M&A Deal Summary

One Rock Capital Partners Acquires Robertshaw Controls

On January 5, 2018, private equity firm One Rock Capital Partners acquired manufacturer Robertshaw Controls from Sun Capital Partners and PennantPark Investment Advisers

Acquisition Highlights
  • This is One Rock Capital Partners’ 2nd transaction in the Manufacturing sector.
  • This is One Rock Capital Partners’ 12th transaction in the United States.
  • This is One Rock Capital Partners’ 1st transaction in Illinois.

M&A Deal Summary
Date 2018-01-05
Target Robertshaw Controls
Sector Manufacturing
Buyer(s) One Rock Capital Partners
Sellers(s) Sun Capital Partners
PennantPark Investment Advisers
Deal Type Secondary Buyout

Target

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.

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Buyer(S) 1

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 12 of 25
Sector (Manufacturing) 2 of 3
Type (Secondary Buyout) 6 of 10
State (Illinois) 1 of 2
Country (United States) 12 of 22
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-08 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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-14 Airxcel

Wichita, Kansas, United States

Airxcel is a designer, manufacturer, and marketer of climate control systems for a variety of specialty end markets including recreational vehicles, telecommunication enclosures, and commercial/industrial applications. The company employees find opportunities to express creativity and innovation, enhance education and be productive team members in a supportive work environment. It conducts its business with respect and regard for its employees, customers, suppliers, financial partners, and communities in which it operates. Airxcel was formed in 1991 and is based in Wichita, Kansas.

Sell -

Seller(S) 2

SELLER

Sun Capital Partners

Boca Raton, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 13.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Sun Capital's corporate headquarters in Boca Raton, Florida.
Sun Capital's corporate headquarters in Boca Raton, Florida.

Sun Capital Partners is a large private equity firm focused on leveraged buyouts, equity, debt, and other control investments in North America, Asia, and Europe. Sun looks for businesses that can benefit from the Firm's operating experience including underperformers, turnarounds, and special situations. Target companies typically have $50 million to $1 billion in revenue with strong market positions. Sectors of interest include paper and packaging, food and beverages, metals and mining, automotive after-market parts, consumer products, financial services, healthcare, media and communications, building products, telecommunications, technology, retailing and catalogs, restaurants, manufacturing and industrial. Sun Capital was formed in 1995 and is based in Boca Raton, Florida.

DEAL STATS #
Overall 95 of 127
Sector (Manufacturing) 10 of 12
Type (Secondary Buyout) 22 of 32
State (Illinois) 3 of 4
Country (United States) 70 of 88
Year (2018) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Bundy Refrigeration Srl

Borghetto di Borbera, Italy

Bundy Refrigeration is a manufacturer and supplier of fluid carrying cooling system components for the domestic refrigeration industry. Bundy's product line includes evaporators, condensers, and a host of specialty products such as door warmers, heat exchangers and compressor components. With headquarters in Borghetto di Borbera, Italy, Bundy Refrigeration has manufacturing facilities in Italy, Hungary, Spain, Denmark, Brazil and Colombia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-09 Rowe Furniture

Elliston, Virginia, United States

Rowe Furniture is a manufacturer of custom upholstered furniture in the United States. Rowe Furniture offers a wide range of styling in sofas, sectionals, chairs, and ottomans with over six hundred fabric selections. Rowe Furniture is available at major home furnishings retailers and better independent home furnishings retailers across the United States and around the world.

Sell -
SELLER

PennantPark Investment Advisers

Investor Investor Investor Investor Investor

Category Lender
Founded 2007
PE ASSETS 6.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.

DEAL STATS #
Overall 11 of 17
Sector (Manufacturing) 2 of 3
Type (Secondary Buyout) 8 of 12
State (Illinois) 1 of 2
Country (United States) 11 of 17
Year (2018) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-05 Randall-Reilly

Tuscaloosa, Alabama, United States

Randall-Reilly is a provider of data and data-driven marketing solutions for industrial end markets including heavy-duty trucking, construction equipment, agricultural equipment, and machine tools. Randall-Reilly’s unique data assets and highly customizable digital marketing solutions enable clients to identify and target sales, marketing, and recruiting prospects. Randall-Reilly was founded in 1934 and is based in Tuscaloosa, Alabama.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-01 Galls

Lexington, Kentucky, United States

Galls is a distributor of uniforms and equipment to the public safety market. Galls represents the largest distributor of uniform and equipment to public safety personnel, including police, fire, EMS, private security, corrections, federal/military, and postal. Galls services customers through a national catalogue, convenient eCommerce site, more than 50 dedicated sales reps, 80 locations, and its proprietary "eQuip" online solution serving state and local agencies. Each year, more than one million men and women in the public safety, postal and public transportation industries depend on Galls for their essential equipment and apparel. Galls was founded in 1967 and is based in Lexington, Kentucky.

Sell -
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