Add-on Acquisition • Distribution

Hughes Supply Acquires Utiliserve

On July 19, 2002, Hughes Supply acquired distribution company Utiliserve from CHS Capital and New Harbor Capital

Acquisition Context
  • This is Hughes Supply’s 1st transaction in the Distribution sector.
  • This is Hughes Supply’s 1st transaction in the United States.
  • This is Hughes Supply’s 1st transaction in Texas.

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M&A Deal Summary

Date July 19, 2002
Target Utiliserve
Sector Distribution
Buyer(s) Hughes Supply
Sellers(s) CHS Capital
New Harbor Capital
Deal Type Add-on Acquisition

Target Company

Utiliserve

Denton, Texas, United States
Utiliserve, Inc. is a distributor of electrical power distribution equipment and supplies to utility companies throughout the south-central and mid-Atlantic United States.
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Buyer Overview 1

Buyer

Hughes Supply

Orlando, Florida, United States

Category Company
Founded 1928
Sector Distribution
DESCRIPTION

Hughes Supply, Inc. is a distributor of construction, repair and maintenance products.


Deal Context for Buyer #
Overall 1 of 1
Sector: Distribution 1 of 1
Type: Add-on Acquisition 1 of 1
State: Texas 1 of 1
Country: United States 1 of 1
Year: 2002 1 of 1

Seller Profiles 2

SELLER

CHS Capital

Chicago, Illinois, United States

Category Private Equity Firm
Founded 1988
PE ASSETS 2.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CHS Capital is a large private equity firm that targets US-based company investments in a variety of sectors. CHS will consider both control and non-control positions in businesses with proven management and strong growth potential. Broad sectors of interest include business services, consumer services, consumer products, distribution, industrial products and infrastructure. The Firm looks for businesses valued from $75 to $300 million. CHS will not invest in venture opportunities or turnaround situations. CHS was formed in 1988 and is based in Chicago, Illinois.


Deal Context for Seller #
Overall 3 of 46
Sector: Distribution 1 of 9
Type: Add-on Acquisition 2 of 9
State: Texas 1 of 5
Country: United States 3 of 46
Year: 2002 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-03-01 Berkline/Benchcraft Holdings

Morristown, Tennessee, United States

Berkline/Benchcraft is a manufacturer of motion upholstery furniture.

Buy $62M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-22 Elm Packaging Company

Memphis, Tennessee, United States

Elm Packaging Company LP is a diversified manufacturer of packaging, products and materials for the healthcare, consumer, and food packaging industries.

Sell -
SELLER

New Harbor Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

New Harbor Capital is a lower middle-market private equity firm focused on investing in and acquiring profitable, growth-oriented companies. New Harbor seeks opportunities in the healthcare services, education, and business services sectors and looks to invest $10 to $40 million per transaction. The Firm prefers control investment situations and typically looks to fund growth capital financings, management buyouts, and recapitalizations. New Harbor Capital was established in 2013 and is headquartered in Chicago, Illinois.


Deal Context for Seller #
Overall 1 of 11
Sector: Distribution 1 of 1
Type: Add-on Acquisition 1 of 6
State: Texas 1 of 1
Country: United States 1 of 11
Year: 2002 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-08-01 Utiliserve

Denton, Texas, United States

Utiliserve, Inc. is a distributor of electrical power distribution equipment and supplies to utility companies throughout the south-central and mid-Atlantic United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 WASH

Torrance, California, United States

WASH is a provider of route-based laundry services to multifamily apartments and universities. The Company operates an infrastructure network across 34 branches, with approximately 635,000 installed machines and 82,000 customer locations. WASH was founded in 1947 and is based in Torrance, California.

Buy -