M&A · Industrials · Motor Vehicle Parts & Accessories
Clearlake Capital-Backed Unifrax to acquire Lydall Inc
Announced Jun 21, 2021 · Closed Oct 1, 2021
Deal value$1.30BEV $1.30B
Premium87.0%To unaffected price
EV / Adj. EBITDA16.2x1.6x EV / Revenue
ConsiderationAll cash$62.10 per share
Transaction
- Acquirer
- Clearlake Capital-Backed Unifrax
- Target
- Lydall Inc
- Buyer type
- Private equity
- Offer price per share
- $62.10
- Enterprise value
- $1.30B
- Status
- Closed Oct 1, 2021
Deal protections
- Break fee (target pays)
- $5.0M · 0.4%
- Reverse fee (buyer pays)
- $91.7M · 7.1%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, BofA Securities
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities
- BofA Securities fee
- $23.0M
Sector context · Industrials
- Comparable deals
- 29 in the prior 24 months
- Premium
- 87.0% vs. 30.0% sector median
- EV / Adj. EBITDA
- 16.2x vs. 10.5x sector median
- Break fee
- 0.4% vs. 2.6% sector median
Timeline
- AnnouncedJun 21, 2021
- Proxy filedJul 21, 2021
- Definitive proxyAug 10, 2021
- Shareholder voteSep 14, 2021
- ClosedOct 1, 2021
Valuation · fairness opinions
Trading comparables$39.95$49.65
Trading comparables$31.70$43.55
Discounted cash flow$37.05$53.15
Offer $62.10
Implied value per Lydall Inc share by analysis, from BofA Securities.