M&A Deal Summary

Linsalata Capital Partners and Golub Capital Acquire Whitcraft

On December 16, 2010, private equity firm Linsalata Capital Partners and lender Golub Capital acquired aerospace company Whitcraft from Ironwood Capital and Golub Capital

Acquisition Highlights
  • This is Linsalata Capital Partners’ 1st and Golub Capital’s 3rd transaction in the Aerospace sector.
  • This is Linsalata Capital Partners’ 43rd and Golub Capital’s 19th transaction in the United States.
  • This is Linsalata Capital Partners’ 1st and Golub Capital’s 2nd transaction in Connecticut.
Investment Fate
  • Whitcraft was sold to a consortium of financial buyers in 2017.
  • Whitcraft merged with another company in 2023.

M&A Deal Summary

Date 2010-12-16
Target Whitcraft
Sector Aerospace
Buyer(s) Linsalata Capital Partners
Golub Capital
Sellers(s) Ironwood Capital
Golub Capital
Deal Type Recapitalization

Target

Whitcraft

Eastford, Connecticut, United States
Whitcraft is a manufacturer of high quality, precision formed, machined and fabricated metal parts for the U.S. aerospace industry. The Company manufactures new and replacement jet engine and helicopter parts for large engine manufacturers serving both the commercial and military aircraft market. Whitcraft was founded in 1960 and is based in Eastford, Connecticut.

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Buyer(S) 2

Buyer

Linsalata Capital Partners

Mayfield Heights, Ohio, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Linsalata Capital Partners is a middle-market buyout firm that targets equity investments in businesses operating in a broad range of industries. Linsalata looks to invest $15 to $50 million in businesses generating at least $5 million in EBITDA. The Firm will consider transactions valued up to $300 million. Target sectors include automotive aftermarket products, building products, business services, aerospace, commercial durables, consumer packaged goods, contract manufacturing services, direct marketing, education, ethnic products, food and beverage, food service equipment, health and safety products, healthcare services and outsourcing, hobby/crafts, home furnishing, home improvement products, industrial products, infastructure products, leisure/recreation, logistics, medical devices and diagnostics, niche apparel, outdoor/garden living, packaging, personal services, pet products and services, and plastics. Linsalata Capital was formed in 1984 and is based in Mayfield Heights, Ohio.


DEAL STATS #
Overall 43 of 51
Sector: Aerospace M&A 1 of 1
Type: Recapitalization M&A Deals 4 of 6
State: Connecticut M&A 1 of 1
Country: United States M&A 43 of 51
Year: 2010 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-07 Transtar Industries

Cleveland, Ohio, United States

Transtar Industries is a distributor and remanufacturer of automotive aftermarket transmission repair parts and manufacturers of automotive refinishing products. Transtar Industries was founded in 1975 and is based in Cleveland, Ohio.

Sell $425M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-04 Neurotherm

Wilmington, Massachusetts, United States

NeuroTherm is a developer, manufacturer and provider of medical products used in interventional pain management. NeuroTherm’s products include radiofrequency (“RF”) generators and related consumable products as well as epidural catheters, discography devices, intradiscal therapies, pharmaceutical compounding and procedure tables. Neurotherm was formed in 2005 and is based in Wilmington, Massachusetts.

Buy -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 19 of 69
Sector: Aerospace M&A 3 of 3
Type: Recapitalization M&A Deals 3 of 10
State: Connecticut M&A 2 of 3
Country: United States M&A 19 of 66
Year: 2010 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-21 Bravo Brio

Columbus, Ohio, United States

Bravo Brio is a restaurant company featuring two rapidly growing, category defining brands in the upscale casual Italian dining segment: Bravo Cucina Italiana and Brio Tuscan Grille. Bravo Brio was founded in 1987 and is based in Columbus, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-22 Advanced Pain Management

Greenfield, Wisconsin, United States

APM is a provider of interventional pain management services throughout Wisconsin. APM has the expertise to diagnose and treat a broad range of pain conditions, including pelvic, spine, neck, hip, cancer, diabetes, and obesity-related pain. APM was formed in 1998 and is based in Greenfield, Wisconsin.

Buy -

Seller(S) 2

SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 5 of 55
Sector: Aerospace M&A 1 of 2
Type: Recapitalization M&A Deals 1 of 3
State: Connecticut M&A 2 of 16
Country: United States M&A 5 of 55
Year: 2010 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-24 Global Convenience Investments

Moline, Illinois, United States

Global Convenience Investments owns and operates a convenience store chain under the Mother Hubbard’s Cupboard name, located in the Quad Cities area of Illinois and Iowa. Along with the British Petroleum gasoline it sells to both retail and corporate customers, the stores offer a full array of convenience store items, as well as the convenience of other co-located businesses (Subway, Domino’s, Sprint PCS etc.) In addition, several of the sites have laundry-mats, car washes, and other tenants.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-15 Floop

Woodbridge, Connecticut, United States

Floop is a real-time interactive social network for mobile, iPad, and the web that lets users express opinions and see what their friends and the world think. Floop was founded in 2010 and is based in Woodbridge, Connecticut.

Buy -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 2 of 43
Sector: Aerospace M&A 1 of 3
Type: Recapitalization M&A Deals 1 of 1
State: Connecticut M&A 1 of 3
Country: United States M&A 2 of 41
Year: 2010 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-21 Bravo Brio

Columbus, Ohio, United States

Bravo Brio is a restaurant company featuring two rapidly growing, category defining brands in the upscale casual Italian dining segment: Bravo Cucina Italiana and Brio Tuscan Grille. Bravo Brio was founded in 1987 and is based in Columbus, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-22 Advanced Pain Management

Greenfield, Wisconsin, United States

APM is a provider of interventional pain management services throughout Wisconsin. APM has the expertise to diagnose and treat a broad range of pain conditions, including pelvic, spine, neck, hip, cancer, diabetes, and obesity-related pain. APM was formed in 1998 and is based in Greenfield, Wisconsin.

Buy -