M&A Deal Summary

Graycliff Partners, Ashland Capital Partners and Imperial Capital Acquire Metaltec Steel Abrasive

On August 10, 2022, private equity firms Graycliff Partners, Ashland Capital Partners and Imperial Capital acquired metals/mining company Metaltec Steel Abrasive from Corinthian Capital Group and Patriot Capital

Acquisition Highlights
  • This is Graycliff Partners’ 1st, Ashland Capital Partners’ 1st and Imperial Capital’s 1st transaction in the Metals/Mining sector.
  • This is Graycliff Partners’ 59th, Ashland Capital Partners’ 10th and Imperial Capital’s 17th transaction in the United States.
  • This is Graycliff Partners’ 3rd, Ashland Capital Partners’ 2nd and Imperial Capital’s 1st transaction in Michigan.

M&A Deal Summary
Date 2022-08-10
Target Metaltec Steel Abrasive
Sector Metals/Mining
Buyer(s) Graycliff Partners
Ashland Capital Partners
Imperial Capital
Sellers(s) Corinthian Capital Group
Patriot Capital
Deal Type Recapitalization

Target

Metaltec Steel Abrasive

Canton, Michigan, United States
Metaltec Steel Abrasive is a producer of cast steel abrasive products, including steel shot and steel grit, along with several niche materials that are produced as a byproduct of the grit and shot manufacturing process. Metaltec Steel Abrasive was founded in 1981 and is based in Canton, Michigan.

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Buyer(S) 3

Buyer

Graycliff Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Graycliff Partners is a private equity firm focused on private equity and mezzanine investments in middle-market companies throughout the US. The Firm's mezzanine practice does not have any sector preferences and looks to invest $10 to $50 million in profitable companies with at least $10 million in revenue. Funds are used to support buyouts, growth needs, divestitures, or consolidations. Graycliff's private equity group looks to acquire middle-market companies in the manufacturing, service, and distribution sectors. The Firm looks for businesses with $10 to $200 million of revenue. Graycliff Partners was established in 1991 and is based in New York City.

DEAL STATS #
Overall 64 of 72
Sector (Metals/Mining) 1 of 1
Type (Recapitalization) 10 of 10
State (Michigan) 3 of 3
Country (United States) 59 of 67
Year (2022) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-21 FCA Packaging

Moline, Illinois, United States

FCA Packaging is a provider of custom industrial packaging that includes wood, steel, corrugated and hybrid products, as well as expendable, reusable, and returnable solutions. FCA Packaging was founded in 1985 and is based in Moline, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-18 Partners Warehouse

Elwood, Illinois, United States

Partners Warehouse provides rail trans-loading services to the building materials industry. Industries served include building materials, lumber and panel products, paper, pulp, steel, and other metals, automotive, food and food products, food ingredients, consumer goods, and bulk products. Partners Warehouse was founded in 1989 and is based in Elwood, Illinois.

Buy -
Buyer

Ashland Capital Partners

Chicago, Illinois, United States
Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Ashland Capital Partners is a private investment group focused on acquiring and growing lower middle-market companies with revenues greater than $20 million. Sectors of interest include industrial manufacturing/services, distribution/logistics, and business services. Ashland prefers situations where a management team is looking to acquire from the current owner, current owners are looking to retire, or ownership is looking for an outside partner to help grow the business. Ashland Capital Partners was established in 2005 and is based in Chicago, Illinois.

DEAL STATS #
Overall 10 of 10
Sector (Metals/Mining) 1 of 1
Type (Recapitalization) 6 of 6
State (Michigan) 2 of 2
Country (United States) 10 of 10
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-22 Precision Pouches

Schiller Park, Illinois, United States

Precision Pouches engages in manufacture, size, cut and seal pouches for the food and other consumer-products related industries. Precision Pouches is based in Schiller Park, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-02 Gamma Aerospace

Mansfield, Texas, United States

Gamma Aerospace is a manufacturer of engineered airframe and flight components for leading original equipment manufacturers and Tier I suppliers in the aerospace and defense industry. Gamma Aerospace was founded in 1971 and is based in Mansfield, Texas.

Sell -
Buyer

Imperial Capital

Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 4.8B CAD
Size Large
Type Sector Focused
DESCRIPTION

Imperial Capital Group is a private equity firm focused on investments and acquisitions in the healthcare, business services, and consumer services sectors. The Firm will consider opportunities throughout the US and Canada and generally looks at companies with $20 to $250 million of revenue and up to $40 million of EBITDA. Imperial Capital Group was formed in 1989 and is headquartered in Toronto.

DEAL STATS #
Overall 24 of 27
Sector (Metals/Mining) 1 of 1
Type (Recapitalization) 1 of 1
State (Michigan) 1 of 1
Country (United States) 17 of 20
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-25 AmeriVet

San Antonio, Texas, United States

AmeriVet partners with experienced established veterinarians looking to adapt and grow their practices and provides best-in-class operational resources to support their success. Its joint venture partnership model has proven popular amongst veterinarians. AmeriVet was formed in 2016 and is based in San Antonio, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-28 Integral Consulting

Louisville, Colorado, United States

Integral Consulting is a national science and engineering firm delivering technical solutions to complex environmental, health, economic, and natural resource challenges. It employs an unrelenting commitment to technical excellence, innovation, and collaboration to help clients. Integral Consulting was founded in 2002 and is based in Louisville, Colorado.

Buy -

Seller(S) 2

SELLER

Corinthian Capital Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Corinthian Capital Group is a private equity firm that targets middle market-company investments located in North America. Corinthian prefers investments in consumer product, niche manufacturing, distribution, and service companies with revenues between $50 and $300 million with an EBITDA of $5 - $30 million. Corinthian typically targets opportunities brought on by generational turnover, shareholder liquidity, or corporate restructuring. Corinthian Capital was formed in 2005 and is based in New York City with additional office in Boston.

DEAL STATS #
Overall 12 of 12
Sector (Metals/Mining) 1 of 1
Type (Recapitalization) 2 of 2
State (Michigan) 1 of 1
Country (United States) 12 of 12
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-05 Eastern Wholesale Fence

Medford, New York, United States

Eastern Wholesale Fence is a manufacturer and distributor of a full range of fence products. Eastern Wholesale Fence produces poly vinyl-chloride (“PVC”), wood, and chain link fence and railing products. Eastern Wholesale Fence was founded in 1971 and is based in Medford, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-17 Ultimate Toys

Loveland, Ohio, United States

Ultimate Toys is a designer and marketer of Class B RV luxury vehicles that provide solutions for the market need of functionality and utility for different use cases. The company's luxury conversion vehicles and teardrop trailers are designed to facilitate premium excursion experiences and transform the way people interact and experience luxury road travel. Its multi-functional floor plans and designs are brimming with high-end amenities and features that allow for almost any purpose: family vacations, tailgating, a night out on the town, a mobile office, or entertaining business clients. Ultimate Toys was founded in 2017 and is based in Loveland, Ohio.

Buy -
SELLER

Patriot Capital

Baltimore, Maryland, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Size Large
Type Sector Agnostic
DESCRIPTION

Patriot Capital is a private investment firm that provides equity and junior capital to support acquisitions, growth capital financings, management buyouts, and recapitalizations of middle-market companies. The Firm looks to invest $5 to $25 million in businesses generating revenues of $10 to $200 million. Areas of interest include business and consumer services, consumer products, niche manufacturing and distribution, education, e-commerce, application software, transportation, and telecom services. Patriot focuses its investment activity with the Mid-Atlantic, Midwest, and Southern areas of the US. Patriot Capital is based in Baltimore, Maryland.

DEAL STATS #
Overall 45 of 50
Sector (Metals/Mining) 1 of 1
Type (Recapitalization) 2 of 2
State (Michigan) 3 of 3
Country (United States) 45 of 50
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-02 ThinkBig Networks

Chestertown, Maryland, United States

ThinkBig Networks is a FTTP (fiber-to-the-premises) internet service provider deploying a state-of-the-art broadband network, for residential and commercial customers, in four counties across the state of Maryland: Harford County, Kent County, Queen Anne’s County and Charles County. ThinkBig Networks was founded in 2016 and is based in Chestertown, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-06 Shipley Associates

Kaysville, Utah, United States

Shipley Associates provides organizations and individuals with business development consulting, and training services focused on winning business in highly complex and competitive environments. With an unrivaled worldwide network of consultants and industry thought-leaders, it supports major business development projects from strategy development, process improvement, web-based and classroom training, sales enablement, capture planning, proposal writing, and management of over 1,100 proposal efforts per year. Shipley Associates was founded in 1972 and is based in Kaysville, Utah.

Buy -
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