M&A Deal Summary

Cornell Capital Acquires Spectrum Automotive Holdings

On October 11, 2019, private equity firm Cornell Capital acquired business services company Spectrum Automotive Holdings from Southfield Capital

Acquisition Highlights
  • This is Cornell Capital’s 2nd transaction in the Business Services sector.
  • This is Cornell Capital’s 8th transaction in the United States.
  • This is Cornell Capital’s 1st transaction in New Jersey.

M&A Deal Summary

Date 2019-10-11
Target Spectrum Automotive Holdings
Sector Business Services
Buyer(s) Cornell Capital
Sellers(s) Southfield Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

Spectrum Automotive Holdings

Fairfield, New Jersey, United States
Spectrum Automotive Holdings is an agent, marketer, and administrator of finance and insurance ("F&I") products for the U.S. automotive market. Spectrum Automotive is providing a full suite of proprietary and third-party extended warranty and ancillary products to more than 1,400 dealer, administrator, and original equipment manufacturer partners. Spectrum Automotive Holdings was founded in 1999 and is based in Fairfield, New Jersey.

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Buyer(S) 1

Buyer

Cornell Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cornell Capital is a private investment firm that seeks to partner with strong management teams to build businesses. Cornell Capital does not have any sector preferences and focuses on opportunities across the US. Cornell Capital was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 9 of 17
Sector: Business Services M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 2 of 3
State: New Jersey M&A 1 of 1
Country: United States M&A 8 of 14
Year: 2019 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-04 Corelle Brands

Rosemont, Illinois, United States

Corelle Brands LLC is a manufacturer and marketer of bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products. Corelle Brands LLC and its affiliates manufacture and market products worldwide through a portfolio of well-recognized and respected brands, including under the Pyrex®, Corelle®, Corningware®, Snapware®, Chicago Cutlery®, Revere®, Visions®, Ekco® and Baker's Secret® trademarks. Corelle Brands LLC and its affiliates employ approximately 3,000 people, and have major manufacturing and distribution operations in North America and Asia-Pacific regions. Corelle Brands LLC was incorporated in 1991 and is based in Rosemont, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-17 Lorom

Taipei, Taiwan

Lorom is a manufacturing solutions provider focusing on specialized cable manufacturing and assembly. In addition to its core cable technologies, Lorom also offers plastic injection, stamping, die-casting, printed circuit board assembly, and tooling processes, and possesses customized component design and manufacturing capabilities. Lorom was founded in 1988 and is based in Taipei, Taiwan.

Buy -

Seller(S) 1

SELLER

Southfield Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 1.5B USD
Size Large
Type Sector Focused
DESCRIPTION

Southfield Capital is a private equity group focused on buying and building middle-market business service companies headquartered throughout North America. The Firm prefers control investment situations and looks to commit $20 to $80 million of equity capital in profitable businesses with $4 to $20 million of EBITDA. Specific sectors of interest include business services, financial services, real estate services, IT, industrial services, and transportation. Prospective investment situations include buyouts, consolidations, recapitalizations, and growth financings. Southfield Capital is based in Greenwich, Connecticut.


DEAL STATS #
Overall 8 of 9
Sector: Business Services M&A 2 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 2 of 2
State: New Jersey M&A 1 of 1
Country: United States M&A 7 of 8
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-07 Milrose Consultants

New York, New York, United States

Milrose Consultants provides mission-critical building compliance consulting services to the Class A commercial real estate market through its diverse portfolio of permitting, code & zoning, regulatory filing, due diligence, and other compliance solutions. Milrose Consultants was founded in 1988 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-16 Alba Wheels Up

Valley Stream, New York, United States

Alba Wheels Up is a provider of customs brokerage, freight forwarding, trade compliance, and other logistics services enabling its clients to efficiently move goods into and out of the United States. Alba Wheels Up is based in Valley Stream, New York.

Buy -