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  6. Onyx Capital Advisors Acquires Core Systems

M&A Deal Summary

Onyx Capital Advisors Acquires Core Systems

On March 1, 2004, private equity firm Onyx Capital Advisors acquired manufacturer Core Systems from Prairie Capital

Acquisition Highlights
  • This is Onyx Capital Advisors’ 1st transaction in the Manufacturing sector.
  • This is Onyx Capital Advisors’ 1st transaction in the United States.
  • This is Onyx Capital Advisors’ 1st transaction in Ohio.

M&A Deal Summary
Date 2004-03-01
Target Core Systems
Sector Manufacturing
Buyer(s) Onyx Capital Advisors
Sellers(s) Prairie Capital
Deal Type Secondary Buyout

Target

Core Systems

Painesville, Ohio, United States
Core Systems, LLC designs and manufactures engineered injection molded plastic products. It also offers design and engineering services. The company uses a range of components for insert molding, and specializes in filtration products. Core Systems also offers specialized services, such as component assembly, sonic welding, heat staking, pad printing, hot stamp decoration, overlay decoration, over molding, and customized packaging. It serves transportation, appliance, medical, electronics, and consumer goods industries. The company has production facilities in Painesville, Mount Gilead, and Mentor, Ohio; and Greensboro, North Carolina.

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Buyer(S) 1

Buyer

Onyx Capital Advisors

Category Private Equity Firm
Founded 2006
Size Small
Type Sector Agnostic
DESCRIPTION

Onyx Capital Advisors is a private equity group focused on acquiring small to medium sized businesses operating in the Midwest and Southeast US and Canada. Onyx looks for businesses with attractive growth prospects where the firm can leverage its operational and financial experience in building companies. Target businesses generally have revenues of at least $10 million and EBITDA of at least $1 million. Onyx Capital Advisors is based in Detroit, Michigan.

DEAL STATS #
Overall 1 of 1
Sector: Manufacturing M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Ohio M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2004 M&A 1 of 1

Seller(S) 1

SELLER

Prairie Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 525M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prairie Capital is a private investment firm that provides equity and/or mezzanine capital to support buyouts and recapitalization of lower middle-market companies generating sales of $20 - $100 million with an EBITDA of $4 - $12 million. Areas of interest include niche manufacturers, business services, consumer products, marketing services, specialty chemical, and food businesses. The firm invests in the range of $25 - $45 million per transaction. Prairie Capital was formed in 1997 and is based in Chicago, Illinois.

DEAL STATS #
Overall 5 of 56
Sector: Manufacturing M&A 2 of 4
Type: Secondary Buyout M&A Deals 5 of 26
State: Ohio M&A 1 of 3
Country: United States M&A 5 of 55
Year: 2004 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-17 First Texas Holdings

El Paso, Texas, United States

First Texas Holdings Corp. is a producer of metal detectors for treasure hunting and consumer night vision products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-09 Coffee Bean International

Portland, Oregon, United States

Coffee Bean International, Inc. is a specialty coffee roaster, providing branded and private label gourmet coffee and related beverages and support services to independent and chain specialty coffee retailers.

Buy -
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