M&A Deal Summary

Hanover Partners, Greyrock Capital Group and Northstar Capital Acquire Blast Deflectors

On March 21, 2018, private equity firm Hanover Partners, mezzanine finance firm Greyrock Capital Group and mezzanine finance firm Northstar Capital acquired aerospace company Blast Deflectors

Acquisition Highlights
  • This is Hanover Partners’ 1st, Greyrock Capital Group’s 2nd and Northstar Capital’s 1st transaction in the Aerospace sector.
  • This is Hanover Partners’ 15th, Greyrock Capital Group’s 56th and Northstar Capital’s 82nd transaction in the United States.
  • This is Hanover Partners’ 1st, Greyrock Capital Group’s 1st and Northstar Capital’s 2nd transaction in Nevada.

M&A Deal Summary

Date 2018-03-21
Target Blast Deflectors
Sector Aerospace
Buyer(s) Hanover Partners
Greyrock Capital Group
Northstar Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

Blast Deflectors

Reno, Nevada, United States
Blast Deflectors designs and manufactures jet blast deflectors ground run-up enclosures, and end-around taxiway screens for aviation infrastructure applications. Blast Deflectors was founded in 1957 and is based in Reno, Nevada.

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Buyer(S) 3

Buyer

Hanover Partners

San Francisco, California, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
Size Small
Type Sector Agnostic
DESCRIPTION

Hanover Partners is a private investment firm that targets middle-market companies with enterprise value between $10 and $60 million and EBIT of at least $2 million. Hanover prefers manufacturing or service based businesses located in the United States that serve business customers. Avoided industries include retail, construction, consulting, job-shops, and distributors not adding specific value. Hanover Partners was formed in 1994 and is based in San Francisco, California with an additional office in Oswego, Oregon.


DEAL STATS #
Overall 15 of 19
Sector (Aerospace) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 12 of 15
State (Nevada) 1 of 1
Country (United States) 15 of 19
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-05 Freedom Communication Technologies

Kilgore, Texas, United States

Freedom Communication Technologies, Inc. is a engineering, developing and manufacturing communication test equipment company involved in Land Mobile Radio test equipment market.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-01 Ligchine

Darien, Wisconsin, United States

Ligchine is a designer, manufacturer, and marketer of laser-guided boom-operated concrete screeds. The Company produces a diverse range of models under the ScreedSaver banner, and Ligchine’s products provide best-in-class concrete floor flatness and levelness results for its customers. Ligchine was founded in 2007 and is based in Darien, Wisconsin.

Buy -
Buyer

Greyrock Capital Group

Walnut Creek, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 350M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Greyrock Capital Group provides mezzanine debt and equity capital to finance buyouts, recapitalizations and growth needs of middle market companies. Greyrock looks to invest between $8 and $40 million of equity and/or junior capital in companies with minimum revenues of $10 million and at least $2 million of EBITDA. Greyrock prefers companies in defensible markets with low cost structures. Greyrock Capital was formed in 2002 and has offices in San Francisco, California; Chicago, Illinois; and Westport, Connecticut.


DEAL STATS #
Overall 56 of 61
Sector (Aerospace) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 29 of 33
State (Nevada) 1 of 1
Country (United States) 56 of 60
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-05 NutriScience USA

Milford, Connecticut, United States

NutriScience USA develops and markets branded, highly differentiated nutritional ingredients that are sold to a variety of customers including blue-chip supplement and wellness brands. NutriScience USA was founded in 1993 and is based in Milford, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-02 MWA Intelligence

Scottsdale, Arizona, United States

MWA Intelligence offers leading-edge technologies, world-class customer service and many years of expertise in the office equipment and utilities vertical markets delivering comprehensive solutions to companies in need of remote asset management and improved service standards. MWA's platform-independent approach to asset, service and mobile workforce management is flexible and scalable and can accommodate any company's unique requirements. MWA Intelligence is based in Scottsdale, Arizona.

Sell -
Buyer

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 86 of 109
Sector (Aerospace) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 35 of 43
State (Nevada) 2 of 2
Country (United States) 82 of 104
Year (2018) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-21 Civix

Metairie, Louisiana, United States

Civix provides professional services and software products to public sector clients. Software suites include business registration/filings, voter registration, campaign finance, nuclear water chemistry management, and airport management. Civix was founded in 1979 and is based in Metairie, Louisiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-22 TransnetYX

Cordova, Tennessee, United States

TransnetYX is a fully automated genotyping system for detecting transgenic, knockout, knockin, SNP and CRISPR mutations in animal research models. TransnetYX was founded in 2000 and is based in Cordova, Tennessee.

Buy -