M&A Deal Summary

Morgan Stanley Capital Partners, Morgan Stanley Tactical Value Investing and Constitution Capital Partners Acquire Nivel Parts & Manufacturing

On May 21, 2021, private equity firms Morgan Stanley Capital Partners, Morgan Stanley Tactical Value Investing and Constitution Capital Partners acquired automotive company Nivel Parts & Manufacturing from Kelso and Bratenahl Capital Partners

Acquisition Highlights
  • This is Morgan Stanley Capital Partners’ 1st, Morgan Stanley Tactical Value Investing’s 1st and Constitution Capital Partners’ 3rd transaction in the Automotive sector.
  • This is Morgan Stanley Capital Partners’ 36th, Morgan Stanley Tactical Value Investing’s 10th and Constitution Capital Partners’ 64th transaction in the United States.
  • This is Morgan Stanley Capital Partners’ 3rd, Morgan Stanley Tactical Value Investing’s 3rd and Constitution Capital Partners’ 2nd transaction in Florida.

M&A Deal Summary

Date 2021-05-21
Target Nivel Parts & Manufacturing
Sector Automotive
Buyer(s) Morgan Stanley Capital Partners
Morgan Stanley Tactical Value Investing
Constitution Capital Partners
Sellers(s) Kelso
Bratenahl Capital Partners
Deal Type Secondary Buyout

Target

Nivel Parts & Manufacturing

Jacksonville, Florida, United States
Nivel Parts & Manufacturing is an independent manufacturer and distributor of aftermarket golf car replacement parts and accessories. Nivel Parts & Manufacturing was founded in 1968 and is based in Jacksonville, Florida.

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Buyer(S) 3

DESCRIPTION

Morgan Stanley Capital Partners (MSCP) is the private investment arm of financial services firm and investment bank Morgan Stanley. MSCP looks to partner with founders looking to leverage Morgan Stanley's resources, as well as fund corporate carveouts, recapitalizations, buyouts, and industry consolidations. Areas of interest include business services, industrials, education, consumer products/services, food/beverage, retail, healthcare, and packaging. MSCP primarily targets businesses operating in North America valued between $75 and $750 million. Morgan Stanley Capital Partners is based in New York City.


DEAL STATS #
Overall 39 of 52
Sector: Automotive M&A 1 of 1
Type: Secondary Buyout M&A Deals 12 of 20
State: Florida M&A 3 of 3
Country: United States M&A 36 of 48
Year: 2021 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-10 Web.com

Jacksonville, Florida, United States

Web.com is a provider of website-building tools, services, and internet solutions. The company offers a comprehensive suite of website design, customer support, and technology platforms tailored to the needs of the small and medium-sized businesses. Additionally,Web.com Group partners with enterprise companies to help these partners build stronger, more profitable relationships with their business customers. Web.com was formed in 1997 and is headquartered in Jacksonville, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-26 Sila Services

King of Prussia, Pennsylvania, United States

Sila Services is a provider of residential HVAC, plumbing, indoor air quality, and home automation systems. Sila Heating & Air Conditioning was founded in 1989 and is based in King of Prussia, Pennsylvania.

Buy -
DESCRIPTION

Morgan Stanley Tactical Value Investing is an opportunistic investment group within Morgan Stanley focused on flexible capital solutions across asset classes, sectors, and geographies. The group will consider a variety of investment solutions including preferred equity, asset-backed loans, recapitalizations, PIPEs, and junior/senior debt. Morgan Stanley Tactical Value Investing is headquartered in New York City.


DEAL STATS #
Overall 13 of 15
Sector: Automotive M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 4
State: Florida M&A 3 of 3
Country: United States M&A 10 of 12
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-17 Lifetime Value

New York, New York, United States

Lifetime Value is an information services technology platform comprising a portfolio of brands that provide easy access to information to help make all of life’s decisions, big and small. LTV’s brands include best-in-class web-based and mobile products that put the power of data into the hands of customers. Lifetime Value was founded in 2007 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-15 OneTeam Partners

Washington, District of Columbia, United States

OneTeam Partners provides athletes to maximize the value of their name, image, and likeness rights. OneTeam will manage and further commercialize player intellectual property, beginning with established franchises in video games and trading cards. OneTeam Partners was established in 2019 and is based in Washington, District of Columbia.

Buy -
Buyer
DESCRIPTION

Constitution Capital Partners is a private equity and asset management firm focused on opportunities throughout North America. Constitution Capital typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. Constitution Capital Partners was formed in 2008 and is headquartered in Andover, Massachusetts.


DEAL STATS #
Overall 69 of 89
Sector: Automotive M&A 3 of 3
Type: Secondary Buyout M&A Deals 27 of 40
State: Florida M&A 2 of 6
Country: United States M&A 64 of 83
Year: 2021 M&A 7 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-12 Astound Digital

Oakland, California, United States

Astound Digital is a global provider of solutions that helps enterprises grow revenue by enhancing their online relationships with consumers. Astound Digital was formed in 2000 and is based in Oakland, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-07 Stratus Unlimited

Mentor, Ohio, United States

Stratus Unlimited is a provider of signage and lighting services to customers across the US through a highly-scalable, vendor-managed, and asset-light business model. Stratus Unlimited was founded in 1953 and is based in Mentor, Ohio.

Buy -

Seller(S) 2

SELLER

Kelso

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1971
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.


DEAL STATS #
Overall 45 of 54
Sector: Automotive M&A 2 of 2
Type: Secondary Buyout M&A Deals 11 of 12
State: Florida M&A 5 of 7
Country: United States M&A 39 of 47
Year: 2021 M&A 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-06 Ferraro Foods

Piscataway, New Jersey, United States

Ferraro Foods is a foodservice distributor in the Eastern U.S., delivering food products, value, and reliable service primarily to the Italian restaurant and pizzeria segment. Ferraro Foods is based in Piscataway, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-09 Renfro Brands

Mount Airy, North Carolina, United States

Renfro Brands is a global manufacturer, designer, distributor, and marketer of legwear products. The Company provides a full line of branded and private label legwear products and is the licensee for leading brands such as Fruit of the Loom, Dr. Scholl’s, Polo/Ralph Lauren, Chaps, Carhartt, Russell, New Balance, Keds, Sperry, Vera Bradley, and Merrell. We also design, manufacture, market, and distribute our owned brands including K. Bell, Copper Sole, and Hot Sox. Renfro Brands was founded in 1921 and is based in Mount Airy, North Carolina.

Sell -
DESCRIPTION

Bratenahl Capital Partners is a family-backed private investment group focused on fund as well as direct/co-investment opportunities. The Firm's direct investment practice seeks to commit $500K to $15 million in partnership with other funded or unfunded sponsors. Bratenahl does not have any sector preferences, but does prefer companies with diversified customers and experienced management in place. Bratenahl Capital Partners was formed in 2003 and is headquartered in Cleveland, Ohio.


DEAL STATS #
Overall 26 of 27
Sector: Automotive M&A 2 of 2
Type: Secondary Buyout M&A Deals 10 of 10
State: Florida M&A 3 of 3
Country: United States M&A 22 of 23
Year: 2021 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-23 American Safety Council

Orlando, Florida, United States

American Safety Council is a provider of e-Learning training solutions to address transportation and workplace safety, testing, medical continuing education, and other regulatory-driven training on behalf of the government, institutions of higher learning, business, and industry, and individual clients. American Safety Council was founded in 1998 and is based in Orlando, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-01 Amware Logistics

Lawrenceville, Georgia, United States

Amware Logistics is a provider of B2B and B2C third-party logistics and order fulfillment services for a wide variety of industries throughout North America. Amware operates over 2 million square feet of warehouse space through nine facilities located across the United States. Amware Logistics was founded in 1989 and is based in Lawrenceville, Georgia.

Sell -