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July 2018

Boyd Corporation Acquired by Affiliates of Goldman Sachs from Genstar Capital

Boyd Corporation, a leading global provider of highly-engineered thermal management and environmental sealing solutions, announced that it has entered into a definitive agreement to be acquired by affiliates of Goldman Sachs.


The announcement comes after over three years of partnership with Genstar Capital, a San Francisco based private equity firm.


With over 85 years of customer-focused performance success, Boyd is a market leader in thermal management and environmental sealing across a broad range of end markets. Boyd’s specialty is identifying and solving customer challenges with deep expertise in the materials sciences for engineered rubber, plastic, metal, flexible environmental sealing and energy management solutions.


“We are excited to partner with Goldman Sachs’s Merchant Banking Division,” stated Mitch Aiello, President and CEO, who has been with Boyd for over 20 years. “Goldman Sachs is an ideal partner whose expertise and resources will help Boyd continue to drive growth and value creation through a dedication to solving our customers’ most challenging thermal management and environmental sealing needs.


“Goldman Sachs will provide us with differentiated financial support, valuable relationships, global capabilities and a like-minded commitment to excellence. We believe our new investors will help us build on the successful and transformative partnership we have had with Genstar Capital over the past three years during which time we expanded geographically, entered new end markets, completed three acquisitions and enhanced the new product development and engineering focus on the business.”


“We’ve been incredibly impressed with Boyd’s best-in-class design and engineering capabilities and customer focused culture,” said Charlie Gailliot, Managing Director at Goldman Sachs.


“We look forward to partnering with Boyd’s world class management team to further strengthen the Company’s leading market position and continue to deliver for Boyd’s customers.” added Leonard Seevers, Managing Director at Goldman Sachs.


“It has been a privilege to work alongside Mitch and the Boyd executive team as they built Boyd into a leading provider of highly-engineered solutions to some of the most difficult product challenges faced by global high-growth companies,” said Rob Rutledge, Managing Director at Genstar Capital. “We look forward to following Boyd’s success in their next phase of growth.”


Goldman Sachs & Co. LLC is serving as financial advisor and Davis Polk & Wardwell LLP is serving as legal counsel to affiliates of Goldman Sachs.


Baird is serving as financial advisor and Weil, Gotshal & Manges LLP is serving as legal counsel to Boyd Corporation and to Genstar.

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