Audax Private Equity Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Audax Private Equity has acquired 9 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) (29%). 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 15 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 Activity186
    • M&A Buy Activity123
    • M&A Sell Activity63
  • Total Sectors Invested 40
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 46
  • 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 (7.6/yr) # 85 12 9 9 8 - 123
vol $706M $190M $896M
Sell (4.4/yr) # 41 7 6 4 5 - 63
vol $4.3B $232M $4.6B
  186

Most Recent M&A

Company Date Value Type
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
The Chartis Group LLC 2019-05-03 - Secondary Buyout
Boston, Massachusetts · www.chartisgroup.com
Imperial Bag & Paper Company LLC 2019-05-01 - Secondary Buyout
Bayonne, New Jersey · www.imperialbag.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
PHOENIX Rehabilitation and Health Services, Inc. 2018-12-13 TuDor Physical Therapy 2020-01-15 3
Blairsville, Pennsylvania · www.phoenixrehab.com Austintown, Ohio · www.tudortherapy.com
PHOENIX Rehabilitation and Health Services, Inc. 2018-12-13 Physical Therapy Etc. 2020-01-01 2
Blairsville, Pennsylvania · www.phoenixrehab.com Chambersburg, Pennsylvania · www.physicaltherapyetc.com
Fastener Distribution Holdings LLC (FDH) 2017-04-04 BTC Electronic Components 2019-12-18 4
El Segundo, California · www.fdhaero.com Wake Forest, North Carolina · www.btcelectronics.com
Fastener Distribution Holdings LLC (FDH) 2017-04-04 Aerospheres (UK) Ltd. 2019-12-17 3
El Segundo, California · www.fdhaero.com Middlesex, United Kingdom · www.aerospheres.com
Aspen Surgical Products, Inc. 2019-07-10 Beatty Marketing & Sales LLP 2019-12-16 1
Caledonia, Michigan · www.aspensurgical.com Redmond, Washington · www.beatty.ms
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
Chesapeake Urology Associates LLC (United Urology Group) 2016-08-01 Arizona Urology Specialists 2019-12-05 1
Owings Mills, Maryland · www.chesapeakeurology.com Glendale, Arizona · www.arizonaurologyspecialists.com
LifeMark Health Ltd. Partnership 2016-01-13 AssessMed 2019-12-04 2
Calgary, Alberta · www.lifemark.ca Mississauga, Ontario · www.assessmed.com
URS Management Services, Inc. 2008-12-24 Alltran Financial LP 2019-12-03 1
Houston, Texas · www.alltran.com Houston, Tennessee
Protective Industrial Products, Inc. 2018-02-01 Boss Manufacturing Co. - Glove, Boots & Rainwear Business 2019-11-25 2
Latham, New York · www.pipglobal.com Kewanee, Illinois

M&A by Sector

Sector Current # Value All-time # Value
Distribution 3 (5%) - 11 (9%) -
Healthcare Services 9 (14%) - 11 (9%) -
Medical Products 6 (10%) 190M (42%) 9 (7%) 190M (21%)
Business Services 5 (8%) - 8 (6%) -
Automotive 2 (3%) - 7 (6%) -
Chemicals 3 (5%) - 6 (5%) -
Electrical Equipment 1 (2%) - 6 (5%) -
Machinery 2 (3%) - 6 (5%) -
Safety/Security 5 (8%) 161M (36%) 5 (4%) 161M (18%)
Information Technology 2 (3%) - 5 (4%) -
Software 2 (3%) - 5 (4%) -
Building Materials 1 (2%) - 3 (2%) -
Life Science 2 (3%) - 3 (2%) -
Manufacturing 2 (3%) - 3 (2%) -
Marketing 1 (2%) - 3 (2%) -
Retail 1 (2%) - 3 (2%) -
Construction - - 2 (2%) 210M (23%)
Plastics - - 2 (2%) 175M (20%)
Technology Hardware 2 (3%) 100M (22%) 2 (2%) 100M (11%)
Consumer Services - - 2 (2%) -
Energy Services and Equipment 1 (2%) - 2 (2%) -
Environmental 2 (3%) - 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%) -
Education 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%) -
Insurance - - 1 (1%) -
Internet Software and Services - - 1 (1%) -
Media - - 1 (1%) -
Metals/Mining 1 (2%) - 1 (1%) -
Packaging - - 1 (1%) -
Test/Measurement Equipment - - 1 (1%) -
Total 63 $451M 125 $896M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 60 (95%) 261M (58%) 119 (95%) 706M (79%)
  Massachusetts 7 (11%) - 14 (11%) 60M (7%)
  California 7 (11%) 161M (36%) 11 (9%) 161M (18%)
  Texas 6 (10%) - 11 (9%) -
  Illinois 7 (11%) 100M (22%) 10 (8%) 100M (11%)
  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%) -
  Arizona 2 (3%) - 4 (3%) -
  New Jersey 2 (3%) - 4 (3%) -
  Minnesota 2 (3%) - 4 (3%) -
  Connecticut 1 (2%) - 4 (3%) -
  Wisconsin 2 (3%) - 3 (2%) -
  Indiana 2 (3%) - 3 (2%) -
  North Carolina - - 3 (2%) 210M (23%)
  Georgia 2 (3%) - 2 (2%) -
  Virginia 1 (2%) - 2 (2%) -
  Tennessee 1 (2%) - 2 (2%) -
  Michigan 1 (2%) - 2 (2%) -
  Maryland 1 (2%) - 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 60 (95%) 261M (58%) 119 (95%) 706M (79%)
Cross-border 3 (5%) 190M (42%) 6 (5%) 190M (21%)
Total 63 $451M 125 $896M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 34 (54%) 261M (58%) 55 (44%) 261M (29%)
Buyout (LBO, MBO, MBI) 11 (17%) - 36 (29%) 385M (43%)
Recapitalization 8 (13%) - 14 (11%) 60M (7%)
Divestiture 6 (10%) 190M (42%) 9 (7%) 190M (21%)
Growth Capital 2 (3%) - 5 (4%) -
Consolidation 1 (2%) - 3 (2%) -
Stake Purchase 1 (2%) - 2 (2%) -
Special Situations/Distressed - - 1 (1%) -
Total 63 $451M 125 $896M

Exits by Deal Type

Type Total # Value
Secondary Sale 35 (56%) 916M (20%)
Trade Sale - Public Company 12 (19%) 3.4B (75%)
Trade Sale 10 (16%) 230M (5%)
Recapitalization 3 (5%) -
Bankruptcy 1 (2%) -
Merger 1 (2%) -
Stake Sale 1 (2%) -
Total 63 $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
41
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)
69%
44 69%
Strategic(s)
31%
20 31%

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