M&A Deal Summary

P4G Capital Management Acquires Lake Air Products

On January 9, 2023, private equity firm P4G Capital Management acquired metals/mining company Lake Air Products from Capital For Business, Mendota Group and Aldine Capital Partners

Acquisition Highlights
  • This is P4G Capital Management’s 1st transaction in the Metals/Mining sector.
  • This is P4G Capital Management’s 7th transaction in the United States.
  • This is P4G Capital Management’s 1st transaction in Minnesota.

M&A Deal Summary

Date 2023-01-09
Target Lake Air Products
Sector Metals/Mining
Buyer(s) P4G Capital Management
Sellers(s) Capital For Business
Mendota Group
Aldine Capital Partners
Deal Type Secondary Buyout

Target

Lake Air Products

Minneapolis, Minnesota, United States
Lake Air Products is a precision manufacturer of metal products with deep expertise in sheet metal and structural fabrication, machining, stamping, tool design and build, and electromechanical assembly serving industrial OEMs in the medical, turf care, industrial, automotive, and aerospace industries. Lake Air Products was founded in 1974 and is based in Minneapolis, Minnesota.

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Buyer(S) 1

DESCRIPTION

P4G Capital Management is a private equity group focused on acquiring lower middle-market family controlled companies. The Firm prefers opportunities in the Western US and generally seeks profitable companies with $20 to $150 million in revenue. Sectors of interest include business services, manufacturing, aerospace/defense, technology, healthcare, and energy services. P4G Capital Management was established in 2015 and is headquartered in San Francisco, California.


DEAL STATS #
Overall 7 of 8
Sector (Metals/Mining) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Minnesota) 1 of 1
Country (United States) 7 of 8
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 McCay

St.Louis, Missouri, United States

McCay is a manufacturer specializing in precision machining of aerospace components and complex assemblies, utilizing state-of-the-art machining equipment and industry engineering processes. McCay was founded in 1950 and is based in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-01 Sunnen Products

St. Louis, Missouri, United States

Sunnen Products is manufacturing and distribution of bore sizing and finishing equipment, engine rebuilding equipment, and tooling. Sunnen Products was founded in1924 and is based in St. Louis, Missouri.

Buy -

Seller(S) 3

SELLER

Capital For Business

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1959
PE ASSETS 150M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Capital for Business (CFB) is a private investment firm focused on providing junior capital to growing lower middle-market companies with at least $8 million in sales. CFB targets businesses serving niche consumer, commercial, distribution, manufacturing, and service markets throughout the United States. Funds are typically used to support management buyouts, leveraged buyouts, recapitalizations, corporate divestitures, growth financings, and going-private transactions. CFB will not invest in start-ups, turnarounds, unproven technologies, biotech, real estate, and financial institutions. Capital for Business was founded in 1959 and is headquartered in St. Louis, Missouri.


DEAL STATS #
Overall 17 of 19
Sector (Metals/Mining) 2 of 2
Type (Secondary Buyout) 6 of 6
State (Minnesota) 3 of 3
Country (United States) 17 of 19
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-01 Kupferle

St. Louis, Missouri, United States

Kupferle is a manufacturer of water hydrants, sampling stations, monitoring and flushing solutions used primarily by municipalities to manage clean water systems. Kupferle was founded in 1857 and is based in St. Louis, Missouri

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-01 Vehicle Security Innovators

Green Bay, Wisconsin, United States

Vehicle Security Innovators is a manufacturer of vehicle security products for truck OEM & aftermarket segments, VSI through its other business units (Pop & Lock, Freight Defense, and Simply Keys) provides aftermarket security systems and accessories for passenger vehicles, truck fleets and manufacturers of construction equipment, toolboxes, handles, and latches. Vehicle Security Innovators was founded in 1948 and is based in Green Bay, Wisconsin.

Buy -
SELLER

Mendota Group

Madison, Wisconsin, United States

Category Private Equity Firm
Founded 2000
Size Small
Type Sector Focused
DESCRIPTION

The Mendota Group is a private investment firm that targets Midwest US-based investments in low to medium technology manufacturing, distribution, and service-related companies. Prospective acquisitions are either privately owned or subsidiaries/divisions of publicly owned companies. Mendota typically seeks businesses with revenues between $5 and $20 million and valued less then $20 million. The Mendota Group is based in Madison, Wisconsin.


DEAL STATS #
Overall 4 of 4
Sector (Metals/Mining) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Minnesota) 3 of 3
Country (United States) 4 of 4
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-08 Jor-Mac

Lomira, Wisconsin, United States

Jor-Mac is a manufacturer of metal fabrications and electromechanical-assemblies for OEMs in the HVAC, industrial automation, and back-up power / grid infrastructure space. Jor-Mac was founded in 1952 and is based in Lomira, Wisconsin.

Buy -
SELLER

Aldine Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Aldine Capital Partners is a mezzanine investment firm that provides mezzanine and junior capital financing to lower middle-market companies generating sales of at least $10 million and at least $2 million in EBITDA. Aldine invests in the range of $4 to $25 million per transaction. Types of transactions include management buyouts, acquisition financings, shareholder liquidity events, recapitalizations, and growth financings of smaller middle-market companies. Aldine will consider investments across the United States, but has a primary focus on opportunities in the Midwest. The Firm will not consider investments in start-ups, turnarounds, real estate, insurance, banking, and oil/gas. Aldine Capital was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 21 of 24
Sector (Metals/Mining) 2 of 2
Type (Secondary Buyout) 8 of 9
State (Minnesota) 2 of 2
Country (United States) 21 of 24
Year (2023) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-08 Jor-Mac

Lomira, Wisconsin, United States

Jor-Mac is a manufacturer of metal fabrications and electromechanical-assemblies for OEMs in the HVAC, industrial automation, and back-up power / grid infrastructure space. Jor-Mac was founded in 1952 and is based in Lomira, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-11 Mearthane Products

Cranston, Rhode Island, United States

Mearthane Products is a manufacturer of custom formulated and fabricated open-cast, thermoset polyurethane components. Recognized as a pioneer in the development of polyurethane rollers for copiers, Mearthane Products is a key supplier for manufacturers in the business machine, industrial, recreational, and military/defense industries. Mearthane Products was foudned in 1965 and is based in Cranston, Rhode Island.

Buy -