M&A Deal Summary

Prospect Capital Management and Palladium Equity Partners Acquire American Gilsonite

On March 17, 2008, business development company Prospect Capital Management and private equity firm Palladium Equity Partners acquired chemicals company American Gilsonite for 74M USD

Acquisition Highlights
  • This is Prospect Capital Management’s 3rd and Palladium Equity Partners’ 3rd transaction in the Chemicals sector.
  • This is Prospect Capital Management’s 8th and Palladium Equity Partners’ largest (disclosed) transaction.
  • This is Prospect Capital Management’s 36th and Palladium Equity Partners’ 20th transaction in the United States.
  • This is Prospect Capital Management’s 2nd and Palladium Equity Partners’ 1st transaction in Utah.

M&A Deal Summary
Date 2008-03-17
Target American Gilsonite
Sector Chemicals
Buyer(s) Prospect Capital Management
Palladium Equity Partners
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 74M USD

Target

American Gilsonite

Bonanza, Utah, United States
American Gilsonite Company and its predecessor companies have provided high-quality Gilsonite and Gilsonite products and service since 1888. Gilsonite, a registered trademark of American Gilsonite Company, is a non-hazardous, naturally occurring hydrocarbon resin that is similar in appearance to coal or hard asphalt but not similar in properties. Gilsonite is a unique industrial mineral found only in Eastern Utah. As the world's major supplier of Gilsonite products, we market many different grades. We have extensive experience in shipping direct from our Bonanza Mine Site and through our network of agents and stocking distributors in over 40 countries around the world.

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Buyer(S) 2

Buyer

Prospect Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Business Development Company
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.

DEAL STATS #
Overall 37 of 86
Sector (Chemicals) 3 of 4
Type (Buyout (LBO, MBO, MBI)) 23 of 41
State (Utah) 2 of 3
Country (United States) 36 of 83
Year (2008) 1 of 7
Size (of disclosed) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-01 Preferred Homecare

Phoenix, Arizona, United States

Founders Healthcare LLC provides home healthcare products and services in the Southwest. The company offers respiratory, home infusion, and home medical equipment therapies and services through its branch offices and service centers. Founders Healthcare was formed in 1997 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-03 Ajax Rolled Ring & Machine

York, South Carolina, United States

Ajax Rolled Ring & Machine is a manufacturer of seamless rolled rings. Ajax provides heat treating, machining, and shot blasting of the forged rings. The rings are consumed in various global end markets, including mining, construction, oil and gas, and power generation. Ajax Rolled Ring & Machine was founded in 1956 and is based in York, South Carolina.

Buy -
Buyer

Palladium Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Palladium Equity Partners is a private equity firm that looks to invest in businesses focused on the US Hispanic marketplace. Target sectors include business services, financial services, consumer/retail, food/restaurants, healthcare, manufacturing, and media. Palladium's target investment size is $50 to $150 million with an EBITDA of $10 to $75 million. The Firm will consider investing in mature, stable businesses as well as younger companies and turnaround situations. Palladium was formed in 1997 and is based in New York City.

DEAL STATS #
Overall 20 of 52
Sector (Chemicals) 3 of 3
Type (Buyout (LBO, MBO, MBI)) 15 of 22
State (Utah) 1 of 2
Country (United States) 20 of 51
Year (2008) 3 of 7
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-01 Phibro

Teaneck, New Jersey, United States

Phibro is a global diversified animal health and mineral nutrition company. Phibro develops, manufactures and markets a broad range of products for food animals including poultry, swine, beef and dairy cattle and aquaculture. Phibro's products help prevent, control and treat diseases, enhance nutrition to help improve health and contribute to balanced mineral nutrition. Phibro was founded in 2014 and is based in Teaneck, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-16 Remesas Quisqueyana

Lawrenceville, Georgia, United States

RQI is a leading provider of electronic fund transfer services from a base of approximately 600 agents and 27 company-owned branch stores, with capabilities of sending money to 48 countries through 18,000 payout locations. Headquartered in New York City, the Company currently operates in New York, New Jersey, Florida, Massachusetts, Connecticut, Maryland, Illinois, Texas, Ohio, Virginia, Georgia, Alaska, New Hampshire, Rhode Island, Arkansas, Washington DC, Puerto Rico, the U.S. Virgin Islands and Canada.

Buy -
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