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  6. L Catterton Partners and Constitution Capital Partners Acquire Airxcel

M&A Deal Summary

L Catterton Partners and Constitution Capital Partners Acquire Airxcel

On March 14, 2018, growth capital firm L Catterton Partners and private equity firm Constitution Capital Partners acquired manufacturer Airxcel from One Rock Capital Partners, Yukon Partners and Farol Asset Management

Acquisition Highlights
  • This is L Catterton Partners’ 2nd and Constitution Capital Partners’ 1st transaction in the Manufacturing sector.
  • This is L Catterton Partners’ 91st and Constitution Capital Partners’ 32nd transaction in the United States.
  • This is L Catterton Partners’ 1st and Constitution Capital Partners’ 1st transaction in Kansas.
Investment Fate
  • Airxcel was sold to a publicly-traded strategic buyer in 2021 for 750M USD.

M&A Deal Summary
Date 2018-03-14
Target Airxcel
Sector Manufacturing
Buyer(s) L Catterton Partners
Constitution Capital Partners
Sellers(s) One Rock Capital Partners
Yukon Partners
Farol Asset Management
Deal Type Secondary Buyout

Target

Airxcel

Wichita, Kansas, United States
Airxcel is a designer, manufacturer, and marketer of climate control systems for a variety of specialty end markets including recreational vehicles, telecommunication enclosures, and commercial/industrial applications. The company employees find opportunities to express creativity and innovation, enhance education and be productive team members in a supportive work environment. It conducts its business with respect and regard for its employees, customers, suppliers, financial partners, and communities in which it operates. Airxcel was formed in 1991 and is based in Wichita, Kansas.

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Buyer(S) 2

Buyer

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 137 of 221
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 11 of 20
State (Kansas) 1 of 2
Country (United States) 91 of 133
Year (2018) 1 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-15 Impresario Entertainment & Hospitality

Mumbai, India

Impresario Entertainment & Hospitality has a strong track record of creating unique and resilient “experiential” Food and Beverage brands that resonate with a young and aspirational segment of the population – making it the leading player in multi-brand casual dining in India. Impresario Entertainment & Hospitality was founded in 2001 and is based in Mumbai, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-04 Ainsworth Pet Nutrition

Meadville, Pennsylvania, United States

Ainsworth Pet Nutrition LLC is an independent manufacturer and developer of premium pet food and treats under Company-owned as well as retailer brands primarily sold through the Food, Drug, and Mass ("FDM") channel.

Sell $1.9B
Buyer

Constitution Capital Partners

Category Private Equity Firm
Founded 2008
PE ASSETS 6.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Constitution Capital Partners is a private equity and asset management firm focused on opportunities throughout North America. Constitution Capital typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. Constitution Capital Partners was formed in 2008 and is headquartered in Andover, Massachusetts.

DEAL STATS #
Overall 35 of 88
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 12 of 40
State (Kansas) 1 of 1
Country (United States) 32 of 82
Year (2018) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-27 UBC

Blue Bell, Pennsylvania, United States

UBC engages in the biopharmaceutical market which provides integrated clinical, safety, and commercialization services. UBC brings together renowned scientific research and operations experts with innovative technologies, allowing for the best patient and healthcare provider experience. UBC was founded in 2003 and is based in Blue Bell, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-05 Video Equipment Rentals

Glendale, California, United States

Video Equipment Rentals is a provider of audio/visual equipment rental and services. Clients in TV, cinema, live music, sports and the corporate world rely on VER for rental equipment. The Company has operations on six continents and is headquartered in Glendale, California.

Sell -

Seller(S) 3

SELLER

One Rock Capital Partners

New York, New York, United States
Category Private Equity Firm
Founded 2010
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Rock Capital Partners is a private equity group focused on opportunities where the Firm can leverage its operational, strategic, and financial resources. One Rock seeks investments in mature, North American companies and will also consider distressed situations. Sectors of interest include chemicals, packaging, forest products, consumer appliances/electronics, electrical equipment, niche manufacturing, business services, environmental services, waste management, equipment rental, healthcare products, medical products, and automotive dealerships. One Rock Capital Partners is based in New York City.

DEAL STATS #
Overall 4 of 9
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 2 of 6
State (Kansas) 1 of 1
Country (United States) 4 of 9
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-05 Robertshaw Controls

Itasca, Illinois, United States

Robertshaw Controls is a global design, engineering and manufacturing company that sells product solutions into the white goods industry and leverages this portfolio and technology into adjacent markets and after sales channels. Robertshaw manufactures more than 10,000 sophisticated controls for commercial and home appliances. Primary applications include controls for clothes washers and dryers, dishwashers, refrigerators, electric and gas cooking, ice makers, fluid dispensing, storage water heaters, gas valves for space/central heating, and automotive/off road temperature and fluid controls. Robertshaw Global was founded in 1907 and is based in Itasca, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-18 Jadex

Greer, South Carolina, United States

Jadesx is a manufacturer and material sciences company that offers custom-designed plastic, nylon, monofilament and zinc products in the health care, consumer, and industrial end markets. Jadex is based in Greer, South Carolina.

Buy $500M
SELLER

Yukon Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2008
PE ASSETS 640M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Yukon Partners is a mezzanine finance firm that works with private equity sponsors to fund a variety of investment situations. Yukon looks to invest $10 to $40 million to support buyouts, recapitalizations, take privates, and refinancings. Sectors of interest include automotive, building products, business services, consumer products, food/beverages, healthcare products/services, industrial manufacturing, niche manufacturing, and transportation/logistics. Prospective companies generally have revenues of $30 to $500 million and are profitable with EBITDA of $5 to $50 million. Yukon Partners was formed in 2008 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 10 of 28
Sector (Manufacturing) 1 of 3
Type (Secondary Buyout) 6 of 17
State (Kansas) 1 of 1
Country (United States) 10 of 27
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-14 48forty Solutions

Alpharetta, Georgia, United States

48forty Solutions is a whitewood pallet recycler recycling over 90 million pallets annually across its network of 73 company locations and more than 225 network facilities. 48forty serves over 2,700 customers, including manufacturers, distributors, and retailers in the distribution & logistics, food & beverage, packaging, durables, and non-durables industries. 48forty Solutions was formed in 1992 and is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-22 Toledo Molding & Die

Toledo, Ohio, United States

Toledo Molding & Die, Inc. is a full-service automotive supplier that designs, develops and manufactures highly engineered molded thermoplastic components and assemblies such as interior cockpit modules and air and fluid management products.

Sell $271M
SELLER

Farol Asset Management

Investor Investor Investor

Category Private Equity Firm
Founded 2011
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Farol Asset Management is a private equity firm that looks to match institutional investors with direct investment opportunities. The Firm seeks to commit $5 to $30 million per transaction to support a variety of transaction situations and typically works with opportunities brought to it by private equity firms, fund-less sponsors, entrepreneurs and operating executives. Farol Asset Management was formed in 2011 and is headquartered in New York City.

DEAL STATS #
Overall 3 of 7
Sector (Manufacturing) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Kansas) 1 of 1
Country (United States) 2 of 6
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-11 Delphon

Hayward, California, United States

Delphon is a provider of materials and services for the shipping, processing and packaging of high-value semiconductor, medical, photonics, telecommunications and military markets. The Company’s material scientists and R&D engineers work collaboratively with their customers to develop customized materials. Delphon was founded in 2004 and is headquartered in Hayward, California, and has additional manufacturing operations in Wilsonville, Oregon.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-15 Gaylord Chemical

Covington, Louisiana, United States

Gaylord Chemical is a manufacturer of dimethyl sulfide (DMS) and dimethyl sulfoxide (DMSO), environmentally safe, non-toxic solvents with a variety of commercial applications in agriculture, microelectronics, petrochemical, pharmaceutical and other end markets. Gaylord Chemical was founded in 1988 and is based in Covington, Louisiana.

Buy -
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