M&A Deal Summary

Daikin Acquires Flanders

On February 9, 2016, Daikin acquired manufacturer Flanders from Insight Equity for 430M USD

Acquisition Highlights
  • This is Daikin’s 2nd transaction in the Manufacturing sector.
  • This is Daikin’s 3rd largest (disclosed) transaction.
  • This is Daikin’s 2nd transaction in the United States.
  • This is Daikin’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2016-02-09
Target Flanders
Sector Manufacturing
Buyer(s) Daikin
Sellers(s) Insight Equity
Deal Type Add-on Acquisition
Deal Value 430M USD
Advisor(s) Baird (Financial)

Target

Flanders

Washington, North Carolina, United States
Flanders Corporation, together with its subsidiaries, engages in the design, manufacture, and sale of air filters and related products.

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Buyer(S) 1

Buyer

Daikin

Osaka, Japan
Category Company
Founded 1924
Sector Manufacturing
Employees98,162
Revenue 4.40T JPY (2024)
DESCRIPTION

Daikin is an innovator and provider of advanced, high-quality air conditioning solutions for residential, commercial, and industrial applications. Daikin was founded in 1924 and is based in Osaka, Japan.

DEAL STATS #
Overall 3 of 10
Sector (Manufacturing) 2 of 4
Type (Add-on Acquisition) 2 of 8
State (North Carolina) 1 of 1
Country (United States) 2 of 5
Year (2016) 1 of 3
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-29 Goodman Global

Houston, Texas, United States

Goodman Global, Inc. is the largest domestic unit manufacturer of heating, ventilation and air conditioning products for residential and light-commercial use.

Buy $3.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-28 Zanotti

Pegognaga, Italy

Zanotti S.p.A. is a designer, manufacturer and sale of commercial use refrigerator and freezer equipment and other related products devices.

Buy €98M

Seller(S) 1

SELLER

Insight Equity

Southlake, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 800M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Insight Equity is a private equity firm targets control investments in middle-market companies. Insight looks for companies with revenues between $50 million to $1 billion and seeks to commit between $25 to $100 million per transaction. Areas of interest include manufacturing, distribution, aerospace & defense, automotive & transportation, consumer goods, service & professional industries, technology, and energy. Insight does not invest in real estate, retail or restaurant businesses. Insight Equity was formed in 1998 and is based in Southlake, Texas. The Firm has additional in New York City.

DEAL STATS #
Overall 5 of 9
Sector (Manufacturing) 3 of 3
Type (Add-on Acquisition) 3 of 6
State (North Carolina) 1 of 1
Country (United States) 5 of 8
Year (2016) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-23 LDX Solutions

Kennesaw, Georgia, United States

LDX Solutions designs and manufactures innovative multi-pollutant air pollution control equipment and systems for the power generation, cement, steel, mining, petrochemical, and glass industries. LDX Solutions was founded in 1947 and is based in Kennesaw, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-10 Panolam Surface Systems

Shelton, Connecticut, United States

Panolam Surface Systems is a manufacturer of thermally fused melamine (TFM) panels and high-pressure laminates (HPL). TFM and HPL are used to manufacture kitchen and bath cabinetry, residential and commercial furniture, store fixtures and counter-tops. Panolam Industries International was founded in 1997 and is based in Shelton, Connecticut.

Buy -
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