M&A Deal Summary

Genstar Capital Acquires OTC Industrial Technologies

On April 9, 2019, private equity firm Genstar Capital acquired distribution company OTC Industrial Technologies from Irving Place Capital

Acquisition Highlights
  • This is Genstar Capital’s 1st transaction in the Distribution sector.
  • This is Genstar Capital’s 73rd transaction in the United States.
  • This is Genstar Capital’s 3rd transaction in Ohio.

M&A Deal Summary
Date 2019-04-09
Target OTC Industrial Technologies
Sector Distribution
Buyer(s) Genstar Capital
Sellers(s) Irving Place Capital
Deal Type Secondary Buyout
Advisor(s) Baird (Financial)
Jones Day (Legal)

Target

OTC Industrial Technologies

Columbus, Ohio, United States
OTC Industrial Technologies is an industrial equipment service provider and distributor of highly engineered products including motion control, pumps, finishing products, robotics, motors and air compressors. OTC serves over 13,000 customers across diverse end-markets, providing highly technical sales consultation and aftermarket repair and services. OTC Industrial Technologies was founded in 1963 and is based in Columbus, Ohio.

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Buyer(S) 1

Buyer

Genstar Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1988
PE ASSETS 49.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Genstar Capital is a private equity firm that seeks investments in life science, healthcare, medical products, industrial technology, software, financial services, packaging, building materials, manufacturing, and business services companies. Genstar looks to invest between $50 and $400 million of equity capital in businesses valued up to $1 billion. Target transaction situations include control-oriented leveraged buyouts of corporate divisions, privately held businesses or public companies, minority investments in privately held businesses or public companies, ownership restructurings/recapitalizations of privately held businesses, growth equity financings, partnerships with other strategic or financial buyers, and take privates. Genstar Capital was formed in 1988 and is based in San Francisco, California.

DEAL STATS #
Overall 80 of 109
Sector (Distribution) 1 of 3
Type (Secondary Buyout) 31 of 49
State (Ohio) 3 of 4
Country (United States) 73 of 101
Year (2019) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-29 Lightspeed Systems

Austin, Texas, United States

Lightspeed Systems is an education technology solutions provider partnering with schools to make learning safe, mobile, and easily managed. Partnered with 6,500 districts in United States and 28,000 schools around the world, the company offers integrated filtering, management, monitoring, and protection for schools through its groundbreaking platform, Relay. Lightspeed Systems was founded in 1999 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-16 Palomar

La Jolla, California, United States

Palomar is an insurer that focuses on the provision of specialty property insurance for residential and commercial clients. Palomar’s underwriting and analytical acumen allow it to concentrate on certain markets that it believes are underserved by other insurance companies, such as the markets for earthquake, wind and flood insurance. Based in La Jolla, California, the company is an admitted carrier in 25 states. Palomar was founded in 2013 and is based in La Jolla, California.

Sell -

Seller(S) 1

SELLER

Irving Place Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 4.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Irving Place Capital (formerly Bear Stearns Merchant Banking) is an independent private equity firm focused on making investments in middle-market companies located in North America and Western Europe. Irving primarily looks for opportunities in the retail, financial services, consumer products and packaging sectors, but will also consider investments in other traditional and service based businesses such as restaurants, transportation/logistics, healthcare, energy, and industrial products/services. The Firm's target investment size is $50 to $250 million of equity capital and EBITDA in excess of $7 million. Prospective transaction situations include traditional management buyouts, growth capital financings, divestitures, consolidations, and recapitalizations. Irving Place is based in New York City.

DEAL STATS #
Overall 36 of 39
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 11 of 12
State (Ohio) 2 of 2
Country (United States) 29 of 32
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-20 Agiliti

Eden Prairie, Minnesota, United States

Agiliti is an essential service provider to the U.S. healthcare industry with solutions that help support a more efficient, safe, and sustainable healthcare delivery system. The company serves over 10,000 national, regional, and local acute care and alternate site providers across the U.S. It delivers medical equipment management and service solutions that help healthcare providers reduce costs, increase operating efficiencies, and support optimal patient outcomes. Agiliti was formed in 1939 and is based in Eden Prairie, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-02 eGenesis

Cambridge, Massachusetts, United States

eGenesis is a biotechnology company using breakthrough gene-editing technologies for the development of safe and effective human-compatible organs, tissues, and cells. eGenesis was founded in 2015 and is based in Cambridge, Massachusetts.

Buy -
Mergr

Product

Company

Legal