Goldman Sachs has closed its previously announced acquisition of Pleasanton, California-based Boyd Corp, a provider of thermal management and environmental sealing solutions. No financial terms were disclosed. The seller was Genstar Capital.
SAN FRANCISCO, September 6, 2018 – Genstar Capital, a leading private equity firm focused on investments in targeted segments of the industrial technology, healthcare, financial services, and software industries, today announced that it has completed the sale of Boyd Corporation, a global leader in thermal management and environmental sealing solutions, to affiliates of Goldman Sachs (NYSE: GS).
Headquartered in Pleasanton, CA, Boyd Corporation is a market leading designer and manufacturer of highly-engineered, specialty material-based thermal management and environment sealing solutions that ensure the energy efficiency, durability, safety, and performance of numerous technology applications around the world. Boyd’s product offering serves a diverse set of end markets, including mobile computing, consumer and enterprise electronics, transportation, data storage, medical, and aerospace end markets.
Genstar invested in 2015 and since then the company’s revenue and EBITDA have increased dramatically following transformative acquisitions that added more complex and advanced thermal management solutions to Boyd’s platform, expanding Boyd’s presence in new and existing end markets as well as substantial organic growth leveraging Boyd’s industry leading capabilities. Genstar also utilized its talent management expertise resident within the firm to significantly strengthen Boyd’s senior management team.
Rob Rutledge, Managing Director, said, “This was a classic Genstar transaction that combined the talents of our investment team and strategic advisory board industry advisors in partnership with management to fully realize Boyd’s inherent strengths. Strategic investments and acquisitions significantly expanded Boyd’s addressable market, enhanced the Company’s technical leadership and provided more resources under a great team to drive superior performance and execution. The extraordinary value created for investors was the result of a strategic vision and focus on growth that was well executed by both of our organizations to achieve an outstanding result.”
Mitch Aiello, President and Chief Executive Officer of Boyd, “From the moment we began our working partnership with Genstar, they have been instrumental to the growth of our company. Their hands-on engagement and the knowledge their team and strategic advisors brought enabled us to relatively quickly transform the business and leverage our material and thermal management solutions into the world’s fastest growing technologies. We could not be happier with our relationship with Genstar and this great outcome as a result of their involvement.”
Genstar invests in companies that manufacture products and deliver services that meet complex engineering requirements via differentiated technology, applications, capabilities or scale. Current and former companies as part of its Industrial Technology vertical include Pretium Packaging, Tekni-Plex, Sphera, Tecomet, Infinite Electronics, BBB Industries, Altra Industrial Motion, Power Products and MW Industries.
About Boyd Corporation
Boyd Corporation is a global provider of thermal management and environmental sealing solutions critical to products that keep the world running. The company operates in markets around the world with specific expertise in engineering and design, manufacturing and supply chain management and commits to proactive customer satisfaction across electronics, mobile computing, medical technology, transportation, aerospace and other B2B and consumer-critical industries. Boyd Corporation: One Company, Many Solutions. Visit us at www.boydcorp.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $10 billion of assets under management and targets investments focused on targeted segments of the industrial technology, healthcare, financial services, and software industries.