M&A Deal Summary

Watermill Group and Hicks Holdings Acquire Latrobe Specialty Metals

On December 8, 2006, private equity firm Watermill Group and Hicks Holdings acquired metals/mining company Latrobe Specialty Metals from Timken for 215M USD

Acquisition Highlights
  • This is Watermill Group’s 1st and Hicks Holdings’ 1st transaction in the Metals/Mining sector.
  • This is Watermill Group’s and Hicks Holdings’ 3rd largest (disclosed) transaction.
  • This is Watermill Group’s 5th and Hicks Holdings’ 7th transaction in the United States.
  • This is Watermill Group’s 1st and Hicks Holdings’ 1st transaction in Pennsylvania.
Investment Fate
  • Latrobe Specialty Metals was sold to a publicly-traded strategic buyer in 2012.

M&A Deal Summary
Date 2006-12-08
Target Latrobe Specialty Metals
Sector Metals/Mining
Buyer(s) Watermill Group
Hicks Holdings
Sellers(s) Timken
Deal Type Divestiture
Deal Value 215M USD

Target

Latrobe Specialty Metals

Latrobe, Pennsylvania, United States
website
Latrobe Specialty Metals, Inc. is a producer and distributor of specialty steels and alloys. Latrobe Steel offers a comprehensive line of aerospace related specialty steels and alloys for technical niche applications, as well as high-speed, tool and die steels. Latrobe Specialty Metals was formed in 1913 and is based in Latrobe, Pennsylvania.

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Buyer(S) 2

Buyer

Watermill Group

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

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 5 of 16
Sector (Metals/Mining) 1 of 4
Type (Divestiture) 2 of 2
State (Pennsylvania) 1 of 2
Country (United States) 5 of 14
Year (2006) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-10 MultiLayer Coating Technologies

Lexington, Massachusetts, United States

MultiLayer Coating Technologies LLC is a provider in high precision roll to roll coating of flexible substrates. MCT's capabilities include chemical mixing, precision multilayer coating, and precision drying, lamination, UV curing, slitting, and finishing operations. MultiLayer Coating Technologies was established in 2006 and is based in Lexington, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-10 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.

Buy -
Buyer

Hicks Holdings

Dallas, Texas, United States

website

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Hicks Holdings is the family office that owns and operates the Hicks Family Assets. Hicks Holdings consists of Hicks Sports Group, Hicks Equity Partners, Hicks Real Estate Partners, and Hicks Trans American Partners. Hicks Equity Partners (HEP) is the private equity unit and generally seeks investment opportunities in media, branded foods, consumer products, energy, and industrials. HEP looks for established companies with strong cash flows and proven track records. Typical transactions include divestitures, acquisitions of private or public companies, growth financings, and distressed/special situations. Hicks Equity Partners along with the rest of Hicks Holdings is located in Dallas, Texas.

DEAL STATS #
Overall 9 of 11
Sector (Metals/Mining) 1 of 1
Type (Divestiture) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 7 of 9
Year (2006) 6 of 6
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-07 Greatwide Logistics Services

Dallas, Texas, United States

Greatwide Logistics Services is a privately held third-party logistics provider serving the United States and Canada. Greatwide offers an integrated service platform to customers including managed transportation services, dedicated, full-service brokerage, warehouse-based logistics and irregular route truckload. Greatwide is the largest provider of dedicated refrigerated transportation in the United States. The company ranks 11th among Transport Topics’ Top 50 Logistics Providers, is a Food Logistics Top 70 3PL Provider and an Inbound Logistics Top 100 Motor Carrier.

Buy $730M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-01 Greatwide Logistics Services

Dallas, Texas, United States

Greatwide Logistics Services is a privately held third-party logistics provider serving the United States and Canada. Greatwide offers an integrated service platform to customers including managed transportation services, dedicated, full-service brokerage, warehouse-based logistics and irregular route truckload. Greatwide is the largest provider of dedicated refrigerated transportation in the United States. The company ranks 11th among Transport Topics’ Top 50 Logistics Providers, is a Food Logistics Top 70 3PL Provider and an Inbound Logistics Top 100 Motor Carrier.

Sell -

Seller(S) 1

SELLER

Timken

North Canton, Ohio, United States

website

Category Company
Founded 1899
Sector Machinery
Employees17,000
Revenue 4.5B USD (2022)
DESCRIPTION
Entrance to Timken's corporate headquarters in North Canton, Ohio.
Entrance to Timken's corporate headquarters in North Canton, Ohio.

Timken designs, engineers, manufactures and markets Timken bearings, transmissions, gearboxes, chain and related products, and offers a spectrum of power system rebuild and repair services around the world. Timken was founded in 1899 and is based in North Canton, Ohio.

DEAL STATS #
Overall 1 of 6
Sector (Metals/Mining) 1 of 2
Type (Divestiture) 1 of 4
State (Pennsylvania) 1 of 1
Country (United States) 1 of 5
Year (2006) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-12-01 Turbo Engines

Tucson, Arizona, United States

Turbo Engines, Inc. is a provider of aircraft engine overhaul and repair services. Turbo Engines has earned a strong industry reputation for expert repair, overhaul and support services for a wide variety of aircraft engines, components and helicopter transmissions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-17 Aerospace Drive Systems

Manchester, Connecticut, United States

Aerospace Drives Systems (ADS) is a provider of complex, Flight Critical assemblies, sub-assemblies, and components for military and civil aircraft. ADS is vertically integrated with full capabilities in metrology, NADCAP heat treat and NDT, milling, turning, grinding, gear grind, assembly, full gearbox testing, and overhaul and repair. Aerospace Drives Systems was formed in 1946 and is based in Manchester, Connecticut.

Buy $200M
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