M&A Deal Summary

Sequel Holdings Acquires Fab-Tech

On January 1, 2012, private equity firm Sequel Holdings acquired manufacturer Fab-Tech from Parkway Capital, Midwest Mezzanine Funds, Taglich Private Equity and Argosy Private Equity

Acquisition Highlights
  • This is Sequel Holdings’ 1st transaction in the Manufacturing sector.
  • This is Sequel Holdings’ 4th transaction in the United States.
  • This is Sequel Holdings’ 1st transaction in Vermont.

M&A Deal Summary

Date 2012-01-01
Target Fab-Tech
Sector Manufacturing
Buyer(s) Sequel Holdings
Sellers(s) Parkway Capital
Midwest Mezzanine Funds
Taglich Private Equity
Argosy Private Equity
Deal Type Secondary Buyout

Target

Fab-Tech

Colchester, Vermont, United States
Fab-Tech, Inc. is a manufacturer of coated stainless steel, corrosive fume exhaust systems for the semiconductor, university lab and other industrial markets. Fab-Tech was founded in 1987 and is based in Colchester, Vermont.

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Buyer(S) 1

Buyer

Sequel Holdings

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Sequel Holdings LP is a private equity firm specializing in equity investments in profitable middle-market businesses. Sequel focuses primarily on companies in the food, beverage, agribusiness, plastics and other industrial sectors. Sequel Holdings was formed in 2002 and is based in Dallas, Texas.


DEAL STATS #
Overall 4 of 12
Sector: Manufacturing M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 5
State: Vermont M&A 1 of 1
Country: United States M&A 4 of 12
Year: 2012 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-04 Lakeview Farms

Delphos, Ohio, United States

Lakeview Farms is a manufacturer of sour cream, dips, and refrigerated desserts and markets its products under store brands as well as its own brands. Lakeview Farms was founded in 1988 and is based in Delphos, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-16 J&J Family of Farms

Loxahatchee, Florida, United States

J&J Family of Farms is a year-round marketer, shipper, and grower of fresh produce, serving both food-service and retail customers. J&J Family of Farms manages over 3,000 acres of farmland with a core focus on bell peppers, cucumbers, squash, eggplant, and tomatoes. J&J Family of Farms was founded in 1983 and is based in Loxahatchee, Florida.

Buy -

Seller(S) 4

SELLER

Parkway Capital

Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Parkway Capital is the mezzanine finance unit of Calvert Street Partners. Parkway's investments typically take the form of subordinated debt, which can be combined with a junior secured loan or preferred stock. If an opportunity calls for common equity, Parkway can also co-invest with other shareholders. Parkway looks to commit $3 to $12 million of capital per transaction in companies with at least $10 million in revenue and EBITDA in excess of $2 million. Funds are generally used to support business expansions, corporate acquisitions, leverage buyouts, recapitalization, ownership transfers, and 'wealth diversification'. Parkway Capital was formed in 2000 and became a unit of Calvert Street in 2019.


DEAL STATS #
Overall 6 of 13
Sector: Manufacturing M&A 1 of 2
Type: Secondary Buyout M&A Deals 2 of 5
State: Vermont M&A 1 of 1
Country: United States M&A 6 of 13
Year: 2012 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-14 Westone Laboratories

Colorado Springs, Colorado, United States

Westone Laboratories, Inc. is a designer and manufacturer of high-quality hearing healthcare and in-ear audio solutions, with products ranging from hearing protection devices and audiology supplies to custom hearing aid earpieces and high-fidelity earphones. Westone Laboratories was founded in 1959 and is based in Colorado Springs, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-04 JF Petroleum Group

Morrisville, North Carolina, United States

JF Petroleum Group is a turnkey solution provider to the North American fueling infrastructure industry. The company distributes, installs, and services fueling equipment for retail fueling stations, commercial and government fleets, and emergency power customers. JF Petroleum Group was founded in 1945 and is based in Morrisville, North Carolina.

Sell -
SELLER

Midwest Mezzanine Funds

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1992
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Midwest Mezzanine Funds (MMF) is a provider of junior capital to lower middle-market, US and Canadian companies. MMF looks to invest $4 to $15 million to support buyouts, acquisition financings, recapitalizations, and growth capital needs. Prospective companies generally have consistent profits ($3 million of EBITDA), low capital intensity, and sustainable competitive advantages. Broad areas of interest include manufacturing, value-added distribution, and services. MMF will not invest in high technology, energy, or real estate. Midwest Mezzanine was formed in 1992 and has offices in Chicago and Monroe, Michigan.


DEAL STATS #
Overall 20 of 58
Sector: Manufacturing M&A 2 of 4
Type: Secondary Buyout M&A Deals 9 of 25
State: Vermont M&A 1 of 1
Country: United States M&A 19 of 57
Year: 2012 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-06 RIO Brands

Philadelphia, Pennsylvania, United States

RIO Brands, Inc. is a supplier of outdoor furniture products including beach chairs, backpack chairs, umbrellas, carts, coolers, and patio furniture. RIO Brands was formed in 1947 and is based in Philadelphia, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-11 Allied 100

Bannockburn, Illinois, United States

Allied 100 is a distributor and retailer of automated external defibrillators (AEDs), AED supplies and accessories, and advanced life support monitors. The company offers a comprehensive product selection via its dynamic websites and provides expert customer support to medical professionals and other users of these life-saving devices throughout North America. Allied 100 was established in 2002 and is based in Madison, Wisconsin.

Buy -
SELLER

Taglich Private Equity

New York, New York, United States

Category Private Equity Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

Taglich Private Equity is a private equity firm focused on investing in US-based, lower middle market manufacturing, business service, and consumer product companies. The Firm prefers businesses with strong growth prospects and leading market positions. Taglich looks to invest $3 to $20 million and will consider funding a variety of investment situations - including management buyouts, recapitalizations, secondary buyouts, ownership transitions, divestitures, and growth capital financings. Taglich Private Equity was formed in 2001 and is based in New York City.


DEAL STATS #
Overall 7 of 17
Sector: Manufacturing M&A 1 of 2
Type: Secondary Buyout M&A Deals 2 of 3
State: Vermont M&A 1 of 1
Country: United States M&A 7 of 17
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-16 Vaughan Foods

Moore, Oklahoma, United States

Vaughan Foods, Inc. is an integrated manufacturer and distributor of value-added, refrigerated foods and is uniquely able to distribute fresh-cut produce items along with a full array of value-added refrigerated prepared foods multiple times per week. Vaughan sells to both food service and retail sectors. Its products consist of fresh-cut vegetables, fresh-cut fruits, salad kits, prepared salads, dips, spreads, soups, sauces and side dishes.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-01 Fiber-Line

Hatfield, Pennsylvania, United States

Fiber-Line, Inc. is a manufacturer of high-performance, coated fibers. Fiber-Line takes raw fiber and applies proprietary, innovative coatings in a specialized manufacturing process (which includes twisting, winding and splicing) to enhance the performance characteristics of the fiber for use in a variety of industries, including fiber optics, oil & gas, composites and industrial. Fiber-Line, Inc. was founded in 1987 and is based in Hatfield, Pennsylvania.

Buy -
SELLER

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 13 of 55
Sector: Manufacturing M&A 2 of 7
Type: Secondary Buyout M&A Deals 3 of 11
State: Vermont M&A 1 of 1
Country: United States M&A 13 of 55
Year: 2012 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-13 Roll-Rite

Alger, Michigan, United States

Roll-Rite LLC designs and manufactures application-specific automated and semi-automated tarping systems, motors, controls and tarps for open body dump trucks, open-top trailer and detachable containers serving the Construction, Agriculture, Waste and Recycling markets. With the recent additions of Automatic Load Covering and Pulltarps manufacturing acquisitions, Roll-Rite has one of the most complete product portfolios available to customers. Roll-Rite systems quickly and reliably contain and protect payloads, create a safer working environment for drivers, and maximize your return-on-investment by increasing revenues and reducing the cost of ownership.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-01 Ranger International Services Group

Greenville, South Carolina, United States

Ranger International Services Group is an outsourced provider of airfield and logistics services to both the U.S. Armed Forces and commercial companies within the aerospace and defense industry.

Sell -