Norwest Mezzanine Partners Supports Sentinel Capital Partners Power Products Investment
February 13, 2014
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP) has announced that it has contributed subordinated debt and equity capital to support Sentinel Capital Partners in its investment in Power Products, LLC, the electrical segment of Actuant Corporation (NYSE: ATU). This transaction represents the fourth time NMP has supported an investment initiated by Sentinel.
Eric Bommer, a Sentinel partner, stated, “On behalf of the entire Sentinel team, we are very pleased to have NMP support us in this investment. As a strong, proven investment partner, NMP consistently demonstrates flexibility and support throughout the entire transaction process.”
Power Products, headquartered in Menomonee Falls, Wisconsin, is a global, diversified electrical products platform that designs, manufactures and distributes branded electrical tools, consumables, wiring products, harsh-environment power conversion solutions, transformers, inverters, switches, and other related electrical products and accessories. Power Products serves the construction and remodeling, marine and recreation, industrial and utility market segments through a variety of sales channels including OEMs, wholesale distributors, internet, catalog, and retail outlets. Power Products owns a portfolio of recognized brand names – Del City, Gardner Bender, Marinco, Mastervolt, Acme, and Turner Electric – all of which will be retained after the sale.
“We are excited for yet another opportunity to work with the Sentinel team on a transaction that fits nicely within our portfolio of companies. Additionally, we are looking forward to working with the talented and experienced Power Products management team to help support the company’s exciting growth opportunities,” stated Carter Balfour, NMP partner.
About Sentinel Capital Partners
Sentinel Capital Partners specializes in buying and building lower middle market companies in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $40 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information, visitwww.sentinelpartners.com.