M&A Deal Summary

Topcon Positioning Systems Acquires Digi-Star

On March 23, 2015, Topcon Positioning Systems acquired test/measurement equipment company Digi-Star from Baird Capital and Fifth Street Capital for 133M USD

Acquisition Highlights
  • This is Topcon Positioning Systems’ 1st transaction in the Test/Measurement Equipment sector.
  • This is Topcon Positioning Systems’ largest (disclosed) transaction.
  • This is Topcon Positioning Systems’ 1st transaction in the United States.
  • This is Topcon Positioning Systems’ 1st transaction in Wisconsin.

M&A Deal Summary
Date 2015-03-23
Target Digi-Star
Sector Test/Measurement Equipment
Buyer(s) Topcon Positioning Systems
Sellers(s) Baird Capital
Fifth Street Capital
Deal Type Add-on Acquisition
Deal Value 133M USD

Target

Digi-Star

Fort Atkinson, Wisconsin, United States
Digi-Star LLC is a manufacturer of weighing systems designed for agricultural equipment.

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Buyer(S) 1

Buyer

Topcon Positioning Systems

Livermore, California, United States
Category Company
Founded 1994
Sector Manufacturing
DESCRIPTION

Topcon Positioning Group designs, manufactures and distributes positioning products used in the surveying, construction, agriculture, civil engineering, building information modeling (BIM), mapping and geographic information systems (GIS), asset management and mobile control markets.

DEAL STATS #
Overall 4 of 8
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 4 of 8
State (Wisconsin) 1 of 1
Country (United States) 1 of 2
Year (2015) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-20 Wachendorff Elektronik KG

Geisenheim, Germany

Wachendorff Elektronik GmbH & Co. KG is a manufacturer of in-cabin mounted consoles for the industrial vehicle market in the agricultural and construction industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 NORAC Systems International

Saskatoon, Saskatchewan, Canada

NORAC Systems International, Inc. is a developer of ultrasonic sensing and boom control technology for agricultural equipment.

Buy -

Seller(S) 2

SELLER

Baird Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 3.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Baird Capital Partners (BCP) is the US private equity arm of Baird Private Equity. BCP makes investments in middle-market companies based in the US. BCP targets companies valued between $25 and $125 million and looks to invest between $15 and $35 million of equity per transaction. BCP focuses on three primary areas including business services (transaction processing, process outsourcing, professional services), healthcare (outsourcing services, medical products, contract manufacturing), and manufactured products (industrial/commercial, specialty consumer, distribution). BCP is affiliated with Baird Capital Partners Europe, Baird Capital Partners Asia, Baird Venture Partners, and Granville Baird Capital Partners. Baird Capital Partners is based in Chicago, Illinois.

DEAL STATS #
Overall 31 of 50
Sector (Test/Measurement Equipment) 2 of 2
Type (Add-on Acquisition) 21 of 31
State (Wisconsin) 9 of 10
Country (United States) 31 of 44
Year (2015) 1 of 3
Size (of disclosed) 5 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 Qualitor

Southfield, Michigan, United States

Qualitor is a supplier of branded aftermarket safety and wear products for the automotive aftermarket. Qualitor provides wiper blades and auto care accessories, as well as brake hardware and related components. Qualitor was founded in 1999 and is based in Southfield, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-20 Alpha Source

Milwaukee, Wisconsin, United States

Alpha Source provides innovative solutions in procurement and logistics for healthcare customers around the world. The company is a certified medical device manufacturer with an emphasis on batteries and electronic components. Alpha Source distributes multi-vendor service parts and accessories for all modalities and has national field service for Ultrasound equipment. Alpha Source was founded in 1986 and is based in Milwaukee, Wisconsin.

Buy -
SELLER

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 26 of 59
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 14 of 27
State (Wisconsin) 1 of 2
Country (United States) 25 of 58
Year (2015) 3 of 9
Size (of disclosed) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-13 Flatout

Saline, Michigan, United States

Flatout, Inc. produces and sells flatbread and other related products to retail groceries, mass market and club stores, and other markets. The company sells its products under the Flatout name, which enjoys brand recognition among weight-conscious and health-minded consumers. Its products, which come in a variety of regular and light flavors, provide a healthy alternative to traditional breads and are applicable to a variety of culinary uses.

Sell $92M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-16 Ikaria

Clinton, New Jersey, United States

Ikaria is a critical care therapeutics company. Ikaria is based in Clinton, New Jersey.

Sell $2.3B
Mergr

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