M&A Deal Summary

Neenah Acquires Vectorply

On March 3, 2020, Neenah acquired manufacturer Vectorply from MSouth Equity Partners and Northstar Capital for 155M USD

Acquisition Highlights
  • This is Neenah’s 1st transaction in the Manufacturing sector.
  • This is Neenah’s 2nd largest (disclosed) transaction.
  • This is Neenah’s 5th transaction in the United States.
  • This is Neenah’s 1st transaction in Alabama.

M&A Deal Summary
Date 2020-03-03
Target Vectorply
Sector Manufacturing
Buyer(s) Neenah
Sellers(s) MSouth Equity Partners
Northstar Capital
Deal Type Add-on Acquisition
Deal Value 155M USD

Target

Vectorply

Phenix City, Alabama, United States
Vectorply is a developer and manufacturer of high-performance reinforcement fabrics used in composite materials. Vectorply produces a broad range of non-crimp fabrics for use in wind power, industrial, marine, sports/recreation and transportation applications. Approximately 83% of the Company’s sales are derived from fabrics made of glass fibers, with the remainder divided between carbon and aramid fibers. Vectorply’s products provide superior materials solutions when compared to traditional materials (such as steel, wood and concrete) and to earlier generations of woven composite reinforcement fabrics.

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Buyer(S) 1

Buyer

Neenah

Alpharetta, Georgia, United States
Category Company
Founded 2004
Sector Forest Products
Employees2,493
Revenue 1.0B USD (2021)
DESCRIPTION
Entrance to Neenah Paper's corporate headquarters in Alpharetta, Georgia.
Entrance to Neenah Paper's corporate headquarters in Alpharetta, Georgia.

Neenah is a specialty materials company specialized in performance substrates used for tapes, labels, and other products, and premium printing and packaging papers. Neenah is organized into two primary businesses: a specialty, performance-based, technical products business and a premium fine papers business. The Company's technical products business is an international producer of transportation and other filter media and durable, saturated, and coated substrates for industrial products backings and a variety of other end markets. Neenah's technical products manufacturing facilities are located in Munising, Michigan, near Munich and Frankfurt, Germany. Neenah's fine paper business is a supplier of premium writing, text and cover papers, bright papers, and specialty papers in North America. Neenah's premium writing, text, cover, and specialty papers are used in commercial printing and imaging applications for corporate identity packages, invitations, personal stationery, and corporate annual reports, as well as premium labels and luxury packaging. Neenah was founded in 2004 and is based in Alpharetta, Georgia.

DEAL STATS #
Overall 6 of 7
Sector (Manufacturing) 1 of 2
Type (Add-on Acquisition) 3 of 4
State (Alabama) 1 of 1
Country (United States) 5 of 5
Year (2020) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-11 W.A. Sanders Coldenhove Holding B.V.

Eerbeek, Netherlands

W.A. Sanders Coldenhove Holding B.V. is a specialty paper materials manufacturer based in the Netherlands, with a leading position in digital transfer media and other technical products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-02 ITASA

Guipuzcoa, Spain

ITASA is a global coater and converter of release liners used in fast-growing hygiene, tapes, industrial, labels, composites and various other end markets.

Buy €205M

Seller(S) 2

SELLER

MSouth Equity Partners

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

MSouth Equity Partners is a private equity firm focused on mid-sized company investments and acquisitions valued between $25 and $250 million. The Firm prefers opportunities in Southern US and looks to commit $25 to $100 million per transaction. Sectors of interest include distribution, business services, media, telecom, and specialty manufacturing. MSouth is the successor to private equity firm, Cravey, Green & Wahlen, Inc. which was founded in 1984. MSouth Equity Partners is based in Atlanta, Georgia.

DEAL STATS #
Overall 22 of 31
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 6 of 10
State (Alabama) 1 of 1
Country (United States) 22 of 31
Year (2020) 2 of 4
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-10 USA TV MidAmerica

Atlanta, Georgia, United States

USA TV MidAmerica is a company focused on acquiring local broadcast television stations in attractive, mid-tier markets in the U.S. USA TV MidAmerica currently manages six stations that have entrenched market-leading positions in cities with attractive underlying economic fundamentals. Collectively, the USA TV MidAmerica stations reach nearly two million people daily.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-05 Crom

Gainesville, Florida, United States

Crom is a provider of pre-stressed concrete water tank design and construction services to water and wastewater customers primarily in the southeastern United States and select international locations. Crom has built more than 4,000 tanks for municipalities and private sector customers. With tank capacities ranging from a few hundred thousand gallons to several million gallons, crom tanks are suitable for diverse functions including potable and reuse water storage, wastewater treatment, thermal storage, flow equalization, and industrial storage and treatment. Crom was founded in 1953 and is based in Gainesville, Florida.

Sell -
SELLER

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 54 of 80
Sector (Manufacturing) 7 of 8
Type (Add-on Acquisition) 17 of 27
State (Alabama) 1 of 1
Country (United States) 52 of 76
Year (2020) 2 of 3
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-04 LMG Holdings

Blue Ash, Ohio, United States

LMG Holdings is a provider of ignition interlock devices (IIDs) used to help prevent drunk driving. LMG operates three market-leading brands: LifeSafer, Monitech and Guardian, and serves clients and monitoring agencies in the U.S. and Canada through its network of more than 1,500 authorized service centers. LMG Holdings was founded in 1991 and is based in Blue Ash, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-13 PKWARE

Milwaukee, Wisconsin, United States

PKWAR is a provider of encryption and compression software, offering data security solutions incorporating data discovery, classification, and protection in automated, policy-driven workflows. PKWARE was founded in 1986 and is based in Milwaukee, Wisconsin.

Buy -
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