M&A Deal Summary

Pearl Street Capital Partners and Farragut Capital Partners Acquire Measurement Control Systems

On December 1, 2023, private equity firm Pearl Street Capital Partners and mezzanine finance firm Farragut Capital Partners acquired test/measurement equipment company Measurement Control Systems from C3 Capital

Acquisition Highlights
  • This is Pearl Street Capital Partners’ 1st and Farragut Capital Partners’ 1st transaction in the Test/Measurement Equipment sector.
  • This is Pearl Street Capital Partners’ 1st and Farragut Capital Partners’ 90th transaction in the United States.
  • This is Pearl Street Capital Partners’ 1st and Farragut Capital Partners’ 7th transaction in California.

M&A Deal Summary
Date 2023-12-01
Target Measurement Control Systems
Sector Test/Measurement Equipment
Buyer(s) Pearl Street Capital Partners
Farragut Capital Partners
Sellers(s) C3 Capital
Deal Type Secondary Buyout
Advisor(s) Hext Capital Partners (Financial)

Target

Measurement Control Systems

Irvine, California, United States
Measurement Control Systems is a value-added distributor and servicer of natural gas meters, process instrumentation and controls, gas regulators, water meters, and various other residential, industrial, and commercial flow meters to thousands of utility and industrial customers throughout the U.S. MCS specializes in products that are critical infrastructure components in the natural gas and water grids which need to be maintained, replaced and upgraded over time. The Company is a value-added partner that leverages in-house engineering and research and development capabilities to deliver complex and customized solutions to its customers. Measurement Control Systems was founded in 1964 and is based in Irvine, California.

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Buyer(S) 2

Buyer

Pearl Street Capital Partners

Investor Investor

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 1 of 1
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
Buyer

Farragut Capital Partners

Chevy Chase, Maryland, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2011
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Farragut Capital Partners LLC is a private investment firm that provides mezzanine and equity capital to help finance buyouts, generational transfers, growth capital financings, and recapitalizations. The Firm prefers asset-light businesses with unique and defensible market positions, stable business models, and reasonable capital expenditure and working capital needs. Sectors of interest include light and niche manufacturing, business services, distribution & logistics, and media. Farragut's target investment size is $2 to $10 million. Farragut Capital Partners was formed in 2011 and is based in Washington, District of Columbia.

DEAL STATS #
Overall 90 of 97
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 8 of 8
State (California) 7 of 7
Country (United States) 90 of 97
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-10 Peachey Hardwood Flooring

Reedsville, Pennsylvania, United States

Peachey Hardwood Flooring manufactures premium hardwood flooring and related millwork products. The Company offers handcrafted custom products across a broad selection of species, widths, cuts, stains, and finishes to wholesalers and distributors nationwide. Peachey Hardwood Flooring was founded in 1995 and is based in Reedsville, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-21 Malco

Tulsa, Oklahoma, United States

Malco manufactures and distributes hardware anchors specially designed to secure refractory linings for industrial furnaces, kilns, reactors, boilers, and other high-temperature environments found in petrochemical plants, cement and steel manufacturing, and power generation facilities. The Company also fabricates structural metal assemblies such as flare systems, pressure vessels, storage tanks, and processing equipment. Malco was founded in 1982 and is based in Tulsa, Oklahoma.

Buy -

Seller(S) 1

SELLER

C3 Capital

Kansas City, Missouri, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1994
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

C3 Capital is a private investment firm that provides capital for later-stage growth, strategic acquisitions, ownership transitions, and recapitalizations. The Firm typically invests in the form of subordinated debt or preferred equity and can commit between $3 and $15 million in businesses with at least $2 million of EBITDA. Target sectors include chemicals, plastics, energy, business services, distribution, and high value-added manufacturing. C3 does not seek a controlling interest when pursuing investments. C3 will not invest in real estate, oil/gas exploration, or financial institutions. C3 Capital is based in Kansas City, Missouri.

DEAL STATS #
Overall 25 of 25
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 9 of 9
State (California) 3 of 3
Country (United States) 25 of 25
Year (2023) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-25 National Power

Raleigh, North Carolina, United States

National Power is a provider of highly engineered electrical applications and backup power for critical infrastructure within the telecom, wireless, and commercial infrastructure applications. National Power was founded in 1985 and is based in Raleigh, North Carolina.

Sell -
Mergr

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