Gen Cap America buys NJ Company from Swedish Conglomerate
August 17, 2015 – Nashville-based private equity firm Gen Cap America has acquired a maker of equipment for metal joining from a $10 billion Swedish holding company.
Gen Cap’s deal for Canfield Technologies, which is based in New Jersey, is worth about $23 million in cash. Canfield makes solder, pastes and preforms for metal joining uses in the electronics, plumbing and jewelry industries and last year rang up revenues of $17 million.
Canfield had been under the SKF umbrella, operating as a stand-alone business, since the Swedish conglomerate bought Kaydon Corp. almost two years ago. The company becomes the 20th company now in Gen Cap’s portfolio, joining many other traditional manufacturing businesses. Check out the full list of Gen Cap holdings here.
Nashville, Tenn., November 4, 2014 – Gen Cap America, Inc., a leader in the middle market buyout niche in the Southeast, announced today the company has acquired ASE Holdings and its wholly-owned subsidiary Aero Systems Engineering with capital from Gen Cap’s Southvest Fund VI.
Founded in 1967 and based in St. Paul, Minn., Aero Systems Engineering is a leading provider of mission-critical testing and engineering services to manufacturers of jet engines and industrial gas turbines, maintenance, repair and overhaul providers, as well as governments and militaries.
“We are excited at the opportunity to work with Aero Systems. The management team is top-notch, as evidenced by the company’s continued growth and historical success,” said Gen Cap America Senior Vice President Matthew Lane. “This company has a promising future within its industry and is poised for long term success with our new investment.”
While terms of the transaction are not publicly available, Lane noted that ASE Holdings was purchased from Tonka Bay Equity Partners LLC, a Minnesota private-equity firm which had partnered with Aero Systems since 2006. “All parties to this agreement walk away positioned very well for the future,” Lane said.
“By partnering with Gen Cap America, we’ve assured the future of Aero Systems rests in good hands,” said Aero Systems CEO Tom Moll. “Gen Cap has an unprecedented record of success, and we’re eager for our name to become a part of their legacy. We look forward to leveraging this momentum into major opportunities for us within the aerospace and energy end markets to take us to a new level.”
Earlier this month, Gen Cap announced it had sold Belt Power LLC after a successful seven-year relationship. The move continued an impressive 25-year run, in which each of Gen Cap’s investments has made a profit for investors.
Gen Cap America, Inc. is a Nashville-based private equity firm that provides equity for management buyouts, division spinoffs, and recapitalizations of profitable, well-established middle-market businesses. For more information, visit www.gencapamerica.com.
Nashville, Tenn., October 2, 2014 – Gen Cap America, Inc., a leader in the middle market buyout niche in the Southeast, announced today the company has sold Belt Power LLC after a successful relationship. Gen Cap America acquired Belt Power in August 2007 with capital from its Southvest Fund V, LP investment pool.
The buyer, Chicago-based Shorehill Capital, is a private equity firm that invests in middle market industrial and distribution companies.
“The relationship between Gen Cap and Belt Power was very successful for both companies,” said Gen Cap America Senior Vice President Chris Godwin. “Belt Power’s dedicated and high energy management team was a key factor in Gen Cap’s investment in Belt Power seven years ago, and we believe they will continue their successful growth.”
Founded in 1989 and based in Atlanta, Georgia, Belt Power is a leading full-service value-added distributor and fabricator of lightweight conveyer belts and belting accessories primarily serving the food processing market. When its founder retired in August 2007, Gen Cap America purchased the business in partnership with Belt Power’s management team.
While terms of the transaction are not publicly available, Godwin noted that Gen Cap sold Belt Power for more than five times its original investment. “During our partnership, Belt Power significantly expanded by adding a full service facility located in Houston, Texas. Both companies exit this relationship well positioned for the future,” Godwin said.
The move continues an impressive 25-year run, in which each of the Gen Cap investments has made a profit for investors, including the sale of Van Pool Transportation for more than eight times its original investment earlier this year.
Gen Cap America, Inc. is a Nashville-based private equity firm that provides equity for management buyouts, division spinoffs, and recapitalizations of profitable, well-established middle-market businesses. For more information, visit www.gencapamerica.com.
Nashville, Tenn., April 14, 2014 – Gen Cap America, Inc., a leader in the middle market buyout niche in the Southeast, announced today the company has sold Van Pool Transportation after a successful relationship. Gen Cap America acquired Van Pool in 2008 with capital from its fund, Southvest Fund V.
The buyer, Boston-based Fort Point Capital, is a private equity firm that invests in middle market, service-oriented companies.
“The relationship between Gen Cap and Van Pool was very successful for both companies,” said Gen Cap America Senior Vice President Matt Lane. “Van Pool’s differentiated service model and its strong management team, led by CEO Kevin Hinkamper, were key factors in Gen Cap’s investment in Van Pool nearly six years ago, and we believe those same resources will usher in its next successful chapter of growth.”
Based in Wilbraham, Mass., Van Pool works with more than 100 school districts across New England to provide transportation services to students with special needs. When its founder retired in October 2008, Van Pool’s management team partnered with Gen Cap America to recapitalize the organization.
While terms of the transaction are not publicly available, Lane noted that Gen Cap sold Van Pool for more than eight times its original investment. “Both companies exit this relationship well positioned for the future,” Lane said.
The move continues an impressive 25-year run, in which each of the Gen Cap investments has made a profit for investors.
“The collaborative partnership between Van Pool management and Gen Cap America led to unprecedented growth for the company,” said Hinkamper. “We look forward to continuing that growth with our new partner.”
Gen Cap America, Inc. is a Nashville-based private equity firm that provides equity for management buyouts, division spinoffs, and recapitalizations of profitable, well-established middle-market businesses. For more information, visit www.gencapamerica.com.
Nashville, Tenn., Feb. 19, 2013 – Gen Cap America, Inc., a private equity firm that is a leader in the middle market buyout niche in the Southeast, announced today the company had a record year for acquisitions in 2012 with a total of five. The new acquisitions are all being funded by Gen Cap America’s Southvest Fund VI, which closed in March 2009 and began making investments in May 2010.
“We are excited to work with each of these companies, and their top-quality management teams, which have been crucial to the historical successes of all five organizations,” said Gen Cap America president Barney Byrd. “Each company faces exciting market opportunities in their respective industries, and is well positioned for long term success under our new ownership.”
All acquisitions were by management buyout and included:
February 2012: Nth Degree, Inc. – Founded in 1979, Nth Degree is a leading trade show and event services business, specializing in providing experienced project management, staffing and installation labor resources to some of the world’s largest corporations and most active exhibit agencies. Based in Duluth, GA, Nth Degree provides trade show and event services to clients within the $12.5 billion Trade Show and Exhibits industry at over 2,750 trade shows each year, including many of the most recognized trade shows in the world.
The President and CEO, and eight other key managers joined the Fund in purchasing the Company from a consortium of private equity owners. The executive team will oversee Nth Degree’s 21 North American offices, as well as outposts in China, Germany and England.
March 2012: Magnum Systems, Inc. – Magnum Systems is a leading designer and manufacturer of material-handling and packaging systems for bulk solids with customers that process grain, seeds, cereals, sugar, flour, plastic pellets, plastic powder, sand, cement, fly ash, fertilizers, granulate chemicals and other bulk solids. The company is headquartered in Kansas City, KS and also has a facility in Parsons, KS. The two companies that were merged in 2000 to form Magnum were founded in 1960 and 1969.
The Fund partnered with the company’s General Manager, CFO, and three other members of management to make the purchase.
June 2012: OFM, LLC – Founded in 1995, OFM, LLC is a leading designer and distributor of branded office furniture. The company sells and distributes a wide array of office furniture products throughout the United States and Canada. OFM offers its customers over 3,600 product SKUs including chairs, tables and desks, cubicles, storage, and miscellaneous accessories. The Company is headquartered in Holly Springs, NC and maintains a distribution facility in Phoenix, AZ.
The Fund partnered with the company’s COO, Sales Manager, and three other members of management to make the purchase.
October 2012: CPS Distributors, Inc. – CPS Distributors is the largest wholesale distributor of professional pump, irrigation and landscape supplies in the Rocky Mountain Region. Products include: turf and irrigation equipment; central irrigation control systems; industrial, commercial and residential pumps; landscape and hardscape products such as weed barrier fabric, tools, fertilizer, and pavers; landscape lighting and accessories; ponds and water feature products and accessories; and outdoor kitchens. Customers include contractors for commercial facilities and municipalities, landscape contractors, and residential and maintenance contractors. The Company was founded in 1890 and is headquartered in Westminster, CO. The Company has 11 locations with nine in Colorado and two in Wyoming.
The Fund, together with senior management at CPS Distributers, joined to purchase the company.
November 2012: Avanti Products, LLC – Avanti Products, LLC is a leader in the compact consumer appliance industry specializing in the design and distribution of refrigerators, wine and beer coolers, microwaves, gas & electric ranges, water dispensers, laundry machines, and other compact appliances. Customers include over 300 distributors, wholesalers, retailers, hotels, and online merchants. Avanti products are ultimately sold at over 7,000 retail locations. Target consumers include college students (dorm rooms), retirees (RV outfitting), and commercial industries such as restaurants, offices, and the hospitality industry. The Company was founded in 1973 and is headquartered in Miami, FL, while maintaining distribution centers located in Miami, California, and New Jersey.
The Fund partnered with the company’s management to acquire the assets of Avanti Products, a division of the Mackle Company.
“Gen Cap seeks to invest in companies with demonstrated successful operating histories and quality management teams that can continue to guide the company,” said Don Napier, executive vice president of Gen Cap. “These five companies fit that profile, and our partnership with them presents tremendous opportunities for all parties.”
Terms of the transactions are not publicly available.
Gen Cap America, Inc. is a Nashville-based private equity firm that provides equity for management buyouts and recapitalizations of profitable, well-established middle-market businesses. For more information, visit www.gencapamerica.com.