M&A Deal Summary

New Water Capital Acquires Bestronics

On October 30, 2019, private equity firm New Water Capital acquired semiconductors company Bestronics from ZJM Equity, First Capital Partners and Broadgate Capital

Acquisition Highlights
  • This is New Water Capital’s 1st transaction in the Semiconductors sector.
  • This is New Water Capital’s 10th transaction in the United States.
  • This is New Water Capital’s 5th transaction in California.
Investment Fate
  • Bestronics merged with another company in 2020.

M&A Deal Summary

Date 2019-10-30
Target Bestronics
Sector Semiconductors
Buyer(s) New Water Capital
Sellers(s) ZJM Equity
First Capital Partners
Broadgate Capital
Deal Type Recapitalization
Advisor(s) Lincoln International (Financial)

Target

Bestronics

San Jose, California, United States
Bestronics, Inc. provides printed circuit board and box assembly services to a diverse base of OEMs in the industrial, medical, power and other markets. Bestronics, Inc. was founded in 1990 and is based in San Jose, California.

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Buyer(S) 1

Buyer

New Water Capital

Investor Investor Investor Investor


Category Private Equity Firm
Founded 2014
PE ASSETS 406M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

New Water Capital is a private equity firm focused on special situation investments in the consumer products, retail, manufacturing, and services sectors. New Water seeks under performing companies, corporate carve-outs, turnarounds, as well as businesses in transition, either growth challenged or facing succession issues. New Water will consider opportunities throughout the US and Canada and seeks businesses with $30 to $300 million in revenue. New Water Capital was formed in 2014 and is based in Boca Raton, Florida.


DEAL STATS #
Overall 11 of 20
Sector: Semiconductors M&A 1 of 1
Type: Recapitalization M&A Deals 4 of 4
State: California M&A 5 of 6
Country: United States M&A 10 of 18
Year: 2019 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 Emerald Technologies

San Jose, California, United States

Emerald Technologies is an electronics manufacturing services provider specializing in high-mix, low-volume engineering, design, prototyping, testing, assembly and lifecycle support services for blue-chip original equipment manufacturers across a range of end markets. Emerald Technologies is based in San Jose, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-30 Bestronics

San Jose, California, United States

Bestronics, Inc. provides printed circuit board and box assembly services to a diverse base of OEMs in the industrial, medical, power and other markets. Bestronics, Inc. was founded in 1990 and is based in San Jose, California.

Sell -

Seller(S) 3

SELLER

ZJM Equity

Centennial, Colorado, United States

Investor


Category Private Equity Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

ZJM Equity is a private equity firm focused on acquiring profitable manufacturing, distribution, and business services companies. The Firm will consider opportunities throughout the US and prefers businesses with defendable market positions, strong management willing to stay in place, and potential for growth. ZJM Equity was formerly known as Highline Equity. The Firm was originally established in 2008 and is based in Denver, Colorado.


DEAL STATS #
Overall 3 of 4
Sector: Semiconductors M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 3 of 4
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-21 Star Seed

Osborne, Kansas, United States

Star Seed is a producer, conditions and markets high-quality seeds to the agriculture industry. Star Seed, Inc. is a seed distributor focused on native grasses, wildflowers, forages, cover crops, wheat, and other small grains. Star Seed was founded in 1920 and is based in Osborne, Kansas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-24 Accurate Fabrication

Hartford, Wisconsin, United States

Accurate Fabrication provides precision metal fabrication, using state-of-the-art equipment and production methods. Operations include laser cutting, punching, bending, welding, and assembly. Accurate has built a strong reputation providing OEMs with high-quality parts and service. Accurate Fabrication was founded in 1994 and is based in Hartford, Wisconsin.

Buy -
SELLER

First Capital Partners

Omaha, Nebraska, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2006
PE ASSETS 241M USD
Size Small
Type Sector Agnostic
DESCRIPTION

First Capital Partners is an Omaha, Nebraska-based private investment firm that provides equity and subordinated debt financing to lower middle-market companies. First targets businesses with revenues of $10 to $100 million and EBITDA up to $10 million. Investments are generally used to fund management buyouts, growth capital financings, recapitalizations, divestitures, and generational transfers of ownership. Broad areas of interest include manufacturing, business services, and value-added distribution. First Capital will not invest in startups, early stage companies, high technology, real estate, or retail. First Capital Partners is based in US.


DEAL STATS #
Overall 8 of 15
Sector: Semiconductors M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 8 of 15
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-01 Btm

Marysville, Michigan, United States

Btm is a manufacturer of sheet metal joining systems and products for automation. Btm engages in the design and engineering of specialty presses, production systems, precision tooling, and work holding equipment. Btm was founded in 1966 and is based in Marysville, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-01 Entegra

Saint Charles, Illinois, United States

Entegra is a holding company for manufacturers of highly unique static, hydraulic, and electric work tool attachments for light & heavy mobile equipment and stationary work platforms. Entegra is based in Saint Charles, Illinois.

Buy -
SELLER

Broadgate Capital

Dallas, Texas, United States

Investor Investor


Category Private Equity Firm
Founded 2011
Size Small
Type Sector Agnostic
DESCRIPTION

Broadgate Capital is a private-equity group focused on acquisitions and investments across a variety of industries including manufacturing, distribution, consumer products, and healthcare. The Firm pursues profitable companies with EBITDA greater then $1 million and at least $5 million in revenue. Broadgate will consider opportunities throughout the US and is willing to provide junior and/or equity capital. Broadgate Capital was formed in 2011 and is based in Dallas, Texas.


DEAL STATS #
Overall 3 of 4
Sector: Semiconductors M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 3 of 4
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-21 Star Seed

Osborne, Kansas, United States

Star Seed is a producer, conditions and markets high-quality seeds to the agriculture industry. Star Seed, Inc. is a seed distributor focused on native grasses, wildflowers, forages, cover crops, wheat, and other small grains. Star Seed was founded in 1920 and is based in Osborne, Kansas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 GDM Electronic & Medical

Milpitas, California, United States

GDM Electronic & Medical manufactures electronic systems for medical, military, robotic, and automotive equipment. The company gives feedback to customers on any manufacturing issues related to their products, create documentation, identify risks, and ensure compliance with regulatory requirements. GDM Electronic & Medical was founded in 1983 and is based in Milpitas, California.

Buy -