M&A Deal Summary

GHK Capital Partners Acquires Auveco

On May 9, 2022, private equity firm GHK Capital Partners acquired automotive company Auveco from Fidus Investment, Tenex Capital Management and Apogem Capital

Acquisition Highlights
  • This is GHK Capital Partners’ 1st transaction in the Automotive sector.
  • This is GHK Capital Partners’ 5th transaction in the United States.
  • This is GHK Capital Partners’ 1st transaction in Kentucky.

M&A Deal Summary
Date 2022-05-09
Target Auveco
Sector Automotive
Buyer(s) GHK Capital Partners
Sellers(s) Fidus Investment
Tenex Capital Management
Apogem Capital
Deal Type Secondary Buyout
Advisor(s) Lincoln International
Fifth Third Securities, Inc. (Financial)
Koley Jessen PC (Legal)

Target

Auveco

Cold Spring, Kentucky, United States
website
Auveco is a distributor of fasteners to the automotive body hardware aftermarket and general industrial maintenance, repair, and operations space. The Company sells to thousands of wholesale distribution customers who subsequently service hundreds of thousands of collision centers, repair shops, and dealerships located throughout North America. Auveco was founded in 1936 and is based in Cold Spring, Kentucky.

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Buyer(S) 1

Buyer

GHK Capital Partners

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2018
Size Small
Type Sector Agnostic
DESCRIPTION

GHK Capital Partners is a private equity firm focused on acquiring mid-sized industrial companies with $15 to $40 million of EBITDA. The Firm looks to partner with management teams when pursuing transactions and will consider opportunities throughout the US. GHK Capital Partners was established in 2018 and is headquartered in Greenwich, Connecticut.

DEAL STATS #
Overall 5 of 7
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Kentucky) 1 of 1
Country (United States) 5 of 7
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-15 ITS Logistics

Sparks, Nevada, United States

ITS Logistics is a third-party logistics provider that delivers a variety of services in supply chain management, freight logistics, distribution/fulfillment, and transportation management. ITS Logistics was founded in 1999 and is based in Sparks, Nevada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-12 Hasa

Saugus, California, United States

Hasa produces and distributes quality water treatment products used to sanitize and maintain water systems, including swimming pools, water tanks, and containment vessels for recreational, industrial, and municipal end markets. Hasa was formed in 1964 and is based in Saugus, California.

Sell -

Seller(S) 3

SELLER

Fidus Investment

website

Category Business Development Company
Founded 2011
Size Middle-Market
Type Sector Agnostic
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 9 of 10
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 3 of 3
State (Kentucky) 1 of 1
Country (United States) 9 of 10
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-10 Accent Food Services

Pflugerville, Texas, United States

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.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-29 Bedford Precision Parts

Bedford Hills, New York, United States

Bedford Precision Parts is a distributor and assembler of replacement parts, accessories, and kits for the spraying equipment industry (paint, foam, other). Bedford parts are engineered and manufactured to rigid specifications to duplicate the quality, appearance & performance characteristics of the Original Equipment Manufacturers’ parts. Bedford Precision Parts is based in Bedford Hills, New York.

Sell -
SELLER

Tenex Capital Management

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1999
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Tenex Capital Management is a private investment group focused on acquiring control positions in profitable North American companies with $3 to $40 million of EBITDA. The Firm does not have any sector preferences and looks to commit up to $125 million per transaction. Tenex Capital Management was formed in 1999 and is based in New York City.

DEAL STATS #
Overall 19 of 23
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 8 of 9
State (Kentucky) 1 of 1
Country (United States) 19 of 23
Year (2022) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-01 Arnold Transportation

Jacksonville, Florida, United States

Arnold Transportation is an irregular route and dedicated truck-load motor carrier, specializing in short-haul regional operations. Arnold provides services in the Northeastern, Southeastern and Southwestern regions of the United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-08 Oliver

Twinsburg, Ohio, United States

Oliveris a manufacturer of value-added marketing collateral, packaging, and POP displays. The company is a provider of highly customized, quick turnaround marketing and packaging solutions to a diverse customer base across the health and beauty, consumer goods, financial services, building products, and specialty food and beverage end-markets. Oliver was founded in 1924 and is based in Twinsburg, Ohio.

Buy -
SELLER

Apogem Capital

Chicago, Illinois, United States

website

Category Asset Manager
Founded 2001
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apogem Capital is a diversified alternative investment manager and subsidiary of insurance provider, New York Life. Apogem manages a variety of investment strategies including private equity, private credit, and real assets. Within private equity, the Firm looks to make fund, direct, and secondary investments, as well as acquire GP stakes. Within its direct investing activity, Apogem targets mid-sized companies valued up to $250 million and will consider businesses throughout North America and Europe. Apogem Capital formed as the result of New York Life combining PA Capital, Madison Capital Funding, and Goldpoint Partners into one entity. Apogem Capital is based in New York City.

DEAL STATS #
Overall 44 of 49
Sector (Automotive) 3 of 3
Type (Secondary Buyout) 21 of 23
State (Kentucky) 2 of 2
Country (United States) 44 of 49
Year (2022) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-05 Penlink

Lincoln, Nebraska, United States

Penlink is a provider of communications surveillance software to top federal, state, and local law enforcement agencies in the U.S. and internationally. Penlink was founded in 1986 and is based in Lincoln, Nebraska.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-06 apexanalytix

Greensboro, North Carolina, United States

apexanalytix is a provider of supplier management, audit, recovery, and compliance software, and services. apexanalytix was founded in 1988 and is based in Greensboro, North Carolina.

Sell -
Mergr

Product

Company

Legal