M&A Deal Summary

The Carlyle Group Acquires BenefitMall

On November 20, 2017, private equity firm The Carlyle Group acquired business services company BenefitMall from HarbourVest Partners and Fifth Street Capital

Acquisition Highlights
  • This is The Carlyle Group’s 26th transaction in the Business Services sector.
  • This is The Carlyle Group’s 291st transaction in the United States.
  • This is The Carlyle Group’s 48th transaction in Texas.

M&A Deal Summary
Date 2017-11-20
Target BenefitMall
Sector Business Services
Buyer(s) The Carlyle Group
Sellers(s) HarbourVest Partners
Fifth Street Capital
Deal Type Secondary Buyout
Advisor(s) Wachtell, Lipton, Rosen & Katz (Legal)

Target

BenefitMall

Dallas, Texas, United States
website
BenefitMall is a national provider of employee benefits, payroll, HR and employer services. By combining payroll and benefits, BenefitMall empowers Trusted Advisors to develop the best employee programs while maintaining compliance with government regulations and Health Care Reform. BenefitMall was founded in 1979 and is based in Dallas, Texas.

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Buyer(S) 1

Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.

DEAL STATS #
Overall 598 of 695
Sector (Business Services) 26 of 35
Type (Secondary Buyout) 88 of 125
State (Texas) 48 of 51
Country (United States) 291 of 336
Year (2017) 21 of 27
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 Kroll

New York, New York, United States

Kroll is an independent financial advisory and investment banking firm, offering a broad range of consulting and advisory services to public and private companies. With more than 1,200 professionals serving clients worldwide. Kroll was founded in 1932 and is based in New York.

Sell $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-01 The TCW Group

Los Angeles, California, United States

The TCW Group, Inc. is a global asset management firm with a broad range of products across fixed income, equities, emerging markets and alternative investments. With more than four decades of investment experience, TCW today manages approximately $200 billion in client assets. Through the MetWest Funds, TCW Funds and TCW Alternative Funds families, TCW manages one of the largest mutual fund complexes in the U.S. TCW’s clients include many of the world’s largest corporate and public pension plans, financial institutions, endowments and foundations, as well as financial advisors and high net worth individuals.

Sell -

Seller(S) 2

SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.

DEAL STATS #
Overall 91 of 127
Sector (Business Services) 6 of 7
Type (Secondary Buyout) 29 of 33
State (Texas) 10 of 12
Country (United States) 56 of 81
Year (2017) 11 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-14 Nonni s

Tulsa, Oklahoma, United States

Nonni's is a manufacturer and marketer of artisanal cookies and other premium baked snacks. Nonni’s premium products are synonymous with artisanal, authentic, and Italian-inspired. Products are marketed under the Nonni’s, THINaddictives, and La Dolce Vita brand names, and sold through a diverse distribution platform that includes major customers in club, grocery, mass market, foodservice, and online retailing. Nonni's is based in Tulsa, Oklahoma.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-05 Sun King

Nairobi, Kenya

Sun King is an off-grid solar energy company with cutting-edge product design, affordable financing, and a grassroots installation model to provide energy to the 1.8 billion consumers across Africa and Asia who lack access to reliable electricity. Sun King was founded in 2007 and is based in Nairobi, Kenya.

Buy -
SELLER

Fifth Street Capital

website

Category Lender
Founded 1998
Size Mega
Type Sector Agnostic
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 45 of 59
Sector (Business Services) 2 of 4
Type (Secondary Buyout) 13 of 20
State (Texas) 5 of 5
Country (United States) 44 of 58
Year (2017) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-31 OMNIPLEX World Services

Chantilly, Virginia, United States

OMNIPLEX World Services Corp. is a provider of premium physical security support services and Federal background investigations to the US Government and commercial clients. OMNIPLEX World Services Corp. was founded in 1990 and is based in Chantilly, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-01 Huddle House

Atlanta, Georgia, United States

Huddle House, Inc. is a full-service family restaurant chain, is well-known for serving “Any Meal. Huddle House restaurants feature moderately priced food and beverage items, served during all day parts with full table service.

Sell -
Mergr

Product

Company

Legal