M&A Deal Summary

Vintage Fund Management Acquires Lubricating Specialties

On April 3, 2003, private equity firm Vintage Fund Management acquired chemicals company Lubricating Specialties from American Capital for 47M USD

Acquisition Highlights
  • This is Vintage Fund Management’s 1st transaction in the Chemicals sector.
  • This is Vintage Fund Management’s largest (disclosed) transaction.
  • This is Vintage Fund Management’s 1st transaction in the United States.
  • This is Vintage Fund Management’s 1st transaction in California.
Investment Fate
  • Lubricating Specialties was sold to a consortium of financial buyers in 2016.
  • Lubricating Specialties was sold to a strategic buyer in 2019.

M&A Deal Summary

Date 2003-04-03
Target Lubricating Specialties
Sector Chemicals
Buyer(s) Vintage Fund Management
Sellers(s) American Capital
Deal Type Secondary Buyout
Deal Value 47M USD

Target

Lubricating Specialties

Pico Rivera, California, United States
Lubricating Specialties Co., Inc. is a manufacturer of lubricating oils and greases, blending and packaging of lubricant oils for auto, truck, and marine applications, manufacturing specialty greases and other lubricants for niche industrial purposes and providing bulk storage and blending of petroleum additives and related products. Lubricating Specialties Co. was founded in 1928 and is based in Pico Rivera, California.

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Buyer(S) 1

Buyer

Vintage Fund Management

Los Angeles, California, United States

website


Category Private Equity Firm
Founded 2000
Size Small
Type Sector Agnostic
DESCRIPTION

Vintage Fund Management, LLC is a private investment group that invests in middle-market businesses typically headquartered in California and the Western United States. The Firm targets basic industries that feature limited technology risk. Vintage seeks to invest in companies with revenues between $20 million and $250 million, and EBITDA greater than $3 million. In general, the firm looks to commit $5 to $20 million per investment. Transactions types considered include debt purchases, restructurings, acquisitions, buyouts of passive shareholders, refinancings, majority or minority recapitalizations, and management sponsored buyouts. Vintage Fund Management was formed in 2000 and is based in Los Angeles, California.


DEAL STATS #
Overall 1 of 6
Sector (Chemicals) 1 of 1
Type (Secondary Buyout) 1 of 1
State (California) 1 of 4
Country (United States) 1 of 6
Year (2003) 1 of 2
Size (of disclosed) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-01 eScreen

Overland Park, Kansas, United States

eScreen, Inc. provides comprehensive pre-employment screening services to local, regional and national employers throughout the United States, including drug testing services and background checks.

Buy -

Seller(S) 1

SELLER

American Capital

website


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 5 of 193
Sector (Chemicals) 1 of 4
Type (Secondary Buyout) 1 of 70
State (California) 1 of 30
Country (United States) 5 of 185
Year (2003) 1 of 5
Size (of disclosed) 54 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-02 Populus Financial Group

Irving, Texas, United States

Populus Financial Group is a retailer of financial services, including check cashing, short-term consumer loans and bill payment services, and the largest owner, operator, and franchisor of check cashing stores in the United States. Populus Financial Group was formed in 1968 and is based in Irving, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-04-15 FMI International

Carteret, New Jersey, United States

FMI International, Inc is a leading third party logistics provider to the U.S. apparel industry. The services include including freight forwarding, transloading, warehousing, distribution, and local and long distance ground transportation to the U.S. import apparel industry. Along the entire transport route, FMI offers a comprehensive inventory tracking system that enables customers to locate their merchandise at any point on the supply chain. FMI is one of the few companies in the industry with expertise in garment-on-hanger shipping, a shipping method in which delicate apparel remains hung on slick rails throughout its transport, avoiding the weight and pressure of other garments that could adversely affect their appearance.

Buy -