M&A Deal Summary

AVALT, Twin Brook Capital Partners, Audax Private Debt and The Carlyle Group Acquire Ned s Home

On October 1, 2019, family office AVALT, mezzanine finance firm Twin Brook Capital Partners, mezzanine finance firm Audax Private Debt and private equity firm The Carlyle Group acquired consumer services company Ned s Home from Incline Equity Partners

Acquisition Highlights
  • This is AVALT’s 1st, Twin Brook Capital Partners’ 1st, Audax Private Debt’s 2nd and The Carlyle Group’s 9th transaction in the Consumer Services sector.
  • This is AVALT’s 5th, Twin Brook Capital Partners’ 11th, Audax Private Debt’s 63rd and The Carlyle Group’s 315th transaction in the United States.
  • This is AVALT’s 1st, Twin Brook Capital Partners’ 1st, Audax Private Debt’s 4th and The Carlyle Group’s 9th transaction in New Jersey.
Investment Fate
  • Ned s Home was sold to a consortium of financial buyers in 2022.

M&A Deal Summary

Date 2019-10-01
Target Ned s Home
Sector Consumer Services
Buyer(s) AVALT
Twin Brook Capital Partners
Audax Private Debt
The Carlyle Group
Sellers(s) Incline Equity Partners
Deal Type Secondary Buyout

Target

Ned s Home

Fairfield, New Jersey, United States
Ned's Home provides gutter cleaning, soft wash, and other related, non-discretionary residential services, including gutter maintenance, installation, and repair. Ned's Home was founded in 1965 and is based in Fairfield, New Jersey.

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Buyer(S) 4

Buyer
DESCRIPTION

AVALT is a family backed private equity firm focused on long-term investments in North American companies operating in the business services, healthcare, consumer products/services, industrials, and TMT sectors. AVALT prefers control investments, but will consider select minority situations and other opportunistic or special situations. The Firm's investment size is $25 to $150 million in businesses with up to $35 million of EBITDA. AVALT was established in 2015 and is headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 5 of 8
Sector: Consumer Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 3
State: New Jersey M&A 1 of 1
Country: United States M&A 5 of 7
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-15 &pizza

Washington, District of Columbia, United States

&pizza operates a restaurant that provides pizza personalized to the customer’s own style, using unique flavor combinations and quality ingredients. &pizza was founded in 2012 and is based in Washington DC.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-17 Solmetex

Marlborough, Massachusetts, United States

Solmetex provides dental amalgam separator devices and amalgam recycling services to the dental industry. Solmetex’s NXT Hg5 Series of Amalgam Separators and recycling program, which treats dental wastewater, is highly regarded as the best solution for regulatory compliance. Solmetex was founded in 1994 and is based in Northborough, Massachusetts.

Sell -
Buyer
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.


DEAL STATS #
Overall 11 of 26
Sector: Consumer Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 10
State: New Jersey M&A 1 of 1
Country: United States M&A 11 of 25
Year: 2019 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-22 Oral Surgery Partners

Chesterfield, Missouri, United States

Oral Surgery Partners is an oral surgery practice management company, that provides professional management services for leading oral diagnostic and surgical practices for any issues that affect the mouth, teeth, and facial region. Oral Surgery Partners is based in Chesterfield, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-07 Triad Technologies

Vandalia, Ohio, United States

Triad Technologies is a full-line distributor of fluid power, fluid connector, hydraulic, pneumatic, and seal products to a diverse customer base throughout Ohio, Kentucky and Michigan. Triad Technologies was founded in 1981 and is based in Vandalia, Ohio.

Buy -
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 64 of 120
Sector: Consumer Services M&A 2 of 6
Type: Secondary Buyout M&A Deals 27 of 58
State: New Jersey M&A 4 of 7
Country: United States M&A 63 of 118
Year: 2019 M&A 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-03 Triman

Morristown, New Jersey, United States

Triman is a provider of distribution, supply chain and repair management solutions to the military aftermarket. Triman represents a growing list of over 40 OEMs and provides a full suite of value-added services including inspection and testing, packaging, labeling, marking, processing, export management, contract administration and repair management services. Triman was founded 1995 and is based in Morristown, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-04 Avita

Baton Rouge, Louisiana, United States

Avita is a specialized pharmacy which dispenses and delivers prescription medications for patients with certain chronic diseases. Avita also provides extensive patient data to the caregivers, prescribing physicians and community based organizations to assist with monitoring patient adherence. Avita was founded in 2003 and is based in Baton Rouge, Louisiana.

Buy -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 658 of 750
Sector: Consumer Services M&A 9 of 10
Type: Secondary Buyout M&A Deals 100 of 130
State: New Jersey M&A 9 of 12
Country: United States M&A 315 of 350
Year: 2019 M&A 23 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-04 Netceed

Eaubonne, France

Netceed is a valued-added distributor of equipment and supplies for the telecommunications market. Netceed supplies and distributes a comprehensive range of passive and active equipment and tools for telecom network deployment and maintenance and offers a comprehensive range of services including product design and equipment selection, sourcing, outsourced procurement and logistics solutions for cable and telecom operators and network installers and their subcontractors. Netceed was founded in 1993 and is based in Eaubonne, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-14 Vigor Industrial

Portland, Oregon, United States

Vigor Industrial is a diversified industrial business specializing in shipbuilding, ship repair, and handling important, complex projects in support of energy generation, the nation’s infrastructure, and national defense. With a deep respect for people and the planet, the company strives to be a positive, regenerative force for good environmentally, in the lives of its employees and in the community. Vigor Industrial was formed in 1916 and is based in Portland, Oregon.

Buy -

Seller(S) 1

SELLER

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


DEAL STATS #
Overall 28 of 43
Sector: Consumer Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 15 of 25
State: New Jersey M&A 4 of 4
Country: United States M&A 27 of 42
Year: 2019 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-16 Wholesale Supplies Plus

Independence, Ohio, United States

Wholesale Supplies Plus is a provider of high-quality raw materials, supplies, and packaging for soap, skincare, and candle artisans. The company’s broad product assortment and complementary support enable an expanding artisan community to meet growing consumer demand for authentic, local, and clean label personal products. Wholesale Supplies Plus was founded in 1999 and is based in Independence, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-28 Foundation Source

Fairfield, Connecticut, United States

Foundation Source is a provider of comprehensive support services for private foundations. Foundation Source complete outsourced solutions include foundation creation (as needed), administrative support, active compliance monitoring, philanthropic advisory, tax, and legal expertise, and online foundation management tools. Foundation Source provides its services to more than 1,600 family, corporate, and professionally staffed foundations, of all sizes, nationwide. Foundation Source was founded in 2001 and is based in Fairfield, Connecticut.

Buy -