Buyout (LBO, MBO, MBI) • Transportation

Weinberg Capital Group, MidMark Capital, Merion Investment Partners and Centerfield Capital Partners Acquire Consolidated Aviation Services

On March 1, 2005, family office Weinberg Capital Group, private equity firm MidMark Capital, mezzanine finance firm Merion Investment Partners and mezzanine finance firm Centerfield Capital Partners acquired transportation company Consolidated Aviation Services

Acquisition Context
  • This is Weinberg Capital Group’s 1st, MidMark Capital’s 1st, Merion Investment Partners’ 1st and Centerfield Capital Partners’ 2nd transaction in the Transportation sector.
  • This is Weinberg Capital Group’s 2nd, MidMark Capital’s 6th, Merion Investment Partners’ 4th and Centerfield Capital Partners’ 9th transaction in the United States.
  • This is Weinberg Capital Group’s 1st, MidMark Capital’s 3rd, Merion Investment Partners’ 2nd and Centerfield Capital Partners’ 1st transaction in New York.
Investment Fate
  • Consolidated Aviation Services was sold to a consortium of financial buyers in 2011.
  • Consolidated Aviation Services was sold to a strategic buyer in 2016.

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M&A Deal Summary

Date March 1, 2005
Target Consolidated Aviation Services
Sector Transportation
Buyer(s) Weinberg Capital Group
MidMark Capital
Merion Investment Partners
Centerfield Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Consolidated Aviation Services

Jamaica, New York, United States
Consolidated Aviation Services is a provider of an import and export cargo handling services. Cargo Airport Services coordinates the process of transferring and releasing cargo between air carriers and ground transportation providers at major airports.
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Buyers Overview 4

Buyer

Weinberg Capital Group

Cleveland, Ohio, United States

Investor Investor Investor


Category Family Office
Founded 2003
Size Small
Type Sector Agnostic
DESCRIPTION

Weinberg Capital Group is a Midwestern US-based investment firm focused on real estate and private equity investments. Weinberg's private equity group targets control investments in lower middle-market, North American, profitable companies with $10 to $100 million of revenue. Sectors of interest include manufacturing, business services, medical and healthcare, aviation services, consumer products, and value-added distribution. Weinberg's real estate group targets opportunities in retail, multi-family, office, and industrial properties. Weinberg Capital Group was formed in 2003 and is based in Cleveland, Ohio.


Deal Context for Buyer #
Overall 2 of 16
Sector: Transportation 1 of 1
Type: Buyout (LBO, MBO, MBI) 2 of 11
State: New York 1 of 1
Country: United States 2 of 16
Year: 2005 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-01-01 Hawk

Cleveland, Ohio, United States

Hawk Corp. is a provider of friction products for brakes, clutches and transmissions used in airplanes, trucks, construction and mining equipment, farm equipment, and recreational and performance automotive vehicles.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-06 Advanced Sleep Concepts

Rome, Georgia, United States

Advanced Sleep Concepts, Inc. was a manufacturer of promotional, premium and ultra-premium mattresses and box springs. Advanced Sleep Concepts was formed in 1894 and was based in Rome, Georgia.

Buy -
Buyer

MidMark Capital

Morristown, New Jersey, United States

Category Private Equity Firm
Founded 1989
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

MidMark Capital is a private equity investment firm focused on acquiring mid-sized manufacturing companies. The Firm generally looks to acquire controlling interests in standalone businesses from private and corporate owners, however the MidMark will also make significant equity investments in rapidly growing businesses. MidMark typically acts as the lead investor when pursuing transactions. MidMark Capital was formed in 1989 and is based in Morristown, New Jersey.


Deal Context for Buyer #
Overall 7 of 13
Sector: Transportation 1 of 1
Type: Buyout (LBO, MBO, MBI) 5 of 7
State: New York 3 of 6
Country: United States 6 of 11
Year: 2005 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-01 Innovative Concepts in Entertainment

Clarence, New York, United States

Innovative Concepts in Entertainment, Inc. is a manufacturer of coin-operated amusement games in North America.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-27 Innovative Concepts in Entertainment

Clarence, New York, United States

Innovative Concepts in Entertainment, Inc. is a manufacturer of coin-operated amusement games in North America.

Sell -
DESCRIPTION

Merion Investment Partners is a mezzanine finance firm that provides subordinated debt to middle-market growth Companies generating at least $10 million in sales and at least $2 million in EBITDA. Merion focuses on opportunities in business services, specialty manufacturing, and healthcare services and products. Merion's invests in the range of $4 and $20 million per transaction. Merion Investment Partners was formed in 2003 and is based in King of Prussia, Pennsylvania.


Deal Context for Buyer #
Overall 4 of 39
Sector: Transportation 1 of 1
Type: Buyout (LBO, MBO, MBI) 3 of 19
State: New York 2 of 3
Country: United States 4 of 39
Year: 2005 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-19 Stampede Presentation Products

Amherst, New York, United States

Stampede Presentation Products, Inc known for its value-added distribution, Stampede is a leading distributor of presentation products including LCD projectors and thin plasma monitors. Stampede provides a complete range of brand name equipment to a variety of audio-video and computer resellers. With more than 20 years of industry experience, the staff at Stampede offers expert knowledge and insight into its dealers and resellers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-15 Keystone Helicopter Holdings

Coatesville, Pennsylvania, United States

Keystone is one of the oldest commercial helicopter service providers in the eastern US. The Company's offerings include flight, technical and engineering services.

Sell -
Buyer

Centerfield Capital Partners

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Centerfield Capital Partners is a private investment firm that provides subordinated debt and equity capital to mid-market companies. Prospective transactions include acquisition financings, management buyouts, shareholder liquidity needs, recapitalizations, corporate divestitures, ESOP financings, and sponsored/unsponsored transactions. Centerfield generally invests in companies with sales of $15 to $100 million and EBITDA of $3 to $15 million. Target sectors include manufacturing, business services, healthcare services, and transportation/distribution. Centerfield will not invest in early stage businesses, turnaround situations, retail, real estate, and finance companies. Centerfield Capital Partners was founded in 2001 and is based in Indianapolis, Indiana.


Deal Context for Buyer #
Overall 9 of 100
Sector: Transportation 2 of 3
Type: Buyout (LBO, MBO, MBI) 5 of 42
State: New York 1 of 5
Country: United States 9 of 100
Year: 2005 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-12-16 Dedicated Transport

Cleveland, Ohio, United States

Dedicated Transport LLC specializes in the design, development, and execution of supply chain solutions and offers engineered transportation solutions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-19 Diversified Graphics

Minneapolis, Minnesota, United States

Diversified Graphics, Inc. is a provider of complete print solutions to over 400 customers, including national advertising and graphic design agencies and Fortune 1000 companies. Diversified Graphics, Inc. was established in 1949 and is based in Minneapolis, Minnesota.

Buy -