M&A Deal Summary

Timepiece Capital, Gemini Investors and Sverica Acquire Center Rock

On February 8, 2008, private equity firm Timepiece Capital, private equity firm Gemini Investors and growth capital firm Sverica acquired energy services and equipment company Center Rock from Timepiece Capital and Gemini Investors

Acquisition Highlights
  • This is Timepiece Capital’s 2nd, Gemini Investors’ 2nd and Sverica’s 1st transaction in the Energy Services and Equipment sector.
  • This is Timepiece Capital’s 6th, Gemini Investors’ 22nd and Sverica’s 6th transaction in the United States.
  • This is Timepiece Capital’s 2nd, Gemini Investors’ 2nd and Sverica’s 1st transaction in Pennsylvania.
Investment Fate
  • Center Rock was sold to a consortium of financial buyers in 2023.

M&A Deal Summary

Date 2008-02-08
Target Center Rock
Sector Energy Services and Equipment
Buyer(s) Timepiece Capital
Gemini Investors
Sverica
Sellers(s) Timepiece Capital
Gemini Investors
Deal Type Recapitalization

Target

Center Rock

Berlin, Pennsylvania, United States
Center Rock is an integrated drilling solutions company that manufactures a complete line of pneumatically-driven downhole drilling products (bits & hammers), distributes capital equipment in the form of high-pressure air and booster compressors that power its manufactured drilling components, and offers 24/7 support services. Center Rock was founded in 1998 and is based in Berlin, Pennsylvania.

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Buyer(S) 3

Buyer

Timepiece Capital

Phoenix, Arizona, United States

Investor


Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Timepiece Capital is a private investment firm that targets smaller company investments across the niche distribution, manufacturing, and service industries. Timepiece looks for businesses with $5 to $50 million of annual revenue and at least $1.25 million of operating cash flow. Timepiece will not invest in restaurants, real estate opportunities, or companies with a significant degree of technology risk. Timepiece Capital was formed in 2004 and is based in Scottsdale, Arizona.


DEAL STATS #
Overall 6 of 10
Sector: Energy Services and Equipment M&A 2 of 2
Type: Recapitalization M&A Deals 1 of 1
State: Pennsylvania M&A 2 of 2
Country: United States M&A 6 of 10
Year: 2008 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Justice Services Holdings

Scottsdale, Arizona, United States

Justice Services Holdings LLC is a community corrections out-patient treatment agency.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-30 Justice Services Holdings

Scottsdale, Arizona, United States

Justice Services Holdings LLC is a community corrections out-patient treatment agency.

Sell -
Buyer

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 22 of 129
Sector: Energy Services and Equipment M&A 2 of 3
Type: Recapitalization M&A Deals 2 of 27
State: Pennsylvania M&A 2 of 6
Country: United States M&A 22 of 129
Year: 2008 M&A 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Datacom Systems

Syracuse, New York, United States

Datacom Systems is a manufacturer of network taps, network packet brokers, data aggregation tools, and other network access devices. Datacom Systems was formed in 1992 and is based in Syracuse, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 Action Target

Provo, Utah, United States

Action Target provides shooting range equipment and training solutions for commercial, law enforcement, and military markets. With over 4,000 products and 40 patents, the company offers a complete approach from design and engineering to manufacturing and installation, along with specialized firearms training for law enforcement and military divisions. Action Target was founded in 1986 and is based in Provo, Utah.

Buy -
Buyer

Sverica

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2001
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Sverica Capital Management is a private equity firm that invests in stable or growing, smaller companies with valued less than $250 million. Sverica looks to commit $25 to $75 million per transaction and primarily targets buyout or divestiture situations and avoids businesses in need of restructuring. Broad areas of interest include IT, business services, healthcare, light manufacturing, and industrials. The Firm generally seeks majority control investments, but will also selectively consider minority situations. Sverica Capital Management was formed in 2001 and has offices in Boston and San Francisco.


DEAL STATS #
Overall 6 of 47
Sector: Energy Services and Equipment M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 3
State: Pennsylvania M&A 1 of 4
Country: United States M&A 6 of 43
Year: 2008 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-19 Sheet Music Plus

Emeryville, California, United States

Sheet Music Plus LLC is an online retailer of sheet music. Its offers shoppers over 400,000 products – typically songbooks, scores, and instructional books.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-02 Stratus Unlimited

Mentor, Ohio, United States

Stratus Unlimited is a provider of signage and lighting services to customers across the US through a highly-scalable, vendor-managed, and asset-light business model. Stratus Unlimited was founded in 1953 and is based in Mentor, Ohio.

Buy -

Seller(S) 2

SELLER

Timepiece Capital

Phoenix, Arizona, United States

Investor


Category Private Equity Firm
Founded 2004
Size Small
Type Sector Agnostic
DESCRIPTION

Timepiece Capital is a private investment firm that targets smaller company investments across the niche distribution, manufacturing, and service industries. Timepiece looks for businesses with $5 to $50 million of annual revenue and at least $1.25 million of operating cash flow. Timepiece will not invest in restaurants, real estate opportunities, or companies with a significant degree of technology risk. Timepiece Capital was formed in 2004 and is based in Scottsdale, Arizona.


DEAL STATS #
Overall 2 of 7
Sector: Energy Services and Equipment M&A 1 of 2
Type: Recapitalization M&A Deals 2 of 2
State: Pennsylvania M&A 1 of 2
Country: United States M&A 2 of 7
Year: 2008 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Justice Services Holdings

Scottsdale, Arizona, United States

Justice Services Holdings LLC is a community corrections out-patient treatment agency.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-30 Justice Services Holdings

Scottsdale, Arizona, United States

Justice Services Holdings LLC is a community corrections out-patient treatment agency.

Sell -
SELLER

Gemini Investors

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gemini Investors is a middle-market private equity firm that targets investments in growing and established businesses. Areas of interest include technology, business services, consumer services, healthcare, education, manufacturing and distribution. Gemini looks for companies with $5 to $50 million in annual revenue and typically makes investments of $3 to $8 million in the form of preferred stock and/or subordinated debt. Prospective transaction types include growth capital, recapitalization and buyout situations. Gemini Investors was formed in 1993 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 7 of 53
Sector: Energy Services and Equipment M&A 1 of 2
Type: Recapitalization M&A Deals 2 of 6
State: Pennsylvania M&A 1 of 4
Country: United States M&A 7 of 53
Year: 2008 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Datacom Systems

Syracuse, New York, United States

Datacom Systems is a manufacturer of network taps, network packet brokers, data aggregation tools, and other network access devices. Datacom Systems was formed in 1992 and is based in Syracuse, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 Action Target

Provo, Utah, United States

Action Target provides shooting range equipment and training solutions for commercial, law enforcement, and military markets. With over 4,000 products and 40 patents, the company offers a complete approach from design and engineering to manufacturing and installation, along with specialized firearms training for law enforcement and military divisions. Action Target was founded in 1986 and is based in Provo, Utah.

Buy -