Weekly M&A Digest
A curated selection of transactions and deals from the past week.
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Deal Summary
Wheel Pros (Clearlake Capital) to acquire TeraFlex
Wheel Pros – a designer, manufacturer, and distributor of proprietary branded aftermarket vehicle enhancements for light trucks, SUVs, passenger cars, and ATVs/UTVs backed by Clearlake Capital Group, L.P. – announced the acquisition of TeraFlex – a designer, manufacturer, and distributor of aftermarket suspensions, shocks, and other components for automotive and off-roading enthusiasts.
"TeraFlex has built an impressive suite of brands and products in the suspension and shock categories that complement our offerings in lift kits extremely well," - Randy White, Co-Founder and CEO at Wheel Pros.
Indutrade to acquire Stabalux
Indutrade, an international technology and industrial business group announced the acquisition of Stabalux GmbH, a supplier of profile systems for curtain wall facades. Their product offering includes modular systems with profiles made of steel, aluminum, timber, or bamboo. Stabalux complements the Indutrade-owned Swedish company Stålprofil AB, a leading supplier of secure and durable steel profile systems for public settings worldwide. The acquisition is Indutrade's third in 2022.
Cary Group to acquire Charles Pugh Holdings
Cary Group Holding AB (OM: CARY) – a company that offers sustainable car care solutions, specializing in vehicle glass repair and replacement with a complementary offering in auto body repair – announced the acquisition of Charles Pugh Holdings Ltd. – one of the UK’s market leaders in vehicle glass repair and replacement, along with related wholesale business. The acquisition bolsters Cary Group’s position in the United Kingdom and captures synergies with Cary Group’s existing UK operations.
“The acquisition of Charles Pugh Holdings is an important part of our strategy to improve our market position in the United Kingdom and, through synergies between Charles Pugh Holdings and our existing company in the UK, increase the profitability of our UK operations. Synergies for the next 12 months are estimated to be almost 2 MGBP on an annual basis. Charles Pugh Holdings’ wholesale operation will give us opportunities to optimise purchasing, wholesales and distribution in the UK market. Over time, we also see opportunities for further economies of scale and possibilities of sharing best practices to further increase our margins in the UK. The company, with its long history, has a well-run business and we look forward to them becoming part of the Cary Group”, - Anders Jensen, CEO at Cary Group.
IDEX Corporation to acquire KZValve
IDEX Corporation (NYSE: IEX) – a company engaged in the development, design, and manufacture of fluidics systems and specialty engineered products, announced the acquisition of KZ CO. (“KZValve”) – a leading manufacturer of electric valves and controllers used primarily in the agriculture market. This transaction is part of IDEX’s continued strategy to invest in core businesses with secular growth tailwinds while exploring near adjacencies.
“Adding KZValve to the IDEX family of companies will extend our expertise in providing OEMs with critical solutions for agriculture and industrial applications, opening access to new product opportunities…In our unique structure, companies retain a great deal of autonomy while benefitting from the resources and operating model at IDEX. KZValve is a high-quality addition to our portfolio of businesses, with strong customer relationships and differentiated products that will continue building our innovative presence in the agriculture industry.” - Eric Ashleman, CEO and President at IDEX.
The transaction is expected to close during the second quarter of FY2022, subject to customary closing conditions and regulatory approvals.
PPG acquires Arsonsisi’s Powder Coatings Manufacturing Business
PPG (NYSE: PPG) – a global supplier of paints, coatings, and specialty materials – announced the acquisition of the powder coatings manufacturing business of Arsonsisi – an industrial coatings company based in Milan, Italy. The transaction will provide PPG with a highly automated, small- and large-batch-capable powder manufacturing plant in Verbania, Italy. PPG will also add metallic bonding capabilities in Europe, the Middle East, and Africa (EMEA).
SOURCES
TeraFlex Press Release:
https://teraflex.com/2022/04/01/clearlake-capital-backed-wheel-pros-acquires-teraflex/
Indutrade Press Release:
https://www.indutrade.com/investors--media/press-releases/press-release/?id=2005665
Cary Group Press Release:
https://carygroup.com/press_releases/cary-group-strengthens-its-market-position-in-the-united-kingdom-with-the-acquisition-of-charles-pugh-holdings/
IDEX Press Release:
https://www.idexcorp.com/news/news-item/idex-corporation-to-acquire-kzvalve-business-expanding-solutions-for-agriculture-industrial-applications/
PPG Press Release:
https://news.ppg.com/press-releases/press-release-details/2022/PPG-Completes-Acquisition-of-Arsonsisis-Powder-Coatings-Manufacturing-Business/default.aspx