M&A Deal Summary

Goldman Sachs Merchant Banking Acquires K&N Engineering

On October 1, 2016, private equity firm Goldman Sachs Merchant Banking acquired automotive company K&N Engineering from Gryphon Investors

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 5th transaction in the Automotive sector.
  • This is Goldman Sachs Merchant Banking’s 91st transaction in the United States.
  • This is Goldman Sachs Merchant Banking’s 7th transaction in California.

M&A Deal Summary
Date 2016-10-01
Target K&N Engineering
Sector Automotive
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) Gryphon Investors
Deal Type Secondary Buyout

Target

K&N Engineering

Riverside, California, United States
K&N Engineering is a provider of premium air and oil filtration products for the automobile industry, which are designed to increase a vehicle’s horsepower and last for the life of a vehicle. K&N Engineering was founded in 1964 and is based in Riverside, California.

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Buyer(S) 1

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 130 of 183
Sector (Automotive) 5 of 5
Type (Secondary Buyout) 42 of 67
State (California) 7 of 14
Country (United States) 91 of 127
Year (2016) 10 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-12 Smart Communications

Hertfordshire, United Kingdom

Smart Communications is a provider of cloud solution for customer and business communications. Smart Communications was founded in 2004 and is based in Hertfordshire, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-04 Cabela s

Sidney, Nebraska, United States

Cabela’s is a marketer and retailer of hunting, fishing, camping, shooting sports and related outdoor merchandise. Cabela’s has over 85 specialty retail stores, primarily in the western US and Canada as well as a catalog business and e-commerce operations. Cabela's was formed in 1961 and is headquartered in Sidney, Nebraska.

Buy $5.5B

Seller(S) 1

SELLER

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 8.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $300 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1997 and is based in San Francisco, California.

DEAL STATS #
Overall 20 of 36
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 8 of 15
State (California) 7 of 8
Country (United States) 20 of 36
Year (2016) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-23 Hepaco

Charlotte, North Carolina, United States

Hepaco is a provider of emergency response, environmental remediation, maritime services, wastewater treatment, and other industrial services across a diversified group of end markets including rail, oil & gas, transportation, power & utility, and manufacturing. Hepaco was founded in 1984 and is based in Charlotte, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-22 C.B. Fleet

Lynchburg, Virginia, United States

C.B. Fleet Co., Inc. is a consumer healthcare manufacturer and marketer of personal care and over-the-counter products in the feminine hygiene, gastrointestinal, and infant care categories.

Sell $825M
Mergr

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