M&A Deal Summary

Investcorp International and Hicks Holdings Acquire Greatwide Logistics Services

On December 7, 2006, asset manager Investcorp International and Hicks Holdings acquired transportation company Greatwide Logistics Services from Fenway Partners for 730M USD

Acquisition Highlights
  • This is Investcorp International’s 1st and Hicks Holdings’ 1st transaction in the Transportation sector.
  • This is Investcorp International’s 4th and Hicks Holdings’ largest (disclosed) transaction.
  • This is Investcorp International’s 42nd and Hicks Holdings’ 6th transaction in the United States.
  • This is Investcorp International’s 5th and Hicks Holdings’ 5th transaction in Texas.
Investment Fate
  • Greatwide Logistics Services went bankrupt in 2008.
  • Greatwide Logistics Services was sold to a financial buyer in 2009.
  • Greatwide Logistics Services was sold to a strategic buyer in 2013.

M&A Deal Summary
Date 2006-12-07
Target Greatwide Logistics Services
Sector Transportation
Buyer(s) Investcorp International
Hicks Holdings
Sellers(s) Fenway Partners
Deal Type Secondary Buyout
Deal Value 730M USD

Target

Greatwide Logistics Services

Dallas, Texas, United States
Greatwide Logistics Services is a privately held third-party logistics provider serving the United States and Canada. Greatwide offers an integrated service platform to customers including managed transportation services, dedicated, full-service brokerage, warehouse-based logistics and irregular route truckload. Greatwide is the largest provider of dedicated refrigerated transportation in the United States. The company ranks 11th among Transport Topics’ Top 50 Logistics Providers, is a Food Logistics Top 70 3PL Provider and an Inbound Logistics Top 100 Motor Carrier.

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Buyer(S) 2

Buyer

Investcorp International

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1982
PE ASSETS 21.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Investcorp International, Inc. is a publicly traded 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 66 of 175
Sector (Transportation) 1 of 1
Type (Secondary Buyout) 15 of 57
State (Texas) 5 of 9
Country (United States) 42 of 81
Year (2006) 10 of 11
Size (of disclosed) 4 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Aspective

Staines, United Kingdom

Aspective’s unique expertise in mobilizing enterprise applications makes it a strong fit for Vodafone’s recently announced strategy to offer seamless mobility solutions to its customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-19 Armacell

Capellen, Luxembourg

Armacell is a manufacturer of thermal & acoustic elastomeric insulation materials and PET Core Foams. The company manufactures advanced engineered foams that are applied in a wide range of technical applications, including commercial and residential building equipment, as well as equipment and solutions for the wind power, energy, industrials, transport, and sports & leisure sectors. Armacell was formed in 1860 and is based in Capellen, Luxembourg.

Buy €400M
Buyer

Hicks Holdings

Dallas, Texas, United States
Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Hicks Holdings is the family office that owns and operates the Hicks Family Assets. Hicks Holdings consists of Hicks Sports Group, Hicks Equity Partners, Hicks Real Estate Partners, and Hicks Trans American Partners. Hicks Equity Partners (HEP) is the private equity unit and generally seeks investment opportunities in media, branded foods, consumer products, energy, and industrials. HEP looks for established companies with strong cash flows and proven track records. Typical transactions include divestitures, acquisitions of private or public companies, growth financings, and distressed/special situations. Hicks Equity Partners along with the rest of Hicks Holdings is located in Dallas, Texas.

DEAL STATS #
Overall 8 of 11
Sector (Transportation) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Texas) 5 of 7
Country (United States) 6 of 9
Year (2006) 5 of 6
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-01 Hicks Sports Marketing Group

Dallas, Texas, United States

Hicks Sports Marketing Group is a full-service sports marketing and sales agency that represents a broad range of sports and real estate properties throughout the United States and Europe.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-08 Latrobe Specialty Metals

Latrobe, Pennsylvania, United States

Latrobe Specialty Metals, Inc. is a producer and distributor of specialty steels and alloys. Latrobe Steel offers a comprehensive line of aerospace related specialty steels and alloys for technical niche applications, as well as high-speed, tool and die steels. Latrobe Specialty Metals was formed in 1913 and is based in Latrobe, Pennsylvania.

Buy $215M

Seller(S) 1

SELLER

Fenway Partners

Westerly, Rhode Island, United States

Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 2.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Fenway Partners is a private equity firm focused on investments in the consumer products and transportation/logistics/distribution sectors. Fenway looks for profitable companies with positive cash-flow and 'strong franchises. Prospective companies are generally valued between $100 and $600 million with $15 to $75 million of EBITDA. The Firm's investment horizon is four to six years. Fenway Partners was formed in 1994 and maintains offices in New York City and Los Angeles.

DEAL STATS #
Overall 8 of 15
Sector (Transportation) 1 of 4
Type (Secondary Buyout) 7 of 9
State (Texas) 2 of 3
Country (United States) 8 of 14
Year (2006) 4 of 4
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Coach America Group

Dallas, Texas, United States

Coach American Group, Inc. is a provider of motorcoach services in North America, operating through 17 regional divisions located in nine states in the Western and South Central regions of the United States. Services provided by the Company included motorcoach charters, tours and sightseeing, commuter transportation, airport shuttles and contract services for municipalities and corporations.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-04 1-800-Contacts

Draper, Utah, United States

1-800-Contacts is a direct-to-consumer independent retailer of contact lenses in the US. The Company also provides contact lens sourcing and fulfillment services to leading brick-and-mortar retailers. 1-800-Contacts was formed in 1995 and is based in Draper, Utah.

Buy $340M
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