M&A Deal Summary

CPS Performance Materials Acquires Cyalume

On August 8, 2017, CPS Performance Materials acquired chemicals company Cyalume from Monroe Capital, Patriot Capital, Granite Creek Partners and Selway Capital for 45M USD

Acquisition Highlights
  • This is CPS Performance Materials’ 1st transaction in the Chemicals sector.
  • This is CPS Performance Materials’ largest (disclosed) transaction.
  • This is CPS Performance Materials’ 1st transaction in the United States.
  • This is CPS Performance Materials’ 1st transaction in Massachusetts.
Investment Fate
  • Cyalume was divested to a consortium of strategic buyers in 2022.

M&A Deal Summary
Date 2017-08-08
Target Cyalume
Sector Chemicals
Buyer(s) CPS Performance Materials
Sellers(s) Monroe Capital
Patriot Capital
Granite Creek Partners
Selway Capital
Deal Type Add-on Acquisition
Deal Value 45M USD
Advisor(s) GreenbergTraurig (Legal)

Target

Cyalume

West Springfield, Massachusetts, United States
Cyalume is a designer, developer, and producer of extremely reliable chemical and electronic lights for safety and security applications. Cyalume’s products provide sources of light in emergency situations and for general safety purposes. Cyalume was founded in 1997 and is based in West Springfield, Massachusetts.

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Buyer(S) 1

Buyer

CPS Performance Materials

Bound Brook, New Jersey, United States
Category Company
Sector Chemicals
DESCRIPTION

CPS Performance Materials is a diversified specialty chemicals manufacturer of chemical illumination solutions, performance polymers, and fine chemicals and intermediates. CPS Performance Materials is based in Bound Brook, New Jersey.

DEAL STATS #
Overall 1 of 3
Sector (Chemicals) 1 of 3
Type (Add-on Acquisition) 1 of 3
State (Massachusetts) 1 of 1
Country (United States) 1 of 3
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-29 FAR Chemical

Palm Bay, Florida, United States

FAR Chemical, Inc. is a manufacture of specialty organic chemicals for customers in industries including pharmaceuticals, structural composites, CASE and foam, electronics, flavors, fragrances and personal care, catalysts, polymers and plastics. FAR Chemical, Inc. was founded in 1982 and is based in Palm Bay, Florida.

Buy -

Seller(S) 4

SELLER

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.

DEAL STATS #
Overall 21 of 53
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 11 of 27
State (Massachusetts) 3 of 4
Country (United States) 21 of 53
Year (2017) 5 of 7
Size (of disclosed) 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-01 OSG Billing Services

Ridgefield Park, New Jersey, United States

OSG Billing Services is a global provider of customer engagement and payment solutions. The company helps clients to integrate critical customer interactions, optimizing working capital, and driving profitable business growth. These solutions connect the entire customer experience by aligning transactional, payment, and marketing touchpoints for simplified operations and smarter engagement across a diversified variety of end markets, including financial services, real estate, healthcare, and governments & municipalities. OSG Billing Services was founded in 1992 and is based in Ridgefield Park, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-05 Fabco

Livermore, California, United States

Fabco is a provider of highly engineered, specialty gearbox, axle, and transfer case products for all-wheel drive, medium, and heavy-duty vehicles used in severe service applications. Fabco was founded in 1918 and is based in Livermore, California.

Sell -
SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.

DEAL STATS #
Overall 29 of 50
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 18 of 29
State (Massachusetts) 1 of 1
Country (United States) 29 of 50
Year (2017) 2 of 3
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-06 Structural & Steel Products

Fort Worth, Texas, United States

Structural & Steel Products is a manufacturer and distributor of products used in the highway construction end-market, including overhead sign structures, guardrails, crash cushions, lighting poles and bridge decking. The Company manufactures tubular structures used in the communication and power transmission industries. Structural & Steel Products was founded in 1969 and is based in Fort Worth, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-16 FreshEdge

Indianapolis, Indiana, United States

FreshEdge is a produce distributor in the Midwest. FreshEdge provides fresh and packaged produce varieties, as well as partially prepared meal components, to a variety of customer types including grocery stores, restaurants, schools, and food management companies. FreshEdge is based in Indianapolis, Indiana.

Buy -
SELLER

Granite Creek Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Granite Creek Partners is a Midwest US-based private equity firm focused on acquiring and investing in mid-sized companies operating in the manufacturing, distribution, business services, healthcare, and food sectors. The Firm looks to commit $7 to $25 million per transaction and can invest across the capital structure, including control/minority equity, mezzanine debt, senior secured debt, and debtor-in-possession loans. Granite Creek Partners was formed in 2005 and is based in Chicago.

DEAL STATS #
Overall 8 of 10
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (Massachusetts) 1 of 1
Country (United States) 7 of 9
Year (2017) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-26 Weld Racing

Kansas City, Missouri, United States

Weld Racing LLC is a manufacturer of aluminum wheels for performance automotive enthusiasts and the competitive auto racing industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-01 Auto Rescue Solutions

Lewisville, Texas, United States

Auto Rescue Solutions is a dispatcher of roadside assistance providers who support motorists on behalf of Auto Rescue’s customers (motor clubs / insurers). With resources spanning metropolitan regions across the country, Auto Rescue is the roadside assistance company upon which motor clubs and insurers rely to get motorists back on the road. Auto Rescue Solutions is headquartered in Carrollton, Texas.

Buy -
SELLER

Selway Capital

New York, New York, United States
Category Private Equity Firm
Founded 1998
Size Small
Type Sector Agnostic
DESCRIPTION

Selway Capital is a private investment firm focused on acquiring and building mid-sized businesses in the defense, security, communications, and education sectors. The Firm looks to acquire historically profitable businesses and collaborates with management in improving profitability and maximizing growth opportunities. Selway was formed in 1998 and is based in New York, NY.

DEAL STATS #
Overall 1 of 1
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Massachusetts) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-21 Cyalume

West Springfield, Massachusetts, United States

Cyalume is a designer, developer, and producer of extremely reliable chemical and electronic lights for safety and security applications. Cyalume’s products provide sources of light in emergency situations and for general safety purposes. Cyalume was founded in 1997 and is based in West Springfield, Massachusetts.

Buy -
Mergr

Product

Company

Legal