M&A Deal Summary

Platinum Equity, Littlejohn, Bain Capital Private Equity and Aurora Resurgence Acquire Keystone Automotive Operations

On March 30, 2011, private equity firm Platinum Equity, private equity firm Littlejohn, private equity firm Bain Capital Private Equity and distressed investor Aurora Resurgence acquired distribution company Keystone Automotive Operations from Bain Capital Private Equity

Acquisition Highlights
  • This is Platinum Equity’s 3rd, Littlejohn’s 3rd, Bain Capital Private Equity’s 5th and Aurora Resurgence’s 1st transaction in the Distribution sector.
  • This is Platinum Equity’s 37th, Littlejohn’s 20th, Bain Capital Private Equity’s 55th and Aurora Resurgence’s 7th transaction in the United States.
  • This is Platinum Equity’s 3rd, Littlejohn’s 3rd, Bain Capital Private Equity’s 6th and Aurora Resurgence’s 1st transaction in Pennsylvania.
Investment Fate
  • Keystone Automotive Operations was sold to a publicly-traded strategic buyer in 2014 for 450M USD.

M&A Deal Summary

Date 2011-03-30
Target Keystone Automotive Operations
Sector Distribution
Buyer(s) Platinum Equity
Littlejohn
Bain Capital Private Equity
Aurora Resurgence
Sellers(s) Bain Capital Private Equity
Deal Type Recapitalization

Target

Keystone Automotive Operations

Exeter, Pennsylvania, United States
Keystone Automotive Operations, Inc. is a distributor and marketer of specialty aftermarket equipment and accessories. Keystone markets products to serve the following six category segments: truck and off-road; speed and performance; recreational vehicle; towing; wheels, tires and performance handling; and miscellaneous accessories.

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Buyer(S) 4

Buyer

Platinum Equity

Beverly Hills, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 50.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Platinum Equity's headquarters in Beverly Hills, California.
Platinum Equity's headquarters in Beverly Hills, California.

Platinum Equity is a private equity firm focused on acquiring divestitures of larger public companies primarily in North America and Europe. Historically, Platinum targeted technology/software related businesses, however, the firm has since branched out beyond tech and will consider acquisitions in a broad range of industries including chemicals, communications, logistics, healthcare, automotive, industrial products, and business services. Platinum Equity was formed in 1995 by Tom Gores and is based in Beverly Hills, California.


DEAL STATS #
Overall 44 of 156
Sector: Distribution M&A 3 of 15
Type: Recapitalization M&A Deals 1 of 2
State: Pennsylvania M&A 3 of 9
Country: United States M&A 37 of 121
Year: 2011 M&A 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-22 Altura Communication Solutions

Anaheim, California, United States

Altura Communication Solutions is a provider of voice and data communications solutions and associated maintenance services to corporate customers and government entities. Altura Communication Solutions was founded in 2001 and is based in Anaheim, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-08 Pistons Sports & Entertainment

Auburn Hills, Michigan, United States

Pistons Sports & Entertainment hosts, produces, and manages premier sporting and entertainment events in Michigan. Assets include NBA Team Detroit Pistons, The Palace of Auburn Hills and DTE Energy Music Theatre. Pistons Sports & Entertainment was founded in 1988 and is based in Auburn Hills, Michigan.

Buy -
Buyer

Littlejohn

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 7.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Littlejohn is a private equity firm that makes control investments in mid-sized companies undergoing change; either in capital structure, strategy, operations, or growth. Littlejohn looks to commit $50 to $250 million of equity, mezzanine, or credit capital in companies with annual revenues of $100 to $800 million. Sectors of interest include industrial equipment, packaging, chemicals, automotive and transportation parts and equipment, food and food processing, healthcare, plastics, aerospace/defense, distribution, environmental and infrastructure services, and consumer products. The Firm avoids investing in real estate, fashion, retail, and businesses engaged in high technology. Littlejohn prefers opportunities located in the US, but also considers opportunities in Europe and Canada. Littlejohn was formed in 1996 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 24 of 66
Sector: Distribution M&A 3 of 6
Type: Recapitalization M&A Deals 2 of 8
State: Pennsylvania M&A 3 of 4
Country: United States M&A 20 of 62
Year: 2011 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-17 LJVH Holdings

Montreal, Quebec, Canada

Van Houtte is a roaster and distributor of gourmet branded and private label coffee in Canada and a provider of coffee services throughout North America. The company sells through traditional wholesale outlets such as supermarkets and grocery stores in Canada and maintains a fleet for coffee services of almost 800 trucks.

Sell CA$915M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-10 Synventive Molding Solutions

Peabody, Massachusetts, United States

Synventive Molding Solutions, Inc. is a solutions provider to the injection molding industry. Synventive is a designers, manufacturers and suppliers of hot runner systems and related components to the automotive, electronics, healthcare, and consumer packaging industries. Hot runner systems channel molten plastic from injection molding machines into molds. These systems are used in the molding of a variety of plastic products ranging from small medical devices to large automobile parts.

Buy -
Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 86 of 251
Sector: Distribution M&A 5 of 11
Type: Recapitalization M&A Deals 4 of 8
State: Pennsylvania M&A 6 of 10
Country: United States M&A 55 of 130
Year: 2011 M&A 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-10 HCA Healthcare

Nashville, Tennessee, United States

HCA Healthcare is a national healthcare service provider. HCA operates general and acute care hospitals with a full range of services to accommodate such medical specialties as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, as well as diagnostic and emergency services. Outpatient and ancillary health care services are provided by general, acute care hospitals, freestanding surgery centers, diagnostic centers, and rehabilitation facilities. HCA's psychiatric hospitals provide a full range of mental health care services through inpatient, partial hospitalization and outpatient settings. HCA Healthcare was formed in 1968 and is based in Nashville, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-06 Warner Music Group

New York, New York, United States

Warner Music Group is home to a collection of the best-known record labels in the music industry, including Asylum, Atlantic, East West, Elektra, Fueled By Ramen, Nonesuch, Reprise, Rhino, Roadrunner, Rykodisc, Sire, Warner Bros., and Word, as well as Warner/Chappell Music. WMG comprises an array of businesses aimed at helping artists achieve long-term creative and financial success while providing consumers with the highest-quality music content available. WMG is engaged in the recorded music business (including artist services) and the music publishing business, and is a leading company in national and international repertoire that operates through numerous international affiliates and licensees in more than 50 countries. Warner Music Group was formed in 1929 and is headquartered in New York, New York.

Sell $3.3B
Buyer

Aurora Resurgence

Investor Investor


Category Distressed Investor
Founded 1991
PE ASSETS 550M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Aurora Resurgence is a private equity firm focused on complex or special situation investments. The Firm is associated with private equity group Aurora Capital Group and looks to invest $25 to $100 million of equity or debt capital to support a variety of investment situations including buyouts, carve-outs, recapitalizations, 363 sales, secondary debt purchases, DIP financings, and restructurings. Aurora Resurgence is based in Los Angeles, California.


DEAL STATS #
Overall 7 of 12
Sector: Distribution M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 1
State: Pennsylvania M&A 1 of 1
Country: United States M&A 7 of 10
Year: 2011 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-11 QSR

Pepper Pike, Ohio, United States

QSR is a manufacturer of tight-tolerance rubber and silicone molded components, plastic based sub-assemblies, and packaged products for companies worldwide. QSR was founded in 1966 and is based in Pepper Pike, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-02 LandCare

Frederick, Maryland, United States

LandCare is a national provider of landscape maintenance services and offers a comprehensive suite of commercial landscaping services, including turf care, irrigation maintenance, color and ground cover, lawn and shrub pest control, mulch, specialty projects, hardscaping, and snow removal. LandCare currently operates 47 branches across 16 states and Washington DC and provides its services to a diverse group of commercial customers, including multi-family housing operators, office/industrial buildings and government facilities.

Buy -

Seller(S) 1

SELLER

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


DEAL STATS #
Overall 36 of 152
Sector: Distribution M&A 1 of 5
Type: Recapitalization M&A Deals 2 of 4
State: Pennsylvania M&A 2 of 7
Country: United States M&A 26 of 87
Year: 2011 M&A 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-10 HCA Healthcare

Nashville, Tennessee, United States

HCA Healthcare is a national healthcare service provider. HCA operates general and acute care hospitals with a full range of services to accommodate such medical specialties as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, as well as diagnostic and emergency services. Outpatient and ancillary health care services are provided by general, acute care hospitals, freestanding surgery centers, diagnostic centers, and rehabilitation facilities. HCA's psychiatric hospitals provide a full range of mental health care services through inpatient, partial hospitalization and outpatient settings. HCA Healthcare was formed in 1968 and is based in Nashville, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-06 Warner Music Group

New York, New York, United States

Warner Music Group is home to a collection of the best-known record labels in the music industry, including Asylum, Atlantic, East West, Elektra, Fueled By Ramen, Nonesuch, Reprise, Rhino, Roadrunner, Rykodisc, Sire, Warner Bros., and Word, as well as Warner/Chappell Music. WMG comprises an array of businesses aimed at helping artists achieve long-term creative and financial success while providing consumers with the highest-quality music content available. WMG is engaged in the recorded music business (including artist services) and the music publishing business, and is a leading company in national and international repertoire that operates through numerous international affiliates and licensees in more than 50 countries. Warner Music Group was formed in 1929 and is headquartered in New York, New York.

Sell $3.3B