M&A Deal Summary

IMI Acquires Syron Engineering & Manufacturing

On February 9, 2005, IMI acquired electrical equipment company Syron Engineering & Manufacturing from Cedar Creek Partners and Midwest Mezzanine Funds

Acquisition Highlights
  • This is IMI’s 1st transaction in the Electrical Equipment sector.
  • This is IMI’s 2nd transaction in the United States.
  • This is IMI’s 1st transaction in Michigan.

M&A Deal Summary
Date 2005-02-09
Target Syron Engineering & Manufacturing
Sector Electrical Equipment
Buyer(s) IMI
Sellers(s) Cedar Creek Partners
Midwest Mezzanine Funds
Deal Type Add-on Acquisition
Advisor(s) Brown Gibbons Lang (BGL) (Financial)

Target

Syron Engineering & Manufacturing

Saline, Michigan, United States
Syron Engineering & Manufacturing LLC is a designer and manufacturer of proprietary material handling and sensing devices used primarily within the sheet metal operations of automotive OEMs and suppliers.

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Buyer(S) 1

Buyer

IMI

Birmingham, United Kingdom
Category Company
Founded 1862
Sector Engineering
Employees10,771
Revenue 2.2B GBP (2023)
DESCRIPTION

IMI is a global engineering group focused on the precise control and movement of fluids in critical applications. IMI works with international companies in over 50 countries to deliver innovative engineering solutions to address global trends such as clean energy, energy efficiency, healthcare and increasing automation. IMI was founded in 1862 and is based in Birmingham, the United Kingdom.

DEAL STATS #
Overall 3 of 19
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 3 of 19
State (Michigan) 1 of 1
Country (United States) 2 of 8
Year (2005) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-27 Artform International

Wisconsin, Wisconsin, United States

We have some of the most talented design and marketing experts who apply Retail Science, high-level conceptual thinking and industry-leading innovation to create breakthrough solutions, including:Custom retail merchandising displays,Integrated digital solutions in retail environments,Complete reinventions of retail spaces,Custom direct marketing programs,Site furnishings and proprietary product solutions.

Buy €47M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-23 GT Development

Auburn, Washington, United States

GT Development provides customized on-board vehicle solutions for air management, braking systems, cab controls, fuel systems and seat controls, largely for class eight heavy duty truck manufacturers and their tier one and two OEM suppliers.

Buy -

Seller(S) 2

SELLER

Cedar Creek Partners

Mequon, Wisconsin, United States
Category Private Equity Firm
Founded 1997
PE ASSETS 100M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Cedar Creek Partners acquires profitable manufacturing, distribution and service companies valued between $10 and $50 million with at least $2 million in operating cash-flow. The Firm prefers partnering with management teams when making acquisitions, typically in the form of buyouts and recapitalization. Cedar Creek was formed in 1997 and is based in Mequon, Wisconsin.

DEAL STATS #
Overall 1 of 2
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Michigan) 1 of 1
Country (United States) 1 of 2
Year (2005) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-11-01 Schaefer Equipment

Warren, Ohio, United States

Schaefer Equipment, Inc. is a producer of forged brake components for the North American railroad industry.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-09 Schaefer Equipment

Warren, Ohio, United States

Schaefer Equipment, Inc. is a producer of forged brake components for the North American railroad industry.

Sell $36M
SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.

DEAL STATS #
Overall 4 of 56
Sector (Electrical Equipment) 1 of 2
Type (Add-on Acquisition) 2 of 24
State (Michigan) 1 of 6
Country (United States) 4 of 55
Year (2005) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-30 Culligan

Rosemont, Illinois, United States

Culligan offers water softeners, filtration systems, industrial water treatment solutions, and drinking water systems. Culligan was founded in 1936 and is based in Rosemont, Illinois.

Buy $610M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Ross Education

Flint, Michigan, United States

Ross Education provides post-secondary education, predominately focused on healthcare, in small to medium-sized markets in Alabama, Michigan, Indiana, Iowa, Kentucky, West Virginia, Tennessee and Ohio. Ross offers both on-campus and online education programs.

Buy -
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