M&A Deal Summary

Wingate Partners, Capital Southwest and Main Street Capital Acquire Binswanger Glass

On March 13, 2017, private equity firm Wingate Partners, business development company Capital Southwest and private equity firm Main Street Capital acquired business services company Binswanger Glass from Grey Mountain Partners and Yukon Partners

Acquisition Highlights
  • This is Wingate Partners’ 2nd, Capital Southwest’s 3rd and Main Street Capital’s 8th transaction in the Business Services sector.
  • This is Wingate Partners’ 27th, Capital Southwest’s 18th and Main Street Capital’s 90th transaction in the United States.
  • This is Wingate Partners’ 3rd, Capital Southwest’s 1st and Main Street Capital’s 2nd transaction in Tennessee.

M&A Deal Summary
Date 2017-03-13
Target Binswanger Glass
Sector Business Services
Buyer(s) Wingate Partners
Capital Southwest
Main Street Capital
Sellers(s) Grey Mountain Partners
Yukon Partners
Deal Type Secondary Buyout

Target

Binswanger Glass

Memphis, Tennessee, United States
Binswanger Glass is a provider of repair, replacement, remodeling as well as new construction and installation services for a full suite of architectural glass and aluminum products, serving commercial, residential, and automotive aftermarket customers. Binswanger Glass was formed in 1872 and is based in Memphis, Tennessee.

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Buyer(S) 3

Buyer

Wingate Partners

Dallas, Texas, United States

Investor Investor Investor

Category Private Equity Firm
Founded 1987
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Wingate Partners is a turnaround investment firm that purchases controlling stakes in troubled manufacturing, distribution and service businesses headquartered in the US. Wingate looks to acquire under-performing companies, profitable businesses in changing or out of favor industries, and companies with incomplete management teams. Target businesses typically have revenues between $50 and $250 million. Wingate will not invest in banking, insurance, real estate, media, natural resources, and high technology. Wingate Partners was formed in 1987 and is based in Dallas, Texas.

DEAL STATS #
Overall 27 of 27
Sector (Business Services) 2 of 2
Type (Secondary Buyout) 9 of 9
State (Tennessee) 3 of 3
Country (United States) 27 of 27
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Cal Pacific Specialty Foods

Santa Maria, California, United States

Cal Pacific Specialty Foods is an industrial processor of strawberries in North America. Cal Pacific specializes in frozen fruits, concentrates and purees for the foodservice and industrial markets. Clients include many of the largest consumer packaged food companies and restaurant chains. Lake Pacific partnered with management and other investors to recapitalize Cal Pacific. Cal Pacific Specialty Foods is based in Santa Maria, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-30 Western Marketing

Abilene, Texas, United States

Western Marketing, Inc. is a distributor of lubricants, including heavy duty motor oil, industrial lubricants, and natural gas engine oil. Western Marketing, Inc. was founded in 1957 and is based in Abilene, Texas.

Sell -
Buyer

Capital Southwest

Investor Investor Investor Investor Investor

Category Business Development Company
Founded 1961
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Capital Southwest Corp. is a credit focused business development company focused on providing financing to profitable, mid-sized companies throughout the US. The Firm doesn't have any sector preferences and will consider a variety of investment structures. Capital Southwest Corp. was originally established in 1961 and is headquartered in Dallas, Texas.

DEAL STATS #
Overall 18 of 48
Sector (Business Services) 3 of 8
Type (Secondary Buyout) 4 of 5
State (Tennessee) 1 of 1
Country (United States) 18 of 47
Year (2017) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-01 Vistar Media

New York, New York, United States

Vistar Media is a provider of advertising technology services to the digital out-of-home industry. Vistar Media was founded in 2011 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-01 R.J. O Brien & Associates

Chicago, Illinois, United States

R.J. O'Brien & Associates is an independent futures brokerage and clearing firm in the United States. RJO offers the state-of-the-art in order entry technology coupled with 24-hour execution and clearing on every futures exchange worldwide. Clearing more than 80,000 client accounts, the firm provides a full range of services to the industry’s largest global network of introducing brokers (IBs) and to commercial, institutional, international, and individual investors. R.J. O'Brien & Associates is based in Chicago, Illinois.

Buy -
Buyer

Main Street Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Main Street Capital Holdings is a public investment firm that invests in mid-market companies to support ownership transitions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. Main Street looks for businesses opearting in basic industries with positive cash-flow and and defensible competitive advantages. Main Street generally invests $5 to $75 million in companies with $10 to $150 million of revenue and EBITDA of $3 to $20 million. Investments are usually in the form of term debt and/or direct equity. Main Street Capital Corporation was formed in 1997 and is based in Houston, Texas.

DEAL STATS #
Overall 90 of 137
Sector (Business Services) 8 of 17
Type (Secondary Buyout) 5 of 12
State (Tennessee) 2 of 3
Country (United States) 90 of 137
Year (2017) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-09 Charps

Clearbrook, Minnesota, United States

Charps is a specialty contractor focused on the maintenance, repair, fabrication, and construction of oil and gas pipelines. The Company primarily performs work in the Midwest, Ohio Valley, and Eastern U.S. and its pipeline services include pipeline integrity services, emergency response, hydrostatic testing, existing line replacement, pipeline fabrication, and new construction and installation. Charps was founded in 1999 and is based in Clearbrook, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-20 Lighting Unlimited

Houston, Texas, United States

Lighting Unlimited offers a wide selection of quality lighting products and full-service lighting design and specification services. Over 10,000 different products in stock including indoor, outdoor, landscape, low-voltage, fluorescent, halogen, LED, and natural gas lighting.

Sell -

Seller(S) 2

SELLER

Grey Mountain Partners

Boulder, Colorado, United States
Category Private Equity Firm
Founded 1992
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Grey Mountain Partners is a private equity firm focused on investments in smaller middle-market companies. Grey Mountain targets new platform companies with minimum revenues of $25 million and EBITDA greater than $5 million. The Firm can commit up to $75 million per platform investment. Sectors of interest include diversified manufacturing, wholesale/distribution, business services, software, consumer services, packaging, food & beverage, specialty chemicals, financial services, energy, and defense. Prospective transaction situations can include corporate divestitures, MBOs, consolidation opportunities, family held companies in transition, and companies in distress or emerging from bankruptcy. Grey Mountain Partners is based in Boulder, Colorado.

DEAL STATS #
Overall 8 of 17
Sector (Business Services) 4 of 4
Type (Secondary Buyout) 4 of 7
State (Tennessee) 2 of 2
Country (United States) 8 of 17
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-04 Kronos Foods

Glendale Heights, Illinois, United States

Kronos Foods is a manufacturer of gyros meat, pita bread, baklava, and other Mediterranean foods and a specialty foodservice distributor to local retail outlets as well as to restaurants, hospitals, businesses, schools, and universities. Kronos Foods was founded in 1975 and is based in Glendale Heights, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-31 Honsador Holdings

Kapolei, Hawaii, United States

Honsador is the largest independent distributor of building products and electrical supplies in the state of Hawaii, serving the residential, commercial, and military markets. Founded in 1935, the Company operates out of two divisions: Honsador Lumber and Building Materials (“LBM”) and Alpha Electric (“Alpha”). LBM is the largest independent lumber and building materials distributor on the big island, and Alpha is the largest independent distributor of electrical products in the state of Hawaii.

Sell -
SELLER

Yukon Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2008
PE ASSETS 640M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Yukon Partners is a mezzanine finance firm that works with private equity sponsors to fund a variety of investment situations. Yukon looks to invest $10 to $40 million to support buyouts, recapitalizations, take privates, and refinancings. Sectors of interest include automotive, building products, business services, consumer products, food/beverages, healthcare products/services, industrial manufacturing, niche manufacturing, and transportation/logistics. Prospective companies generally have revenues of $30 to $500 million and are profitable with EBITDA of $5 to $50 million. Yukon Partners was formed in 2008 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 7 of 28
Sector (Business Services) 1 of 2
Type (Secondary Buyout) 3 of 17
State (Tennessee) 1 of 2
Country (United States) 7 of 27
Year (2017) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-19 Kwik Tek

Denver, Colorado, United States

Kwik Tek, Inc. is a designer and supplier of outdoor branded products for the recreational watersports and winter sports markets. Its product line includes towables, inflatables, life jackets, wakeboards, kneeboards, snowshoes, trekking poles, snow sleds, pool floats, lounge items, and related accessories. Kwik Tek supplies products through their trusted consumer brands including Airhead, Sportsstuff, and Yukon Charlie's. Aaron Kramer, founder, CEO and President of Kwik Tek said, "I am excited to be partnering with Falconhead Capital and M3 Outdoor. Their market expertise makes them the perfect partners to help ensure that even more people can enjoy our exciting products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 Golding Farms Foods

Winston-Salem, North Carolina, United States

Golding Farms Foods is a manufacturer of private label, branded, and co-manufactured sauces and condiments. Golding Farms maintains a best-in-class, SQF level 3-certified facility with highly-efficient processing and packaging capabilities to serve a wide range of end markets and product categories. Golding Farms Foods was founded in 1972 and is based in Winston-Salem, North Carolina.

Buy -
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