Boathouse Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Boathouse Capital has acquired 1 company. It has also invested in 5 others.

Boathouse Capital’s most common sectors for investment are business services (18%) and software (18%). The Firm’s most common investment types include growth capital (71%) and recapitalization (12%). In total, Boathouse Capital has invested in 16 US states. Its largest (disclosed) acquisition occurred in 2012 when it acquired Atomic Learning for $19M.

In the last 3 years, Boathouse Capital has exited 10 companies. The Firm’s most common exit type is trade sale (47%). Boathouse Capital’s largest (disclosed) exit occurred in 2017 when it sold Convene for $68M.

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M&A Summary

  • M&A Total Activity47
    • M&A Buy Activity34
    • M&A Sell Activity13
  • Total Sectors Invested 17
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 19
  • M&A Advisors 4

Boathouse Capital

353 West Lancaster Avenue, Suite 200,
Wayne, Pennsylvania 19087
United States,
(610) 977-2787
www.boathousecapital.com
ken.jones@boathousecapital.com

Boathouse Capital is a provider of mezzanine and equity capital to lower middle-market companies in a variety of industries. The Firm works in partnership with management teams and private equity firms in funding private equity sponsored buyouts, management buyouts, recapitalizations, refinancings, and growth capital financings. Boathouse can commit up to $15 million per transaction and generally pursues companies with 'exceptional' management, sustainable competitive advantages, growing end markets, 'sticky' business models, and diversified customers. Boathouse seeks companies with at least $10 million in revenues and at least $2 million of EBITDA. Boathouse is base in Wayne, Pennsylvania.


Investment Criteria

Sectors of Interest: Aerospace, Business Services, Consumer Services, Distribution, Education, Electrical Equipment, Food, Franchising, Healthcare Services, Information Services, Information Technology, Infrastructure, Internet Software and Services, Leisure, Marketing, Safety/Security, Software, Transportation

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

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

Transaction Criteria Min Max
Target Revenue 5 -
Target EBITDA 2 -
Investment Size 5 40
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.8/yr) # 25 2 3 4 - - 34
vol $19M $19M
Sell (2.6/yr) # - 2 7 2 2 - 13
vol $68M $68M
  47

Most Recent M&A

Company Date Value Type
2nd Ave Stores LLC 2019-09-18 - Secondary Buyout
Laurel, Maryland · www.2ndavestores.com
OrthoFi, Inc. 2019-05-03 - Secondary Buyout
Denver, Colorado · www.orthofi.com
Energy Planning Associates Corp. 2018-12-20 - Add-on Acquisition
Sanford, Florida · www.envirobrite.net
TapClicks, Inc. 2018-09-26 - Growth Capital
San Jose, California · www.tapclicks.com
Cal Net Technology Group, Inc. 2018-08-07 - Add-on Acquisition
Chatsworth, California · www.calnettech.com
Unitas Global LLC 2018-01-17 - Venture
Los Angeles, California · www.unitasglobal.com
Abrigo 2018-01-17 - Growth Capital
Austin, Texas · www.abrigo.com
2nd Ave Stores LLC 2018-01-09 - Recapitalization
Laurel, Maryland · www.2ndavestores.com
Pilgrim Quality Solutions, Inc. 2017-10-16 - Unknown
Tampa, Florida · www.pilgrimquality.com
Pilgrim Quality Solutions 2017-10-16 - Add-on Acquisition
Tampa, Florida · www.pilgrimsoftware.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
MIS Training Institute 2014-04-02 LeaderQuest 2019-04-01 1
Southborough, Massachusetts · www.misti.com Englewood, Colorado · www.leaderquestonline.com
MIS Training Institute 2014-04-02 InfoSec World Conference & Expo 2019-02-26 1
Southborough, Massachusetts · www.misti.com Southborough, Massachusetts · www.infosecworld.misti.com
Atomic Learning, Inc. 2012-04-11 Versifit Technologies LLC 2015-07-16 1
Little Falls, Minnesota · www.atomiclearning.com Appleton, Wisconsin · www.versifit.com
IMPLAN Group LLC 2013-07-16 MIG, Inc. 2013-07-16 1
Huntersville, North Carolina · www.implan.com , United States

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (21%) - 6 (18%) -
Software 3 (16%) - 6 (18%) -
Internet Software and Services 4 (21%) 19M (100%) 4 (12%) 19M (100%)
Information Services 2 (11%) - 2 (6%) -
Information Technology 1 (5%) - 2 (6%) -
Manufacturing - - 2 (6%) -
Marketing 1 (5%) - 2 (6%) -
Distribution - - 1 (3%) -
Education 1 (5%) - 1 (3%) -
Electrical Equipment - - 1 (3%) -
Infrastructure 1 (5%) - 1 (3%) -
Leisure 1 (5%) - 1 (3%) -
Restaurants - - 1 (3%) -
Retail - - 1 (3%) -
Safety/Security - - 1 (3%) -
Staffing 1 (5%) - 1 (3%) -
Transportation - - 1 (3%) -
Total 19 $19M 34 $19M

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 19 (100%) 19M (100%) 34 (100%) 19M (100%)
  New York 3 (16%) - 5 (15%) -
  Florida 1 (5%) - 5 (15%) -
  California 3 (16%) - 4 (12%) -
  North Carolina 3 (16%) - 3 (9%) -
  Illinois 2 (11%) - 3 (9%) -
  Pennsylvania 2 (11%) - 3 (9%) -
  Virginia - - 2 (6%) -
  Minnesota 1 (5%) 19M (100%) 1 (3%) 19M (100%)
  District of Columbia 1 (5%) - 1 (3%) -
  Connecticut 1 (5%) - 1 (3%) -
  Texas 1 (5%) - 1 (3%) -
  Massachusetts 1 (5%) - 1 (3%) -
  Kansas - - 1 (3%) -
  Colorado - - 1 (3%) -
  Utah - - 1 (3%) -
  Maryland - - 1 (3%) -
Total 19 $19M 34 $19M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 15 (79%) - 24 (71%) -
Recapitalization 1 (5%) - 4 (12%) -
Secondary Buyout 1 (5%) 19M (100%) 2 (6%) 19M (100%)
Buyout (LBO, MBO, MBI) - - 2 (6%) -
Divestiture 1 (5%) - 1 (3%) -
Venture 1 (5%) - 1 (3%) -
Total 19 $19M 34 $19M

Exits by Deal Type

Type Total # Value
Trade Sale 5 (38%) -
Secondary Sale 4 (31%) -
Recapitalization 2 (15%) 68M (100%)
Trade Sale - Public Company 1 (8%) -
Unknown 1 (8%) -
Total 13 $68M

Top M&A Advisors

Legal Deals
Drinker Biddle & Reath LLP
2
DLA Piper
1
White and Williams LLP
1

Deal Values

buy # Total
< $100M 1 $19M
TOTAL $19M
Largest Atomic Learning, Inc.
$19M (2012-04-11)
sell # Total
< $100M 1 $68M
TOTAL $68M
Largest Convene
$68M (2017-05-04)

M&A Connections

Deals %
Acquired from
PE Firm(s)
86%
6 86%
Strategic(s)
14%
1 14%
Exited to
PE Firm(s)
50%
6 50%
Strategic(s)
50%
6 50%

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