M&A Deal Summary

Parkway Capital and Stonebridge Partners Acquire American Dryer

On July 22, 2008, mezzanine finance firm Parkway Capital and private equity firm Stonebridge Partners acquired machinery company American Dryer for 300M USD

Acquisition Highlights
  • This is Parkway Capital’s 1st and Stonebridge Partners’ 1st transaction in the Machinery sector.
  • This is Parkway Capital’s and Stonebridge Partners’ largest (disclosed) transaction.
  • This is Parkway Capital’s 7th and Stonebridge Partners’ 9th transaction in the United States.
  • This is Parkway Capital’s 1st and Stonebridge Partners’ 2nd transaction in Massachusetts.
Investment Fate
  • American Dryer was sold to a publicly-traded strategic buyer in 2015.

M&A Deal Summary
Date 2008-07-22
Target American Dryer
Sector Machinery
Buyer(s) Parkway Capital
Stonebridge Partners
Deal Type Recapitalization
Deal Value 300M USD
Advisor(s) Riparian Partners (Financial)

Target

American Dryer

Fall River, Massachusetts, United States
American Dryer Corp. is a manufacturer and marketer of coin-operated, on-premise, industrial and specialty laundry equipment.

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Buyer(S) 2

Buyer

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 8 of 26
Sector (Machinery) 1 of 1
Type (Recapitalization) 2 of 7
State (Massachusetts) 1 of 1
Country (United States) 7 of 25
Year (2008) 3 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-06 i2S

Columbia, Maryland, United States

i2S, Inc., a professional services company, provides intelligence analysis, enterprise architecture, knowledge management, systems engineering, advanced software development, and business consulting services to companies and governmental clients.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-01 Easley Custom Plastics

Easley, South Carolina, United States

Easley Custom Plastics (fka: CH Industries, Inc.) is a full service custom injection molder which specializes in large size, difficult to manufacture polypropylene products and components.

Buy -
Buyer

Stonebridge Partners

White Plains, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1986
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stonebridge Partners is a private equity firm that targets investments in mid-sized privately-owned companies or divisions of public companies primarily serving the industrial or commercial marketplaces. The Firm 'particularly seeks companies where manufacturing equipment, processes, technology, patents, brand identity and/or reputation provide sustainable barriers to entry for potential competitors'. Target sectors include specialty manufacturing, value-added distributors, specialty packaging, building materials, and infrastructure. Stonebridge prefers businesses located in the US and Canada. Stonebridge Partners was formed in 1986 and is based in White Plains, New York.

DEAL STATS #
Overall 9 of 21
Sector (Machinery) 1 of 2
Type (Recapitalization) 1 of 9
State (Massachusetts) 2 of 2
Country (United States) 9 of 20
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-07 Icon Identity Solutions

Elk Grove Village, Illinois, United States

Icon Identity Solutions, Inc. is a manufacturer of custom corporate branding and identity solutions encompassing all facets of exterior signage, repair and maintenance and renovation services for blue-chip customers across multiple end markets. Icon’s three manufacturing facilities and extensive network of installation and maintenance technicians allows the company to serve large, nationwide customers in a timely and consistent fashion. Icon’s products and services are provided across three business segments: branding services & products (manufacturing and installation of both exterior and select interior signage), repair & maintenance (preventative maintenance, on-call repair, lighting retrofits and related services for exterior signage and lighting) and remodel & renovation services (in-store renovation/remodel of a customer’s store locations, providing project management and oversight of specialized sub-contractors).

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-01 Trivium Packaging

Amsterdam, Netherlands

Trivium Packaging will serve a diverse range of major multinational, regional and local customers operating in a wide array of end markets, including food, seafood, pet food, nutrition, beauty, and personal care, household care and premium beverages. Trivium Packaging is based in Amsterdam, Netherlands.

Buy -
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