Secondary Buyout • Automotive

Gridiron Capital and FS Investments Acquire Dent Wizard International

On April 14, 2015, private equity firm Gridiron Capital and asset manager FS Investments acquired automotive company Dent Wizard International from Corona Partners, Onex Falcon and H.I.G. Private Equity

Acquisition Context
  • This is Gridiron Capital’s 1st and FS Investments’ 1st transaction in the Automotive sector.
  • This is Gridiron Capital’s 19th and FS Investments’ 1st transaction in the United States.
  • This is Gridiron Capital’s 2nd and FS Investments’ 1st transaction in Missouri.
Investment Fate
  • Dent Wizard International was sold to a strategic buyer in 2020.

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M&A Deal Summary

Date April 14, 2015
Target Dent Wizard International
Sector Automotive
Buyer(s) Gridiron Capital
FS Investments
Sellers(s) Corona Partners
Onex Falcon
H.I.G. Private Equity
Deal Type Secondary Buyout

Target Company

Dent Wizard International

Bridgeton, Missouri, United States
Dent Wizard is the provider of automotive reconditioning services and related products. Dent Wizard International was founded in 1983 and is based in Bridgeton, Missouri.
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Buyers Overview 2

Buyer

Gridiron Capital

New Canaan, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 8.6B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gridiron Capital is a private equity firm focused on acquiring mid-sized North American manufacturing, service and specialty consumer companies. Gridiron looks to commit companies with EBITDA up to $60 million. The Firm prefers controlling interests when considering transactions. Situations of interest include companies operating in sectors undergoing change, closely held companies owned by founding family or management for ownership transition, and corporate divestitures of orphaned or non-strategic business units. Gridiron Capital was formed in 2004 and is based in New Canaan, Connecticut.


Deal Context for Buyer #
Overall 19 of 43
Sector: Automotive 1 of 2
Type: Secondary Buyout 4 of 15
State: Missouri 2 of 3
Country: United States 19 of 43
Year: 2015 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-13 Yellowstone Landscape

Bunnell, Florida, United States

Yellowstone Landscape is a provider of a variety of landscaping services to commercial, governmental and institutional customers located in the Southeastern United States and Texas. Yellowstone Landscape was founded in 2008 and is based in Bunnell, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-01 Nationwide Marketing Group

Winston-Salem, North Carolina, United States

Nationwide Marketing Group is a buying, marketing and operational support organization for Independent retailers, rent-to-own dealers and custom installers in the major appliances, consumer electronics, furniture, bedding, outdoor and custom integration industries. Nationwide Marketing Group is based in Winston-Salem, North Carolina.

Buy -
Buyer

FS Investments

Philadelphia, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2007
PE ASSETS 19.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

FS Investments is an asset management firm that provides a variety of investment vehicles for retail investors and institutions. FS Investment generally looks to provide senior secured loans, second lien loans and mezzanine financing for private US companies. FS Investments was formerly known as Franklin Square Capital Partners. FS Investments was formed in 2007 and is based in Philadelphia, Pennsylvania.


Deal Context for Buyer #
Overall 1 of 4
Sector: Automotive 1 of 1
Type: Secondary Buyout 1 of 2
State: Missouri 1 of 1
Country: United States 1 of 4
Year: 2015 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-05 Harvey Building Products

Waltham, Massachusetts, United States

Harvey Building Products manufactures windows and doors under the Harvey brand name and also distributes siding, roofing and other building products. Harvey Building Products was founded in 1961 and is based in Waltham, Massachusetts.

Buy -

Seller Profiles 3

DESCRIPTION


Deal Context for Seller #
Overall 1 of 1
Sector: Automotive 1 of 1
Type: Secondary Buyout 1 of 1
State: Missouri 1 of 1
Country: United States 1 of 1
Year: 2015 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-01 Dent Wizard International

Bridgeton, Missouri, United States

Dent Wizard is the provider of automotive reconditioning services and related products. Dent Wizard International was founded in 1983 and is based in Bridgeton, Missouri.

Buy -
SELLER

Onex Falcon

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Onex Falcon is a mezzanine finance firm that provides junior capital for North American businesses. Falcon looks to provide $30 to $150 million of subordinated debt to companies with EBITDA of at least $10 million. Falcon has no specific industry focus. Investment proceeds are typically used to support LBOs/MBOs, growth and acquisition financings, restructuring, recapitalizations, take privates, and generational ownership transfers. Onex Falcon was formed in 2000 and is based in Boston, Massachusetts.


Deal Context for Seller #
Overall 20 of 35
Sector: Automotive 1 of 1
Type: Secondary Buyout 6 of 9
State: Missouri 2 of 2
Country: United States 20 of 35
Year: 2015 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-10 Lakeview Farms

Delphos, Ohio, United States

Lakeview Farms is a manufacturer of sour cream, dips, and refrigerated desserts and markets its products under store brands as well as its own brands. Lakeview Farms was founded in 1988 and is based in Delphos, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-19 Ampac Packaging

Cincinnati, Ohio, United States

Ampac Packaging LLC is a producer of high-volume paper and plastic packaging products, including upscale shopping bags for national retailers, audit security bags for financial institutions, and multi-layer specialty films and pouches sold to consumer product companies.

Sell -
SELLER

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital. The Firm focuses on management buyouts, growth equity investments, and recapitalizations of mid-sized to large companies valued between $50 million and $1 billion. HIG will also consider industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 is based in Miami, Florida.


Deal Context for Seller #
Overall 62 of 181
Sector: Automotive 5 of 6
Type: Secondary Buyout 23 of 75
State: Missouri 1 of 1
Country: United States 53 of 124
Year: 2015 3 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-08 Cabonline

Stockholm, Sweden

Cabonline the owner of the Nordic taxi brands such as Taxi Kurir, 020, Norges Taxi and Taxi Skane, is a provider of taxi technology, brand affiliation and services to independent transporters. The company provides fare allocation and dispatch services to over 5,000 taxis across Sweden and Norway. Its extensive network offers transporters the highest capacity utilisation and customers the response time and quality offering. Cabonline was founded in 1986 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-18 Grosvenor Shopping Centre

Chester, United Kingdom

Grosvenor Shopping Centre offer the variety, quality and excellent value on products. Even on the most inclement days, shopping with us will be a warming experience.

Buy £65M