M&A Deal Summary

Antares Capital and Aurora Capital Group Acquires VLS Recovery Services

On October 17, 2017, private equity firms Antares Capital and Aurora Capital Group acquired environmental company VLS Recovery Services LLC from Ironwood Capital and Graycliff Partners

Acquisition Highlights
  • This is Antares Capital’s 2nd and Aurora Capital Group’s 1st transaction in the Environmental sector.
  • This is Antares Capital’s 38th and Aurora Capital Group’s 24th transaction in the United States.
  • This is Antares Capital’s 4th and Aurora Capital Group’s 3rd transaction in Texas.

M&A Deal Summary

Date 2017-10-17
Target VLS Recovery Services LLC
Sector Environmental
Buyer(s) Antares Capital
Aurora Capital Group
Sellers(s) Ironwood Capital
Graycliff Partners
Deal Type Secondary Buyout
Advisor(s) Duff & Phelps Corp. (Financial)
BoyarMiller (Legal)

Target

VLS Recovery Services LLC

Houston, Texas, United States
website
VLS Recovery Services LLC is a provider of waste treatment and recycling, and interior railcar cleaning services. VLS Recovery also provides customized processing solutions for non-hazardous waste, including waste-to-energy and other landfill diversion programs, solidification of liquid waste, recycling, and wastewater treatment. VLS Recovery Services LLC was founded in 2007 and is based in Houston, Texas.

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Buyer(S) 2

Buyer

Antares Capital

Miami, Florida, United States

Investor Investor

website


Category Private Equity Firm
Founded 1993
SizeSmall
Type Sector Agnostic
DESCRIPTION

Antares Capital is a private investment group that targets growth capital financings as well as management buyout opportunities. The Firm focuses on investments based in the Southeast US and Texas. Prospective companies generally have proven business models, modest capital requirements for growth, and operate in large and growing markets. The Firm looks to commit $500k to $5 million per investment. Antares will not invest in real estate, mineral exploration, distributors, franchisees, or project financings. Antares was founded in 1993 and is based in Miami, Florida.


DEAL STATS #
Overall 39 of 51
Sector (Environmental) 2 of 2
Type (Secondary Buyout) 23 of 29
State (Texas) 4 of 4
Country (United States) 38 of 50
Year (2017) 9 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-16 Movati Athletic

Windsor, Ontario, Canada

Movati Athletic is a premium fitness concept that offers amenities such as group fitness classes, pools, basketball courts, women’s-only sections, childcare and a common area for weight training and cardio to more than 95,000 members.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-05 SupplyOne, Inc.

Devon, Pennsylvania, United States

SupplyOne is a specialty packaging manufacturer and consumable industrial supplies distributors. SupplyONE offers a total systems approach to packaging solutions from design and manufacturing of custom corrugated boxes, engineered protective packaging, load unitizing and product identification labels.

Buy -
Buyer

Aurora Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1991
PE ASSETS 4.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Aurora Capital Group is a private investment firm that manages private equity funds as well as investment vehicles focused on debt/equity securities. Targeted businesses are generally industry leaders that operate in defensible markets with sustainable margins. Sectors of interest include aerospace, industrial products, and services, packaging, plastics, distribution, manufacturing, media, retail, and chemicals. Aurora will only consider majority/control positions. Aurora's investment horizon is typically three to seven years. Aurora Capital Group was formed in 1991 and is based in Los Angeles, California.


DEAL STATS #
Overall 25 of 32
Sector (Environmental) 1 of 2
Type (Secondary Buyout) 13 of 17
State (Texas) 3 of 4
Country (United States) 24 of 31
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-05 Randall-Reilly LLC

Tuscaloosa, Alabama, United States

Randall-Reilly LLC is a provider of data and data-driven marketing solutions for industrial end markets including heavy-duty trucking, construction equipment, agricultural equipment, and machine tools. Randall-Reilly’s unique data assets and highly customizable digital marketing solutions enable clients to identify and target sales, marketing, and recruiting prospects. Randall-Reilly LLC founded in 1934 and is based in Tuscaloosa, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-16 Inhance Technologies

Houston, Texas, United States

Inhance Technologies is a provider of post-mold fluorination solutions and the major innovator in fluorine-based material science. Inhance Technologies’s portfolio of proprietary solutions is used across a wide range of end markets to enhance its customers’ products, allowing them to perform better, last longer, and adhere to increasingly stringent regulations. Inhance Technologies was founded in 1983 and is headquartered in Houston, Texas,

Buy -

Seller(S) 2

SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2002
PE ASSETS 750M USD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $5 to $20 million in companies generating $20 to $200 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


DEAL STATS #
Overall 23 of 43
Sector (Environmental) 3 of 10
Type (Secondary Buyout) 6 of 10
State (Texas) 1 of 2
Country (United States) 23 of 43
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-02 HMS Productions, Inc.

New York, New York, United States

HMS Productions, Inc. is an apparel manufacturer. HMS Productions was founded in 1986 and is headquartered in New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 Momentum Manufacturing Group LLC

St Johnsbury, Vermont, United States

Momentum Manufacturing Group LLC provides metal fabrication, machining, powder coating, and assembly operation in New England and serves as a contract manufacturer to a range of consumer and industrial customers. Operations include fabrication and machining with a broad array of process technologies serving diverse end markets. Momentum Manufacturing Group was founded in 1982 and is based in St Johnsbury, Vermont.

Buy -
SELLER

Graycliff Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1991
PE ASSETS 1.0B USD
SizeLarge
Type Sector Agnostic
DESCRIPTION

Graycliff Partners is a private equity firm focused on private equity and mezzanine investments in middle-market companies throughout the US. The Firm's mezzanine practice does not have any sector preferences and looks to invest $10 to $50 million in profitable companies with at least $10 million in revenue. Funds are used to support buyouts, growth needs, divestitures, or consolidations. Graycliff's private equity group looks to acquire middle-market companies in the manufacturing, service, and distribution sectors. The Firm looks for businesses with $10 to $200 million of revenue. Graycliff Partners was established in 1991 and is based in New York City.


DEAL STATS #
Overall 9 of 20
Sector (Environmental) 1 of 1
Type (Secondary Buyout) 3 of 7
State (Texas) 2 of 3
Country (United States) 7 of 18
Year (2017) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-24 Ambrell Corp.

Scottsville, New York, United States

Ambrell Corp. is a provider of precision induction heating systems, known for its application and engineering experience. Ambrell's products are produced at their ISO-9001 certified facility. Products are used in brazing, shrink fitting, bonding, annealing, curing, forging, hardening, sealing, melting, and material testing applications. Ambrell Corp. was established in 1986 and is headquartered in Scottsville, New York.

Sell $22M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-18 Globe Food Equipment Co.

Dayton, Ohio, United States

Globe Food Equipment Co. is a designer and manufacturer of food preparation equipment specializing in slicers mixers, vegetable cutters, and meat choppers. Globe Food Equipment is based in Dayton, Ohio.

Sell -