Livingstone finances transformative medtech acquisition

Raises acquisition financing for Aterian Investment Partners’ portfolio
  • Jan 2019
  • Industrial
  • M&A: Buy-Side
  • Debt Advisory
  • US

Livingstone is pleased to announce it has raised financing for Vander-Bend Manufacturing, Inc. (“Vander-Bend” or the “Company”), a portfolio company of Aterian Investment Partners (“Aterian” or the “Sponsor”), in support of its acquisition of J.L. Haley Enterprises Inc. (“Haley”). Cerberus Capital Management provided the financing for the transaction.

Vander-Bend is an industry-leading provider of mission-critical, precision metal components to high-growth MedTech and technology end-markets. Founded in 1979 and based in San Jose, California, the Company specializes in low/medium volume manufacturing and machining. Vander-Bend is a market-leader in prototyping and engineering expertise, which has resulted in long-tenured, and growing relationships with blue-chip customers.

Founded in 1975, Haley is a California-based metal fabrication manufacturer with a longstanding history of providing high-quality complex assemblies utilized primarily in mission-critical cancer treatment equipment applications. Together with Vander-Bend, the combined company is a niche supplier of scale to many high growth and critical end markets including robotic surgery, radiation oncology equipment, and datacenter infrastructure, among others.

The acquisition of Haley is a great strategic and cultural fit for Vander-Bend. The acquisition enhances Vander-Bend’s position as a scale, high-growth medtech and technology manufacturing platform in Silicon Valley and significantly diversifies the Company’s customer base,” commented Aterian Partner Brandon Bethea. “We appreciate the strategic guidance from Livingstone both on the financing and the acquisition.”

Founded in 2009, Aterian Investment Partners is a leading private equity firm focused on partnering with compelling, middle market businesses and providing resources to further enhance operations, growth, and investments. Aterian recently closed fund III in July of 2018 with more than $350 million in committed capital.

Karl Freimuth, Partner, and Co-Head of Livingstone’s US Industrial practice commented, “Vander-Bend’s acquisition of Haley illustrates the Company’s commitment to growth.  Vander-Bend’s scale platform and broad portfolio of capabilities positions the Company as a leading manufacturing partner to the medtech and technology markets.  We are proud to have advised Vander-Bend and Aterian on the transaction.

Livingstone’s Head of Debt Advisory Tom Lesch added, “Our relevant sector experience combined with our knowledge of the debt markets allowed Aterian to efficiently find the best terms and pricing the market would offer through our marketing process.

In the last 13 months, Livingstone’s debt advisory team has completed 8 transactions and has raised over half a billion in capital. The transaction reinforces Livingstone’s position as the debt advisor of choice for private equity sponsors, following successful financings for L Catterton, Huron Capital, RFE Investment Partners, Saybrook Opportunity Funds, Calvert Street Capital Partners, Brockway Moran, Rotunda Capital, Sun Capital, Medley Capital, and Monomoy Capital.

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  • "We appreciate the strategic guidance from Livingstone both on the financing and the acquisition."
    Brandon Bethea, Partner, Aterian Investment Partners

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