M&A Deal Summary

Parker Hannifin Acquires Hi-Tech Rubber

On May 8, 2008, Parker Hannifin acquired medical products company Hi-Tech Rubber from Red Diamond Capital, Century Park Capital Partners and New Canaan Funding

Acquisition Highlights
  • This is Parker Hannifin’s 1st transaction in the Medical Products sector.
  • This is Parker Hannifin’s 25th transaction in the United States.
  • This is Parker Hannifin’s 2nd transaction in California.

M&A Deal Summary
Date 2008-05-08
Target Hi-Tech Rubber
Sector Medical Products
Buyer(s) Parker Hannifin
Sellers(s) Red Diamond Capital
Century Park Capital Partners
New Canaan Funding
Deal Type Add-on Acquisition

Target

Hi-Tech Rubber

Anaheim, California, United States
Hi-Tech Rubber, Inc., is an custom molder of precision elastomeric components utilized primarily in the medical industry.

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Buyer(S) 1

Buyer

Parker Hannifin

Cleveland, Ohio, United States
Category Company
Founded 1917
Sector Machinery
Employees50,520
Revenue 19.9B USD (2024)
DESCRIPTION
Entrance to Parker Hannifin's corporate headquarters in Cleveland, Ohio.
Entrance to Parker Hannifin's corporate headquarters in Cleveland, Ohio.

Parker-Hannifin is a diversified manufacturer of motion and control technologies and systems, providing precision engineered solutions for a wide variety of mobile, industrial and aerospace markets. Parker Hannifin was formed in 1917 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 42 of 73
Sector (Medical Products) 1 of 2
Type (Add-on Acquisition) 26 of 51
State (California) 2 of 5
Country (United States) 25 of 41
Year (2008) 3 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-07 Vansco Electronics

Winnipeg, Manitoba, Canada

Vansco Electronics, LP is a provider of custom electronic controls, displays, sensors and other related components are used in the agriculture, construction, bus, motor coach and recreational vehicle markets. The Company operates from Winnipeg, Manitoba and Valley City, North Dakota, serving an international customer base with both customized and standard proprietary products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-03 Titan Industries

South Gate, California, United States

Titan Industries is a manufacturer of industrial rubber, custom-made and composite hoses for fluid and material transfer as well as related products, services and accessories.

Buy -

Seller(S) 3

SELLER

Red Diamond Capital

Category Private Equity Firm
Founded 2002
PE ASSETS 180M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Red Diamond Capital is an independent private equity fund that invests in middle market manufacturing, distribution and service companies generating revenues at least $25 million with $5 million of EBITDA . Other areas of interest include specialty chemicals, food and consumer products, machinery and industrial products, building products, plastics and packaging, distribution and logistics, outsourced business services, and medical manufacturing. Red Diamond seeks to invest between $10 and $35 million of equity in each platform company. Target transaction types include management buyouts, recapitalizations, leveraged build-ups, and growth capital financings. Red Diamond is funded by and partnered with the Mitsubishi Corporation of Japan. Red Diamond was formed in 2002 and is based in New York City.

DEAL STATS #
Overall 2 of 6
Sector (Medical Products) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (California) 2 of 2
Country (United States) 2 of 5
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-24 W.C. Wood

Guelph, Ontario, Canada

W.C. Wood Company, Inc. is a producer and marketer of consumer and commercial appliances, including chest and upright freezers, refrigerators and dehumidifiers. The company has three production facilities in the United States, Canada and Mexico.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-17 Avon Automotive Holdings

Cadillac, Michigan, United States

Avon Automotive is a global manufacturer of engineered rubber and polymer products with four primary product lines: fuel hose; coolant hose; air hose; and vibration management systems. The company serves the automotive, heavy truck, small engine and recreational vehicle industries in North America and Europe.

Sell -
SELLER

Century Park Capital Partners

El Segundo, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Century Park Capital Partners (CPCP) is a private equity firm that partners with owners and managers to build companies. The Firm targets businesses generating sales of $20 to $100 million and EBITDA of $3 to $15 million. Century Park Capital specializes in facilitating owner liquidity and business expansion through minority and majority recapitalizations, growth financings, management led buyouts, and acquisition financings. CPCP looks to invest $10 to $40 million per transaction. Areas of interest include consumer products, food, education, business services, test/measurement equipment, medical components, pet supplies, packaging, automotive, chemicals, and third party logistics. CPCP was formed in 2000 and is based in Los Angeles with an additional office in Menlo Park, California.

DEAL STATS #
Overall 4 of 16
Sector (Medical Products) 1 of 2
Type (Add-on Acquisition) 2 of 9
State (California) 3 of 6
Country (United States) 4 of 16
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-02 Aqua-Flo

Chino, California, United States

Aqua-Flo LLC is a manufacturer and supplier of pumps to the leisure water industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-14 Eckler s Corvette

Titusville, Florida, United States

Eckler's Corvette, Inc. is a supplier of parts and accessories to the Corvette and Classic Chevy enthusiast market. Eckler was formed in 1961 and is based in Titusville, Florida.

Buy -
SELLER

New Canaan Funding

New Canaan, Connecticut, United States
Category Mezzanine Finance Firm
Founded 1995
PE ASSETS 238M USD
Size Small
Type Sector Agnostic
DESCRIPTION

New Canaan Funding is a middle-market mezzanine finance firm. New Canaan looks to provide subordinated debt to help fund acquisitions, recapitalizations and growth financings. New Canaan invests $3 to $20 million per transaction with an EBITDA of $3 million. New Canaan Funding was formed in 1995 and has offices in New Canaan, Connecticut and Wheaton, Illinois.

DEAL STATS #
Overall 7 of 36
Sector (Medical Products) 2 of 3
Type (Add-on Acquisition) 4 of 13
State (California) 1 of 3
Country (United States) 7 of 35
Year (2008) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-16 HerbThyme Farms

Perrysburg, Ohio, United States

HerbThyme Farms is the largest grower and marketer of organic and conventional fresh herbs in the U.S. The company grows its products on over 600 acres in California, and ships more than five million pounds of fresh herbs each year from its farms and other certified sources.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-26 Safemark

Orlando, Florida, United States

Safemark is a provider of technology-enabled secure storage, mobility and guest amenity solutions. Safemark operates three brands (Safemark, Best Lockers and ScooterBug) whose products enable the Company to reach a broad set of end markets, including water parks, theme/amusement parks, resorts, hotels, zoos, and casinos, among others.

Buy -
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