Recapitalization • Manufacturing

Plexus Capital and Washington Equity Partners Acquire Tube Bending

On February 3, 2020, private equity firms Plexus Capital and Washington Equity Partners acquired manufacturer Tube Bending

Acquisition Context
  • This is Plexus Capital’s 10th and Washington Equity Partners’ 3rd transaction in the Manufacturing sector.
  • This is Plexus Capital’s 97th and Washington Equity Partners’ 3rd transaction in the United States.
  • This is Plexus Capital’s 5th and Washington Equity Partners’ 1st transaction in California.

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M&A Deal Summary

Date February 3, 2020
Target Tube Bending
Sector Manufacturing
Buyer(s) Plexus Capital
Washington Equity Partners
Deal Type Recapitalization
Advisor(s) Keystone Capital Markets (Financial)

Target Company

Tube Bending

Apple Valley, California, United States
Tube Bending is a manufacturer and fabricator of tubing and tubing assemblies. Tube Bending’s vertically-integrated suite of capabilities includes tube bending, tube fabrication, machining, welding, brazing, assembly, design, inspection, and testing. Tube Bending is based in Apple Valley, California.
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Buyers Overview 2

Buyer

Plexus Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 2.2B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Plexus Capital is a private equity firm that invests in buyouts, acquisitions, recapitalizations and growth financings in the form of junior and/or equity capital. Plexus focuses on lower middle-market businesses located in the Mid-Atlantic and Southeast areas of the US. The Firm looks for businesses companies in the business services, consumer services, manufacturing, value-added distribution, and healthcare sectors with up to $2 to $15 million of cash-flow. Plexus Capital was formed in 1995 and is based in Charlotte, North Carolina.


Deal Context for Buyer #
Overall 97 of 149
Sector: Manufacturing 10 of 12
Type: Recapitalization 28 of 29
State: California 5 of 9
Country: United States 97 of 149
Year: 2020 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-01 Xclusive Services

Westminster, Colorado, United States

Xclusive Services is a provider of outsourced staffing solutions for the hospitality industry. Xclusive offers customers a full-service suite of personnel solutions including housekeeping, laundry, culinary, banquet service, guest services, dishwashing, maintenance, food & beverage, and events. Xclusive Services was founded in 2002 and is based in Westminster, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-21 Schill Grounds Management

North Ridgeville, Ohio, United States

Schill Grounds Management is a privately held commercial landscaping company. Schill Grounds Management was founded in 1993 and is based in North Ridgeville, Ohio.

Buy -
DESCRIPTION

Washington Equity Partners is a private equity firm focused on opportunities in the aerospace, defense, industrial, software, and technology sectors. The Firm looks to invest $5 to $50 million of equity for controlling stakes in profitable companies with $3 to $15 million of EBITDA. Washington Equity Partners looks to help portfolio companies with a variety of growth/valuation creation strategies including acquisitions, operational improvements, recruiting, and access to capital markets. Washington Equity Partners was established in 2016 and is headquartered in McLean, Virginia.


Deal Context for Buyer #
Overall 3 of 3
Sector: Manufacturing 3 of 3
Type: Recapitalization 2 of 2
State: California 1 of 1
Country: United States 3 of 3
Year: 2020 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-21 Accu-Tube

Denver, Colorado, United States

Accu-Tube is a manufacturer of quality standard and custom size stainless steel tubing. Sizes from small diameter hypodermic medical tubing .009" OD (.23mm) to .375"OD (9.35mm). Fabrication processes include welding, drawing, straightening, cutting, deburring, cleaning, bending, coiling, end-forming, beading, flaring, swaging, and others. Accu-Tube was founded in 1973 and is based in Denver, Colorado.

Buy -