M&A Deal Summary

Worthington Industries Acquires General Tools & Instruments

On February 1, 2021, Worthington Industries, Inc. acquired manufacturing company General Tools & Instruments LLC from High Road Capital Partners and Barings LLC for 115M USD

Acquisition Highlights
  • This is Worthington Industries’ 6th transaction in the Manufacturing sector.
  • This is Worthington Industries’ 3rd largest (disclosed) transaction.
  • This is Worthington Industries’ 17th transaction in the United States.
  • This is Worthington Industries’ 1st transaction in New Jersey.

M&A Deal Summary

Date 2021-02-01
Target General Tools & Instruments LLC
Sector Manufacturing
Buyer(s) Worthington Industries, Inc.
Sellers(s) High Road Capital Partners
Barings LLC
Deal Type Add-on Acquisition
Deal Value 115M USD

Target

General Tools & Instruments LLC

Secaucus, New Jersey, United States
website
General Tools & Instruments LLC is a designer and developer of precision specialty hand tools and handheld test instruments. The company offers a broad product portfolio of professional and consumer items used across multiple end markets, serving hobbyists and DIY enthusiasts as well as professionals. General Tools & Instruments was founded in 1922 and is based in Secaucus, New Jersey.

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Buyer(S) 1

Buyer

Worthington Industries, Inc.

Columbus, Ohio, United States

website


Category Company
Founded 1955
SectorMetals/Mining
Employees8,000
Revenue 3.1B USD (2020)
DESCRIPTION
Worthington Industries' corporate headquarters in Columbus, Ohio.
Worthington Industries' corporate headquarters in Columbus, Ohio.

Worthington Industries is a diversified metal processing company. Worthington is a value-added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington Industries was founded 1955 and is based in Columbus, Ohio.


DEAL STATS #
Overall 19 of 20
Sector (Manufacturing) 6 of 7
Type (Add-on Acquisition) 14 of 14
State (New Jersey) 1 of 1
Country (United States) 17 of 18
Year (2021) 2 of 3
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-01 Worthington Industries, Inc. - Oil & Gas Equipment Business

Bremen, Ohio, United States

Worthington Industries, Inc.'s Oil & Gas Equipment Business is a provider of Oil & Gas Equipment. The divestiture includes the related operating assets located in Bremen, Ohio, and Tulsa, Okla. Worthington Industries, Inc.'s Oil & Gas Equipment Business is based in Bremen, Ohio.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-28 Stako Sp. z o.o.

Slupsk, Poland

Stako is a producer of automotive liquefied propane gas (LPG) tanks. Stako manufactures toroidal and cylindrical LPG tanks for storage of liquid gas propane-butane mixture for engines in passenger cars and commercial and delivery vehicles. Stako was founded in 1967 and is based in Slupsk, Poland.

Sell €5M

Seller(S) 2

SELLER

High Road Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2007
PE ASSETS 470M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

High Road Capital Partners LLC is a private equity firm focused on acquiring smaller middle-market companies in partnership with management. High Road looks to invest in companies with revenues of $10 to $100 million with an EBITDA of $3 to $ 10 million. Broad areas of interest include manufacturing, service, and value-added distribution businesses. Target transaction situations include buyouts and recapitalization. High Road will consider both control and non-control investments. High Road Capital Partners was formed in 2007 and is based in New York City.


DEAL STATS #
Overall 9 of 11
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 6 of 8
State (New Jersey) 3 of 3
Country (United States) 8 of 10
Year (2021) 1 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-14 Banner Solutions

Kansas City, Missouri, United States

Banner Solutions is a wholesale distributor of door hardware, electronic access control, and security products primarily for repair, replacement, and renovation applications in the commercial/institutional and residential markets. Banner Solutions was founded in 1987 and is based in Kansas City, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-25 Bluespire, Inc.

Edina, Minnesota, United States

Bluespire, Inc. is a provider of strategic marketing services for healthcare and financial services clients with a focus on multi-channel marketing solutions with a strong emphasis on end-user content and digital media. Bluespire is based in Edina, Minnesota.

Sell -
SELLER

Barings LLC

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1955
PE ASSETS 288.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Babson Capital is an investment management and advisory firm based in Boston, Massachusetts. In addition to its other investment vehicles, Babson invests in mezzanine, distressed, and private equity transactions. Babson targets potential transactions valued between $50 and $300 million. The Firm commits between $10 and $40 million for mezzanine capital needs and between $3 and $15 million for private equity investments. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Babson will consider opportunities in the US, Europe, and Asia.


DEAL STATS #
Overall 34 of 34
Sector (Manufacturing) 3 of 3
Type (Add-on Acquisition) 22 of 22
State (New Jersey) 5 of 5
Country (United States) 30 of 30
Year (2021) 1 of 1
Size (of disclosed) 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-22 Sunrise Windows & Doors

Temperance, Michigan, United States

Sunrise Windows & Doors is a manufacturer and distributor of premium-priced, energy-efficient, custom replacement vinyl windows and patio doors, distributing its products through specialty window dealers, home improvement contractors, and building products distributors. Sunrise Windows & Doors was founded in 1994 and is based in Temperance, Michigan.

Sell -