M&A Deal Summary

One Rock Capital Partners, Cohesive Capital Partners and Bain Capital Private Equity Acquire FXI

On September 8, 2017, private equity firms One Rock Capital Partners, Cohesive Capital Partners and Bain Capital Private Equity acquired consumer products company FXI from MatlinPatterson Global Advisers and Black Diamond Capital Management

Acquisition Highlights
  • This is One Rock Capital Partners’ 1st, Cohesive Capital Partners’ 3rd and Bain Capital Private Equity’s 7th transaction in the Consumer Products sector.
  • This is One Rock Capital Partners’ 11th, Cohesive Capital Partners’ 13th and Bain Capital Private Equity’s 89th transaction in the United States.
  • This is One Rock Capital Partners’ 1st, Cohesive Capital Partners’ 2nd and Bain Capital Private Equity’s 8th transaction in Pennsylvania.

M&A Deal Summary
Date 2017-09-08
Target FXI
Sector Consumer Products
Buyer(s) One Rock Capital Partners
Cohesive Capital Partners
Bain Capital Private Equity
Sellers(s) MatlinPatterson Global Advisers
Black Diamond Capital Management
Deal Type Secondary Buyout
Advisor(s) Jefferies
Rothschild Global Advisory (Financial)
Sullivan & Cromwell (Legal)

Target

FXI

Radnor, Pennsylvania, United States
FXI is a producer of foam products for the home, healthcare, electronics, industrial, personal care and transportation markets. Its products include finished goods, sub-assemblies, services and raw materials for OEMs, fabricators and retailers. FXI was founded in 1990 and is based in Radnor, Pennsylvania.

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Buyer(S) 3

Buyer

One Rock Capital Partners

New York, New York, United States
Category Private Equity Firm
Founded 2010
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Rock Capital Partners is a private equity group focused on opportunities where the Firm can leverage its operational, strategic, and financial resources. One Rock seeks investments in mature, North American companies and will also consider distressed situations. Sectors of interest include chemicals, packaging, forest products, consumer appliances/electronics, electrical equipment, niche manufacturing, business services, environmental services, waste management, equipment rental, healthcare products, medical products, and automotive dealerships. One Rock Capital Partners is based in New York City.

DEAL STATS #
Overall 11 of 25
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 5 of 10
State (Pennsylvania) 1 of 1
Country (United States) 11 of 22
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-10 SummitReheis

Huguenot, New York, United States

SummitReheis is a high quality, high margin specialty chemicals platform that produces a range of critical active ingredients and materials tailored for use in personal care, pharmaceutical and dental products. SummitReheis' anti-perspirant actives business (more than 60 per cent. of its sales) is the global leader in the manufacture and sale of active ingredients for anti-perspirants and has long standing relationships with key consumer product companies across the Americas, Europe and Asia.

Sell $360M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-05 Robertshaw Controls

Itasca, Illinois, United States

Robertshaw Controls is a global design, engineering and manufacturing company that sells product solutions into the white goods industry and leverages this portfolio and technology into adjacent markets and after sales channels. Robertshaw manufactures more than 10,000 sophisticated controls for commercial and home appliances. Primary applications include controls for clothes washers and dryers, dishwashers, refrigerators, electric and gas cooking, ice makers, fluid dispensing, storage water heaters, gas valves for space/central heating, and automotive/off road temperature and fluid controls. Robertshaw Global Headquarters is located in Itasca, Illinois.

Buy -
Buyer

Cohesive Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2010
PE ASSETS 385M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Cohesive Capital Partners is private equity co-investment firm. The Firm looks to invest and work alongside deal sponsors in small to mid-sized companies and will consider businesses operating in any sector. Prospective deal situations include buyouts, growth equity financings, and other opportunistic situations. Cohesive Capital Partners was formed in 2010 and is based in New York City.

DEAL STATS #
Overall 14 of 32
Sector (Consumer Products) 3 of 4
Type (Secondary Buyout) 3 of 6
State (Pennsylvania) 2 of 2
Country (United States) 13 of 30
Year (2017) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-01 DJR Energy

Denver, Colorado, United States

DJR Energy is an exploration and production company focused on developing oil and gas resources. DJR Energy was founded in 2002 and is based in Denver, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 VideoAmp

Los Angeles, California, United States

VideoAmp is an operator of software and data company that develops technology to enable advertisers and media owners to transact seamlessly across devices. VideoAmp was founded in 2014 and is based in Los Angeles, California.

Buy -
Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 160 of 238
Sector (Consumer Products) 7 of 13
Type (Secondary Buyout) 34 of 67
State (Pennsylvania) 8 of 9
Country (United States) 89 of 124
Year (2017) 12 of 19
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-31 Surgery Partners

Brentwood, Tennessee, United States

Surgery Partners is a healthcare services company with a differentiated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. Surgery Partners was founded in 2004 and is based in Brentwood, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-19 Toys R Us

Wayne, New Jersey, United States

Toys “R” Us is a specialty toy and juvenile products retailer, selling merchandise globally through more than 1,600 stores in over 34 countries, and through the company’s websites. Toys 'R' Us was established in 1948 and is headquartered in Wayne, New Jersey.

Sell -

Seller(S) 2

SELLER

MatlinPatterson Global Advisers

New York, New York, United States
Category Distressed Investor
Founded 2002
Size Large
Type Sector Agnostic
DESCRIPTION

MatlinPatterson is an asset management firm focused on credit and distressed investments. The Firm looks to invest in a variety of industries and will consider opportunities worldwide. MatlinPatterson was formed in 2002 and is headquartered in New York City.

DEAL STATS #
Overall 3 of 3
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Pennsylvania) 1 of 1
Country (United States) 2 of 2
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-21 manroland Goss

Augsburg, Germany

manroland Goss is a global manufacturer of web offset printing presses and finishing systems for newspaper, magazine, packaging, catalog, and other commercial applications. Additionally, with a ~€25 billion installed equipment base, the business generates significant revenue from its aftermarket parts, service and enhancements division.

Sell -
SELLER

Black Diamond Capital Management

Investor

Category Asset Manager
Founded 1995
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Black Diamond Capital Management is an alternative asset manager focused on credit, private equity, and other structured investments. The Firm's private equity group is a generalist investor that targets opportunities throughout North America and Europe. Black Diamond Capital Management was formed in 1995 and is headquartered in Stamford, Connecticut.

DEAL STATS #
Overall 3 of 3
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Pennsylvania) 1 of 1
Country (United States) 2 of 2
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-24 ArcelorMittal - Long Carbon Steel Mills

United States

ArcelorMittal - Long Carbon Steel Mills is a producer of steelmaking and finishing operations focused on the production and sale of long carbon steel products in North America.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-03 Valley Joist

Fort Payne, Alabama, United States

Valley Joist, Inc. is a joist and deck manufacturer. Its facilities span almost 30 acres and 250,000 square feet while employing close to 200 employees across both locations.

Buy -
Mergr

Product

Company

Legal