M&A Deal Summary

Levine Leichtman Capital Partners and CNL Strategic Capital Management Acquire Milton Industries

On November 22, 2019, mezzanine finance firm Levine Leichtman Capital Partners and asset manager CNL Strategic Capital Management acquired machinery company Milton Industries from Maranon Capital and Crimson Investment

Acquisition Highlights
  • This is Levine Leichtman Capital Partners’ 3rd and CNL Strategic Capital Management’s 1st transaction in the Machinery sector.
  • This is Levine Leichtman Capital Partners’ 58th and CNL Strategic Capital Management’s 4th transaction in the United States.
  • This is Levine Leichtman Capital Partners’ 5th and CNL Strategic Capital Management’s 2nd transaction in Illinois.

M&A Deal Summary

Date 2019-11-22
Target Milton Industries
Sector Machinery
Buyer(s) Levine Leichtman Capital Partners
CNL Strategic Capital Management
Sellers(s) Maranon Capital
Crimson Investment
Deal Type Secondary Buyout
Advisor(s) Baird (Financial)

Target

Milton Industries

Chicago, Illinois, United States
Milton Industries is a provider of highly-engineered tools and accessories for pneumatic applications across a variety of end markets, including vehicle service, industrial MRO, aerospace and defense, and agriculture. Milton Industries was founded in 1943 and is based in Chicago, Illinois.

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Buyer(S) 2

Buyer

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.


DEAL STATS #
Overall 65 of 92
Sector: Machinery M&A 3 of 4
Type: Secondary Buyout M&A Deals 21 of 37
State: Illinois M&A 5 of 5
Country: United States M&A 58 of 74
Year: 2019 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-09 Nobles Worldwide

St. Croix Falls, Wisconsin, United States

Nobles Worldwide, Inc. is the largest supplier of ammunition feed systems to all branches of the U.S. military and its allies. Nobles are recognized globally for their superior durability products, cutting-edge designs, and rigorous quality assurance. Nobles Worldwide offer lighter, stronger and more flexible materials used in ammunition chutes, magazines, gun mounts, and weapon stations. Nobles are based in St. Croix Falls, Wisconsin.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-06 Resolution Economics

Los Angeles, California, United States

Resolution Economics is a specialty consulting firm that provides economic and statistical analysis as well as expert testimony to leading law firms and corporations in labor & employment and commercial litigation matters. Resolution specializes in highly complex class action lawsuits and, as such, employs a highly technical workforce, including 14 with PhDs and 23 with master's degrees. Resolution Economics was founded in 1998 and is based in Los Angeles, California.

Buy -
DESCRIPTION

CNL Strategic Capital Management is an investment group that looks to acquire interests in private US-based companies with clear opportunities for growth where it can pass consistent, monthly cash flows to its investor partners. The Firm generally looks to partner with management when pursuing opportunities and targets companies with durable brands, high margins, and insulated products/services. CNL Strategic Capital Management is based in Orlando, Florida.


DEAL STATS #
Overall 4 of 15
Sector: Machinery M&A 1 of 2
Type: Secondary Buyout M&A Deals 3 of 9
State: Illinois M&A 2 of 2
Country: United States M&A 4 of 15
Year: 2019 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Auriemma Roundtables

New York, New York, United States

Auriemma Roundtables gives companies access to the right people and data to help them optimize their business practices, maximize efficiency, and navigate complexity. The company gives the tools need to navigate complexity and innovate for the future by providing access to communities, data, and intelligence that drive decision-making. Auriemma Roundtables was formed in 1992 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-06 Resolution Economics

Los Angeles, California, United States

Resolution Economics is a specialty consulting firm that provides economic and statistical analysis as well as expert testimony to leading law firms and corporations in labor & employment and commercial litigation matters. Resolution specializes in highly complex class action lawsuits and, as such, employs a highly technical workforce, including 14 with PhDs and 23 with master's degrees. Resolution Economics was founded in 1998 and is based in Los Angeles, California.

Buy -

Seller(S) 2

SELLER

Maranon Capital

Chicago, Illinois, United States

Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Maranon Capital is an investment firm that provides senior financing, mezzanine debt and equity co-investments for private equity backed and non-sponsored middle-market companies. Maranon seeks investments in financially healthy businesses with stable cash flows, diverse customers, and strong management. Areas of interest include business services, healthcare services, distribution, manufacturing and consumer products/services. Funds typically support acquisitions, recapitalizations, refinancings, consolidations, ESOPs and growth capital needs. Maranon Capital was formed in 2007 and is based in Chicago, Illinois. In 2019, Maranon Capital was acquired by asset management firm Eldrige.


DEAL STATS #
Overall 15 of 22
Sector: Machinery M&A 3 of 3
Type: Secondary Buyout M&A Deals 10 of 15
State: Illinois M&A 1 of 3
Country: United States M&A 15 of 22
Year: 2019 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-07 Triad Technologies

Vandalia, Ohio, United States

Triad Technologies is a full-line distributor of fluid power, fluid connector, hydraulic, pneumatic, and seal products to a diverse customer base throughout Ohio, Kentucky and Michigan. Triad Technologies was founded in 1981 and is based in Vandalia, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-03 HaystackID

Chicago, Illinois, United States

HaystackID is an international end-to-end eDiscovery and forensics services and solutions provider. The Company offers consultation and solutions to corporations and law firms that vastly improve legal hold, data collection and eDiscovery workflow. Haystack's goal is to work collaboratively to lower overall spend and minimize risk while improving efficiency. HaystackID was founded in 2011 and is based in Chicago, Illinois.

Sell -
SELLER

Crimson Investment

San Francisco, California, United States

Category Private Equity Firm
Founded 1996
PE ASSETS 850M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Crimson is a private equity firm that targets investments in middle-market businesses located in Asia and the US. Prospective companies typically have EBITDA of $5 to $20 million. Specific sectors of interest include life sciences, branded consumer, safety & security, water, and industrials. Crimson was formed in 1996 and has offices in California and Taipei.


DEAL STATS #
Overall 1 of 3
Sector: Machinery M&A 1 of 2
Type: Secondary Buyout M&A Deals 1 of 2
State: Illinois M&A 1 of 1
Country: United States M&A 1 of 3
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-28 Aqua-Chem

Knoxville, Tennessee, United States

Aqua-Chem is a manufacturer of specialized water distillation, purification, desalinization, and filtration systems and provides associated aftermarket parts and services. Aqua-Chem was founded in 1929 and is based in Knoxville, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-20 TydenBrooks

Atlanta, Georgia, United States

TydenBrooks is a manufacturer of one-time-use security seals and electric meter security and protection products. TydenBrooks was founded in 1897 and is based in Atlanta, Georgia.

Sell -