M&A Deal Summary

Fifth Street Capital, The Sterling Group and Manulife Investment Management Acquire Dexter Axle

On November 1, 2012, lender Fifth Street Capital, private equity firm The Sterling Group and mezzanine finance firm Manulife Investment Management acquired automotive company Dexter Axle from Tomkins Industries. for 360M USD

Acquisition Highlights
  • This is Fifth Street Capital’s 1st, The Sterling Group’s 1st and Manulife Investment Management’s 2nd transaction in the Automotive sector.
  • This is Fifth Street Capital’s 4th, The Sterling Group’s and Manulife Investment Management’s 2nd largest (disclosed) transaction.
  • This is Fifth Street Capital’s 61st, The Sterling Group’s 17th and Manulife Investment Management’s 15th transaction in the United States.
  • This is Fifth Street Capital’s 2nd, The Sterling Group’s 1st and Manulife Investment Management’s 1st transaction in Indiana.
Investment Fate
  • Dexter Axle merged with another company in 2016.

M&A Deal Summary
Date 2012-11-01
Target Dexter Axle
Sector Automotive
Buyer(s) Fifth Street Capital
The Sterling Group
Manulife Investment Management
Sellers(s) Tomkins Industries.
Deal Type Divestiture
Deal Value 360M USD
Advisor(s) Credit Suisse Investment Banking
Fidus Partners
Jamieson Corporate Finance LLP (Financial)
Morrison & Foerster (Legal)

Target

Dexter Axle

Elkhart, Indiana, United States
Dexter Axle Co., Inc. is a designer and manufacturer of trailer axle, brake and suspension assemblies and related replacement parts used primarily in the industrial and utility trailer.

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Buyer(S) 3

Buyer

Fifth Street Capital

Category Lender
Founded 1998
Size Mega
Type Sector Agnostic
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.

DEAL STATS #
Overall 62 of 70
Sector (Automotive) 1 of 1
Type (Divestiture) 2 of 3
State (Indiana) 2 of 2
Country (United States) 61 of 69
Year (2012) 11 of 13
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-01 CPS

Dublin, Ohio, United States

CPS is a provider of outsourced pharmacy services to hospitals and integrated health systems. CPS offers a suite of services, information technology and data informatics, including pharmacy management, technology-based tools and data analytics. CPS was founded in 1971 and is based in Dublin, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-20 Garretson Resolution Group

Cincinnati, Ohio, United States

Garretson Resolution Group is a neutral provider of services to parties who are settling personal injury claims. Company provides outsourced medical lien resolution and complex settlement administration services for law firms, corporations, insurance companies, plaintiffs and defendants in mass tort, class action and single event litigations.

Buy -
Buyer

The Sterling Group

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1982
PE ASSETS 2.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Sterling Group is a private equity firm focused on acquiring middle-market businesses within basic manufacturing, industrial services, and distribution. Sterling looks for companies valued from $100 to $750 million with positive cash-flow, strong market positions, and potential to grow. Sterling avoids investments in financial services, real estate, healthcare, or information technology companies. The Sterling Group was formed in 1982 and is based in Houston, Texas.

DEAL STATS #
Overall 20 of 49
Sector (Automotive) 1 of 1
Type (Divestiture) 5 of 7
State (Indiana) 1 of 1
Country (United States) 17 of 46
Year (2012) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-01 Velcon Filters

Colorado Springs, Virginia, United States

Velcon Filters LLC is a niche manufacturer of filtration systems, including vessels and replacement cartridges, that meet specific requirements for fluid filtration processes in a variety of domestic and international end-markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-01 Safe Fleet

Belton, Missouri, United States

Safe Fleet is a provider of safety solutions for fleet vehicles. Safe Fleet owns a portfolio of brands that help its customers improve the safety and efficiency of their fleets, their operators, passengers and pedestrians. Safe Fleet was founded in 2013 and is based in Belton, Missouri.

Buy -
Buyer

Manulife Investment Management

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1998
Size Large
Type Sector Agnostic
DESCRIPTION

Manulife Investment Management is a private investment group that provides mezzanine as well as non-controlling equity capital to middle-market businesses. Manulife Investment's target investment size is $10 to $50 million per transaction. The Group prefers opportunities located in the US. Manulife Investment Management was established in 1998 and maintains offices in Boston and New York City.

DEAL STATS #
Overall 16 of 26
Sector (Automotive) 2 of 3
Type (Divestiture) 2 of 3
State (Indiana) 1 of 1
Country (United States) 15 of 24
Year (2012) 5 of 5
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-01 Swanson Industries

Morgantown, West Virginia, United States

Swanson Industries provoides manufacturing, remanufacturing, repair, and distribution services of mining equipment, hydraulic cylinders, and related industrial equipment across the United States. Swanson Industries was founded in 1964 and headquartered in Morgantown, West Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 Shape Technologies Group

Kent, Washington, United States

Shape Technologies Group is a designer, developer, and manufacturer of ultrahigh-pressure waterjet pumps and related technology, metal cutting and industrial cleaning systems, and aftermarket components. Shape Technologies Group was founded in 2013 and is based in Kent, Washington.

Buy -

Seller(S) 1

SELLER

Tomkins Industries.

Olathe, Kansas, United States
Category Company
Founded 1967
Sector Manufacturing
DESCRIPTION

Tomkins Industries, Inc. manufactures components for residential, commercial, and industrial buildings.

DEAL STATS #
Overall 2 of 2
Sector (Automotive) 2 of 2
Type (Divestiture) 2 of 2
State (Indiana) 1 of 1
Country (United States) 2 of 2
Year (2012) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-25 Formed Fiber Technologies

Auburn, Maine, United States

Formed Fiber Technologies, Inc. is a manufacturer and supplier of thermoformed automotive non-woven products for North American automotive OEMs and Tier I suppliers. FFT's products are used as trunk liners and for interior trim applications on cars, SUVs and light trucks.

Sell -
Mergr

Product

Company

Legal