M&A Deal Summary

Graycliff Partners and Stonehenge Partners Acquire Rutland Plastic Technologies

On December 1, 2004, private equity firm Graycliff Partners and mezzanine finance firm Stonehenge Partners acquired plastics company Rutland Plastic Technologies from Florida Capital Partners and KLH Capital for 30M USD

Acquisition Highlights
  • This is Graycliff Partners’ 1st and Stonehenge Partners’ 1st transaction in the Plastics sector.
  • This is Graycliff Partners’ 2nd and Stonehenge Partners’ largest (disclosed) transaction.
  • This is Graycliff Partners’ 1st and Stonehenge Partners’ 30th transaction in the United States.
  • This is Graycliff Partners’ 1st and Stonehenge Partners’ 1st transaction in North Carolina.
Investment Fate
  • Rutland Plastic Technologies was sold to a consortium of financial buyers in 2013.
  • Rutland Plastic Technologies was sold to a publicly-traded strategic buyer in 2017.

M&A Deal Summary
Date 2004-12-01
Target Rutland Plastic Technologies
Sector Plastics
Buyer(s) Graycliff Partners
Stonehenge Partners
Sellers(s) Florida Capital Partners
KLH Capital
Deal Type Secondary Buyout
Deal Value 30M USD

Target

Rutland Plastic Technologies

Pineville, North Carolina, United States
Rutland Plastic Technologies, Inc. is a designer and manufacturer of premium screen inks for the global textile industry and a supplier of plastic coatings for commercial and industrial applications, with operations in the United States, the United Kingdom, Peru and India.

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Buyer(S) 2

Buyer

Graycliff Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Graycliff Partners is a private equity firm focused on private equity and mezzanine investments in middle-market companies throughout the US. The Firm's mezzanine practice does not have any sector preferences and looks to invest $10 to $50 million in profitable companies with at least $10 million in revenue. Funds are used to support buyouts, growth needs, divestitures, or consolidations. Graycliff's private equity group looks to acquire middle-market companies in the manufacturing, service, and distribution sectors. The Firm looks for businesses with $10 to $200 million of revenue. Graycliff Partners was established in 1991 and is based in New York City.

DEAL STATS #
Overall 1 of 72
Sector (Plastics) 1 of 3
Type (Secondary Buyout) 1 of 10
State (North Carolina) 1 of 2
Country (United States) 1 of 67
Year (2004) 1 of 1
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-01 Flash Global

Parsippany, New Jersey, United States

Flash Global is an asset-light, third-party logistics provider. The company focuses on processing, facilitating and managing the delivery of high-velocity, time-sensitive critical parts. Flash Global was founded in 1983 and is based in Parsippany, New Jersey.

Buy -
Buyer

Stonehenge Partners

Columbus, Ohio, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Stonehenge Partners is a private equity firm that seeks equity and mezzanine investments in lower middle-market companies with at least $10 million in sales. Stonehenge looks to invest ranging from $10 million to $50 million of equity/junior capital to support management buyouts, leveraged acquisitions, recapitalizations, and growth capital financings. Stonehenge prefers businesses operating in manufacturing, distribution, business services and healthcare. Stonehenge avoids investing in real estate, oil and gas, high technology and 'industries that are susceptible to a high degree of cyclicality'. Stonehenge was formed in 1999 and is based in Columbus, Ohio.

DEAL STATS #
Overall 30 of 67
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 2 of 4
State (North Carolina) 1 of 1
Country (United States) 30 of 65
Year (2004) 9 of 9
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-07 Milmar Food Group

Goshen, New York, United States

MilMar Food Group, LLC is a convenience foods manufacturer of frozen products and distributes to the food service, retail, club, private label and airline markets. Manufactured products include: hors d?oeuvres, specialty stuffed chickens, blintzes and crepes, veggie burgers, nuggets and non-meatballs, breakfast foods, French toast stick and pre-plated individual kosher meals. MilMar operates from one facility in Goshen, NY.

Buy $5M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Brilliance Audio

Grand Haven, Michigan, United States

Brilliance Audio, Inc. is an independent audiobook publisher in the United States. The company, founded by its current President and Publisher R. Michael Snodgrass in 1984, began with a mission to provide a quality listening experience at an affordable price, and continues that philosophy today.

Buy -

Seller(S) 2

SELLER

Florida Capital Partners

Tampa, Florida, United States
Category Private Equity Firm
Founded 1988
PE ASSETS 350M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Florida Capital Partners (FCP) is a private equity firm focused on acquisitions or recapitalizations of profitable private companies located in the continental US. FCP targets businesses with Enterprise value between $20 to $100 million with an EBITDA of $5 to $20 million. FCP prefers companies operating in traditional industries such as niche manufacturering, specialty services, and value-added distribution. FCP avoids investing in commodity products, start-ups, restaurants/hospitality, amusement parks, technology, biotech, retail, and real estate. FCP was formed in 1988 and is based in Tampa, Florida.

DEAL STATS #
Overall 8 of 21
Sector (Plastics) 2 of 2
Type (Secondary Buyout) 2 of 10
State (North Carolina) 1 of 1
Country (United States) 8 of 21
Year (2004) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-01 United States Environmental Services

New Orleans, Louisiana, United States

United States Environmental Services LLC is an oil and hazardous material emergency spill response, tank and pipeline cleaning, utility sector support, demolition, NORM cleaning, site remediation and restoration, hydroblasting, and in-plant maintenance services to customers in the petrochemical, industrial, oil, and transportation industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-01 Bock & Clark

Akron, Ohio, United States

Bock & Clark Corp. is a provider of commercial real estate due diligence services. With offices in Ohio, Pennsylvania, Florida, Oklahoma, California, Colorado, and Rhode Island, Bock & Clark serves clients in all 50 states and Canada in the following capacities: ALTA land and title surveys, boundary surveys, topographic surveys, aerial survey zoning reports and letters, and environmental services. Bock & Clark employs experienced professionals to research and prepares each of these products resulting in due diligence efficiency.

Sell -
SELLER

KLH Capital

Tampa, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

KLH Capital is a private investment firm focused on smaller company investments in a variety of growing industry sectors. KLH helps provide management teams with capital to facilitate recapitalizations, management buy-outs/buy-ins, family successions, and other ownership transitions. KLH generally pursues companies with $4 to $20 million in pre-tax earnings and will consider opportunities across the US. KLH will not invest in start-ups, high technology, software, biotech, restaurants, retail, real estate development, oil and gas operations, or new construction businesses. KLH Capital is based in Tampa, Florida.

DEAL STATS #
Overall 9 of 30
Sector (Plastics) 2 of 2
Type (Secondary Buyout) 2 of 13
State (North Carolina) 1 of 1
Country (United States) 9 of 30
Year (2004) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-01 Polymer Extruded Products

Newark, New Jersey, United States

Polymer Extruded Products, or PEP, is a manufacturer of specially engineered and niche marketed plastic films and sheets.

Sell $24M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-02-01 Bock & Clark

Akron, Ohio, United States

Bock & Clark Corp. is a provider of commercial real estate due diligence services. With offices in Ohio, Pennsylvania, Florida, Oklahoma, California, Colorado, and Rhode Island, Bock & Clark serves clients in all 50 states and Canada in the following capacities: ALTA land and title surveys, boundary surveys, topographic surveys, aerial survey zoning reports and letters, and environmental services. Bock & Clark employs experienced professionals to research and prepares each of these products resulting in due diligence efficiency.

Sell -
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