Jan, 2014 - Windjammer: 2013 Annual Update
2013 was a busy year for Windjammer with the closing of a new fund, the acquisition of two platform companies, two add-on acquisitions for our existing portfolio companies, the sale of two platform investments, and the addition of two team members. Below we have provided an update of Windjammer’s activities from the past year.
March. 2013- Windjammer Senior Equity Fund IV is Completed with $726 Million of Limited Partner Commitments: Fund IV’s committed capital, which exceeded the firm’s fundraising target and Fund III’s $574 million of committed capital, is provided by a diverse group of institutional investors, including U.S. state and city pension plans, global private equity fund of funds, leading corporate pension programs and European government institutions. Windjammer’s investment objectives remain the same: identify leading middle market business platforms and work closely with management through our investment team and, where appropriate, our network of specialized consulting relations to optimize each company’s competitive position, value proposition for customers and financial performance.
July. 2013- Windjammer closes first deal of Fund IV with the acquisition of Component Hardware Group: Headquartered in Lakewood, NJ, with additional facilities located in the Netherlands, Taiwan and China, Component Hardware offers nearly 10,000 SKUs across its portfolio of ten product families and four proprietary brands. The Company is a leading supplier of mission critical hardware components and plumbing products to the foodservice equipment industry and is a strategic partner for its customers providing both industry leading service levels as well as the broadest product line available.
August. 2013- BBB Industries Acquires QBR Brake: BBB a Fund III portfolio investment acquired in 2007, is a leading supplier of remanufactured and new starters and alternators, steering components, and brake calipers for the automotive, light truck, and heavy-duty vehicle aftermarket. The Company is headquartered in Mobile, Alabama and operates through a network of nine distribution facilities in the U.S. and its low-cost manufacturing facility in Reynosa, Mexico. Based in Stockton, California, QBR is a leading remanufacturer and supplier of semi-loaded disc brake calipers and accessories to the automotive aftermarket in North America and represents the third add-on investment completed during our ownership.
October 2013- Protective Industries, Inc. (d/b/a Caplugs) Acquires Tri-Star Protector Service Company: Founded in 1948 in Buffalo, NY, Caplugs has been a leader in the product protection industry for over 60 years manufacturing caps, plugs, tubing, containers, edge liners, fasteners, netting, and masking products. The Company's line of protective products is used in a wide range of industries and is mission critical to its customers throughout manufacturing, transportation and storage. With facilities in New York, Pennsylvania, Texas, California and China, Caplugs is a trusted global partner for its customers. Fund III completed the acquisition of Caplugs in 2011 and the add-on investment of Shercon in 2012, which expanded its masking products offering. Tri-Star, based in New Caney, TX, is a leading provider of reconditioned and new thread protectors to the oil & gas industry. Tri-Star is a valued supplier in the industry and is uniquely positioned as the only provider of both reconditioned and new thread protectors.
December. 2013- Windjammer Announces the Acquisition of Engineered Controls International: Headquartered in Elon, NC, ECI is a leading global provider of mission critical, highly engineered flow control products used in the transportation, delivery, and storage of liquefied petroleum gas ("LPG"), liquefied natural gas ("LNG"), and industrial gases. The Company designs and manufactures a comprehensive range of flow control valves and regulators that are sold to domestic and international markets under the RegO and Goddard brand names.
December. 2013- Windjammer Exits Investment in Automatic Bar Controls: Headquartered in Vacaville, CA, Automatic Bar Controls (ABC) is a leading manufacturer of beverage dispensing systems for the foodservice industry. The innovative equipment solutions of ABC include products used by leading restaurant chains, convenience stores, and foodservice operations for the dispensing of carbonated and non-carbonated soft drinks, iced tea and other beverages and sauces. ABC was acquired by The Middleby Corporation, a global leader in the foodservice equipment industry. Middleby develops, manufactures, markets and services a broad line of equipment used in the commercial, industrial processing and residential markets.
2013- Windjammer Adds Two Team Members: Graham Schena joined Windjammer as a Vice President in our Boston office. Previously, Graham was a Principal at Sentinel Capital, an New York-based private equity firm focused on middle-market companies in the business services, niche-manufacturing and value-added distribution sectors. Ryan Pertz joined Windjammer as a Senior Associate in our Newport Beach office. He was previously an associate at HM Capital, a Dallas-based private equity firm.
January. 2014- Windjammer Exits Investment in Maxcess International: During the second half of 2013, Maxcess, a Windjammer Fund II platform investment, was brought to market for sale and a transaction was completed in early January, 2014. Headquartered in Oklahoma City, OK, Maxcess is a leading global provider of guiding, winding, slitting and tension control systems for web fed converting applications. Maxcess was acquired by a platform investment of Bertram Capital.
ABOUT WINDJAMMER- Windjammer is a private investment firm focused on control and non-control investments in leading middle market businesses in partnership with management. Windjammer's investments range in size from $50 million to $200 million in equity and/or subordinated debt in companies with enterprise values from $75 million to $500 million. Based in Newport Beach, CA and Boston, MA, Windjammer has invested $1.2 billion in over 50 companies across a broad range of industries since its formation in 1990. Windjammer is currently investing out of its $726 million Windjammer Senior Equity Fund IV.