M&A Deal Summary

Industrial Opportunity Partners and Guggenheim Partners Acquire PolyVision

On February 24, 2020, private equity firm Industrial Opportunity Partners and Guggenheim Partners acquired manufacturer PolyVision from Steelcase

Acquisition Highlights
  • This is Industrial Opportunity Partners’ 6th and Guggenheim Partners’ 1st transaction in the Manufacturing sector.
  • This is Industrial Opportunity Partners’ 25th and Guggenheim Partners’ 2nd transaction in the United States.
  • This is Industrial Opportunity Partners’ 2nd and Guggenheim Partners’ 1st transaction in Georgia.

M&A Deal Summary
Date 2020-02-24
Target PolyVision
Sector Manufacturing
Buyer(s) Industrial Opportunity Partners
Guggenheim Partners
Sellers(s) Steelcase
Deal Type Divestiture

Target

PolyVision

Duluth, Georgia, United States
PolyVision is a manufacturer of CeramicSteel (the substrate used in the manufacture of whiteboards and other writing surfaces), finished writing surfaces, and architectural cladding for use in the education, healthcare, commercial office, and transit end-markets. PolyVision was founded in 1954 and is based in Duluth, Georgia.

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Buyer(S) 2

Buyer

Industrial Opportunity Partners

Evanston, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Industrial Opportunity Partners is a private equity firm focused on acquiring and managing middle-market manufacturing and value-added distribution businesses. IOP looks to invest $15 to $100 million in companies with revenues between $50 and $500 million with an EBITDA of $5 to $50 million. Sectors of interest include building products, electronics, foundry, and casting products, precision machining, stamped and fabricated products, automotive components and steel/metal processing. IOP has a particular investment focus on enhancing the operations and optimizing the cost structures of businesses. Industrial Opportunity Partners was formed in 2005 and is based in Evanston, Illinois.

DEAL STATS #
Overall 27 of 32
Sector (Manufacturing) 6 of 7
Type (Divestiture) 4 of 5
State (Georgia) 2 of 2
Country (United States) 25 of 30
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-08 Midwest Paper Group

Combined Locks, Wisconsin, United States

Midwest Paper Group is a manufacturer and distributor of recycled containerboard, natural kraft & bleached packaging, and printing & writing grades. Midwest Paper was founded in 1889 and is based in Combined Locks, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 AAA Sales & Engineering

Oak Creek, Wisconsin, United States

AAA Sales & Engineering is a designer and manufacturer of railroad products, production machining, and short-run machining. AAA Sales & Engineering was founded in 1968 and is based in Oak Creek, Wisconsin.

Sell -
Buyer

Guggenheim Partners

New York, New York, United States
Category Company
Founded 1999
Sector Financial Services
DESCRIPTION

Guggenheim Partners is a global investment and advisory firm with more than $220 billion* in assets under management.

DEAL STATS #
Overall 2 of 2
Sector (Manufacturing) 1 of 1
Type (Divestiture) 1 of 1
State (Georgia) 1 of 1
Country (United States) 2 of 2
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-14 API Heat Transfer

Buffalo, New York, United States

API Heat Transfer is a designer and manufacturer of a wide range of heat transfer technologies that service virtually every industrial market including food and beverage, dairy, compressors, air separation, chemical processing, mobile vehicles, power generation, pharmaceuticals, HVAC, and a wide variety of general industrial applications.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-04 Wire 3

Daytona Beach, Florida, United States

Wire 3 is a fiber optic internet provider dedicated to delivering lightning-fast connectivity and exceptional customer service. Wire 3 is based in Daytona Beach, Florida.

Sell -

Seller(S) 1

SELLER

Steelcase

Grand Rapids, Michigan, United States
Category Company
Founded 1912
Sector Furniture
Employees11,300
Revenue 3.2B USD (2024)
DESCRIPTION
Entrance to Steelcase's corporate headquarters in Grand Rapids, Michigan.
Entrance to Steelcase's corporate headquarters in Grand Rapids, Michigan.

Steelcase provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products across a range of price points. The Company's furniture portfolio includes panel-based and freestanding furniture systems and complementary products such as storage, tables and ergonomic worktools. The Company's seating products include chairs which are highly ergonomic, seating that can be used in collaborative or casual settings and specialty seating for specific vertical markets such as healthcare and education. Steelcase's technology solutions support group collaboration by integrating furniture and technology. The Compay's interior architectural products include full and partial height walls and doors. Steelcase was founded in 1912 and is based in Grand Rapids, Michigan.

DEAL STATS #
Overall 2 of 2
Sector (Manufacturing) 1 of 1
Type (Divestiture) 2 of 2
State (Georgia) 1 of 1
Country (United States) 2 of 2
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-08 Smith System Manufacturing

Plano, Texas, United States

Smith System Manufacturing Co. is a manufacturer of high quality furniture for the pre-K-12 education market designed to inspire better learning and improve outcomes for students. Smith System Manufacturing Co. was founded in 1905 and is based in Plano, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-05 Halcon

Stewartville, Minnesota, United States

Halcon provides innovation, uncompromising design, and master craftsmanship to create furniture tailored to the modern workplace. Halcon is based in Stewartville, Minnesota.

Buy $128M
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