American Capital Mergers and Acquisitions Summary

Private Equity Profile

American Capital’s most common sectors for investment are business services (9%) and manufacturing (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and secondary buyout (23%). In total, American Capital has invested in 38 US states and 7 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired AmWINS Group for $1.3B.

In the last 3 years, American Capital has exited 9 companies. The Firm’s most common exit type is trade sale (47%). American Capital’s largest (disclosed) exit occurred in 2014 when it sold Air Distribution Technologies for $1.6B.

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M&A Summary

  • M&A Total Activity452
    • M&A Buy Activity264
    • M&A Sell Activity188
  • Total Sectors Invested 47
  • Total Countries Invested 7
  • M&A Buy/Sell Connections 194
  • M&A Advisors 10

American Capital

(301)951-6122
www.americancapital.com
Info@americancapital.com

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


Investment Criteria

Sectors of Interest: Aerospace, Agriculture, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Consumer Services, Defense, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Food, Forest Products, Franchising, Furniture, Healthcare Services, Information Technology, Internet Software and Services, Leisure, Life Science, Machinery, Manufacturing, Marine, Marketing, Media, Medical Products, Metals/Mining, Oil/Gas Exploration, Packaging, Plastics, Publishing, Real Estate, Retail, Safety/Security, Software, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, PIPE

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 600
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 264 - - - - - 264
vol $9.3B $9.3B
Sell (3.8/yr) # 169 9 8 1 1 - 188
vol $15.7B $1.3B $462M $175M $17.6B
  452

Most Recent M&A

Company Date Value Type
Consolidated Precision Products, Inc. 2019-06-14 - Recapitalization
Cleveland, Ohio · www.cppcorp.com
TestAmerica Environmental Services LLC 2018-10-01 175M USD Add-on Acquisition
North Canton, Ohio · www.testamericainc.com
Flexera Software, Inc. 2017-12-19 - Secondary Buyout
Schaumburg, Illinois · www.flexerasoftware.com
SMG Holdings, Inc. 2017-12-11 - Secondary Buyout
West Conshohocken, Pennsylvania · www.smgworld.com
Schulman Associates IRB, Inc. 2017-11-07 - Merger
Cincinnati, Ohio · www.sairb.com
Tekni-Plex, Inc. 2017-10-17 - Secondary Buyout
King of Prussia, Pennsylvania · www.tekni-plex.com
Datapipe, Inc. 2017-09-11 - Add-on Acquisition
Jersey City, New Jersey · www.datapipe.com
SharkNinja Operating LLC 2017-08-16 - Secondary Buyout
Needham, Massachusetts · www.sharkninja.com
Hillarys Blinds Ltd. 2017-05-11 462M GBP Add-on Acquisition
Colwick, United Kingdom · www.hillarys.co.uk
American Driveline Systems, Inc. 2017-01-05 - Secondary Buyout
Horsham, Pennsylvania
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Compusearch Software Systems, Inc. 2015-05-08 FedBid, Inc. 2017-10-03 1
Dulles, Virginia · www.compusearch.com Vienna, Virginia · www.fedbid.com
Luminator Technology Group LLC 2014-04-07 Apollo Video Technology 2017-05-11 3
Plano, Texas · www.luminatortechnologygroup.com Bothell, Washington · www.apollovideotechnology.com
Luminator Technology Group LLC 2014-04-07 BMG MIS Immobilien GmbH 2015-10-20 2
Plano, Texas · www.luminatortechnologygroup.com Ulm, Germany · www.bmgmis.de
Luminator Technology Group LLC 2014-04-07 Gorba AG 2015-07-31 1
Plano, Texas · www.luminatortechnologygroup.com Oberbüren, Switzerland · www.gorba.com
Money Mailer LLC 2003-05-22 Welcome Wagon International, Inc. 2014-06-18 1
Garden Grove, California · www.moneymailer.com Coral Springs, Florida
Transtar Industries, Inc. 2010-12-07 ETX, Inc. 2014-03-03 1
Cleveland, Ohio · www.transtar1.com Alma, Michigan · www.etxinc.net
Pelican Products, Inc. 2004-10-26 Cool Logistics Ltd. 2014-01-23 5
Torrance, California · www.pelican.com Leighton Buzzard, United Kingdom · www.cool-logistics.com
Pelican Products, Inc. 2004-10-26 Minnesota Thermal Science LLC 2013-01-14 4
Torrance, California · www.pelican.com Baxter, Minnesota · www.mnthermalscience.com
The Meadows of Wickenburg, Inc. 2006-02-23 Remuda Ranch Co. 2012-12-01 1
Wickenburg, Arizona · www.themeadows.org Wickenburg, Arizona · www.remuda-ranch.com
Pelican Products, Inc. 2004-10-26 Trimcast Pty. Ltd. 2011-04-01 3
Torrance, California · www.pelican.com Knoxfield, Australia · www.trimcast.com.au

M&A by Sector

Sector Current # Value All-time # Value
Business Services 5 (15%) 579M (40%) 22 (8%) 1.5B (14%)
Manufacturing 1 (3%) - 22 (8%) 158M (2%)
Consumer Products 3 (9%) 200M (14%) 21 (8%) 543M (5%)
Automotive 1 (3%) 425M (29%) 13 (5%) 482M (5%)
Food 1 (3%) 43M (3%) 12 (4%) 43M (< 1%)
Software 2 (6%) - 11 (4%) 1.6B (15%)
Information Technology 1 (3%) 5M (< 1%) 10 (4%) 688M (7%)
Healthcare Services 3 (9%) 79M (5%) 10 (4%) 79M (1%)
Machinery - - 9 (3%) 75M (1%)
Building Materials 1 (3%) - 9 (3%) 63M (1%)
Financial Services 2 (6%) - 9 (3%) -
Energy Services and Equipment 1 (3%) 89M (6%) 8 (3%) 149M (1%)
Medical Products 2 (6%) 9M (1%) 8 (3%) 9M (< 1%)
Engineering - - 6 (2%) 1.5B (14%)
Distribution - - 6 (2%) 112M (1%)
Electrical Equipment - - 6 (2%) 31M (< 1%)
Electronics 1 (3%) 13M (1%) 6 (2%) 13M (< 1%)
Technology Hardware 2 (6%) - 5 (2%) 574M (6%)
Life Science - - 5 (2%) 317M (3%)
Packaging - - 5 (2%) 284M (3%)
Safety/Security 1 (3%) - 5 (2%) 72M (1%)
Aerospace - - 5 (2%) -
Internet Software and Services - - 4 (1%) 39M (< 1%)
Apparel/Textiles - - 4 (1%) -
Consumer Services 1 (3%) - 4 (1%) -
Media 1 (3%) - 4 (1%) -
Plastics 2 (6%) - 4 (1%) -
Retail - - 4 (1%) -
Transportation - - 4 (1%) -
Test/Measurement Equipment - - 3 (1%) 244M (2%)
Chemicals - - 3 (1%) 114M (1%)
Franchising - - 3 (1%) 77M (1%)
Communications 1 (3%) - 3 (1%) -
Furniture - - 2 (1%) 412M (4%)
Defense - - 2 (1%) -
Marketing 1 (3%) - 2 (1%) -
Insurance - - 1 (< 1%) 1.3B (13%)
Agriculture 1 (3%) - 1 (< 1%) -
Beverages - - 1 (< 1%) -
Construction - - 1 (< 1%) -
Education - - 1 (< 1%) -
Environmental - - 1 (< 1%) -
Forest Products - - 1 (< 1%) -
Marine - - 1 (< 1%) -
Metals/Mining - - 1 (< 1%) -
Oil/Gas Exploration - - 1 (< 1%) -
Real Estate - - 1 (< 1%) -
Total 34 $1.4B 270 $10.4B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 33 (97%) 1.0B (71%) 258 (96%) 9.5B (91%)
  California 8 (24%) 226M (16%) 48 (18%) 977M (9%)
  Texas 7 (21%) 43M (3%) 24 (9%) 1.2B (11%)
  Pennsylvania 1 (3%) - 16 (6%) 708M (7%)
  Ohio 3 (9%) 536M (37%) 14 (5%) 964M (9%)
  Illinois - - 13 (5%) 683M (7%)
  Virginia 3 (9%) - 11 (4%) 45M (< 1%)
  New York - - 11 (4%) 728M (7%)
  Florida - - 11 (4%) 27M (< 1%)
  Massachusetts - - 9 (3%) 51M (< 1%)
  Wisconsin 1 (3%) - 8 (3%) 764M (7%)
  Georgia 1 (3%) - 8 (3%) 385M (4%)
  New Jersey - - 8 (3%) -
  Alabama 1 (3%) - 6 (2%) -
  Tennessee - - 6 (2%) 32M (< 1%)
  Colorado 1 (3%) - 5 (2%) 480M (5%)
  South Carolina 1 (3%) 57M (4%) 5 (2%) 57M (1%)
  Connecticut - - 5 (2%) -
  Maryland 1 (3%) - 4 (1%) 147M (1%)
  North Carolina - - 4 (1%) 1.3B (13%)
  New Hampshire - - 4 (1%) 30M (< 1%)
  Kansas - - 4 (1%) 9M (< 1%)
  Michigan - - 4 (1%) -
  Washington 2 (6%) - 3 (1%) -
  Arizona 1 (3%) 79M (5%) 3 (1%) 79M (1%)
  Kentucky - - 3 (1%) 548M (5%)
  Minnesota - - 3 (1%) -
  Iowa - - 3 (1%) -
  Indiana 1 (3%) - 2 (1%) -
  Utah - - 2 (1%) 30M (< 1%)
  Nebraska - - 2 (1%) -
  Maine - - 2 (1%) -
  Louisiana 1 (3%) 89M (6%) 1 (< 1%) 89M (1%)
  Delaware - - 1 (< 1%) 114M (1%)
  Missouri - - 1 (< 1%) 39M (< 1%)
  Oklahoma - - 1 (< 1%) -
  Nevada - - 1 (< 1%) -
  Montana - - 1 (< 1%) -
Canada 1 (3%) 411M (29%) 4 (1%) 411M (4%)
  Ontario 1 (3%) 411M (29%) 4 (1%) 411M (4%)
France - - 4 (1%) 72M (1%)
United Kingdom - - 1 (< 1%) 380M (4%)
Luxembourg - - 1 (< 1%) 85M (1%)
Hong Kong - - 1 (< 1%) -
Puerto Rico - - 1 (< 1%) -
Total 34 $1.4B 270 $10.4B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 13 (38%) 79M (5%) 128 (47%) 1.1B (11%)
Secondary Buyout 10 (29%) 1.2B (87%) 62 (23%) 4.3B (42%)
Growth Capital 7 (21%) 26M (2%) 25 (9%) 779M (7%)
Recapitalization 1 (3%) 89M (6%) 21 (8%) 2.1B (20%)
Divestiture 2 (6%) - 14 (5%) 1.3B (13%)
Consolidation - - 7 (3%) 283M (3%)
Going Private 1 (3%) - 4 (1%) 440M (4%)
Acquisition Financing - - 4 (1%) 9M (< 1%)
PIPE - - 3 (1%) -
Special Situations/Distressed - - 1 (< 1%) -
Venture - - 1 (< 1%) -
Total 34 $1.4B 270 $10.4B

Exits by Deal Type

Type Total # Value
Secondary Sale 69 (37%) 6.5B (37%)
Trade Sale - Public Company 51 (27%) 9.0B (52%)
Trade Sale 40 (21%) 1.6B (9%)
Merger 10 (5%) 341M (2%)
Unknown 5 (3%) -
IPO 4 (2%) -
Recapitalization 4 (2%) -
Bankruptcy 3 (2%) -
Shut Down 1 (1%) -
Stake Sale 1 (1%) -
Total 188 $17.4B

Top M&A Advisors

Financial Deals
Lincoln International
3
Houlihan Lokey
1
BMO Capital Markets
1
Legal Deals
King & Spalding LLP
1
Kirkland & Ellis LLP
1
O'Melveny & Myers LLP
1

Deal Values

buy # Total
> $1B 2 $2.4B
$100M to $1B 20 $6.7B
< $100M 31 $1.3B
TOTAL $10.4B
Largest AmWINS Group, Inc.
$1.3B (2012-04-17)
sell # Total
> $1B 2 $2.7B
$100M to $1B 38 $13.8B
< $100M 16 $1.1B
TOTAL $17.6B
Largest Air Distribution Technologies, Inc.
$1.6B (2014-04-16)

M&A Connections

Deals %
Acquired from
PE Firm(s)
85%
86 85%
Strategic(s)
15%
15 15%
Exited to
PE Firm(s)
48%
90 48%
Strategic(s)
52%
97 52%