M&A Deal Summary

Littlejohn and Guggenheim Partners Acquire API Heat Transfer

On January 14, 2019, private equity firm Littlejohn and Guggenheim Partners acquired machinery company API Heat Transfer from Wellspring Capital Management

Acquisition Highlights
  • This is Littlejohn’s 3rd and Guggenheim Partners’ 1st transaction in the Machinery sector.
  • This is Littlejohn’s 47th and Guggenheim Partners’ 1st transaction in the United States.
  • This is Littlejohn’s 3rd and Guggenheim Partners’ 1st transaction in New York.

M&A Deal Summary
Date 2019-01-14
Target API Heat Transfer
Sector Machinery
Buyer(s) Littlejohn
Guggenheim Partners
Sellers(s) Wellspring Capital Management
Deal Type Secondary Buyout

Target

API Heat Transfer

Buffalo, New York, United States
API Heat Transfer is a designer and manufacturer of a wide range of heat transfer technologies that service virtually every industrial market including food and beverage, dairy, compressors, air separation, chemical processing, mobile vehicles, power generation, pharmaceuticals, HVAC, and a wide variety of general industrial applications.

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Buyer(S) 2

Buyer

Littlejohn

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Littlejohn is a private equity firm that makes control investments in mid-sized companies undergoing change; either in capital structure, strategy, operations, or growth. Littlejohn looks to commit $50 to $250 million of equity, mezzanine, or credit capital in companies with annual revenues of $100 to $800 million. Sectors of interest include industrial equipment, packaging, chemicals, automotive and transportation parts and equipment, food and food processing, healthcare, plastics, aerospace/defense, distribution, environmental and infrastructure services, and consumer products. The Firm avoids investing in real estate, fashion, retail, and businesses engaged in high technology. Littlejohn prefers opportunities located in the US, but also considers opportunities in Europe and Canada. Littlejohn was formed in 1996 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 51 of 64
Sector (Machinery) 3 of 3
Type (Secondary Buyout) 22 of 29
State (New York) 3 of 4
Country (United States) 47 of 60
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-08 Hostway

Chicago, Illinois, United States

Hostway is a provider of hosted information technology solutions to over 500,000 small and medium-size businesses and enterprise customers. Hostway delivers customized Infrastructure-as-a-service (IaaS) and Cloud solutions, a robust suite of web presence and web optimization solutions, hosted exchange and a variety of other value-added applications and services in customizable managed, shared, cloud or hybrid environments.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-09 Outcome Health

Chicago, Illinois, United States

Outcome Health’s mission is to activate health outcomes through technologies that change behavior to positively shape the human condition. The Company serves health information and health intelligence during critical moments of care to enable patients and physicians to make the best healthcare decision possible. Outcome Health was formed in 2006 and is based in Chicago, Illinois.

Buy -
Buyer

Guggenheim Partners

New York, New York, United States
Category Company
Founded 1999
Sector Financial Services
DESCRIPTION

Guggenheim Partners is a global investment and advisory firm with more than $220 billion* in assets under management.

DEAL STATS #
Overall 1 of 2
Sector (Machinery) 1 of 1
Type (Secondary Buyout) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 2
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-05 NattyMac

Clearwater, Florida, United States

NattyMac LLC is an independent mortgage warehouse lender focused on financing prime mortgage collateral such as agency-eligible and government insured or guaranteed loans. Since 2004, it has proudly focused on financing prime mortgage collateral, providing fast, accurate same-day wires and extended hours of operation.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-24 PolyVision

Duluth, Georgia, United States

PolyVision is a manufacturer of CeramicSteel (the substrate used in the manufacture of whiteboards and other writing surfaces), finished writing surfaces, and architectural cladding for use in the education, healthcare, commercial office, and transit end-markets. PolyVision was founded in 1954 and is based in Duluth, Georgia.

Buy -

Seller(S) 1

SELLER

Wellspring Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $1 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.

DEAL STATS #
Overall 30 of 37
Sector (Machinery) 2 of 2
Type (Secondary Buyout) 12 of 15
State (New York) 2 of 2
Country (United States) 26 of 33
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-05 SupplyOne

Newtown Square, Pennsylvania, United States

SupplyOne is a specialty packaging manufacturer and consumable industrial supplies distributors. SupplyOne offers a total systems approach to packaging solutions from design and manufacturing of custom corrugated boxes, engineered protective packaging, load unitizing and product identification labels. SupplyOne was founded in 1998 and is based in Newtown Square, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-06 Paragon Films

Broken Arrow, Oklahoma, United States

Paragon Films is a manufacturer of high-performance cast stretch films that are principally used to unitize loads while in storage and transit. Paragon Films produces thin-gauge films which outperform competitors in terms of quality, consistency, and value. Paragon Films was founded in 1988 and is based in Broken Arrow, Oklahoma.

Buy -
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