M&A Deal Summary

H.I.G. Private Equity and Prospect Capital Management Acquire Progrexion

On January 1, 2010, private equity firm H.I.G. Private Equity and business development company Prospect Capital Management acquired information services company Progrexion

Acquisition Highlights
  • This is H.I.G. Private Equity’s 1st and Prospect Capital Management’s 1st transaction in the Information Services sector.
  • This is H.I.G. Private Equity’s 68th and Prospect Capital Management’s 44th transaction in the United States.
  • This is H.I.G. Private Equity’s 3rd and Prospect Capital Management’s 3rd transaction in Utah.

M&A Deal Summary
Date 2010-01-01
Target Progrexion
Sector Information Services
Buyer(s) H.I.G. Private Equity
Prospect Capital Management
Deal Type Buyout (LBO, MBO, MBI)

Target

Progrexion

Salt Lake City, Utah, United States
website
Progrexion is a marketing and information services business serving the consumer credit information sector. The Company's unique turnkey solution combines lead generation through online and offline direct marketing, teleservice activities that support lead conversion, and proprietary analytical tools that manage customer information and relationships. Progrexion was formed in 2000 and is based in Salt Lake City, Utah.

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Buyer(S) 2

Buyer

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1993
PE ASSETS 57.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital LLC. The firm focuses on management buyouts, growth equity investments, and recapitalizations of middle market companies with an enterprise value of $50 - $500 million. The Firm also will consider add-on acquisitions, industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 and has offices in Miami, Atlanta, Boston, and San Francisco. HIG's European affiliate is HIG Europe with offices in London, Hamburg, and Paris.

DEAL STATS #
Overall 75 of 350
Sector (Information Services) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 34 of 102
State (Utah) 3 of 6
Country (United States) 68 of 232
Year (2010) 2 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Binder & Binder

Hauppauge, New York, United States

Binder & Binder is a social security disability advocacy firm. The Company assists thousands of American citizens each year who have become disabled navigate the complex process of qualifying for Social Security Disability Insurance. Binder & Binder has approximately 1,000 employees across 22 offices in the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-08 Surgery Partners

Nashville, Tennessee, United States

Surgery Partners is a healthcare services company with a differentiated outpatient delivery model focused on providing high quality, cost effective solutions for surgical and related ancillary care in support of both patients and physicians. Surgery Partners was founded in 2004 and is based in Nashville, Tennessee.

Buy -
Buyer

Prospect Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Business Development Company
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.

DEAL STATS #
Overall 45 of 86
Sector (Information Services) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 25 of 42
State (Utah) 3 of 3
Country (United States) 44 of 83
Year (2010) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-11 Cinedigm

New York, New York, United States

Cinedigm is a provider of systems and services to motion picture studios and exhibitors to enable the digital delivery of motion pictures. Cinedigm was formed in 2000 and is based in New York City.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-27 UniTek Global Services

King of Prussia, Pennsylvania, United States

UniTek Global Services, Inc. is a provider of outsourced infrastructure services for the telecommunications, broadband cable, and satellite television industries in the United States and Canada. The company offers engineering and design services, including the provision of turn-key engineering services to industries that require underground plant construction, aerial infrastructure, and multi-dwelling content delivery; construction services comprising FTTP network design, engineering, construction, and maintenance services to the telecommunications companies and cable companies; and installation services, such as running new drop lines to the premise, set-top box installation, cable modem installation, VOIP setup, upgrading existing customers, custom wiring, disconnections, and equipment pickup.

Buy -
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