M&A Deal Summary

Cyprium Partners Acquires Backyard Products

On November 13, 2017, mezzanine finance firm Cyprium Partners acquired building materials company Backyard Products from Centerfield Capital Partners and Source Capital

Acquisition Highlights
  • This is Cyprium Partners’ 4th transaction in the Building Materials sector.
  • This is Cyprium Partners’ 38th transaction in the United States.
  • This is Cyprium Partners’ 1st transaction in Michigan.

M&A Deal Summary

Date 2017-11-13
Target Backyard Products
Sector Building Materials
Buyer(s) Cyprium Partners
Sellers(s) Centerfield Capital Partners
Source Capital
Deal Type Secondary Buyout

Target

Backyard Products

Monroe, Michigan, United States
Backyard Products is a designer, manufacturer, and marketer of ready-to-assemble and installed wood-based storage buildings and other outdoor structures. Its product lines include storage buildings and accessories, gazebos, playhouses, and playsets. Backyard Products was founded in 1975 and is based in Monroe, Michigan.

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Buyer(S) 1

Buyer

Cyprium Partners

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Cyprium Partners is a private investment firm that provides mezzanine and equity capital to profitable, middle-market companies. The Firm will consider both non-control and control positions in businesses with revenue of $50 to $300 million and at least $8 million of EBITDA. Sectors of interest include traditional industries such as manufacturing, distribution, and services. Cyprium avoids investments in financial services, real estate, energy, commodities, natural resources, restaurants, long-term care and healthcare companies. Cyprium was formerly known as Key Principal Partners. The Firm has offices in Cleveland, Ohio and New York City.


DEAL STATS #
Overall 41 of 53
Sector (Building Materials) 4 of 4
Type (Secondary Buyout) 3 of 3
State (Michigan) 1 of 2
Country (United States) 38 of 50
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-13 Paper Machinery

Milwaukee, Wisconsin, United States

Paper Machinery is a manufacturer of complex, high-speed forming machines and ancillary equipment utilized by paper and packaging companies to produce paper cups, paperboard canisters, and custom paperboard packages. PMC machines are installed in over 40 countries around the world with each machine built, configured, and equipped according to customer specifications. Paper Machinery was founded in 1947 and is based in Milwaukee, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-09 MC Assembly

Palm Bay, Florida, United States

MC Assembly is a provider of electronic manufacturing services to the medical, gaming, industrial, computer and telecommunications industries. Based in Melbourne, FL, MC’s primary focus is low to medium volume, medium-high mix printed circuit board assembly, with an emphasis on high material content printed circuit boards. MC Assembly was founded in 1984 and is based in Palm Bay, Florida.

Sell $65M

Seller(S) 2

SELLER

Centerfield Capital Partners

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.


DEAL STATS #
Overall 27 of 42
Sector (Building Materials) 3 of 3
Type (Secondary Buyout) 8 of 13
State (Michigan) 3 of 4
Country (United States) 27 of 42
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-31 Wild Sports

Westfield, Indiana, United States

Wild Sports is a manufacturer and provider of licensed and branded tailgating, homegating and outdoor games. Wild Sports brand has achieved category leadership at big-box retailers and continues its significant expansion with leading on-line retailers as well. Wild Sports products include well-known games such as Cornhole, Tailgate Toss, and Stackers, in addition to other tailgating accessories such as team-branded tables and chairs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-28 DMS

Portland, Oregon, United States

DMS is a provider of integrated, omni-channel direct marketing solutions to a diverse client base throughout the U.S. DMS serves a variety of end markets including banking, alternative lending, technology and telecom. DMS was founded in 1982 and is based in Portland, Oregon.

Sell -
SELLER

Source Capital

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Source Capital is a private equity firm that invests in mature, smaller companies in a variety of sectors. The Firm generally looks to support management-backed leveraged acquisitions, recapitalizations, growth financings, and various turnaround situations. Source Capital's broad industry focus includes business services, consumer, distribution/supply, healthcare, and light manufacturing. The Firm prefers control investments, but will selectively review minority situations. Target companies are typically profitable with at least $2 million in EBITDA. Source Capital will not invest in venture deals, high tech, or real estate. Source Capital was formed in 2002 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 13 of 19
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 5 of 7
State (Michigan) 1 of 1
Country (United States) 13 of 19
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-01 The Penray Companies

Downers Grove, Illinois, United States

The Penray Companies, Inc. is a manufacturer and marketer of automotive chemicals serving the heavy-duty truck and automotive aftermarket segments. The Penray Companies was founded in 1951 and is based in Downers Grove, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Displayit

Buford, Georgia, United States

Displayit is a designer and manufacturer of portable and modular displays and exhibits. Displayit was founded in 1996 and is based in Buford, Georgia.

Buy -