M&A Deal Summary

GenNx360 Capital Partners Acquires Horsburgh & Scott

On April 1, 2013, private equity firm GenNx360 Capital Partners acquired machinery company Horsburgh & Scott from The Edgewater Funds and Bolder Capital

Acquisition Highlights
  • This is GenNx360 Capital Partners’ 1st transaction in the Machinery sector.
  • This is GenNx360 Capital Partners’ 6th transaction in the United States.
  • This is GenNx360 Capital Partners’ 1st transaction in Ohio.

M&A Deal Summary

Date 2013-04-01
Target Horsburgh & Scott
Sector Machinery
Buyer(s) GenNx360 Capital Partners
Sellers(s) The Edgewater Funds
Bolder Capital
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)

Target

Horsburgh & Scott

Cleveland, Ohio, United States
Horsburgh & Scott (H&S) is a manufacturer of large diameter industrial gears and custom mechanical gear drives. H&S provides specialized services including heat treatment, technical solutions and on-site customer service. Horsburgh & Scott is based in Cleveland, Ohio.

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Buyer(S) 1

Buyer

GenNx360 Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 1.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GenNx360 Capital Partners is a private equity firm focused on acquiring mid-sized US-based businesses. GenNx360 targets companies with revenues between $50 and $500 million and $5 to $35 million of EBITDA. The Firm looks to invest $25 to $100 million per transaction. Specific areas of interest include industrial water treatment, specialty chemicals/engineered materials, industrial machinery/equipment components, agriculture products and services, global transportation component parts, aerospace/defense, oil/gas services and business services. GenNx360 Capital Partners was formed in 2006 and is based in New York City.


DEAL STATS #
Overall 8 of 27
Sector (Machinery) 1 of 5
Type (Secondary Buyout) 2 of 9
State (Ohio) 1 of 3
Country (United States) 6 of 25
Year (2013) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-02 Schramm

West Chester, Pennsylvania, United States

Schramm is a manufacturer and global supplier of mobile, top-head hydraulic rotary drilling rigs focusing on land based applications. Schramm is a supplier to companies in the energy, mining, geothermal, water well and mine rescue sectors worldwide. Schramm's global reach includes major market positions in China, Chile, Canada, Australia, Russia and South Africa. Schramm is based in West Chester, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-21 Salford Group

Osceola, Iowa, United States

Salford Group is a designer and manufacturer of tillage, seeding, and fertilizing equipment for the agricultural industry. The company's products are engineered and built to be durable, innovative, and complementary to mainline OEM products with distinct performance advantages related to higher productivity, greater efficiency, and environmental sustainability. It has been able to leverage technological developments in precision agriculture to allow producers to manage their crop production with an ever-increasing degree of accuracy. Salford Group was formed in 1978 and is based in Osceola, Iowa.

Buy -

Seller(S) 2

SELLER

The Edgewater Funds

Chicago, Illinois, United States

Category Private Equity Firm
Founded 1991
PE ASSETS 2.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Edgewater Funds is a private equity firm that targets investments in profitable, middle-market growth companies. Target companies typically have revenues of $20 to $500 million in revenue and EBITDA of $5 to $30 million. The Firm will consider minority and control investments in the form of growth capital financings and traditional buyouts. Edgewater looks for North American businesses operating in a variety of industries. Sectors of interest include business services; financial and government services; consumer products and services; healthcare; IT services and software; and industrial/manufacturing. Edgewater was formed in 1991 and is based in Chicago, Illinois.


DEAL STATS #
Overall 20 of 42
Sector (Machinery) 1 of 2
Type (Secondary Buyout) 6 of 16
State (Ohio) 1 of 1
Country (United States) 19 of 41
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-13 PGI International

Houston, Texas, United States

PowerQuest is a manufactures and distributes instrumentation and engineered products for the energy industry worldwide. PGI product lines include instrumentation valves and manifolds, remote power supplies, oilfield valve fittings and wellhead components, proprietary products for gas liquid measurement and safety related equipment.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-05 Haystax

McLean, Virginia, United States

Haystax provides next-generation products, systems and service solutions to sift, refine and analyze large, disparate and unstructured volumes of data to reveal undiscovered connections and enable precise, actionable intelligence for government and commercial market clients. Haystax Technology was founded in 2013 and is based in McLean, Virginia.

Buy -
SELLER

Bolder Capital

Lakewood, Colorado, United States

Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Bolder Capital is a private equity group that invests in lower middle-market manufacturing and service oriented businesses. The Group pursues companies operating in growth markets with proprietary products or technologies. Target businesses have at least $2 million of EBITDA with an enterprise value of minimum $500 million. Funds are generally used to support acquisitions/buyouts, recapitalizations and selective growth equity opportunities. Bolder Capital was formed in 2004 and is based in Chicago.


DEAL STATS #
Overall 6 of 12
Sector (Machinery) 1 of 1
Type (Secondary Buyout) 3 of 5
State (Ohio) 1 of 1
Country (United States) 6 of 12
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-21 Medicaid Eligibility and Denial Solutions

Louisville, Kentucky, United States

MEDS is an outsourced provider of patient eligibility, enrollment and revenue recovery services to hospitals and health systems.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-29 Priority Express Courier

Boothwyn, Pennsylvania, United States

Priority Express Courier, Inc. is a provider of same-day express delivery services to laboratories, health systems, and multiple other high-touch industries. Priority Express serves a variety of customers out of its 5 distribution facilities in the northeast and mid-Atlantic regions.

Buy -