M&A Deal Summary

ICV Capital Partners Acquires Coverall North America

On November 2, 2015, private equity firm ICV Capital Partners acquired franchising company Coverall North America from Centre Lane Partners and Primus Capital Funds

Acquisition Highlights
  • This is ICV Capital Partners’ 1st transaction in the Franchising sector.
  • This is ICV Capital Partners’ 18th transaction in the United States.
  • This is ICV Capital Partners’ 2nd transaction in Florida.

M&A Deal Summary

Date 2015-11-02
Target Coverall North America
Sector Franchising
Buyer(s) ICV Capital Partners
Sellers(s) Centre Lane Partners
Primus Capital Funds
Deal Type Secondary Buyout

Target

Coverall North America

Boca Raton, Florida, United States
website
Coverall North America, Inc. is a franchisor of commercial cleaning services. The Coverall network has nearly 8,300 franchise business owners with 43 master owned business locations. Coverall North America was founded in 1985 and is based in Boca Raton, Florida.

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Buyer(S) 1

Buyer

ICV Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

ICV Capital Partners is a private equity firm focused on making equity investments in US-based middle-market companies. ICV seeks control investments in companies with annual revenues between $25 and $300 million and EBITDA between $10 and $40 million. ICV prefers businesses with existing/proven management and operating in stable industries. Target transactions include non-core divestitures, take-privates, and acquisitions of private companies in partnership with management. ICV Capital Partners was founded in 1998 and has offices in New York and Atlanta, Georgia.


DEAL STATS #
Overall 19 of 30
Sector (Franchising) 1 of 2
Type (Secondary Buyout) 8 of 12
State (Florida) 2 of 3
Country (United States) 18 of 29
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-06 SirsiDynix

Lehi, Utah, United States

SirsiDynix is a provider of integrated library systems (ILS) software, which is specialized enterprise resource planning software for libraries used to automate and optimize the entire operation of a library as well as enhance a library’s ability to serve its users and community. SirsiDynix was founded in 1979 and is based in Lehi, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-04 Stauber Performance Ingredients

Fullerton, California, United States

Stauber Performance Ingredients, Inc. is a distributor of specialty products and ingredients to the nutritional, food, pharmaceutical, cosmetic and pet care industries.

Sell $157M

Seller(S) 2

DESCRIPTION

Centre Lane Partners is a private investment firm focused on making credit and equity, control and non-control, investments in North American middle-market companies. Centre Lane targets companies with revenues between $20 and $500 million that have leading market positions and sustainable competitive advantages in their respective niches. The Firm does not have any sector preferences and seeks to invest $5 to $250 million per transaction. Centre Lane Partners was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 3 of 7
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 1 of 4
State (Florida) 1 of 2
Country (United States) 3 of 6
Year (2015) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-15 WOWorks

West Conshohocken, Pennsylvania, United States

WOWorks was formed with a mission to help guests pursue their passions and live their best lives by serving healthy, nutritious, and flavorful fuel along with first-rate hospitality. WOWorks’ portfolio consists of: Saladworks, the nation’s leading fast-casual salad brand; Frutta Bowls, a unique restaurant franchise serving a variety of superfood bowls, fresh fruit smoothies, oatmeal bowls, and more; Garbanzo Mediterranean Fresh, a popular Mediterranean restaurant concept; and most recently, The Simple Greek, which offers a fresh and healthy take on ancient Greek recipes in a fast-casual setting. WOWorks seeks to drive explosive growth across all of its brands through a variety of channels, both traditional and non-traditional, including ghost kitchens, food trucks, grocery retail, and more. WOWorks is based in West Conshohocken, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-02 Vitamin World

Bohemia, New York, United States

Vitamin World, Inc. is a manufacturer of vitamins and nutritional supplements distributed in retail stores in the United States.

Buy $25M
SELLER

Primus Capital Funds

Cleveland, Ohio, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1983
PE ASSETS 900M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Primus Capital is a private equity firm focused on investing in established companies in the business services, healthcare and education industry sectors. Primus looks for established, high-growth companies with strong management and predictable/recurring revenues. The Firm will consider both control and minority positions and has a target investment size of $15 to $40 million. Prospective transaction types include growth equity financings, recapitalizations, and management-led buyouts. Primus was formed in 1984 and is based in Cleveland, Ohio.


DEAL STATS #
Overall 25 of 43
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 4 of 7
State (Florida) 2 of 4
Country (United States) 24 of 42
Year (2015) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-17 Proxibid

Omaha, Nebraska, United States

Proxibid is an online marketplace for buying and selling highly valued items. Proxibid’s Marketplace supports 16 categories, including heavy equipment, industrial machinery, real estate, fine art, antiques and collectibles, and more. Proxibid was established in 2001 and is based in Omaha, Nebraska.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-10 AOD Software

Coral Springs, Florida, United States

AOD Software is a developer of targeted application software serving the Long Term Care and Senior Health Care Industries.

Sell -