Alpine Investors Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Alpine Investors has acquired 9 companies. It has also invested in 3 others.

Alpine Investors’ most common sectors for investment aresoftware (20%) and business services (20%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (43%) and growth capital (22%). In total, Alpine Investors has invested in 19 US states. Its largest (disclosed) acquisition occurred in 2018 when it acquired Riverside Assessments for $140M.

In the last 3 years, Alpine Investors has exited 13 companies. The Firm’s most common exit type is trade sale (57%). Alpine Investors’ largest (disclosed) exit occurred in 2018 when it sold Vionic Group for $360M.

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M&A Summary

  • M&A Total Activity65
    • M&A Buy Activity42
    • M&A Sell Activity23
  • Total Sectors Invested 15
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 26
  • M&A Advisors 6

Alpine Investors

One California Street, Suite 290,
San Francisco, California 94111
United States
(415) 392-9100
www.alpine-investors.com
peble@alpineinvestors.com

Alpine Investors is a private investment firm that targets small to mid-sized company investments in the US, Canada, Europe, and Australia. Alpine looks for companies with cash-flow of $1 to $50 million and will consider both control and non-control positions. Alpine prefers businesses with recurring revenues, identifiable growth opportunities, sustainable margins, and significant barriers to entry. Areas of interest include software, business services, publishing, and digital media. Alpine Investors was established in 2001 and is based in San Francisco, California.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Consumer Services, Distribution, Education, Healthcare Services, Information Services, Information Technology, Internet Software and Services, Manufacturing, Marketing, Publishing, Semiconductors, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Scandinavia, Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 1 50
Investment Size - -
Enterprise Value - 1,000
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (3.2/yr) # 26 4 2 1 4 5 42
vol $140M $140M
Sell (2.8/yr) # 9 1 6 1 3 3 23
vol $185M $360M $545M
  65

Most Recent M&A

Company Date Value Type
Ethisphere 2022-10-06 - Growth Capital
Scottsdale, Arizona · www.ethisphere.com
FEV Tutor 2022-07-19 - Buyout (LBO, MBO, MBI)
Woburn, Massachusetts · www.fevtutor.com
Mindful 2022-07-11 - Add-on Acquisition
Akron, Ohio · www.getmindful.com
AirDNA LLC 2022-03-14 - Buyout (LBO, MBO, MBI)
Denver, Colorado · www.airdna.co
America's Thrift Stores, Inc. 2022-02-15 - Recapitalization
Birmingham, Alabama · www.americasthrift.com
Wilson Language Training Corp. 2022-02-14 - Growth Capital
Oxford, Massachusetts · www.wilsonlanguage.com
Trilon Group 2022-02-01 - Consolidation
Denver, Colorado · www.trilongroup.com
MidAmerica Administrative & Retirement Solutions LLC 2022-01-03 - Add-on Acquisition
Lakeland, Florida · www.mymidamerica.com
Antelope 2021-11-19 - Consolidation
San Francisco, California · www.antelopepets.com
CLEO Communications, Inc. 2021-06-09 - Secondary Buyout
Rockford, Illinois · www.cleo.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Antelope 2021-11-19 Ark Naturals Co. 2022-09-07 4
San Francisco, California · www.antelopepets.com Tampa, Florida · www.arknaturals.com
TEAM Services Group 2015-04-20 Ameribest Home Care, Inc. 2019-09-20 3
San Diego, California · www.teamsvc.com Philadelphia, Pennsylvania · www.ameribesthomecare.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (22%) - 8 (19%) -
Software 2 (11%) - 8 (19%) -
Retail - - 5 (12%) -
Internet Software and Services 2 (11%) - 4 (10%) -
Education 3 (17%) 140M (100%) 3 (7%) 140M (100%)
Financial Services 1 (6%) - 3 (7%) -
Consumer Products 1 (6%) - 2 (5%) -
Healthcare Services 2 (11%) - 2 (5%) -
Apparel/Textiles - - 1 (2%) -
Consumer Services 1 (6%) - 1 (2%) -
Engineering 1 (6%) - 1 (2%) -
Information Technology 1 (6%) - 1 (2%) -
Marketing - - 1 (2%) -
Semiconductors - - 1 (2%) -
Technology Hardware - - 1 (2%) -
Total 18 $140M 42 $140M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 18 (100%) 140M (100%) 42 (100%) 140M (100%)
  California 4 (22%) - 9 (21%) -
  Illinois 2 (11%) 140M (100%) 3 (7%) 140M (100%)
  Massachusetts 2 (11%) - 3 (7%) -
  Texas 1 (6%) - 3 (7%) -
  New York 1 (6%) - 3 (7%) -
  Florida 1 (6%) - 3 (7%) -
  Colorado 2 (11%) - 2 (5%) -
  Arizona 1 (6%) - 2 (5%) -
  Virginia 1 (6%) - 2 (5%) -
  Minnesota 1 (6%) - 2 (5%) -
  Oregon - - 2 (5%) -
  South Dakota 1 (6%) - 1 (2%) -
  New Hampshire 1 (6%) - 1 (2%) -
  Arkansas - - 1 (2%) -
  Alabama - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
  Ohio - - 1 (2%) -
  Nebraska - - 1 (2%) -
  Georgia - - 1 (2%) -
Total 18 $140M 42 $140M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (22%) - 18 (43%) -
Growth Capital 4 (22%) - 9 (21%) -
Consolidation 7 (39%) - 8 (19%) -
Recapitalization - - 3 (7%) -
Divestiture 2 (11%) 140M (100%) 2 (5%) 140M (100%)
Secondary Buyout 1 (6%) - 1 (2%) -
Stake Purchase - - 1 (2%) -
Total 18 $140M 42 $140M

Exits by Deal Type

Type Total # Value
Trade Sale 10 (43%) 40M (7%)
Secondary Sale 8 (35%) -
Trade Sale - Public Company 3 (13%) 505M (93%)
Recapitalization 1 (4%) -
Sold to Management 1 (4%) -
Total 23 $545M

Top M&A Advisors

Financial Deals
Imperial Capital LLC
1
XLCS Partners, Inc.
1
Legal Deals
Morrison & Foerster LLP
2
Weiss Brown PLLC
1
Verrill Dana LLP
1

Deal Values

buy # Total
$100M to $1B 1 $140M
TOTAL $140M
Largest Riverside Assessments LLC
$140M (2018-09-12)
sell # Total
$100M to $1B 2 $505M
< $100M 1 $40M
TOTAL $545M
Largest Vionic Group LLC
$360M (2018-10-18)

M&A Connections

Deals
Acquired from
Investor(s)
2%
1 (2%)
Strategic(s)
5%
2 (5%)
Exited to
Investor(s)
39%
9 (39%)
Strategic(s)
57%
13 (57%)

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