Sperry Mitchell Advises SUPCO on its Sale to NSI Industries

New York, NY (August 10, 2022) Sealed Unit Parts Co., Inc. (“SUPCO”) of Allenwood, NJ has been acquired by NSI Industries (“NSI”) of Huntersville, NC, a portfolio company of Odyssey Investment Partners (“Odyssey”), headquartered in New York, NY. Sperry, Mitchell & Company initiated this transaction, assisted in negotiations, and served as exclusive financial advisor to SUPCO.  

SUPCO (www.supco.com) is an innovative leader serving the HVAC/R and Appliance parts industries  with high-performing parts, components, test instruments, and tools. Headquartered in Allenwood, N.J., SUPCO operates production facilities in New Jersey, the Midwest, and Asia. SUPCO maintains a worldwide network of sales representatives and distributors to serve both domestic and international customers. Within the last decade, SUPCO’s strategic growth has included acquisitions of Climate Technology Corporation, A-1 Components and Cam-Stat. SUPCO’s commitment to innovation, manufacturing quality and new technologies has fueled impressive recent growth.

“SUPCO has been a leader in HVAC/R for more than 75 years and has built a tremendous reputation with its customers for providing first-in-class products, as well as a collaborative, forward thinking organization which puts the customer first,” said Rob Hennessy, NSI’s HVAC/R division manager. “By leading with these attributes, SUPCO naturally aligns itself with NSI and its approach to the marketplace. We welcome the entire SUPCO team to the NSI family and look forward to increasing SUPCO’s HVAC/R and Appliance market share with the added strengths that comes with being a part of the NSI platform.”

“When customers see the SUPCO brand, they can expect technician-focused innovation at value-driven prices, and a commitment to integrity, flexibility, and partnership,” explained SUPCO CEO Chris Mancuso. “NSI Industries and its brands also share these ideals, so we are excited to broaden and strengthen our position in the HVAC/R and Appliance end market part of the NSI family.”

NSI Industries (www.nsiindustries.com) is a leading supplier of stock-and-flow electrical products to the electrical, building technology and HVAC/R markets in North America and worldwide. The Company offers over 7,500 SKUs spanning 21 product categories, including connectors, fittings, wire management and controls.

Odyssey Investment Partners (www.odysseyinvestment.com) is a leading growth-focused middle-market private equity investor, with over $8 Billion of assets under management. Odyssey has established a 20 year history of partnering with manager teams, primarily investing in two broad sectors: industrial products and business services.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $20 to $500 million.

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Sperry Mitchell Advises MTA on its Sale to PNC Riverarch

New York, NY (July 25, 2022) – Medical Technology Associates, Inc. (“MTA”) of Pinellas Park, FL, has been acquired by PNC Riverarch Capital (“PNC Riverarch”) of Pittsburgh, PA. Sperry, Mitchell & Company initiated the transaction and served as exclusive financial advisor to MTA.  

Medical Technology Associates, Inc. (MTA”) (www.mtausa.com) is a leading provider of test, inspection, maintenance, and certification services to the medical gas and controlled environment industries. MTA is one of the largest single-source healthcare compliance companies in the United States. Headquartered in Pinellas Park, FL, the Company maintains national coverage, with regional hubs in Florida, Texas, Arizona, Kansas, and Indiana. In addition to providing service on all major medical gas systems, MTA serves as a distributor for leading equipment manufacturers, including Powerex and Amico. MTA is also a leading national provider of controlled environment solutions, including a comprehensive suite of clean room / hood certification and testing services for pharmacies and labs.

Valeri Marks, President and CEO of MTA, commented, “We are excited to join forces with PNC Riverarch. We have spent years building the infrastructure to support a large and sophisticated organization and look forward to working with PNC Riverarch to aggressively pursue growth, both organically and through strategic partnerships.”

 

“MTA has a well-earned reputation as a best-in-class provider, supported by its consistent investment in personnel and technology. We believe MTA is ideally positioned to capitalize on exciting industry momentum,” said Andrew Barza, principal with PNC Riverarch. Michael Miller, director with PNC Riverarch added, “We plan to work closely with Val and her team to pursue organic and acquisition-based growth to enhance our suite of offerings and build upon our value proposition to our customers.”

PNC Riverarch (www.pncriverarch.com) is a middle-market private equity firm investing in market-leading companies where it can partner with management to support accelerated growth. 

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $20 to $500 million.

 

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Sperry Mitchell Advises Glass Egg Digital Media on its sale to Virtuos

New York, NY (May 18, 2022) Glass Egg Digital Media Ltd. (“Glass Egg”) of Ho Chi Minh City, Vietnam, has been acquired by Virtuos Holdings Pte. Ltd. (“Virtuos”) of Singapore. Sperry, Mitchell & Company served as exclusive financial advisor to Glass Egg. Morgan Lewis served as legal representative to Glass Egg. 

Glass Egg (www.glassegg.com) is a leading art outsourcing studio serving the video game development market. Founded in 1999, Glass Egg’s extensive art services include concept design and 2D & 3D art production. With a staff of over 400 employees, Glass Egg has established a reputation for excellence in the vehicle art development segment. The studio has contributed to numerous notable AAA games, including Call of Duty: Modern Warfare, Spider-Man, Forza: Horizon 4, Demon Souls, and Need for Speed Heat. Following the acquisition, Glass Egg will rebrand itself as “Glass Egg – a Virtuos Studio”, but will continue to operate independently, with CEO Phil Tran and CFO Steve Reid remaining in their respective roles. 

Virtuos (www.virtuosgames.com) is a leading global video game development company, backed by Baring Private Equity Asia (“BPEA”). Founded in 2004, Virtuos has an established track record in game development services and 3D art production for AAA consoles, PC, and mobile titles, enabling its partners to generate additional revenues and achieve greater operational efficiency. Virtuos is headquartered in Singapore, with an employee base of over 2,500 full-time professionals in studios across Asia, Europe, and North America. Virtuos has successfully delivered high-quality content for more than 2,000 projects and its clients, including 18 of the top 20 digital entertainment companies worldwide.

Gilles Langourieux, CEO at Virtuos, commented, “We’re excited to bring the Glass Egg team on board the Virtuos family. With its strong brand equity, coupled with its sizeable and long-term local operations, Glass Egg demonstrates excellent synergies with Virtuos, and we look forward to harnessing our combined expertise to strengthen our commitment to excellence.”

Phil Tran, Glass Egg’s CEO, stated, “We are honored to be a part of an industry stalwart, Virtuos. This deal means our staff will have the ability to expand skills and take on a wider array of projects, which will benefit our clients as well. With the support and resources of Virtuos, we are energized to meaningfully contribute to the industry in its next phase of growth.”

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $20 to $500 million.

 

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Sperry Mitchell Advises Chainlogix on its sale to Nelson-Miller

New York, NY (March 8, 2022) Chainlogix of Troy, VA has been acquired by Nelson-Miller, Inc. (“Nelson-Miller”) of Los Angeles, CA, a portfolio company of New Water Capital (“New Water”), headquartered in Boca Raton, FL. Sperry, Mitchell & Company initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Chainlogix.

Chainlogix (www.chainlogix.com) is a leading provider of engineered components, assemblies and supply chain management solutions to customers across the industrial, lighting and electronics landscape.“We are excited to build upon our first platform in Fund II through the Chainlogix acquisition,” said Matt Carlos, principal at New Water Capital. “Through the combination of Nelson Miller and Chainlogix, the growing enterprise will have access to expanded engineering and supply chain management resources, while leveraging captive electromechanical assembly and functional printing capabilities.” 

“We feel as though we found the perfect partners in New Water and Nelson Miller to help accelerate our growth trajectory,” said Chainlogix founder-owner Rick Perrault. “New Water’s success in building technology-driven solutions providers and the out-of-the-box synergies with Nelson Miller make for a perfect fit for our team’s aspirations and goals.”

Nelson-Miller (www.nelson-miller.com) was formed in April 2011 through a merger of two Los Angeles metal manufacturing companies, Miller Dial, founded in 1937, and Nelson Nameplate, founded in 1946. Today Nelson Miller is a leading global supplier of membrane switches, silicone rubber keypads, graphic overlays, metal nameplates, light guides, modules, assemblies and custom applications.

New Water Capital (www.newwatercap.com) is a Boca Raton, Florida-based private equity firm focused on lower-middle market companies in the consumer products and industrial manufacturing and services sectors with revenues of $30 million to $300 million. 

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $20 to $500 million.

 

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Beatrice Mitchell Has Been Recognized as One of the Most Influential Women in Mid-Market M&A

For the SIXTH year, Mergers & Acquisitions has recognized Beatrice Mitchell as one of the Most influential Women in Mid-Market M&A.

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Sperry, Mitchell & Company: 2021 in Review

We congratulate all of our clients who successfully sold their companies in 2021 for a cumulative $765 million in transaction value.

Our 2021 transactions include the following:

Sperry Mitchell Advises Revel Bikes on its Partnership with Next Sparc Growth Partners

New York, NY (November 30, 2021)Revel Bikes (“Revel”) of Carbondale, CO has partnered with Next Sparc Growth Partners (“Next Sparc”) of Chagrin Falls, OH. Sperry, Mitchell & Company initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to Revel Bikes.

Revel Bikes (www.revelbikes.com) is a leading designer and manufacturer of premium mountain bikes. Founded in 2016 by Adam Miller, Revel worked with Chris Canfield to bring his legendary Canfield Balance Formula (“CBF”) suspension platform to carbon fiber mountain bikes. Indeed, Revel is the only brand offering CBF on high-end carbon bikes. The use of CBF suspension, combined with exceptional attention to detail in product development and industry-leading customer service, has led Revel to rapid growth.

On the basis of numerous outstanding reviews and awards in all major cycling publications, Revel has grown to be a prominent player in the high-end mountain bike space in only a few short years. Indeed, the Rascal won Outside Magazine’s “Best Overall Mountain Bike of 2020,” and the Ranger won Outside Magazine’s “Best Short-Travel Cross-Country Mountain Bike of 2021.”

“I couldn’t be more thrilled to partner with Next Sparc. I have been amazed at the success we have had in the last three years with Revel Bikes, and my goal is for our success and growth continue at an even greater trajectory,” said Adam Miller, CEO of Revel. “This long-term partnership with Next Sparc will ensure Revel grows into one of the leading mountain bike brands in the industry. Our focus has always been on
making the best products, offering the best service, and having the most fun. Working with our new partners is the next step to continuing that mission.”

Next Sparc Growth Partners (www.nextsparc.com) is a Cleveland-based, family office that makes direct investments in rapidly growing founder-led businesses. The firm is guided by its investment philosophy: “To build exceptional businesses and teams for the long term, and accelerate lasting, sustainable growth, rather than focusing on short-term exit strategies.”

“This partnership was right in our wheelhouse, no pun intended,” says James Carey, Partner and Head of Business Development at Next Sparc. “Our goal is to build partnerships with like-minded founders who are ready to experience how business building expertise and proven entrepreneurial best practices can be the indelible ‘Sparc’ that takes their business to the next level.”

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $20 to $500 million.

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Sperry Mitchell Advises ECP-PF on its sale to TowerBrook Capital Partners

New York, NY (October 25, 2021) ECP-PF Holdings Group, Inc. (“ECP-PF”) of Orange, CT, a portfolio company of Exaltare Capital Management (“Exaltare”) of Boston, MA, has been acquired by TowerBrook Capital Partners L.P. (“TowerBrook”) of New York, NY. Sperry, Mitchell & Company assisted in negotiations and served as financial advisor to ECP-PF. DLA Piper served as legal representative to ECP-PF in the transaction.

ECP-PF is one of the largest developers and operators of fitness clubs under the Planet Fitness brand, operating 108 locations and serving approximately 600,000 members in six U.S. states and three Canadian provinces. The business was formed by Exaltare Capital Management, a Boston, MA-based private equity firm.

Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness clubs in North America. As of June 30, 2021, Planet Fitness had more than 14.8 million members and 2,170 clubs in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The company’s mission is to enhance people’s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, called the Judgement Free Zone.

As part of the transaction, Omar Simmons, Founder and former Executive Chairman of ECP-PF and Managing Director of Exaltare Capital Management, will retain a stake in the business and stay on the Board of Directors.

Mr. Simmons stated, “I am extremely proud of the business we have built over the last nine years and am excited to stay involved, as both an investor and Board member. I believe adding TowerBrook as a partner is a pivotal next step in our evolution as ECP-PF continues to grow its platform and fulfill and extend its mission: to serve people of all fitness levels in an affordable, inclusive, and welcoming environment.”

TowerBrook Capital Partners (www.towerbrook.com) TowerBrook Capital Partners is a purpose-driven investment management firm headquartered in New York and London. The firm has raised in excess of $17.4 billion to date and invests in private equity and structured opportunities through its family of funds. TowerBrook’s value creation strategy aims to transform the capabilities and prospects of the businesses in which it invests.

Exaltare Capital Management (www.exaltarecapital.com) Exaltare Capital Management is a private equity firm that focuses on franchise and consumer businesses. Exaltare seeks not only to invest capital, but also expertise, energy and network in differentiated, niche leading businesses.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries.

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Sperry Mitchell Advises Douglas Machines on its sale to CNL Strategic Capital

New York, NY (October 7, 2021) Douglas Machines Corp. (“Douglas”) of Clearwater, FL, a portfolio company of KODA Enterprises Group (“KODA”) of Waltham, MA, has been acquired by a newly-formed holding company in partnership with CNL Strategic Capital, LLC (“CNL”), which is sub-managed by Levine Leichtman Strategic Capital, LLC (“LLSC”). Sperry, Mitchell & Company initiated this transaction, assisted in negotiations, and served as exclusive financial advisor to Douglas. Burns & Levinson served as Douglas’ legal representative for the transaction. Honigman served as legal representative for the buyer.

Douglas (www.dougmac.com) is a leading provider of innovative and highly effective commercial cleaning and sanitizing systems to the food, pet food, nutraceutical and industrial end markets. Customers leverage Douglas’ equipment to ensure compliance with the increasingly stringent regulatory cleaning requirements pertaining to food safety.

Paul Claro, Douglas’ CEO, stated, “Douglas has a long history of manufacturing the highest quality products which our customers rely on to run their operations effectively.  My team and I are excited to partner with CNL Strategic Capital to build upon our current momentum and accelerate our growth initiatives going forward. I look forward to our collaboration and the additional value-added resources they will bring to our business as we continue to provide our customers mission-critical systems.”

CNL Strategic Capital (www.cnlstrategiccapital.com) is a publicly registered, non-traded limited liability company that seeks to provide current income and long-term appreciation to individuals by acquiring controlling equity stakes in combination with loan positions in durable and growing middle-market businesses. The company is externally managed by CNL Strategic Capital Management, LLC and Levine Leichtman Strategic Capital, LLC.

Levine Leichtman Strategic Capital is an affiliate of Levine Leichtman Capital Partners, LLC (“LLCP”) (www.llcp.com), a middle-market private equity firm with a 38-year track record of successfully investing across various targeted sectors, including franchising, professional services, education and engineered products.  LLCP utilizes a differentiated Structured Private Equity investment strategy, combining debt and equity capital investments in portfolio companies.

KODA Enterprises Group (www.koda.com) is a middle market private investment firm that concentrates on companies in niche markets that have the potential to benefit from the financial strength and operational expertise KODA provides to its portfolio companies.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $20 to $500 million.

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Sperry Mitchell Advises dBm on its Sale to Maury Microwave

New York, NY (October 5, 2021) dBmCORP, Inc. (“dBm”) of Oakland, NJ has been acquired by Maury Microwave, Inc. (“Maury”) of Ontario, CA, a portfolio company of Artemis Capital Partners (“Artemis”), headquartered in Boston, MA. Sperry, Mitchell & Company initiated this transaction, assisted in negotiations, and served as exclusive financial advisor to dBm. Hirschler Fleischer served as dBm’s legal representative for the transaction.

dBm (www.dbmcorp.com) is a leading designer and manufacturer of wireless link emulation equipment used for research & development, qualification and production verification testing in the satellite and wireless communication industries. dBm’s best-in-class technology empowers its customers to accurately test the performance of their mission-critical, space-based communication systems by emulating signal propagation through the atmosphere and non-linear distortion caused by electronic hardware. “We are excited to work together to address the next generation of satellite communication requirements,” said Dale Sydnor, President of dBm. “With Maury’s help, we will expand our footprint both within the United States and abroad, while focusing on ensuring our customers feel supported and continue to put their faith in dBm as a trusted partner.”

Michael Howo, President and Chief Executive Officer of Maury stated “dBm is widely recognized as a leader in SATCOM link emulation. This directly supports our vision of an interconnected world where wireless technologies are reliable and efficient. We look forward to leveraging both companies’ technical competencies and resources to accelerate development and extend our market reach to help our customers build better products thereby ensuring reliable and efficient satellite communications.”

Maury Microwave (www.maurymw.com) designs and manufactures state-of-the-art RF measurement and interconnect solutions that enable the world’s leading wireless communication technologies and networks to get better, faster, and stronger.

Artemis Capital Partners (www.artemislp.com) is a specialized private equity firm focused on acquiring and partnering with differentiated Industrial Tech companies, whose people and products enable and accelerate a healthier, safer, more connected, mobile, productive, and equitable world.

Sperry, Mitchell & Company (www.sperrymitchell.com) is an investment banking firm specializing in sell-side, middle-market merger & acquisition advisory services. Since the firm’s founding in 1986, Sperry Mitchell has completed hundreds of transactions in a wide range of industries, with values ranging from $20 to $500 million.


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