M&A Deal Summary

WILsquare Capital Acquires Rock Energy Systems

On September 28, 2021, private equity firm WILsquare Capital acquired energy services and equipment company Rock Energy Systems from Aldine Capital Partners

Acquisition Highlights
  • This is WILsquare Capital’s 1st transaction in the Energy Services and Equipment sector.
  • This is WILsquare Capital’s 6th transaction in the United States.
  • This is WILsquare Capital’s 1st transaction in Wisconsin.

M&A Deal Summary

Date 2021-09-28
Target Rock Energy Systems
Sector Energy Services and Equipment
Buyer(s) WILsquare Capital
Sellers(s) Aldine Capital Partners
Deal Type Secondary Buyout

Target

Rock Energy Systems

Janesville, Wisconsin, United States
Rock Energy Systems offers waste oil furnaces and boilers, high volume low-speed fans, and energy-efficient portable radiant heaters to provide comfort to workers within various industrial settings. The company offers leading brands Clean Burn, Lanair, EnergyLogic and MacroAir. Its branded products are manufactured in its Janesville location and distributed worldwide. Rock Energy Systems was founded in 1976 and is based in Janesville, Wisconsin.

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Buyer(S) 1

DESCRIPTION

WILsquare Capital is a private equity firm focused on acquiring closely held lower middle-market companies. WILsquare will consider opportunities throughout the Midwest and South US and has a preference for businesses whose owners are looking for a partner to help pursue growth strategies. Sectors of interest include business services, technology products and services, distribution, niche manufacturing, and e-commerce. WILsquare Capital was formed in 2015 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 6 of 10
Sector (Energy Services and Equipment) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Wisconsin) 1 of 1
Country (United States) 6 of 10
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-25 DCM Services

Bloomington, Minnesota, United States

DCM Services is a provider of tech-enabled estate receivables management solutions and SaaS software to multiple end markets, including financial services, healthcare, utilities, telecom, and others. DCM Services was founded in 1998 and is based in Bloomington, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-15 TekBrands

Omaha, Nebraska, United States

TekBrands is a designer and eCommerce-based marketer of branded products to quilting and crafting enthusiasts and retailers. TekBrands was founded in 1990 and is based in Omaha, Nebraska.

Buy -

Seller(S) 1

SELLER

Aldine Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Aldine Capital Partners is a mezzanine investment firm that provides mezzanine and junior capital financing to lower middle-market companies generating sales of at least $10 million and at least $2 million in EBITDA. Aldine invests in the range of $4 to $25 million per transaction. Types of transactions include management buyouts, acquisition financings, shareholder liquidity events, recapitalizations, and growth financings of smaller middle-market companies. Aldine will consider investments across the United States, but has a primary focus on opportunities in the Midwest. The Firm will not consider investments in start-ups, turnarounds, real estate, insurance, banking, and oil/gas. Aldine Capital was formed in 2005 and is based in Chicago, Illinois.


DEAL STATS #
Overall 20 of 24
Sector (Energy Services and Equipment) 3 of 3
Type (Secondary Buyout) 7 of 9
State (Wisconsin) 2 of 2
Country (United States) 20 of 24
Year (2021) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-24 AmPharm

Franklin, Tennessee, United States

AmPharm is an institutional Long Term Care pharmacy that provides a full suite of pharmaceutical offerings, including specialized packaging and IV services. The company serves senior living, skilled nursing, and rehabilitation centers; psychiatric hospitals; as well as home health and hospice locations, contributing to a diverse and synergistic offering across the post-acute continuum of care. AmPharm is based in Franklin, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-02 Gillette Generators

Elkhart, Indiana, United States

Gillette Generators is a Midwest-based manufacturer and supplier of premium standby backup and prime power generators for agricultural, commercial, industrial, and critical infrastructure end-users. Gillette Generators is based in Elkhart, Indiana.

Buy -