M&A Deal Summary

KLX Acquires Herndon Aerospace & Defense

On May 17, 2016, KLX acquired distribution company Herndon Aerospace & Defense from HCI Equity Partners and Graycliff Partners for 210M USD

Acquisition Highlights
  • This is KLX’s 1st transaction in the Distribution sector.
  • This is KLX’s largest (disclosed) transaction.
  • This is KLX’s 1st transaction in the United States.
  • This is KLX’s 1st transaction in Missouri.

M&A Deal Summary
Date 2016-05-17
Target Herndon Aerospace & Defense
Sector Distribution
Buyer(s) KLX
Sellers(s) HCI Equity Partners
Graycliff Partners
Deal Type Add-on Acquisition
Deal Value 210M USD

Target

Herndon Aerospace & Defense

O'Fallon, Missouri, United States
Herndon Aerospace & Defense LLC is a supply chain management and consumables hardware distributor serving principally military depot aftermarket customers, as well as commercial aerospace aftermarket customers. Herndon Aerospace & Defense was founded in 2003 and is based in O'Fallon, Missouri.

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Buyer(S) 1

Buyer

KLX

Wellington, Florida, United States
Category Company
Sector Distribution
Employees2,900
Revenue 1.6B USD (2016)
DESCRIPTION
Entrance to KLX's corporate headquarters in Wellington, Florida.
Entrance to KLX's corporate headquarters in Wellington, Florida.

KLX, Inc. is a distributor and value added service provider of aerospace fasteners and consumables, and a provider of services and products for the oil and gas industry. KLX, Inc. is based in Wellington, Florida.

DEAL STATS #
Overall 1 of 3
Sector (Distribution) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Missouri) 1 of 1
Country (United States) 1 of 3
Year (2016) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-07 THG

Northborough, Massachusetts, United States

THG Corp. is an industrial distributor, engineered systems designer/builder and motion and control integrator serving the six New England states.

Buy -

Seller(S) 2

SELLER

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

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

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.

DEAL STATS #
Overall 14 of 26
Sector (Distribution) 1 of 1
Type (Add-on Acquisition) 4 of 8
State (Missouri) 1 of 1
Country (United States) 12 of 24
Year (2016) 2 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-01 Summit Interconnect

Anaheim, California, United States

Summit Interconnect is a manufacturer of advanced technology printed circuit boards. Manufacturing services include quick-turn, prototype, and production through our advanced technology facilities located in California. Summit Interconnect was founded in 2016 and is based in Anaheim, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-01 Delaney

Cumming, Georgia, United States

Delaney is a designer, marketer, and distributor of residential and commercial locksets, as well as a variety of other bath related hardware. The Company sources product through Asian manufacturing relationships and markets under its own Delaney and Callan brand names. Delaney was founded in 1992 and is based in Cumming, Georgia.

Buy -
SELLER

Graycliff Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Graycliff Partners is a private equity firm focused on private equity and mezzanine investments in middle-market companies throughout the US. The Firm's mezzanine practice does not have any sector preferences and looks to invest $10 to $50 million in profitable companies with at least $10 million in revenue. Funds are used to support buyouts, growth needs, divestitures, or consolidations. Graycliff's private equity group looks to acquire middle-market companies in the manufacturing, service, and distribution sectors. The Firm looks for businesses with $10 to $200 million of revenue. Graycliff Partners was established in 1991 and is based in New York City.

DEAL STATS #
Overall 8 of 36
Sector (Distribution) 1 of 3
Type (Add-on Acquisition) 3 of 18
State (Missouri) 1 of 1
Country (United States) 6 of 33
Year (2016) 2 of 2
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-06 Moss

Franklin Park, Illinois, United States

Moss is a provider of three-dimensional marketing solutions for a broad base of customers serving diverse end markets. Moss, Inc. has multiple sales channels including retail, exhibits, events, sports, and commercials. Products include tension fabric structures, specialty signage including radiance lightboxes and other non-fabric structures, and large format imaging for wall coverings and portable displays. Moss was founded in 1975 and is based in Franklin Parke, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-06 901D

Airmont, New York, United States

901D LLC is a designer and manufacturer of mission-critical integrated electronic systems, subsystems and ruggedized shipboard enclosure solutions supporting every major U.S. Navy shipbuilding program. 901D is a critical supplier of ruggedized enclosure solutions from specification through certification and also provides proven design configurations to match customers’ exact form, fit and function requirements.

Buy -
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