Buyout (LBO, MBO, MBI) • Distribution

Windjammer Capital and HarbourVest Partners Acquire Flinn Scientific

On October 1, 2014, mezzanine finance firm Windjammer Capital and private equity firm HarbourVest Partners acquired distribution company Flinn Scientific

Acquisition Context
  • This is Windjammer Capital’s 1st and HarbourVest Partners’ 2nd transaction in the Distribution sector.
  • This is Windjammer Capital’s 36th and HarbourVest Partners’ 77th transaction in the United States.
  • This is Windjammer Capital’s 6th and HarbourVest Partners’ 6th transaction in Illinois.

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M&A Deal Summary

Date October 1, 2014
Target Flinn Scientific
Sector Distribution
Buyer(s) Windjammer Capital
HarbourVest Partners
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Flinn Scientific

Batavia, Illinois, United States
Flinn Scientific is a supplier of educational science supply products to the K-12 and Higher Education markets. Flinn Scientific was founded in 1977 and is based in Batavia, Illinois.
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Buyers Overview 2

Buyer

Windjammer Capital

Newport Beach, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


Deal Context for Buyer #
Overall 36 of 52
Sector: Distribution 1 of 2
Type: Buyout (LBO, MBO, MBI) 23 of 29
State: Illinois 6 of 6
Country: United States 36 of 52
Year: 2014 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-14 Maxcess

Oak Brook, Illinois, United States

Maxcess is a provider of highly engineered, mission critical components used in web process manufacturing applications. Maxcess's line of web accessory products includes web-guiding systems, winding products, slitting products and systems tension controls, and inspection products. The Maxcess umbrella covers the strongest brand names in the industry. Fife pioneered automated web guiding, Tidland invented the very first expanding air shaft and MAGPOWR has the largest installed base of tension products in the industry. Maxcess was founded in 1989 and is based in Oak Brook, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 TERREPOWER

Daphne, Alabama, United States

TERREPOWER engages in remanufacturing of starters, alternators, hydraulic and air disc brake calipers, both hydraulic and electronic power steering products and turbochargers for the OEM, personal and commercial vehicle aftermarket industries. TERREPOWER was founded in 1987 and is headquartered in Daphne, Alabama.

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


Deal Context for Buyer #
Overall 123 of 214
Sector: Distribution 2 of 3
Type: Buyout (LBO, MBO, MBI) 27 of 41
State: Illinois 6 of 6
Country: United States 77 of 130
Year: 2014 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 Wayfair

Boston, Massachusetts, United States

Wayfair is an online home goods retailers focused on hard-line specialty categories, such as furniture, home improvement, housewares and office. Wayfair was established in 2002 and is based in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-02 York Risk Services Group

Parsippany, New Jersey, United States

York Risk Services Group is a provider of customized claims management, managed care, risk management, pool administration, and specialized loss adjusting services to markets including public entities, programs, carriers and all types of self-insureds.

Sell $1.3B