M&A Deal Summary

Onward Capital, Tecum Capital and Midwest Mezzanine Funds Acquire Connecticut Electric

On March 8, 2018, private equity firm Onward Capital, private equity firm Tecum Capital and mezzanine finance firm Midwest Mezzanine Funds acquired electrical equipment company Connecticut Electric from Thompson Street Capital Partners

Acquisition Highlights
  • This is Onward Capital’s 1st, Tecum Capital’s 2nd and Midwest Mezzanine Funds’ 4th transaction in the Electrical Equipment sector.
  • This is Onward Capital’s 2nd, Tecum Capital’s 48th and Midwest Mezzanine Funds’ 59th transaction in the United States.
  • This is Onward Capital’s 1st, Tecum Capital’s 3rd and Midwest Mezzanine Funds’ 3rd transaction in Indiana.

M&A Deal Summary
Date 2018-03-08
Target Connecticut Electric
Sector Electrical Equipment
Buyer(s) Onward Capital
Tecum Capital
Midwest Mezzanine Funds
Sellers(s) Thompson Street Capital Partners
Deal Type Secondary Buyout

Target

Connecticut Electric

Anderson, Indiana, United States
Connecticut Electric is a designer, manufacturer, and distributor of specialty electrical components that are sold through electrical distributors, hardware stores, and home improvement retailers. Connecticut Electric, Inc. products include proprietary branded circuit breakers as well as manual transfer switches, spa panels, and HVAC whips and disconnects. Connecticut Electric was founded in 1906 and is based in Anderson, Indiana.

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Buyer(S) 3

Buyer

Onward Capital

Investor Investor

Category Private Equity Firm
Founded 2015
Size Small
Type Sector Agnostic
DESCRIPTION

Onward Capital is a private equity firm focused on investing in and growing lower middle-market companies. Target transaction situations include buyouts, recapitalizations, divestitures, and partnering with family/founder-owned companies. Onward seeks control situations but will consider select minority investments. Sectors of interest include industrial manufacturing, distribution, and services with a particular interest in packaging, wire & cable, and industrial technology. Target companies typically have $3 to $10 million of EBITDA and $15 to $100 million of revenue. Onward Capital was formed in 2015 and is based in Chicago, Illinois.

DEAL STATS #
Overall 2 of 4
Sector (Electrical Equipment) 1 of 2
Type (Secondary Buyout) 2 of 2
State (Indiana) 1 of 1
Country (United States) 2 of 4
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-30 Domaille Engineering

Rochester, Minnesota, United States

Domaille Engineering is a provider of polishing machines and fixtures, inspection equipment and associated engineered products for the rapidly growing fiber-optic cable market. The Company also engineers and manufactures complex, mission-critical products for the defense, aerospace, national security, telecommunications, energy and medical sectors. Domaille Engineering was founded in 1990 and is based in Rochester, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-10 FSC Lighting

Rancho Cucamonga, California, United States

FSC Lighting is an energy-efficient lighting manufacturer for industrial, commercial, and retail clients across the country. FSC provides lighting solution resulting in substantial cost savings and improving the visual appeal of merchandise to give an exceptionally improved shopper experience. FSC Lighting was founded in 1969 and is based in Rancho Cucamonga, California.

Buy -
Buyer

Tecum Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 750M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Tecum Capital is a private equity firm focused on lower middle-market companies across the Eastern-US. Tecum will consider a variety of investment situations including leveraged buyouts, management buyouts, successions, strategic acquisitions, growth capital financings, and recapitalizations. Investment sizes range from $5 - $20 million. Industries of interest include manufacturing, plastics, specialty distribution, technology, healthcare services, defense, food, and business/consumer services. Tecum will not consider investments in start-ups or real estate. Tecum Capital was formed in 2005 and is based in Wexford, Pennsylvania.

DEAL STATS #
Overall 48 of 82
Sector (Electrical Equipment) 2 of 4
Type (Secondary Buyout) 4 of 4
State (Indiana) 3 of 4
Country (United States) 48 of 82
Year (2018) 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-07 TEC

Woodstock, Georgia, United States

TEC is an erosion control service provider on the East Coast. TEC predominantly serves large regional and national home builders, as well as regional land developers in the Southeastern United States serving the residential, commercial, and infrastructure end markets. TEC was founded in 1995 and is based in Woodstock, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-04 USA Millwork

Manassas, Virginia, United States

USA Millwork is a provider of planning-to-completion services for complex, large-scale projects across the country in a variety of industries including corporate, healthcare, hospitality, entertainment, government, retail, and multi-family. USA Millwork was established in 2017 and is based in Manassas, Virginia.

Buy -
Buyer

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.

DEAL STATS #
Overall 59 of 81
Sector (Electrical Equipment) 4 of 4
Type (Secondary Buyout) 7 of 11
State (Indiana) 3 of 4
Country (United States) 59 of 81
Year (2018) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-20 Potter Electric

St. Louis, Missouri, United States

Potter Electric is a designer and manufacturer of mission-critical specialty electronic and electromechanical products for the fire safety industry. Potter Electric Signal was founded in 1898 and is based in St. Louis, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-12 CoreMedical Group

Manchester, New Hampshire, United States

CoreMedical Group is a healthcare staffing and recruiting agency that brings more than 25 years of experience to the placement of traveling nurses (RN, LPN), traveling therapists (PT, OT, SLP), permanent nurses (RN, staff and management levels), and physicians (MD, Locum Tenens). CoreMedical Group was founded in 1989 and is based in Manchester, New Hampshire.

Buy -

Seller(S) 1

SELLER

Thompson Street Capital Partners

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Thompson Street Capital Partners is a private equity firm that targets control stakes in profitable, mid-sized North American companies with $5 to $20 million of EBITDA. Thompson Street looks for family businesses, private companies seeking liquidity, corporate divestitures, and public companies going private. Areas of interest include healthcare services, business services, electronics, information technology, and engineered products companies. Thompson Street will not consider investments in start-ups, early stage companies, or real estate. Thompson Street Capital was founded in 2000 and is based in St. Louis, Missouri.

DEAL STATS #
Overall 24 of 47
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 9 of 17
State (Indiana) 3 of 3
Country (United States) 24 of 47
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-19 Gurobi Optimization

Beaverton, Oregon, United States

Gurobi Optimization is a commercial provider of optimization software for use in prescriptive analytics applications. Gurobi Optimization was founded in 2008 and is based in Beaverton, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-22 TransnetYX

Cordova, Tennessee, United States

TransnetYX is a fully automated genotyping system for detecting transgenic, knockout, knockin, SNP and CRISPR mutations in animal research models. TransnetYX was founded in 2000 and is based in Cordova, Tennessee.

Buy -
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