Costa Mesa, Calif. – September 10, 2007 – Diversified industrial products manufacturer, Actuant Corporation (NYSE: ATU) has acquired BH Electronics, Inc., a manufacturer of marine instrument/control panel assemblies, for $30 million in cash.
RSM EquiCo Capital Markets initiated the transaction, sourced the buyer, led the negotiations and acted as exclusive financial advisor to BH Electronics. Butler, Snow, O’Mara, Stevens & Cannada served as the company’s legal advisor.
"BHE is a great addition to our global marine platform. BHE's strong relationships with major recreational boat builders in the U.S., coupled with the products provided through our existing brands such as Marinco, BEP, Ancor, and Guest, will enable us to further develop our strategy of providing systems solutions to the OEM market,” said Mark Goldstein, chief operating officer of Actuant.
“Actuant is a natural fit,” said Harry Haddad, co-founder of BH Electronics. “Actuant will help accelerate our growth and assist us in capturing the many opportunities we are pursuing. Combining the two companies also creates great cross-sell opportunities due to our complementary products and markets.”
According to Brad Schreiber, vice president of RSM EquiCo Capital Markets and a leader of the firm’s Recreation and Leisure Group, strategic buyers and private equity groups – both in the U.S. and internationally – are showing solid interest in the marine industry. “This is a fragmented niche industry that has been seeing an increase in the number of transactions and is ripe for further M&A activity,” said Schreiber. “BH Electronics is a good example of the type of company buyers find highly desirable. Buyers are willing to pay a premium for such niche market leaders throughout the recreation and leisure industry.”
A team of RSM EquiCo Capital Markets professionals contributed to the successful close of this transaction. Paul Weisbrich, senior managing director and Brad Schreiber, vice president, led the deal team.
About RSM EquiCo Capital Markets
RSM EquiCo Capital Markets LLC (www.rsmequico.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
RSM EquiCo Capital Markets is licensed by the SEC and all state securities authorities, and is a member of the FINRA and SIPC. The firm’s international headquarters are located in Costa Mesa, Calif. It also has offices in Chicago, Boston, New York, London and Mumbai.
About BH Electronics, Inc.
BH Electronics, Inc. (www.bhelectronicsinc.com), headquartered in Munford, Tenn., produces dashboard instrument/control panels and electronic assembly systems, primarily for the marine market. BH Electronics’ customers include leading recreational boat builders such as Bentley, Chapparal, Crownline, Mastercraft, Monterey, Skeeter, Skier’s Choice, Triton and Wellcraft. BHE generated $35 million in sales in 2006, and has approximately 450 employees.
About Actuant Corporation
Actuant Corporation (www.actuant.com), headquartered in Butler, Wis., is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. Since its creation through a spin-off in 2000, Actuant has grown its sales from $482 million to over $1.4 billion and its stock market capitalization from $113 million to over $1.7 billion. The Company employs a workforce of more than 6,700 worldwide. Actuant Corporation trades on the NYSE under the symbol ATU.
CONTACT:
RSM EquiCo Inc.
Todd Cooley, Director of Communications
714.327.8865
tcooley@rsmequico.com