M&A Deal Summary

Trimaran Capital Partners, KarpReilly and Apax Acquire Norcraft Companies

On October 22, 2003, private equity firms Trimaran Capital Partners, KarpReilly and Apax acquired building materials company Norcraft Companies from Pfingsten Partners and Goense Capital Partners for 315M USD

Acquisition Highlights
  • This is Trimaran Capital Partners’ 1st, KarpReilly’s 1st and Apax’s 1st transaction in the Building Materials sector.
  • This is Trimaran Capital Partners’ 2nd, KarpReilly’s and Apax’s 44th largest (disclosed) transaction.
  • This is Trimaran Capital Partners’ 2nd, KarpReilly’s 1st and Apax’s 21st transaction in the United States.
  • This is Trimaran Capital Partners’ 1st, KarpReilly’s 1st and Apax’s 1st transaction in Minnesota.
Investment Fate
  • Norcraft Companies went public in 2013.
  • Norcraft Companies was sold to a strategic buyer in 2015 for 600M USD.

M&A Deal Summary
Date 2003-10-22
Target Norcraft Companies
Sector Building Materials
Buyer(s) Trimaran Capital Partners
KarpReilly
Apax
Sellers(s) Pfingsten Partners
Goense Capital Partners
Deal Type Secondary Buyout
Deal Value 315M USD

Target

Norcraft Companies

Eagan, Minnesota, United States
Norcraft Companies, Inc. is a manufacturer of kitchen and bathroom cabinetry in the United States and Canada. Norcraft provides its customers with a single source for a broad range of high-quality cabinetry, including stock and semi-custom cabinets manufactured in both framed and frameless (full access) construction. Norcraft was formed in 1966 and is based in Eagan, Minnesota.

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Buyer(S) 3

Buyer

Trimaran Capital Partners

New York, New York, United States

Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 3.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Trimaran Capital Partners is a middle-market private equity investor. The Firm seeks long-term capital appreciation by making privately negotiated equity or equity-oriented investments in niche middle-market companies. Trimaran generally looks to invest $25 to $100 million of equity in transactions ranging in value from $100 million to $1 billion. Sectors of interest include business services, financial services, energy, healthcare, manufacturing, and media. Trimaran Capital Partners was formed in 1998 and is based in New York City.

DEAL STATS #
Overall 2 of 10
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 1 of 4
State (Minnesota) 1 of 1
Country (United States) 2 of 10
Year (2003) 1 of 2
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-05-10 PrimeCo Personal Communications

Itasca, Illinois, United States

PrimeCo Personal Communications LLC is a wireless telecommunication services provider.

Sell $610M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-06 Reddy Ice Holdings

Dallas, Texas, United States

Reddy Ice Holdings, Inc. is a manufacturer and distributor of packaged ice in the United States. The Company sells its products primarily under the widely known Reddy Ice® brand to a variety of customers in 37 states and the District of Columbia. Reddy Ice provides a broad array of product offerings in the marketplace through traditional direct store delivery, warehouse programs, and its proprietary technology, The Ice Factory®.

Buy -
Buyer

KarpReilly

Greenwich, Connecticut, United States
Category Private Equity Firm
Founded 2007
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

KarpReilly is a private equity firm focused on partnering with small to mid-size growth companies across a broad range of industries. The Firm looks to commit $10 to $25 million of equity capital per investment. Sectors of interest include building materials, business services, consumer brands, healthcare services, retail, and restaurants. KarpReilly will consider both minority or majority investment positions in transactions that include growth financings, management buyouts, acquisition financings, and recapitalizations. KarpReilly was formed in 2007 and is headquartered in Greenwich, Connecticut.

DEAL STATS #
Overall 1 of 24
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Minnesota) 1 of 1
Country (United States) 1 of 22
Year (2003) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-06-13 Tommy Bahama Group

Seattle, Washington, United States

Tommy Bahama Group, Inc. is a designer, manufacturer, and retails apparel for men and women.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-26 Spyder Active Sports

Boulder, Colorado, United States

Spyder Active Sports designs and markets the most recognized and respected brand of high-performance, technically-oriented skiwear in the world.

Buy -
Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 77.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

DEAL STATS #
Overall 42 of 262
Sector (Building Materials) 1 of 2
Type (Secondary Buyout) 4 of 66
State (Minnesota) 1 of 1
Country (United States) 21 of 105
Year (2003) 9 of 12
Size (of disclosed) 44 of 54
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-13 Frontier Silicon

Kings Langley Hertfordshire, United Kingdom

Frontier Silicon Ltd. is a fabless semiconductor company which is the supplier of innovative semiconductor, module and software solutions for digital radio and connected audio systems.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-11 IFCO Systems N.V.

Amsterdam, Netherlands

IFCO's reusable plastic containers offer large retailers the opportunity to save money and reduce emissions at the same time.

Buy -

Seller(S) 2

SELLER

Pfingsten Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION
Pfingsten's office building at 300 North LaSalle in Chicago.
Pfingsten's office building at 300 North LaSalle in Chicago.

Pfingsten Partners is a private equity firm focused on investments in niche manufacturing, distribution, and business services companies. The Firm targets platform companies headquartered in the US although add-on acquisitions can be located outside the US. Prospective companies typically have revenues of $20 to $150 million and EBITDA of $3 to $12 million. Transaction types include private companies undergoing an ownership transition, corporate divestitures, strategic add-ons, and turnarounds. Pfingsten only invests in situations allowing for control. Pfingsten will not invest in real estate, natural resources, highly regulated businesses, retail, restaurants, early-stage companies, or technology. Pfingsten Partners was formed in 1989 and is based in Chicago, Illinois.

DEAL STATS #
Overall 4 of 40
Sector (Building Materials) 1 of 2
Type (Secondary Buyout) 1 of 17
State (Minnesota) 1 of 3
Country (United States) 4 of 40
Year (2003) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-05-26 Four Wheel Drive Hardware

Columbiana, Ohio, United States

Four Wheel Drive Hardware is a mail-order and internet distributor of automotive aftermarket parts and accessories for Jeep, Mercedes and Porsche vehicles.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-05-01 Barjan Products

Rock Island, Illinois, United States

Barjan Products LLC is a national marketer and distributor of automotive, electronic, entertainment and general merchandise products to travel centers, mass merchants, automotive retailers, car washes, convenience stores and other distribution channels. Products are sold under a variety of well-positioned brands, including Barjan, Trucker Tough, Diesel, Wilson, Francis, Victor, and Monkey Grip.

Sell -
SELLER

Goense Capital Partners

Chicago, Illinois, United States

Investor Investor

Category Private Equity Firm
Founded 2008
PE ASSETS 225M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Goense Capital Partners is a private equity firm focused on making control investments alongside management teams in small to mid-sized business service companies. Goense looks for North American businesses with predictable cash-flow ($2 million+ of EBITDA), identifiable growth opportunities, and market segment leadership. Target transaction situations include consolidations, family successions, shareholder liquidity needs, LBOs, MBOs, and growth capital financings. The Firm prefers to be the lead investor and has a target investment size of $1 to $30 million. Goense was formed in 2008 after becoming independent from Goense Bounds & Partners. The Firm is and is based in Chicago, Illinois.

DEAL STATS #
Overall 1 of 9
Sector (Building Materials) 1 of 2
Type (Secondary Buyout) 1 of 5
State (Minnesota) 1 of 1
Country (United States) 1 of 9
Year (2003) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-08 L&S Mechanical

Richardson, Texas, United States

L&S Mechanical is a provider of new home construction services in the plumbing and electrical industries. L&S Mechanical serves large production homebuilders in Dallas / Fort Worth, Houston, San Antonio, and Austin through its five production warehouses. L&S Mechanical was founded in 1985 and is based in Richardson, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-02 CrossCom

Buffalo Grove, Illinois, United States

CrossCom delivers nationwide IT services and solutions for geographically dispersed multi-unit operators in the retail, automotive, grocery, hospitality, and restaurant industry segments. CrossCom was founded in 1981 and is based in Buffalo Grove, Illinois.

Buy -
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