M&A Deal Summary

HCI Equity Partners, Centerfield Capital Partners and Patriot Capital Acquire WF Cabinetry

On November 1, 2018, private equity firm HCI Equity Partners, mezzanine finance firm Centerfield Capital Partners and private equity firm Patriot Capital acquired forest products company WF Cabinetry from Linsalata Capital Partners

Acquisition Highlights
  • This is HCI Equity Partners’ 1st, Centerfield Capital Partners’ 1st and Patriot Capital’s 1st transaction in the Forest Products sector.
  • This is HCI Equity Partners’ 34th, Centerfield Capital Partners’ 57th and Patriot Capital’s 86th transaction in the United States.
  • This is HCI Equity Partners’ 1st, Centerfield Capital Partners’ 1st and Patriot Capital’s 1st transaction in Alabama.

M&A Deal Summary
Date 2018-11-01
Target WF Cabinetry
Sector Forest Products
Buyer(s) HCI Equity Partners
Centerfield Capital Partners
Patriot Capital
Sellers(s) Linsalata Capital Partners
Deal Type Secondary Buyout

Target

WF Cabinetry

Alexander City, Alabama, United States
WF Cabinetry is a designer and manufacturer of semi-custom cabinets serving the single-family residential market exclusively through the dealer channel. Wellborn provides kitchen and bathroom cabinetry to the new construction and remodeling markets directly through independent sales agencies to a large network of kitchen and bath dealers. WF Cabinetry is based in Alexander City, Alabama.

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Buyer(S) 3

Buyer

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

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

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.

DEAL STATS #
Overall 36 of 46
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Alabama) 1 of 1
Country (United States) 34 of 44
Year (2018) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-01 Express Packaging

Columbus, Ohio, United States

Express Packaging, Inc. is a provider of outsourced contract packaging and contract manufacturing services to global consumer brands. Express Packaging was founded in 1985 and is based in Columbus, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-01 Echelon Supply and Service

Liverpool, New York, United States

Echelon Supply and Service is an assembler and supplier of industrial and hydraulic hose and hose accessories, as well as a variety of other industrial products. Echelon’s products are used in a variety of end-markets, including oil and gas, agriculture, mining, construction, marine, chemical, food, commercial and government. Echelon Supply and Service was founded in 1976 and is based in Liverpool, New York.

Buy -
Buyer

Centerfield Capital Partners

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.

DEAL STATS #
Overall 57 of 78
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 5 of 6
State (Alabama) 1 of 1
Country (United States) 57 of 78
Year (2018) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-11 EMPI

Anaheim, California, United States

EMPI is a manufacturer and distributor of branded automotive aftermarket parts for vintage Volkswagen vehicles, modern Volkswagen vehicles, and other vehicle brands. EMPI is based in Anaheim, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-06 TCI

Milwaukee, Wisconsin, United States

TCI LLC designs and manufactures products that monitor and improve power quality and extend motor life by reducing harmonic distortion associated with variable frequency drives (VFDs) and other power conversion equipment. With approximately 165 employees, TCI’s manufacturing capabilities include magnetic and electronic product assembly expertise to support a broad suite of power quality solutions that are used in oil and gas, HVAC, water and wastewater, and general industrial end markets primarily in the U.S. Founded in 1961 and headquartered in Germantown, Wisconsin.

Sell $64M
Buyer

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 86 of 109
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 10 of 14
State (Alabama) 1 of 1
Country (United States) 86 of 109
Year (2018) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-25 Carthage Specialty Paperboard

Carthage, New York, United States

Carthage Specialty Paperboard, Inc. is a manufacturer of uncoated recycled paperboard used in premium specialty applications. Carthage Specialty Paperboard is based in Carthage, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-19 PlayMonster

Beloit, Wisconsin, United States

PlayMonster is a provider in the toy and game industry, and designs, manufactures, distributes, and markets games, children’s puzzles, preschool toys, creative activities, and teaching tools. PlayMonster was founded in 1985 and is based in Beloit, Wisconsin.

Buy -

Seller(S) 1

SELLER

Linsalata Capital Partners

Mayfield Heights, Ohio, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Linsalata Capital Partners is a middle-market buyout firm that targets equity investments in businesses operating in a broad range of industries. Linsalata looks to invest $15 to $50 million in businesses generating at least $5 million in EBITDA. The Firm will consider transactions valued up to $300 million. Target sectors include automotive aftermarket products, building products, business services, aerospace, commercial durables, consumer packaged goods, contract manufacturing services, direct marketing, education, ethnic products, food and beverage, food service equipment, health and safety products, healthcare services and outsourcing, hobby/crafts, home furnishing, home improvement products, industrial products, infastructure products, leisure/recreation, logistics, medical devices and diagnostics, niche apparel, outdoor/garden living, packaging, personal services, pet products and services, and plastics. Linsalata Capital was formed in 1984 and is based in Mayfield Heights, Ohio.

DEAL STATS #
Overall 36 of 41
Sector (Forest Products) 1 of 1
Type (Secondary Buyout) 13 of 17
State (Alabama) 1 of 1
Country (United States) 36 of 41
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-30 Hospitality Mints

Boone, North Carolina, United States

Hospitality Mints is a manufacturer of customized, individually-wrapped promotional mints and candies. The core product offering is the iconic, wrapped after-dinner mint that restaurants offer their customers. The company serves more than 10,000 customers across foodservice, retail, and ad specialty channels, reaching restaurants, hotels, resorts, businesses, events, and grocery and party store outlets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-05 Glynlyon

Chandler, Arizona, United States

Glynlyon, Inc. is a provider of web-based curriculum and e-learning solutions. Glynlyon was founded in 1998 and is based in Chandler, Arizona.

Sell -
Mergr

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