M&A Deal Summary

Levine Leichtman Capital Partners Acquires TSS

On June 23, 2022, mezzanine finance firm Levine Leichtman Capital Partners acquired test/measurement equipment company TSS from The Edgewater Funds

Acquisition Highlights
  • This is Levine Leichtman Capital Partners’ 1st transaction in the Test/Measurement Equipment sector.
  • This is Levine Leichtman Capital Partners’ 63rd transaction in the United States.
  • This is Levine Leichtman Capital Partners’ 18th transaction in California.

M&A Deal Summary

Date 2022-06-23
Target TSS
Sector Test/Measurement Equipment
Buyer(s) Levine Leichtman Capital Partners
Sellers(s) The Edgewater Funds
Deal Type Secondary Buyout

Target

TSS

Berkeley, California, United States
website
TSS provides unparalleled service to biotechnology, pharmaceutical, clinical, and academic research facilities as the largest provider of controlled environment equipment services in North America. TSS was founded in 1970 and is based in Berkeley, California.

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Buyer(S) 1

Buyer

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.


DEAL STATS #
Overall 77 of 82
Sector (Test/Measurement Equipment) 1 of 1
Type (Secondary Buyout) 26 of 29
State (California) 18 of 19
Country (United States) 63 of 67
Year (2022) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-07 Hand and Stone Franchise

Trevose, Pennsylvania, United States

Hand and Stone Franchise through its franchisees offer a comprehensive range of massage, facial and hair removal services along with complementary product offerings. Hand and Stone Franchise was founded in 2004 and is based in Trevose, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-29 Monte Nido

Miami, Florida, United States

Monte Nido is a provider of treatment for eating disorders and exercise addiction to adults and adolescents. Monte Nido Holdings is based in Miami, Florida.

Sell -

Seller(S) 1

SELLER

The Edgewater Funds

Chicago, Illinois, United States

website


Category Private Equity Firm
Founded 1991
PE ASSETS 2.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Edgewater Funds is a private equity firm that targets investments in profitable, middle-market growth companies. Target companies typically have revenues of $20 to $500 million in revenue and EBITDA of $5 to $30 million. The Firm will consider minority and control investments in the form of growth capital financings and traditional buyouts. Edgewater looks for North American businesses operating in a variety of industries. Sectors of interest include business services; financial and government services; consumer products and services; healthcare; IT services and software; and industrial/manufacturing. Edgewater was formed in 1991 and is based in Chicago, Illinois.


DEAL STATS #
Overall 37 of 40
Sector (Test/Measurement Equipment) 2 of 2
Type (Secondary Buyout) 13 of 16
State (California) 2 of 2
Country (United States) 36 of 39
Year (2022) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-01 Solgen Enterprises

Pasco, Washington, United States

Solgen Enterprises is a provider of residential solar systems and home financing solutions. Solgen Enterprises was founded in 2022 and is based in Pasco, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-04 Flexible Packaging Specialties

Loveland, Ohio, United States

Flexible Packaging Specialties is a provider of custom flexible packaging solutions to its customers including stand-up pouches, laminated roll stock, custom bags, stock bags, and more. Flexible Packaging Specialties is based in Loveland, Ohio.

Buy -