M&A Deal Summary

Dubin Clark and Midwest Mezzanine Funds Acquire Astar Heating & Air

On August 1, 2019, private equity firm Dubin Clark and mezzanine finance firm Midwest Mezzanine Funds acquired business services company Astar Heating & Air from Pulte Capital Partners

Acquisition Highlights
  • This is Dubin Clark’s 9th and Midwest Mezzanine Funds’ 8th transaction in the Business Services sector.
  • This is Dubin Clark’s 20th and Midwest Mezzanine Funds’ 69th transaction in the United States.
  • This is Dubin Clark’s 2nd and Midwest Mezzanine Funds’ 4th transaction in New York.

M&A Deal Summary
Date 2019-08-01
Target Astar Heating & Air
Sector Business Services
Buyer(s) Dubin Clark
Midwest Mezzanine Funds
Sellers(s) Pulte Capital Partners
Deal Type Secondary Buyout

Target

Astar Heating & Air

Middletown, New York, United States
Astar Heating & Air is a provider of HVAC replacement, maintenance, and plumbing solutions to residential homeowners throughout the lower Hudson Valley region of New York. Astar Heating & Air is based in Middletown, New York.

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Buyer(S) 2

Buyer

Dubin Clark

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Dubin Clark is a private equity firm that acquires and builds businesses in partnership with management. Following an acquisition, Dubin Clark typically invests additional capital to help fund acquisitions and grow the business. Target sectors include retail, healthcare services, manufacturing, and business services. The Firm is a long-term investor and does not formulate a pre-defined exit plan. Dubin Clark was formed in 1984 and is based in Jacksonville, Florida.

DEAL STATS #
Overall 20 of 23
Sector (Business Services) 9 of 10
Type (Secondary Buyout) 2 of 2
State (New York) 2 of 2
Country (United States) 20 of 23
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-01 Daystar Products International

Phoenix, Arizona, United States

Daystar Products International is an automotive performance aftermarket parts manufacturer of lift and leveling kits and component parts for off- and on-road trucks, Jeep®, and multi-purpose vehicles. Daystar Products International was founded in 1977 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 EMPI

Anaheim, California, United States

EMPI is a manufacturer and distributor of branded automotive aftermarket parts for vintage Volkswagen vehicles, modern Volkswagen vehicles, and other vehicle brands. EMPI is based in Anaheim, California.

Sell -
Buyer

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.

DEAL STATS #
Overall 69 of 81
Sector (Business Services) 8 of 11
Type (Secondary Buyout) 9 of 11
State (New York) 4 of 4
Country (United States) 69 of 81
Year (2019) 6 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-10 LSC

Apalachin, New York, United States

LSC is a manufacturer of premiere products and equipment designed to address the persistent environmental challenges of erosion, odor, land reclamation, waste cover, seeding, and dust. LSC was founded in 1990 and is based in Apalachin, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-01 Pan-Am Dental

Savannah, Georgia, United States

Pan-Am Dental is a full-service, outsourced dental laboratory that manufactures and distributes custom dental products such as crowns, implants, and sleep appliances. Pan-Am Dental was founded in 2007 and is based in Savannah, Georgia.

Buy -

Seller(S) 1

SELLER

Pulte Capital Partners

Pontiac, Michigan, United States

Investor

Category Private Equity Firm
Size Small
Type Sector Focused
DESCRIPTION

Pulte Capital Partners is a specialist investment firm focused on the building materials sector. Pluto Capital looks to invest in transactions valued from $15 to $200 million. Specific areas of interest include specialty building products companies, sustainable material companies, and select homebuilders. Pluto Capital is based in Bloomfield Hills, Michigan.

DEAL STATS #
Overall 2 of 3
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 2 of 2
State (New York) 1 of 1
Country (United States) 2 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-16 Southern HVAC

Maitland, Florida, United States

Southern HVAC is a residential home services provider, specializing in HVAC, plumbing and electrical maintenance, service & replacement. Southern operates multiple brands throughout central Florida, North Carolina, and Texas. Southern HVAC was founded in 2016 and is based in Maitland, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-15 Carstin Kitchen & Bath Surfaces

Arthur, Illinois, United States

CarstinBrands.com is a provider of countertops and complementing products for kitchens and bathrooms. CarstinBrands.com was established in 1988 and is based in Arthur, Illinois.

Sell -
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