Consolidation • Manufacturing

Keyes Capital Acquires Shield Air Solutions

On December 7, 2009, family office Keyes Capital acquired manufacturer Shield Air Solutions

Acquisition Context

This is Keyes Capital’s 2nd transaction in the Manufacturing sector.
This is Keyes Capital’s 2nd transaction in the United States.
This is Keyes Capital’s 2nd transaction in Texas.

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M&A Deal Summary
Date	December 7, 2009
Target	Shield Air Solutions
Sector	Manufacturing
Buyer(s)	Keyes Capital
Deal Type	Consolidation

Target Company

Shield Air Solutions

Houston, Texas, United States

Shield Air Solutions is a global provider of custom-designed and manufactured severe-duty, explosion-proof air conditioners and explosion-proof fans for industrial and hazardous location applications. Shield Air Solutions was formed in 1960 and is based in Houston, Texas.

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Buyer Overview 1

Buyer

Keyes Capital

Austin, Texas, United States

Category	Family Office
Size	Small
Type	Sector Agnostic

DESCRIPTION

Keyes Capital is a private investment firm that focused on acquiring smaller businesses (at least $3 million revenue) in Texas, South Carolina, and Wisconsin. Keyes targets companies with defensible market positions, unique products or processes, predictable earnings ($1 to $3 million of EBITDA), valued from $2 to $20 million. Areas of interest include automotive, business services, construction, energy/HVAC, financial services, niche manufacturing, office products, telecommunications and utilities. The Firm will consider a variety of transaction situations, including management-led buyouts, generational changes of ownership, recapitalizations, corporate divestitures, and late-stage growth equity. Keyes Capital is based in Austin, Texas with additional offices in Charleston and Milwaukee.

Deal Context for Buyer	#
Overall	2 of 2
Sector: Manufacturing	2 of 2
Type: Consolidation	1 of 1
State: Texas	2 of 2
Country: United States	2 of 2
Year: 2009	1 of 1

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2007-06-13	M&M Manufacturing Fort Worth, Texas, United States M&M Manufacturing is a diversified sheet metal fabricator of round, rectangular, spiral and oval HVAC duct pipe and fittings for residential and commercial applications. M&M also offers general sheet metal products for roofing, ventilating, and architectural applications. M&M Manufacturing was founded in 1958 and is based in Fort Worth, Texas.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2007-06-13

M&M Manufacturing

Fort Worth, Texas, United States

M&M Manufacturing is a diversified sheet metal fabricator of round, rectangular, spiral and oval HVAC duct pipe and fittings for residential and commercial applications. M&M also offers general sheet metal products for roofing, ventilating, and architectural applications. M&M Manufacturing was founded in 1958 and is based in Fort Worth, Texas.

Buy

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2015-02-24	M&M Manufacturing Fort Worth, Texas, United States M&M Manufacturing is a diversified sheet metal fabricator of round, rectangular, spiral and oval HVAC duct pipe and fittings for residential and commercial applications. M&M also offers general sheet metal products for roofing, ventilating, and architectural applications. M&M Manufacturing was founded in 1958 and is based in Fort Worth, Texas.	Sell	-