M&A Deal Summary

Whirlpool Acquires American Dryer

On May 18, 2015, Whirlpool acquired machinery company American Dryer from Parkway Capital and Stonebridge Partners

Acquisition Highlights
  • This is Whirlpool’s 1st transaction in the Machinery sector.
  • This is Whirlpool’s 3rd transaction in the United States.
  • This is Whirlpool’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2015-05-18
Target American Dryer
Sector Machinery
Buyer(s) Whirlpool
Sellers(s) Parkway Capital
Stonebridge Partners
Deal Type Add-on Acquisition

Target

American Dryer

Fall River, Massachusetts, United States
American Dryer Corp. is a manufacturer and marketer of coin-operated, on-premise, industrial and specialty laundry equipment.

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Buyer(S) 1

Buyer

Whirlpool

Benton Harbor, Michigan, United States

Category Company
Founded 1911
Sector Consumer Products
Employees59,000
Revenue 19.5B USD (2023)
DESCRIPTION
Whirlpool's corporate headquarters in Benton Harbor, Michigan.
Whirlpool's corporate headquarters in Benton Harbor, Michigan.

Whirlpool is a manufacturer and marketer of major home appliances. Whirlpool operates 65 manufacturing and technology research centers around the world. Its brands include Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, and Bauknecht. Whirlpool was founded in 1898 and is based in Benton Harbor, Michigan.


DEAL STATS #
Overall 7 of 9
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (Massachusetts) 1 of 1
Country (United States) 3 of 5
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-10 Indesit

Fabriano, Italy

Indesit Co. S.p.A. is a manufacturer and distributor of major domestic appliances. Indesit Company has eight industrial sites (in Italy, Poland, the UK, Russia and Turkey).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-02 Yummly

Redwood City, California, United States

Yummly, Inc. is a digital platform (mobile and web) for personalized recipes and cooking resources. Since Yummly’s inception, it has been active in the digital kitchen and connecting users to the recipes they love. From recipe recommendations to handy tools and helpful videos, Yummly has everything needed to improve life in the kitchen every step of the way.

Buy -

Seller(S) 2

SELLER

Parkway Capital

Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Parkway Capital is the mezzanine finance unit of Calvert Street Partners. Parkway's investments typically take the form of subordinated debt, which can be combined with a junior secured loan or preferred stock. If an opportunity calls for common equity, Parkway can also co-invest with other shareholders. Parkway looks to commit $3 to $12 million of capital per transaction in companies with at least $10 million in revenue and EBITDA in excess of $2 million. Funds are generally used to support business expansions, corporate acquisitions, leverage buyouts, recapitalization, ownership transfers, and 'wealth diversification'. Parkway Capital was formed in 2000 and became a unit of Calvert Street in 2019.


DEAL STATS #
Overall 8 of 13
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 2 of 5
State (Massachusetts) 1 of 1
Country (United States) 8 of 13
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-02 Dynamic Tube

Maquoketa, Iowa, United States

Dynamic Tube is a manufacturer of tube and pipe assemblies used in the assembly of diesel/gas engines, hydraulic systems, cooling systems, and air systems. Dynamic Tube was founded in 1976 and is based in Maquoketa, Iowa.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-18 Spencer N Enterprises

El Monte, California, United States

Spencer N Enterprises, Inc. is a designer, manufacturer, importer and marketer of decorative pillows, window coverings and other home furnishing textile products. Spencer N Enterprises was founded in 2000 and is based in El Monte, California.

Sell -
SELLER

Stonebridge Partners

White Plains, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Stonebridge Partners is a private equity firm that targets investments in mid-sized privately-owned companies or divisions of public companies primarily serving the industrial or commercial marketplaces. The Firm 'particularly seeks companies where manufacturing equipment, processes, technology, patents, brand identity and/or reputation provide sustainable barriers to entry for potential competitors'. Target sectors include specialty manufacturing, value-added distributors, specialty packaging, building materials, and infrastructure. Stonebridge prefers businesses located in the US and Canada. Stonebridge Partners was formed in 1986 and is based in White Plains, New York.


DEAL STATS #
Overall 15 of 21
Sector (Machinery) 2 of 3
Type (Add-on Acquisition) 3 of 7
State (Massachusetts) 2 of 2
Country (United States) 15 of 20
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-23 STC Floors

Houston, Texas, United States

STC Floors is a supplier and distributor of floor covering products. The Company offers a broad range of hardwood, vinyl, carpet, ceramic, and laminate flooring products, as well as related flooring accessories. STC Floors was established in 1937 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-29 ADI American Distributors

Randolph, New Jersey, United States

ADI American Distributors is a distributor and value-added assembler of electrical components and systems primarily for the global aerospace industry. With an extensive network of worldwide suppliers. ADI American Distributors was founded in 1983 and is based in Randolph, New Jersey.

Buy -