M&A Deal Summary

New England Capital Partners Acquires TOG Manufacturing Company

On December 1, 2006, private equity firm New England Capital Partners acquired machinery company TOG Manufacturing Company from Pegasus Capital Group

Acquisition Highlights
  • This is New England Capital Partners’ 1st transaction in the Machinery sector.
  • This is New England Capital Partners’ 1st transaction in the United States.
  • This is New England Capital Partners’ 1st transaction in Massachusetts.
Investment Fate
  • TOG Manufacturing Company was sold to a publicly-traded strategic buyer in 2012.

M&A Deal Summary

Date 2006-12-01
Target TOG Manufacturing Company
Sector Machinery
Buyer(s) New England Capital Partners
Sellers(s) Pegasus Capital Group
Deal Type Secondary Buyout

Target

TOG Manufacturing Company

North Adams, Massachusetts, United States
TOG is a contract manufacturer of high precision metal and alloy parts for the power generation market and the nuclear submarine market.

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Buyer(S) 1

Buyer

New England Capital Partners

Newton, Massachusetts, United States

Category Private Equity Firm
Founded 1991
Size Small
Type Sector Agnostic
DESCRIPTION

New England Capital Partners (NECP) is a private investment firm focused on acquiring profitable, lower middle-market companies throughout the Northeast US. NECP looks for businesses generating annual revenues of $3 to $30 million. The Firm can commit up to $10 million of equity per investment with an average investment size of $2 to $5 million. NECP prefers opportunities in traditional industries, including business services, distribution, manufacturing, and consumer products. Prospective companies typically have loyal customer bases, proprietary products, and secure distribution channels. New England Capital Partners was formed in 1991 and is located in Newton, Massachusetts.


DEAL STATS #
Overall 1 of 1
Sector: Machinery M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Massachusetts M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2006 M&A 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-05 TOG Manufacturing Company

North Adams, Massachusetts, United States

TOG is a contract manufacturer of high precision metal and alloy parts for the power generation market and the nuclear submarine market.

Sell -

Seller(S) 1

SELLER

Pegasus Capital Group

Santa Monica, California, United States

Category Private Equity Firm
Founded 1997
Size Small
Type Sector Agnostic
DESCRIPTION

Pegasus Capital Group is a private investment firm that acquires established, profitable, growth-oriented businesses in non-technology intensive industries. Pegasus has a particular interest in niche-manufacturing, but will also consider value-added distribution and specialty service companies. The Firm prefers North American opportunities. Prospective companies typically have revenues of $5 to $75 million and EBITDA of at least $2 million. Pegasus avoids investing in start-ups, early-stage ventures, technology-driven companies, or minority investments. Pegasus Capital Group was formed in 1997 and is located in Los Angeles, California.


DEAL STATS #
Overall 1 of 10
Sector: Machinery M&A 1 of 3
Type: Secondary Buyout M&A Deals 1 of 3
State: Massachusetts M&A 1 of 1
Country: United States M&A 1 of 10
Year: 2006 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Design Space

Douglas, Georgia, United States

Design Space, Inc. is a regional manufacturer of modular buildings. The vast majority of DSI’s buildings are manufactured for commercial uses such as mobile construction field offices, office buildings, classrooms, health care/medical buildings, daycare centers, and toilet/shower units. DSI sells through a network of dealers rather than working directly with the buildings ultimate customer. Approximately 95% of these structures are custom built to the end-user’s specifications. DSI operates three plants in southern Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-14 Calwax

Irwindale, California, United States

Calwax is a blender and wholesale distributor of wax and wax products for a broad range of industrial and commercial uses. The company provides custom wax applications to domestic and international companies in a number of niche markets, including candle, cosmetic, casting, dental, wine and packaging.

Sell -