Audax Mezzanine Mergers and Acquisitions Summary

Private Equity Profile

Audax Mezzanine’s most common sectors for investment are business services (15%) and manufacturing (11%). The Firm’s most common investment types include secondary buyout (41%) and buyout (lbo, mbo, mbi) (39%). In total, Audax Mezzanine has invested in 22 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Archway Marketing Services for $300M.

In the last 3 years, Audax Mezzanine has exited 7 companies. The Firm’s most common exit type is secondary buyout (48%). Audax Mezzanine’s largest (disclosed) exit occurred in 2010 when it sold Bumble Bee Foods for $980M.

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M&A Summary

  • M&A Total Activity88
    • M&A Buy Activity47
    • M&A Sell Activity41
  • Total Sectors Invested 23
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 52
  • M&A Advisors 1

Audax Mezzanine

320 Park Avenue, 19th Floor,
New York, New York 10022
United States
(212) 703-2700
www.audaxmezzanine.com

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.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Business Services, Chemicals, Construction, Consumer Products, Distribution, Education, Energy Services and Equipment, Engineering, Food, Healthcare Services, Manufacturing, Oil/Gas Exploration, Software, Staffing, Test/Measurement Equipment

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

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 10 60
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 47 - - - - - 47
vol $355M $355M
Sell (1.6/yr) # 33 1 2 2 3 - 41
vol $2.6B $2.6B
  88

Most Recent M&A

Company Date Value Type
Sunless, Inc. 2019-08-13 - Secondary Buyout
Macedonia, Ohio · www.sunlessinc.com
Consolidated Precision Products, Inc. 2019-06-14 - Recapitalization
Cleveland, Ohio · www.cppcorp.com
CPS Group Holdings, Inc. 2019-03-27 - Secondary Buyout
Memphis, Tennessee · www.cpspharm.com
Authority Brands LLC 2018-09-24 - Secondary Buyout
Columbia, Maryland
Alegeus Technologies LLC 2018-08-07 - Secondary Buyout
Waltham, Massachusetts · www.alegeus.com
Chesapeake Research Review, Inc. 2017-11-07 - Merger
Columbia, Maryland · www.chesapeakeirb.com
The Rocore Group 2017-10-23 - Secondary Buyout
Indianapolis, Indiana · www.rocore.com
Source Refrigeration & HVAC, Inc. 2016-01-06 - Secondary Buyout
Anaheim, California · www.sourcerefrigeration.com
Chesapeake Research Review, Inc. 2015-12-31 - Secondary Buyout
Columbia, Maryland · www.chesapeakeirb.com
Shoes for Crews LLC 2015-10-27 - Secondary Buyout
West Palm Beach, Florida · www.shoesforcrews.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
AWP, Inc. (dba Area Wide Protective, Inc.) 2015-06-10 Northern Colorado Traffic Control, Inc. 2019-05-22 4
Kent, Ohio · www.awptrafficsafety.com Greeley, Colorado · www.nocotraffic.com
AWP, Inc. (dba Area Wide Protective, Inc.) 2015-06-10 Safety First-SFC Ltd. 2018-03-22 3
Kent, Ohio · www.awptrafficsafety.com Dartmouth, Nova Scotia · www.safetyfirst-sfc.com
AWP, Inc. (dba Area Wide Protective, Inc.) 2015-06-10 FlagPros 2017-09-05 2
Kent, Ohio · www.awptrafficsafety.com Goodlettsville, Tennessee · www.flagpros.net
Intermedix Corp. 2010-07-30 WPC Healthcare 2017-04-04 9
Fort Lauderdale, Florida · www.intermedix.com Brentwood, Tennessee · www.wpchealthcare.com
Taylor-Wharton International LLC 2007-12-10 Taylor-Wharton International LLC - CryoScience 2015-11-23 2
Minnetonka, Minnesota · www.taylorwharton.com Minnetonka, Minnesota
AWP, Inc. (dba Area Wide Protective, Inc.) 2015-06-10 Traffic Specialties, Inc. 2015-11-02 1
Kent, Ohio · www.awptrafficsafety.com Stone Mountain, Georgia · www.georgiatrafficcontrol.com
Archway Marketing Services, Inc. 2012-07-09 PogMaker Corp. 2015-05-22 1
Rogers, Minnesota · www.archway.com , United States
Intermedix Corp. 2010-07-30 Marina Medical Billing Service, Inc. 2014-06-10 8
Fort Lauderdale, Florida · www.intermedix.com Cerritos, California · www.marinabilling.com
Intermedix Corp. 2010-07-30 The Optima Corp. 2014-04-16 7
Fort Lauderdale, Florida · www.intermedix.com Auckland, New Zealand · www.theoptimacorporation.com
Intermedix Corp. 2010-07-30 Anesthesia Revenue Management Inc. 2013-01-09 6
Fort Lauderdale, Florida · www.intermedix.com Warren, Michigan · www.armgmt.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services - - 7 (15%) -
Food 2 (25%) - 5 (11%) -
Manufacturing 1 (13%) - 5 (11%) -
Distribution - - 3 (6%) -
Information Technology 1 (13%) - 3 (6%) -
Apparel/Textiles - - 2 (4%) -
Construction 1 (13%) - 2 (4%) -
Electrical Equipment - - 2 (4%) -
Healthcare Services - - 2 (4%) -
Machinery - - 2 (4%) -
Safety/Security 1 (13%) - 2 (4%) -
Marketing 1 (13%) 300M (100%) 1 (2%) 300M (85%)
Franchising - - 1 (2%) 55M (15%)
Aerospace - - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Products - - 1 (2%) -
Consumer Services - - 1 (2%) -
Education 1 (13%) - 1 (2%) -
Electronics - - 1 (2%) -
Life Science - - 1 (2%) -
Retail - - 1 (2%) -
Software - - 1 (2%) -
Transportation - - 1 (2%) -
Total 8 $300M 47 $355M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 7 (88%) 300M (100%) 46 (98%) 355M (100%)
  Ohio 1 (13%) - 6 (13%) -
  Massachusetts - - 5 (11%) -
  Florida 1 (13%) - 3 (6%) -
  Illinois - - 3 (6%) -
  Texas - - 3 (6%) -
  Maryland - - 3 (6%) -
  Minnesota 2 (25%) 300M (100%) 2 (4%) 300M (85%)
  Colorado 1 (13%) - 2 (4%) 55M (15%)
  Wisconsin 1 (13%) - 2 (4%) -
  New York 1 (13%) - 2 (4%) -
  Connecticut - - 2 (4%) -
  California - - 2 (4%) -
  Tennessee - - 2 (4%) -
  Georgia - - 1 (2%) -
  Arizona - - 1 (2%) -
  Washington - - 1 (2%) -
  Virginia - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
  North Carolina - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Missouri - - 1 (2%) -
  Indiana - - 1 (2%) -
Puerto Rico 1 (13%) - 1 (2%) -
Domestic 7 (88%) 300M (100%) 46 (98%) 355M (100%)
Cross-border 1 (13%) - 1 (2%) -
Total 8 $300M 47 $355M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 5 (63%) 300M (100%) 19 (40%) 300M (85%)
Buyout (LBO, MBO, MBI) 2 (25%) - 18 (38%) -
Growth Capital - - 3 (6%) -
Divestiture - - 2 (4%) -
Recapitalization 1 (13%) - 2 (4%) -
Going Private - - 1 (2%) 55M (15%)
Consolidation - - 1 (2%) -
Special Situations/Distressed - - 1 (2%) -
Total 8 $300M 47 $355M

Exits by Deal Type

Type Total # Value
Secondary Sale 20 (48%) 980M (38%)
Trade Sale - Public Company 10 (24%) 1.3B (51%)
Trade Sale 6 (14%) -
Recapitalization 3 (7%) 288M (11%)
Bankruptcy 1 (2%) -
Merger 1 (2%) -
Sold to Management 1 (2%) -
Total 42 $2.6B

Top M&A Advisors

Legal Deals
Kirkland & Ellis LLP
1

Deal Values

buy # Total
$100M to $1B 1 $300M
< $100M 1 $55M
TOTAL $355M
Largest Archway Marketing Services, Inc.
$300M (2012-07-09)
sell # Total
$100M to $1B 7 $2.6B
TOTAL $2.6B
Largest Bumble Bee Foods LLC
$980M (2010-12-15)

M&A Connections

Deals %
Acquired from
PE Firm(s)
93%
27 93%
Strategic(s)
7%
2 7%
Exited to
PE Firm(s)
65%
31 65%
Strategic(s)
35%
17 35%

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