BlackRock Capital Investment Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, BlackRock Capital Investment has acquired 1 company. It has also invested in 2 others.

BlackRock Capital Investment’s most common sectors for investment are business services (15%) and information technology (12%). The Firm’s most common investment types include secondary buyout (30%) and buyout (lbo, mbo, mbi) (26%). In total, BlackRock Capital Investment has invested in 17 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2011 when it acquired LegalShield for $650M.

In the last 3 years, BlackRock Capital Investment has exited 3 companies. The Firm’s most common exit type is secondary buyout (59%). BlackRock Capital Investment’s largest (disclosed) exit occurred in 2016 when it sold Penton Media for $1.6B.

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M&A Summary

  • M&A Total Activity44
    • M&A Buy Activity27
    • M&A Sell Activity17
  • Total Sectors Invested 19
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 36
  • M&A Advisors 1

BlackRock Capital Investment Corporation

40 East 52nd Street,
New York, New York 10022
United States
(212) 810-5800
www.blackrockbkcc.com

BlackRock Capital Investment is a publicly traded business development company (BDC) that provides middle-market companies with a variety of financing solutions. This includes senior and junior secured, unsecured and subordinated debt securities and loans, as well as equity. BlackRock Capital targets profitable companies with strong management and defensible market positions that may be underserved by traditional lending sources. The Firm looks to commit $10 to $50 million in businesses generating $10 to $50 million of EBITDA. BlackRock was formed in 2005 by BlackRock and Kelso & Company. The Firm has offices in New York City and Chicago.


Investment Criteria

Sectors of Interest: Aerospace, Business Services, Chemicals, Construction, Defense, Education, Environmental, Financial Services, Healthcare Services, Insurance, Life Science, Machinery, Manufacturing, Oil/Gas Exploration, Plastics, Publishing, Retail, Safety/Security, Software

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

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

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

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 22 - - 1 3 1 27
vol $930M $400M $1.3B
Sell (1.2/yr) # 11 2 1 3 - - 17
vol $110M $1.6B $1.7B
  44

Most Recent M&A

Company Date Value Type
SambaNova Systems 2020-02-25 - Venture
Palo Alto, California · www.sambanova.ai
Kellas Midstream Ltd. 2019-11-10 - Secondary Buyout
Aberdeen, United Kingdom · www.kellasmidstream.com
General Electric Co.- Solar Business 2019-07-17 - Divestiture
Fairfield, Connecticut
ADNOC Oil Pipelines 2019-06-24 - Stake Purchase
Abu Dhabi, United Arab Emirates
American Piping Products, Inc. 2018-09-17 - Secondary Buyout
Chesterfield, Missouri · www.amerpipe.com
LegalShield 2018-02-27 - Secondary Buyout
Ada, Oklahoma · www.legalshield.com
Cofense, Inc. 2018-02-27 400M USD Secondary Buyout
Leesburg, Virginia · www.cofense.com
SVP Worldwide LLC 2018-01-01 - Secondary Buyout
LaVergne, Tennessee · www.svpworldwide.com
Ascend Learning LLC 2017-04-14 - Secondary Buyout
Burlington, Massachusetts · www.ascendlearning.com
Penton Media, Inc. 2016-09-15 1.6B USD Add-on Acquisition
New York, New York · www.penton.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Higginbotham Insurance Agency, Inc. 2009-12-01 Extraco Banks - Extraco Insurance 2019-06-17 4
Forh Worh, Texas · www.higginbotham.net Waco, Texas
Higginbotham Insurance Agency, Inc. 2009-12-01 Hilb Group of Texas LLC 2017-05-11 3
Forh Worh, Texas · www.higginbotham.net Spring, Texas
Higginbotham Insurance Agency, Inc. 2009-12-01 Davis Insurance Agency 2016-09-07 2
Forh Worh, Texas · www.higginbotham.net Amarillo, Texas · www.davisdifference.com
MediMedia USA, Inc. 2006-09-11 MediMedia Pharma Solutions 2015-02-02 2
Yardley, Pennsylvania · www.medimedia.com Yardley, Pennsylvania
Higginbotham Insurance Agency, Inc. 2009-12-01 Willis of Texas San Antonio, McAllen, Victoria and Tyler 2014-07-03 1
Forh Worh, Texas · www.higginbotham.net , Texas
MediMedia USA, Inc. 2006-09-11 Managed Markets Insight & Technology LLC 2011-03-01 1
Yardley, Pennsylvania · www.medimedia.com Yardley, Pennsylvania · www.mmitnetwork.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services - - 4 (15%) 650M (49%)
Information Technology 1 (8%) - 3 (11%) -
Publishing 1 (8%) - 2 (7%) 250M (19%)
Distribution 1 (8%) 30M (7%) 2 (7%) 30M (2%)
Consumer Products 1 (8%) - 2 (7%) -
Internet Software and Services 1 (8%) 400M (93%) 1 (4%) 400M (30%)
Building Materials 1 (8%) - 1 (4%) -
Chemicals - - 1 (4%) -
Consumer Services - - 1 (4%) -
Electrical Equipment 1 (8%) - 1 (4%) -
Energy Services and Equipment 1 (8%) - 1 (4%) -
Insurance 1 (8%) - 1 (4%) -
Machinery - - 1 (4%) -
Manufacturing - - 1 (4%) -
Medical Products 1 (8%) - 1 (4%) -
Oil/Gas Exploration 1 (8%) - 1 (4%) -
Renewable Energy 1 (8%) - 1 (4%) -
Safety/Security - - 1 (4%) -
Software - - 1 (4%) -
Total 12 $430M 27 $1.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (75%) 430M (100%) 24 (89%) 1.3B (100%)
  California 2 (17%) - 3 (11%) -
  Pennsylvania 1 (8%) - 3 (11%) -
  Texas 1 (8%) - 2 (7%) -
  New York - - 2 (7%) 250M (19%)
  Tennessee - - 2 (7%) -
  Virginia 1 (8%) 400M (93%) 1 (4%) 400M (30%)
  West Virginia 1 (8%) 30M (7%) 1 (4%) 30M (2%)
  Ohio 1 (8%) - 1 (4%) -
  Georgia 1 (8%) - 1 (4%) -
  Connecticut 1 (8%) - 1 (4%) -
  Oklahoma - - 1 (4%) 650M (49%)
  Wisconsin - - 1 (4%) -
  Washington - - 1 (4%) -
  South Carolina - - 1 (4%) -
  Missouri - - 1 (4%) -
  Indiana - - 1 (4%) -
  Colorado - - 1 (4%) -
United Kingdom 1 (8%) - 1 (4%) -
Canada 1 (8%) - 1 (4%) -
  Ontario 1 (8%) - 1 (4%) -
United Arab Emirates 1 (8%) - 1 (4%) -
Domestic 9 (75%) 430M (100%) 24 (89%) 1.3B (100%)
Cross-border 3 (25%) - 3 (11%) -
Total 12 $430M 27 $1.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 5 (42%) 400M (93%) 8 (30%) 400M (30%)
Buyout (LBO, MBO, MBI) 1 (8%) - 7 (26%) 250M (19%)
Growth Capital 1 (8%) 30M (7%) 3 (11%) 30M (2%)
Divestiture 1 (8%) - 2 (7%) -
Recapitalization - - 2 (7%) -
Venture 2 (17%) - 2 (7%) -
Going Private - - 1 (4%) 650M (49%)
Special Situations/Distressed 1 (8%) - 1 (4%) -
Stake Purchase 1 (8%) - 1 (4%) -
Total 12 $430M 27 $1.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 11 (65%) 110M (7%)
Trade Sale - Public Company 2 (12%) 1.6B (93%)
IPO 1 (6%) -
Recapitalization 1 (6%) -
Sold to Existing Investors 1 (6%) -
Trade Sale 1 (6%) -
Total 17 $1.7B

Top M&A Advisors

Legal Deals
Herbert Smith Freehills
 1

Deal Values

buy # Total
$100M to $1B 3 $1.3B
< $100M 1 $30M
TOTAL $1.3B
Largest LegalShield
$650M (2011-06-30)
sell # Total
> $1B 1 $1.6B
$100M to $1B 1 $110M
TOTAL $1.7B
Largest Penton Media, Inc.
$1.6B (2016-09-15)

M&A Connections

Deals %
Acquired from
PE Firm(s)
87%
13 87%
Strategic(s)
13%
2 13%
Exited to
PE Firm(s)
75%
12 75%
Strategic(s)
25%
4 25%

Investor Summary

Size

Large

PE Assets

1.0B USD

Established

2005

Specialist/Generalist

Generalist

Leadership

Jason Mehring

Managing Director

Aaron Kless

Managing Director

R. Marshall Merriman

Managing Director

Nik Singhal

Managing Director

Scott Booth

Director

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