Audax Private Debt Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Audax Private Debt has acquired 8 companies. It has also invested in 3 others.

Audax Private Debt’s most common sectors for investment arebusiness services (16%) and food (10%) . The Firm’s most common investment types include secondary buyout (45%) and buyout (lbo, mbo, mbi) (31%). In total, Audax Private Debt has invested in 24 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2012 when it acquired Archway Marketing Services for $300M.

In the last 3 years, Audax Private Debt has exited 6 companies. The Firm’s most common exit type is secondary buyout (46%). Audax Private Debt’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 Activity112
    • M&A Buy Activity62
    • M&A Sell Activity50
  • Total Sectors Invested 29
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 57
  • M&A Advisors 1

Audax Private Debt

320 Park Avenue, 19th Floor,
New York, New York 10022
United States
(212) 703-2700
www.audaxprivatedebt.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: Beverages, Business Services, Consumer Products, Consumer Services, Financial Services, Food, Healthcare Services, Information Technology, Manufacturing, Software, Transportation

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 10 75
Investment Size - 250
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (2.2/yr) # 51 1 - 5 3 2 62
vol $355M $355M
Sell (1.8/yr) # 41 3 2 2 2 - 50
vol $2.6B $2.6B
  112

Most Recent M&A

Company Date Value Type
minds + assembly LLC 2023-05-04 - Growth Capital
New York, New York · www.mna.co
Tower Engineering Professionals, Inc. 2023-04-12 - Secondary Buyout
Raleigh, North Carolina · www.tepgroup.net
Ned Stevens Gutter Cleaning & General Contracting, Inc. 2022-11-01 - Secondary Buyout
Fairfield, New Jersey · www.nedstevens.com
Magna Legal Services 2022-10-19 - Secondary Buyout
Philadelphia, Pennsylvania · www.magnals.com
Cerity Partners LLC 2022-06-13 - Recapitalization
New York, New York · www.ceritypartners.com
TriMech Solutions LLC 2022-03-14 - Secondary Buyout
Glen Allen, Virginia · www.trimech.com
Backstage LLC 2022-02-01 - Add-on Acquisition
Brooklyn, New York · www.backstage.com
Agape Care Group 2021-10-19 - Divestiture
Spartanburg, South Carolina · www.agapecaregroup.com
Ornua Ingredients North America 2021-10-11 - Add-on Acquisition
Whitehall, Wisconsin · www.ornuaingredientsnorthamerica.com
RailWorks Corp. 2021-09-30 - Secondary Buyout
New York, New York · www.railworks.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Magna Legal Services 2022-10-19 TrialGraphix, Inc. 2023-03-16 2
Philadelphia, Pennsylvania · www.magnals.com Miramar, Florida · www.trialgraphix.com
TriMech Solutions LLC 2022-03-14 Solid Solutions Management Ltd. 2022-06-27 1
Glen Allen, Virginia · www.trimech.com Warwickshire, United Kingdom · www.solidsolutions.co.uk

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (27%) - 10 (16%) -
Food 2 (18%) - 6 (10%) -
Manufacturing - - 6 (10%) -
Healthcare Services 2 (18%) - 4 (6%) -
Construction - - 3 (5%) -
Distribution - - 3 (5%) -
Information Technology - - 3 (5%) -
Franchising - - 2 (3%) 55M (15%)
Apparel/Textiles - - 2 (3%) -
Education - - 2 (3%) -
Machinery - - 2 (3%) -
Safety/Security - - 2 (3%) -
Software 1 (9%) - 2 (3%) -
Marketing - - 1 (2%) 300M (85%)
Aerospace - - 1 (2%) -
Automotive - - 1 (2%) -
Building Materials - - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Products - - 1 (2%) -
Digital Media 1 (9%) - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Electronics - - 1 (2%) -
Engineering 1 (9%) - 1 (2%) -
Financial Services 1 (9%) - 1 (2%) -
Internet Software and Services - - 1 (2%) -
Life Science - - 1 (2%) -
Medical Products - - 1 (2%) -
Retail - - 1 (2%) -
Transportation - - 1 (2%) -
Total 11 - 63 $355M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (91%) - 61 (97%) 355M (100%)
  Ohio - - 8 (13%) -
  New York 2 (18%) - 5 (8%) -
  Massachusetts - - 5 (8%) -
  Texas 1 (9%) - 4 (6%) -
  Florida - - 4 (6%) -
  Pennsylvania 2 (18%) - 3 (5%) -
  North Carolina 1 (9%) - 3 (5%) -
  New Jersey 1 (9%) - 3 (5%) -
  Maryland - - 3 (5%) -
  Illinois - - 3 (5%) -
  Georgia 1 (9%) - 2 (3%) -
  Minnesota - - 2 (3%) 300M (85%)
  Colorado - - 2 (3%) 55M (15%)
  Connecticut - - 2 (3%) -
  California - - 2 (3%) -
  Wisconsin - - 2 (3%) -
  Virginia 1 (9%) - 1 (2%) -
  South Carolina 1 (9%) - 1 (2%) -
  District of Columbia - - 1 (2%) -
  Arizona - - 1 (2%) -
  Washington - - 1 (2%) -
  Tennessee - - 1 (2%) -
  Missouri - - 1 (2%) -
  Indiana - - 1 (2%) -
Canada 1 (9%) - 1 (2%) -
  Ontario 1 (9%) - 1 (2%) -
Puerto Rico - - 1 (2%) -
Domestic 10 (91%) - 61 (97%) 355M (100%)
Cross-border 1 (9%) - 2 (3%) -
Total 11 - 63 $355M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 6 (55%) - 28 (44%) 300M (85%)
Buyout (LBO, MBO, MBI) - - 19 (30%) -
Growth Capital 3 (27%) - 7 (11%) -
Divestiture 1 (9%) - 3 (5%) -
Recapitalization 1 (9%) - 3 (5%) -
Going Private - - 1 (2%) 55M (15%)
Consolidation - - 1 (2%) -
Special Situations/Distressed - - 1 (2%) -
Total 11 - 63 $355M

Exits by Deal Type

Type Total # Value
Secondary Sale 23 (45%) 980M (38%)
Trade Sale - Public Company 10 (20%) 1.3B (51%)
Trade Sale 9 (18%) -
Recapitalization 3 (6%) 288M (11%)
Bankruptcy 2 (4%) -
Merger 2 (4%) -
Sold to Management 2 (4%) -
Total 51 $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
Investor(s)
44%
28 (44%)
Strategic(s)
5%
3 (5%)
Exited to
Investor(s)
51%
26 (51%)
Strategic(s)
39%
20 (39%)

Investor Summary

Investor Type

Mezzanine Finance Firm

Size

Mega

PE Assets

5.4B USD

Established

2000

Specialist/Generalist

Generalist

Leadership

Kevin Magid

President of Audax Private Debt

Rahman Vahabzadeh

Co-Head of Origination

Steven Ruby

Co-Head of Origination

Glenn Weiner

Head of Investor Relations

Michael McGonigle

Head of Senior Debt

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