Bluestem Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

Bluestem Capital’s most common sectors for investment aremedical products (15%) and information technology (15%) . The Firm’s most common investment types include venture (60%) and buyout (lbo, mbo, mbi) (20%). In total, Bluestem Capital has invested in 12 US states. Its largest (disclosed) acquisition occurred in 1999 when it acquired OneMind Connect for $14M.

The Firm’s most common exit type is trade sale (82%). Bluestem Capital’s largest (disclosed) exit occurred in 2018 when it sold SpringCM for $220M.

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M&A Summary

  • M&A Total Activity31
    • M&A Buy Activity20
    • M&A Sell Activity11
  • Total Sectors Invested 12
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 12

Bluestem Capital

Bluestem Capital Company, LLC

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.0/yr) # 20 - - - - - 20
vol $14M $14M
Sell (0.2/yr) # 10 1 - - - - 11
vol $238M $238M
  31

Most Recent M&A

Company Date Value Type
PolyCera, Inc. 2020-07-15 - Trade Sale
Los Angeles, California · www.polyceramembranes.com
Zerigo Health, Inc. 2019-10-23 - Venture
San Diego, California · www.zerigohealth.com
NoteSwift LLC 2019-10-01 - Trade Sale
Scottsdale, Arizona · www.noteswift.com
Tear Film Innovations, Inc. 2018-12-19 - Trade Sale
Carlsbad, California · www.tearfilm.com
SpringCM, Inc. 2018-07-31 220M USD Trade Sale
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 - Trade Sale
Springfield, Missouri · www.edcogroupinc.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Information Technology - - 3 (15%) -
Internet Software and Services 2 (22%) - 3 (15%) -
Medical Products 2 (22%) - 3 (15%) -
Software - - 2 (10%) 14M (100%)
Life Science 2 (22%) - 2 (10%) -
Business Services - - 1 (5%) -
Consumer Products - - 1 (5%) -
Environmental - - 1 (5%) -
Healthcare Services 1 (11%) - 1 (5%) -
Leisure 1 (11%) - 1 (5%) -
Real Estate 1 (11%) - 1 (5%) -
Renewable Energy - - 1 (5%) -
Total 9 - 20 $14M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 9 (100%) - 20 (100%) 14M (100%)
  California 4 (44%) - 7 (35%) 14M (100%)
  Nebraska 2 (22%) - 2 (10%) -
  Iowa - - 2 (10%) -
  Minnesota 1 (11%) - 1 (5%) -
  Massachusetts 1 (11%) - 1 (5%) -
  Colorado 1 (11%) - 1 (5%) -
  Texas - - 1 (5%) -
  New York - - 1 (5%) -
  New Hampshire - - 1 (5%) -
  Missouri - - 1 (5%) -
  Illinois - - 1 (5%) -
  Arizona - - 1 (5%) -
Total 9 - 20 $14M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 5 (56%) - 12 (60%) 14M (100%)
Buyout (LBO, MBO, MBI) 3 (33%) - 4 (20%) -
Growth Capital 1 (11%) - 4 (20%) -
Total 9 - 20 $14M

Exits by Deal Type

Type Total # Value
Trade Sale 6 (55%) 220M (92%)
Trade Sale - Public Company 3 (27%) 18M (8%)
Bankruptcy 1 (9%) -
IPO 1 (9%) -
Total 11 $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)
82%
9 (82%)

Investor Summary

Investor Type

Private Equity Firm

Size

Small

Established

1989

Specialist/Generalist

Generalist

Leadership

Steve Kirby

Founding Partner

Sandy Horst

Partner & CFO

Nikole Mulder

Partner & Vice President

Tyler Stowater

Partner & Vice President

FAQ

When was Bluestem Capital founded?

Bluestem Capital was founded in 1989.

What type of investor is Bluestem Capital?

Bluestem Capital is a private equity firm.

Where is Bluestem Capital headquartered?

Bluestem Capital is headquartered in Sioux Falls, South Dakota.

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