M&A Deal Summary

Blue Sea Capital Acquires ProSource

On September 26, 2022, private equity firm Blue Sea Capital acquired distribution company ProSource from CID Capital

Acquisition Highlights
  • This is Blue Sea Capital’s 1st transaction in the Distribution sector.
  • This is Blue Sea Capital’s 16th transaction in the United States.
  • This is Blue Sea Capital’s 1st transaction in South Carolina.

M&A Deal Summary
Date 2022-09-26
Target ProSource
Sector Distribution
Buyer(s) Blue Sea Capital
Sellers(s) CID Capital
Deal Type Secondary Buyout

Target

ProSource

Greenville, South Carolina, United States
website
ProSource is a wholesale distributor of plumbing supplies luxury plumbing fixtures, electrical, lighting, cabinet, and door hardware. ProSource was founded in 1996 and is based in Greenville, South Carolina.

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Buyer(S) 1

Buyer

Blue Sea Capital

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2013
PE ASSETS 327M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Blue Sea Capital is a private equity firm focused on majority investments in middle-market aerospace, defense, healthcare, and industrial companies. Blue Sea will consider opportunities throughout North America with a focus on businesses with differentiated products/services. The Firm can commit up to $60 million in transactions valued up to $200 million. Blue Sea Capital was formed in 2013 and is based in West Palm Beach, Florida.

DEAL STATS #
Overall 16 of 17
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 5 of 6
State (South Carolina) 1 of 1
Country (United States) 16 of 17
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-08 Specialty Smile Partners

Eau Claire, Wisconsin, United States

Specialty Smile Partners is a management services organization serving the orthodontics and pediatric dentistry sectors. The company provides world-class practice management solutions to a network of nationally renowned orthodontists and pedodontists across the United States, through a comprehensive set of business support functions, including billing and collections, marketing, financial and accounting services, benefits and payroll management, information technology, data analytics, vendor management and legal. Specialty Smile Partners is based in Eau Claire, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-05 Rhino Tool House

Concord, North Carolina, United States

Rhino Tool House is a provider of high-performance assembly tools and material handling equipment used in heavy manufacturing. RTH’s distribution operations include assembly tool and material handling products focused on intelligent fastening solutions that provide data on productivity, performance, and safety. Rhino Tool House was founded in 2018 and is based in Concord, North Carolina.

Buy -

Seller(S) 1

SELLER

CID Capital

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1981
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

CID Capital is a private investment firm that makes both venture capital and private equity investments. CID's private equity practice invests $10 to $15 million of equity capital in lower middle-market companies with $10 to $100 million of revenue and at least $3 million of cash-flow. Funds are generally used to support divestitures, management buyouts, leveraged buyouts, shareholder liquidity, recapitalization, and growth financing. Areas of interest include industrial products and services, general distribution, safety and security products, branded consumer products, medical products and services, building products, and food manufacturing. The Firm prefers investments located within the US. CID Capital was formed in 1981 and is based in Indianapolis, Indiana.

DEAL STATS #
Overall 24 of 25
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 11 of 11
State (South Carolina) 1 of 1
Country (United States) 24 of 25
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-20 Lettermen s Energy

Overland Park, Kansas, United States

Lettermen's Energy is a consolidator of independent propane retail distributors across the U.S. with a focus on operations in the Midwestern and Western portions of the country. Lettermen's Energy is based in Overland Park, Kansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-30 Wiseway Supply

Florence, Kentucky, United States

Wiseway is a value-added distributor of electrical, plumbing, and lighting supplies to residential and commercial contractors. Wiseway Supply was founded in 1972 and is based in Florence, Kentucky.

Buy -
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