M&A Deal Summary

Ares Private Equity Group Acquires Convergint Technologies

On February 2, 2018, private equity firm Ares Private Equity Group acquired safety/security company Convergint Technologies LLC from PennantPark Investment Corp., KRG Capital Partners and Intermediate Capital Group (ICG)

Acquisition Highlights
  • This is Ares Private Equity Group’s 1st transaction in the Safety/Security sector.
  • This is Ares Private Equity Group’s 59th transaction in the United States.
  • This is Ares Private Equity Group’s 4th transaction in Illinois.
Investment Fate
  • Convergint Technologies was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2018-02-02
Target Convergint Technologies LLC
Sector Safety/Security
Buyer(s) Ares Private Equity Group
Sellers(s) PennantPark Investment Corp.
KRG Capital Partners
Intermediate Capital Group (ICG)
Deal Type Secondary Buyout
Advisor(s) William Blair & Co. LLC (Financial)
Hogan Lovells (Legal)

Target

Convergint Technologies LLC

Schaumburg, Illinois, United States
website
Convergint is a designer, installer, and services integrated building systems including electronic security, fire alarm, and life safety systems. Convergint was founded in 2001 and is based in Schaumburg, Illinois.

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Buyer(S) 1

Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 67 of 85
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 28 of 34
State (Illinois) 4 of 4
Country (United States) 59 of 74
Year (2018) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 SVP Worldwide LLC

LaVergne, Tennessee, United States

SVP Worldwide is a consumer sewing machine company with market shares across all industry price points. SVP unites three of the industry's most widely recognized brands, Singer, Husqvarna Viking, and Pfaff, that successfully target distinct market segments. SVP and it's legacy companies, Singer Worldwide was formed in 1851 and is based in LaVergne, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-17 Conti Solar

Edison, New Jersey, United States

Conti Solar is a solar power and energy storage development, EPC and O&M company. Our attention to detail, flawless execution and collaborative culture has enabled us to successfully develop and install over 500MW of solar projects. We leverage established partnerships with solar developers, IPPs, utilities, off-takers, suppliers and landowners to streamline project development, design, construction and operations, driving down project costs and creating value across all project stakeholders.

Buy -

Seller(S) 3

SELLER

PennantPark Investment Corp.

Investor Investor Investor Investor Investor

website


Category Lender
Founded 2007
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

PennantPark is a provider of credit solutions to middle-market private equity sponsors. The Firm looks to provide $10 to $100 million of capital and can support a variety of investment structures. PennantPark was formed in 2007 and is headquartered in New York City.


DEAL STATS #
Overall 13 of 17
Sector (Safety/Security) 1 of 1
Type (Secondary Buyout) 10 of 12
State (Illinois) 2 of 2
Country (United States) 13 of 17
Year (2018) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-01 Galls LLC

Lexington, Kentucky, United States

Galls LLC is a distributor of uniforms and equipment to the public safety market. Galls represents the largest distributor of uniform and equipment to public safety personnel, including police, fire, EMS, private security, corrections, federal/military, and postal. With headquarters in Lexington, KY, Galls services customers through a national catalogue, convenient eCommerce site, more than 50 dedicated sales reps, 80 locations, and its proprietary "eQuip" online solution serving state and local agencies. Each year, more than one million men and women in the public safety, postal and public transportation industries depend on Galls for their essential equipment and apparel.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-27 LegalShield

Ada, Oklahoma, United States

LegalShield is a provider of legal plans and identity theft solutions to families and small businesses across the US and Canada. LegalShield was founded in 1972 and is based in Ada, Oklahoma.

Sell -
SELLER

KRG Capital Partners

Denver, Colorado, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1996
PE ASSETS 4.4B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

KRG Capital Partners is a private equity investment firm focused on acquiring controlling interests in middle-market companies. Prospective transaction situations include owner recapitalizations, management buyouts of private companies, mangement buyouts of corporate divisions, outright purchases, and family successions. Target companies typically generate sales of $35 to $400 million and EBITDA of $10 to $100 million. Sectors of interest include healthcare services, medical technology and life sciences; business services and distribution; construction materials and services; transportation services; marketing; specialty finance and insurance; aerospace, defense, and government services; energy services and products; and infrastructure. KRG primarily looks for opportunities located in the US and Canada but will selectively consider investments in Western Europe. KRG was formed in 1996 and is based in Denver, Colorado with additional offices in Mill Valley, California and Las Vegas, Nevada.


DEAL STATS #
Overall 40 of 41
Sector (Safety/Security) 2 of 2
Type (Secondary Buyout) 14 of 14
State (Illinois) 7 of 7
Country (United States) 39 of 40
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-29 PAS Technologies, Inc.

Kansas City, Missouri, United States

PAS Technologies, Inc. is a high technology components provider, to expand its portfolio of industry-leading MRO service offerings. PAS specializes in providing cost-effective OEM and MRO solutions for the aerospace, oil and gas, and industrial gas turbine markets. By using innovative and proprietary high-technology processes, along with solutions licensed from OEMs, the company provides great value for customers whose components are exposed to high wear, high heat and corrosive environments. The company’s highly engineered, innovative products are known for advanced technology and unsurpassed reliability.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-25 Trafficware Ltd.

Sugar Land, Texas, United States

Trafficware Group Inc. is a supplier of simulation, optimization and adaptive control software in North America. Trafficware was formed in 1978 and is based in Sugar Land, Texas.

Sell -
SELLER

Intermediate Capital Group (ICG)

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 27.2B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 187 of 200
Sector (Safety/Security) 3 of 3
Type (Secondary Buyout) 71 of 75
State (Illinois) 2 of 2
Country (United States) 12 of 13
Year (2018) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-23 PSB Academy Pte Ltd.

Singapore, Singapore

PSB Academy Pte Ltd. is one of the largest independent tertiary education institutions in Singapore, with a 54- year track record. PSB delivers full-fledged tertiary degrees under the brands of renowned university partners in Australia and the UK. It operates two state-of-the-art campuses in Singapore as well as schools in Vietnam, Myanmar, and Indonesia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-04 Sogal

La Jummeliere, France

Sogal is a manufacturer of custom-made sliding doors and wardrobe and storage spaces. Sogal was founded in 1982 and is based in La Jummeliere, France.

Buy -