M&A Deal Summary

Raptor Scientific Acquires Space Electronics

On September 10, 2019, Raptor Scientific acquired test/measurement equipment company Space Electronics from RockWood Equity Partners, Coppermine Capital and Benford Capital Partners

Acquisition Highlights
  • This is Raptor Scientific’s 1st transaction in the Test/Measurement Equipment sector.
  • This is Raptor Scientific’s 1st transaction in the United States.
  • This is Raptor Scientific’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2019-09-10
Target Space Electronics
Sector Test/Measurement Equipment
Buyer(s) Raptor Scientific
Sellers(s) RockWood Equity Partners
Coppermine Capital
Benford Capital Partners
Deal Type Add-on Acquisition
Advisor(s) Harris Williams & Co. (Financial)

Target

Space Electronics

Berlin, Connecticut, United States
Space Electronics LLC is a manufacturer of high-precision test and measurement instruments used primarily by the aerospace and defense industries. Space Electronics was founded in 1959 and is based in Berlin, Connecticut.

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Buyer(S) 1

Buyer

Raptor Scientific

Berlin, Connecticut, United States
Category Company
Founded 2019
Sector Test/Measurement Equipment
DESCRIPTION

Raptor Scientific is a manufacturer of complex test and measurement solutions primarily serving the aerospace and defense end markets. The Company's products are highly engineered, proprietary components with significant aftermarket content and a strong presence across major aerospace and defense platforms. Raptor Scientific was founded in 2019 and is based in Berlin, Connecticut.

DEAL STATS #
Overall 1 of 4
Sector (Test/Measurement Equipment) 1 of 3
Type (Add-on Acquisition) 1 of 4
State (Connecticut) 1 of 1
Country (United States) 1 of 4
Year (2019) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-04 Sensor Concepts

Livermore, California, United States

Sensor Concepts, Inc. manufactures radar cross-section measurement equipment, with an emphasis on radar systems, data reduction and analysis, algorithm development, and field measurements, which are used by Aerospace & Defense OEMs and research organizations to develop mission-critical applications for the world’s largest stealth programs, including the F-35 Joint Strike Fighter.

Buy -

Seller(S) 3

SELLER

RockWood Equity Partners

Shaker Heights, Ohio, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
Size Small
Type Sector Agnostic
DESCRIPTION

RockWood Equity Partners is a private equity firm looking to acquire profitable lower-middle market North American companies generating sales of $10 to $75 million and EBITDA of $2 to $7 million. Target transaction types include management buyouts, recapitalizations, growth equity financings, and divestitures. Sectors of interest include aerospace, defense, healthcare, industrials/industrial technology, and business services. RockWood Equity Partners was formed in 1999 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 15 of 21
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 7 of 10
State (Connecticut) 1 of 2
Country (United States) 13 of 19
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-05 Syneo

West Palm Beach, Florida, United States

Syneo is a provider of manufacturing equipment, cutting tools, and services for the medical device and electronics manufacturing industries. Syneo's primary solutions serve catheter, guidewire, and minimally-invasive medical device applications. The company’s comprehensive lines of Accu-branded and Syneo Sharp products are known for delivering an unparalleled level of sharpness and precision, enhancing catheter and surgical device applications through automated handling, cutting, drilling, and precision hole-punching capabilities. Syneo was formed in 2011 and is based in West Palm Beach, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-10 Superior Office Solutions

New York, New York, United States

Superior Office Solutions is an office equipment dealer and services, maintenance, and repairs provider serving local businesses in New York City and surrounding areas. Superior Office Solutions was founded in 1999 and is based in New York City.

Buy -
SELLER

Coppermine Capital

Concord, Massachusetts, United States
Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Coppermine Capital LLC is a private investment firm that invests in small to mid-size manufacturing and service companies located in the US and Canada. Coppermine focuses on companies with strong management teams and unique market positions with revenues between $5 and $25 million and EBITDA greater than $1 million. Coppermine invests in the range of $2 to $8 million per transaction. The Firm will consider a variety of transaction types, including buyouts, growth capital, recapitalizations and corporate divestitures. Coppermine Capital LLC was formed in 2002 and is based in Concord, Massachusetts.

DEAL STATS #
Overall 5 of 7
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (Connecticut) 1 of 1
Country (United States) 5 of 7
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-01 Agile Magnetics

Concord, New Hampshire, United States

Agile Magnetics is a provider of high-reliability magnetics including transformers, inductors and coils for mission critical applications for blue chip OEMs. Agile Magnetics serves semiconductor, military, aerospace, healthcare, industrial and commercial customers, and operates one manufacturing facility in New Hampshire.

Sell $39M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-03 U.S. Underwater

Mansfield, Texas, United States

U.S. Underwater is a provider of underwater inspection and maintenance & repair services. The company serves inland and offshore markets. U.S. Underwater was founded in 1988 and is based in Mansfield, Texas.

Sell -
SELLER

Benford Capital Partners

Chicago, Illinois, United States

Investor Investor Investor

Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Benford Capital Partners is a private equity investment firm focused on leveraged buyouts and recapitalizations of smaller, lower middle-market companies in the US and Canada. Benford targets niche manufacturers, unique service companies and specialty distributors with minimum sales of $3 million, and at least $1 million in EBITDA. Avoided industries/transactions include retail, restaurants, software, start-ups, real estate, commodity products, and biotech. Benford Capital Partners was formed in 2004 and is based in Chicago, Illinois.

DEAL STATS #
Overall 2 of 10
Sector (Test/Measurement Equipment) 1 of 3
Type (Add-on Acquisition) 2 of 6
State (Connecticut) 1 of 1
Country (United States) 2 of 10
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-02 HoofStrong

Fresno, California, United States

HoofStrong is a provider of automated hoof bath systems and the preventative hoof care treatment products utilized in these systems for commercial dairies. HoofStrong was founded in 1999 and is based in Fresno, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 Warehouse-Lighting.com

New Berlin, Wisconsin, United States

Warehouse-Lighting.com is a B2B eCommerce value-added distributor and marketer of high-quality, energy efficient LED lighting fixtures and related products for the industrial, commercial, municipal, and residential end-markets. Warehouse-Lighting.com was founded in 2008 and is based in New Berlin, Wisconsin.

Buy -
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