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  6. Anchorage Capital Partners, Farallon Capital Management, Littlejohn and Tennenbaum Capital Partners Acquire Contech Engineered Solutions

M&A Deal Summary

Anchorage Capital Partners, Farallon Capital Management, Littlejohn and Tennenbaum Capital Partners Acquire Contech Engineered Solutions

On February 8, 2012, private equity firm Anchorage Capital Partners, asset manager Farallon Capital Management, private equity firm Littlejohn and asset manager Tennenbaum Capital Partners acquired engineering company Contech Engineered Solutions from Stockwell Capital and Apax

Acquisition Highlights
  • This is Anchorage Capital Partners’ 1st, Farallon Capital Management’s 1st, Littlejohn’s 1st and Tennenbaum Capital Partners’ 1st transaction in the Engineering sector.
  • This is Anchorage Capital Partners’ 2nd, Farallon Capital Management’s 4th, Littlejohn’s 25th and Tennenbaum Capital Partners’ 5th transaction in the United States.
  • This is Anchorage Capital Partners’ 1st, Farallon Capital Management’s 1st, Littlejohn’s 5th and Tennenbaum Capital Partners’ 1st transaction in Ohio.
Investment Fate
  • Contech Engineered Solutions was sold to a strategic buyer in 2016.

M&A Deal Summary
Date 2012-02-08
Target Contech Engineered Solutions
Sector Engineering
Buyer(s) Anchorage Capital Partners
Farallon Capital Management
Littlejohn
Tennenbaum Capital Partners
Sellers(s) Stockwell Capital
Apax
Deal Type Recapitalization
Advisor(s) Ropes & Gray (Legal)

Target

Contech Engineered Solutions

West Chester, Ohio, United States
Contech Engineered Solutions is a provider of engineering and site solutions for the residential, commercial and infrastructure markets. The company's primary end markets are the US infrastructure, commercial and residential construction markets. Contech Engineered Solutions was formed in 1986 and is based in West Chester, Ohio.

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Buyer(S) 4

Buyer

Anchorage Capital Partners

Sydney, Australia

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2008
PE ASSETS 810M AUD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Anchorage Capital Partners is a specialized private equity firm that focuses on control investments in established businesses with a strong market position or brand which are not performing at their full potential, often as a result of capital constraints, lack of management attention or being a non-core ‘orphan’ in a large corporate. Target companies generally have at least A$100 million of revenue and are valued up to A$250 million. Anchorage will consider companies in a variety of sectors, however, the Firm avoids investing in technology, direct real estate or mineral exploration. The Firm will consider opportunities throughout Australia, New Zealand, and Southeast Asia. Anchorage Capital Partners was established in 2008 and is based in Sydney.

DEAL STATS #
Overall 7 of 25
Sector (Engineering) 1 of 1
Type (Recapitalization) 1 of 1
State (Ohio) 1 of 1
Country (United States) 2 of 2
Year (2012) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-17 Antares Restaurant Group

Auckland, New Zealand

Antares Restaurant Group is the exclusive franchisee of Burger King in New Zealand with 75 owned and operated restaurants located throughout the country. Antares Restaurant Group was formed in 1954 and is based in Auckland.

Sell $127M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-08 First Engineering

Singapore, Singapore

First Engineering manufacturer of ultra high-precision moulds and plastic componets for high technology engineering applications.

Buy -
Buyer

Farallon Capital Management

San Francisco, California, United States

Category Asset Manager
Founded 1986
Size Large
Type Sector Agnostic
DESCRIPTION

Farallon Capital Management is a private investment firm that targets a variety of investment strategies throughout the world. The Firm pursues investments that include public and private debt and equity securities, direct investments in private companies, and real estate. Farallon is especially interested in investments that include a key event (such as a merger, restructuring, recapitalization or other major change) that has the potential for an appreciation of the value of a particular investment. Farallon's direct investment group makes debt, preferred stock or equity investments in businesses with substantial franchise value, healthy cash flow, and motivated management who have invested alongside the Firm. Farallon Capital Management was formed in 1986 and is based in San Francisco, California.

DEAL STATS #
Overall 4 of 11
Sector (Engineering) 1 of 2
Type (Recapitalization) 1 of 1
State (Ohio) 1 of 1
Country (United States) 4 of 6
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-07-02 Getty Images

Seattle, Washington, United States

Getty Images offers a full range of content solutions to meet the needs of customers around the world. With a broad portfolio that includes the Getty Images, Stock, and Unsplash brands, the Company reaches and empowers a broad base of global customers ranging from international enterprises to amateur creators. Getty Images was formed in 1995 and is based in Seattle, Washington.

Buy $2.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-15 Getty Images

Seattle, Washington, United States

Getty Images offers a full range of content solutions to meet the needs of customers around the world. With a broad portfolio that includes the Getty Images, Stock, and Unsplash brands, the Company reaches and empowers a broad base of global customers ranging from international enterprises to amateur creators. Getty Images was formed in 1995 and is based in Seattle, Washington.

Sell $3.3B
Buyer

Littlejohn

Greenwich, Connecticut, United States

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 29 of 64
Sector (Engineering) 1 of 2
Type (Recapitalization) 5 of 8
State (Ohio) 5 of 6
Country (United States) 25 of 60
Year (2012) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 alphabroder

Trevose, Pennsylvania, United States

alphabroder is a distributor of trade, private label, and retail apparel brands and merchandise to the promotional products marketplace. The Company supplies imprintable apparel and accessories to screen printers, embroiderers, promotional products distributors, athletic dealers, and other businesses. alphabroder is based in Trevose, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-20 Direct ChassisLink

Charlotte, North Carolina, United States

Direct ChassisLink is a provider of equipment and asset management services to the U.S. intermodal industry. DCLI provides chassis leasing and chassis/container management services to container shipping companies, railroads, terminal operators, logistics companies, motor carriers, and beneficial cargo owners through its advantaged network, information technology, and field management organization. Direct ChassisLink was founded in 2009 and is based in Charlotte, North Carolina.

Buy -
Buyer

Tennenbaum Capital Partners

Santa Monica, California, United States
Category Asset Manager
Founded 1999
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Tennenbaum Capital Partners' headquarters in Santa Monica, California.
Tennenbaum Capital Partners' headquarters in Santa Monica, California.

Tennenbaum Capital Partners is a private investment group focused on providing financing solutions to middle-market companies in a variety of sectors. The Firm separates its activity into two segments - performing and distressed. The performing group looks to invest $10 to $125 million to support recapitalizations, LBOs, acquisitions, and growth capital needs of companies valued between $100 million and $1.5 billion. The special situations group looks to provide $20 to $125 million to support rescue needs, as well as fund complex situations or secondary market purchases. Tennenbaum primarily considers opportunities in North America and Europe, but will consider other geographies. Tennenbaum Capital Partners was formed in 1999 and is based in Santa Monica, California.

DEAL STATS #
Overall 6 of 9
Sector (Engineering) 1 of 1
Type (Recapitalization) 2 of 2
State (Ohio) 1 of 1
Country (United States) 5 of 8
Year (2012) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-13 Hanley Wood

Washington, District of Columbia, United States

Hanley Wood is a media and information company serving the housing and commercial design and construction industries. Hanley Wood provides magazines and Web sites, marquee trade shows and events, market intelligence data and custom marketing solutions. Hanley Wood was founded in 1976 and is based in Washington. District of Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-13 Xperience Restaurant Group

Cypress, California, United States

Xperience Restaurant Group is an operator of casual and fine dining brands. The Company operates four primary concepts, El Torito, El Torito Grill, Chevys Fresh Mex and Acapulco, offering a variety of traditional, innovative and authentic Mexican dishes. Xperience Restaurant Group was founded in 1954and is based in Cypress, California.

Buy -

Seller(S) 2

SELLER

Stockwell Capital

Chicago, Illinois, United States
Category Private Equity Firm
Founded 2002
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stockwell Capital is a co-investment firm, focused on making minority investments alongside private equity sponsors. Stockwell is a generalist investor, with no sector preferences and looks to commit $3 to $10 million per investment. The Firm will consider opportunities throughout the US and Europe and prefers late-stage or growth equity situations. Stockwell Capital was formed in 2002 and is based in Chicago.

DEAL STATS #
Overall 13 of 41
Sector (Engineering) 1 of 1
Type (Recapitalization) 1 of 1
State (Ohio) 1 of 1
Country (United States) 10 of 33
Year (2012) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-08 Caesars Entertainment

Las Vegas, Nevada, United States

Caesars Entertainment is a diversified casino entertainment provider with casinos and resorts in the US, South America, Europe, and the Middle East. In addition to casinos, Caesars' facilities typically include hotel and convention space, restaurants, and non-gaming entertainment facilities. Caesars Entertainment Corp. was established in 1937 and is headquartered in Las Vegas, Nevada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-09 Ziggo

Groningen, Netherlands

Ziggo is a cable operator in the Netherlands, providing analogue and digital television, broadband and telephony services to consumers and businesses. Ziggo was founded in 2007 and is based in Groningen, Netherlands.

Sell -
SELLER

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

DEAL STATS #
Overall 72 of 173
Sector (Engineering) 1 of 1
Type (Recapitalization) 3 of 3
State (Ohio) 1 of 2
Country (United States) 24 of 65
Year (2012) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 D+S Europe AG

Hamburg, Germany

D+S Europe AG is a provider for fashion ecommerce and Germany's leading service provider for customer contact management. With a comprehensive full-service solution it is becoming a leading partner for international ecommerce for the fashion and lifestyle trade.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-14 Manappuram Finance

Thrissur, India

Manappuram Finance is a provider of pawnbroking and moneylending services carried out on a modest scale. The principal asset of the company was the integrity and foresight of its Founder and among the people of the area, it soon acquired a reputation as a safe haven for their investments. Manappuram Finance was founded in 1949 and is based in Thrissur, India.

Buy -
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