M&A Deal Summary

Ripple Industries and Salem Halifax Capital Partners Acquire Aftermarket Performance Group

On April 1, 2021, private equity firm Ripple Industries and mezzanine finance firm Salem Halifax Capital Partners acquired distribution company Aftermarket Performance Group from Heartwood Partners

Acquisition Highlights
  • This is Ripple Industries’ 1st and Salem Halifax Capital Partners’ 4th transaction in the Distribution sector.
  • This is Ripple Industries’ 1st and Salem Halifax Capital Partners’ 18th transaction in the United States.
  • This is Ripple Industries’ 1st and Salem Halifax Capital Partners’ 2nd transaction in Utah.

M&A Deal Summary
Date 2021-04-01
Target Aftermarket Performance Group
Sector Distribution
Buyer(s) Ripple Industries
Salem Halifax Capital Partners
Sellers(s) Heartwood Partners
Deal Type Secondary Buyout
Advisor(s) Jefferies (Financial)
Finn Dixon & Herling
King & Spalding (Legal)

Target

Aftermarket Performance Group

Salt Lake City, Utah, United States
Aftermarket Performance Group distributes aftermarket performance parts and accessories for diesel pickup trucks and distributes and retails direct-to-consumer online aftermarket parts for Jeep/Off-road vehicles, and Subaru/Compact-Performance vehicles and gas pickup trucks. Aftermarket Performance Group is based in Salt Lake City, Utah.

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Buyer(S) 2

Buyer

Ripple Industries

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

Ripple Industries is a private equity firm that invests in a variety of industries and situations in the US. Ripple Industries is based in Los Angeles, California.

DEAL STATS #
Overall 1 of 2
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Utah) 1 of 1
Country (United States) 1 of 2
Year (2021) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-20 Schumacher

Fort Worth, Illinois, United States

Schumacher is a provider of power conversion products to the consumer and professional global power supply markets. Schumacher’s products are available through a broad global sales channel from more than 30,000 distribution points, including major big-box retailers, specialty aftermarket outlets, and online e-commerce platforms. Schumacher Electric was founded in 1947 and is based in Fort Worth, Illinois.

Buy -
Buyer

Salem Halifax Capital Partners

Marietta, Georgia, United States
Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 105M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Salem Halifax Capital Partners is a mezzanine investment firm that targets investments in traditional manufacturing, distribution, and service businesses located in the Southeast US. Salem looks to commit $2 to $10 million of junior capital in companies with predictable cash-flows and sales of $10 to $75 million. Salem Halifax was originally formed in 1999 and was known as Venture Capital Solutions from 1999 to 2004. Salem has offices in Winston-Salem, North Carolina, and Atlanta, Georgia.

DEAL STATS #
Overall 18 of 18
Sector (Distribution) 4 of 4
Type (Secondary Buyout) 4 of 4
State (Utah) 2 of 2
Country (United States) 18 of 18
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-30 K2 Industrial Services

Houston, Texas, United States

K2 Industrial Services is a provider of industrial coatings, insulation, fireproofing, industrial cleaning, scaffolding, roofing, refractory, and metal building erection services. K2 Industrial Services, Inc. was founded in 1995 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-27 Marianna

Omaha, Nebraska, United States

Founded in 1968, Marianna is a full-service custom manufacturer, formulator, and distributor of client-tailored hair care, hand and body products, styling aids and fixatives, hair color and dispensary products, and pet grooming products. Marianna operates a 400,000 square foot FDA-registered and cGMP-compliant facility, offering a comprehensive suite of capabilities, including research and development, packaging compatibility, preservative efficacy, and micro testing, regulatory expertise, global sourcing competency, customized kitting, and multiple distribution options.

Sell -

Seller(S) 1

SELLER

Heartwood Partners

Norwalk, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1982
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Heartwood Partners is a private equity firm focused on partnerships with middle-market companies across the US. The Firm prefers to invest in family owned and managed companies where it can leverage strategic resources for long-term growth. Target companies are typically profitable with $5 to $30 million of EBITDA with up to $400 million in revenue. Sectors of interest include agriculture, automotive, consumer products, distribution, food, industrial services, niche manufacturing, packaging, and chemicals. Heartwood Partners was formed in 1982 and is headquartered in Norwalk, Connecticut.

DEAL STATS #
Overall 16 of 21
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 6 of 9
State (Utah) 1 of 1
Country (United States) 16 of 21
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-28 MicroCare

New Britain, Connecticut, United States

MicroCare Developes and manufactures cleaning fluids and relating packaging and dispensing solutions for the electronics, fiber optics, medical and precision cleaning markets. MicroCare was founded in 1983 and is based in New Britain, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-11 Allentown

Allentown, New Jersey, United States

Allentown is a provider of critical solutions to the biomedical research community. Allentown's high-quality equipment and advanced vivarium systems continue to define and exceed industry standards. Allentown was founded in 1968 and is based in Allentown, New Jersey.

Sell -
Mergr

Product

Company

Legal