M&A Deal Summary

TPG and PNC Mezzanine Capital Acquire Crunch

On July 1, 2018, private equity firm TPG and mezzanine finance firm PNC Mezzanine Capital acquired consumer services company Crunch from Angelo Gordon s Private Equity Group

Acquisition Highlights
  • This is TPG’s 5th and PNC Mezzanine Capital’s 2nd transaction in the Consumer Services sector.
  • This is TPG’s 218th and PNC Mezzanine Capital’s 55th transaction in the United States.
  • This is TPG’s 8th and PNC Mezzanine Capital’s 3rd transaction in New York.

M&A Deal Summary
Date 2018-07-01
Target Crunch
Sector Consumer Services
Buyer(s) TPG
PNC Mezzanine Capital
Sellers(s) Angelo Gordon s Private Equity Group
Deal Type Secondary Buyout

Target

Crunch

New York, New York, United States
website
Crunch is a gym that believes in making serious exercise fun by fusing fitness and entertainment and pioneering a philosophy of 'No Judgments.' Crunch serves a fitness community for all types of people, with all types of goals, exercising all different ways; working out at the same place together. Crunch was founded in 1989 and is based in New York.

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Buyer(S) 2

Buyer

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.

DEAL STATS #
Overall 326 of 401
Sector (Consumer Services) 5 of 8
Type (Secondary Buyout) 44 of 63
State (New York) 8 of 13
Country (United States) 218 of 269
Year (2018) 20 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-29 DOMO

American Fork, Utah, United States

DOMO is an operating system that powers a business, enabling all employees to access real-time data and insights and take action from their smartphone. Domo brings massive amounts of data from all departments of a business together to empower employees with real-time data insights, accessible on any device. DOMO was founded in 2010 and is based in American Fork, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-12 Wilderness Holdings

Gaborone, Botswana

Wilderness Holdings is an ecotourism group with operations in seven African countries and a mission to conserve and restore African wilderness and wildlife. Wilderness Safaris and the Governors’ Camp Collection operate camps and safaris in some of Africa’s best wildlife and wilderness areas across seven different countries: Botswana, Kenya, Namibia, Rwanda, South Africa, Zambia, and Zimbabwe. Wilderness Holdings was founded in 1983 and is based in Gaborone, Botswana.

Buy -
Buyer

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 58 of 77
Sector (Consumer Services) 2 of 3
Type (Secondary Buyout) 12 of 15
State (New York) 3 of 5
Country (United States) 55 of 73
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-08 Pacon

Appleton, Wisconsin, United States

Pacon Corporation is an manufacturer, converter and supplier of paper products, educational aids and arts & crafts products, and markets its products worldwide. With facilities in Appleton and Neenah, Wis., as well as Barrie, Ontario, Pacon primarily sells its products into two markets: school and art.

Sell $340M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-04 Buffalo Games

Buffalo, New York, United States

Buffalo Games is a manufacturer and marketer of jigsaw puzzles in the U.S. and provider of party and board games for adults, children, and families. The Company has also developed a growing portfolio of the board, table and party games including titles such as Watch Ya Mouth®, Brain Games™, The Voting Game®, Skee-Ball®, Silly Street™, PlingPong!®, and more. Buffalo Games was founded in 1986 and is based in Buffalo, New York.

Buy -

Seller(S) 1

SELLER

Angelo Gordon s Private Equity Group

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1988
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Angelo, Gordon's Private Equity Group is the private equity arm of asset manager Angele, Gordon & Co. AG's private equity group focuses on acquiring assets from financially distressed sellers or from larger corporations. Prospective transactions include forced sales, management-led buyouts, private company recapitalizations, corporate carve-outs, asset pool purchases, and other complex situations. The Group prefers control when considering opportunities and generally looks to commit $25 to $125 million of capital in transactions valued up to $500 million. Broad sectors of interest include specialty finance, retail, consumer, healthcare services/facilities, real estate, and business services. Angelo, Gordon's Private Equity group is based in New York City.

DEAL STATS #
Overall 10 of 13
Sector (Consumer Services) 2 of 2
Type (Secondary Buyout) 3 of 4
State (New York) 2 of 2
Country (United States) 9 of 12
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-11 Kings Food Markets

Parsippany, New Jersey, United States

Kings Food Markets is a gourmet food retailer with an established reputation for high quality products and servicesPartnered with industry veteran and fundless sponsor to acquire chain of 24 stores from a UK parent. An upscale grocery store serving customers throughout New Jersey, New York and Connecticut, Kings provides a unique shopping experience paired with the highest quality foods. From locally sourced, organically grown produce, to fresh fruit, delicious meats to hand-selected cheeses from over 20 countries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-02 Hamilton State Bancshares

Hoschton, Georgia, United States

HSB is a Georgia-based bank holding company that specializes in providing commercial banking services to small- to medium-sized businesses in North Georgia through its bank subsidiary, Hamilton State Bank. Hamilton was formed in 2004 and is based in Hoschton, Georgia, which is approximately 50 miles north of Atlanta.

Sell -
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