Bluestem Capital Co Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Bluestem Capital Co has invested in 4 companies.

Bluestem Capital Co’s most common sectors for investment are internet software and services (20%) and information technology (15%). The Firm’s most common investment types include venture (60%) and buyout (lbo, mbo, mbi) (20%). In total, Bluestem Capital Co has invested in 11 US states. Its largest (disclosed) acquisition occurred in 1999 when it acquired OneMind Connect for $14M.

In the last 3 years, Bluestem Capital Co has exited 2 companies. The Firm’s most common exit type is trade sale (78%). Bluestem Capital Co’s largest (disclosed) exit occurred in 2018 when it sold SpringCM for $220M.

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M&A Summary

  • M&A Total Activity29
    • M&A Buy Activity20
    • M&A Sell Activity9
  • Total Sectors Invested 11
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 9

Bluestem Capital Co

101 S Phillips Avenue, Suite 501,
Sioux Falls, South Dakota 57104
United States,
(605)331-0091
www.bluestemcapital.com
info@bluestemcapital.com

Bluestem Capital Company LLC is a private equity firm focused on 'bread and butter' (basic industry) investment opportunities in the Midwest US. Sectors of interest include energy, real estate, leisure, manufacturing, business products, business services, and consumer products. Bluestem will invests in the range of $0.5 to 3 million per transaction. not invest in start-ups or turnaround situations. Bluestem Capital Partners was formed in 1989 and is based in Sioux Falls, South Dakota.


Investment Criteria

Sectors of Interest: Agriculture, Business Services, Consumer Products, Consumer Services, Energy Services and Equipment, Environmental, Healthcare Services, Information Technology, Internet Software and Services, Leisure, Life Science, Manufacturing, Medical Products, Oil/Gas Exploration, Plastics, Real Estate, Renewable Energy, Software, Test/Measurement Equipment, Utilities

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

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

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 1 3
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.8/yr) # 16 - 1 2 1 - 20
vol $14M $14M
Sell (0.8/yr) # 5 2 - 2 - - 9
vol $18M $220M $238M
  29

Most Recent M&A

Company Date Value Type
Clarify Medical, Inc. 2019-10-23 - Venture
San Diego, California · www.clarifymed.com
Tear Film Innovations, Inc. 2018-12-19 - Add-on Acquisition
Carlsbad, California · www.tearfilm.com
SpringCM, Inc. 2018-07-31 220M USD Add-on Acquisition
Chicago, Illinois · www.springcm.com
PolyCera, Inc. 2018-06-11 - Venture
Los Angeles, California · www.polyceramembranes.com
Tear Film Innovations, Inc. 2018-05-22 - Venture
Carlsbad, California · www.tearfilm.com
TearClear Corp. 2017-05-30 - Venture
Orange County, California · www.tearclear.com
Coachman Energy LLC 2016-10-17 - Bankruptcy
Greenwood Village, Colorado · www.coachmanenergy.com
EDCO Group, Inc. 2016-08-01 - Add-on Acquisition
Springfield, Missouri · www.edcogroupinc.com
Workiva, Inc. 2014-12-12 - IPO
Ames, Iowa · www.workiva.com
Conventus Orthopaedics, Inc. 2014-12-02 - Venture
Maple Grove, Minnesota · www.conventusortho.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 2 (18%) - 4 (20%) -
Information Technology 1 (9%) - 3 (15%) -
Medical Products 2 (18%) - 3 (15%) -
Software - - 2 (10%) 14M (100%)
Life Science 2 (18%) - 2 (10%) -
Business Services - - 1 (5%) -
Environmental 1 (9%) - 1 (5%) -
Healthcare Services 1 (9%) - 1 (5%) -
Leisure 1 (9%) - 1 (5%) -
Real Estate 1 (9%) - 1 (5%) -
Renewable Energy - - 1 (5%) -
Total 11 - 20 $14M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (100%) - 20 (100%) 14M (100%)
  California 5 (45%) - 8 (40%) 14M (100%)
  Nebraska 2 (18%) - 2 (10%) -
  Iowa - - 2 (10%) -
  Minnesota 1 (9%) - 1 (5%) -
  Massachusetts 1 (9%) - 1 (5%) -
  Colorado 1 (9%) - 1 (5%) -
  Arizona 1 (9%) - 1 (5%) -
  Illinois - - 1 (5%) -
  Texas - - 1 (5%) -
  New Hampshire - - 1 (5%) -
  Missouri - - 1 (5%) -
Total 11 - 20 $14M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 7 (64%) - 12 (60%) 14M (100%)
Buyout (LBO, MBO, MBI) 3 (27%) - 4 (20%) -
Growth Capital 1 (9%) - 4 (20%) -
Total 11 - 20 $14M

Exits by Deal Type

Type Total # Value
Trade Sale 4 (44%) 220M (92%)
Trade Sale - Public Company 3 (33%) 18M (8%)
Bankruptcy 1 (11%) -
IPO 1 (11%) -
Total 9 $238M

Deal Values

buy # Total
< $100M 1 $14M
TOTAL $14M
Largest OneMind Connect, Inc. (dba ExpensAble)
$14M (1999-10-05)
sell # Total
$100M to $1B 1 $220M
< $100M 1 $18M
TOTAL $238M
Largest SpringCM, Inc.
$220M (2018-07-31)

M&A Connections

Deals %
Exited to
Strategic(s)
100%
7 100%

Investor Summary

Size

Small

Established

1989

Specialist/Generalist

Generalist

Leadership

Steve Kirby

Founding Partner

Tyler Stowater

Partner & Vice President

Sandy Horst

Partner & CFO

Nikole Mulder

Partner & Vice President

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