Secondary Buyout • Business Services

Bluestone Investment Partners Acquires Quadel

On February 8, 2019, private equity firm Bluestone Investment Partners acquired business services company Quadel from HCI Equity Partners

Acquisition Context
  • This is Bluestone Investment Partners’ 1st transaction in the Business Services sector.
  • This is Bluestone Investment Partners’ 1st transaction in the United States.
  • This is Bluestone Investment Partners’ 1st transaction in Indiana.
Investment Fate
  • Quadel was sold to a strategic buyer in 2021.

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M&A Deal Summary

Date February 8, 2019
Target Quadel
Sector Business Services
Buyer(s) Bluestone Investment Partners
Sellers(s) HCI Equity Partners
Deal Type Secondary Buyout

Target Company

Quadel

Indianapolis, Indiana, United States
Quadel is a provider of outsourced program management, contract administration, disaster recovery, and housing services consulting, and training and educational services. These services are provided to and on behalf of various federal, local, and state agencies. Quadel was founded in 1975 and is based in Indianapolis, Indiana.
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Buyer Overview 1

Buyer
DESCRIPTION

Bluestone Investment Partners is a private equity firm focused on the defense and government services sectors. The Firm looks to identify mid-sized opportunities where it can assist with growth initiatives, strategy, and identify add-ons. Bluestone Investment was established in 2018 and is based in McLean, Virginia.


Deal Context for Buyer #
Overall 1 of 5
Sector: Business Services 1 of 1
Type: Secondary Buyout 1 of 1
State: Indiana 1 of 1
Country: United States 1 of 5
Year: 2019 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-05 Intrepid Solutions and Services

Herndon, Virginia, United States

Intrepid Solutions and Services is a provider of enterprise IT, data analysis, and operational training services exclusively to customers in the U.S. Intrepid Solutions and Services was founded in 2008 and is based in Herndon, Virginia.

Buy -

Seller Profile 1

SELLER

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.


Deal Context for Seller #
Overall 16 of 30
Sector: Business Services 3 of 4
Type: Secondary Buyout 4 of 9
State: Indiana 1 of 3
Country: United States 14 of 28
Year: 2019 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-01 Echelon Supply and Service

Liverpool, New York, United States

Echelon Supply and Service is an assembler and supplier of industrial and hydraulic hose and hose accessories, as well as a variety of other industrial products. Echelon’s products are used in a variety of end-markets, including oil and gas, agriculture, mining, construction, marine, chemical, food, commercial and government. Echelon Supply and Service was founded in 1976 and is based in Liverpool, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-01 Express Packaging

Columbus, Ohio, United States

Express Packaging, Inc. is a provider of outsourced contract packaging and contract manufacturing services to global consumer brands. Express Packaging was founded in 1985 and is based in Columbus, Ohio.

Sell -