M&A Deal Summary

Merit Capital Partners and Tecum Capital Acquire Glunt Industries

On March 27, 2012, mezzanine finance firm Merit Capital Partners and private equity firm Tecum Capital acquired machinery company Glunt Industries

Acquisition Highlights
  • This is Merit Capital Partners’ 2nd and Tecum Capital’s 1st transaction in the Machinery sector.
  • This is Merit Capital Partners’ 62nd and Tecum Capital’s 13th transaction in the United States.
  • This is Merit Capital Partners’ 1st and Tecum Capital’s 1st transaction in Ohio.

M&A Deal Summary
Date 2012-03-27
Target Glunt Industries
Sector Machinery
Buyer(s) Merit Capital Partners
Tecum Capital
Deal Type Recapitalization

Target

Glunt Industries

Warren, Ohio, United States
Glunt Industries is a remanufacturer and service provider of equipment to industry-leading steel and aluminum mills in North America. The Company reconditions, rebuilds, upgrades, and extends the service life of critical steel and aluminum mill equipment to exacting tolerances. Repair and refurbishment services are critically important to the profitability of metal producers as equipment used in steel and aluminum production frequently wears out and requires servicing. Glunt Industries was founded in 1966 and is based in Warren, Ohio.

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Buyer(S) 2

Buyer

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 62 of 98
Sector (Machinery) 2 of 2
Type (Recapitalization) 13 of 19
State (Ohio) 1 of 3
Country (United States) 62 of 97
Year (2012) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-03 Angus Industries

Watertown, South Dakota, United States

Angus Industries, Inc. is one of the largest manufacturers of operator stations and rollover protective structures (e.g. cabs) for mobile equipment in the United States. The Company designs and manufactures cabs for the construction, agricultural, mining, forestry, and material handling equipment industries, among others. The Company is headquartered in Watertown, South Dakota, with additional manufacturing facilities in Greeneville, Tennessee, Northwood, Iowa and Florence, South Carolina.

Sell $180M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-01 Engendren

Kenosha, Wisconsin, United States

Engendren is a manufacturer of custom-designed cooling solutions to OEMs and end-users of internal combustion engines, providing a comprehensive array of heat transfer systems including radiators, air coolers, oil coolers, heat exchangers, cooling system packages and accessories. Engendren was founded in 2012 and is based in Kenosha, Wisconsin.

Buy -
Buyer

Tecum Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Tecum Capital is a private equity firm focused on lower middle-market companies across the Eastern-US. Tecum will consider a variety of investment situations including leveraged buyouts, management buyouts, successions, strategic acquisitions, growth capital financings, and recapitalizations. Investment sizes range from $5 - $20 million. Industries of interest include manufacturing, plastics, specialty distribution, technology, healthcare services, defense, food, and business/consumer services. Tecum will not consider investments in start-ups or real estate. Tecum Capital was formed in 2005 and is based in Wexford, Pennsylvania.

DEAL STATS #
Overall 13 of 82
Sector (Machinery) 1 of 5
Type (Recapitalization) 2 of 15
State (Ohio) 1 of 11
Country (United States) 13 of 82
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-10 Navisite

Warrendale, Pennsylvania, United States

Navisite is a modern managed cloud service provider that accelerates IT transformation for thousands of growing and established global brands. Through its deep technical knowledge and strategic relationships with the world’s leading cloud providers, proven delivery methodologies, platform-agnostic approach and worldwide network of highly specialized experts, the company provide the capabilities and practical guidance customers need to successfully embrace IT change and move their businesses forward.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-10 New England Orthotic and Prosthetic Systems

Branford, Connecticut, United States

New England Orthotic and Prosthetic Systems LLC is a provider of orthotic & prosthetic patient care products and services through 31 branch operations across Connecticut, New York, Massachusetts, and Rhode Island.

Buy -
Mergr

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