M&A Deal Summary

Gentherm Acquires Global Thermoelectric

On April 1, 2014, Gentherm acquired electrical equipment company Global Thermoelectric from RockWood Equity Partners, Peninsula Capital Partners and Bratenahl Capital Partners

Acquisition Highlights
  • This is Gentherm’s 1st transaction in the Electrical Equipment sector.
  • This is Gentherm’s 1st transaction in Canada.
  • This is Gentherm’s 1st transaction in Alberta.

M&A Deal Summary

Date 2014-04-01
Target Global Thermoelectric
Sector Electrical Equipment
Buyer(s) Gentherm
Sellers(s) RockWood Equity Partners
Peninsula Capital Partners
Bratenahl Capital Partners
Deal Type Add-on Acquisition
Advisor(s) Piper Jaffray Companies (Financial)

Target

Global Thermoelectric

Calgary, Alberta, Canada
Global Thermoelectric is a designer and manufacturer of thermoelectric generators ("TEG"), and has been engaged in the development and sale of niche power generation products for more than 25 years.

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Buyer(S) 1

Buyer

Gentherm

Northville, Michigan, United States

Category Company
Founded 1991
Sector Automotive
Employees14,000
Revenue 1.5B USD (2023)
DESCRIPTION
Gentherm's corporate headquarters in Northville, Michigan.
Gentherm's corporate headquarters in Northville, Michigan.

Gentherm develops, manufactures and markets proprietary high-technology products for the automotive and consumer products industries. Gentherm's products include the climate control seat which enhances individual driver and passenger comfort. Gentherm was formed in 1991 and is based in Northville, Michigan.


DEAL STATS #
Overall 1 of 4
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 3
State (Alberta) 1 of 1
Country (Canada) 1 of 2
Year (2014) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-31 Cincinnati Sub-Zero Products

Cincinnati, Ohio, United States

Cincinnati Sub-Zero Products, Inc. is a manufacturer of quality patient temperature systems for the health care industry and custom environmental test chambers used by a wide range of industrial manufacturing companies for product testing.

Buy -

Seller(S) 3

SELLER

RockWood Equity Partners

Shaker Heights, Ohio, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
Size Small
Type Sector Agnostic
DESCRIPTION

RockWood Equity Partners is a private equity firm looking to acquire profitable lower-middle market North American companies generating sales of $10 to $75 million and EBITDA of $2 to $7 million. Target transaction types include management buyouts, recapitalizations, growth equity financings, and divestitures. Sectors of interest include aerospace, defense, healthcare, industrials/industrial technology, and business services. RockWood Equity Partners was formed in 1999 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 8 of 21
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 3 of 10
State (Alberta) 1 of 2
Country (Canada) 1 of 2
Year (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-24 Astrex Electronics

Plainview, New York, United States

Astrex is a value-added distributor of electronic connectors and accessories used in military and aerospace applications, as well as medical and industrial equipment and other applications requiring high-reliability, ruggedized electronic interconnects.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-02 Altimate Medical

Morton, Minnesota, United States

Altimate Medical engages in the design, development, and manufacture of standing frames and equipment to improve the quality of life for kids and adults using wheelchairs. Altimate Medical was founded in 1987 and is based in Morton, Minnesota.

Buy $23M
SELLER

Peninsula Capital Partners

Southfield, Michigan, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Peninsula Capital Partners is an investment group focused on providing a range of financing solutions to middle-market companies. The Firm is willing to be a minority or control investor and invests across the capital structure. This includes subordinated debt, preferred or common stock. For mezzanine commitments, Peninsula looks to invest $5 to $40 million. For equity transactions, Peninsula looks to invest $2 to $20 million. Peninsula is a generalist investor. Target sectors include manufacturing, industrial service, distribution, consumer products, professional services, retail, applied technology, transportation, food processing and packaging. Peninsula Capital Partners was formed in 1995 and is based in Detroit, Michigan.


DEAL STATS #
Overall 28 of 47
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 15 of 23
State (Alberta) 2 of 2
Country (Canada) 1 of 1
Year (2014) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-14 Impact XM

Dayton, New Jersey, United States

Impact XM provides a comprehensive range of experiential marketing services which include the creative and strategic offerings, the implementation and the logistics required to execute a full-service solution. Impact XM was founded in 1973 and is based in Dayton, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-13 Seaboard Box

Westminster, Massachusetts, United States

Seaboard Box is the premier provider of folding cartons in the northeastern United States serving customers desiring quality production and highly responsive customer service. Seaboard Box is based in Westminster, Massachusetts.

Buy -
DESCRIPTION

Bratenahl Capital Partners is a family-backed private investment group focused on fund as well as direct/co-investment opportunities. The Firm's direct investment practice seeks to commit $500K to $15 million in partnership with other funded or unfunded sponsors. Bratenahl does not have any sector preferences, but does prefer companies with diversified customers and experienced management in place. Bratenahl Capital Partners was formed in 2003 and is headquartered in Cleveland, Ohio.


DEAL STATS #
Overall 9 of 26
Sector (Electrical Equipment) 1 of 4
Type (Add-on Acquisition) 4 of 12
State (Alberta) 1 of 1
Country (Canada) 3 of 3
Year (2014) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-03 Capewell Aerial Systems

South Windsor, Connecticut, United States

Capewell Aerial Systems is a design and manufactures tactical, parachute and aerial delivery products. Capewell Aerial Systems was founded in 1881 and is based in South Windsor, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-13 American Safety Council

Orlando, Florida, United States

American Safety Council is a provider of e-Learning training solutions to address transportation and workplace safety, testing, medical continuing education, and other regulatory-driven training on behalf of the government, institutions of higher learning, business, and industry, and individual clients. American Safety Council was founded in 1998 and is based in Orlando, Florida.

Buy -