Harris Williams & Co. Advises Transtar Holding Company in its Sale to Friedman Fleischer & Lowe, LLC
December 22 2010 - 1:45PM
Business Wire
Harris Williams & Co. announces the sale of Transtar Holding
Company (Transtar), a portfolio company of Linsalata Capital
Partners (Linsalata), to Friedman Fleischer & Lowe (FFL). The
transaction closed on December 21, 2010. Harris Williams & Co.
acted as the exclusive advisor to Transtar. The transaction was led
by John Neuner, Ned Valentine, Joe Conner and Lanre Osinusi from
the firm’s Richmond office.
“We’ve really enjoyed the long term relationship we’ve had with
Linsalata and the Transtar team and are excited to have been able
to contribute to the continued growth of the business, having sold
Axiom Technologies to Transtar in 2008. Management and Linsalata
have done a tremendous job building a premier platform in the
automotive aftermarket and we are excited to have found a great
partner in FFL that is excited to support management as they
continue to execute their growth strategy,” said John Neuner, a
managing director at Harris Williams & Co.
Joe Conner, who leads Harris Williams & Co’s Transportation
& Logistics Group, said, “The Transtar transaction marks
another important milestone in the continued growth and expansion
of our efforts in the transportation sector. In particular, the
automotive aftermarket remains a core focus area for the Group as
the Transtar transaction marks our seventh completed sell side
assignment in the sector in the last twelve months alone. The
compelling combination of the long-term growth fundamentals and the
need-based dynamics of the industry continue to attract investor
interest, which should continue for the foreseeable future.”
Transtar, headquartered in Cleveland, OH, is the premier
integrated distributor of world-class driveline solutions,
including complete transmission units, automatic and standard
transmission rebuilder kits, hard and soft parts, electrical
components, torque converters, transfer cases, and high performance
engine parts, and a growing supplier of autobody refinishing
solutions to the automotive repair industry. Since its founding in
1975, Transtar’s core strategy of providing OEM-level quality to
the aftermarket has reshaped the landscape of the driveline
aftermarket and allowed the company to grow substantially by
continuously expanding its product offering, distribution
footprint, and customer base.
Linsalata, located in the Cleveland, OH suburb of Mayfield
Heights, was founded in 1984 and has combined its strong financial
capabilities with extensive operational experience to accelerate
the growth of middle market companies. In its more than 26 years of
investing, the firm has completed 97 buy side transactions totaling
more than $3 billion. Linsalata is currently investing in its sixth
fund, Linsalata Capital Partners Fund V, L.P. (LinCap V), with $425
million in committed equity capital.
FFL is a San Francisco-based private equity firm with over $2.5
billion under management that is focused on investing in U.S.
middle market companies. Formed in 1998, FFL’s strategy is to
invest in market-leading companies that generate high returns on
invested capital and that have strong, defensible competitive
positions, attractive growth prospects and outstanding management.
Previous investments include: Tempur-Pedic International, Discovery
Foods, Milestone AV Technologies, Korn/Ferry International, and
Guardian Home Care.
Harris Williams & Co. (www.harriswilliams.com), a member of
The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier
middle market advisor with a two-decade legacy of sell side
excellence serving clients worldwide. The firm is focused
exclusively on the middle market providing sell side and
acquisition advisory, restructuring advisory, board advisory,
private placements, and capital markets advisory services. Harris
Williams & Co.'s Transportation & Logistics Group serves
companies in a broad range of attractive niches, including the
automotive and heavy-duty truck aftermarket, third-party logistics
(3PL), rail products and services, airport and aviation services,
and specialized transportation service providers. In addition to
Transtar, other recent clients include marquee aftermarket names
such as Meineke, Slime, Yakima, IDQ, WARN, FleetPride, and AAMCO
Transmissions.
Investment banking services are provided by Harris Williams LLC,
a registered broker-dealer and member of FINRA and SIPC, and Harris
Williams & Co. Ltd, an Appointed Representative of Sturgeon
Ventures LLP, which is authorized and regulated by the Financial
Services Authority. Harris Williams & Co. is a trade name under
which Harris Williams LLC and Harris Williams & Co. Ltd conduct
business in the U.S. and Europe, respectively.
For general release inquiries, please contact Kimberly Baker,
marketing director, at +1 (804) 648-0072.
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