M&A Deal Summary

Paul Hartmann AG. Acquires Whitestone Acquisition

On November 26, 2008, Paul Hartmann AG. acquired consumer products company Whitestone Acquisition from Capricorn Holdings

Acquisition Highlights
  • This is Paul Hartmann AG.’s 2nd transaction in the Consumer Products sector.
  • This is Paul Hartmann AG.’s 2nd transaction in the United States.
  • This is Paul Hartmann AG.’s 1st transaction in Indiana.

M&A Deal Summary
Date 2008-11-26
Target Whitestone Acquisition
Sector Consumer Products
Buyer(s) Paul Hartmann AG.
Sellers(s) Capricorn Holdings
Deal Type Add-on Acquisition

Target

Whitestone Acquisition

Bloomington, Indiana, United States
A manufacturer of adult incontinence products such as briefs, liners and under pads, Whitestone primarily serves the institutional long-term care and home health care markets. Formed through the 1995 acquisition of assets in bankruptcy proceedings, Whitestone provides access to a market growing 7 to 10% a year due to demographic trends, Capricorn It?s turnaround strategy has encompassed consolidating operations, upgrading management, refinancing debt and launching new products. The efforts have nearly tripled gross margins from 10% at acquisition to 28.8% in 2004.

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Buyer(S) 1

Buyer

Paul Hartmann AG.

Heidenheim, Germany
Category Company
Sector Healthcare Services
DESCRIPTION

The HARTMANN GROUP is an international player in the fields of medical and hygiene products. Our success rests on our longstanding medical expertise and the ongoing dialog with our customers. The core of our portfolio, marketed under the well-established HARTMANN brand, is made up of professional system solutions in three key segments: wound treatment, incontinence hygiene, and infection prophylaxis.

DEAL STATS #
Overall 3 of 3
Sector (Consumer Products) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Indiana) 1 of 1
Country (United States) 2 of 2
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-20 Bode Chemie KG

Hamburg, Germany

Bode Chemie GmbH & Co. KG is a provider of disinfection, hygiene, and skin protection products.

Buy -

Seller(S) 1

SELLER

Capricorn Holdings

Greenwich, Connecticut, United States
Category Private Equity Firm
Founded 1987
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Capricorn Holdings is a privately held investment group that seeks to investments in middle-market companies operating in basic industries. The firm pursues transactions valued between $50 and $500 million and looks for companies with moderate to low technological risk, strong customer franchises, history of profits, low capital intensity, and possessing undervalued assets. Post acquisition, Capricorn looks to improve operations and build through acquisitions. In addition to distressed situations, Capricorn also purses traditional buyouts, acquisitions, recapitalizations, and spin-offs. Capricorn Holdings was founded in 1987 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 9 of 10
Sector (Consumer Products) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Indiana) 1 of 1
Country (United States) 9 of 10
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-24 Mrs. Fields Famous brands

Salt Lake City, Utah, United States

Mrs. Fields Famous brands, Inc. is one of the largest franchisors in the premium snack food industry, owning such highly recognized brands as Mrs. Fields, Great American Cookie Company, TCBY. Pretzel Time and Pretzel maker.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-28 SDI

Bristol, Pennsylvania, United States

SDI is a provider of MRO (maintenance, repair, and operations) integrated supply chain management services in North America. SDI helps customers optimize business performance by providing technology and supply chain solutions to increase productivity and reduce costs. SDI was established in 1968 and is based in Bristol, Pennsylvania.

Buy -
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