M&A Deal Summary

Audax Private Equity and LLM Capital Partners Acquire Newfold Digital

On May 1, 2003, private equity firm Audax Private Equity and growth capital firm LLM Capital Partners acquired information technology company Newfold Digital

Acquisition Highlights
  • This is Audax Private Equity’s 1st and LLM Capital Partners’ 1st transaction in the Information Technology sector.
  • This is Audax Private Equity’s 3rd and LLM Capital Partners’ 7th transaction in the United States.
  • This is Audax Private Equity’s 1st and LLM Capital Partners’ 2nd transaction in Florida.
Investment Fate
  • Newfold Digital was sold to a consortium of financial buyers in 2008.
  • Newfold Digital was sold to a consortium of financial buyers in 2011 for 975M USD.
  • Newfold Digital went public in 2013.
  • Newfold Digital was sold to a financial buyer in 2020 for 3.0B USD.

M&A Deal Summary
Date 2003-05-01
Target Newfold Digital
Sector Information Technology
Buyer(s) Audax Private Equity
LLM Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target

Newfold Digital

Jacksonville, Florida, United States
Newfold Digital is a provider of shared web hosting services to small businesses. Newfield Digital helps customers of all sizes build a digital presence that delivers results. Newfold Digital has extensive product offerings and personalized support with customers to serve their online presence needs. Newfold Digital was founded in 1997 and is based in Jacksonville, Florida.

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Buyer(S) 2

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 3 of 167
Sector (Information Technology) 1 of 10
Type (Buyout (LBO, MBO, MBI)) 1 of 45
State (Florida) 1 of 11
Country (United States) 3 of 158
Year (2003) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-18 Fibersense Technology

Canton, Massachusetts, United States

Fibersense Technology Corp., is a designer and manufacturer of fiber optic gyroscope-based navigation systems.

Sell $44M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-08-01 Overton’s

Greenville, North Carolina, United States

Overton’s, Inc. is a direct marketer of specialty water sports and related marine accessories.

Buy -
Buyer

LLM Capital Partners

Boston, Massachusetts, United States
Category Growth Capital Firm
Founded 1991
Size Small
Type Sector Agnostic
DESCRIPTION

LLM Capital Partners LLC is a private equity firm that makes growth capital investments in mid-sized companies. The Firm's investment strategy is to provide $10 to $30 million of non-control growth funding to businesses with enterprise values between $15 and $250 million. Broad sectors of interest include healthcare services, business services and niche manufacturing. LLM Capital was formed in 1991 and has offices in Boston, Massachusetts and San Francisco, California.

DEAL STATS #
Overall 7 of 12
Sector (Information Technology) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 3 of 4
State (Florida) 2 of 4
Country (United States) 7 of 12
Year (2003) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-02-03 Ballard Petroleum Resources

Billings, Montana, United States

Ballard Petroleum was an independent energy company primarily engaged in the acquisition and development of natural gas and oil properties in the Rocky Mountain region. Ballard owned or had a working interest in over 330 wells located in Colorado, Montana, Utah and Wyoming. Ballard was acquired by Alberta Energy.

Sell $225M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-06-22 IASIS Healthcare

Franklin, Tennessee, United States

IASIS Healthcare Corp. is an owner and operator of medium-sized acute care hospitals in high-growth urban and suburban markets. Additionally, IASIS owns and operates a Medicaid managed health plan in Phoenix that serves over 108,000 members. IASIS Healthcare was formed in 1998 and is based in Franklin, Tennessee.

Sell $1.4B
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