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Private equity dealmaking suffers big weekly drop as Covid-19 continues to weigh on negotiations

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Global private equity dealmaking slumped 14.5% in the last week of June as the ongoing Covid-19 pandemic continues to we

Source: https://www.altassets.net/private-equity-news/by-pe-sector/venturegrowth/private-equity-dealmaking-suffers-big-weekly-drop-as-covid-19-continues-to-weigh-on-negotiations.html

Private Equity

Transom Hits Grand Slam

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After a mere 14-month hold, Transom Capital has sold its portfolio company Pelco to Motorola Solutions.

Pelco is a designer, developer and manufacturer of video security products including video security cameras, video management and recording systems, and security software. The company is led by CEO Kurt Takahashi and is headquartered in Fresno, California.

Pelco was founded in 1957 by E.L. Heinrich and originally specialized in pan-tilt devices (devices that turn a stationary camera into a pan and tilt camera) and joysticks that remotely controlled the position of television cameras. In the following years, the company would become a leading supplier of closed-circuit television (CCTV) cameras and components. In 1987, the business was sold to private investor David McDonald and in 2007, Pelco was acquired by French electrical equipment manufacturer Schneider Electric for $1.2 billion.

At its peak, Pelco had more than 2,000 employees but under Schneider ownership, its operating performance suffered led in part by the worldwide shift from analog technology to digital and internet protocol (IP) based technology. Transom acquired Pelco in May 2019 from Schneider. At that time, it was reported that Pelco’s annual revenue was approximately $185 million with an employee count of just over 470.

“We are excited to transition Pelco to its next phase of growth under the stewardship of Motorola Solutions,” said James Oh, a partner at Transom. “Since our acquisition of the company in May 2019, we have successfully executed our ARMOR value creation process to transform the operations and strategic direction of the company. Our Operations team played a critical role in building a corporate infrastructure that enabled Pelco to regain its footing as an industry-leading video security solutions business.” ARMOR is an acronym for acquisition, restructuring, monitoring & operations, and return.

According to an industry source, Transom recorded a 12x cash-on-cash return on its investment in Pelco.

“In addition to the stellar work of our operations team, we could not be more grateful for the hard work, critical thinking, and dedication of Kurt Takahashi, his executive leadership team, and the employees of Pelco,” said Russ Roenick, a managing partner at Transom. “The bedrock of success in any enterprise is its employees, and Pelco’s staff is second-to-none. We are highly confident that Pelco will be a great fit with Motorola Solutions’ existing video security and analytics businesses.”

Chicago-based Motorola Solutions (NYSE: MSI) is a data communications and telecommunications equipment provider. The company’s products include two-way radios and public radio systems for first-responders and law enforcement.

“Video continues to play a more powerful role in enabling safer cities and securing businesses around the world,” said Greg Brown, chairman and CEO of Motorola Solutions. “Pelco’s track record of innovation, internationally recognized brand, global channel and customer installed base enables us to further expand our global footprint with enterprise and public safety customers.”

Transom invests in buyouts and turnarounds of companies with EBITDA from $0 (special situations) to $20 million. In January 2018, the firm held a final closing of Transom Capital Fund III LP with $300 million of capital commitments. The new fund reached its hard-cap in just two months of fundraising and was oversubscribed from its initial $250 million target and $300 million hard-cap. Transom is headquartered near Los Angeles in El Segundo, California.

Private Equity Professional | August 5, 2020

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EnPro Sells Springs Business to Turnspire

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Turnspire Capital Partners has agreed to acquire the Goodyear Air Springs business from publicly traded EnPro Industries.

Goodyear air springs are used by original equipment manufacturers and fleet operators for trucks, trailers, buses, and specialty vehicles. The company’s products are sold under an exclusive license from Akron-based Goodyear Tire & Rubber which developed its air spring technology in 1957.EnPro acquired the Goodyear Air Springs business in 2015 through the buy of Veyance’s air springs business from Continental AG. Veyance is a former Goodyear subsidiary. The Carlyle Group bought Veyance from Goodyear in 2007.

At the closing of this transaction, Turnspire will acquire all the assets of Goodyear Air Springs, including full brand licensing rights; all technical and manufacturing facilities in the US and Mexico; and all intellectual property. David Brinkman, Goodyear Air Springs’ general manager will lead the business as its new CEO in partnership with Turnspire.

“Our agreement to acquire Goodyear Air Springs is the culmination of a highly integrated diligence process in which we utilized Turnspire’s extensive experience executing corporate carve-outs, and knowledge of the transportation and manufacturing industries, to deliver speed and certainty to EnPro,” said Abel Osorio, a partner at Turnspire. “We look forward to continuing the Goodyear Air Springs legacy as an independent company by leveraging an extensive product portfolio and bringing innovative technology solutions to leading OEM partners and aftermarket customers.”

New York City-based Turnspire invests in companies with revenues between $50 million and $400 million and valuations up to $125 million. The firm prefers companies that are underperformers and/or in need of an operational turnaround.  Sectors of interest include aerospace and defense; automotive; capital equipment; chemicals; consumer; construction and building materials; food and beverage; industrial equipment; logistics; metals and metal fabrication; paper and packaging; and plastics and synthetic materials.

Charlotte-headquartered EnPro (NYSE: NPO) designs and manufactures a range of industrial products used in the aerospace, power generation, heavy-duty trucking, mining, and chemical sectors. In 2019 the company had revenues of more than $1.2 billion. The company was founded in 2002 through the spin-out of the engineered industrial products business segment of the Goodrich Corporation.

Private Equity Professional | August 5, 2020

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Private Equity

Gen Cap Closes Eleventh Fund IV Platform

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Gen Cap America has acquired TFM Services, a provider of facilities maintenance services, from Thrash, Inc. The buy of TFM is the eleventh platform for Gen Cap’s fourth fund.

TFM provides janitorial and floor maintenance services to retail, commercial, health care, industrial, and education facilities. The company’s services include conventional janitorial services, concrete restoration, power washing, window washing, landscaping, and general maintenance.

The company has more than 150 employees and over 50 sub-partners that serve customers in Kansas, Oklahoma, Nebraska, and Missouri. Wichita, Kansas-headquartered TFM was founded in December 1987 by Russell Thrash. Post-closing, the TFM management team will be led by President Patrick Phillips who has been with the company since 2005.

“We are thrilled to partner with the TFM management team,” said Matt Lane, a managing director at Gen Cap America. “TFM is an exceptional platform in an industry that continues to grow in importance to facilities managers.  Additionally, the team at TFM is a perfect fit for our model focused on partnering with existing, successful management teams to assist them as they look to continue their track record of success.”

The buy of TFM is Gen Cap’s second in the facilities maintenance space for its fourth fund, Southwest Fund VII LP, and its eleventh platform acquisition for this fund which had a final close at its hard cap of $250 million fund in January 2017. The firm’s earlier buy in this space is Missouri-based Mid America Specialty Services (then Mid America Metals) in May 2018.

“TFM fits perfectly with Gen Cap’s investment model of backing management teams at companies with long histories of success,” said Barney Byrd, CEO of Gen Cap.

Gen Cap America invests in companies with revenues between $10 million and $200 million and EBIT of $2 million to $15 million that are active in the manufacturing, distribution, or service sectors. Gen Cap was founded in 1988 and is based in Nashville.

Private Equity Professional | August 5, 2020

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Source: https://peprofessional.com/2020/08/gen-cap-closes-eleventh-fund-iv-platform/?utm_source=rss&utm_medium=rss&utm_campaign=gen-cap-closes-eleventh-fund-iv-platform

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