M&A Deal Summary

Principal Industries Acquires SloanLED

On October 17, 2022, Principal Industries acquired electrical equipment company SloanLED from Baird Capital, Golub Capital and JZ Partners

Acquisition Highlights
  • This is Principal Industries’ 1st transaction in the Electrical Equipment sector.
  • This is Principal Industries’ 1st transaction in the United States.
  • This is Principal Industries’ 1st transaction in Texas.

M&A Deal Summary

Date 2022-10-17
Target SloanLED
Sector Electrical Equipment
Buyer(s) Principal Industries
Sellers(s) Baird Capital
Golub Capital
JZ Partners
Deal Type Add-on Acquisition

Target

SloanLED

San Angelo, Texas, United States
SloanLED is a designer and manufacturer of LED lighting systems for use in sign, spa, and optoelectronic applications. SloanLED was founded in 1957 and is based in San Angelo, Texas.

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Buyer(S) 1

Buyer

Principal Industries

San Angelo, Texas, United States

Category Company
Founded 2010
Sector Electrical Equipment
DESCRIPTION

Principal Industries is a provider of electrical components, services, and software to the signage and architectural lighting industry, serving a diverse range of commercial end users, including retail, petroleum, quick-serve restaurants, banking, and automotive. Principal Industries was founded in 2010 and is based in San Angelo, Texas.


DEAL STATS #
Overall 1 of 2
Sector (Electrical Equipment) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (Texas) 1 of 1
Country (United States) 1 of 2
Year (2022) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-22 HanleyLED

St. Louis, Missouri, United States

HanleyLED is an operator of LEDs in the commercial sign industry with Tier 1 LEDs, power supplies, and accessories, backed by a commitment to quality and innovative solutions at affordable prices. HanleyLED was founded in 2011 and is based in St. Louis, Missouri.

Buy -

Seller(S) 3

SELLER

Baird Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 3.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Baird Capital Partners (BCP) is the US private equity arm of Baird Private Equity. BCP makes investments in middle-market companies based in the US. BCP targets companies valued between $25 and $125 million and looks to invest between $15 and $35 million of equity per transaction. BCP focuses on three primary areas including business services (transaction processing, process outsourcing, professional services), healthcare (outsourcing services, medical products, contract manufacturing), and manufactured products (industrial/commercial, specialty consumer, distribution). BCP is affiliated with Baird Capital Partners Europe, Baird Capital Partners Asia, Baird Venture Partners, and Granville Baird Capital Partners. Baird Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 49 of 50
Sector (Electrical Equipment) 3 of 3
Type (Add-on Acquisition) 30 of 31
State (Texas) 3 of 3
Country (United States) 43 of 44
Year (2022) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-01 New Vitality

Hauppauge, New York, United States

New Vitality markets, sells and distributes their own brands of vitamins, nutritional supplements, and similar products via radio, television, catalogues and the Internet. New Vitality was founded in 1993 and is based in Hauppauge, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-20 Tellius

Herndon, Virginia, United States

Tellius is a provider of business intelligence (BI) dashboards and machine learning (ML)/ AI tools for organizations to capturing new business opportunities hidden in their data. Tellius was founded in 2016 and is based in Reston, Virginia.

Buy -
SELLER

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.


DEAL STATS #
Overall 33 of 41
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 15 of 19
State (Texas) 2 of 2
Country (United States) 33 of 39
Year (2022) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-27 NTS

Anaheim, California, United States

NTS is a provider of product qualification testing, inspection, and certification services in North America. NTS serves the full range of performance-critical industries, including the civil aviation, space, defense, nuclear, telecommunications, and medical end markets. NTS was founded in 1961 and is based in Anaheim, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 Ned Stevens

Fairfield, New Jersey, United States

Ned Stevens provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned Stevens was founded in 1965 and is based in Fairfield, New Jersey.

Buy -
SELLER

JZ Partners


Category Private Equity Firm
Founded 1986
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

JZ Partners is a private equity firm focused on acquiring middle-market companies valued up to $200 million. JZ seeks profitable companies with strong management, defensible market positions, and low capital expenditures. Sectors of interest include niche manufacturing, value-added distribution, industrial services, healthcare, education, transportation, and business services. JZ Partners was formed in 1986 and has offices in Chicago and New York City.


DEAL STATS #
Overall 11 of 12
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 5 of 5
State (Texas) 2 of 3
Country (United States) 11 of 12
Year (2022) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-01 New Vitality

Hauppauge, New York, United States

New Vitality markets, sells and distributes their own brands of vitamins, nutritional supplements, and similar products via radio, television, catalogues and the Internet. New Vitality was founded in 1993 and is based in Hauppauge, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-19 Industrial Service Solutions

Houston, Texas, United States

Industrial Service Solutions is a provider of industrial field services, repair, and refurbishment of equipment found in most industrial and manufacturing facilities in North America. Industrial Service Solutions was founded in 2007 and is based in Houston, Texas.

Sell -