M&A Deal Summary

Atlantic Street Capital, PennantPark Investment Advisers and Chatham Capital Partners Acquire Victra

On October 21, 2011, private equity firm Atlantic Street Capital, lender PennantPark Investment Advisers and mezzanine finance firm Chatham Capital Partners acquired retailer Victra

Acquisition Highlights
  • This is Atlantic Street Capital’s 1st, PennantPark Investment Advisers’ 1st and Chatham Capital Partners’ 2nd transaction in the Retail sector.
  • This is Atlantic Street Capital’s 4th, PennantPark Investment Advisers’ 8th and Chatham Capital Partners’ 15th transaction in the United States.
  • This is Atlantic Street Capital’s 1st, PennantPark Investment Advisers’ 1st and Chatham Capital Partners’ 1st transaction in North Carolina.
Investment Fate
  • Victra was sold to a consortium of financial buyers in 2016.

M&A Deal Summary

Date 2011-10-21
Target Victra
Sector Retail
Buyer(s) Atlantic Street Capital
PennantPark Investment Advisers
Chatham Capital Partners
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) Allegiance Capital Corp. (Financial)
Winstead (Legal)

Target

Victra

Raleigh, North Carolina, United States
website
Victra operates as an exclusive authorized agent for Verizon Wireless. Victra has approximately 1,600 Verizon-branded retail stores across 49 states, offering a comprehensive mix of wireless devices including smartphones, feature phones, tablets, mobile broadband, and wearables; as well as a broad range of accessories and device insurance coverage. Victra was founded in 1996 and is based in Raleigh, North Carolina.

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Buyer(S) 3

Buyer
DESCRIPTION

Atlantic Street Capital is an operationally focused private equity firm that partners with entrepreneurs and management teams to create value. Atlantic Street looks to acquire profitable companies where it can invest $15 to $75 million per deal. Target industries include consumer products, services, manufacturing, distribution, retail, restaurant and healthcare. Atlantic Street prefers opportunities located in the US and Canada and will only consider control situations. Atlantic Street Capital was formed in 2006 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 4 of 27
Sector (Retail) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 4 of 22
State (North Carolina) 1 of 1
Country (United States) 4 of 27
Year (2011) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-23 Fleetgistics

Orlando, Florida, United States

Fleetgistics, Inc. is a provider of outsourced same-day, dedicated route logistics services to customers predominantly located on the east coast of the United States. Fleetgistics was formed in 1987 and is based in Orlando, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-19 Alex Evenings

New York, New York, United States

Alex Evenings designs, sources and distributes branded ladies eveningwear dresses and separates to the moderate to upper-moderate segments of the women’s apparel industry. Alex Evenings was founded in 1989 and is based in New York City.

Buy -
Buyer

PennantPark Investment Advisers

Investor Investor Investor Investor Investor

website


Category Lender
Founded 2007
PE ASSETS 6.4B USD
Size Mega
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 8 of 22
Sector (Retail) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 3 of 5
State (North Carolina) 1 of 1
Country (United States) 8 of 22
Year (2011) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-03 Galls

Lexington, Kentucky, United States

Galls 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. 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. Galls was founded in 1967 and is based in Lexington, Kentucky.

Buy $163M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-01 Paradigm Outcomes

Walnut Creek, California, United States

Paradigm Outcomes is a provider of managed care services for persons with catastrophic injuries from the workplace. Paradigm, through its proprietary databases, processes and medical network, achieves improved outcomes for injured workers as well as significant savings for insurers and other parties involved in their care. Paradigm Outcomes was founded in 1991 and is based in Walnut Creek, California.

Buy -
Buyer

Chatham Capital Partners

Atlanta, Georgia, United States

Investor Investor

website


Category Mezzanine Finance Firm
Founded 2001
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Chatham Capital Partners is a mezzanine finance firm that provides capital to lower middle-market companies. Chatham looks for investments in healthcare, manufacturing, and service companies with revenues of $10 to $50 million. Chatham will consider opportunities across the US with a preference for companies located in the Eastern and South regions of the US. Chatham will not consider early-stage, venture capital or real estate investments. Chatham was formed in 2001 and is based in Atlanta, Georgia.


DEAL STATS #
Overall 15 of 16
Sector (Retail) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 6 of 6
State (North Carolina) 1 of 1
Country (United States) 15 of 16
Year (2011) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-11 Crimzon Rose International

West Warwick, Rhode Island, United States

Crimzon Rose International, Inc. is a designer and supplier of jewelry items.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-12 Fresh Frozen Foods

Jefferson, Georgia, United States

Fresh Frozen is a family-owned, full-service processor and supplier of more than 60 varieties of frozen vegetables and fruits to retail outlets throughout the Southeast United States and the Caribbean Islands. In addition to a bulk packaging facility in Jefferson, Georgia, the business has a processing facility in Thomasville, Georgia.

Sell $38M