M&A Deal Summary

Winchester Interconnect Acquires C&M

On January 3, 2018, Winchester Interconnect acquired electrical equipment company C&M from Advantage Capital Partners, Ironwood Capital and Watermill Group

Acquisition Highlights
  • This is Winchester Interconnect’s 8th transaction in the Electrical Equipment sector.
  • This is Winchester Interconnect’s 11th transaction in the United States.
  • This is Winchester Interconnect’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2018-01-03
Target C&M
Sector Electrical Equipment
Buyer(s) Winchester Interconnect
Sellers(s) Advantage Capital Partners
Ironwood Capital
Watermill Group
Deal Type Add-on Acquisition
Advisor(s) Sperry, Mitchell & Co., Inc. (Financial)
K&L Gates (Legal)

Target

C&M

Wauregan, Connecticut, United States
C&M Corp. is a designer and manufacturer of wire & cable and coil cords for performance-critical applications. The company serves blue-chip customers across a variety of growing markets including industrial automation, medical and military. C&M Corporation has over 50 years of experience designing and manufacturing wire and cable, coil cords, and cable assembly solutions for mission and performance critical applications which simply cannot fail.

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Buyer(S) 1

Buyer

Winchester Interconnect

Wallingford, Connecticut, United States
Category Company
Founded 1941
Sector Electrical Equipment
DESCRIPTION

Winchester Interconnect is a provider of custom engineered interconnect solutions for diverse, growing end markets requiring high reliability and application specific expertise. Winchester designs and manufactures RF coaxial, board-to-board and power interconnects, as well as cable assemblies, for the telecommunications, computer, and test & measurement industries.

DEAL STATS #
Overall 11 of 13
Sector (Electrical Equipment) 8 of 9
Type (Add-on Acquisition) 9 of 10
State (Connecticut) 1 of 1
Country (United States) 11 of 12
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-30 Tekna Seal

Minneapolis, United States

Tekna Seal LLC is a producer of high performance hermetic connectors. Its products are primarily used in the medical, military and aerospace end markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-14 Shanghai Phoenix Communication & Technology

Shanghai, China

Shanghai Phoenix Communication & Technology Co. Ltd.is a global supplier of RF/Microwave connector and cable assembly products serving telecommunications, medical, public safety, test and measurement, and aerospace markets.

Buy -

Seller(S) 3

SELLER

Advantage Capital Partners

New Orleans, Louisiana, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1992
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Advantage Capital Partners is a private equity firm focused on providing growth capital to a variety of companies. The Firm's geographic coverage includes Alabama, Colorado, Florida, Hawaii, Louisiana, Mississippi, Missouri, New York, Texas, Wisconsin and Washington DC. Advantage looks to initially commit $0.5 to $2 million per investment and can provide mezzanine debt in addition to equity capital. Areas of interest include communications, information technology, life science, and energy. Advantage Capital was formed in 1992 and is headquartered in New Orleans, Louisiana.

DEAL STATS #
Overall 77 of 97
Sector (Electrical Equipment) 2 of 2
Type (Add-on Acquisition) 43 of 54
State (Connecticut) 8 of 9
Country (United States) 77 of 97
Year (2018) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Power Gen Components

Las Vegas, Nevada, United States

Power Gen Components is a manufacturer of precision fasteners engineered specifically for power generation and oil & gas applications. Power Gen Components was founded in 2010 and is based in Las Vegas, Nevada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-24 ReST

Atlanta, Georgia, United States

ReST is a company with an integrated solution that not only tracks sleep data but automatically responds to that data to help people sleep better. ReST's main product is the ReST Bed: the only truly smart bed. The ReST Bed incorporates company's patented smart fabric, which senses changes in pressure and interacts with the mattress in order to automatically respond to the sleeper’s comfort and support needs throughout the night. ReST was founded in 2013 and is based in Atlanta, Georgia.

Buy -
SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.

DEAL STATS #
Overall 24 of 53
Sector (Electrical Equipment) 1 of 2
Type (Add-on Acquisition) 16 of 32
State (Connecticut) 10 of 15
Country (United States) 24 of 53
Year (2018) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-18 LRS

Morton Grove, Illinois, United States

LRS is a provider of recycling and industry-leading waste diversion programs, affordable roll-off container services, and comprehensive waste removal to businesses and residential homeowners. LRS is based in Morton Grove, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-30 Gold Medal Environmental

Sewell, New Jersey, United States

Gold Medal Environmental is a waste and recycling services company principally servicing Pennsylvania and New Jersey customers. Gold Medal offers a complete range of integrated services to thousands of customers in the region. The company serves residential, institutional, commercial and industrial locations. Gold Medal offers superior collection, recycling, disposal and dumpster rental services 24 hours a day and seven days a week. Gold Medal Environmental is based in Sewell, New Jersey.

Sell -
SELLER

Watermill Group

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1978
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

The Watermill Group is a private investment firm focused on acquiring/investing in mid-sized businesses operating in traditional industries. Watermill generally looks for US or Canada-based companies which require operating, strategic and capital resources to grow. Sectors of interest include metals, rubber/plastics, paper, packaging, chemicals, food products, value-added distribution, manufacturing, business services, and building products/services. Prospective companies typically generate $35 to $400 million revenues, however Watermill will consider certain smaller businesses as well. Watermill will not invest in fashion businesses, tech companies or industries characterized by short product life cycles or binary outcomes. Watermill was formed in 1978 and is based in Lexington, Massachusetts.

DEAL STATS #
Overall 10 of 11
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 6 of 7
State (Connecticut) 1 of 1
Country (United States) 10 of 11
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-16 Cooper & Turner

South Yorkshire, United Kingdom

Cooper & Turner is a manufacturer of bolts, nuts, and washers for the Wind, Railway, Tunnelling, Oil & Gas and Structural bolting industries. Cooper & Turner is headquartered in South Yorkshire, United Kingdom and has operations in China, and the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-03 Enbi Group

Shelbyville, Indiana, United States

Enbi Group is a manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies. Enbi serves best-in-class OEMs in digital printing, ATMs and cash handling systems, HVAC (heating, ventilation, air conditioning) as well as other industries in which exacting precision and quality are critical to end-product performance. Enbi Group was established in 1950 and is based in Shelbyville, Indiana.

Buy -
Mergr

Product

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Legal