Audax Private Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Audax Private Equity has acquired 10 companies.

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 (44%) and buyout (lbo, mbo, mbi) (30%). In total, Audax Private Equity has invested in 28 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 13 companies. The Firm’s most common exit type is secondary buyout (56%). 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 Activity189
    • M&A Buy Activity124
    • M&A Sell Activity65
  • Total Sectors Invested 39
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 47
  • M&A Advisors 17

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (7.8/yr) # 85 12 9 9 8 1 124
vol $706M $190M $896M
Sell (4.8/yr) # 41 7 6 5 5 1 65
vol $4.3B $232M $4.6B
  189

Most Recent M&A

Company Date Value Type
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
EIS, Inc. 2019-08-16 - Divestiture
Atlanta, Georgia · www.eis-inc.com
The CORE Institute 2019-08-15 - Secondary Buyout
Phoenix, Arizona · www.thecoreinstitute.com
Stonewall Kitchens, Inc. 2019-08-01 - Secondary Buyout
York, Maine · www.stonewallkitchen.com
Aspen Surgical Products, Inc. 2019-07-10 - Divestiture
Caledonia, Michigan · www.aspensurgical.com
Preferred Compounding Corp. 2019-07-01 232M USD Add-on Acquisition
Copley, Ohio · www.preferredperforms.com
Reedy Industries, Inc. 2019-05-07 - Recapitalization
Glenview, Illinois · www.reedyindustries.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Astute, Inc. 2019-04-10 iPerceptions, Inc. 2020-07-17 1
Columbus, Ohio · www.astutesolutions.com Montreal, Quebec · www.iperceptions.com
Mobileum, Inc. 2016-11-02 Sigos 2020-07-13 3
Santa Clara, California · www.mobileum.com Nuernberg, Germany · www.sigos.com
Reedy Industries, Inc. 2019-05-07 Arctic Engineering Co., Inc. 2020-07-10 6
Glenview, Illinois · www.reedyindustries.com Merrillville, Indiana · www.arcticengineering.com
AI Fire 2017-04-19 Kennebec Fire Equipment, Inc. 2020-07-09 4
Long Beach, California · www.aifire.com Winslow, Maine · www.kennebecfire.com
Aspen Surgical Products, Inc. 2019-07-10 Precept Medical Products, Inc. 2020-05-04 2
Caledonia, Michigan · www.aspensurgical.com Arden, North Carolina · www.preceptmed.com
Smart Care Equipment Solutions 2017-10-11 Advanced Mechanical Plus, Inc. 2020-03-05 4
Saint Paul, Minnesota · www.smartcaresolutions.com Lima, Ohio · www.advancedmechanicalplus.com
PHOENIX Rehabilitation and Health Services, Inc. 2018-12-13 Colorado Athletic Conditioning Clinic (CACC) 2020-03-03 4
Blairsville, Pennsylvania · www.phoenixrehab.com Aurora, Colorado · www.cacc-pt.com
AI Fire 2017-04-19 P&J Sprinkler Co. Inc. 2020-03-02 3
Long Beach, California · www.aifire.com Willimantic, Connecticut · www.pjsprinkler.com
Liquid Environmental Solutions Corp. 2017-12-20 Atlas Pumping Service 2020-02-20 1
Irving, Texas · www.liquidenviro.com Lakeside, California · www.atlaspumpingservice.com
EIS, Inc. 2019-08-16 Tekra Corp. 2020-02-18 1
Atlanta, Georgia · www.eis-inc.com New Berlin, Wisconsin · www.tekra.com

M&A by Sector

Sector Current # Value All-time # Value
Distribution 3 (5%) - 11 (9%) -
Healthcare Services 8 (13%) - 11 (9%) -
Medical Products 6 (10%) 190M (42%) 9 (7%) 190M (21%)
Business Services 5 (8%) - 9 (7%) -
Automotive 2 (3%) - 7 (6%) -
Chemicals 3 (5%) - 6 (5%) -
Information Technology 2 (3%) - 6 (5%) -
Machinery 2 (3%) - 6 (5%) -
Safety/Security 5 (8%) 161M (36%) 5 (4%) 161M (18%)
Electrical Equipment 1 (2%) - 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 2 (3%) - 3 (2%) -
Marketing 1 (2%) - 3 (2%) -
Construction - - 2 (2%) 210M (23%)
Plastics - - 2 (2%) 175M (20%)
Technology Hardware 2 (3%) 100M (22%) 2 (2%) 100M (11%)
Energy Services and Equipment 1 (2%) - 2 (2%) -
Environmental 2 (3%) - 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%) -
Internet Software and Services - - 1 (1%) -
Media - - 1 (1%) -
Metals/Mining 1 (2%) - 1 (1%) -
Packaging - - 1 (1%) -
Restaurants 1 (2%) - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 62 $451M 126 $896M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 59 (95%) 261M (58%) 120 (95%) 706M (79%)
  Massachusetts 7 (11%) - 14 (11%) 60M (7%)
  Texas 6 (10%) - 12 (10%) -
  Illinois 8 (13%) 100M (22%) 11 (9%) 100M (11%)
  California 7 (11%) 161M (36%) 11 (9%) 161M (18%)
  Ohio 5 (8%) - 8 (6%) 175M (20%)
  Florida 3 (5%) - 7 (6%) -
  New York 2 (3%) - 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%) -
  Wisconsin 2 (3%) - 3 (2%) -
  North Carolina - - 3 (2%) 210M (23%)
  Georgia 2 (3%) - 2 (2%) -
  Virginia 1 (2%) - 2 (2%) -
  Michigan 1 (2%) - 2 (2%) -
  Maryland 1 (2%) - 2 (2%) -
  Indiana 1 (2%) - 2 (2%) -
  Tennessee - - 2 (2%) -
  Missouri - - 2 (2%) -
  Maine 1 (2%) - 1 (1%) -
  Washington - - 1 (1%) -
  South Carolina - - 1 (1%) -
  Rhode Island - - 1 (1%) -
  New Hampshire - - 1 (1%) -
  Nevada - - 1 (1%) -
Canada 3 (5%) 190M (42%) 5 (4%) 190M (21%)
  Ontario 1 (2%) 190M (42%) 3 (2%) 190M (21%)
  Quebec 1 (2%) - 1 (1%) -
  Alberta 1 (2%) - 1 (1%) -
United Kingdom - - 1 (1%) -
Domestic 59 (95%) 261M (58%) 120 (95%) 706M (79%)
Cross-border 3 (5%) 190M (42%) 6 (5%) 190M (21%)
Total 62 $451M 126 $896M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 34 (55%) 261M (58%) 55 (44%) 261M (29%)
Buyout (LBO, MBO, MBI) 12 (19%) - 37 (29%) 385M (43%)
Recapitalization 7 (11%) - 14 (11%) 60M (7%)
Divestiture 6 (10%) 190M (42%) 9 (7%) 190M (21%)
Growth Capital 1 (2%) - 5 (4%) -
Consolidation 1 (2%) - 3 (2%) -
Stake Purchase 1 (2%) - 2 (2%) -
Special Situations/Distressed - - 1 (1%) -
Total 62 $451M 126 $896M

Exits by Deal Type

Type Total # Value
Secondary Sale 36 (55%) 916M (20%)
Trade Sale - Public Company 12 (18%) 3.4B (75%)
Trade Sale 10 (15%) 230M (5%)
Recapitalization 3 (5%) -
Merger 2 (3%) -
Bankruptcy 1 (2%) -
Stake Sale 1 (2%) -
Total 65 $4.6B

Top M&A Advisors

Financial Deals
Lincoln International
 3
Houlihan Lokey
 2
Jefferies LLC
 2
Legal Deals
Kirkland & Ellis LLP
 52
Ropes & Gray LLP
 42
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 13 $3.5B
< $100M 1 $44M
TOTAL $4.6B
Largest Lincoln Industrial Corp.
$1.0B (2010-12-01)

M&A Connections

Deals %
Acquired from
PE Firm(s)
90%
87 90%
Strategic(s)
10%
10 10%
Exited to
PE Firm(s)
68%
45 68%
Strategic(s)
32%
21 32%

Investor Summary

Size

Mega

PE Assets

4.0B USD

Established

1999

Specialist/Generalist

Generalist

Leadership

Geoffrey Rehnert

Co-Founder & Co-CEO

Marc Wolpow

Co-Founder & Co-CEO

Adam Abramson

Managing Director

Asheesh Gupta

Managing Director

David Wong

Managing Director

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