Audax Private Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Audax Private Equity has acquired 21 companies. It has also invested in 1 other.

Audax Private Equity’s most common sectors for investment are healthcare services (11%) 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 30 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 23 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 Activity208
    • M&A Buy Activity127
    • M&A Sell Activity81
  • Total Sectors Invested 38
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 56
  • M&A Advisors 20

Audax Private Equity

101 Huntington Avenue,
Boston, Massachusetts 02199
United States
(617) 859-1500
www.audaxprivateequity.com
LPRequests@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 $10 million. Audax targets companies valued at between $100 and $500 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 transactions include buyouts, divestitures, 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: Beverages, Building Materials, Business Services, Consumer Products, Consumer Services, Distribution, Education, Energy Services and Equipment, Environmental, Food, Healthcare Services, Information Technology, Internet Software and Services, Life Science, Machinery, Manufacturing, Marketing, Media, Medical Products, Software, Technology Hardware, Utilities

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

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

Transaction Criteria Min Max
Target Revenue 50 -
Target EBITDA 10 50
Investment Size 10 100
Enterprise Value 100 500
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (6.4/yr) # 95 10 9 9 3 1 127
vol $896M $896M
Sell (6.0/yr) # 51 7 7 8 3 5 81
vol $4.3B $232M $250M $4.8B
  208

Most Recent M&A

Company Date Value Type
Gastro Health LLC 2021-05-19 - Secondary Buyout
Miami, Florida · www.gastrohealth.com
Axia Women's Health 2021-05-05 - Secondary Buyout
Voorhees, New Jersey · www.axiawh.com
Corsearch, Inc. 2021-04-20 - Secondary Buyout
London, United Kingdom · www.corsearch.com
AI Fire LLC 2021-03-23 - Secondary Buyout
Long Beach, California · www.aifire.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Aspen Surgical Products, Inc. 2019-07-10 Briggs Healthcare - Stork 2021-06-14 5
Caledonia, Michigan · www.aspensurgical.com Moines, Iowa
Innovative Chemical Products Group 2016-01-19 Choice Slocum Holdings LLC 2021-04-19 14
Andover, Massachusetts · www.icpgroup.com Cincinnati, Ohio · www.choiceadhesivescorp.com
48forty Solutions LLC 2020-12-01 BridgeStreet Worldwide - European and Asian Agency Business 2020-12-08 3
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 4
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 2019-05-09 The Greeley Co. Inc. 2019-12-09 1
Chicago, Illinois · www.chartis.com Danvers, Massachusetts · www.greeley.com
Innovative Chemical Products Group 2016-01-19 Hi-Tech Coatings International Ltd. 2019-11-20 13
Andover, Massachusetts · www.icpgroup.com Buckinghamshire, United Kingdom · www.hitechcoatings.net
Innovative Chemical Products Group 2016-01-19 IdeaPaint, Inc. 2019-09-16 12
Andover, Massachusetts · www.icpgroup.com Ashland, Massachusetts · www.ideapaint.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 7 (17%) 190M (100%) 13 (10%) 190M (21%)
Distribution 3 (7%) - 11 (9%) -
Business Services 4 (10%) - 9 (7%) -
Medical Products 4 (10%) - 8 (6%) -
Software 4 (10%) - 7 (5%) -
Automotive - - 6 (5%) -
Chemicals 1 (2%) - 6 (5%) -
Safety/Security 1 (2%) - 5 (4%) 161M (18%)
Electrical Equipment 1 (2%) - 5 (4%) -
Manufacturing 2 (5%) - 5 (4%) -
Information Technology 1 (2%) - 4 (3%) -
Machinery - - 4 (3%) -
Building Materials 1 (2%) - 3 (2%) -
Consumer Products 2 (5%) - 3 (2%) -
Education - - 3 (2%) -
Life Science 1 (2%) - 3 (2%) -
Marketing - - 3 (2%) -
Construction - - 2 (2%) 210M (23%)
Plastics - - 2 (2%) 175M (20%)
Technology Hardware 1 (2%) - 2 (2%) 100M (11%)
Energy Services and Equipment - - 2 (2%) -
Environmental 1 (2%) - 2 (2%) -
Internet Software and Services - - 2 (2%) -
Packaging 1 (2%) - 2 (2%) -
Retail - - 2 (2%) -
Transportation 1 (2%) - 2 (2%) -
Publishing - - 1 (1%) 60M (7%)
Aerospace 1 (2%) - 1 (1%) -
Apparel/Textiles 1 (2%) - 1 (1%) -
Consumer Services 1 (2%) - 1 (1%) -
Electronics - - 1 (1%) -
Engineering - - 1 (1%) -
Financial Services - - 1 (1%) -
Furniture - - 1 (1%) -
Media - - 1 (1%) -
Metals/Mining 1 (2%) - 1 (1%) -
Restaurants 1 (2%) - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 41 $190M 128 $896M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 40 (98%) - 122 (95%) 706M (79%)
  Texas 5 (12%) - 13 (10%) -
  Massachusetts 4 (10%) - 13 (10%) 60M (7%)
  Illinois 6 (15%) - 12 (9%) 100M (11%)
  California 5 (12%) - 11 (9%) 161M (18%)
  Ohio 3 (7%) - 7 (5%) 175M (20%)
  Florida 1 (2%) - 6 (5%) -
  New Jersey 2 (5%) - 5 (4%) -
  Minnesota 2 (5%) - 5 (4%) -
  New York - - 5 (4%) -
  Pennsylvania 3 (7%) - 4 (3%) -
  Connecticut 1 (2%) - 4 (3%) -
  Arizona 1 (2%) - 4 (3%) -
  Colorado - - 4 (3%) -
  Georgia 2 (5%) - 3 (2%) -
  Wisconsin 1 (2%) - 3 (2%) -
  North Carolina - - 3 (2%) 210M (23%)
  Tennessee - - 3 (2%) -
  Michigan 1 (2%) - 2 (2%) -
  Maryland 1 (2%) - 2 (2%) -
  Missouri - - 2 (2%) -
  Indiana - - 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%) -
  Kentucky - - 1 (1%) -
  Washington - - 1 (1%) -
  Virginia - - 1 (1%) -
Canada 1 (2%) 190M (100%) 4 (3%) 190M (21%)
  Ontario 1 (2%) 190M (100%) 3 (2%) 190M (21%)
  Quebec - - 1 (1%) -
United Kingdom - - 2 (2%) -
Domestic 40 (98%) - 122 (95%) 706M (79%)
Cross-border 1 (2%) 190M (100%) 6 (5%) 190M (21%)
Total 41 $190M 128 $896M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 22 (54%) - 57 (45%) 261M (29%)
Buyout (LBO, MBO, MBI) 6 (15%) - 36 (28%) 385M (43%)
Recapitalization 5 (12%) - 14 (11%) 60M (7%)
Divestiture 4 (10%) 190M (100%) 8 (6%) 190M (21%)
Growth Capital 2 (5%) - 7 (5%) -
Consolidation 1 (2%) - 3 (2%) -
Special Situations/Distressed - - 1 (1%) -
Stake Purchase - - 1 (1%) -
Venture 1 (2%) - 1 (1%) -
Total 41 $190M 128 $896M

Exits by Deal Type

Type Total # Value
Secondary Sale 46 (57%) 1.2B (24%)
Trade Sale - Public Company 13 (16%) 3.4B (71%)
Trade Sale 12 (15%) 230M (5%)
Merger 5 (6%) -
Recapitalization 3 (4%) -
Bankruptcy 1 (1%) -
Stake Sale 1 (1%) -
Total 81 $4.8B

Top M&A Advisors

Financial Deals
Lincoln International
3
Houlihan Lokey
2
GulfStar Group
1
Legal Deals
Kirkland & Ellis LLP
54
Ropes & Gray LLP
42
Goulston & Storrs
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)
48%
62 (48%)
Strategic(s)
7%
9 (7%)
Exited to
Investor(s)
59%
48 (59%)
Strategic(s)
36%
29 (36%)

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