M&A Deal Summary

Patrick Acquires Transhield

On November 28, 2022, Patrick acquired manufacturer Transhield from Ancor Capital Partners and Midwest Mezzanine Funds

Acquisition Highlights
  • This is Patrick’s 12th transaction in the Manufacturing sector.
  • This is Patrick’s 58th transaction in the United States.
  • This is Patrick’s 30th transaction in Indiana.

M&A Deal Summary

Date 2022-11-28
Target Transhield
Sector Manufacturing
Buyer(s) Patrick
Sellers(s) Ancor Capital Partners
Midwest Mezzanine Funds
Deal Type Add-on Acquisition

Target

Transhield

Elkhart, Indiana, United States
Transhield designs and manufactures highly engineered environmental protective and corrosion-inhibiting covers that protect boats, vehicles, military equipment, and equipment during storage and transportation. Transhield was founded in 1994 and is based in Elkhart, Indiana.

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Buyer(S) 1

Buyer

Patrick

Elkhart, Indiana, United States

Category Company
Founded 1959
Sector Building Materials
Employees10,000
Revenue 3.5B USD (2023)
DESCRIPTION
Entrance to Patrick Industries' corporate headquarters in Elkhart, Indiana.
Entrance to Patrick Industries' corporate headquarters in Elkhart, Indiana.

Patrick is a manufacturer of building products and materials to the manufactured housing and recreational vehicle industries. The Company also supplies many of its products to the Industrial market that include customers in the kitchen cabinet, household furniture, fixtures and commercial furnishings, marine, architectural and the automotive aftermarket. Patrick was founded 1959 and is based in Elkhart, Indiana.


DEAL STATS #
Overall 58 of 61
Sector (Manufacturing) 12 of 13
Type (Add-on Acquisition) 52 of 55
State (Indiana) 30 of 32
Country (United States) 58 of 61
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 Diamondback Marine

Cocoa, Florida, United States

Diamondback Marine is a manufacturer of premium wakeboard/ski towers and accessories for marine OEMs. Diamondback Marine is based in Cocoa, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-01 BTI Transport

Elkhart, Indiana, United States

BTI Transport is a marine transportation company that transports pontoon boats all over the country. The company has a commitment to its manufacturers as well as its driver base. BTI Transport was formed in 1995 and is based in Elkhart, Indiana.

Buy -

Seller(S) 2

SELLER

Ancor Capital Partners

Southlake, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
Size Small
Type Sector Agnostic
DESCRIPTION

Ancor Capital Partners is a private equity firm focused on recapitalizations of lower middle-market companies operating in the manufacturing, distribution, and healthcare sectors. Prospective businesses are generally valued between $25 and $150 million and are profitable with EBITDA of $5 to $15 million. The Firm prefers businesses located in the US. Ancor will does not invest in start-ups, turnarounds, or businesses in real estate, or energy exploration. Ancor Capital Partners was formed in 1994 and is based in Southlake, Texas.


DEAL STATS #
Overall 14 of 14
Sector (Manufacturing) 2 of 2
Type (Add-on Acquisition) 10 of 10
State (Indiana) 1 of 1
Country (United States) 14 of 14
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 Mid-West Textile

El Paso, Texas, United States

Mid-West Textile is a textile recycler, retailer, and grader that provides an array of clothing and housewares for international export, domestic wholesale, and thrift retail end-markets. Mid-West reduces post-consumer waste while creating new supply chains for organizations in the U.S. and around the world. Mid-West Textile is based in El Paso, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-20 Predictive Fitness

Southlake, Texas, United States

Predictive Fitness specializes in AI-powered fitness software solutions designed to optimize health and performance. Predictive Fitness was founded in 2009 and is based in Southlake, Texas.

Buy -
SELLER

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 52 of 56
Sector (Manufacturing) 3 of 4
Type (Add-on Acquisition) 22 of 24
State (Indiana) 2 of 2
Country (United States) 51 of 55
Year (2022) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-25 CALco

Richmond, Illinois, United States

CALco is a vertically integrated, full-service wooden pallet manufacturer selling both new and recycled pallets to a diverse customer base throughout the Midwest. It operations include a captive hardwood sawmill and landscape mulching capabilities to monetize scrap and unusable pallets. CALco was founded in 2006 and is based in Richmond, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-05 Form Tech Concrete Forms

Walled Lake, Michigan, United States

Form Tech Concrete Forms is a construction services company focused on providing concrete forming and shoring rental solutions and related accessories to concrete subcontractors and general contractors. Form Tech Concrete Forms was founded in 1994 and is based in Walled Lake, Michigan.

Sell -