M&A Deal Summary

DFW Capital Partners Acquires American Track

On November 30, 2021, private equity firm DFW Capital Partners acquired construction company American Track from Hilltop Private Capital and PNC Mezzanine Capital

Acquisition Highlights
  • This is DFW Capital Partners’ 1st transaction in the Construction sector.
  • This is DFW Capital Partners’ 34th transaction in the United States.
  • This is DFW Capital Partners’ 2nd transaction in Texas.

M&A Deal Summary
Date 2021-11-30
Target American Track
Sector Construction
Buyer(s) DFW Capital Partners
Sellers(s) Hilltop Private Capital
PNC Mezzanine Capital
Deal Type Secondary Buyout

Target

American Track

Fort Worth, Texas, United States
website
American Track specializes in the inspection, repair, maintenance, design, and construction of railroad tracks, predominantly for private industrial users. American Track was founded in 1978 and is based in Fort Worth, Texas.

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Buyer(S) 1

Buyer

DFW Capital Partners

New York, New Jersey, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1983
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

DFW Capital Partners is a private equity firm that invests in high-growth middle-market service companies generating revenues up to $200 million. Specific service areas of interest include business services, industrial services, and healthcare services. Prospective transactions include growth capital financing, acquisition financing, management buyouts, and recapitalization. DFW will not invest in start-ups, real estate, or pure R&D companies. DFW Capital Partners was formed in 1983 and is based in Teaneck, New Jersey.

DEAL STATS #
Overall 34 of 36
Sector (Construction) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Texas) 2 of 2
Country (United States) 34 of 36
Year (2021) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-01 ISI

Herndon, Virginia, United States

ISI is a provider of technology-based compliance and cybersecurity services. The Company operates three divisions comprising Managed Security Services, Managed Network Services, and Security Control Software.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-13 ReSource Pro

New York, New York, United States

ReSource Pro is a provider of outsourced business process management solutions within the property & casualty insurance market. The Company provides administrative services across the insurance policy lifecycle for brokers, managed general agents, carriers and third-party administrators. ReSource Pro was founded in 2003 and is based in New York.

Sell -

Seller(S) 2

SELLER

Hilltop Private Capital

Investor Investor Investor

website

Category Private Equity Firm
Founded 2016
Size Small
Type Sector Agnostic
DESCRIPTION

Hilltop Private Capital is a private investment firm focused on acquiring controlling stakes in business and industrial services companies. Hilltop will consider a variety of investment situations including divestitures, control buyouts, growth capital financing, and recapitalizations. The Firm targets business with $10 to $150 million in revenues. Hilltop Private Capital was formed in 2016 and is based in New York City.

DEAL STATS #
Overall 1 of 1
Sector (Construction) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-16 Spiral Binding

Totowa, New Jersey, United States

Spiral Binding is a manufacturer and global distributor of a diverse line of print finishing, graphic arts, and presentation equipment, supplies, and services, including binding, laminating, paper handling, photo finishing, and custom imprint services. Spiral Binding was founded in 1932 and is based in Totowa, New Jersey.

Buy -
SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 39 of 48
Sector (Construction) 1 of 1
Type (Secondary Buyout) 16 of 19
State (Texas) 4 of 5
Country (United States) 38 of 46
Year (2021) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-27 Mellott

Warfordsburg, Pennsylvania, United States

Mellott provides a full spectrum of integrated aggregates processing services and equipment, including equipment and parts distribution, service and repair, engineering and fabrication, as well as contract crushing. The company partners with a diverse range of top-tier customers and has become the trusted, go-to supplier of processing needs for the industry’s largest aggregates producers. Mellott was founded in 1920 and is based in Warfordsburg, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-27 Revak Keen Turbomachinery

La Porte, Texas, United States

Revak Keen Turbomachinery remanufactures, modify, and upgrade steam turbines, pumps, gears, and complete steam turbine systems for industrial customers. Revak Keen Turbomachinery was founded in 1981 and is based in La Porte, Texas.

Buy -
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