M&A Deal Summary

American Capital, RFE Investment Partners, Weston Presidio and Ironwood Capital Acquire DelStar Technologies

On December 2, 2005, private equity firm American Capital, private equity firm RFE Investment Partners, private equity firm Weston Presidio and growth capital firm Ironwood Capital acquired chemicals company DelStar Technologies for 114M USD

Acquisition Highlights
  • This is American Capital’s 4th, RFE Investment Partners’ 1st, Weston Presidio’s 1st and Ironwood Capital’s 1st transaction in the Chemicals sector.
  • This is American Capital’s 19th, RFE Investment Partners’ 2nd, Weston Presidio’s 5th and Ironwood Capital’s largest (disclosed) transaction.
  • This is American Capital’s 174th, RFE Investment Partners’ 7th, Weston Presidio’s 23rd and Ironwood Capital’s 7th transaction in the United States.
  • This is American Capital’s 1st, RFE Investment Partners’ 1st, Weston Presidio’s 1st and Ironwood Capital’s 1st transaction in Delaware.
Investment Fate
  • DelStar Technologies was sold to a publicly-traded strategic buyer in 2013 for 232M USD.

M&A Deal Summary

Date 2005-12-02
Target DelStar Technologies
Sector Chemicals
Buyer(s) American Capital
RFE Investment Partners
Weston Presidio
Ironwood Capital
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 114M USD

Target

DelStar Technologies

Middletown, Delaware, United States
DelStar Technologies is a manufacturer of thermoplastic nets, nonwovens, laminates, and extruded components used in filtration, automotive, healthcare, industrial, food, electronics and textile markets.We combine extensive extrusion operations, proprietary processing techniques, unparalleled expertise and flexible customization services to produce a wide range of products that meet both our customers' needs and their market demands.

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Buyer(S) 4

Buyer

American Capital


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 179 of 265
Sector (Chemicals) 4 of 4
Type (Buyout (LBO, MBO, MBI)) 89 of 125
State (Delaware) 1 of 1
Country (United States) 174 of 253
Year (2005) 42 of 43
Size (of disclosed) 19 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-01 Mobile Tool International

La Verne, Colorado, United States

Mobile Tool International manufactures truck, trailer and TRAX-mounted aerial lifts serving the telecommunications, electrical utility, rental and construction markets, sold under the name of Telsta, Ameriquip, MTI, Teco and Holan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-14 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 $284M
Buyer

RFE Investment Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1979
Size Large
Type Sector Agnostic
DESCRIPTION

RFE Investment Partners is a private equity firm focused on investing in lower middle-market service, manufacturing and healthcare service businesses. Prospective companies are generally profitable with annual cash-flow of at least $5 million. Target businesses also have proven management, defensible market positions, and 'a clearly identified and growing market'. RFE looks to commit $10 to $35 million of equity capital per transaction to support acquisitions, management led buyouts, and recapitalizations. RFE is licensed as a SBIC and was formed in 1979. RFE Investment Partners is based in New Canaan, Connecticut.


DEAL STATS #
Overall 7 of 29
Sector (Chemicals) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 5 of 12
State (Delaware) 1 of 1
Country (United States) 7 of 28
Year (2005) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-01 Health Watch Holdings

Cherry Hill, New Jersey, United States

Health Watch Holdings, Inc., (Health Watch), based in Cherry Hill, New Jersey, is the second largest provider of personal response systems (“PRS”) and monitoring services in the United States. The PRS industry serves the needs of medically at-risk elders and disabled individuals who wish to remain in their own homes.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-21 KAG

North Canton, Ohio, United States

KAG provides transportation and logistics services to the fuel, chemical, liquid food and merchant gas sectors in the U.S. and Canada. KAG was founded in 1997 and is based in North Canton, Ohio.

Sell -
Buyer

Weston Presidio

Boston, Massachusetts, United States

Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 3.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Weston Presidio is a private investment firm focused on providing growth capital to later stage companies. The Firm looks to commit $10 to $50 million per investment to support growth initiatives, recapitalizations, and management-led buyouts. Sectors of interest include consumer products/services, business services, manufacturing and industrial, media/publishing, healthcare and technology. The Firm prefers to act as the lead investor, but will consider investing in select non-control minority positions. Weston Presidio was formed in 1991 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 24 of 43
Sector (Chemicals) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 11 of 16
State (Delaware) 1 of 1
Country (United States) 23 of 41
Year (2005) 5 of 5
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-19 Thomas Weisel Partners

San Francisco, California, United States

Thomas Weisel Partners is a merchant bank dedicated to identifying and working strategically with high quality growth companies in the following industries: technology, business services, retail and consumer products, media and communications, financial services, and healthcare. Thomas Weisel Partners was formed in 1998 and is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Wolf Home Products

York, Pennsylvania, United States

Wolf Home Products is a provider of branded kitchen and bath cabinetry, vanities, and accent tiles, as well as high-performance outdoor living and specialty building products. Wolf Home Products was founded in 1843 and is based in York, Pennsylvania.

Buy -
Buyer

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 7 of 95
Sector (Chemicals) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 5 of 28
State (Delaware) 1 of 1
Country (United States) 7 of 95
Year (2005) 4 of 4
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-19 Rostra Tool Company

Branford, Connecticut, United States

Rostra Tool Company is a designer and manufacturer of professional specialty hand crimping tools for the electrical, electronic, telecommunications, cable television, and plumbing markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-10 Fit + Fresh

Providence, Rhode Island, United States

Fit + Fresh is a designer, manufacturer, and distributor of fashionable and functional products that allow people to take healthy and fresh foods and drinks with them while on the go to work, school, or social events. Fit + Fresh is based in Providence, Rhode Island.

Buy -