M&A Deal Summary

Timken Acquires Wazee Electric

On January 2, 2013, Timken acquired electrical equipment company Wazee Electric from Gemini Investors and Socius Capital

Acquisition Highlights
  • This is Timken’s 1st transaction in the Electrical Equipment sector.
  • This is Timken’s 13th transaction in the United States.
  • This is Timken’s 1st transaction in Colorado.

M&A Deal Summary
Date 2013-01-02
Target Wazee Electric
Sector Electrical Equipment
Buyer(s) Timken
Sellers(s) Gemini Investors
Socius Capital
Deal Type Add-on Acquisition

Target

Wazee Electric

Denver, Colorado, United States
Wazee Electric is a provider of motor, generator, wind and industrial crane services to diverse end markets including oil and gas, wind, agriculture, material handling and construction.

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Buyer(S) 1

Buyer

Timken

North Canton, Ohio, United States
Category Company
Founded 1899
Sector Machinery
Employees19,000
Revenue 4.8B USD (2023)
DESCRIPTION
Entrance to Timken's corporate headquarters in North Canton, Ohio.
Entrance to Timken's corporate headquarters in North Canton, Ohio.

Timken designs, engineers, manufactures and markets Timken bearings, transmissions, gearboxes, chain and related products, and offers a spectrum of power system rebuild and repair services around the world. Timken was founded in 1899 and is based in North Canton, Ohio.

DEAL STATS #
Overall 13 of 40
Sector (Electrical Equipment) 1 of 3
Type (Add-on Acquisition) 13 of 35
State (Colorado) 1 of 1
Country (United States) 13 of 28
Year (2013) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-31 Drives

Fulton, Illinois, United States

Drives is a manufacturer of ANSI precision roller chain, pintle chain, agricultural conveyor chain, engineering class chain, oil field roller chain and auger products, serving markets around the world. Drives LLC was formed in 1959 and is based in Fulton, Illinois.

Buy $92M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-03-13 Interlube Systems

Plymouth Devon, United Kingdom

Interlube Systems Ltd. is recognized for its quality, reliable service and workmanship in designing, manufacturing and installing lubrication delivery systems and components as well as installation services. Based in Plymouth, U.K., Interlube provides lubrication delivery solutions to commercial vehicle, mining, construction, manufacturing and other heavy industrial customers.

Buy -

Seller(S) 2

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 17 of 48
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 5 of 23
State (Colorado) 2 of 4
Country (United States) 17 of 48
Year (2013) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-31 Correctional Healthcare Companies

Greenwood Village, Colorado, United States

CHC is an inmate healthcare management and community corrections services company, providing healthcare services to inmates and offenders in public and privately-managed county jails and state prisons across the United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-08 PureCars

Atlanta, Georgia, United States

PureCars is an operator of the digital advertising platform for the automotive industry. PureCars unlocks dealerships full sales potential with data-driven, multi-channel technology solutions and expert digital strategy teams. By utilizing its extensive data library and proprietary technology, PureCars’ marketing automation and business intelligence solutions enable dealers to capture more customers, optimize spend efficiency and maximize profitability. PureCars was founded in 2007 and is based in Atlanta, Georgia.

Buy -
SELLER

Socius Capital

Investor Investor Investor

Category Private Equity Firm
Size Small
Type Sector Agnostic
DESCRIPTION

Socius Capital is lower middle-market private equity investor that targets stable, profitable businesses in the manufacturing, distribution, and services sectors. The Firm prefers opportunities in the Southern US with recurring business models, defensible barriers to entry, and non-cyclical revenue. Transaction situations include management buyouts, recapitalizations, shareholder liquidity needs, and growth capital financings. Socius Capital is based in Ketchum, Idaho.

DEAL STATS #
Overall 1 of 3
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Colorado) 1 of 1
Country (United States) 1 of 3
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-03-23 Wazee Electric

Denver, Colorado, United States

Wazee Electric is a provider of motor, generator, wind and industrial crane services to diverse end markets including oil and gas, wind, agriculture, material handling and construction.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-17 Precision Machine & Manufacturing

Eugene, Oregon, United States

Precision Machine & Manufacturing is a designer and manufacturer of precision rotary valves, feeders, and screw conveyor material handling systems and components. Precision Machine & Manufacturing was founded in 1977 and is based in Eugene, Oregon.

Buy -
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