M&A Deal Summary

ITW Acquires Avery Weigh-Tronix

On September 26, 2008, ITW acquired test/measurement equipment company Avery Weigh-Tronix from European Capital and Lloyds TSB Development Capital

Acquisition Highlights
  • This is ITW’s 2nd transaction in the Test/Measurement Equipment sector.
  • This is ITW’s 24th transaction in the United States.
  • This is ITW’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2008-09-26
Target Avery Weigh-Tronix
Sector Test/Measurement Equipment
Buyer(s) ITW
Sellers(s) European Capital
Lloyds TSB Development Capital
Deal Type Add-on Acquisition

Target

Avery Weigh-Tronix

Fairmont, Minnesota, United States
Avery Weigh-Tronix LLC, a supplier of scales, weighing equipment and solutions.

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Buyer(S) 1

Buyer

ITW

Glenview, Illinois, United States
Category Company
Founded 1912
Sector Manufacturing
Employees45,000
Revenue 16.1B USD (2023)
DESCRIPTION
Entrance to Illinois Tool Works' corporate headquarters in Glenview, Illinois.
Entrance to Illinois Tool Works' corporate headquarters in Glenview, Illinois.

ITW is a manufacturer of a range of value-adding and short lead-time industrial products and equipment. ITW was founded in 1912 and is based in Glenview, Illinois.

DEAL STATS #
Overall 33 of 48
Sector (Test/Measurement Equipment) 2 of 4
Type (Add-on Acquisition) 30 of 41
State (Minnesota) 1 of 3
Country (United States) 24 of 31
Year (2008) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-05 Unipac

Aurora, Ontario, Canada

Unipac Corp. is a producer of foil and plastic innerseals for packaging applications.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-22 Opto Diode

Newbury Park, California, United States

Opto Diode Corp. designs and manufactures high quality standard and custom silicon (Si) photodiodes, LEDs, IR LEDs, and LED arrays, Ultraviolet (UV)/Extreme UV/Absolute X-Ray photodetectors, opto-electronic assemblies, and custom solutions for a variety of industrial, biomedical, scientific, and military/aerospace applications.

Buy -

Seller(S) 2

SELLER

European Capital

London, United Kingdom
Category Private Equity Firm
Founded 2005
PE ASSETS 1.2B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

European Capital is the European investment affiliate of American Capital. European Capital looks to provide a variety of investment and financing solutions including unitranche debt, mezzanine capital, senior debt, and equity co-investment. Funds are typically used to support buyouts, recapitalizations, finance growth, and make acquisitions. European Capital is sector agnostic, however the Firm has a preference for investments in the consumer, technology, manufacturing, services, and distribution sectors. European Capital was formed in 2005 and is based in London.

DEAL STATS #
Overall 12 of 54
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 5 of 17
State (Minnesota) 1 of 2
Country (United States) 1 of 3
Year (2008) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-16 CEPL

Beville-le-Comte, France

CEPL is a contract logistics company specializing in the high-growth, detailed picking segment of the warehouse logistics industry with operations in France and Germany. CEPL was founded in 1998 and is based in Beville-le-Comte, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-01 Cegelec SAS

Saint-Denis, France

Cegelec SAS history is closely linked to the development of the electricity and energy sectors in France and Europe.

Sell €1.7B
SELLER

Lloyds TSB Development Capital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 2.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Lloyds TSB Development Capital Ltd (LDC) is the private equity arm of Lloyds Banking Group Plc and invests in mid-market companies throughout the UK. LDC seeks high growth businesses with at least two years of profitability (greater than £1 million). The Firm looks to commit £2 to £100 million in companies generating at least £5 million in revenue. Areas of interest include cleantech/environmental, construction/property, financial services, healthcare, industrials, retail/consumer, support services, TMT and travel/leisure. Prospective transaction types includes acquisition financings, development capital, equity release, MBOs, MBIs, mergers, private placements, and secondary buy-outs. Lloyds TSB Development Capital Ltd was formed in 1981 and is based in London.

DEAL STATS #
Overall 23 of 198
Sector (Test/Measurement Equipment) 1 of 2
Type (Add-on Acquisition) 9 of 94
State (Minnesota) 1 of 1
Country (United States) 1 of 4
Year (2008) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-29 Robinia Care South

Bath, United Kingdom

Robinia Care South is a specialist provider of intensive support services for adults and young people with learning difficulties. Robinia Care South was founded in 2001 and is based in Bath, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-08 Porterbrook Leasing

Derby, United Kingdom

Porterbrook Leasing is an owns a diverse portfolio of passenger and freight rolling stock and leases this stock to train and freight operating companies in the UK under long-term lease agreements. Porterbrook Leasing was founded in 1994 and is based in Derby, United Kingdom.

Buy -
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