M&A Deal Summary

Idaho Asphalt Supply Acquires Western Emulsions

On January 12, 2016, Idaho Asphalt Supply acquired chemicals company Western Emulsions from Marwit Capital, Fifth Street Capital and Saybrook

Acquisition Highlights
  • This is Idaho Asphalt Supply’s 1st transaction in the Chemicals sector.
  • This is Idaho Asphalt Supply’s 1st transaction in the United States.
  • This is Idaho Asphalt Supply’s 1st transaction in Arizona.

M&A Deal Summary

Date 2016-01-12
Target Western Emulsions
Sector Chemicals
Buyer(s) Idaho Asphalt Supply
Sellers(s) Marwit Capital
Fifth Street Capital
Saybrook
Deal Type Add-on Acquisition

Target

Western Emulsions

Tucson, Arizona, United States
Western Emulsions, Inc. is a manufacturer of asphalt-related pavement rejuvenation and resurfacing products and services in the Western United States.

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Buyer(S) 1

Buyer

Idaho Asphalt Supply

Idaho Falls, Idaho, United States

Category Company
Founded 1976
Sector Building Materials
DESCRIPTION

Idaho Asphalt Supply, Inc. is major supplier of quality asphalt cements, emulsions, cutbacks and polymer modified asphalts to the northwest United States.


DEAL STATS #
Overall 1 of 1
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Arizona) 1 of 1
Country (United States) 1 of 1
Year (2016) 1 of 1

Seller(S) 3

SELLER

Marwit Capital

Newport Beach, California, United States

Category Private Equity Firm
Founded 1962
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Marwit Capital Partners is a private equity group that targets West Coast based small company investments. Marwit generally invests $10 to $40 million of capital in businesses with $20 to $200 million of revenue. Marwit will consider both control and non-control situations. Prospective transactions include management buyouts, leveraged buyouts, corporate divestitures, recapitalizations, and expansion financings. Sectors of interest include manufacturing, business services, consumer products and services, healthcare services, food, food services, restaurants, and fanchising. Marwit is licensed as a SBIC. Marwit Capital was formed in 1962 and is based in Newport Beach, California.


DEAL STATS #
Overall 18 of 23
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 6 of 9
State (Arizona) 1 of 1
Country (United States) 17 of 22
Year (2016) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-13 Boot Barn

Irvine, California, United States

Boot Barn is a specialty retailer of western and work wear. Boot Barn offers western and work boots, jeans, shirts, outer wear, protective work wear, accessories, belts and jewelry. Boot Barn was incorporated in 1978 and is headquartered in Irvine, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 Driftwood

El Monte, California, United States

Driftwood is a food processor, packager, and marketer of nutritious dairy and juice products sold to Schools, Healthcare Facilities, Foodservice, and diverse retail accounts. Driftwood was founded in 1920 and is based in El Monte, California.

Sell -
SELLER
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.


DEAL STATS #
Overall 34 of 59
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 17 of 27
State (Arizona) 1 of 1
Country (United States) 33 of 58
Year (2016) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-04 Dexter Axle

Elkhart, Indiana, United States

Dexter Axle Co., Inc. is a designer and manufacturer of trailer axle, brake and suspension assemblies and related replacement parts used primarily in the industrial and utility trailer.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-08 Clario

Philadelphia, Pennsylvania, United States

Clario offers a compelling combination of technology, services, and clinical expertise, helping customers to deliver successful clinical trial outcomes by ensuring high-quality data capture, reduced costs, and shortened study timelines. Clario was founded in 1972 and is based in Philadelphia, Pennsylvania.

Sell -
SELLER

Saybrook

Los Angeles, California, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Saybrook Capital is distressed investment group focused on lower middle-market companies with operational or capital structure complexity. The Firm looks to purchase debt and illiquid equity interests in the secondary market or invest directly in companies that are unable to access capital from traditional sources. Saybrook looks to commit $8 to $15 million per transaction and targets businesses in the business services, consumer, healthcare and manufacturing sectors. Saybrook was formed in 1990 and is based in Los Angeles, California.


DEAL STATS #
Overall 1 of 6
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 1 of 3
State (Arizona) 1 of 1
Country (United States) 1 of 6
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-28 Stretto

Irvine, California, United States

Stretto provides a full spectrum of bankruptcy-administration solutions and technology tools to fiduciaries. By merging the industry’s leading bankruptcy software and services providers for Chapter 7 trustees and debtors’ attorneys, and introducing new corporate-restructuring administration capabilities, Stretto provides an unparalleled portfolio of bankruptcy-related services. Stretto was established in 1987 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 Accretive Solutions

Chicago, Illinois, United States

Accretive Solutions, Inc. is a provider of business consulting and executive search services in the areas of accounting and finance, enterprise governance, and business and technology. Accretive Solutions was founded in1999 and is based in Chicago, Illinois.

Sell $19M