M&A Deal Summary

Zebra Technologies Acquires Hart Systems

On December 19, 2013, Zebra Technologies acquired business services company Hart Systems from Topspin Partners LBO and Brookside Equity Partners for 94M USD

Acquisition Highlights
  • This is Zebra Technologies’ 1st transaction in the Business Services sector.
  • This is Zebra Technologies’ 4th largest (disclosed) transaction.
  • This is Zebra Technologies’ 9th transaction in the United States.
  • This is Zebra Technologies’ 1st transaction in New York.

M&A Deal Summary
Date 2013-12-19
Target Hart Systems
Sector Business Services
Buyer(s) Zebra Technologies
Sellers(s) Topspin Partners LBO
Brookside Equity Partners
Deal Type Add-on Acquisition
Deal Value 94M USD

Target

Hart Systems

Hauppauge, New York, United States
website
Hart Systems LLC, provides inventory management services to a variety of retail, distribution, and federal government customers that require periodic or annual inventory counts.

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Buyer(S) 1

Buyer

Zebra Technologies

Lincolnshire, Illinois, United States

website

Category Company
Founded 1969
Sector Technology Hardware
Employees8,800
Revenue 4.4B USD (2020)
DESCRIPTION
Entrance to Zebra's corporate headquarters in Lincolnshire, Illinois.
Entrance to Zebra's corporate headquarters in Lincolnshire, Illinois.

Zebra Technologies is a manufacturer of thermal bar code label and receipt printers, RFID smart label printer/encoders, card and kiosk printers. Zebra Technologies was founded in 1969 and is based in Lincolnshire, Illinois.

DEAL STATS #
Overall 11 of 20
Sector (Business Services) 1 of 2
Type (Add-on Acquisition) 10 of 18
State (New York) 1 of 1
Country (United States) 9 of 16
Year (2013) 2 of 2
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-18 StepOne Systems

Pittsburgh, Pennsylvania, United States

StepOne Systems LLC, is a provider of mobility software and solutions.

Buy $2M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-15 Motorola Solutions - Enterprise Business

Illinois, United States

Motorola’s Enterprise business is a provider of mobile computing and advanced data capture communications technologies and services.

Buy $3.5B

Seller(S) 2

SELLER

Topspin Partners LBO

website

Category Private Equity Firm
Founded 2001
PE ASSETS 213M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Topspin LBO is the buyout arm of investment firm Topspin Partners. Topspin LBO looks to invest in established businesses with growing revenue and cash-flow of $2 to $10 million. Prospective companies generally have proven management in place and operate with defensible business models. While, Topspin will consider investing in businesses across the US, the Firm has a strong preference for opportunities serving the Long Island, New York area. Sectors of interest include security services, consumer products, publishing/media, niche manufacturing, food and beverage and restaurants. Topspin LBO was formed in 2001 and is based in Roslyn Heights, New York.

DEAL STATS #
Overall 7 of 12
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (New York) 2 of 4
Country (United States) 7 of 12
Year (2013) 4 of 4
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-30 Moose River Media

St. Johnsbury, Vermont, United States

Moose River Media LLC is a publisher of six controlled circulation magazines servicing the turfgrass, landscaping and agricultural industries. The largest publication is Turf Magazine, a monthly publication with a circulation of 65,000. Moose River Media LLC was founded in 1987 and is based in St. Johnsbury, Vermont.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-08 HCOA Fitness

Miami, Florida, United States

HCOA Fitness is an operator of fitness clubs and personal training services in Puerto Rico. HCOA Fitness was founded in 2010 and is based in Miami, Florida.

Buy -
SELLER

Brookside Equity Partners

Stamford, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1977
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Brookside Equity Partners (BEP) focuses on private equity investments, including direct control investments, majority or minority co-investments alongside other investment firms, and, on a selective basis, investments in private funds or special situations. BEP targets North American middle-market companies with revenues greater than $15 million and at least $5 million of EBITDA. Sectors of interest include manufacturing, chemicals, financial services, environmental, food, and distribution. Brookside Equity Partners was formed in 1977 and is based in Stamford, Connecticut.

DEAL STATS #
Overall 15 of 28
Sector (Business Services) 3 of 7
Type (Add-on Acquisition) 5 of 8
State (New York) 2 of 4
Country (United States) 15 of 28
Year (2013) 3 of 3
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-09-30 AZEK

Chicago, Illinois, United States

AZEK is a manufacturer of beautiful, low-maintenance residential and commercial building products, and is committed to accelerating the use of recyclable materials. The company is completely focused on leveraging our expertise in materials science and its customer-centric approach to engineer and manufacture the most beautiful, most sustainable building products to improve the lives and businesses of our customers. AZEK is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-29 BGSF

Plano, Texas, United States

BGSF provides staffing services to a variety of industries through its various divisions. BG Staffing is primarily a professional temporary staffing platform that has integrated several regional and national brands. BGSF was founded in 2007 and is founded in Plano, Texas.

Sell -
Mergr

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