M&A Deal Summary

Onex Partners, American Capital and CPP Investments Acquire Air Distribution Technologies

On November 9, 2012, private equity firm Onex Partners, private equity firm American Capital and pension CPP Investments acquired manufacturer Air Distribution Technologies from Tomkins for 1.1B USD

Acquisition Highlights
  • This is Onex Partners’ 2nd, American Capital’s 22nd and CPP Investments’ 2nd transaction in the Manufacturing sector.
  • This is Onex Partners’ 12th, American Capital’s 2nd and CPP Investments’ 23rd largest (disclosed) transaction.
  • This is Onex Partners’ 21st, American Capital’s 244th and CPP Investments’ 3rd transaction in the United States.
  • This is Onex Partners’ 1st, American Capital’s 22nd and CPP Investments’ 2nd transaction in Texas.
Investment Fate
  • Air Distribution Technologies was sold to a publicly-traded strategic buyer in 2014 for 1.6B USD.
  • Air Distribution Technologies was divested to a consortium of buyers in 2024.

M&A Deal Summary
Date 2012-11-09
Target Air Distribution Technologies
Sector Manufacturing
Buyer(s) Onex Partners
American Capital
CPP Investments
Sellers(s) Tomkins
Deal Type Divestiture
Deal Value 1.1B USD
Advisor(s) Jamieson Corporate Finance LLP (Financial)

Target

Air Distribution Technologies

Richardson, Texas, United States
Air Distribution Technologies is a provider of air-distribution and ventilation products for residential and industrial buildings in North America. Its brands include Koch Filter, Titus, Ruskin, Kreuger, PennBarry and Tuttle & Bailey and their product lines of grilles, registers and diffusers, terminal units, fire and smoke dampers, louvers, filters and fans. Air Distribution Technologies products are manufactured in the United States, Mexico, India, Thailand and the United Arab Emirates. Air Distribution Technologies is based in Richardson, Texas.

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Buyer(S) 3

Buyer

Onex Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 23.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Onex Partners is the private equity investment arm of Onex Corp., a Canadian based public investment and asset management firm that also invests in real estate and credit securities. Onex Partners targets investments in large companies, and ONCAP which invests in smaller middle-market companies. Both groups consider North American businesses in a wide range of industries with a special interest in aerospace, healthcare, and industrial companies. Prospective transaction situations include corporate carve-outs where the firm can leverage restructuring capabilities. Onex Corp. was established in 1984 and is based in Toronto with an additional office in New York City.

DEAL STATS #
Overall 26 of 58
Sector (Manufacturing) 2 of 2
Type (Divestiture) 7 of 12
State (Texas) 1 of 4
Country (United States) 21 of 42
Year (2012) 3 of 4
Size (of disclosed) 12 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-26 KraussMaffei

Parsdorf, Germany

KraussMaffei is a manufacturer of plastics and rubber processing machinery and the market leader in the production of injection molding machines. KraussMaffei originally consisted of four independent, market-leading brands: KraussMaffei, Netstal, Demag, and Berstorff. KraussMaffei is based in Parsdorf, Germany.

Buy $731M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-28 Beechcraft

Wichita, Kansas, United States

Beechcraft Corporation is a manufacturer of business, special mission, light attack and trainer aircraft. Beechcraft supports its installed base of Hawker business jets, King Air turboprops and Beechcraft airplanes with an extensive global network of company-owned and authorized service centers. Beechcraft is based in Wichita, Kansas.

Sell -
Buyer

American Capital

Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.

DEAL STATS #
Overall 256 of 265
Sector (Manufacturing) 22 of 23
Type (Divestiture) 14 of 14
State (Texas) 22 of 23
Country (United States) 244 of 253
Year (2012) 2 of 3
Size (of disclosed) 2 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-22 Marina Medical Billing Service

Cerritos, California, United States

Marina Medical Billing Service, Inc. is a provider of billing and collection services to hospital emergency department physician groups and physician practice management companies in six states.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-26 Aderant Holdings

Atlanta, Georgia, United States

Aderant Holdings, Inc. is an independent legal software provider that offers comprehensive practice, financial and case management solutions for law and professional services firms of all sizes worldwide.

Buy -
Buyer

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 4 of 51
Sector (Manufacturing) 2 of 3
Type (Divestiture) 1 of 8
State (Texas) 2 of 6
Country (United States) 3 of 26
Year (2012) 1 of 1
Size (of disclosed) 23 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-28 Kinetic Concepts

San Antonio, Texas, United States

Kinetic Concepts, Inc. is a developer and marketer of an innovative medical devices for advanced wound healing and therapeutic treatment systems that address skin breakdown, pulmonary complications, and circulation problems associated with patient immobility. KCI's medical devices and therapeutic systems include V.A.C.® Therapy Systems, as well as specialty beds, mattress replacement systems, wheelchair seating, and related devices. KCI serves hospitals, nursing homes, and home care settings both in the U.S. and abroad.

Buy $6.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-05-03 Bullring

Birmingham, United Kingdom

Bullring Limited operates as a shopping center. It offers space for fashion and food retailers.

Buy £307M

Seller(S) 1

SELLER

Tomkins

London, United Kingdom
Category Company
Sector Engineering
Revenue 4.2B USD (2012)
DESCRIPTION

Tomkins is a global engineering and manufacturing leading group. This American company manufactures a variety of products for the industrial, automotive and building products market focusing on energy-efficiency and green products.

DEAL STATS #
Overall 4 of 4
Sector (Manufacturing) 3 of 3
Type (Divestiture) 4 of 4
State (Texas) 1 of 1
Country (United States) 4 of 4
Year (2012) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-19 Schrader International

Englewood, Colorado, United States

Schrader is a manufacturer and only vertically integrated supplier of Tire Pressure Monitoring Systems (“TPMS”) and the leader in fluid control components for a diverse range of automotive and industrial end markets.

Sell $505M
Mergr

Product

Company

Legal