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| January 7, 2019 |
Year 12 Volume 1 Issue 3
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Good afternoon all -
The fundraising haul continues as New York-based
WindRose Health Investors has closed its oversubscribed fifth fund at the hard cap of $705 million. WindRose invests in healthcare services companies that have enterprise valuations of $25 million to $300 million. WindRose, led by
Curtis Lane and
Oliver Moses, was formerly known as
MTS Health Investors but rebranded in February 2018. The firm shares a common lineage with healthcare investment bank
MTS Health Partners but the two businesses are independent and have operated separately for many years. See today's article for more.
Atlas Holdings, fresh off of its sale in December of
Erickson Construction where it realized a 6-year IRR of 40% (very nice), has acquired
Saxco International, a distributor of bottles and cans used in the wine, spirits, craft beer, and food markets, from
The Sterling Group which acquired the business in 2010.
Sam Astor, a partner at Atlas, led the transaction.
Friday's huge read...
Strength Capital has sold
Inland Pipe Rehabilitation (IPR) to
J.F. Lehman & Company. IPR, based near Atlanta in Conyers, GA, provides trenchless pipe rehabilitation services which allows wastewater and stormwater pipes to be rehabbed or repaired without using the full and costly dig up and replace approach. Check out our article for Strength's return multiple on invested capital.
Have a great day everyone.
Publisher
Private Equity Professional
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Today's News and Transactions
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Atlas Buys Saxco from Sterling
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Atlas Holdings has acquired Saxco International, a distributor of rigid packaging used in the wine, spirits, craft beer, and food markets, from The Sterling Group which acquired the company in 2010 through its third fund. Saxco's packaging products and services include glass, metal, and plastic containers, capsules, closures, custom packaging and mold development... Read More
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WindRose Health Investors has closed its fifth fund, WindRose Health Investors V LP, with $705 million of capital commitments. The new fund was oversubscribed and closed at its hard cap. WindRose was formerly known as MTS Health Investors but rebranded in February 2018. The firm shares a common lineage with... Read More
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Blue Point Acquires W.A. Kendall
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Blue Point Capital Partners has acquired W.A. Kendall and Co., a provider of vegetation management services to utility companies in the Southeast United States. W.A. Kendall's services include tree trimming, mowing, line clearing, debris removal, and storm restoration. Demand for the company's services is largely driven by regulatory requirements and the... Read More
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Argosy Adds to Olympia Chimney
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Olympia Chimney Supply, a portfolio company of Argosy Private Equity, has acquired Copperfield Chimney Supply, a distributor of hearth and chimney systems, from The Home Depot. Copperfield serves more than 5,500 customers including chimney professionals, hearth specialty retailers and other distributors. Company-owned brand names include HomeSaver, Woodfield, Gelco, Lock-Top and Lyemance... Read More
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Important News You Might Have Missed
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Strength Sells Inland Pipe to J. F. Lehman
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Strength Capital Partners has sold Inland Pipe Rehabilitation to J.F. Lehman & Company. Inland Pipe Rehabilitation (IPR) is a provider of trenchless pipe rehabilitation services - which allow for the completion of underground repair or replacement projects with minimal surface and environmental disruption - to the municipal wastewater and stormwater markets...Read More
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Platte River Adds Cutting Edge
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In-Place Machining, a portfolio company of Platte River Equity since November 2016, has acquired Cutting Edge Services Corporation (CES). CES is a provider of outsourced industrial services specializing in diamond wire sawing, drilling and removal services. The company provides its services both on land and undersea and serves the nuclear, hydro, locks and dams...Read More
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Pfingsten Expands Packaging Platform
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Oliver Printing & Packaging, a portfolio company of Pfingsten Partners since May 2016, has acquired DISC Graphics. DISC is a manufacturer of folding carton packaging, micro-fluted corrugated boxes and pressure sensitive labels that are used in the pharmaceutical, food and beverage, consumer products and health and beauty markets...Read More
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Stellex Closes Second Morbark Add-On
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Morbark, a portfolio company of Stellex Capital Management since March 2016, has acquired DENIS CIAMF, a maker of industrial brushcutters and mulchers. DENIS CIMAF specializes in the manufacture of brushcutter and mulcher attachments for excavators, skid steers, forestry tractors, graders and other types of heavy equipment. The company...Read More
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Turnspire Buys Specialty Vehicle Group
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Turnspire Capital Partners has formed Crane Carrier Holdings to acquire the specialty vehicle group of Hines Corporation, a manufacturer of heavy-duty truck chassis, complete vehicles and aftermarket parts. Crane Carrier's products are used in the work truck industry and include custom, severe-service chassis and purpose-built vehicles used in the refuse and recycling, infrastructure maintenance...Read More
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Main Post Adds Infinite Packaging to Fortis
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Fortis Solutions, a portfolio company of Main Post Partners, has acquired Infinite Packaging Group from Svoboda Capital. Infinite Packaging was formed in April 2015 when Svoboda Capital rebranded the operations of M.E.I. Labels (acquired as a platform in December 2012) and TVC Label (acquired by M.E.I. in June 2013). Today, Infinite Packaging is a...Read More
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Huron Closes First Pueblo Add-On
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Huron Capital has added on to its HVAC services platform, Pueblo Mechanical & Controls, with the buy of Commercial Air, Inc. Commercial Air designs, installs and maintains air conditioning, refrigeration and heating systems for a range of customers that operate in the commercial office, hospitality, education, and transportation sectors. The company was founded in 1996...Read More
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Gridiron Closes Sale of QSI
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Gridiron Capital has completed its sale of Quality Solutions, an asset-light facilities services provider, to publicly-traded Cushman & Wakefield. Gridiron acquired Quality Solutions in February 2012. Quality Solutions (QSI) provides on-demand facilities maintenance and other managed services to more than 110,000 locations by contracting with over...Read More
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This is the eleventh edition of the Carried Interest and Compensation Survey. This year we had 325 funds participate. The survey's compensation data is comprised of salary, bonus and carried interest paid over the prior 12-month period. The survey was conducted from September 3 to September 28, 2018...Read More
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Greif to Acquire H.I.G.'s Caraustar
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Publicly-traded Greif has agreed to acquire Caraustar Industries, a portfolio company of H.I.G. Capital, for $1.8 billion in cash. Today's article has all the detail on the valuation multiple for this transaction. Caraustar is one of North America's largest integrated manufacturers and converters of 100% recycled paperboard and converted paperboard products. Caraustar serves end-use markets...Read More
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Warren Acquires StormTrap
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Warren Equity Partners has acquired StormTrap, a provider of stormwater management products to the municipal, commercial, industrial, and residential markets. StormTrap designs and engineers precast concrete systems that store stormwater runoff in underground chambers before releasing it at a controlled rate or harvesting it for reuse. In addition, the company also provides water quality systems...Read More
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Incline Buys Charter Industries
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Incline Equity Partners has acquired Charter Industries, a supplier of PVC and veneer edgebanding, plastic and metal laminates, sheet veneer, and T-molding products used by specialty carpenters and furniture installers. Charter's edgebanding products are produced in a variety of colors, sizes and patterns and are sold as finishing products for use in a range...Read More
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HEPACO, a portfolio company of Gryphon Investors since August 2016, has acquired Environmental Management Specialists, a provider of emergency response, remediation, and environmental services. Cleveland-based Environmental Management Specialists (EMS) has 185 employees and operates across 11 locations in Ohio, Indiana, Pennsylvania, and Kentucky. The company's services...Read More
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Windjammer Buys Xantrex from Schneider
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Mission Critical Electronics, a portfolio company of Windjammer Capital, has acquired the Xantrex division of Schneider Electric. Xantrex is a developer and manufacturer of power electronic products and systems used in the mobile power markets including commercial truck, recreational vehicle, marine, automotive, military and consumer markets. The company's products include inverters, chargers...Read More
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Pamplona Invests in Latham Pool Products
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Pamplona Capital Management has acquired a controlling interest in Latham Pool Products from Wynnchurch Capital, which will remain a significant investor in the company. This transaction values Latham Pool at $375 million. Pamplona's investment in Latham will be made from its $3.2 billion fifth private equity fund, Pamplona Capital Partners V LP...Read More
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Huron Adds to Drake Automotive
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Drake Automotive Group, a portfolio company of Huron Capital, has acquired Addictive Desert Designs (ADD), a designer, manufacturer, and distributor of truck, SUV, and Jeep accessories for the off-road aftermarket. ADD's products include aftermarket suspension kits, off-road bumpers and other accessories for a range of truck models including those produced by Chevrolet, Ford, Jeep, Nissan...Read More
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Ridgemont Closes Above Target
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Ridgemont Equity Partners has held an oversubscribed final closing of Ridgemont Equity Partners III LP (REP III) with $1.65 billion in commitments. The new fund's original target had been $1.25 billion. Investors in REP III include returning investors combined with significant interest from new investors...Read More
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O2 Sells NTI Connect to ORIX
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O2 Investment Partners has sold NTI Connect, a provider of cable, telecom, engineering and installation services, to ORIX Capital Partners. NTI Connect provides specialized fiber optic technical services including fiber optic splicing, testing, connectivity and data center build-outs to fiber, wireless and broadband carriers, cable companies, data center operators and telecom companies. NTI maintains 10...Read More
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Incline Buys Caldwell & Gregory Again
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Incline Equity Partners, for the second time, has acquired laundry services provider Caldwell & Gregory. Incline originally invested in the company in October 2008 and later sold the company to Carousel Capital in June 2013. Caldwell & Gregory (C&G) is a provider of laundry facility management services for customers in the university and...Read More
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Lariat Sells Ecoserv Subsidiary
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Lariat Partners has sold Ecoserv Industrial Disposal (IDF), a wholly owned subsidiary of Ecoserv, to publicly traded US Ecology for $87.2million. Lariat formed Ecoserv in March 2014 through the merger of Houston-based Newpark Environmental Services, a provider of offshore waste disposal services, with Offshore Cleaning Systems, a provider of...Read More
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Gladstone Acquires Educators Resource
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| Gladstone Investment has acquired Educators Resource in partnership with the company's senior management team. Gladstone provided both equity and senior debt to complete the transaction. Educators Resource is a wholesale distributor of school supplies and K-12 supplemental teaching materials to e-retailers and brick-and-mortar stores nationwide. The company carries more than...Read More |
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| Keystone Capital has acquired MERGE, a marketing and technology services agency. MERGE's capabilities include business and digital strategy, brand development, creative advertising, digital marketing execution, digital design and content creation, data analytics, custom technology development and media services. The company is active in a number of market sectors but has specific...Read More |
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Capital Partners and Argosy Exit Roll·Rite
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Capital Partners and Argosy Private Equity have sold Roll·Rite to SafeFleet, a portfolio company of Oak Hill Capital Partners. Roll·Rite was acquired by Capital Partners and Argosy in October 2011 from Copeley Capital. Roll·Rite designs and manufactures automated and semi-automated tarp systems that are used in heavy-duty trucking applications - particularly in the construction, agriculture...Read More
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