M&A Deal Summary

Keystone Capital and Audax Private Debt Acquire Rocore

On October 1, 2008, private equity firm Keystone Capital and mezzanine finance firm Audax Private Debt acquired manufacturer Rocore

Acquisition Highlights
  • This is Keystone Capital’s 3rd and Audax Private Debt’s 4th transaction in the Manufacturing sector.
  • This is Keystone Capital’s 10th and Audax Private Debt’s 27th transaction in the United States.
  • This is Keystone Capital’s 2nd and Audax Private Debt’s 1st transaction in Indiana.
Investment Fate
  • Rocore was sold to a consortium of financial buyers in 2017.
  • Rocore was sold to a strategic buyer in 2018.

M&A Deal Summary

Date 2008-10-01
Target Rocore
Sector Manufacturing
Buyer(s) Keystone Capital
Audax Private Debt
Deal Type Special Situations/Distressed

Target

Rocore

Indianapolis, Indiana, United States
Rocore is a designer and manufacturer of heat exchangers and related equipment used to cool air, water, or oil for a variety of applications. Rocore maintains five operating facilities in the USA & one outside the USA, plus multiple sales offices. Rocore supplies a wide variety of heat exchange solutions, products and services into its identified end market segments. Rocore was founded in 1984 and is based in Indianapolis, Indiana.

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Buyer(S) 2

Buyer

Keystone Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Keystone Capital is a private equity firm focused on acquiring family businesses, corporate divestitures, industry consolidations, and special situations. Keystone prefers lower middle-market, US-based businesses with EBITDA of $5 to $20 million. Target sectors include specialty manufacturing, business services/outsourcing, food processing and ingredients, publishing, instrumentation, optical components, and healthcare products/services. Keystone will not invest in start-ups, turnarounds, commodities, defense/government contractors, retail stores, or restaurants. Keystone Capital was formed in 1994 and is based in Chicago, Illinois.


DEAL STATS #
Overall 10 of 40
Sector: Manufacturing M&A 3 of 3
Type: Special Situations/Distressed M&A Deals 3 of 3
State: Indiana M&A 2 of 2
Country: United States M&A 10 of 39
Year: 2008 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-01 Craft Cast Co.

Jackson, Wisconsin, United States

Craft Cast Co., Inc. is a full-service supplier of investment castings using a variety of ferrous and non-ferrous alloys. Craft Cast offers complete engineering support to its network of blue-chip customers, as well as value-added machining and assembly services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-24 Keystone Bakery Holdings

Manchester, New Hampshire, United States

Keystone Bakery Holdings, LLC supplier of sweet baked goods to the in-store bakery, foodservice, and convenience store channels.

Sell $185M
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 27 of 120
Sector: Manufacturing M&A 4 of 5
Type: Special Situations/Distressed M&A Deals 1 of 1
State: Indiana M&A 1 of 1
Country: United States M&A 27 of 118
Year: 2008 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-24 Best PumpWorks

Houston, Texas, United States

Best PumpWorks is one of the largest and respected pump distributor, supplier and remanufacturer in the world. In business for over three decades, the company has built its reputation on superior pump engineering, inventory, delivery and service.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 Cloverhill Pastry-Vend

Chicago, Illinois, United States

Cloverhill Pastry-Vend LLC is a baked goods manufacturer. Cloverhill provides pastry, cinnamon rolls, cake donuts and honey buns are acclaimed throughout the industry for their delicious taste, quality and value.

Buy -