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From Auto Parts and Aerospace to Medical Devices, Precision Manufacturing Is Creating Opportunities Laser’S MAY 2017 | THEMIDDLEMARKET.COM From auto parts and aerospace to medical devices, precision manufacturing is creating opportunities Laser’s OUTLOOK: TRADITIONAL BANKS OFFER STABILITY NON-BANKS LACK Edge SPONSOR CONTENT FROM M&T BANK Steve Karol Watermill Group PUBLISHED IN PARTNERSHIP WITH 001_MAJ050117_001 1 4/4/2017 11:16:16 AM The best way through the most complex transactions? Starting with the right advisor. At M&T Investment Banking Group, we work side by side with middle-market companies, using our resources, expertise and capabilities to craft a personalized strategy for each unique situation. We help our clients navigate transformational events – from sale to developing complex financial structures for growth or liquidity – offering our experience and meticulous execution to deliver the best possible outcome. To learn more, contact Rob White at 410-244-4892 or Stuart Smith at 410-244-4876. MERGERS & ACQUISITIONS CORPORATE FINANCE RECAPITALIZATIONS OWNERSHIP TRANSITIONS Equal Housing Lender. ©2017 M&T Bank. Member FDIC. 002_MAJ0517 2 4/5/2017 11:50:24 AM 14767 / Mergers & Acquisitions / 7.875”w x 10.5”h / .125” bleed / 4C Contents May 2017 | Volume 52 | Number 05 Cover Story Laser’s Edge Precision manufacturing drives deals for PE fi rms, including Watermill Group, founded by Steve Karol 20 Watercooler 15 Outlook 6 Cybesecurity Traditional banks off er stability providers add defense non-banks lack. M&T Managing Director Aji Fadahunsi discusses 7 Platinum raises fourth fund what borrowers need to look for in a 9 Golden Gate diversifi es portfolio partner, what pitfalls to avoid when 10 Conagra keeps snacking working with a non-bank lender and • 3i Group grows in U.S. how they diff er from working with a 12 PE fi rms like restaurants traditional bank. Sponsor Content From Columns M&T Bank 14 Private Equity Perspective Time is Right for Fintech 34 Mid-Market 16 e Buyside Conditions Index Chemical Producers Seek Global Growth 19 Mid-Market 18 Finance Finesse Pulse:Healthcare Hollywood Agencies Diversify Guest Article 30 How to win the deal sourcing game Cover Photograph by Fabrizio Costantini 36 People Moves May 2017 MERGERS & ACQUISITIONS 1 001_MAJ050117_001 1 4/5/2017 11:12:46 AM Inside Word May 2017 Volume 52, Number 05 Editor-in-Chief Mary Kathleen Flynn [email protected] Assistant Managing Editor Demitri Diakantonis [email protected] Reporter Kamaron Leach [email protected] Contributing Editor Danielle Fugazy [email protected] Group Editorial Director, Banking and Capital Markets Richard Melville [email protected] VP, Capital Markets Harry Nikpour [email protected] Senior Sales Manager Richard Grant Automation [email protected] VP, Research Dana Jackson [email protected] &A in the manufacturing sector is soaring. Respondents to Mergers & Acquisitions’ VP, Content Operations and Creative Services Paul Vogel monthly survey in March gave the manufacturing sector the highest score of any [email protected] M Director of Creative Operations Michael Chu sector in our Mid-Market Pulse. And it’s not just dealmakers who are enthusiastic about the [email protected] Art Director Nikhil Mali sector. The industry has been expanding for nearly eight years, according to the Institute [email protected] Director of Content Operations Theresa Hambel for Supply Management’s monthly surveys, although growth slowed slightly in March [email protected] according to the group’s index. Marketing Manager Raquel Lucas “We are bullish on manufacturing in North America,” says Steve Karol, the managing [email protected] partner at Watermill Group, in our cover story. “Advanced manufacturing is creating a lot of new opportunities in many different sectors for many different companies. I believe this trend should continue.” A portfolio company of Watermill’s provides a good illustration of some of the trends driving manufacturing deals. In 2015, Watermill bought Quality Metalcraft Inc. (QMC), CHIEF EXECUTIVE OFFICER Douglas J. Manoni a Livonia, Michigan-based maker of engineered CHIEF FINANCIAL OFFICER Michael P. Caruso structural metal components and assemblies, CHIEF REVENUE OFFICER Marianne Collins EVP & CHIEF CONTENT OFFICER David Longobardi including advanced automobile prototypes. In CHIEF PRODUCT & AUDIENCE OFFICER Minna Rhee 2016, Watermill bought Experi-Metal Inc., which CHIEF MARKETING OFFICER Matthew Yorke now operates as a collaborative partner to QMC, SVP, CONFERENCES & EVENTS John DelMauro SVP, HUMAN RESOURCES Ying Wong offering prototype and niche production services to original equipment manufacturers, automakers and Reproduction or electronic forwarding of this product is a violation of federal new entrants to the transportation market. Chevrolet copyright law! Site licenses are available -- please call Customer Service “When companies test cars, they are trying to Chevrolet Camaro ZL1 (212) 803-8500 or [email protected] see what works and what doesn’t,” says Karol. “These Mergers & Acquisitions (ISSN 0026-0010) Vol. 52 No.05, is published monthly with combined issues in July/August and November/December by prototypes require highly accurate information and precise engineering.” The Chevrolet SourceMedia, Inc. One State Street Plaza, 27th Floor, New York, NY 10004. Volt underbody, Chevrolet Camaro ZL1 hood (pictured) and Cadillac CTS coupe Telephone: (212) 803-8200. Customer Service: For subscriptions, renewals, address changes and delivery underbody all have been manufactured by QMC. service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]; or send correspondence to Customer Service- “As the auto industry continues to advance toward new drive trains and autonomous Mergers & Acquisitions, SourceMedia, One State Street Plaza, 27th Floor, New cars, it will continue to require a very precise manufacturing process,” says Karol. York NY 10004. “There can’t be mistakes.” Periodicals postage paid at New York, NY, and additional mailing offices. Subscriptions: Yearly subscription is $1,995; $2035 for one year in all other Developments in the aerospace and medical device sectors are also heating up, countries. providing more opportunities for M&A in the middle market. Postmaster: Send address changes to: Mergers & Acquisitions / Source Media, Inc., One State Street Plaza, New York, NY 10004. For subscriptions, renewals, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. Advertising: For information, contact Harry Nikpour at (212) 803-8638 or harry. [email protected]. For more information about reprints and licensing content from Mergers & Acquisitions, please visit www.SourceMediaReprints.com or contact PARS Mary Kathleen Flynn International Corp. (212) 221-9595. This publication is designed to provide accurate and authoritative information Editor-in-Chief regarding the subject matter covered. It is sold with the understanding that the Mergers & Acquisitions | TheMiddleMarket.com publisher is not engaged in rendering financial, legal, accounting, tax, or other professional service. Mergers & Acquisitions is a registered trademark used Email me at [email protected] herein under license. Follow me on Twitter @MKFlynn © 2017 Mergers & Acquisitions and SourceMedia, Inc. All rights reserved. 2 MERGERS & ACQUISITIONS May 2017 002_MAJ050117 2 4/4/2017 11:23:02 AM LEADER IN MIDDLE MARKET FINANCE Undisclosed $125,000,000 Undisclosed Undisclosed $21,500,000 Senior Credit Facility Senior Credit Facility Unitranche Credit Facility Senior Credit Facility Senior Term Loan was provided to support the investment in was provided to support the recapitalization of was provided to support the acquisition of was provided to support the acquisition of was provided to support the recapitalization of Healthcare Services Company by and a minority investment by by by by Agent Agent Agent Agent Agent Undisclosed $100,000,000 Undisclosed Undisclosed $32,500,000 Senior Credit Facility Senior Credit Facility Senior Term Loan Senior Credit Facility Senior Credit Facility was provided to support the recapitalization of was provided to support the growth strategy of was provided to support the continued growth of was provided to support the recapitalization of was provided to support the equity investment in and acquisition of by by by and Agent Agent Agent Agent Agent monroecap.com 2016 LENDER FIRM 2016 SMALL MIDDLE MARKETS 2015 LOWER MID-MARKET 2015 SMALL BUSINESS of the YEAR LENDER of the YEAR, AMERICAS LENDER of the YEAR, AMERICAS INVESTMENT COMPANY of the YEAR Chicago • New York • Los Angeles • San Francisco • Atlanta • Boston • Dallas • Toronto © 2017 Monroe Capital LLC 003_MAJ0517 3 4/5/2017 11:50:34 AM What’s going on @ eMiddleMarket.com Words, media and data work together in our redesigned website. The popularity and utility of our website has also been growing over the years. TheMiddleMarket.com draws 50,000 unique visitors each month. We recently revamped the site, giving it a cleaner, simpler interface that delivers our authoritative, independent content in a new user experience built specifically to meet the needs of busy dealmakers. The home page offers quick access to the annual M&A Mid-Market Awards and The Most Influential Women in Mid-Market M&A. The lead story showcases significant news and trends affecting the middle market. The most important
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