M&A Deal Summary

Hellman & Friedman Acquires Associated Materials

On September 8, 2010, private equity firm Hellman & Friedman acquired building materials company Associated Materials from Harvest Partners Private Equity, Investcorp, TGF Management, Weston Presidio and PPM America Capital Partners for 1.3B USD

Acquisition Highlights
  • This is Hellman & Friedman’s 1st transaction in the Building Materials sector.
  • This is Hellman & Friedman’s 25th largest (disclosed) transaction.
  • This is Hellman & Friedman’s 30th transaction in the United States.
  • This is Hellman & Friedman’s 1st transaction in Ohio.
Investment Fate
  • Associated Materials was recapitalized in 2020.
  • Associated Materials was sold to a financial buyer in 2022.

M&A Deal Summary
Date 2010-09-08
Target Associated Materials
Sector Building Materials
Buyer(s) Hellman & Friedman
Sellers(s) Harvest Partners Private Equity
Investcorp
TGF Management
Weston Presidio
PPM America Capital Partners
Deal Type Secondary Buyout
Deal Value 1.3B USD
Advisor(s) Deutsche Bank Corporate & Investment Banking
Barclays Investment Bank (Financial)
Gibson, Dunn & Crutcher (Legal)

Target

Associated Materials

Cuyahoga Falls, Ohio, United States
Associated Materials is a manufacturer of exterior residential building products, which are distributed through company-owned distribution centers and independent distributors across North America. Associated Materials was founded in 1947 and is based in Cuyahoga Falls, Ohio.

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Buyer(S) 1

Buyer

Hellman & Friedman

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Hellman & Friedman (H&F) is a large private equity firm on the West Coast of the US. H&F focuses on control and minority investments in a variety of transaction structures and will consider opportunities across the US and Europe. H&F seeks buyouts and business in need of restructurings that operate in defensible markets with predictable revenue and earnings growth. Target sectors include financial services, healthcare, indusrial, energy, insurance, media, marketing, professional services, software, and information services. H&F's target equity investment size is $300 million to $1 billion. Hellman & Friedman was formed in 1984 and has offices in San Francisco, New York City, and London.

DEAL STATS #
Overall 42 of 88
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 7 of 26
State (Ohio) 1 of 1
Country (United States) 30 of 61
Year (2010) 2 of 3
Size (of disclosed) 25 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-07 Intergraph

Madison, Alabama, United States

Intergraph Corp. is a provider of spatial information management software and services. Security organizations, businesses, and governments use Intergraph's software to turn vast amounts of complex data into visual representations, allowing for faster, more effective operational decisions. Intergraph was formed in 1969 and is based in Mobile, Alabama.

Sell $2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-15 Axel Springer

Berlin, Germany

Axel Springer is a publisher of newspapers and magazines. Axel Springer was founded in 1946 and is based in Berlin, Germany.

Sell -

Seller(S) 5

SELLER

Harvest Partners Private Equity

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Harvest Partners is a private equity firm that targets buyout and growth capital investments in middle-market public and private companies. Harvest Partners looks to invest in profitable ($30 to $300 million of EBITDA) consumer products/retail, manufacturing, marketing, building products, industrial, specialty services, and value-added distribution companies valued between $100 and $600 million. The Firm prefers opportunities headquartered in North America. Harvest Partners was formed in 1981 and is based in New York City.

DEAL STATS #
Overall 10 of 30
Sector (Building Materials) 2 of 2
Type (Secondary Buyout) 5 of 17
State (Ohio) 2 of 4
Country (United States) 9 of 27
Year (2010) 1 of 1
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-23 Insight Global

Atlanta, Georgia, United States

Insight Global is a provider of employment solutions to Fortune 500 customers across the United States and Canada. Insight Global provides long-term, short-term, temporary-to-permanent, placement staffing, and enhanced staffing services. Insight Global was founded in 2001 and is based in Atlanta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-29 BHI Energy

Weymouth, Massachusetts, United States

BHI Energy is a provider of on-site specialty maintenance, radiation protection, and staffing services to the power-generation industry. BHI’s business model is proven to build longstanding relationships with customers through the alignment of operating objectives and the ability to help customers effectively manage and service their assets across power generation, oil & gas, and electricity transmission and distribution sectors. BHI Energy was founded in 1979 and is based in Weymouth, Massachusetts.

Buy -
SELLER

Investcorp

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1982
PE ASSETS 53.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp is a global investment group focused on a variety of investment disciplines. Practice areas include private equity in North America and Western Europe, hedge funds, US real estate, technology investments, and Middle Eastern private equity. Within North America/Europe private equity, Investcorp targets market leaders with proven track records. It looks to invest $15 to $50 million in companies with revenues of $10 to $250 million. Investcorp's technology group sponsors growth-oriented control investments in the tech sector. Investcorp's Middle East practice focuses on buyout/build opportunities in North Africa and the Gulf Region. Target sectors include services, infrastructure, manufacturing, and energy. Investcorp was formed in 1982 and is based in Manama, Bahrain.

DEAL STATS #
Overall 45 of 106
Sector (Building Materials) 3 of 5
Type (Secondary Buyout) 11 of 36
State (Ohio) 1 of 2
Country (United States) 30 of 62
Year (2010) 3 of 4
Size (of disclosed) 4 of 43
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-06 Veritext

Costa Mesa, California, United States

Veritext is a pre-trial deposition services provider in the United States, offering end-to-end services for law firms and corporate clients. Veritext connects its clients to its network of independent court contractors, including court reporters, videographers, and interpreters, to help administer more depositions per year than any other provider. Veritext was founded in 1997 and is based in Costa Mesa, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-29 Tiryaki Agro

Istanbul, Turkey

Tiryaki Agro is a trader and supply chain manager of agro commodities in Turkey. The company has expanded over two generations to become one of the most successful family businesses in Turkey with sales operations across the globe. Tiryaki Agro was founded in 1965 and is based in Istanbul, Turkey.

Buy -
SELLER

TGF Management

Austin, Texas, United States
Category Private Equity Firm
Founded 1992
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

TGF Management is a private equity firm focused on management buyouts and recapitalizations of profitable, middle-market companies generating sales of $50 to $250 million and EBITDA of $5 of $25 million. Areas of interest include manufacturing, distribution, construction, industrial service, outsourced business services, food, and consumer products. TGF's target investment size is $25 to $100 million and the Firm's geographic focus is on opportunities in the Southwest US. TGF will not invest in oil/gas exploration and production companies, real estate, and businesses with 'significant technology risk'. TGF Management was formed in 1992 and is based in Austin, Texas.

DEAL STATS #
Overall 12 of 18
Sector (Building Materials) 2 of 2
Type (Secondary Buyout) 1 of 3
State (Ohio) 1 of 1
Country (United States) 12 of 18
Year (2010) 1 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-07 Sterling Foods

San Antonio, Texas, United States

Sterling Foods LLC is a supplier of baked goods, as well as a provider of gourmet bakery items to the food service and retail industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-01 NetSpend Holdings

Austin, Texas, United States

NetSpend Holdings, Inc. is a provider of reloadable prepaid debit cards and related financial services.

Sell -
SELLER

Weston Presidio

Boston, Massachusetts, United States

Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 3.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Weston Presidio is a private investment firm focused on providing growth capital to later stage companies. The Firm looks to commit $10 to $50 million per investment to support growth initiatives, recapitalizations, and management-led buyouts. Sectors of interest include consumer products/services, business services, manufacturing and industrial, media/publishing, healthcare and technology. The Firm prefers to act as the lead investor, but will consider investing in select non-control minority positions. Weston Presidio was formed in 1991 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 28 of 52
Sector (Building Materials) 3 of 3
Type (Secondary Buyout) 7 of 16
State (Ohio) 1 of 2
Country (United States) 27 of 49
Year (2010) 1 of 3
Size (of disclosed) 5 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-28 RE/MAX

Denver, Colorado, United States

RE/MAX is the world’s leading franchisor of residential real estate brokerage services. The Company oversees a network of more than 92,000 agents in more than 75 countries. RE/MAX's fixed fee-based business model and strong brand consistently attract the most experienced and productive real estate agents.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-13 Integrity Interactive

Waltham, Massachusetts, United States

Integrity is a technology-powered, data-driven company that helps global corporations measure, manage, and mitigate the risk of compliance failures and attention-grabbing scandals.

Sell -
SELLER

PPM America Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PPM America Capital Partners (PPMACP) is the private equity investment arm of PPM America, an indirect subsidiary of Prudential plc. PPMACP actively pursues private equity co-investments in management buyout, recapitalizations, industry build-up, and growth equity transactions. PPMACP generally looks to commit $15 to $50 million in businesses valued up to $1 billion. PPMACP is based in Chicago, Illinois.

DEAL STATS #
Overall 2 of 4
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Ohio) 1 of 2
Country (United States) 2 of 4
Year (2010) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-14 Dr. Leonard s Healthcare

Edison, New Jersey, United States

Dr. Leonard's Healthcare Corp. is an online mail retailer of home healthcare, comfort and convenience products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-23 Sotera Health

Broadview Heights, Ohio, United States

Sotera Health along with its business entities provides integrated protector of global health. With over 500 years of combined scientific expertise, the company ensures the safety of healthcare by providing mission-critical services to the medical device, pharmaceutical, tissue, and food industries. Sotera Health operates 61 facilities in 13 countries. The company has over 2,600 employees globally and touches the lives of more than 180 million people around the world each year. Sotera Health serves more than 5,000 customers worldwide, including 75 of the top 100 medical device manufacturers. Sotera Health was formed in 2015 and is based in Broadview Heights, Ohio.

Sell $675M
Mergr

Product

Company

Legal