M&A Deal Summary

REV Acquires Midwest Automotive Designs

On April 13, 2017, REV acquired automotive company Midwest Automotive Designs from Merion Investment Partners, Petra Capital Partners and Pegasus Capital Group

Acquisition Highlights
  • This is REV’s 7th transaction in the Automotive sector.
  • This is REV’s 7th transaction in the United States.
  • This is REV’s 4th transaction in Indiana.

M&A Deal Summary

Date 2017-04-13
Target Midwest Automotive Designs
Sector Automotive
Buyer(s) REV
Sellers(s) Merion Investment Partners
Petra Capital Partners
Pegasus Capital Group
Deal Type Add-on Acquisition

Target

Midwest Automotive Designs

Elkhart, Indiana, United States
Midwest Automotive Designs LLC is a provider of custom sprinter conversion vans and specialty Manufacturing Custom & Premium Up-fitter of Vans. Midwest Automotive Designs was formed in 2003 and is based in Elkhart, Indiana.

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Buyer(S) 1

Buyer

REV

Brookfield, Wisconsin, United States

Category Company
Founded 2008
Sector Automotive
Employees5,500
Revenue 2.4B USD (2024)
DESCRIPTION

REV is a diversified manufacturer of specialty vehicles to North America, as well as export markets. REV operates in three industry segments, Commercial, Fire & Emergency, and Recreation Vehicles, and owns 27 vehicle brands. Within the Fire & Emergency segment, REV offers an extensive line of fire apparatus under the E-ONE and KME brand names. REV was founded in 2008 and is based in Brookfield, Wisconsin.


DEAL STATS #
Overall 7 of 10
Sector: Automotive M&A 7 of 10
Type: Add-on Acquisition M&A Deals 4 of 6
State: Indiana M&A 4 of 4
Country: United States M&A 7 of 10
Year: 2017 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-11 Kovatch Mobile Equipment

Nesquehoning, Pennsylvania, United States

Kovatch Mobile Equipment Corp. is a provider of quality and customized specialty vehicle products, and markets them to fire-rescue, military, aviation, and industrial customers globally. Kovatch Mobile Equipment Corp. was founded in 1946 and is headquartered in Nesquehoning, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-25 Ferrara Fire Apparatus

Holden, Louisiana, United States

Ferrara Fire Apparatus, Inc. is a manufacturer and seller of fire apparatus in the United States and internationally. FFA manufactures over 300 fire trucks per year at its Louisiana facility and sells both directly and through a network of independently owned dealers. Ferrara Fire Apparatus was formed in 1988 and is based in Holden, Louisiana.

Buy -

Seller(S) 3

SELLER
DESCRIPTION

Merion Investment Partners is a mezzanine finance firm that provides subordinated debt to middle-market growth Companies generating at least $10 million in sales and at least $2 million in EBITDA. Merion focuses on opportunities in business services, specialty manufacturing, and healthcare services and products. Merion's invests in the range of $4 and $20 million per transaction. Merion Investment Partners was formed in 2003 and is based in King of Prussia, Pennsylvania.


DEAL STATS #
Overall 18 of 26
Sector: Automotive M&A 1 of 1
Type: Add-on Acquisition M&A Deals 5 of 9
State: Indiana M&A 1 of 2
Country: United States M&A 18 of 26
Year: 2017 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-16 Radius

Ambler, Pennsylvania, United States

Radius is a provider of end-to-end accounts receivable and customer relationship management solutions. Radius was founded in 2013 and is based in Ambler, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-08 Medical Physics

Brecksville, Ohio, United States

Medical Physics is a provider of medical physics staffing and support services, based in Brecksville, Ohio.

Buy -
SELLER

Petra Capital Partners

Nashville, Tennessee, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Petra Capital Partners is a private investment firm that invests in US-based, high-growth businesses operating in the business services, healthcare services, media/publishing, telecom, IT, and information services sectors. Target companies are generally cash-flow positive with revenues in excess of $10 million and growth rates above 20%. Petra can commit up to $20 million per transaction. The Firm typically invests in subordinated debentures with warrants to purchase equity securities. Petra Capital Partners is licensed as a SBIC. The Firm was formed in 1996 and is based in Nashville, Tennessee.


DEAL STATS #
Overall 18 of 31
Sector: Automotive M&A 1 of 1
Type: Add-on Acquisition M&A Deals 9 of 18
State: Indiana M&A 2 of 3
Country: United States M&A 18 of 31
Year: 2017 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Remita Health

Irvine, California, United States

Remita Health is a provider of hospice and palliative care services of the highest quality to those facing a terminal illness. Remita Health was established in 1996 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-06 ABS Kids

Salt Lake City, Utah, United States

ABS Kids is a provider of in-home and center-based applied behavior analysis therapy, speech therapy, and occupational therapy services to children with autism spectrum disorder. ABS Kids was founded in 2011 and based in Salt Lake City, Utah.

Buy -
SELLER

Pegasus Capital Group

Santa Monica, California, United States

Category Private Equity Firm
Founded 1997
Size Small
Type Sector Agnostic
DESCRIPTION

Pegasus Capital Group is a private investment firm that acquires established, profitable, growth-oriented businesses in non-technology intensive industries. Pegasus has a particular interest in niche-manufacturing, but will also consider value-added distribution and specialty service companies. The Firm prefers North American opportunities. Prospective companies typically have revenues of $5 to $75 million and EBITDA of at least $2 million. Pegasus avoids investing in start-ups, early-stage ventures, technology-driven companies, or minority investments. Pegasus Capital Group was formed in 1997 and is located in Los Angeles, California.


DEAL STATS #
Overall 7 of 10
Sector: Automotive M&A 1 of 1
Type: Add-on Acquisition M&A Deals 5 of 5
State: Indiana M&A 1 of 1
Country: United States M&A 7 of 10
Year: 2017 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-28 Santier

San Diego, California, United States

Santier, Inc. is a manufacturer of high thermal conductivity metal matrix composites, ceramics and packages/assemblies. Santier was founded in 1991 and is based in San Diego, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-17 American Piping Products

Chesterfield, Missouri, United States

American Piping Products is a specialized distributor of seamless and welded pipe and tubular related products. American Piping Products serves international customers in a variety of end markets including energy, refining, petrochemical, power generation, and diversified industrial. American Piping Products was founded in 1994 and is based in Chesterfield, Missouri.

Sell -