M&A Deal Summary

Warburg Pincus Acquires Scotsman Industries

On May 15, 2009, private equity firm Warburg Pincus acquired manufacturer Scotsman Industries from The Manitowoc Company for 160M USD

Acquisition Highlights
  • This is Warburg Pincus’ 3rd transaction in the Manufacturing sector.
  • This is Warburg Pincus’ 38th largest (disclosed) transaction.
  • This is Warburg Pincus’ 82nd transaction in the United States.
  • This is Warburg Pincus’ 3rd transaction in Illinois.
Investment Fate
  • Scotsman Industries was sold to a strategic buyer in 2012.

M&A Deal Summary

Date 2009-05-15
Target Scotsman Industries
Sector Manufacturing
Buyer(s) Warburg Pincus
Sellers(s) The Manitowoc Company
Deal Type Divestiture
Deal Value 160M USD

Target

Scotsman Industries

Vernon Hills, Illinois, United States
website
Scotsman Industries, Inc. is the global manufacturer of commercial ice machines with related products including storage bins, ice and water dispensers, industrial ice machines, high-end residential ice machines, blast chillers and commercial refrigeration units.

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Buyer(S) 1

Buyer

Warburg Pincus

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1966
PE ASSETS 83.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Warburg Pincus is a mega-sized, global private equity firm focused on investment opportunities across North America, Asia, and Europe. Warburg will consider investing at various company stages, from early-stage opportunities to distressed situations. Warburg Pincus is organized by industry groups. Verticals include financial services, healthcare, technology, media & telecommunications, energy, consumer & industrial, and real estate. Within financial services, Warburg will consider asset/wealth managers, banks, exchanges, financial technology, insurance, transaction processing, private banking, and specialty/consumer finance. Within healthcare, specific areas of interest include medical devices, healthcare services, and biotech/pharmaceuticals. Within technology/media/communications, Warburg targets software, media/internet/information, financial technology, telecom, business services, and systems/semiconductors. Within energy, specific areas of interest include oil/gas exploration, power generation/transmission, and alternative energy. Warburg Pincus raised its first fund in 1966 and is based in New York City.


DEAL STATS #
Overall 144 of 475
Sector (Manufacturing) 3 of 4
Type (Divestiture) 6 of 18
State (Illinois) 3 of 9
Country (United States) 82 of 234
Year (2009) 3 of 10
Size (of disclosed) 38 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-04-15 Zovio

Chandler, Arizona, United States

Zovio is a of postsecondary education services and delivers programs primarily online, as well as at traditional campuses. Zovio was formed in 1999 and is based in Chandler, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-11 Cleanaway

Melbourne, Australia

Cleanaway provider of waste management solutions. Customers include municipalities, small and large businesses and other waste companies, and the types of waste handled include solid, liquid, hazardous and oil waste, as well as the provision of industrial cleaning solutions. Cleanaway was founded in 2002 and is based in Melbourne, Australia.

Buy -

Seller(S) 1

SELLER

The Manitowoc Company

Milwaukee, Wisconsin, United States

website


Category Company
Founded 1902
Sector Machinery
Employees4,200
Revenue 2.0B USD (2022)
DESCRIPTION

The Manitowoc Company is a manufacturer of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by product support services. Manitowoc also manufactures commercial foodservice equipment. The Manitowoc Company was founded in 1902 and is based in Milwaukee, Wisconsin.


DEAL STATS #
Overall 1 of 4
Sector (Manufacturing) 1 of 3
Type (Divestiture) 1 of 3
State (Illinois) 1 of 1
Country (United States) 1 of 4
Year (2009) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-30 Enodis

London, United Kingdom

Enodis plc designs, manufactures and sale of commercial food equipment.

Buy $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-15 Kysor/Warren

Columbus, Georgia, United States

Kysor/Warren is a manufacturer of refrigerated systems and display cases for supermarkets throughout North America.

Sell $138M