M&A Deal Summary

Norwest Equity Partners and Norwest Mezzanine Partners Acquire Welocalize

On June 4, 2015, private equity firm Norwest Equity Partners and mezzanine finance firm Norwest Mezzanine Partners acquired software company Welocalize from Riverside Partners and Fifth Street Capital

Acquisition Highlights
  • This is Norwest Equity Partners’ 4th and Norwest Mezzanine Partners’ 1st transaction in the Software sector.
  • This is Norwest Equity Partners’ 48th and Norwest Mezzanine Partners’ 58th transaction in the United States.
  • This is Norwest Equity Partners’ 3rd and Norwest Mezzanine Partners’ 4th transaction in New York.

M&A Deal Summary

Date 2015-06-04
Target Welocalize
Sector Software
Buyer(s) Norwest Equity Partners
Norwest Mezzanine Partners
Sellers(s) Riverside Partners
Fifth Street Capital
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)

Target

Welocalize

New York, New York, United States
website
Welocalize is a provider of globalization consulting, internationalization, localization and testing solutions, enabling clients to communicate on and off-line in more than 32 languages. Welocalize was founded in 1997 and is based in New York.

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Buyer(S) 2

Buyer

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 49 of 73
Sector (Software) 4 of 4
Type (Secondary Buyout) 18 of 27
State (New York) 3 of 4
Country (United States) 48 of 70
Year (2015) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-17 eyebobs

Minneapolis, Minnesota, United States

eyebobs is a purveyor of style-centric, premium quality eyewear for the “irreverent and slightly jaded” consumer. In the years since its inception, eyebobs has successfully created a niche in the eyewear market by developing a line of distinctive, high-quality reading glasses sold at an exceptional value. eyebobs was founded in 2001 and is based in Minneapolis, Minnesota.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-08 Wealth Enhancement Group

Plymouth, Minnesota, United States

Wealth Enhancement Group is a comprehensive wealth management firm that provides team-based financial planning, estate planning, retirement income planning, insurance, tax strategies, and investment management services. Wealth Enhancement Group was founded in 1997 and is based in Plymouth, Minnesota.

Sell -
Buyer

Norwest Mezzanine Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Norwest Mezzanine Partners (NMP) is an independent investment firm focused on providing junior capital to support transactions initiated by private equity sponsors. NMP looks to commit up to $50 million per investment. Prospective transaction situations can include buyouts, acquisitions, leveraged buildups or consolidations, recapitalizations, and going privates. NMP will consider opportunities in a wide range of industries, including distribution, manufacturing, healthcare, and consumer products. Norwest Mezzanine Partners is affiliated with private equity firm Norwest Equity Partners. NMP was formed in 2000 and is based in Minneapolis, Minnesota.


DEAL STATS #
Overall 60 of 88
Sector (Software) 1 of 1
Type (Secondary Buyout) 16 of 31
State (New York) 4 of 6
Country (United States) 58 of 85
Year (2015) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-17 Monroe Truck Equipment

Monroe, Wisconsin, United States

Monroe Truck Equipment specializes in the design, manufacture, distribution, and installation/upfitting of specialized truck equipment for the municipal and commercial markets. Monroe Truck Equipment was founded in 1986 and is based in Monroe, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-31 PLZ Aeroscience

Downers Grove, Illinois, United States

PLZ Aeroscience is a specialty aerosol product manufacturing company. It specializes in the development, manufacturing, packaging, and distribution of a comprehensive line of contract fill, brand, and private label products. PLZ Aeroscience was established in 1939 and is based in Downers Grove, Illinois.

Sell -

Seller(S) 2

SELLER

Riverside Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 1.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Riverside Partners is a specialist private equity firm focused on investments in healthcare and technology companies located throughout North America. The Firm has a particular interest in companies that are founder or family owned. Target companies are generally profitable with $3 to $15 million of EBITDA. Specific areas of interest within healthcare include suppliers to biopharmaceutical and medical device companies, medical technology and equipment, medical instrumentation, dental products and services, diagnostics and disposables, and specialized healthcare services. Areas of interest within technology include, analytical instrumentation, semiconductor equipment, industrial communications, wireless components, homeland security, and power generation technology. Transaction situations include partial or complete buyouts, recapitalizations, growth equity, divestitures, take privates, and strategic add-ons. Riverside Partners was formed in 1989 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 16 of 32
Sector (Software) 2 of 5
Type (Secondary Buyout) 4 of 10
State (New York) 2 of 4
Country (United States) 16 of 32
Year (2015) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-02 R&D Altanova

South Plainfield, New Jersey, United States

R&D Altanova is a designer and manufacturer of advanced printed circuit boards used to test integrated circuits used in computers, servers, mobile devices, and many other applications. R&D Altanova was founded in 1969 and is based in South Plainfield, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 Openforce

Phoenix, Arizona, United States

Openforce is a provider of technology-driven services that reduce operating costs and mitigate compliance risk for companies using independent contractors. Openforce frees contracting companies from the burden of onboarding, contracting, and settlement processing while helping contractors build their business. Openforce’s cloud-based applications help businesses achieve more sustainable and profitable growth by removing financial, operational, and compliance barriers to getting business done. Openforce was founded in 2001 and is based in Phoenix, Arizona.

Buy -
SELLER
DESCRIPTION

Fifth Street Capital is a public investment firm focused on providing mezzanine financing to support expansions, acquisitions, recapitalizations, and management buyouts of middle-market US based companies. Fifth Street looks to invest between $5 and $50 million per transaction. Sectors of interest include consumer products, healthcare services, manufacturing, medical device manufacturing, food services, business services, restaurants, speciality retail, logistics, and value added distribution. Fifth Street Capital is based in White Plains, New York.


DEAL STATS #
Overall 28 of 59
Sector (Software) 1 of 1
Type (Secondary Buyout) 7 of 20
State (New York) 2 of 3
Country (United States) 27 of 58
Year (2015) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-16 Ikaria

Clinton, New Jersey, United States

Ikaria is a critical care therapeutics company. Ikaria is based in Clinton, New Jersey.

Sell $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-22 Healthcare Finance Group

New York City, New York, United States

Healthcare Finance Group is a specialty finance company that provides revolving credit facilities and term loans to healthcare providers. HFG targets middle-market healthcare service providers, generally requiring credit facilities of $5.0 million to $50.0 million.

Sell -