Smart Business Magazine, January 2021

January 2021 Smart Business 17 Deal flow back to normal BY MATT ROBERTS O ver the past three months we have seen deal flow activity return to pre COVID levels While the ongoing pandemic has affected businesses differently it seems that buyers and sellers are managing through risk and finding ways to get deals done There were two venture capital deals disclosed in November Willoughby Hills based Neuros Medical completed a Series A raise as the company continues its focus on treatment of chronic post amputation pain Clevelandbased Trailhead Biosystems also completed a Series A raise as it continues to pioneer the application of machineenabled science toward understanding and controlling biology Traditional M A deals were completed over the month as well Middleburg Heights based Barrette Outdoor Living sold a majority stake to TorQuest Partners and CDPQ to support an ownership transition and continue the growth of the company Akron based Myers Industries acquired Indianabased Elkhart Plastics one of the largest rotational molding companies in the United States as it executes on its long term strategic growth plan to transform the company into a highgrowth customer centric innovator of value added engineered plastic solutions Canton based Kenan Advantage Group continues its recent string of acquisitions with the acquisition of Illinois based Fort Transfer which focuses on liquid bulk chemical transportation and storage In a bid to have a national footprint Cleveland based Campbells Sweets Factory known for its popcorn and sweets sold to another Cleveland company wholesale candy megastore b a Sweetie Candy Co Finally Independence based Sweeping Congrats to Dan T Moore and his team on the sale of Team Wendy to Avon Rubber Team Wendy which was founded in 1997 in honor of Dans daughter Wendy who passed way from a skiing accident is a leading U S supplier of head protection systems for military law enforcement search and rescue and adventure markets The company will now operate as a subsidiary of Avon Protection the critical personal protection systems arm of Avon Rubber The Team Wendy acquisition builds upon Avon Protections acquisition of 3Ms ballistics protection business and the Ceradyne brand earlier this year The acquisition will open up opportunities for Team Wendy to cross sell products and continue its growth here in Northeast Ohio Management will stay on and Team Wendy will continue to operate here in Northeast Ohio DEAL OF THE MONTH SELECTED OHIO MERGERS ACQUISITIONS Closed Target Issuer Name Buyer Investor Name Seller Name Local companies in bold Source Pitchbook Copper Run Research Nov 30 Sweeping Corporation of America Warburg Pincus Soundcore Capital Partners Nov 24 Maryland Thermoform Mercury Plastics a subsidiary of Masco Nov 23 Goodyear Air Springs Turnspire Capital Partners STEMCO part of EnPro Industries Nov 20 GrocerKey Comeback Capital Nov 19 Micro Office Systems Medsphere Systems NextEquity Partners Sixth JumpStart Street Partners and Thomas Weisel Partners Group Nov 18 Zilker Technology EY Next Sparc Nov 18 McCartney Produce IF P Foods Rotunda Capital Partners and Bratenahl Capital Partners Nov 18 Key Surgical Steris Water Street Healthcare Partners Nov 18 Avista U S Belcan AE Industrial Partners TransDigm Group Nov 18 Apex Energy Solutions Great Day Improvements Nov 17 The Hattenbach Co Climate Pros Saw Mill Capital and Kingfish Group FirstEnergy Nov 16 Campbells Sweet Factory b a Sweetie Candy Company Nov 12 APE Offroad Nivel Parts Manufacturing Kelso Private Equit and Bratenahl Capital Partners Nov 11 Fort Transfer Kenan Advantage Group OMERS Private Equity Nov 11 Elkhart Plastics Myers Industries Nov 11 Curvature North Carolina Park Place Technologies Crescent Capital BDC and Charlesbank Capital Partners and GTCR Partners Group Nov 10 Trailhead Biosystems Undisclosed Nov 10 Summit Consulting International OEConnection Genstar Capital Nov 10 onPoint Oncology RxVantage Nov 8 Blue Mountain Environmental Management Alliance Source Testing Align Capital Partners Nov 5 KEP Electric IES Holdings Nov 4 C C Supply SRS Distribution Nov 3 Team Wendy LLC Avon Rubber Nov 3 Barrette Outdoor Living TorQuest Partners and Caisse de dépôt et placement Gestion Yves Barrette du Québec CDPQ Nov 2 Neuros Medical Argonautic Ventures Nov 1 Greenway Family Office MAI Capital Management For more information about the Association for Corporate Growth visit www acg org cleveland Matt Roberts is a vice president with and runs the Cleveland office for Copper Run Capital LLC Copper Run Capital is a middle market investment banking advisory firm For more information on Copper Run please visit www copperruncap com or email mroberts@ copperruncap com DEALMAKERS Insider Corporation of America was sold to private equity firm Warburg Pincus from Soundcore Capital Partners During Soundcores ownership the company completed 13 add on acquisitions and will continue to look for inorganic growth under Warburg Pincus ownership