Barings Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Barings has acquired 2 companies.

Barings’ most common sectors for investment are transportation (11%) and machinery (7%). The Firm’s most common investment types include secondary buyout (41%) and buyout (lbo, mbo, mbi) (35%). In total, Barings has invested in 22 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2009 when it acquired Drew Marine for $120M.

In the last 3 years, Barings has exited 15 companies. The Firm’s most common exit type is trade sale (65%). Barings’ largest (disclosed) exit occurred in 2019 when it sold Wireless Infrastructure Group for $885M.

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M&A Summary

  • M&A Total Activity78
    • M&A Buy Activity47
    • M&A Sell Activity31
  • Total Sectors Invested 25
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 49
  • M&A Advisors 5

Barings LLC

300 South Tryon Street Suite 2500,
Charlotte, North Carolina 28202
United States
(704) 805-7200
www.barings.com
brian.whelan@barings.com

Babson Capital is an investment management and advisory firm based in Boston, Massachusetts. In addition to its other investment vehicles, Babson invests in mezzanine, distressed, and private equity transactions. Babson targets potential transactions valued between $50 and $300 million. The Firm commits between $10 and $40 million for mezzanine capital needs and between $3 and $15 million for private equity investments. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Babson will consider opportunities in the US, Europe, and Asia.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Building Materials, Business Services, Chemicals, Construction, Consumer Products, Consumer Services, Distribution, Electronics, Energy Services and Equipment, Engineering, Financial Services, Food, Healthcare Services, Information Technology, Leisure, Machinery, Manufacturing, Marine, Marketing, Medical Products, Packaging, Plastics, Real Estate, Restaurants, Safety/Security, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada, United Kingdom, Western Europe, Eastern Europe, Scandinavia, Asia/Pacific

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 3 40
Enterprise Value 50 300
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.4/yr) # 45 - - 1 1 - 47
vol $244M $19M $263M
Sell (3.2/yr) # 15 1 5 2 7 1 31
vol $1.3B $360M $885M $2.6B
  78

Most Recent M&A

Company Date Value Type
Money Mailer LLC 2020-04-27 - Add-on Acquisition
Cypress, California · www.moneymailer.com
Wireless Infrastructure Group Ltd. 2019-12-19 885M GBP Secondary Buyout
Bellshill, United Kingdom · www.wirelessinfrastructure.co.uk
JMH International LLC 2019-12-12 - Add-on Acquisition
Salt Lake City, Utah · www.jmhpremium.com
Team Drive-Away, Inc. 2019-10-21 - Add-on Acquisition
Olathe, Kansas · www.teamdriveaway.com
Siblu France SAS 2019-09-27 - Secondary Buyout
Pessac, France · www.siblu.com
ABC Industries, Inc. 2019-08-05 - Secondary Buyout
Winona Lake, Indiana · www.abc-industries.net
Armstrong Transport Group LLC 2019-06-18 - Recapitalization
Charlotte, North Carolina · www.armstrongtransport.com
RANDYS Worldwide Automotive, Inc. 2019-05-16 - Secondary Buyout
Everett, Washington · www.randysworldwide.com
Onicon, Inc. 2019-04-26 - Add-on Acquisition
Clearwater, Florida · www.onicon.com
Midatech Pharma US, Inc. 2018-11-12 19M USD Divestiture
Raleigh, North Carolina · www.midatechpharmaus.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
General Tools & Instruments LLC 2014-02-07 Garden Weasel 2020-05-07 2
Secaucus, New Jersey · www.generaltools.com Kansas City, Montana · www.gardenweasel.com
General Tools & Instruments LLC 2014-02-07 Pac Tool International Ltd. 2017-11-28 1
Secaucus, New Jersey · www.generaltools.com Kingston, Washington
Sunrise Windows Ltd. 2010-12-15 Paragon Windows & Doors 2017-07-31 1
Temperance, Michigan · www.sunrisewindows.com Louisville, Kentucky · www.paragondoorsandwindows.com
America's Auto Auction, Inc. 2015-04-13 West Michigan Auto Auction 2017-04-10 2
Dallas, Texas · www.americasautoauction.com Wayland, Michigan · www.wmaa.net
America's Auto Auction, Inc. 2015-04-13 Auction Broadcasting Company LLC 2017-02-28 1
Dallas, Texas · www.americasautoauction.com Baton Rouge, Louisiana · www.auctionbroadcasting.com
Sage Dental Management LLC 2012-10-08 1st Choice Hollywood Smiles LLC 2014-11-20 4
Boca Raton, Florida · www.mysagedental.com Hollywood, Florida
Sage Dental Management LLC 2012-10-08 Steven Short Orthodontics, Inc. 2014-10-03 3
Boca Raton, Florida · www.mysagedental.com Fort Lauderdale, Florida · www.shortorthodontics.com
Sage Dental Management LLC 2012-10-08 Dean, Israel & Associates, Inc. 2014-01-09 2
Boca Raton, Florida · www.mysagedental.com Boca Raton, Florida · www.deanisrael.com
Sage Dental Management LLC 2012-10-08 Dental Center of Silver Lakes, Inc. 2013-01-07 1
Boca Raton, Florida · www.mysagedental.com Pembroke Pines, Florida · www.smile-doctors.com

M&A by Sector

Sector Current # Value All-time # Value
Transportation 2 (13%) - 5 (11%) -
Chemicals - - 3 (6%) 186M (71%)
Consumer Products 2 (13%) - 3 (6%) -
Machinery - - 3 (6%) -
Manufacturing 1 (7%) - 3 (6%) -
Packaging - - 3 (6%) -
Safety/Security 3 (20%) - 3 (6%) -
Automotive 1 (7%) - 2 (4%) -
Business Services - - 2 (4%) -
Distribution - - 2 (4%) -
Engineering 1 (7%) - 2 (4%) -
Food - - 2 (4%) -
Healthcare Services 1 (7%) - 2 (4%) -
Consumer Services - - 1 (2%) 58M (22%)
Life Science 1 (7%) 19M (100%) 1 (2%) 19M (7%)
Aerospace - - 1 (2%) -
Building Materials 1 (7%) - 1 (2%) -
Communications - - 1 (2%) -
Energy Services and Equipment 1 (7%) - 1 (2%) -
Information Technology - - 1 (2%) -
Leisure - - 1 (2%) -
Marketing - - 1 (2%) -
Medical Products - - 1 (2%) -
Plastics - - 1 (2%) -
Restaurants 1 (7%) - 1 (2%) -
Total 15 $19M 47 $263M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 14 (93%) 19M (100%) 42 (89%) 205M (78%)
  New Jersey 3 (20%) - 6 (13%) 120M (46%)
  North Carolina 3 (20%) 19M (100%) 4 (9%) 19M (7%)
  Colorado 1 (7%) - 3 (6%) -
  Texas 1 (7%) - 2 (4%) -
  Pennsylvania 1 (7%) - 2 (4%) -
  Michigan 1 (7%) - 2 (4%) -
  Kansas 1 (7%) - 2 (4%) -
  Florida 1 (7%) - 2 (4%) -
  Wisconsin - - 2 (4%) -
  Washington - - 2 (4%) -
  Utah - - 2 (4%) -
  Massachusetts - - 2 (4%) -
  California - - 2 (4%) -
  Virginia 1 (7%) - 1 (2%) -
  New Mexico 1 (7%) - 1 (2%) -
  New York - - 1 (2%) 66M (25%)
  Oregon - - 1 (2%) -
  Ohio - - 1 (2%) -
  Indiana - - 1 (2%) -
  Illinois - - 1 (2%) -
  Georgia - - 1 (2%) -
  Alabama - - 1 (2%) -
United Kingdom 1 (7%) - 4 (9%) 58M (22%)
France - - 1 (2%) -
Domestic 14 (93%) 19M (100%) 42 (89%) 205M (78%)
Cross-border 1 (7%) - 5 (11%) 58M (22%)
Total 15 $19M 47 $263M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 7 (47%) - 19 (40%) 124M (47%)
Buyout (LBO, MBO, MBI) 3 (20%) - 16 (34%) -
Recapitalization 2 (13%) - 6 (13%) -
Divestiture 1 (7%) 19M (100%) 3 (6%) 139M (53%)
Growth Capital 1 (7%) - 2 (4%) -
Add-on Acquisition 1 (7%) - 1 (2%) -
Total 15 $19M 47 $263M

Exits by Deal Type

Type Total # Value
Trade Sale 12 (39%) 115M (5%)
Secondary Sale 10 (32%) 885M (35%)
Trade Sale - Public Company 8 (26%) 1.6B (61%)
Merger 1 (3%) -
Total 31 $2.6B

Top M&A Advisors

Financial Deals
Robert W. Baird & Co., Inc.
1
BB&T Capital Markets
1
Legal Deals
Locke Lord LLP
1
Thompson Hine LLP
1
McGuireWoods LLP
1

Deal Values

buy # Total
$100M to $1B 1 $120M
< $100M 3 $143M
TOTAL $263M
Largest Drew Marine, Inc.
$120M (2009-06-22)
sell # Total
$100M to $1B 6 $2.5B
< $100M 1 $80M
TOTAL $2.6B
Largest Wireless Infrastructure Group Ltd.
$885M (2019-12-19)

M&A Connections

Deals %
Acquired from
PE Firm(s)
94%
30 94%
Strategic(s)
6%
2 6%
Exited to
PE Firm(s)
31%
10 31%
Strategic(s)
69%
22 69%

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