M&A Deal Summary

Fulham, Pine Street Capital Partners and Spring Capital Partners Acquire PowerTech Generators

On March 16, 2016, private equity firm Fulham, mezzanine finance firm Pine Street Capital Partners and mezzanine finance firm Spring Capital Partners acquired electrical equipment company PowerTech Generators

Acquisition Highlights
  • This is Fulham’s 2nd, Pine Street Capital Partners’ 1st and Spring Capital Partners’ 1st transaction in the Electrical Equipment sector.
  • This is Fulham’s 9th, Pine Street Capital Partners’ 26th and Spring Capital Partners’ 32nd transaction in the United States.
  • This is Fulham’s 1st, Pine Street Capital Partners’ 2nd and Spring Capital Partners’ 3rd transaction in Florida.

M&A Deal Summary

Date 2016-03-16
Target PowerTech Generators
Sector Electrical Equipment
Buyer(s) Fulham
Pine Street Capital Partners
Spring Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

PowerTech Generators

Leesburg, Florida, United States
PowerTech Generators is a manufacturer of customized mobile generator sets. Power Tech engineers and assembles generator components to meet individual customer needs for generators typically providing output between 10 and 50 kilowatts. End markets for Power Tech’s products include mobile communications, service trucks, emergency vehicles, and military vehicles, among others. Power Tech sells domestically and internationally both directly to vehicle manufacturers and through distributors. PowerTech Generators was founded in 1989 and is based in Leesburg, Florida.

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Buyer(S) 3

Buyer

Fulham

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 280M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Fulham & Co. is a private investment firm that targets investments in companies in which ownership wants to reduce their investment stake. Fulham looks for businesses with strong brands or highly engineered products. Target companies typically have EBITDA of $2 to $8 million. Fulham & Co. was originally formed in 1917 and has been investing in companies since 1984. Fulham is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 9 of 11
Sector (Electrical Equipment) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 3 of 4
State (Florida) 1 of 1
Country (United States) 9 of 11
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-05 Alkota Cleaning Systems

Alcester, South Dakota, United States

Alkota Cleaning Systems designs and manufactures pressure washers, steam cleaners, space heaters, and related products for a wide range of end markets. Alkota was founded in 1964 and is based in Alcester, South Dakota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-11 Delphon

Hayward, California, United States

Delphon is a provider of materials and services for the shipping, processing and packaging of high-value semiconductor, medical, photonics, telecommunications and military markets. The Company’s material scientists and R&D engineers work collaboratively with their customers to develop customized materials. Delphon was founded in 2004 and is headquartered in Hayward, California, and has additional manufacturing operations in Wilsonville, Oregon.

Sell -
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 26 of 41
Sector (Electrical Equipment) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 9 of 16
State (Florida) 2 of 4
Country (United States) 26 of 41
Year (2016) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-01 Artful Home

Madison, Wisconsin, United States

Artful Home is a provider of an online selected assortment of artist-made home apparel, decor, and art. The company provides artists with a national marketing platform and consumers a curated selection of unique products. Artful Home was founded in 1985 and is based in Madison, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-22 Adaptec Solutions

Rochester, New York, United States

Adaptec Solutions is a designer, integrator, and value-added distributor of material handling and automation solutions for the grocery, food & beverage, industrial, personal care, and automotive markets. Adaptec Solutions was founded in 1977 and is based in Rochester, New York.

Buy -
Buyer

Spring Capital Partners

Lutherville, Maryland, United States

Investor Investor


Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spring Capital Partners is a mezzanine finance provider for small to medium-sized businesses. Spring invests $2 to $20 million, primarily in the form of subordinated debt with equity features in each transaction. The Firm does not have an industry focus. Spring Capital looks for businesses located in the Mid-Atlantic US with revenues between $10 and $150 million. Spring Capital Partners was formed in 1999 and has offices in Baltimore, Maryland and Radnor, Pennsylvania.


DEAL STATS #
Overall 32 of 45
Sector (Electrical Equipment) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 7 of 9
State (Florida) 3 of 4
Country (United States) 32 of 45
Year (2016) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-29 Colerain RV

Cincinnati, Ohio, United States

Colerain RV is a specialty retailer of recreational vehicles. Colerain RV operates RV dealership, providing sales of new and used RVs, related services, parts, and accessories for RV owners and camping enthusiasts. Colerain RV was founded in 1968 and is based in Cincinnati, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-01 OJ Medtech

Bay Shore, New York, United States

OJ Medtech is a provider of specialized medical products for patients that suffer from upper or lower extremity lymphatic and venous disorders. OJ Medtech sells prescription-based products including compression garments and stockings, specialty wound care dressings, and lymphedema pumps. OJ Medtech was founded in 1999 and is based in Bay Shore, New York.

Buy -