M&A Deal Summary

Acorn Growth Companies, Congruent Investment Partners and Independent Bankers Capital Fund Acquire Berry Aviation

On July 16, 2018, private equity firm Acorn Growth Companies, private equity firm Congruent Investment Partners and mezzanine finance firm Independent Bankers Capital Fund acquired airliner Berry Aviation from Independent Bankers Capital Fund and Main Street Capital

Acquisition Highlights
  • This is Acorn Growth Companies’ 1st, Congruent Investment Partners’ 1st and Independent Bankers Capital Fund’s 2nd transaction in the Airlines sector.
  • This is Acorn Growth Companies’ 11th, Congruent Investment Partners’ 3rd and Independent Bankers Capital Fund’s 23rd transaction in the United States.
  • This is Acorn Growth Companies’ 2nd, Congruent Investment Partners’ 2nd and Independent Bankers Capital Fund’s 18th transaction in Texas.

M&A Deal Summary

Date 2018-07-16
Target Berry Aviation
Sector Airlines
Buyer(s) Acorn Growth Companies
Congruent Investment Partners
Independent Bankers Capital Fund
Sellers(s) Independent Bankers Capital Fund
Main Street Capital
Deal Type Secondary Buyout

Target

Berry Aviation

San Marcos, Texas, United States
website
Berry Aviation is an operator of an aviation company, with a portfolio of services that includes government, private charter, scheduled and on-demand freight, component maintenance repair and overhaul, and fixed base operations. Berry Aviation was founded in 1983 and is based in San Marcos, Texas.

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Buyer(S) 3

DESCRIPTION

Acorn Growth Company is a private equity group focused on aerospace and defense opportunities. Acorn looks specifically for companies engaged in aerospace parts manufacturing, aircraft modification and upgrades, engineering services, logistics, procurement and maintenance, repair, and overhaul. Acorn Growth was established in 2005 and is headquartered in Oklahoma City, Oklahoma.


DEAL STATS #
Overall 12 of 17
Sector (Airlines) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Texas) 2 of 2
Country (United States) 11 of 14
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-25 CIS Secure

Ashburn, Virginia, United States

CIS Secure is a provider of secure communications equipment and computing solutions for a wide range of U.S. government customers. CIS is focused on modifying Commercial-off-the-Shelf (“COTS”) communications and network equipment to support stringent government requirements to protect sensitive and classified information from illicit capture or manipulation. CIS Secure was founded in 1992 and is based in Ashburn, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-14 DIMO

New Castle, Delaware, United States

DIMO is a value-added distributor of operationally critical parts and higher-level assemblies for power, electromechanical, life support, and mission-specific aircraft systems. DIMO was founded in 1994 and is based in New Castle, Delaware.

Buy -
Buyer

Congruent Investment Partners

Dallas, Texas, United States

website


Category Private Equity Firm
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Congruent Investment Partners is a private investment firm focused on debt and equity investments in mid-sized US companies. Congruent looks to invest in transactions valued from $5 to $50 million and is an opportunistic investor, willing to consider a variety of assets (oil/gas reserves, commercial real estate). Other areas of interest include software, business services, banking, healthcare, waste, media, food, data centers, and cell towers. Congruent Investment Partners was established in 2009 and is based in Dallas, Texas.


DEAL STATS #
Overall 3 of 4
Sector (Airlines) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Texas) 2 of 3
Country (United States) 3 of 4
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-30 Winzer

Plano, Texas, United States

Winzer is a distributor of fasteners and consumable maintenance supplies. The company serves customers engaged in maintenance, repair, and operations activities across a diverse range of end markets including industrial, automotive, institutional, and government. Winzer has a unique business model, whereby it markets and sells its products through a network of nearly 300 independent, route-based franchisees. Winzer was established in 1978 and is based in Plano, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-28 AAA Fabrication

Kemp, Texas, United States

AAA Fabrication is primarily focuses on providing custom metal fabricated products to customers in the Texas market and beyond, serving many industries including food, environmental, hospitality, logistics, and chemicals, among many others. AAA Fabrication was founded in 2010 and is based in Kemp, Texas.

Buy -
Buyer

Independent Bankers Capital Fund

Dallas, Texas, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 100M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Independent Bankers Capital Fund LP (IBCF) is a private equity partnership that provides equity and junior capital to established lower-middle-market companies primarily in the Southwestern United States. IBC seeks to invest in companies with revenues of $10 to $50 million. Prospective companies are generally profitable with at least $2 million of EBITDA. IBCF targets investments in profitable manufacturing, distribution, or in some cases, service businesses. The Firm looks to invest in the range of $3 to $12 million per transaction. The Group prefers financing change of control, recapitalization and later-stage growth capital needs. IBCF was formed in 1998 and is based in Dallas, Texas.


DEAL STATS #
Overall 23 of 25
Sector (Airlines) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Texas) 18 of 20
Country (United States) 23 of 25
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-17 Dependable Auto Shippers

Mesquite, Texas, United States

Dependable Auto Shippers, Inc. is an automobile transport company in the United States, regularly transporting more than 100,000 personally owned vehicles per year. DAS uses it fleet of more than 150 trucks and 90 owned and leased terminals to service two principal types of customers: families who are relocating within the United States and individuals who either buy or sell automobiles using the internet.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-08 Capital Precast

San Marcos, Texas, United States

Capital Precast is a manufacturer of precast concrete underground utility products. Capital Precast's 80,000 square-foot manufacturing facility has been recognized by the National Precast Concrete Association as one of the top 25 out of 400+ precast concrete manufacturing plants in the U.S. for the past four years. Capital Precast consistently offers strong technical expertise, superior customer service, and best-in-class quality. Capital Precast was founded in 1997 and is based in San Marcos, Texas.

Buy -

Seller(S) 2

SELLER

Independent Bankers Capital Fund

Dallas, Texas, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1998
PE ASSETS 100M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Independent Bankers Capital Fund LP (IBCF) is a private equity partnership that provides equity and junior capital to established lower-middle-market companies primarily in the Southwestern United States. IBC seeks to invest in companies with revenues of $10 to $50 million. Prospective companies are generally profitable with at least $2 million of EBITDA. IBCF targets investments in profitable manufacturing, distribution, or in some cases, service businesses. The Firm looks to invest in the range of $3 to $12 million per transaction. The Group prefers financing change of control, recapitalization and later-stage growth capital needs. IBCF was formed in 1998 and is based in Dallas, Texas.


DEAL STATS #
Overall 7 of 7
Sector (Airlines) 1 of 1
Type (Secondary Buyout) 4 of 4
State (Texas) 6 of 6
Country (United States) 7 of 7
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-17 Dependable Auto Shippers

Mesquite, Texas, United States

Dependable Auto Shippers, Inc. is an automobile transport company in the United States, regularly transporting more than 100,000 personally owned vehicles per year. DAS uses it fleet of more than 150 trucks and 90 owned and leased terminals to service two principal types of customers: families who are relocating within the United States and individuals who either buy or sell automobiles using the internet.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-08 Capital Precast

San Marcos, Texas, United States

Capital Precast is a manufacturer of precast concrete underground utility products. Capital Precast's 80,000 square-foot manufacturing facility has been recognized by the National Precast Concrete Association as one of the top 25 out of 400+ precast concrete manufacturing plants in the U.S. for the past four years. Capital Precast consistently offers strong technical expertise, superior customer service, and best-in-class quality. Capital Precast was founded in 1997 and is based in San Marcos, Texas.

Buy -
SELLER

Main Street Capital

Houston, Texas, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Main Street Capital Holdings is a public investment firm that invests in mid-market companies to support ownership transitions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. Main Street looks for businesses opearting in basic industries with positive cash-flow and and defensible competitive advantages. Main Street generally invests $5 to $75 million in companies with $10 to $150 million of revenue and EBITDA of $3 to $20 million. Investments are usually in the form of term debt and/or direct equity. Main Street Capital Corporation was formed in 1997 and is based in Houston, Texas.


DEAL STATS #
Overall 34 of 45
Sector (Airlines) 1 of 1
Type (Secondary Buyout) 8 of 11
State (Texas) 17 of 19
Country (United States) 34 of 45
Year (2018) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-12 Impact Telecom

Greenwood Village, Colorado, United States

Impact Telecom is a provider of commercial tele­communications services by delivering flexible and effective solu­tions to the marketplace. The company targets engage in complementary commercial telecommunications activities and operate a retail telecommunications business. Impact Telecom was formed in 2005 and is based in Greenwood Village, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-05 Tedder Industries

Post Falls, Idaho, United States

Tedder Industries creates personal and comfortable solutions primarily for the open and concealed carry consumer market. The Company offers high-quality, competitively priced firearm holsters and accessories for a wide variety of carrying methods. Tedder Industries was founded in 2010 and is based in Post Falls, Idaho.

Buy -