M&A Deal Summary

DNS Capital Acquires Industrial Magnetics

On February 16, 2016, family office DNS Capital acquired electrical equipment company Industrial Magnetics from River Associates and Northstar Capital

Acquisition Highlights
  • This is DNS Capital’s 1st transaction in the Electrical Equipment sector.
  • This is DNS Capital’s 3rd transaction in the United States.
  • This is DNS Capital’s 1st transaction in Michigan.

M&A Deal Summary

Date 2016-02-16
Target Industrial Magnetics
Sector Electrical Equipment
Buyer(s) DNS Capital
Sellers(s) River Associates
Northstar Capital
Deal Type Secondary Buyout
Advisor(s) Baird (Financial)
Miller & Martin (Legal)

Target

Industrial Magnetics

Boyne City, Michigan, United States
Industrial Magnetics is a provider of highly engineered solutions for magnetic separation and material handling, particle processing, and process automation applications. Industrial Magnetics was founded in 1961 and is based in Boyne City, Michigan.

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Buyer(S) 1

Buyer
DESCRIPTION

DNS Capital is the investment group for Gigi Pritzker, Michael Pucker and their family. The Firm looks to invest $25 to $100 million in US based companies generating $10 to $50 million of EBITDA. Sectors of interest include industrials, business services, consumer, and real estate. DNS will consider both control or minority positions. DNS is based in Chicago, Illinois.


DEAL STATS #
Overall 3 of 9
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Michigan) 1 of 1
Country (United States) 3 of 9
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-28 Soli Organic

Harrisonburg, Virginia, United States

Soli Organic provides fresh cut and living farmed herbs to the customers who supply the kitchens and tables of the American family. Soli Organic was founded in 1989 and is based in Harrisonburg, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-07 Lithko Contracting

West Chester, Ohio, United States

Lithko Contracting is a full-service concrete contractor specializing in the execution of walls, tilt-ups, structural frames, slabs, site work, foundations, and pre-construction services. Lithko Contracting is based in West Chester, Ohio.

Buy -

Seller(S) 2

SELLER

River Associates

Chattanooga, Tennessee, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

River Associates is a private equity firm that targets buyouts, divestitures and recapitalizations of lower middle-market companies. River looks for investments in manufacturing, high-margin distribution, industrial services and 'non-faddish' retail companies. The Firm focuses on companies located in the US and Canada with minimum sales of $15 million and EBITDA of $3 to $12 million. River Associates avoids investing in heavily regulated industries as well as start-up, high-technology, commodity or natural resource companies. River Associates was formed in 1989 and is based in Chattanooga, Tennessee.


DEAL STATS #
Overall 16 of 25
Sector (Electrical Equipment) 2 of 2
Type (Secondary Buyout) 9 of 13
State (Michigan) 1 of 2
Country (United States) 15 of 24
Year (2016) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-09 Action Fabricators

Grand Rapids, Michigan, United States

Action Fabricators, Inc. is a premier converter of custom designed flexible materials, including custom made tapes, adhesives, non-adhesive backed foams and other specialty materials for numerous end market applications, including automotive, medical, electronics, security, furniture, appliance, and general industrial applications. Action provides its clients with cost-effective, value-added custom solutions to meet their specific application needs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-25 Weaver Leather

Mount Hope, Ohio, United States

Weaver Leather is a provider of leather and nylon products and accessories into the Western-style equine, livestock, pet, and arborist markets. Weaver manufactures, markets, and distributes a broad line of branded and non-branded leather, nylon/synthetic, hardware, and other products and product accessories uniquely designed for its four consumer-focused divisions (equine, livestock, pet, and arborist) - and its wholesale supply division. Weaver Leather was established in 1973 and is based in Mount Hope, Ohio.

Buy -
SELLER

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 33 of 80
Sector (Electrical Equipment) 3 of 4
Type (Secondary Buyout) 11 of 26
State (Michigan) 2 of 3
Country (United States) 32 of 76
Year (2016) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-01 Avidity Science

Waterford, Wisconsin, United States

Avidity Science is a designer and manufacturer of automated watering and monitoring solutions for the animal and laboratory research markets. Avidity Science was established in 1969 and is based in Waterford, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-25 Weaver Leather

Mount Hope, Ohio, United States

Weaver Leather is a provider of leather and nylon products and accessories into the Western-style equine, livestock, pet, and arborist markets. Weaver manufactures, markets, and distributes a broad line of branded and non-branded leather, nylon/synthetic, hardware, and other products and product accessories uniquely designed for its four consumer-focused divisions (equine, livestock, pet, and arborist) - and its wholesale supply division. Weaver Leather was established in 1973 and is based in Mount Hope, Ohio.

Buy -