American Securities has agreed to buy Royal Adhesives and Sealants LLC from Arsenal Capital Partners. No financial terms were disclosed for the transaction that was done with management and is expected to be completed in June 2015. Headquartered in South Bend, Indiana, Royal is a maker of high-performance adhesives and sealants. PRESS RELEASE NEW YORK, April 27, 2015 /PRNewswire/ — American Securities LLC and Arsenal Capital Partners today announced that American Securities has partnered with management and signed a definitive agreement to acquire Royal Adhesives and Sealants, LLC (“Royal” or the “Company”), a leading producer of proprietary, high-performance adhesives and sealants, from Arsenal Capital Partners. The transaction is expected to close in June of 2015 and is subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed. Headquartered in South Bend, Indiana, Royal offers a broad range of specialty formulated products designed to solve complex bonding, laminating and sealing applications across a diverse range of markets, including aerospace and defense, construction, specialty packaging, automotive, and industrial. The Company utilizes a variety of chemistries to offer customized epoxy, solvent-based, and water-based products to meet the most demanding adhesive and sealant applications. Ted Clark, President and CEO of Royal Adhesives & Sealants, said, “We are excited to partner with American Securities because they are ideally positioned to support our next phase of growth and development. American Securities has significant experience in the specialty chemical sector and a broad and experienced team upon which we can draw. We look forward to working with them as we continue to focus on providing adhesive and sealant application solutions that create value for our global customers.” Scott M. Wolff, Managing Director at American Securities, commented, “We believe that the Company’s commitment to product innovation, combined with its experienced and customer-focused management team, positions Royal for a strong future. We look forward to bringing our resources to bear to support Ted and his team for Royal’s continued success.” John Televantos, a Partner who co-heads Arsenal’s Specialty Industrials practice, said, “We are proud of the transformation of Royal over the last four years from a small regional adhesives and sealants company to a leading global player. Through an ambitious organic growth strategy and the completion of eight strategic acquisitions, the Company has become a leading global producer of adhesives and sealants with broad technologies serving high growth end markets. We have been very pleased with our partnership with Ted Clark and his management team to create a market leader.” About Royal Adhesives and Sealants, LLC Royal is a leading producer of proprietary, high-performance adhesives and sealants. Headquartered in South Bend, Indiana, Royal offers a broad range of specialty formulated products designed to solve complex bonding, laminating and sealing applications across a diverse range of markets including aerospace and defense, construction, specialty packaging, automotive and industrial. The Company offers a broad spectrum of customized thermosetting epoxy and urethane, solvent-based, and water-based technologies to meet the most demanding adhesive and sealant applications. For additional information on Royal, please visit www.royaladhesives.com. About American Securities LLC Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $200 million of EBITDA. American Securities and its affiliates have approximately $15 billion under management. www.american-securities.com About Arsenal Capital Partners Arsenal Capital Partners is a leading New York-based private equity firm that invests in middle market healthcare and specialty industrial companies. Arsenal makes investments in sectors where the firm has significant prior knowledge and experience. Arsenal targets businesses that have the potential for further value creation by working closely with management to accelerate growth and leverage the firm’s operational improvement capabilities. Arsenal currently has $1.7 billion of committed equity capital. For additional information on Arsenal Capital Partners, please visit www.arsenalcapital.com.
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American Securities to acquire Royal Adhesives from Arsenal
Vestar Capital Partners has agreed to acquire Woodstream from Brockway Moran & Partners and CHS Capital. No financial terms were disclosed for the transaction that is expected to be completed in the second quarter of this year. Headquartered in Lititz, Pennsylvania, Woodstream is a maker of branded pest control and lawn and garden products. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–Vestar Capital Partners (“Vestar”), Brockway Moran & Partners (“Brockway Moran”) and CHS Capital announced today that Vestar has signed a definitive agreement to acquire Woodstream, a leading manufacturer and marketer of branded pest and animal control as well as lawn and garden products, from Brockway Moran and CHS Capital. Terms were not disclosed. The transaction is expected to close in the second quarter of 2015. Woodstream, through a broad portfolio of leading niche brands, services the lawn and garden, birding, pet, rodent control, hobby farm and animal control needs of consumers. Woodstream’s brands include Victor mouse and rat traps, Terro liquid ant bait, Perky-pet bird feeders, and Zareba and Fi-Shock electronic animal and hobby farming fencing, among others. “We have strategically assembled a portfolio of leading brands to better serve our retail partners in important niche, destination categories,” said Harry Whaley, president and chief executive officer of Woodstream. “We are very pleased to have partnered with Brockway Moran & Partners and CHS Capital. Going forward, Vestar’s experience in branded consumer products and track record of supporting its portfolio companies in building companies through add-on acquisitions will be critically important to Woodstream.” “We look forward to partnering with Harry Whaley and Woodstream’s excellent management team,” said Brian O’Connor, managing director of Vestar and co-head of the Consumer Group. “We believe Woodstream will continue to achieve strong growth by investing in its leading brands, particularly Victor and Terro, and by continuing its strategy of pursuing complementary acquisitions.” “During our long history with Woodstream, the Company completed 11 strategic add-on acquisitions and expanded significantly in a number of ways,” said Lawrence I. Shagrin, a partner at Brockway Moran & Partners. “We have enjoyed our collaboration with Woodstream and are confident that Vestar will be an excellent value-added partner given their significant capabilities.” The Senior Secured Loan Program (SSLP), jointly managed by affiliates of GE Capital and Ares Capital Corporation, provided commitments for the debt financing for the transaction. Kirkland & Ellis LLP acted as the legal advisor to Vestar in this transaction. William Blair & Company, Peter W. Klein, P.A. and Faegre Baker Daniels LLP represented Woodstream in the transaction. About Woodstream Woodstream, headquartered in Lititz, Pennsylvania, is a global manufacturer and marketer of a broad portfolio of branded pest control and lawn & garden products, under brands such as Victor®, Terro®, Perky-Pet®, Havahart®, Safer®, Sweeney’s® and Mosquito Magnet®, among others. The company’s products, which have leading market share positions within their respective segments, are sold at more than 100,000 retail locations and to professional pest control providers throughout the United States, Canada, the United Kingdom, and other international markets. About Vestar Capital Partners Vestar Capital Partners is a leading U.S. middle-market private equity firm currently managing approximately $5 billion in capital. Specializing in management buyouts and growth capital investments, Vestar invests and collaborates with incumbent management teams and private owners in a creative, flexible and entrepreneurial way to build long-term enterprise value. Vestar has extensive experience investing across a wide variety of industries including Consumer, Healthcare, Diversified Industries, and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed more than 70 investments in companies with a total value of more than $40 billion. For more information, please visit www.vestarcapital.com. About Brockway Moran & Partners Brockway Moran & Partners has raised over $1.3 billion of equity through three private equity funds and is currently managing the investments of Brockway Moran & Partners Fund II, L.P. and Brockway Moran & Partners Fund III, L.P. The firm owns, in partnership with management, portfolio companies which operate in industries including Healthcare, Education, Consumer, and Distribution. The principals of the firm have a record of productively working with management teams to build companies into larger and more diverse enterprises. Since 1998, the firm has completed over 85 transactions and has significant committed equity capital available for acquisitions complementary to its portfolio companies. For more information, visit www.brockwaymoran.com. About CHS Capital CHS Capital is a Chicago-based private equity firm with 25 years of experience investing in the middle market. Through partnerships with strong management teams, CHS Capital aims to accelerate earnings growth and drive value creation through human capital initiatives, performance improvement actions and strategic growth activities. Throughout its history, CHS Capital has made investments in over 395 businesses and invested $2.9 billion of capital. For additional information, please visit www.chsonline.com.
(Reuters) – Nutanix, a maker of server and storage systems, is in talks to hire underwriters for an initial public offering later this year that could value the U.S. company at more than $2.5 billion, including debt, according to people familiar with the matter. Banks have carried out interviews for underwriter assignments in the IPO and the roles have yet to be awarded, the three people said this week, asking not to be identified because the deliberations are confidential. Nutanix declined to comment. Data storage has been a bright spot is what has been a slow start for U.S. technology IPOs so far this year. Reuters reported earlier this month that Pure Storage Inc has hired banks in preparation for an IPO, one year after a private placement valued the data storage company at more than $3 billion. In November, Nutanix Chief Executive Officer Dheeraj Pandey said in an interview with Reuters he was hoping for a “substantially better valuation” in an IPO than the $2 billion at which Nutanix was valued last year in its latest round of funding. The San Jose, California-based company counts the U.S. Army, Starbucks Corp and eBayInc among the thousand-plus customers for the infrastructure it builds for data centers. Nutanix competes in the hyper-converged storage company where several storage systems are combined. Using technologies similar to those used by Google Inc and Amazon.com Inc, its datacenter platforms eliminate the need for external storage and speed up data transfer. Nutanix raised $140 million in a funding round last summer. Backing came from Fidelity Investments and Wellington Management. Previous investors in Nutanix include Goldman Sachs Group Inc, Riverwood, Khosla Ventures, Battery Ventures, Blumberg Capital, SAP Ventures and Lightspeed Venture Partners.
(Reuters) – Italy’s N&W Global Vending [NWGLV.UL] has received a handful of indicative bids from buyout funds and industry players looking to take control of one of Europe’s largest vending machine makers, four sources familiar with the matter said. London-based buyout fund Apax submitted an offer last week and is vying with U.S. private equity firm AEA Investors and Swiss kitchen equipment manufacturer Franke, two of the sources said. N&W is held by private equity funds Investcorp INVB.BH and Equistone, who value it at around 650 million euros ($704 million), or 8.7 times its 75 million euros EBITDA (earnings before interest, taxes, depreciation and amortization) over the past 12 months, sources said. But the company’s debt load of around 600 million euros, or eight times EBITDA, is one of the main hurdles to a sale and has already put off a number of Western private equity funds which were initially looking to get involved, the sources said. Spokesmen at N&W Global Vending, Investcorp, Equistone, Apax[APAX.UL] and Franke Group declined to comment. Representatives at AEA Investors were not available for comment. N&W’s adviser Goldman Sachs (GS.N) expects binding offers in June, one of the sources said, pointing to strong interest from Apax. The company has debt maturities coming due in November and May next year and aims to be sold by then, two sources said. However, the vending machine sector has been a tough sell in the European leveraged debt market recently after several restructurings and distressed situations. Lenders took control of UK maker Autobar in a high-profile restructuring last year. While Swiss firm Selecta managed to refinance its debt around the same time, its owners effectively handed over around half the equity to U.S. buyout fund KKR (KKR.N) through a highly structured payment-in-kind loan. [ID: nIFR4lgS0H] Headquartered in Valbrembo, near the northern Italian town of Bergamo, N&W has been owned by Investcorp since 2008. At the time Investcorp teamed up with Barclays Private Equity, which was later absorbed by Equistone in 2011. N&W Global Vending was formed in 2000 through the merger of Denmark’s Wittenborg and Italy’s Necta. The company, which employs 1,700, has around 40 percent of the European vending machine market and operates manufacturing plants in Italy, Denmark and China.
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Apax, AEA and Franke vie for vending machine producer N&W — Reuters
TPG Growth said Monday that its third fund surpassed its $2.75 billion target and closed at over $3 billion. TPG Growth III will invest in small- and mid-sized growth companies. Past and current investment for the firm include Uber, Airbnb and Box. PRESS RELEASE SAN FRANCISCO–(BUSINESS WIRE)–TPG Growth, the middle market and growth equity investment platform of TPG, announced today the closing of TPG Growth III, its largest fund dedicated to investments in small- and mid-sized growth companies. The fund reached over $3 billion in aggregate capital commitments, surpassing its fundraising target of $2.75 billion in five months. “The interest in our third fund speaks to the success of TPG’s growth equity strategy. We invest in dynamic companies, partnering with founders and management teams to leverage the full resources of the TPG platform and scale businesses in the U.S. and around the world,” said Bill McGlashan, Founder and Managing Partner of TPG Growth. “We look forward to identifying investment opportunities that can continue to deliver value for our investors, while helping to build great new companies.” TPG Growth’s current and past investments represent a mix of disruptive and innovative companies across technology, retail and entertainment including Uber; Airbnb; Box; Domo; Beautycounter; Ride; SurveyMonkey; Evolution Media, whose companies include Matador, Slingshot and Layer3; STX Entertainment; e.l.f. Cosmetics; Angie’s Artisan Treats; Fender; Apollo Towers; and Masan Group. With more than $7 billion in assets under management and committed capital, TPG Growth pursues selective investments in companies in a broad range of industries, with a significant focus on large, emerging markets such as China and India. TPG Growth offers deep sector knowledge, operational resources and global experience to drive value creation. Leveraging TPG’s core sector teams, portfolio companies and network, TPG Growth also provides management teams with strategic counsel, global reach and high-level business relationships to help them grow their companies and reach their full potential. Growth III has a diverse investor base consisting of public and private pension funds, foundations and endowments, insurance companies, and high net worth individuals. More than 80% of the Growth III investors have also invested in previous TPG Growth funds. About TPG Growth TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $7 billion in assets under management and committed capital, TPG Growth targets investments in a broad range of industries and geographies, with a significant focus on the U.S. and large, emerging markets such as China, India, Brazil and Southeast Asia. TPG Growth has the deep sector knowledge, operational resources and global experience to drive value creation and help companies reach their full potential. Backed by the resources of TPG, which has over $67 billion of assets under management, TPG Growth leverages the firm’s sector teams, portfolio companies and network. TPG Growth’s current and past investments represent a mix of disruptive and innovative companies across tech, retail and entertainment including Uber, Airbnb, Box, Domo, Beautycounter, Ride, Angie’s Artisan Treats, Fender, SurveyMonkey, Evolution Media and STX Entertainment, among others. TPG Growth has offices in the United States, China, India and Singapore. For more information visit www.tpggrowth.com.
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TPG Growth Fund III raises more than $3 bln
Bregal Partners has acquired eight Virginia-based scallop vessels and related shore assets from the Peabody Corp. and formed Blue Harvest Fisheries LLC. Financial terms weren’t announced. TD Bank and Rockland Trust provided senior financing for the acquisition of Peabody’s assets and the formation of Blue Harvest. PRESS RELEASE NEW YORK–(BUSINESS WIRE)–Bregal Partners is pleased to announce its sponsorship of Blue Harvest Fisheries, LLC (“Blue Harvest” or the “Company”) in connection with the Company’s acquisition of eight Virginia-based scallop vessels and related shore assets from the Peabody Corporation. Blue Harvest will be led by seasoned seafood executive Jeff Davis. Prior to Blue Harvest, Jeff served as the CEO of America Seafoods International, Baader North America Corp, and BlueAqua Seafoods. Seafood industry veterans Chris Lischewski, CEO of Bumble Bee, and Jonathan Thorpe, Chief Investment and Strategy Officer of the Central Bering Sea Fisherman’s Association, will serve on the Company’s board of directors alongside Jeff Davis. “The North Atlantic Sea Scallop is the largest and highest quality scallop in the world,” said Jeff Davis. “The acquisition of Peabody’s well-maintained fleet grants Blue Harvest access to a world-class resource and will serve as a platform for the Company’s growth in the scallop industry. We view this transaction as a first step; we are actively seeking to acquire additional vessels to grow our fleet.” “Sustainable fishing practices are of the utmost importance to Bregal Partners and our investors,” said Scott Perekslis, Managing Partner and co-founder of Bregal Partners. “The Atlantic sea scallop fishery is extremely well managed, as evidenced by its Marine Stewardship Council certification. We are excited to become involved in this important, valuable, and sustainable fishery, and we look forward to building on our more than decade-long relationships with Jeff, Chris, and Jonathan as we all work to support the continued growth of the Blue Harvest platform. Jeff’s role on the board of the Marine Stewardship Council gives us confidence that the Company will follow best-in-class industry practices.” Jeff Davis concluded, “I have personally known the founders of Bregal for over 15 years and am very excited to work with them, Chris, and Jonathan on this new venture.” Dechert LLP served as the legal advisor to Blue Harvest, while TD Bank and Rockland Trust provided senior financing for the acquisition of Peabody’s assets and the formation of Blue Harvest. Terms of the transaction were not disclosed. About Blue Harvest Fisheries Blue Harvest Fisheries is devoted to the sustainable harvesting, processing, and marketing of MSC certified premium Atlantic sea scallops. Blue Harvest is committed to harvesting seafood from only well-managed, sustainable fisheries, and further strives to have all its seafood third-party certified for sustainability. About Bregal Partners Bregal Partners is a private investment firm that invests alongside management teams to build industry leading companies in the middle market. Areas of focus include energy services, consumer, food and retail, and healthcare. With $500 million of committed capital funded by a sixth-generation family foundation with roots back to 1841, Bregal Partners brings experience, stability, and a long-term outlook to all of its investment activities. Bregal Partners is part of Bregal Investments, a global family of private equity and fund investment vehicles that has invested more than $9 billion since 2002. For more information on Bregal Partners, please visit www.bregalpartners.com.
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Bregal Partners forms Blue Harvest Fisheries