M&A Deal Summary

Laurel Hill Capital Partners, American Securities and Annex Capital Acquire TNP Enterprises

On December 1, 2000, private equity firms Laurel Hill Capital Partners, American Securities and Annex Capital acquired utilities company TNP Enterprises

Acquisition Highlights
  • This is Laurel Hill Capital Partners’ 1st, American Securities’ 1st and Annex Capital’s 1st transaction in the Utilities sector.
  • This is Laurel Hill Capital Partners’ 1st, American Securities’ 11th and Annex Capital’s 6th transaction in the United States.
  • This is Laurel Hill Capital Partners’ 1st, American Securities’ 1st and Annex Capital’s 1st transaction in Texas.
Investment Fate
  • TNP Enterprises was sold to a publicly-traded strategic buyer in 2005 for 189M USD.

M&A Deal Summary

Date 2000-12-01
Target TNP Enterprises
Sector Utilities
Buyer(s) Laurel Hill Capital Partners
American Securities
Annex Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

TNP Enterprises

Fort Worth, Texas, United States
TNP Enterprises, Inc. is a provider of community based electric service to 85 cities and more than 252,000 customers in Texas and New Mexico.

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Buyer(S) 3

Buyer

Laurel Hill Capital Partners

Jericho, New York, United States

Category Private Equity Firm
Founded 1998
Size Small
Type Sector Agnostic
DESCRIPTION

Laurel Hill Capital Partners LLC is an investment management firm that sponsors and co-invests with other financial firms in leveraged transactions. The firm typically pursues opportunities with small to mid-size companies. However, the firm is not limited to strictly growth-driven transactions, willing to invest in turnaround and distressed situations. Laurel Hill Capital Partners LLC was formed in 1998 and is based in Jericho, New York.


DEAL STATS #
Overall 1 of 1
Sector: Utilities M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 1 of 1
State: Texas M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2000 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-06 TNP Enterprises

Fort Worth, Texas, United States

TNP Enterprises, Inc. is a provider of community based electric service to 85 cities and more than 252,000 customers in Texas and New Mexico.

Sell $189M
Buyer

American Securities

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 23.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Securities is a large private equity firm that typically partners with management when pursuing company acquisitions. American Securities typically targets US-based with $50 to $200 million of EBITDA and valued up to $2 billion. Areas of interest include consumer products, restaurants, healthcare, industrial, aerospace, defense, agriculture, environmental, paper/packaging, energy, and specialty chemicals. The Firm was originally formed in 1947 as the family office for William Rosenwald, an heir to the Sears Roebuck & Company, and began accepting outside investors in 1994. American Securities is headquartered in New York, New York.


DEAL STATS #
Overall 12 of 81
Sector: Utilities M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 10 of 28
State: Texas M&A 1 of 10
Country: United States M&A 11 of 80
Year: 2000 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-07-14 Cambridge International

Cambridge, Maryland, United States

Cambridge International, Inc. is a manufacturer of highly‐engineered metal conveyor belts food & dairy manufacturers of conveyor belts and related woven metal mesh solutions used in a variety of end markets packaging including food & dairy, metal working, packaging, agriculture, building products, Building Products filtration and electronics.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-10-07 Potbelly

Chicago, Illinois, United States

Potbelly owns and operates restaurants featuring hot sandwiches served in a fun, energetic, and inviting atmosphere. Potbelly is aggressively pursuing expansion into other major markets across the United States. Potbelly was founded in 1977 and is based in Chicago, Illinois.

Buy -
Buyer

Annex Capital

New York, New York, United States

Category Private Equity Firm
Founded 2004
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Annex Capital Management is a private investment firm focused on secondary private equity transactions and special situations opportunities. Annex is sector agnostic with an emphasis on consumer products, including food and beverage, information services, telecommunications and specialized manufacturing. Annex was formed in 2004 with the spinout of Dresdner Bank's direct investment portfolio into a new secondary firm backed by Coller Capital. Annex Capital is based in New York City.


DEAL STATS #
Overall 6 of 9
Sector: Utilities M&A 1 of 1
Type: Buyout (LBO, MBO, MBI) M&A Deals 4 of 5
State: Texas M&A 1 of 1
Country: United States M&A 6 of 9
Year: 2000 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-09-20 VCA

Los Angeles, California, United States

VCA, Inc. is an animal healthcare company operating in the United States and Canada. VCA provides veterinary services and diagnostic testing to support veterinary care, sells diagnostic imaging equipment and other medical technology products and related services to the veterinary market and provide various communication, marketing solutions and other services to the veterinary community. VCA provides pharmaceutical products and performs a variety of pet wellness programs including health examinations, diagnostic testing, routine vaccinations, spaying, neutering and dental care. VCA, Inc. was formed in 1986 and is based in Los Angeles, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-05-01 Tandus Centiva

Dalton, Georgia, United States

Tandus Centiva, Inc. is a manufacturer of floorcovering solutions for the commercial and institutional markets.

Sell -