Antares Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Antares Capital has acquired 13 companies.

Antares Capital’s most common sectors for investment are business services (10%) and internet software and services (7%). The Firm’s most common investment types include secondary buyout (62%) and buyout (lbo, mbo, mbi) (16%). In total, Antares Capital has invested in 19 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired Becker Underwood for $200M.

In the last 3 years, Antares Capital has exited 5 companies. The Firm’s most common exit type is trade sale (44%). Antares Capital’s largest (disclosed) exit occurred in 2019 when it sold Internet Pipeline for $1.6B.

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M&A Summary

  • M&A Total Activity76
    • M&A Buy Activity44
    • M&A Sell Activity32
  • Total Sectors Invested 27
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 33
  • M&A Advisors 1

Antares Capital

P.O. Box 330309,
Miami, Florida 33233
United States
(305) 894-2888
www.antarescapital.com
info@antarescapital.com

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Engineering, Financial Services, Food, Gaming, Healthcare Services, Information Technology, Insurance, Life Science, Manufacturing, Marketing, Media, Medical Products, Restaurants, Safety/Security, Semiconductors, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital

Geographic Preferences: South US

Transaction Criteria Min Max
Target Revenue 1 25
Target EBITDA - -
Investment Size 1 5
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (4.6/yr) # 21 10 7 1 5 - 44
vol $414M $414M
Sell (1.0/yr) # 27 - - 2 2 1 32
vol $1.8B $1.6B $190M $3.6B
  76

Most Recent M&A

Company Date Value Type
Ten-X, Inc. 2020-05-13 190M USD Add-on Acquisition
Irvine, California · www.ten-x.com
The Hilb Group LLC 2019-10-30 - Secondary Buyout
Richmond, Virginia · www.hilbgroup.com
Internet Pipeline, Inc. 2019-08-08 1.6B USD Add-on Acquisition
Exton, Pennsylvania · www.ipipeline.com
Evans Food Group Ltd. 2019-08-05 - Secondary Buyout
Chicago, Illinois · www.evansfood.com
Valicor Environmental Services LLC 2019-07-10 - Secondary Buyout
Monroe, Ohio · www.valicor.com
W2O Group 2019-05-29 - Secondary Buyout
San Francisco, California · www.w2ogroup.com
A&R Logistics, Inc. 2019-05-07 - Secondary Buyout
Morris, Illinois · www.artransport.com
CPS Group Holdings, Inc. 2019-03-27 - Secondary Buyout
Memphis, Tennessee · www.cpspharm.com
Restaurant Technologies, Inc. 2018-08-21 - Secondary Buyout
Mendota Heights, Minnesota · www.rti-inc.com
Alcami Corp. 2018-06-01 - Secondary Buyout
Durham, North Carolina · www.alcaminow.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
The Hilb Group LLC 2019-10-30 ISI of Maryland LLC 2020-10-13 17
Richmond, Virginia · www.hilbgroup.com Annapolis, Maryland · www.insursol.com
W2O Group 2019-05-29 Starpower LLC 2020-10-05 7
San Francisco, California · www.w2ogroup.com New York, New York · www.starpowerllc.com
W2O Group 2019-05-29 Elysia Group LLC 2020-09-24 6
San Francisco, California · www.w2ogroup.com New York, New York · www.elysiagroup.com
The Hilb Group LLC 2019-10-30 Ganim Group, Inc. 2020-09-22 16
Richmond, Virginia · www.hilbgroup.com Shelton, Connecticut
A&R Logistics, Inc. 2019-05-07 L. T. Harnett Trucking 2020-08-18 4
Morris, Illinois · www.artransport.com Kinsman, Ohio · www.ltharnett.com
W2O Group 2019-05-29 Discern Health 2020-07-28 5
San Francisco, California · www.w2ogroup.com Baltimore, Maryland · www.discernhealth.com
The Hilb Group LLC 2019-10-30 CIA Financial Group, Inc. 2020-07-22 15
Richmond, Virginia · www.hilbgroup.com Shelby Township, Michigan · www.ciainsurance.com
The Hilb Group LLC 2019-10-30 Eldredge & Lumpkin Insurance Agency, Inc. 2020-07-21 14
Richmond, Virginia · www.hilbgroup.com Chatham, Massachusetts · www.elinsurance.com
The Hilb Group LLC 2019-10-30 Fort Myers Insurance Agency, Inc. 2020-06-09 13
Richmond, Virginia · www.hilbgroup.com Cape Coral, Florida · www.freedominsurancecenter.com
The Hilb Group LLC 2019-10-30 CBIZ, Inc. - Book of Business 2020-04-21 12
Richmond, Virginia · www.hilbgroup.com Cleveland, Ohio

M&A by Sector

Sector Current # Value All-time # Value
Business Services 2 (7%) - 4 (9%) -
Consumer Services 2 (7%) - 3 (7%) -
Healthcare Services 3 (11%) - 3 (7%) -
Internet Software and Services - - 3 (7%) -
Manufacturing - - 3 (7%) -
Construction 2 (7%) - 2 (5%) -
Distribution 2 (7%) - 2 (5%) -
Food 2 (7%) - 2 (5%) -
Information Technology 2 (7%) - 2 (5%) -
Life Science 1 (4%) - 2 (5%) -
Marketing 1 (4%) - 2 (5%) -
Chemicals - - 1 (2%) 200M (48%)
Forest Products - - 1 (2%) 145M (35%)
Apparel/Textiles - - 1 (2%) 69M (17%)
Aerospace 1 (4%) - 1 (2%) -
Automotive 1 (4%) - 1 (2%) -
Building Materials 1 (4%) - 1 (2%) -
Consumer Products 1 (4%) - 1 (2%) -
Energy Services and Equipment 1 (4%) - 1 (2%) -
Environmental - - 1 (2%) -
Financial Services 1 (4%) - 1 (2%) -
Insurance 1 (4%) - 1 (2%) -
Machinery - - 1 (2%) -
Packaging 1 (4%) - 1 (2%) -
Publishing 1 (4%) - 1 (2%) -
Safety/Security 1 (4%) - 1 (2%) -
Transportation 1 (4%) - 1 (2%) -
Total 28 - 44 $414M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 27 (96%) - 43 (98%) 414M (100%)
  Illinois 4 (14%) - 6 (14%) -
  Florida 4 (14%) - 4 (9%) -
  Texas 3 (11%) - 4 (9%) -
  Ohio 2 (7%) - 4 (9%) -
  Pennsylvania 2 (7%) - 3 (7%) -
  California 2 (7%) - 3 (7%) -
  Minnesota 1 (4%) - 3 (7%) 145M (35%)
  Alabama 1 (4%) - 3 (7%) 69M (17%)
  Virginia 2 (7%) - 2 (5%) -
  North Carolina 1 (4%) - 2 (5%) -
  Tennessee 1 (4%) - 1 (2%) -
  Michigan 1 (4%) - 1 (2%) -
  Maryland 1 (4%) - 1 (2%) -
  Connecticut 1 (4%) - 1 (2%) -
  Colorado 1 (4%) - 1 (2%) -
  Iowa - - 1 (2%) 200M (48%)
  New York - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Massachusetts - - 1 (2%) -
Canada 1 (4%) - 1 (2%) -
  Ontario 1 (4%) - 1 (2%) -
Domestic 27 (96%) - 43 (98%) 414M (100%)
Cross-border 1 (4%) - 1 (2%) -
Total 28 - 44 $414M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 17 (61%) - 27 (61%) 414M (100%)
Buyout (LBO, MBO, MBI) 3 (11%) - 7 (16%) -
Growth Capital 5 (18%) - 5 (11%) -
Divestiture 2 (7%) - 2 (5%) -
Recapitalization 1 (4%) - 2 (5%) -
Consolidation - - 1 (2%) -
Total 28 - 44 $414M

Exits by Deal Type

Type Total # Value
Secondary Sale 8 (25%) 296M (8%)
Trade Sale 8 (25%) 5M (< 1%)
Trade Sale - Public Company 7 (22%) 3.3B (92%)
IPO 6 (19%) -
Merger 2 (6%) -
Unknown 1 (3%) -
Total 32 $3.6B

Top M&A Advisors

Financial Deals
Lincoln International
1

Deal Values

buy # Total
$100M to $1B 2 $345M
< $100M 1 $69M
TOTAL $414M
Largest Becker Underwood, Inc.
$200M (2004-09-01)
sell # Total
> $1B 2 $2.8B
$100M to $1B 3 $766M
< $100M 2 $19M
TOTAL $3.6B
Largest Internet Pipeline, Inc.
$1.6B (2019-08-08)

M&A Connections

Deals %
Acquired from
PE Firm(s)
95%
36 95%
Strategic(s)
5%
2 5%
Exited to
PE Firm(s)
39%
9 39%
Strategic(s)
61%
14 61%

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