Littlejohn Buys SunSource Holding

Greenwich, Conn., based investment firm Littlejohn & Co. has acquired SunSource Holdings Inc., a fluid power and motion control technologies distributor. Littlejohn & Co. bought the company from a fund managed by CHS Capital LLC. Terms were not released.

PRESS RELEASE
Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, announced today that it has acquired SunSource Holdings, Inc., a leading independent North American fluid power and motion control technologies distributor, from a fund managed by CHS Capital LLC.

Headquartered in Addison, IL, SunSource is one of North America’s leading fluid power distribution companies, providing products and value-added engineering and repair services for hydraulic, pneumatic, motion control and filtration-related systems, serving the industrial and mobile equipment markets.

“The acquisition of SunSource builds on Littlejohn’s expertise in the industrial and distribution sectors; thanks to our previous investments, we are deeply familiar with the Company’s diverse end markets, customers and suppliers,” said Brian E. Ramsay, Managing Director of Littlejohn. “Having navigated successfully through the global economic downturn, the Company is poised for accelerated growth. As such, we look forward to supporting management by providing operational support of its organic plans to drive the top line.”

“SunSource has a significant competitive advantage in a market driven by customer demand for immediate product availability and deep technical knowledge,” said Justin Jacobi, Chief Executive Officer of SunSource. “Because of our highly integrated relationships with both our suppliers and customers, we serve as an extension of their internal sales and marketing and engineering resources by providing full market coverage with world-class distribution services coupled with deep technology know-how and engineering support. We expect to continue our growth in part by adding new customers, products and services, as well as increasing penetration with existing customers, and look forward to partnering with Littlejohn to make this a reality.”

Antonio Miranda, Principal of Littlejohn, added, “While we remain very excited about SunSource’s numerous organic growth initiatives, we are eager to support the Company’s acquisition program. Due to the highly fragmented nature of the fluid power and motion control markets, we see a unique opportunity to further build SunSource into the preeminent, value-added distributor with broader geographic reach and technological capabilities through strategic transactions.”

Financing for the transaction was provided by the Senior Secured Loan Program, jointly managed by Ares Capital Corporation and an affiliate of GE Capital. Gibson, Dunn & Crutcher, LLP provided legal counsel to Littlejohn.

About Littlejohn & Co., LLC
Littlejohn & Co. is a Greenwich, Connecticut-based control-oriented private equity firm focused on investing in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach. The firm is currently investing from Littlejohn Fund IV, L.P., which has over $1.3 billion in capital commitments.

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