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| January 15, 2019 |
Year 12 Volume 1 Issue 9
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Good afternoon all -
Tritium Partners has closed the firm's second fund at the hard cap of $465 million. Austin-based Tritium specializes in buyouts of growth companies that have EBITDAs from $2 million to $15 million. Sectors of interest include Internet and information services, supply chain and logistics, and financial and business services. The firm's first fund closed in November 2015 with $309 million of capital and was invested in ten portfolio companies. Check out our lead article today for all the detail.
Congrats to
Kam Kielhorn and
Taylor Fish on their recent promotions at Minnetonka, MN-based
Tonka Bay Equity Partners, an investor in manufacturing, value-added distribution and business services companies that have EBITDAs greater than $2 million.
Yesterday's big read...
Warren Equity has acquired
Magneto & Diesel Injector Service, an aftermarket distributor of parts used to maintain and repair diesel engines. The Humble, TX-based company has more than 100,000 SKUs and sells its products to independent repair shops, authorized service dealers, and individual owner-operators in Texas, Oklahoma, and Louisiana. Warren partnered with the founding
Ingram family, the company dates back to 1943, on this transaction which was led by managing partner
Steven Wacaster.
Have a great day everyone.
Publisher
Private Equity Professional
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Today's News and Transactions
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Huron's Auto Auction Business Growing
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Huron Capital's XLerate Group continues to grow with the recent buys of Morton Auto Auction (MAA) and Southeastern Auto Auction (SEAA). Huron Capital formed XLerate through the acquisition in May 2014 of American Auto Auction Group (AAAG) from Baird Capital. Baird had conducted a consolidation in the auto auction industry to form Charleston, SC... Read More
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Tritium Hits Hard Cap on Fund II
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Tritium Partners has held a final closing of Tritium II LP with $465 million of committed capital. Tritium's first fund closed in November 2015 with $309 million of committed capital. Fund II was oversubscribed and was supported by both existing investors, who in aggregate increased their commitment level in this fund, and several new institutional investors... Read More
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Duane Morris Names PE Co-Chairs
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Philadelphia-headquartered law firm Duane Morris has named partners Michael Hardy of the firm's Baltimore office and Nanette Heide of the firm's New York office as co-chairs of its private equity division which operates under the firm's corporate practice group... Read More
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Tonka Bay Equity Partners has promoted Kam Kielhorn to Principal and Taylor Fish to Senior Associate. Tonka Bay invests in manufacturing, value-added distribution and business services companies that have EBITDAs greater than $2 million. The firm is based in the Minneapolis suburb of Minnetonka... Read More
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Important News You Might Have Missed
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Warren Buys Diesel Parts Distributor
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Warren Equity Partners has acquired Magneto & Diesel Injector Service (DBA M&D Distributors). M&D Distributors is an aftermarket distributor of parts and components for maintaining and repairing diesel-powered engines. The company's products - totaling more than 100,000 SKUs - include new and remanufactured fuel injection, turbocharger, engine part... Read More
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Union Capital Exits KEYper Systems
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Union Capital has agreed to sell KEYper Systems, a supplier of electronic and mechanical key management systems, to Assa Abloy. KEYper Systems is a maker of key storage and key management systems, padlock management systems, and other asset control equipment. KEYper Systems has 25 employees and 2019 revenues are projected to be... Read More
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Craftmaster Adds Taylor Security & Lock
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Craftmaster Hardware, a security hardware distributor and a portfolio company of Capital Resource Partners, has acquired Taylor Security and Lock. Capital Resource Partners acquired Craftmaster Hardware in May 2015. Taylor Security and Lock is a distributor of commercial and residential door hardware offering traditional mechanical door hardware as well as electronic access and high security... Read More
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Guardian Invests in Tactical Medical
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Guardian Capital Partners has made an investment in Tactical Medical Solutions, a developer and manufacturer of products and kitted solutions used in emergency trauma care including in the military, law enforcement, and other first responder markets. Tactical Medical Solutions (TacMed) has more than 2,000 products (primarily emergency medical kits and tourniquets) and sells to seven... Read More
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Gallant Capital Invests in Aero Turbine
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Gallant Capital Partners has made an investment in Aero Turbine, a provider of aerospace maintenance, repair and overhaul services. Aero's services include turbine engine and accessory overhaul, and repair and testing across a range of commercial and military platforms. The company's customers include the US Navy and Army, along with... Read More
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Fairchild Backs Weco Recap
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Fairchild Capital Partners has made an equity investment in Weco Manufacturing to support a management-led recapitalization of the company. Weco is a provider of design, prototyping, fabrication, machining, re-manufacturing, sub-assembly and final product assembly services to OEMs in the industrial, medical, transportation, audio, telecommunications, electronics and government sectors... Read More
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Incline Acquires Profile Products
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Incline Equity Partners has acquired Profile Products, a developer and manufacturer of engineered horticultural growing media and erosion control products. Profile's products include mulches and additives, engineered soils, soil conditioners, and turf reinforcement mats and vegetative establishment blankets which are used in the sports fields, golf courses, waste management, civil and private... Read More
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Salt Creek Buys Beauchamp Lawn & Snow
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Salt Creek Capital has acquired Beauchamp Lawn & Snow Service. Beauchamp's services include commercial grounds maintenance, landscape renovation, ornamental tree and shrub pruning, lawn fertilization, tree and shrub fertilization, irrigation maintenance, pest control and other landscape maintenance services. Customers of the company include multi-unit residential communities... Read More
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May River Acquires Industrial Mixer Maker
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May River Capital has completed the acquisition of Marion Process Solutions, a maker of industrial mixers and blenders. Marion manufactures food, chemical, plastic, and mineral mixers and blenders, as well as microwave vacuum drying systems for customers in the food, nutraceutical, mineral, plastic, chemical, and biomass industries. The company was founded in 1938 and is... Read More
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Freedom Bought by Summit Park
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Summit Park has acquired Freedom Electronics, a provider of aftermarket electronic components, from Chicago-based private equity firm Range Light which invested in the company in April 2014. Freedom Electronics remanufactures and sells a portfolio of over 2,300 electronic components used in fuel dispensers, retail point-of-sale systems, and automatic tank gauges. The company's products include circuit... Read More
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Transom Buys SemiTorr from Riverlake
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Transom Capital Group has acquired SemiTorr Group, a distributor of gas and fluid handling systems, from Riverlake Partners. SemiTorr Group is a distributor for high purity gas and fluid handling systems and components used in the microelectronics, life sciences and food and beverage markets. The company's products include process equipment, tubing, hoses, fittings, valves, filtration... Read More
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Platte River Acquires Sherrill
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Platte River Equity has acquired a controlling interest in Sherrill, a distributor of arborist tools and equipment, from Generation Equity Capital which acquired the company in February 2008. Sherrill was founded in 1960 and according to Platte River Equity is the largest direct marketer and catalog distributor of arborist tools and equipment in North America... Read More
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H.I.G. Acquires Lipari Foods from Sterling
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H.I.G. Capital has acquired Lipari Foods from Sterling Investment Partners. H.I.G. is partnering with the founding Lipari family and the current management team on this transaction. Lipari is a distributor of largely perishable perimeter-of-the-store, specialty, and branded food products. The company's SKUs total more than 25,000 items and span the deli, bakery, dairy ...Read More
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Goldner Hawn and Tonka Bay Exit Quest
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Goldner Hawn and Tonka Bay Equity Partners have sold Quest Events to TZP Group. Goldner Hawn and Tonka Bay acquired Quest in partnership with the company's management team in June 2015 from PVB Capital, Gemini Investors, and Harbert Mezzanine Partners. Quest Events is a provider of rental, distribution, and logistics services for pipe and ...Read More
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Shorehill Acquires Functional Devices
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Shorehill Capital has acquired Functional Devices in partnership with the company's senior management team and its owner Ken Rittmann. Functional Devices is a manufacturer of relays, power supplies, transformers, sensors, enclosures and wireless devices that are used in the HVAC, building and lighting controls, and energy management industries. Company-owned brand names include RIB, one of...Read More
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Pfingsten Keeps Building ZSi-Foster
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ZSi-Foster, a manufacturer and supplier of clamping, coupling and strut products and a portfolio company of Pfingsten Partners, has acquired Florida Strut from its owner David Fisher. Florida Strut is a manufacturer of metal strut channels and a distributor of fittings, pipe clamps, utility brackets and other products used in a range of electrical and...Read More
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Aterian Acquires U.S. Zinc
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Aterian Investment Partners has acquired U.S. Zinc from Votorantim Group. U.S. Zinc is a producer of zinc oxide, zinc dust, and prime western grade (98% pure) zinc metal products used in the tire, chemical, coatings, and agriculture markets. The company, led by CEO Tracy Baugh, has production facilities in Clarksville, TN; Millington, TN... Read More
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Sycamore Partners has completed its acquisition of Pure Fishing from Newell Brands. In a released statement, Newell Brands stated that gross proceeds from the Pure Fishing divestiture were $1.3 billion. Proceeds from the sale of Pure Fishing, along with the sale of yearbook and class ring seller Jostens to Platinum Equity, are part of Newell's... Read More
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Riverside Completes Fourth Add-on for HSI
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Health and Safety Institute (HSI), a portfolio company of The Riverside Company, has acquired EMS Safety Services (EMS). EMS is a provider of first aid and CPR training services to healthcare, fire, and law enforcement agencies; as well as large and small businesses, schools, universities, childcare centers, government agencies, community organizations and individual instructors... Read More
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This is the eleventh edition of the Carried Interest and Compensation Survey. This year we had 325 funds participate. The survey's compensation data is comprised of salary, bonus and carried interest paid over the prior 12-month period. The survey was conducted from September 3 to September 28, 2018...Read More
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Blue Point Acquires W.A. Kendall
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Blue Point Capital Partners has acquired W.A. Kendall and Co., a provider of vegetation management services to utility companies in the Southeast United States. W.A. Kendall's services include tree trimming, mowing, line clearing, debris removal, and storm restoration. Demand for the company's services is largely driven by regulatory requirements and the... Read More
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Gridiron Closes Sale of QSI
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Gridiron Capital has completed its sale of Quality Solutions, an asset-light facilities services provider, to publicly-traded Cushman & Wakefield. Gridiron acquired Quality Solutions in February 2012. Quality Solutions (QSI) provides on-demand facilities maintenance and other managed services to more than 110,000 locations by contracting with over...Read More
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Greif to Acquire H.I.G.'s Caraustar
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Publicly-traded Greif has agreed to acquire Caraustar Industries, a portfolio company of H.I.G. Capital, for $1.8 billion in cash. Today's article has all the detail on the valuation multiple for this transaction. Caraustar is one of North America's largest integrated manufacturers and converters of 100% recycled paperboard and converted paperboard products. Caraustar serves end-use markets...Read More
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