M&A Deal Summary

Odyssey Investment Partners and Bratenahl Capital Partners Acquire Norcross Safety Products

On July 26, 2005, private equity firm Odyssey Investment Partners and family office Bratenahl Capital Partners acquired safety/security company Norcross Safety Products from Citizens Capital and CIVC Partners for 472M USD

Acquisition Highlights
  • This is Odyssey Investment Partners’ 1st and Bratenahl Capital Partners’ 1st transaction in the Safety/Security sector.
  • This is Odyssey Investment Partners’ 3rd and Bratenahl Capital Partners’ 2nd largest (disclosed) transaction.
  • This is Odyssey Investment Partners’ 13th and Bratenahl Capital Partners’ 4th transaction in the United States.
  • This is Odyssey Investment Partners’ 1st and Bratenahl Capital Partners’ 1st transaction in Rhode Island.
Investment Fate
  • Norcross Safety Products was sold to a publicly-traded strategic buyer in 2008 for 1.2B USD.

M&A Deal Summary
Date 2005-07-26
Target Norcross Safety Products
Sector Safety/Security
Buyer(s) Odyssey Investment Partners
Bratenahl Capital Partners
Sellers(s) Citizens Capital
CIVC Partners
Deal Type Secondary Buyout
Deal Value 472M USD
Advisor(s) UBS Investment Bank
Credit Suisse Investment Banking (Financial)

Target

Norcross Safety Products

Cranston, Rhode Island, United States
Norcross Safety Products a designer, manufacturer and marketer of branded products in the personal protection equipment industry. The Company manufactures and markets a full line of personal protection equipment for workers in the general safety, domestic preparedness, fire service and utility/high voltage industries. The Company sells products under trusted, long-standing and well-recognized brand names, including North, Morning Pride, Ranger, Servus, Pro-Warrington and Salisbury.

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Buyer(S) 2

Buyer

Odyssey Investment Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 8.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Odyssey Investments is a private equity firm that seeks control/majority investments in middle-market companies. Odyssey looks to back existing management and make investments in the form of leveraged acquisitions, growth financings and recapitalizations. Sectors of interest include industrial manufacturing, business and financial services, aerospace products and services, and 'route-based services'. Odyssey Investment Partners is based in New York City with an additional office in Woodland Hills, California.

DEAL STATS #
Overall 15 of 52
Sector (Safety/Security) 1 of 2
Type (Secondary Buyout) 2 of 23
State (Rhode Island) 1 of 1
Country (United States) 13 of 49
Year (2005) 2 of 3
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-07 Neff

Miami, Florida, United States

Neff Corp. is a construction equipment rental company offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end user markets including infrastructure, non-residential construction, energy and municipal and residential construction. Neff has 69 branches, approximately 1,160 employees and a broad fleet of equipment, including earthmoving, material handling, aerial and other rental equipment to meet specific customer needs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-27 York Risk Services Group

Parsippany, New Jersey, United States

York Risk Services Group is a provider of customized claims management, managed care, risk management, pool administration, and specialized loss adjusting services to markets including public entities, programs, carriers and all types of self-insureds.

Buy $39M
Buyer

Bratenahl Capital Partners

Investor Investor

Category Family Office
Founded 2003
Size Middle-Market
Type Sector Agnostic
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 7 of 35
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 2 of 8
State (Rhode Island) 1 of 1
Country (United States) 4 of 30
Year (2005) 2 of 3
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-04-07 Neff

Miami, Florida, United States

Neff Corp. is a construction equipment rental company offers a broad array of equipment rental solutions for its more than 15,000 customers, focusing on key end user markets including infrastructure, non-residential construction, energy and municipal and residential construction. Neff has 69 branches, approximately 1,160 employees and a broad fleet of equipment, including earthmoving, material handling, aerial and other rental equipment to meet specific customer needs.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-29 Engine Control Systems

Thornhill, Ontario, Canada

Engine Control Systems Limited is a environmental company specializing in the design and manufacturing of verified exhaust treatment solutions. Globally, we offer a full range of products for OEM, Aftermarket and retrofit markets for the reduction of exhaust emissions of on-road, off-road and stationary diesel, gasoline and alternative fuel engines including propane and natural gas.

Buy -

Seller(S) 2

SELLER

Citizens Capital

Boston, Massachusetts, United States
Category Private Equity Firm
Founded 1997
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Citizens Capital is the private equity affiliate of Citizens Financial and provides both mezzanine and equity capital to later-stage privately-held companies in the US. Citizens looks to commit $3 to $15 million in subordinated debt transactions and $1 to $3 million for growth equity needs. Target sectors include manufacturing, consumer products, distribution, and service-based industries. The Firm's investment horizon is five to seven years. Citizens Capital is based in Boston, Massachusetts.

DEAL STATS #
Overall 2 of 11
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Rhode Island) 1 of 1
Country (United States) 2 of 11
Year (2005) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-13 Brainshark

Waltham, Massachusetts, United States

Brainshark provides web-based applications that enable users to communicate more quickly and effectively using voice-enriched on demand presentations that can be created and viewed at each person's own schedule and convenience. Brainshark was founded in 1997 and is based in Waltham, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-03 SSG Precision Optronics

Wilmington, Massachusetts, United States

SSG Precision Optronics, Inc. is a designer and supplier of sophisticated optical systems for prime contractors that provide satellite and tactical systems for the military and government.

Sell -
SELLER

CIVC Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1970
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CIVC Partners is a private equity firm that provides buyout and growth capital to middle-market businesses located in the US and Canada. CIVC invests in companies generating sales of $40 - $300 million with an EBITDA of $5 to $25 million. Sectors of interest include Business Services, Information Services, Facility Services, Insurance Services, Transportation & Logistics, Tech-enabled Services, BPO, SaaS, Compliance Services, Corporate Training, IT Services, and Utility Services. The firm invests in the range of $20 - $100 million per transaction. CIVC prefers to be the lead equity sponsor and will consider both majority and minority investment situations. CIVC Partners was formed in 1970 and is based in Chicago, Illinois.

DEAL STATS #
Overall 22 of 48
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 7 of 19
State (Rhode Island) 1 of 1
Country (United States) 22 of 47
Year (2005) 3 of 3
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-21 TransWestern Publishing

San Diego, California, United States

TransWestern Publishing Company, LLC operates as an independent yellow page directory publisher in the United States.

Sell $1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-22 Precision Camera

Enfield, Connecticut, United States

Precision Camera is North America's leading provider of outsourced camera and camcorder repair service programs. The Company repairs cameras and camcorders covered under a manufacturer warranty or extended warranty managed by a retailer or third party administrator, and directly for consumers not covered under any form of warranty. As a result of its extensive authorizations from virtually every camera original equipment manufacturer in the industry and its team of 155 highly trained repair service technicians, Precision Camera is the only service provider capable of offering a one-stop, full-service solution for virtually all models of digital cameras and camcorders.

Buy -
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