M&A Deal Summary

Apax Acquires Authority Brands

On September 24, 2018, private equity firm Apax acquired franchising company Authority Brands from PNC Riverarch Capital and Audax Private Debt

Acquisition Highlights
  • This is Apax’s 2nd transaction in the Franchising sector.
  • This is Apax’s 77th transaction in the United States.
  • This is Apax’s 1st transaction in Maryland.

M&A Deal Summary

Date 2018-09-24
Target Authority Brands
Sector Franchising
Buyer(s) Apax
Sellers(s) PNC Riverarch Capital
Audax Private Debt
Deal Type Secondary Buyout

Target

Authority Brands

Columbia, Maryland, United States
website
Authority Brands is a parent company of two home service franchisors, The Cleaning Authority and Homewatch CareGivers. Together, these brands provide recurring home services through more than 300 franchise locations in the U.S., Canada, and Latin America. Authority Brands was formed in 2017 and is based in Columbia, Maryland.

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Buyer(S) 1

Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1981
PE ASSETS 60.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from €1 to €5 billion. Apax Partners was formed in 1981 and is based in London.


DEAL STATS #
Overall 203 of 240
Sector (Franchising) 2 of 2
Type (Secondary Buyout) 42 of 60
State (Maryland) 1 of 1
Country (United States) 77 of 96
Year (2018) 12 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-11 Paycor

Cincinnati, Ohio, United States

Paycor delivers modern, intuitive recruiting, HR, and payroll solutions. The company partners with businesses to optimize the management of their most valuable assets. Paycor’s personalized support and user-friendly technology ensure that key business processes, including recruiting, onboarding, reporting, timekeeping, compliance, and payroll, run smoothly. Paycor’s people operations solutions are recommended by today’s most innovative brokers, bankers, and CPAs. Paycor was formed in 1990 and is based in Cincinnati, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-16 Fractal Analytics

New York, New York, United States

Fractal Analytics is a provider of advanced analytics services and helps companies across the globe enhance profitability with the help of scientific decision-making. Fractal has deployed analytics to drive significant value for many Fortune 1000 companies in the areas of customer acquisition, retention, value enhancement, risk management, and marketing optimization. Fractal Analytics is based in New York, New York.

Buy -

Seller(S) 2

SELLER

PNC Riverarch Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2011
PE ASSETS 250M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

PNC Riverarch Capital is a middle-market private equity group that invests in privately-held companies headquartered throughout North America. The Group looks to commit $10 to $50 million to help fund recapitalizations, leveraged and management buyouts, corporate divestitures and growth financings. Target sectors include business and industrial services, specialized manufacturing, and value-added distribution. PNC Riverarch was formed in 2011 and is an affiliate of PNC Financial Services Group.


DEAL STATS #
Overall 7 of 12
Sector (Franchising) 1 of 1
Type (Secondary Buyout) 5 of 9
State (Maryland) 1 of 1
Country (United States) 7 of 11
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-30 Precision Aviation Group

Atlanta, Georgia, United States

Precision Aviation Group, Inc. is a provider of products and value-added services to the worldwide aerospace and defense industry. With nine locations and more than 260,000-square-feet of sales and service facilities in the United States, Canada, Australia, Brazil, and Singapore, PAG uses its distinct business units and customer-focused business model to serve aviation customers through two business functions – Aviation Supply Chain, and its trademarked Inventory Supported Maintenance, Repair and Overhaul (ISMRO®) services. Headquartered in Atlanta, Georgia, the Company operates out of nine locations in the United States, Canada, Australia, Brazil and Singapore.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-10 Sola Salon Studios

Lakewood, Colorado, United States

Sola Salon Studios provides a unique service to entrepreneurs, giving stylists and beauty professionals high-end, fully-equipped salon studios to start their own businesses without the administrative burden and risk associated with opening a retail storefront. Sola Salon Studios was established in 2004 and is based in Lakewood, Colorado.

Buy -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies valued between $10 and $60 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations.


DEAL STATS #
Overall 41 of 49
Sector (Franchising) 2 of 2
Type (Secondary Buyout) 17 of 22
State (Maryland) 3 of 3
Country (United States) 41 of 49
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-07 Alegeus Technologies

Waltham, Massachusetts, United States

Alegeus Technologies LLC is a provider of benefits administration software, debit cards, and transaction processing solutions for consumer directed healthcare accounts, including flexible spending accounts, health reimbursement arrangements, and health savings accounts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-27 Comprehensive Pharmacy Services

Dublin, Ohio, United States

Comprehensive Pharmacy Services (CPS) is a provider of outsourced pharmacy services to hospitals and integrated health systems. CPS offers a suite of services, information technology and data informatics, including pharmacy management, technology-based tools and data analytics. Comprehensive Pharmacy Services was founded in 1971 and is based in Dublin, Ohio.

Sell -