M&A Deal Summary

Audax Private Equity and Fidus Investment Acquire Accent Food Services

On December 1, 2016, private equity firm Audax Private Equity and business development company Fidus Investment acquired business services company Accent Food Services from Silver Oak Services Partners

Acquisition Highlights
  • This is Audax Private Equity’s 5th and Fidus Investment’s 1st transaction in the Business Services sector.
  • This is Audax Private Equity’s 95th and Fidus Investment’s 7th transaction in the United States.
  • This is Audax Private Equity’s 11th and Fidus Investment’s 1st transaction in Texas.
Investment Fate
  • Accent Food Services was sold to a publicly-traded strategic buyer in 2022.

M&A Deal Summary

Date 2016-12-01
Target Accent Food Services
Sector Business Services
Buyer(s) Audax Private Equity
Fidus Investment
Sellers(s) Silver Oak Services Partners
Deal Type Secondary Buyout
Advisor(s) Lincoln International (Financial)

Target

Accent Food Services

Pflugerville, Texas, United States
website
Accent Food Services is a provider of complete menu of refreshment solutions including vending, self-check-out markets, office coffee, pantry and catering to thousands of customers, providing superior customer service and innovation. Accent Food Services is based in Pflugerville, Texas.

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Buyer(S) 2

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 98 of 153
Sector (Business Services) 5 of 12
Type (Secondary Buyout) 41 of 71
State (Texas) 11 of 15
Country (United States) 95 of 145
Year (2016) 11 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-03 Mobileum

Cupertino, California, United States

Mobileum is a provider of mobile telecom roaming and analytics software. Mobileum provides products including Voice and Data Roaming, Fraud Analytics, Data Monetization, Analytics for Customer Experience, and Service Performance Measurement & Assurance, which allow operator networks to deliver a superior customer experience and grow revenue. Mobileum was founded in 2001 and is based in Cupertino, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-02 Axia Women s Health

Voorhees, New Jersey, United States

Axia Women's Health provides a highly integrated platform of non-clinical business and administrative support services, such as accounting, HR, insurance, IT, and practice management services, to its network of physician practices across the US. Axia has partnered with more than 80 care centers comprising 150 locations and supporting 475,000 patients annually, which offer a wide range of care, including obstetrics, gynecology, laboratory, mammography, urogynecology, fertility, and other sub-specialties. Axia is at the forefront of delivering women's healthcare via a truly integrated model that treats patients across different phases of life, while supporting physicians' clinical autonomy and ability to focus on care. Partners Group will draw on its extensive experience transforming other leading multi-site healthcare businesses to support Axia's patient-centric value creation plan. Key initiatives will include expanding in-demand ancillary services; improving patient experience, outcomes and engagement; and continued accretive M&A in both its existing geographical footprint and new regions. Axia Women's Health was formed in 2017 and is headquartered in Voorhees, New Jersey.

Buy -
DESCRIPTION

Fidus Investment Corp. is a business development company that looks to provide financing solutions for small to mid-sized companies with $10 to $150 million in revenue. Fidus looks to invest mezzanine debt, senior secured debt and equity in businesses with proven business models, leading market positions, high free cash flow, and strong management teams. Industries of interest include business services, industrial products, value-added distribution, healthcare products/services, consumer products, consumer services, aerospace/defense, energy services, transportation, government IT, and niche manufacturing. Fidus Investment Corp. is based in Evanston, Illinois.


DEAL STATS #
Overall 7 of 17
Sector (Business Services) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Texas) 1 of 4
Country (United States) 7 of 17
Year (2016) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-26 National Truck Protection

Winston-Salem, North Carolina, United States

National Truck Protection is a provider of extended service contracts for critical coverage on high-value fundamental drivetrain components for used class 3 through 8 trucks. National Truck Protection was founded in 1983 and is based in Winston-Salem, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-18 EbLens

Torrington, Connecticut, United States

EbLens is a lifestyle retailer of urban-inspired footwear, apparel and accessories. EbLens features regular releases of exclusive and limited-edition footwear as well as the most sought-after and hottest premium brands, including Nike, Jordan, adidas, Timberland, Polo, The North Face, Lacoste and Nautica, among others. Through a growing footprint of stores in key New England and New York markets, EbLens is emerging as a destination for consumers seeking on-trend fashion. EbLens was founded in 1949 and is headquartered in Torrington, Connecticut.

Buy -

Seller(S) 1

SELLER

Silver Oak Services Partners

Evanston, Illinois, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2005
Size Small
Type Sector Focused
DESCRIPTION

Silver Oak Services Partners, LLC is a private equity firm focused on service businesses, specifically business services, healthcare services, and consumer services. The Firm targets companies with revenues between $15 and $150 million and EBITDA of $4 to $25 million. The Firm's typical investment size is $10 to $50 million with the ability to invest more through co-investment from the firm's limited partners. The company will not consider investments in start-ups, businesses with project-based revenue models, retail, or restaurants. Silver Oak Services Partners was formed in 1995 and is based in Evanston, Illinois.


DEAL STATS #
Overall 16 of 23
Sector (Business Services) 7 of 7
Type (Secondary Buyout) 7 of 9
State (Texas) 2 of 3
Country (United States) 16 of 23
Year (2016) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-15 Perimeter Healthcare

Alpharetta, Georgia, United States

Perimeter Healthcare is an integrated behavioral healthcare company focusing on meeting the needs of patients with mental health issues and disorders. Perimeter Healthcare is based in Alpharetta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-03 iSystems

Colchester, Vermont, United States

iSystems LLC is a national Software as a Service (“SaaS”) provider of payroll, tax and HR management software for service bureaus including independent payroll processors, banks and CPAs. iSystems delivers payroll processing capabilities to service bureaus through its core software platform, evolution®.

Sell -