M&A Deal Summary

Turnspire Capital Partners Acquires Swanson Industries

On June 6, 2024, private equity firm Turnspire Capital Partners acquired metals/mining company Swanson Industries from AEA Investors and Manulife Investment Management

Acquisition Highlights
  • This is Turnspire Capital Partners’ 1st transaction in the Metals/Mining sector.
  • This is Turnspire Capital Partners’ 11th transaction in the United States.
  • This is Turnspire Capital Partners’ 1st transaction in West Virginia.

M&A Deal Summary

Date 2024-06-06
Target Swanson Industries
Sector Metals/Mining
Buyer(s) Turnspire Capital Partners
Sellers(s) AEA Investors
Manulife Investment Management
Deal Type Secondary Buyout

Target

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.

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Buyer(S) 1

DESCRIPTION

Turnspire Capital Partners is a private investment firm focused on acquiring North American companies that have reached 'strategic, operational, or financial inflection points' with their business and could benefit from a hands-on investor. Turnspire will consider a variety of transaction situations, including special situations, corporate carve-outs, and family transitions. Sectors of interest include aerospace/defense, automotive, machinery, chemicals, consumer, building materials, food/beverages, logistics, metals, packaging, and plastics. Prospective companies generally have revenues of $50 to $400 million. Turnspire Capital Partners was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 12 of 14
Sector (Metals/Mining) 1 of 1
Type (Secondary Buyout) 2 of 3
State (West Virginia) 1 of 1
Country (United States) 11 of 13
Year (2024) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-07 Ashland Nutraceuticals

Wilmington, Delaware, United States

Ashland Nutraceuticals is a provider of proprietary nutrition ingredients and custom formulation services that supplies a broad portfolio of both active ingredients and formulation aids to nutritional product companies. Ashland Nutraceuticals is based in Wilmington, Delaware.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-05 Pharmachem Innovations

Kearny, New Jersey, United States

Pharmachem Innovations is a provider of proprietary nutrition ingredients and custom formulation services that supplies a broad portfolio of both active ingredients and formulation aids to nutritional product companies. Pharmachem Innovations is based in Kearny, New Jersey.

Buy -

Seller(S) 2

SELLER

AEA Investors

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

AEA Investors is a private investment firm focused on investing in and acquiring businesses headquartered primarily in the US, Europe, and China. AEA looks for companies operating in stable to growing industries with a proven ability to generate positive cash-flow. Broad sectors of interest include value-added industrial products/services, specialty chemicals, consumer products, and services. In addition to its primary middle-market private equity fund, AEA maintains additional funds targeted towards mezzanine financing, senior secured debt, and small business buyouts. AEA Investors was formed in 1968 and is based in New York City.


DEAL STATS #
Overall 78 of 79
Sector (Metals/Mining) 1 of 1
Type (Secondary Buyout) 34 of 34
State (West Virginia) 1 of 1
Country (United States) 71 of 71
Year (2024) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-27 CLS Management Services

Sugar Land, Texas, United States

CLS Management Services is one of the largest independent providers of the right of way and land management consulting services in the U.S. The Company provides a comprehensive suite of land management services including project management, right of way acquisition, training, staffing, and related field services to both public and private sector clients in the utility, public infrastructure, and energy end-markets. CLS Management Services was founded in 1985 and is based in Sugar Land, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-15 Nations Roof

Mobile, Alabama, United States

Nations Roof is a provider of commercial roofing services that operate out of 30+ locations and has completed re-roofing and service and repair projects in 49 states in the past year. Nations focus on providing best-in-class customer service to local and national real estate owners across all types of commercial properties. Nations Roof is based in Mobile, Alabama.

Buy -
SELLER

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 19 of 19
Sector (Metals/Mining) 1 of 1
Type (Secondary Buyout) 7 of 7
State (West Virginia) 1 of 1
Country (United States) 18 of 18
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-03 CQS

London, United Kingdom

CQS is a multi-sector alternative credit manager. The firm has managing research-driven credit strategies over multiple market cycles, with core capabilities that span corporate credit (loans and bonds), asset backed securities, regulatory capital, collateralized loan obligations and convertible bonds. CQS is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-31 Hill Country Dairies

Austin, Texas, United States

Hill Country Dairies (HCD) provides full-service dairy programs and category management services to food service customers through a high-touch DSD model, serving thousands of customers across six Texas branches. Their product offering includes over 200 milk, butter, cream, and cheese items that are primarily used as input ingredients into core menu items at restaurants and other food service locations. Hill Country Dairies is based in Austin, Texas.

Buy -