Watermill Group Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Watermill Group has acquired 2 companies.

Watermill Group’s most common sectors for investment are metals/mining (27%) and chemicals (20%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (47%) and secondary buyout (27%). In total, Watermill Group has invested in 9 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2006 when it acquired Latrobe Specialty Metals for $215M.

In the last 3 years, Watermill Group has exited 1 company. The Firm’s most common exit type is trade sale (60%). Watermill Group’s largest (disclosed) exit occurred in 2015 when it sold Global Tubes for $200M.

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M&A Summary

  • M&A Total Activity25
    • M&A Buy Activity15
    • M&A Sell Activity10
  • Total Sectors Invested 7
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 10
  • M&A Advisors 9

Watermill Group

One Cranberry Hill, 750 Marrett Road, Suite 401,
Lexington, Massachusetts 02421
United States
(781) 891-6660
www.watermill.com
bprocter@watermill.com

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 $50 to $500 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.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Distribution, Electrical Equipment, Energy Services and Equipment, Environmental, Food, Forest Products, Machinery, Manufacturing, Metals/Mining, Packaging, Plastics

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US

Transaction Criteria Min Max
Target Revenue 50 500
Target EBITDA - 30
Investment Size - -
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.6/yr) # 12 1 1 - 1 - 15
vol $215M $215M
Sell (0.2/yr) # 9 - - 1 - - 10
vol $200M $200M
  25

Most Recent M&A

Company Date Value Type
Enbi Group 2019-04-03 - Secondary Buyout
Shelbyville, Indiana · www.enbigroup.com
C&M Technologies Group, Inc. 2018-01-03 - Add-on Acquisition
Wauregan, Connecticut · www.cmcorporation.com
Cooper & Turner Ltd. 2017-08-16 - Buyout (LBO, MBO, MBI)
South Yorkshire, United Kingdom · www.cooperandturner.co.uk
Experi-Metal, Inc. 2016-08-02 - Buyout (LBO, MBO, MBI)
Sterling Heights, Michigan · www.experi-metal.com
Manistique Papers, Inc. 2015-07-27 - Shut Down
Manistique, Michigan · www.manistiquepapers.com
Quality Metalcraft, Inc. 2015-07-01 - Buyout (LBO, MBO, MBI)
Livonia, Michigan · www.qualitymetalcraft.com
Global Tubes 2015-05-08 200M USD Add-on Acquisition
Collegeville, Pennsylvania · www.superiortube.com
FutureMark Paper Co. 2015-03-19 - Shut Down
Alsip, Illinois · www.futuremarkpaper.com
The Plastics Group, Inc. 2014-03-03 - Growth Capital
Willowbrook, Illinois · www.theplasticsgroup.net
Tenere, Inc. 2012-12-17 - Secondary Buyout
Dresser, Wisconsin · www.tenere.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Cooper & Turner Ltd. 2017-08-16 Beck Industries International Sprl 2019-08-01 1
South Yorkshire, United Kingdom · www.cooperandturner.co.uk Armentières, France · www.beck-industries.com
Enbi Group 2019-04-03 Pierce Industries 2019-06-24 1
Shelbyville, Indiana · www.enbigroup.com Rochester, New York · www.pierceindustries.com
Tenere, Inc. 2012-12-17 Tenere, Inc. - Rapid Prototyping 2018-07-17 1
Dresser, Wisconsin · www.tenere.com Dresser, Wisconsin
Tenere, Inc. 2012-12-17 Mountain Molding LLC 2015-05-05 2
Dresser, Wisconsin · www.tenere.com Longmont, Colorado · www.mountainmolding.com
Tenere, Inc. 2012-12-17 Protogenic, Inc. 2013-05-23 1
Dresser, Wisconsin · www.tenere.com Westminster, Colorado · www.protogenic.com

M&A by Sector

Sector Current # Value All-time # Value
Metals/Mining 3 (60%) - 4 (27%) 215M (100%)
Chemicals - - 3 (20%) -
Manufacturing 2 (40%) - 3 (20%) -
Forest Products - - 2 (13%) -
Distribution - - 1 (7%) -
Electrical Equipment - - 1 (7%) -
Plastics - - 1 (7%) -
Total 5 - 15 $215M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 4 (80%) - 14 (93%) 215M (100%)
  Michigan 2 (40%) - 3 (20%) -
  Pennsylvania - - 2 (13%) 215M (100%)
  Massachusetts - - 2 (13%) -
  Illinois - - 2 (13%) -
  Wisconsin 1 (20%) - 1 (7%) -
  Indiana 1 (20%) - 1 (7%) -
  Texas - - 1 (7%) -
  Ohio - - 1 (7%) -
  Connecticut - - 1 (7%) -
United Kingdom 1 (20%) - 1 (7%) -
Domestic 4 (80%) - 14 (93%) 215M (100%)
Cross-border 1 (20%) - 1 (7%) -
Total 5 - 15 $215M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (60%) - 7 (47%) -
Secondary Buyout 2 (40%) - 4 (27%) -
Divestiture - - 2 (13%) 215M (100%)
Consolidation - - 1 (7%) -
Growth Capital - - 1 (7%) -
Total 5 - 15 $215M

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 3 (30%) 200M (100%)
Trade Sale 3 (30%) -
Shut Down 2 (20%) -
Secondary Sale 1 (10%) -
Unknown 1 (10%) -
Total 10 $200M

Top M&A Advisors

Financial Deals
Sperry, Mitchell & Co., Inc.
1
Credit Suisse Investment Banking
1
Cappello Global LLC
1
Legal Deals
Goodwin Procter LLP
4
K&L Gates LLP
3
Jones Day
1

Deal Values

buy # Total
$100M to $1B 1 $215M
TOTAL $215M
Largest Latrobe Specialty Metals, Inc.
$215M (2006-12-08)
sell # Total
$100M to $1B 1 $200M
TOTAL $200M
Largest Global Tubes
$200M (2015-05-08)

M&A Connections

Deals %
Acquired from
PE Firm(s)
75%
6 75%
Strategic(s)
25%
2 25%
Exited to
PE Firm(s)
14%
1 14%
Strategic(s)
86%
6 86%

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