Audax Private Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Audax Private Equity has acquired 20 companies. It has also invested in 1 other.

Audax Private Equity’s most common sectors for investment are healthcare services (9%) and distribution (9%). The Firm’s most common investment types include secondary buyout (45%) and buyout (lbo, mbo, mbi) (29%). In total, Audax Private Equity has invested in 29 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2004 when it acquired Ready Mixed Concrete for $210M.

In the last 3 years, Audax Private Equity has exited 14 companies. The Firm’s most common exit type is secondary buyout (57%). Audax Private Equity’s largest (disclosed) exit occurred in 2010 when it sold Lincoln Industrial for $1.0B.

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M&A Summary

  • M&A Total Activity196
    • M&A Buy Activity127
    • M&A Sell Activity69
  • Total Sectors Invested 39
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 50
  • M&A Advisors 18

Audax Private Equity

101 Huntington Avenue,
Boston, Massachusetts 02199
United States
(617) 859-1500
www.audaxprivateequity.com
newdeals@audaxgroup.com

Audax Private Equity is a private equity firm that targets to invest in small cap and lower-middle market companies. The Firm seeks to invest $10 - $100 million in companies with revenues of at least $50 million and EBITDA of $5 million. Audax targets companies valued between $50 and $300 million. Areas of interest include building products, business services, distribution/direct marketing, energy, niche manufacturing/specialty industrials, technology/media, consumer products, environmental services, education, food/beverages, waste/recycling, water and wastewater services. Types of transaction include buyouts, divestures, sponsor exit, family/entrepreneur, distressed and public company. Audax Private Equity is the private equity arm of Audax Group, Inc. Audax Private Equity was formed in 1999 and has offices in San Francisco and Boston.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Communications, Construction, Consumer Products, Defense, Distribution, Education, Electrical Equipment, Electronics, Energy Services and Equipment, Engineering, Environmental, Financial Services, Furniture, Healthcare Services, Information Technology, Leisure, Machinery, Manufacturing, Marketing, Media, Medical Products, Plastics, Publishing, Retail, Safety/Security, Software, Technology Hardware, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Special Situations/Distressed

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

Transaction Criteria Min Max
Target Revenue 50 -
Target EBITDA 5 35
Investment Size 10 100
Enterprise Value 50 300
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (6.0/yr) # 97 9 9 8 3 1 127
vol $896M $896M
Sell (4.2/yr) # 48 7 5 5 3 1 69
vol $4.3B $232M $250M $4.8B
  196

Most Recent M&A

Company Date Value Type
Algorithme Pharma, Inc. 2021-02-22 - Secondary Buyout
Laval, Quebec · www.altasciences.com
Statlab Medical Products, Inc. 2021-01-12 - Secondary Buyout
McKinney, Texas · www.statlab.com
Protective Industrial Products, Inc. 2020-12-15 - Secondary Buyout
Latham, New York · www.pipusa.com
Gabriel Performance Products LLC 2020-12-07 250M USD Secondary Buyout
Ashtabula, Ohio · www.gabepro.com
48forty Solutions LLC 2020-12-01 - Secondary Buyout
Atlanta, Georgia · www.48forty.com
AIA Contract Documents 2020-10-30 - Growth Capital
Washington, District of Columbia · www.aiacontracts.org
Corepoint Health 2020-02-19 - Merger
Frisco, Texas · www.corepointhealth.com
Kofile, Inc. 2020-02-04 - Buyout (LBO, MBO, MBI)
Dallas, Texas · www.kofile.com
Corrona LLC 2019-12-19 - Recapitalization
Waltham, Massachusetts · www.corrona.org
AAMP of America, Inc. 2019-11-06 - Secondary Buyout
Clearwater, Florida · www.aampofamerica.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
48forty Solutions LLC 2020-12-01 BridgeStreet Worldwide - European and Asian Agency Business 2020-12-08 1
Atlanta, Georgia · www.48forty.com , United Kingdom
Astute, Inc. 2019-04-10 iPerceptions, Inc. 2020-07-17 2
Columbus, Ohio · www.astutesolutions.com Montreal, Quebec · www.iperceptions.com
Aspen Surgical Products, Inc. 2019-07-10 Precept Medical Products, Inc. 2020-05-04 3
Caledonia, Michigan · www.aspensurgical.com Arden, North Carolina · www.preceptmed.com
EIS, Inc. 2019-08-16 Tekra Corp. 2020-02-18 1
Atlanta, Georgia · www.eis-inc.com New Berlin, Wisconsin · www.tekra.com
Fastener Distribution Holdings LLC (FDH) 2017-04-04 Aerospheres (UK) Ltd. 2019-12-17 5
El Segundo, California · www.fdhaero.com Middlesex, United Kingdom · www.aerospheres.com
The Chartis Group LLC 2019-05-03 The Greeley Co. Inc. 2019-12-09 1
Boston, Massachusetts · www.chartisgroup.com Danvers, Massachusetts · www.greeley.com
URS Management Services, Inc. 2008-12-24 Alltran Financial LP 2019-12-03 1
Houston, Texas · www.alltran.com Houston, Tennessee
Innovative Chemical Products Group (ICP Group) 2016-01-19 Hi-Tech Coatings International Ltd. 2019-11-20 11
Andover, Massachusetts · www.icpgroup.com Buckinghamshire, United Kingdom · www.hitechcoatings.net
Innovative Chemical Products Group (ICP Group) 2016-01-19 IdeaPaint, Inc. 2019-09-16 10
Andover, Massachusetts · www.icpgroup.com Ashland, Massachusetts · www.ideapaint.com
RelaDyne, Inc. 2016-07-26 Jasper Oil Co. 2019-04-02 21
Sharonville, Ohio · www.reladyne.com Jasper, Texas

M&A by Sector

Sector Current # Value All-time # Value
Distribution 3 (5%) - 11 (9%) -
Healthcare Services 8 (13%) - 11 (9%) -
Medical Products 7 (11%) 190M (54%) 10 (8%) 190M (21%)
Business Services 6 (10%) - 10 (8%) -
Automotive 2 (3%) - 7 (5%) -
Chemicals 2 (3%) - 6 (5%) -
Machinery 2 (3%) - 6 (5%) -
Safety/Security 4 (7%) 161M (46%) 5 (4%) 161M (18%)
Electrical Equipment 1 (2%) - 5 (4%) -
Information Technology 2 (3%) - 5 (4%) -
Software 2 (3%) - 5 (4%) -
Manufacturing 2 (3%) - 4 (3%) -
Building Materials 1 (2%) - 3 (2%) -
Education 1 (2%) - 3 (2%) -
Life Science 1 (2%) - 3 (2%) -
Marketing 1 (2%) - 3 (2%) -
Construction - - 2 (2%) 210M (23%)
Plastics - - 2 (2%) 175M (20%)
Technology Hardware 1 (2%) - 2 (2%) 100M (11%)
Energy Services and Equipment 1 (2%) - 2 (2%) -
Environmental 2 (3%) - 2 (2%) -
Internet Software and Services - - 2 (2%) -
Packaging 1 (2%) - 2 (2%) -
Retail - - 2 (2%) -
Transportation 2 (3%) - 2 (2%) -
Publishing - - 1 (1%) 60M (7%)
Aerospace 1 (2%) - 1 (1%) -
Apparel/Textiles 1 (2%) - 1 (1%) -
Consumer Products 1 (2%) - 1 (1%) -
E-Commerce 1 (2%) - 1 (1%) -
Electronics - - 1 (1%) -
Engineering - - 1 (1%) -
Financial Services 1 (2%) - 1 (1%) -
Food 1 (2%) - 1 (1%) -
Furniture 1 (2%) - 1 (1%) -
Media - - 1 (1%) -
Metals/Mining 1 (2%) - 1 (1%) -
Restaurants 1 (2%) - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 61 $351M 129 $896M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 59 (97%) 161M (46%) 123 (95%) 706M (79%)
  Massachusetts 7 (11%) - 14 (11%) 60M (7%)
  Texas 7 (11%) - 13 (10%) -
  California 7 (11%) 161M (46%) 11 (9%) 161M (18%)
  Illinois 7 (11%) - 11 (9%) 100M (11%)
  Ohio 4 (7%) - 8 (6%) 175M (20%)
  Florida 3 (5%) - 7 (5%) -
  New York 1 (2%) - 6 (5%) -
  Colorado 2 (3%) - 5 (4%) -
  Pennsylvania 3 (5%) - 4 (3%) -
  New Jersey 2 (3%) - 4 (3%) -
  Minnesota 2 (3%) - 4 (3%) -
  Arizona 2 (3%) - 4 (3%) -
  Connecticut 1 (2%) - 4 (3%) -
  Georgia 3 (5%) - 3 (2%) -
  Wisconsin 2 (3%) - 3 (2%) -
  North Carolina - - 3 (2%) 210M (23%)
  Michigan 1 (2%) - 2 (2%) -
  Maryland 1 (2%) - 2 (2%) -
  Indiana 1 (2%) - 2 (2%) -
  Virginia 1 (2%) - 2 (2%) -
  Tennessee - - 2 (2%) -
  Missouri - - 2 (2%) -
  Maine 1 (2%) - 1 (1%) -
  District of Columbia 1 (2%) - 1 (1%) -
  South Carolina - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  New Hampshire - - 1 (1%) -
  Nevada - - 1 (1%) -
  Washington - - 1 (1%) -
Canada 2 (3%) 190M (54%) 5 (4%) 190M (21%)
  Ontario 1 (2%) 190M (54%) 3 (2%) 190M (21%)
  Alberta 1 (2%) - 1 (1%) -
  Quebec - - 1 (1%) -
United Kingdom - - 1 (1%) -
Domestic 59 (97%) 161M (46%) 123 (95%) 706M (79%)
Cross-border 2 (3%) 190M (54%) 6 (5%) 190M (21%)
Total 61 $351M 129 $896M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 34 (56%) 161M (46%) 57 (44%) 261M (29%)
Buyout (LBO, MBO, MBI) 11 (18%) - 37 (29%) 385M (43%)
Recapitalization 6 (10%) - 14 (11%) 60M (7%)
Divestiture 6 (10%) 190M (54%) 9 (7%) 190M (21%)
Growth Capital 2 (3%) - 6 (5%) -
Consolidation 1 (2%) - 3 (2%) -
Stake Purchase 1 (2%) - 2 (2%) -
Special Situations/Distressed - - 1 (1%) -
Total 61 $351M 129 $896M

Exits by Deal Type

Type Total # Value
Secondary Sale 39 (57%) 1.2B (24%)
Trade Sale - Public Company 12 (17%) 3.4B (71%)
Trade Sale 11 (16%) 230M (5%)
Recapitalization 3 (4%) -
Merger 2 (3%) -
Bankruptcy 1 (1%) -
Stake Sale 1 (1%) -
Total 69 $4.8B

Top M&A Advisors

Financial Deals
Lincoln International
 3
Houlihan Lokey
 2
Jefferies LLC
 2
Legal Deals
Kirkland & Ellis LLP
 52
Ropes & Gray LLP
 44
Blake, Cassels & Graydon LLP
 3

Deal Values

buy # Total
$100M to $1B 4 $736M
< $100M 2 $160M
TOTAL $896M
Largest Ready Mixed Concrete Co.
$210M (2004-11-09)
sell # Total
> $1B 1 $1.0B
$100M to $1B 14 $3.8B
< $100M 1 $44M
TOTAL $4.8B
Largest Lincoln Industrial Corp.
$1.0B (2010-12-01)

M&A Connections

Deals
Acquired from
Investor(s)
47%
61 (47%)
Strategic(s)
8%
10 (8%)
Exited to
Investor(s)
59%
41 (59%)
Strategic(s)
33%
23 (33%)

Investor Summary

Size

Mega

PE Assets

4.0B USD

Established

1999

Specialist/Generalist

Generalist

Leadership

Jason Currier

Executive Vice President, Finance & CFO, Private Equity

Adam Abramson

Managing Director

Beau Thomas

Managing Director

David Goldenheim

Managing Director

David Wong

Managing Director

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