M&A Deal Summary

Digital Fuel Capital, NewSpring Capital and Pine Street Capital Partners Acquire First Impression Ironworks

On April 26, 2021, private equity firm Digital Fuel Capital, private equity firm NewSpring Capital and mezzanine finance firm Pine Street Capital Partners acquired manufacturer First Impression Ironworks from MCM Capital Partners

Acquisition Highlights
  • This is Digital Fuel Capital’s 1st, NewSpring Capital’s 10th and Pine Street Capital Partners’ 6th transaction in the Manufacturing sector.
  • This is Digital Fuel Capital’s 15th, NewSpring Capital’s 156th and Pine Street Capital Partners’ 38th transaction in the United States.
  • This is Digital Fuel Capital’s 1st, NewSpring Capital’s 2nd and Pine Street Capital Partners’ 1st transaction in Arizona.

M&A Deal Summary

Date 2021-04-26
Target First Impression Ironworks
Sector Manufacturing
Buyer(s) Digital Fuel Capital
NewSpring Capital
Pine Street Capital Partners
Sellers(s) MCM Capital Partners
Deal Type Secondary Buyout
Advisor(s) Angle Advisors LLC (Financial)
Calfee, Halter & Griswold (Legal)

Target

First Impression Ironworks

Gilbert, Arizona, United States
First Impression Ironworks is a manufacturer and installer of custom ornamental ironwork serving the residential repair and remodels market. The Company boasts an expansive product line of decorative security doors, iron entry doors, gates, staircases, rails, and other iron products, all completely customizable by its metal artisans. First Impression Ironworks was founded in 1995 and is based in Gilbert, Arizona.

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Buyer(S) 3

DESCRIPTION

Digital Fuel Capital is a private investment firm focused on investing in and acquiring companies involved in digital marketing. This includes e-commerce, digital marketing service companies, and advertising/marketing technology companies. Digital Fuel was established in 2015 and is headquartered in Newton, Massachusetts.


DEAL STATS #
Overall 15 of 18
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Arizona) 1 of 1
Country (United States) 15 of 17
Year (2021) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Digital Stronghold

Huntsville, Alabama, United States

Digital Stronghold is a multi-brand platform supporting digitally native men’s apparel, accessories and grooming brands in accelerating their growth. Digital Stronghold is based in Huntsville, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-08 StubHub International

Madrid, Spain

StubHub International is an agile and competitive ticket marketplace focused on helping fans access live experiences and transfer tickets securely. StubHub International is based in Madrid, Spain.

Buy -
Buyer

NewSpring Capital

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

NewSpring Capital is a private investment firm focused on growth companies in the Mid-Atlantic US. The Firm can provide both growth equity and junior capital to prospective companies. NewSpring's target investment size for both mezzanine and equity financing is $2 to $5 million, although for new ventures, the Firm can commit up to $10 million. Sectors of interest include specialty manufacturing, technology, business services, information technology, life science, healthcare services, and medical devices. NewSpring Capital was formed in 1999 and is based in Radnor, Pennsylvania with an additional office in Short Hills, New Jersey.


DEAL STATS #
Overall 159 of 200
Sector (Manufacturing) 10 of 13
Type (Secondary Buyout) 9 of 10
State (Arizona) 2 of 2
Country (United States) 156 of 196
Year (2021) 8 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-14 Duck Donuts

Mechanicsburg, Pennsylvania, United States

Duck Donuts is one of the nation’s fastest-growing donut franchise companies. The Company today operates one international and 101 U.S. franchise locations across 21 states. Duck Donuts has grown into a major franchise company and built its reputation on serving warm, delicious, and made-to-order donuts, providing superior guest service in a family-friendly atmosphere and supporting local communities. Duck Donuts was founded in 2007 and is based in Mechanicsburg, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-27 Spirit Pharmaceuticals

Ronkonkoma, New York, United States

Spirit Pharmaceuticals innovates, develops, packages, and distributes private-label, over-the-counter pharmaceutical products. Spirit Pharmaceuticals was founded in 2003 and is based in Ronkonkoma, New York.

Buy -
Buyer

Pine Street Capital Partners

Albany, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2004
PE ASSETS 425M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Pine Street Capital Partners (PSCP) provides mezzanine capital to small and medium-sized private and public companies. PSCP will consider investments from $3 to $15 million in companies generating at least $10 million of sales. Target sectors include manufacturing, business services, consumer products, healthcare and media. PSCP prefers investments in the Northeast and Mid-Atlantic regions of the US, but will consider opportunities nationwide. Investment funds are typically used to support strategic acquisitions, growth, management and employee buyouts, and leveraged recapitalization. PSCP will not invest in the real estate, biotech and oil & gas industries. Pine Street Capital Partners was formed in 2004 and is based in Albany, New York.


DEAL STATS #
Overall 38 of 41
Sector (Manufacturing) 6 of 6
Type (Secondary Buyout) 6 of 6
State (Arizona) 1 of 2
Country (United States) 38 of 41
Year (2021) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-31 Full Spectrum

Southborough, Massachusetts, United States

Full Spectrum is a provider of software development and testing services specializing exclusively in Medical Devices, Life Sciences, Digital Health, Robotics, IoT, and Artificial Intelligence. The company's expertise is in translating vision and concepts into commercially-viable products. Full Spectrum was formed in 1982 and is based in Southborough, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-30 Dealer Solutions & Design

Duluth, Georgia, United States

Dealer Solutions & Design is a provider of the automotive fixed operation approach to design and outfitting fixed operations facilities with shop equipment for new and renovated automobile dealerships. DSD has now been involved in over 700 facility projects. Dealer Solutions & Design was founded in 2005 and is based in Duluth, Georgia.

Buy -

Seller(S) 1

SELLER

MCM Capital Partners

Beachwood, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

MCM Capital Partners is Midwest based private equity firm focused on acquiring niche manufacturers, value added distributors and service companies. Specific areas of interest include specialty chemicals, medical component products, home accessories, engineered materials, packaging, specialty distribution, building products, transportation, and high performance composites. Prospective companies generally have revenues of $10 to $50 million and are valued up to $50 million. Typical transactions include recapitalizations, management buyouts, and divestitures. MCM Capital Partners was formed in 1992 and is based in Beachwood, Ohio.


DEAL STATS #
Overall 13 of 15
Sector (Manufacturing) 4 of 4
Type (Secondary Buyout) 8 of 9
State (Arizona) 1 of 1
Country (United States) 12 of 14
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 EB Industries

Farmingdale, New York, United States

EB Industries is a provider of electron beam welding, laser welding, and laser hermetic sealing services including aerospace & defense, medical device, semiconductor, and energy industries that require the utmost in weld integrity and reliability. EB Industries was founded in 1965 and is based in Farmingdale, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-10 Action Industries

Strongsville, Ohio, United States

Action Industries is a distributor and manufacturer of commercial and residential garage door parts and accessories serving OEMs, installers, contractors, and dealers. The company's national footprint, expansive product line, manufacturing capabilities, and dedication to same-day fulfillment offer a compelling value proposition to its customers. Action Industries was founded in 2016 and is based in Strongsville, Ohio.

Sell -