Report: S.F. firm acquiring Transtar Industries from Linsalata Capital Partners
Report: S.F. firm acquiring Transtar Industries from Linsalata Capital Partners
San Francisco private equity firm is acquiring transmission parts maker and distributor Transtar Industries Inc. from Linsalata Capital Partners Inc., according to a story posted on LBO Wire.
The buyer is Friedman Fleischer & Lowe LLC, according to the LBO Wire story, which is based on information from Standard & Poor's Ratings Service. The LBO Wire story can be accessed here via a Wall Street Journal blog.
A spokeswoman for Transtar, which is based in Walton Hills, this morning declined comment on the LBO Wire story. She would not confirm the transaction, saying three times in a brief conversation, “We have no comment at this time.”
A call to Linsalata was referred to one of the firm's principals, Michael J. Faremouth, who serves on the Transtar oversight team for the Mayfield Heights private equity firm. Mr. Faremouth was said to be on a telephone call and did not immediately return a message seeking comment on the deal.
Linsalata acquired a majority interest in Transtar in 2005 from founder Monte Ahuja, who retained a stake in the company.
Friedman Fleischer has confirmed the acquisition of Transtar, according to LBO Wire. A call placed around 9 a.m. today, which is 6 a.m. in San Francisco, was not returned.
LBO Wire reported that the deal involves the use of “a proposed $249 million first-lien term loan and a proposed $135 million second-lien term loan, along with an undisclosed amount of equity from Friedman Fleischer.”
Friedman Fleischer's web site describes it as a private equity firm “focused on partnering with management to create value in middle-market companies.”
S&P assigned Transtar a B+ corporate credit rating, according to the LBO Wire story. The company's ratings benefit from its “good free cash flow prospects because of low capital spending,” LBO Wire stated, citing S&P.
The LBO Wire story also noted that Transtar's margins “are stronger than many of its peers thanks to its diversified lines of products and services.”
Crain's in its most recent list of Northeast Ohio's largest privately held companies, published June 14, reported that Transtar had revenue of $450 million in 2009.
San Francisco private equity firm is acquiring transmission parts maker and distributor Transtar Industries Inc. from Linsalata Capital Partners Inc., according to a story posted on LBO Wire.
The buyer is Friedman Fleischer & Lowe LLC, according to the LBO Wire story, which is based on information from Standard & Poor's Ratings Service. The LBO Wire story can be accessed here via a Wall Street Journal blog.
A spokeswoman for Transtar, which is based in Walton Hills, this morning declined comment on the LBO Wire story. She would not confirm the transaction, saying three times in a brief conversation, “We have no comment at this time.”
A call to Linsalata was referred to one of the firm's principals, Michael J. Faremouth, who serves on the Transtar oversight team for the Mayfield Heights private equity firm. Mr. Faremouth was said to be on a telephone call and did not immediately return a message seeking comment on the deal.
Linsalata acquired a majority interest in Transtar in 2005 from founder Monte Ahuja, who retained a stake in the company.
Friedman Fleischer has confirmed the acquisition of Transtar, according to LBO Wire. A call placed around 9 a.m. today, which is 6 a.m. in San Francisco, was not returned.
LBO Wire reported that the deal involves the use of “a proposed $249 million first-lien term loan and a proposed $135 million second-lien term loan, along with an undisclosed amount of equity from Friedman Fleischer.”
Friedman Fleischer's web site describes it as a private equity firm “focused on partnering with management to create value in middle-market companies.”
S&P assigned Transtar a B+ corporate credit rating, according to the LBO Wire story. The company's ratings benefit from its “good free cash flow prospects because of low capital spending,” LBO Wire stated, citing S&P.
The LBO Wire story also noted that Transtar's margins “are stronger than many of its peers thanks to its diversified lines of products and services.”
Crain's in its most recent list of Northeast Ohio's largest privately held companies, published June 14, reported that Transtar had revenue of $450 million in 2009.
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