Audax Private Debt Mergers and Acquisitions Summary

Mezzanine Finance Firm Profile

In the last 3 years, Audax Private Debt has acquired 4 companies. It has also invested in 2 others.

Audax Private Debt’s most common sectors for investment arebusiness services (13%) and food (11%) . The Firm’s most common investment types include secondary buyout (43%) and buyout (lbo, mbo, mbi) (34%). 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 8 companies. The Firm’s most common exit type is secondary buyout (45%). 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 Activity105
    • M&A Buy Activity57
    • M&A Sell Activity48
  • Total Sectors Invested 26
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 62
  • 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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.2/yr) # 51 - - - 5 1 57
vol $355M $355M
Sell (2.2/yr) # 37 3 3 2 2 1 48
vol $2.6B $2.6B
  105

Most Recent M&A

Company Date Value Type
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
Summit Spine & Joint Centers 2021-06-14 - Secondary Buyout
Lawrenceville, Georgia · www.summitspine.com
JTM Foods LLC 2021-05-26 - Secondary Buyout
Erie, Pennsylvania · www.jjsbakery.net
Ya YA Foods Corp. 2021-03-02 - Growth Capital
Toronto, Ontario · www.yayafoods.com
Backstage LLC 2021-02-22 - Growth Capital
Brooklyn, New York · www.backstage.com
AWP, Inc. 2020-12-23 - Secondary Buyout
North Canton, Ohio · www.awptrafficsafety.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Archway Marketing Services, Inc. 2012-07-09 Teraco, Inc. 2019-02-13 2
Rogers, Minnesota · www.archway.com Midland, Texas · www.teraco.com
Taylor-Wharton International LLC 2007-12-10 Taylor-Wharton International LLC - CryoScience 2015-11-23 1
Minnetonka, Minnesota · www.taylorwharton.com Minnetonka, Minnesota

M&A by Sector

Sector Current # Value All-time # Value
Business Services 1 (11%) - 7 (12%) -
Food 2 (22%) - 6 (11%) -
Manufacturing 1 (11%) - 6 (11%) -
Healthcare Services 2 (22%) - 4 (7%) -
Construction - - 3 (5%) -
Distribution - - 3 (5%) -
Information Technology - - 3 (5%) -
Franchising - - 2 (4%) 55M (15%)
Apparel/Textiles - - 2 (4%) -
Education - - 2 (4%) -
Machinery - - 2 (4%) -
Safety/Security - - 2 (4%) -
Software 1 (11%) - 2 (4%) -
Marketing 1 (11%) 300M (100%) 1 (2%) 300M (85%)
Aerospace - - 1 (2%) -
Automotive - - 1 (2%) -
Building Materials 1 (11%) - 1 (2%) -
Chemicals - - 1 (2%) -
Consumer Products - - 1 (2%) -
Electrical Equipment - - 1 (2%) -
Electronics - - 1 (2%) -
Internet Software and Services - - 1 (2%) -
Life Science - - 1 (2%) -
Medical Products - - 1 (2%) -
Retail - - 1 (2%) -
Transportation - - 1 (2%) -
Total 9 $300M 57 $355M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 8 (89%) 300M (100%) 55 (96%) 355M (100%)
  Ohio 1 (11%) - 8 (14%) -
  Massachusetts - - 5 (9%) -
  Texas 1 (11%) - 4 (7%) -
  Florida - - 4 (7%) -
  New York - - 3 (5%) -
  Maryland - - 3 (5%) -
  Illinois - - 3 (5%) -
  Minnesota 2 (22%) 300M (100%) 2 (4%) 300M (85%)
  Pennsylvania 1 (11%) - 2 (4%) -
  Georgia 1 (11%) - 2 (4%) -
  Colorado - - 2 (4%) 55M (15%)
  Wisconsin - - 2 (4%) -
  North Carolina - - 2 (4%) -
  Connecticut - - 2 (4%) -
  California - - 2 (4%) -
  Virginia 1 (11%) - 1 (2%) -
  South Carolina 1 (11%) - 1 (2%) -
  Washington - - 1 (2%) -
  Tennessee - - 1 (2%) -
  New Jersey - - 1 (2%) -
  Missouri - - 1 (2%) -
  Indiana - - 1 (2%) -
  District of Columbia - - 1 (2%) -
  Arizona - - 1 (2%) -
Canada 1 (11%) - 1 (2%) -
  Ontario 1 (11%) - 1 (2%) -
Puerto Rico - - 1 (2%) -
Domestic 8 (89%) 300M (100%) 55 (96%) 355M (100%)
Cross-border 1 (11%) - 2 (4%) -
Total 9 $300M 57 $355M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 5 (56%) 300M (100%) 24 (42%) 300M (85%)
Buyout (LBO, MBO, MBI) 1 (11%) - 19 (33%) -
Growth Capital 2 (22%) - 6 (11%) -
Divestiture 1 (11%) - 3 (5%) -
Recapitalization - - 2 (4%) -
Going Private - - 1 (2%) 55M (15%)
Consolidation - - 1 (2%) -
Special Situations/Distressed - - 1 (2%) -
Total 9 $300M 57 $355M

Exits by Deal Type

Type Total # Value
Secondary Sale 22 (45%) 980M (38%)
Trade Sale - Public Company 10 (20%) 1.3B (51%)
Trade Sale 9 (18%) -
Recapitalization 3 (6%) 288M (11%)
Merger 2 (4%) -
Sold to Management 2 (4%) -
Bankruptcy 1 (2%) -
Total 49 $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)
40%
23 (40%)
Strategic(s)
5%
3 (5%)
Exited to
Investor(s)
51%
25 (51%)
Strategic(s)
41%
20 (41%)

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