M&A Deal Summary

Honeywell Acquires Norcross Safety Products

On May 16, 2008, Honeywell acquired safety/security company Norcross Safety Products from Odyssey Investment Partners and Bratenahl Capital Partners for 1.2B USD

Acquisition Highlights
  • This is Honeywell’s 1st transaction in the Safety/Security sector.
  • This is Honeywell’s 11th largest (disclosed) transaction.
  • This is Honeywell’s 28th transaction in the United States.
  • This is Honeywell’s 1st transaction in Rhode Island.

M&A Deal Summary

Date 2008-05-16
Target Norcross Safety Products
Sector Safety/Security
Buyer(s) Honeywell
Sellers(s) Odyssey Investment Partners
Bratenahl Capital Partners
Deal Type Add-on Acquisition
Deal Value 1.2B USD
Advisor(s) Credit Suisse Investment Banking (Financial)
Kirkland & Ellis (Legal)

Target

Norcross Safety Products

Cranston, Rhode Island, United States
Norcross Safety Products a designer, manufacturer and marketer of branded products in the personal protection equipment industry. The Company manufactures and markets a full line of personal protection equipment for workers in the general safety, domestic preparedness, fire service and utility/high voltage industries. The Company sells products under trusted, long-standing and well-recognized brand names, including North, Morning Pride, Ranger, Servus, Pro-Warrington and Salisbury.

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Buyer(S) 1

Buyer

Honeywell

Charlotte, North Carolina, United States

Category Company
Founded 1885
Sector Diversified
Employees95,000
Revenue 36.7B USD (2023)
DESCRIPTION
Honeywell office in Hyderabad, India.
Honeywell office in Hyderabad, India.

Honeywell is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business and transportation. Honeywell was founded in 1885 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 41 of 84
Sector (Safety/Security) 1 of 5
Type (Add-on Acquisition) 31 of 64
State (Rhode Island) 1 of 1
Country (United States) 28 of 56
Year (2008) 3 of 5
Size (of disclosed) 11 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-28 Metrologic Instruments

Blackwood, New Jersey, United States

Metrologic Instruments, Inc. is a supplier of choice for data capture and collection hardware and software. The company uses its expertise to design, manufacture and market sophisticated imaging and scanning solutions serving a variety of retail, commercial and industrial applications. Metrologic offers 1D and 2D bar code reading, optical character recognition and image lift capabilities and has been delivering innovative, quality products that are cost effective, reliable and supported by the highest level of personal service for nearly 40 years.

Buy $720M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-03 Intelligent Automation

Poway, California, United States

Intelligent Automation Corp. is a supplier of helicopter on-board diagnostic systems used in both military and commercial aircraft.

Buy -

Seller(S) 2

SELLER

Odyssey Investment Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 8.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Odyssey Investments is a private equity firm that seeks control/majority investments in middle-market companies. Odyssey looks to back existing management and make investments in the form of leveraged acquisitions, growth financings and recapitalizations. Sectors of interest include industrial manufacturing, business and financial services, aerospace products and services, and 'route-based services'. Odyssey Investment Partners is based in New York City with an additional office in Woodland Hills, California.


DEAL STATS #
Overall 13 of 33
Sector (Safety/Security) 1 of 1
Type (Add-on Acquisition) 1 of 7
State (Rhode Island) 1 of 1
Country (United States) 12 of 32
Year (2008) 1 of 1
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-03 Ranpak

Concord Township, Ohio, United States

Ranpak manufactures paper-based systems for protective packaging needs including cushioning, void-fill and wrapping applications. Ranpak's goal was to create the first environmentally responsible system to effectively protect products during shipment. The development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative leader in e-commerce and industrial supply chain solutions. Ranpak was founded in 1972 and is based in Concord Township, Ohio.

Buy $77M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-25 EAG Laboratories

San Diego, California, United States

EAG Laboratories is a North American provider of advanced chemical testing services for pesticides, industrial and household chemicals. It provides end-to-end support for e-fate, metabolism, eco-toxicology and residue studies required for pesticide and chemical regulatory testing to support global registration requirements.

Buy -
DESCRIPTION

Bratenahl Capital Partners is a family-backed private investment group focused on fund as well as direct/co-investment opportunities. The Firm's direct investment practice seeks to commit $500K to $15 million in partnership with other funded or unfunded sponsors. Bratenahl does not have any sector preferences, but does prefer companies with diversified customers and experienced management in place. Bratenahl Capital Partners was formed in 2003 and is headquartered in Cleveland, Ohio.


DEAL STATS #
Overall 5 of 26
Sector (Safety/Security) 1 of 1
Type (Add-on Acquisition) 2 of 12
State (Rhode Island) 1 of 1
Country (United States) 4 of 22
Year (2008) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-03 Ranpak

Concord Township, Ohio, United States

Ranpak manufactures paper-based systems for protective packaging needs including cushioning, void-fill and wrapping applications. Ranpak's goal was to create the first environmentally responsible system to effectively protect products during shipment. The development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative leader in e-commerce and industrial supply chain solutions. Ranpak was founded in 1972 and is based in Concord Township, Ohio.

Buy $77M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-07 Advanced Hydro Solutions

Beachwood, Ohio, United States

Advanced Hydro Solutions LLC is a developer of hydroelectric projects focusing on reservoir dams. Advanced Hydro Solutions is based in Beachwood, Ohio.

Buy -