buyout M&A Deals 5 of 22
State: Illinois M&A 1 of 3
Country: United States M&A 9 of 34
Year: 2005 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-27 siffron

Twinsburg, Ohio, United States

siffron is a provider of point-of-purchase merchandising and display solutions for retail applications. The Company sells the industry's broadest range of merchandising systems and accessories including shelf management systems, shelf-edge label holders, sign holders, hang tabs, hooks, fasteners, banner hangers, literature holders, and acrylic displays. siffron was founded in 1962 and is based in Twinsburg, Ohio.

Buy $232M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-12 Royce Medical Co.

Camarillo, California, United States

Royce Medical Company is a leading designer, manufacturer, and marketer of orthopedic products. Royce's products include braces and supports, synthetic casting and splinting, bone growth stimulation, diabetic-focused wound care and disposable medical products sold primarily to orthopedists, hospitals, podiatrists, and orthotic and prosthetic shops.

Sell $216M