M&A Deal Summary

Worthington Enterprises Acquires Angus Industries

On January 3, 2012, Worthington Enterprises acquired machinery company Angus Industries from Merit Capital Partners for 180M USD

Acquisition Highlights
  • This is Worthington Enterprises’ 2nd transaction in the Machinery sector.
  • This is Worthington Enterprises’ 3rd largest (disclosed) transaction.
  • This is Worthington Enterprises’ 4th transaction in the United States.
  • This is Worthington Enterprises’ 1st transaction in South Dakota.

M&A Deal Summary
Date 2012-01-03
Target Angus Industries
Sector Machinery
Buyer(s) Worthington Enterprises
Sellers(s) Merit Capital Partners
Deal Type Add-on Acquisition
Deal Value 180M USD
Advisor(s) Lincoln International (Financial)

Target

Angus Industries

Watertown, South Dakota, United States
Angus Industries, Inc. is one of the largest manufacturers of operator stations and rollover protective structures (e.g. cabs) for mobile equipment in the United States. The Company designs and manufactures cabs for the construction, agricultural, mining, forestry, and material handling equipment industries, among others. The Company is headquartered in Watertown, South Dakota, with additional manufacturing facilities in Greeneville, Tennessee, Northwood, Iowa and Florence, South Carolina.

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Buyer(S) 1

Buyer

Worthington Enterprises

Columbus, Ohio, United States
Category Company
Founded 1955
Sector Metals/Mining
Employees4,000
Revenue 4.9B USD (2023)
DESCRIPTION
Entrance to Worthington Industries' corporate headquarters in Columbus, Ohio.
Entrance to Worthington Industries' corporate headquarters in Columbus, Ohio.

Worthington Enterprises is a diversified metal processing company. Worthington is a value-added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems, and laser-welded blanks. Worthington Enterprises was founded in 1955 and is based in Columbus, Ohio.

DEAL STATS #
Overall 6 of 22
Sector (Machinery) 2 of 6
Type (Add-on Acquisition) 5 of 15
State (South Dakota) 1 of 2
Country (United States) 4 of 19
Year (2012) 1 of 2
Size (of disclosed) 3 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-30 Stako

Slupsk, Poland

Stako is a producer of automotive liquefied propane gas (LPG) tanks. Stako manufactures toroidal and cylindrical LPG tanks for storage of liquid gas propane-butane mixture for engines in passenger cars and commercial and delivery vehicles. Stako was founded in 1967 and is based in Slupsk, Poland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-04 Angus-Palm Industries

Watertown, South Dakota, United States

Angus-Palm Industries is a designer and manufacturer of operator cabs for mobile equipment.

Buy -

Seller(S) 1

SELLER

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 24 of 52
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 10 of 27
State (South Dakota) 1 of 2
Country (United States) 24 of 51
Year (2012) 1 of 1
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-05 Versatile Processing Group

Indianapolis, Indiana, United States

Versatile Processing Group is an industrial processor of nonferrous metals servicing the copper manufacturing, electric utility, and general industries. Versatile Processing Group specializes in recycling nonferrous materials, including copper, brass, aluminum, zinc, tin, silicon and nickel products sourced from a diverse base of suppliers, with particular expertise in difficult-to-process units. Services provided include wire and cable chopping, de-tinning and de-oiling, laboratory analysis, and logistics.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-27 Glunt Industries

Warren, Ohio, United States

Glunt Industries is a remanufacturer and service provider of equipment to industry-leading steel and aluminum mills in North America. The Company reconditions, rebuilds, upgrades, and extends the service life of critical steel and aluminum mill equipment to exacting tolerances. Repair and refurbishment services are critically important to the profitability of metal producers as equipment used in steel and aluminum production frequently wears out and requires servicing. Glunt Industries was founded in 1966 and is based in Warren, Ohio.

Buy -
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