M&A Deal Summary

Northcreek Mezzanine and Alpha Capital Partners Acquire Propane Services

On February 1, 2012, Northcreek Mezzanine and family office Alpha Capital Partners acquired distribution company Propane Services from Strength Capital Partners

Acquisition Highlights
  • This is Northcreek Mezzanine’s 1st and Alpha Capital Partners’ 1st transaction in the Distribution sector.
  • This is Northcreek Mezzanine’s 6th and Alpha Capital Partners’ 6th transaction in the United States.
  • This is Northcreek Mezzanine’s 1st and Alpha Capital Partners’ 1st transaction in Michigan.

M&A Deal Summary

Date 2012-02-01
Target Propane Services
Sector Distribution
Buyer(s) Northcreek Mezzanine
Alpha Capital Partners
Sellers(s) Strength Capital Partners
Deal Type Recapitalization

Target

Propane Services

Romulus, Michigan, United States
Propane Services is a distributor of propane to industrial and commercial customers, specialized in commercial and industrial propane along with construction and temporary heat services. Propane Services was founded in 1965 and is based in Romulus, Michigan.

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Buyer(S) 2

Buyer

Northcreek Mezzanine


Category Private Equity Firm
Founded 2010
PE ASSETS 250M USD
Size Small
Type Sector Agnostic
DESCRIPTION


DEAL STATS #
Overall 6 of 28
Sector: Distribution M&A 1 of 4
Type: Recapitalization M&A Deals 1 of 6
State: Michigan M&A 1 of 3
Country: United States M&A 6 of 28
Year: 2012 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Acoust-A-Fiber

Delaware, Ohio, United States

Acoust-A-Fiber is a manufacturer of fiber engineered composites, including sound and heat shields for the automotive industry as well as the industrial, transportation, and military-auto industries. Acoust-A-Fiber is based in Delaware, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-01 BLR

Brentwood, Tennessee, United States

BLR, Inc. is an information service and technology company that strives to assist organizations to simplify compliance with state and federal legal requirements through information products including training programs, events, web portals, reports, and subscription services. BLR is based in Brentwood, Tennessee.

Buy -
Buyer

Alpha Capital Partners

Chicago, Illinois, United States

Category Family Office
Founded 1984
PE ASSETS 135M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Alpha Capital Partners is a private equity firm focused on growth equity investments in younger companies and traditional private equity investments in established businesses. Established companies typically have revenues of $15 to $100 million and younger companies should have revenues of at least $5 million. Sectors of interest include manufacturing, distribution, medical/healthcare, communications, information technology, consumer, and financial services. Alpha generally invests $500k to $5 million per transaction. Alpha's investment horizon is two to seven years. Alpha Capital does not invest in start-ups or early stage enterprises. Alpha Capital Partners was formed in 1984 and is based in Chicago.


DEAL STATS #
Overall 6 of 6
Sector: Distribution M&A 1 of 1
Type: Recapitalization M&A Deals 4 of 4
State: Michigan M&A 1 of 1
Country: United States M&A 6 of 6
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-01 Stalcop

Thorntown, Indiana, United States

Stalcop LLC is a manufacturer of custom-designed cold formed and precision machined components and sub-assemblies, serving a variety of end markets, including the power semiconductor, automotive, power transmission & distribution, heavy-duty truck, specialty battery, ordinance, and ammunition markets. Stalcop was founded in 1981 and is based in Thorntown, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-16 Banner Industries

Carol Stream, Illinois, United States

Banner Industries is a processor and distributor of metal bar products for a diverse set of industrial and medical end markets. Banner provides supply chain solutions and a variety of value-added metal processing services, including centerless grinding, chamfering, turning, precision saw cutting, straightening, material ID and full traceability, waterjet cutting, ultrasonic testing, and CNC machining to its OEM, contract manufacturer, and precision machining customers. Banner Industries was founded in 1961 and is based in Carol Stream, Illinois.

Sell -

Seller(S) 1

SELLER

Strength Capital Partners

Birmingham, Michigan, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Strength Capital Partners (SCP) is a private equity firm that specializes in acquiring or providing late stage growth capital to Midwest US based companies. Areas of interest include the manufacturing, distribution, industrial, financial services, infrastructure, and consumer products sectors. The Firm takes a hands-on investment approach, looking to use firm resources and expertise to improve operational performance. SCP will not invest in high technology or internet businesses. Strength Capital Partners has offices in Birmingham, Michigan and Cincinnati, Ohio.


DEAL STATS #
Overall 2 of 10
Sector: Distribution M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 1
State: Michigan M&A 1 of 5
Country: United States M&A 2 of 10
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-15 Conifer Holdings

Troy, Michigan, United States

Conifer Holdings offers specialty insurance coverage for both commercial and personal lines. Conifer Holdings was founded in 2009 and is based in Troy, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-31 Inland Industrial Services Group

Detroit, Michigan, United States

Inland Industrial Services Group is a provider of industrial cleaning, maintenance and turnaround services to the petrochemical, power, steel, automotive, and oil refinery end‐markets. The company provides routine, daily, and turnaround cleaning and maintenance services, including hydroblasting, vacuuming, chemical cleaning and tank cleaning.

Sell -