M&A Deal Summary

Leonard Green & Partners Acquires Pace

On January 11, 2022, private equity firm Leonard Green & Partners acquired test/measurement equipment company Pace from Aurora Capital Partners

Acquisition Highlights
  • This is Leonard Green & Partners’ 1st transaction in the Test/Measurement Equipment sector.
  • This is Leonard Green & Partners’ 80th transaction in the United States.
  • This is Leonard Green & Partners’ 1st transaction in Minnesota.

M&A Deal Summary
Date 2022-01-11
Target Pace
Sector Test/Measurement Equipment
Buyer(s) Leonard Green & Partners
Sellers(s) Aurora Capital Partners
Deal Type Secondary Buyout
Advisor(s) Houlihan Lokey
Robert W. Baird & Co., Inc. (Financial)
Gibson, Dunn & Crutcher (Legal)

Target

Pace

Minneapolis, Minnesota, United States
website
Pace Analytical's Minneapolis corporate headquarters.
Pace Analytical's Minneapolis corporate headquarters.
Pace is a provider of analytical testing and related outsourced scientific solutions to the life sciences industry. The company has built a nationwide network of over 65 analytical testing laboratories, 8 life sciences labs, and more than 45 service centers. Pace's Analytical Services division provides full-service testing, sampling, and analytical support services to detect trace-level organic and inorganic contaminants in air, water, wastewater, soil, biota, and waste. Pace's Life Sciences division provides a wide variety of testing services for the biopharmaceutical, pharmaceutical, medical device, and drug-device industries as well as early-stage drug development and manufacturing services with a broad range of pre-clinical and clinical capabilities for both small and large molecules. Pace was formed in 1978 and is based in Minneapolis, Minnesota.

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Buyer(S) 1

Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1989
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 85 of 88
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 37 of 40
State (Minnesota) 1 of 1
Country (United States) 80 of 81
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-16 Convergint

Schaumburg, Illinois, United States

Convergint is a designer, installer, and services integrated building systems including electronic security, fire alarm, and life safety systems. Convergint was founded in 2001 and is based in Schaumburg, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-01 Epiphany Dermatology

Austin, Texas, United States

Epiphany Dermatology is a dermatology company, driven by a passion to improve access to high quality dermatologic care in a values-based manner. Through its partnership with dermatologists across 67 locations in Arizona, Colorado, Georgia, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Oklahoma, Texas, and Wyoming, Epiphany provides general dermatology, skin cancer care, Mohs surgery, cosmetic services, and additional dermatologic services. Epiphany raises the standard of dermatologic care by making clinical excellence accessible to all patients, promptly and in a warm and inviting environment. Epiphany Dermatology is headquartered in Austin, Texas.

Buy -

Seller(S) 1

SELLER

Aurora Capital Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1991
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Aurora Capital Partners is a private investment firm that manages private equity funds as well as investment vehicles focused on debt/equity securities. Targeted businesses are generally industry leaders that operate in defensible markets with sustainable margins. Sectors of interest include aerospace, industrial products, and services, packaging, plastics, distribution, manufacturing, media, retail, and chemicals. Aurora will only consider majority/control positions. Aurora's investment horizon is typically three to seven years. Aurora Capital Partners was formed in 1991 and is based in Los Angeles, California.

DEAL STATS #
Overall 20 of 23
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 11 of 11
State (Minnesota) 2 of 2
Country (United States) 19 of 22
Year (2022) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-20 Spray-Tek

Middlesex, New Jersey, United States

Spray-Tek is an independent provider of specialty spray drying and ingredient processing solutions to the food and beverage, nutritional, pharmaceutical, nutraceutical, beauty & personal care, household products and soft chemical industries. Spray-Tek was founded in 1980 and is based in Middlesex, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-12 Sharps

Houston, Texas, United States

Sharps is a full-service national provider of comprehensive waste management services including medical, pharmaceutical and hazardous. Sharps was founded in 1992 and is based in Houston, Texas.

Buy -
Mergr

Product

Company

Legal